Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BDC | ||
Entity Registrant Name | BELDEN INC. | ||
Entity Central Index Key | 913142 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 42,517,178 | ||
Entity Public Float | $2,984,203,300 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $741,162 | $613,304 |
Receivables, net | 379,777 | 304,204 |
Inventories, net | 228,398 | 207,980 |
Deferred income taxes | 22,157 | 28,767 |
Other current assets | 42,656 | 41,243 |
Total current assets | 1,414,150 | 1,195,498 |
Property, plant and equipment, less accumulated depreciation | 316,385 | 300,835 |
Goodwill | 943,374 | 773,048 |
Intangible assets, less accumulated amortization | 461,292 | 376,976 |
Deferred income taxes | 40,652 | 26,034 |
Other long-lived assets | 86,974 | 79,362 |
Total assets | 3,262,827 | 2,751,753 |
Current liabilities: | ||
Accounts payable | 272,439 | 199,897 |
Accrued liabilities | 250,420 | 199,169 |
Current maturities of long-term debt | 2,500 | 2,500 |
Total current liabilities | 525,359 | 401,566 |
Long-term debt | 1,765,422 | 1,364,536 |
Postretirement benefits | 122,627 | 105,924 |
Other long-term liabilities | 42,233 | 43,186 |
Stockholders' equity: | ||
Preferred stock, par value $0.01 per share - 2,000 shares authorized; no shares outstanding | ||
Common stock, par value $0.01 per share - 200,000 shares authorized; 50,335 shares issued; 42,464 and 43,455 shares outstanding at 2014 and 2013, respectively | 503 | 503 |
Additional paid-in capital | 595,389 | 585,753 |
Retained earnings | 621,896 | 556,214 |
Accumulated other comprehensive loss | -46,031 | -29,181 |
Treasury stock, at cost - 7,871 and 6,880 shares at 2014 and 2013, respectively | -364,571 | -276,748 |
Total stockholders' equity | 807,186 | 836,541 |
Total liabilities and stockholders' equity | $3,262,827 | $2,751,753 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 50,335,000 | 50,335,000 |
Common stock, shares outstanding | 42,464,000 | 43,455,000 |
Treasury stock, shares | 7,871,000 | 6,880,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenues | $2,308,265 | $2,069,193 | $1,840,739 |
Cost of sales | -1,488,816 | -1,364,764 | -1,274,142 |
Gross profit | 819,449 | 704,429 | 566,597 |
Selling, general and administrative expenses | -487,945 | -378,009 | -345,926 |
Research and development | -113,914 | -83,277 | -65,410 |
Amortization of intangibles | -58,426 | -50,803 | -22,792 |
Income from equity method investment | 3,955 | 8,922 | 9,704 |
Asset impairment and loss on sale of assets | -33,676 | ||
Operating income | 163,119 | 201,262 | 108,497 |
Interest expense | -82,156 | -73,095 | -52,038 |
Interest income | 583 | 494 | 1,033 |
Loss on debt extinguishment | -1,612 | -52,450 | |
Income from continuing operations before taxes | 81,546 | 127,049 | 5,042 |
Income tax benefit (expense) | -7,114 | -22,315 | 38,194 |
Income from continuing operations | 74,432 | 104,734 | 43,236 |
Income (loss) from discontinued operations, net of tax | 579 | -1,421 | 16,774 |
Gain (loss) from disposal of discontinued operations, net of tax | -562 | 134,480 | |
Net income | $74,449 | $103,313 | $194,490 |
Weighted average number of common shares and equivalents: | |||
Basic | 43,273 | 43,871 | 45,097 |
Diluted | 43,997 | 44,737 | 45,942 |
Basic income (loss) per share: | |||
Continuing operations | $1.72 | $2.39 | $0.96 |
Discontinued operations | $0.01 | ($0.03) | $0.37 |
Disposal of discontinued operations | ($0.01) | $2.98 | |
Net income | $1.72 | $2.36 | $4.31 |
Diluted income (loss) per share: | |||
Continuing operations | $1.69 | $2.34 | $0.94 |
Discontinued operations | $0.01 | ($0.03) | $0.36 |
Disposal of discontinued operations | ($0.01) | $2.93 | |
Net income | $1.69 | $2.31 | $4.23 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $15,993 | $33,847 | $15 | $24,594 | $22,508 | $29,068 | $29,492 | $22,245 | $74,449 | $103,313 | $194,490 |
Foreign currency translation, net of tax of $1.8 million, $2.2 million, and $0.0 million, respectively | -10,387 | -20,720 | -1,414 | ||||||||
Foreign currency hedging instruments, net of tax of $0.0 million, $0.0 million, and $1.6 million, respectively | 2,467 | ||||||||||
Adjustments to pension and postretirement liability, net of tax of $3.6 million, $14.0 million, and $3.2 million, respectively | -6,463 | 22,104 | -8,909 | ||||||||
Net current period other comprehensive income (loss) | -16,850 | 1,384 | -7,856 | ||||||||
Comprehensive income | $57,599 | $104,697 | $186,634 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, tax expense (benefit) | ($1.80) | ($2.20) | $0 |
Foreign currency hedging instruments, net of tax | 0 | 0 | 1.6 |
Adjustments to pension and postretirement liability, tax | ($3.60) | $14 | ($3.20) |
Consolidated_Cash_Flow_Stateme
Consolidated Cash Flow Statements (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $74,449 | $103,313 | $194,490 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 102,162 | 94,451 | 59,355 |
Share-based compensation | 18,858 | 14,854 | 12,374 |
Provision for inventory obsolescence | 6,581 | 4,623 | 5,085 |
Pension funding less than pension expense | 3,731 | 2,833 | 593 |
Loss on debt extinguishment | 1,612 | 52,450 | |
Asset impairment and loss on sale of assets | 33,676 | ||
Gain on sale of businesses | -134,480 | ||
Income from equity method investment | -3,955 | -8,922 | -9,704 |
Tax benefit related to share-based compensation | -6,859 | -10,734 | -4,119 |
Deferred income tax expense (benefit) | -17,796 | 5,457 | -42,750 |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses: | |||
Receivables | -15,810 | -18,132 | 5,628 |
Inventories | -8,841 | 2,249 | 31,706 |
Accounts payable | 28,120 | 12,994 | -55,166 |
Accrued liabilities | -5,598 | 31,690 | -681 |
Accrued taxes | 9,058 | -89,427 | -10,760 |
Other assets | 10,223 | 4,542 | 968 |
Other liabilities | -295 | 13,198 | 723 |
Net cash provided by operating activities | 194,028 | 164,601 | 139,388 |
Cash flows from investing activities: | |||
Cash used to acquire businesses, net of cash acquired | -347,817 | -9,979 | -860,353 |
Capital expenditures | -45,459 | -40,209 | -41,010 |
Proceeds from (payments for) disposal of business | -956 | 3,735 | 299,848 |
Proceeds from disposal of tangible assets | 1,884 | 3,169 | 9,575 |
Net cash used for investing activities | -392,348 | -43,284 | -591,940 |
Cash flows from financing activities: | |||
Borrowings under credit arrangements | 456,163 | 637,595 | 1,149,966 |
Payments under share repurchase program | -92,197 | -93,750 | -75,000 |
Proceeds (payments) from exercise of stock options, net of withholding tax payments | -11,708 | -3,019 | 2,372 |
Debt issuance costs paid | -10,700 | -17,376 | -15,414 |
Cash dividends paid | -8,699 | -6,678 | -11,441 |
Payments under borrowing arrangements | -2,500 | -434,743 | -593,864 |
Tax benefit related to share-based compensation | 6,859 | 10,734 | 4,119 |
Proceeds from settlement of derivatives | 4,024 | ||
Net cash provided by financing activities | 337,218 | 92,763 | 464,762 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | -11,040 | 4,129 | 333 |
Increase in cash and cash equivalents | 127,858 | 218,209 | 12,543 |
Cash and cash equivalents, beginning of period | 613,304 | 395,095 | 382,552 |
Cash and cash equivalents, end of period | $741,162 | $613,304 | $395,095 |
Consolidated_Stockholders_Equi
Consolidated Stockholders' Equity Statements (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, 2011 | $694,549 | $503 | $601,484 | $276,363 | ($161,092) | ($22,709) |
Beginning balance, shares at Dec. 31, 2011 | 50,335 | -4,510 | ||||
Net income | 194,490 | 194,490 | ||||
Foreign currency translation | 1,053 | 1,053 | ||||
Adjustments to pension and postretirement liability, net of $3.2, $14.0 and $3.6 million tax for the years 2012, 2013 and 2014 respectively | -8,909 | -8,909 | ||||
Net current period other comprehensive income (loss) | -7,856 | |||||
Exercise of stock options, net of tax withholding forfeitures | 737 | -8,694 | 9,431 | |||
Exercise of stock options, net of tax withholding forfeitures, shares | 243 | |||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | -2,456 | -11,103 | 8,647 | |||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures, shares | 172 | |||||
Share repurchase program | -75,000 | -75,000 | ||||
Share repurchase program, shares | -2,072 | |||||
Share-based compensation | 16,493 | 16,493 | ||||
Dividends ($0.20 per share) | -9,097 | -9,097 | ||||
Ending balance at Dec. 31, 2012 | 811,860 | 503 | 598,180 | 461,756 | -218,014 | -30,565 |
Ending balance, shares at Dec. 31, 2012 | 50,335 | -6,167 | ||||
Net income | 103,313 | 103,313 | ||||
Foreign currency translation | -20,720 | -20,720 | ||||
Adjustments to pension and postretirement liability, net of $3.2, $14.0 and $3.6 million tax for the years 2012, 2013 and 2014 respectively | 22,104 | 22,104 | ||||
Net current period other comprehensive income (loss) | 1,384 | |||||
Exercise of stock options, net of tax withholding forfeitures | -184 | -31,003 | 30,819 | |||
Exercise of stock options, net of tax withholding forfeitures, shares | 879 | |||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | -2,815 | -7,012 | 4,197 | |||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures, shares | 120 | |||||
Share repurchase program | -93,750 | -93,750 | ||||
Share repurchase program, shares | -1,712 | |||||
Share-based compensation | 25,588 | 25,588 | ||||
Dividends ($0.20 per share) | -8,855 | -8,855 | ||||
Ending balance at Dec. 31, 2013 | 836,541 | 503 | 585,753 | 556,214 | -276,748 | -29,181 |
Ending balance, shares at Dec. 31, 2013 | 50,335 | -6,880 | ||||
Net income | 74,449 | 74,449 | ||||
Foreign currency translation | -10,387 | -10,387 | ||||
Adjustments to pension and postretirement liability, net of $3.2, $14.0 and $3.6 million tax for the years 2012, 2013 and 2014 respectively | -6,463 | -6,463 | ||||
Net current period other comprehensive income (loss) | -16,850 | |||||
Exercise of stock options, net of tax withholding forfeitures | -9,728 | -12,123 | 2,395 | |||
Exercise of stock options, net of tax withholding forfeitures, shares | 194 | |||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | -1,979 | -3,958 | 1,979 | |||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures, shares | 77 | |||||
Share repurchase program | -92,197 | -92,197 | ||||
Share repurchase program, shares | -1,262 | |||||
Share-based compensation | 25,717 | 25,717 | ||||
Dividends ($0.20 per share) | -8,767 | -8,767 | ||||
Ending balance at Dec. 31, 2014 | $807,186 | $503 | $595,389 | $621,896 | ($364,571) | ($46,031) |
Ending balance, shares at Dec. 31, 2014 | 50,335 | -7,871 |
Consolidated_Stockholders_Equi1
Consolidated Stockholders' Equity Statements (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation, tax expense (benefit) | ($1.80) | ($2.20) | $0 |
Adjustments to pension and postretirement liability, tax | ($3.60) | $14 | ($3.20) |
Dividends declared per share | $0.20 | $0.20 | $0.20 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation |
Business Description | |
Belden Inc. (the Company, Belden, we, us, or our) is an innovative signal transmission solutions provider built around four global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, and Industrial IT Solutions. Belden’s comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications. | |
Consolidation | |
The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries. We eliminate all significant affiliate accounts and transactions in consolidation. | |
Foreign Currency | |
For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income. | |
We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries. | |
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. Our fiscal second and third quarters each have 91 days. | |
Use of Estimates in the Preparation of the Financial Statements | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses. | |
Reclassifications | |
We have made certain reclassifications to the 2013 and 2012 Consolidated Financial Statements with no impact to reported net income in order to conform to the 2014 presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | Note 2: Summary of Significant Accounting Policies | |||
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 December 31, 2014 and 2013, we utilized Level 1 inputs to determine the fair value of cash equivalents. During 2014, 2013, and 2012, we utilized Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for our annual impairment testing (see Note 10). We did not have any transfers between Level 1 and Level 2 fair value measurements during 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 values of these cash equivalents as of December 31, 2014 and 2013 were $1.2 million and $361.2 million, respectively, and are based on quoted market prices in active markets (i.e., Level 1 valuation). | ||||
Accounts Receivable | ||||
We classify amounts owed to us and due within twelve months, arising from the sale of goods or services in the normal course of business, as current receivables. We classify receivables due after twelve months as other long-lived assets. | ||||
At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Adjustments) through individual customer records, we estimate the amount of outstanding Adjustments and recognize them by reducing revenues and accounts receivable. We also adjust inventory and cost of sales for the estimated level of returns. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Adjustments patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Adjustments recognized against our gross accounts receivable balance at December 31, 2014 and 2013 totaled $17.6 million and $18.2 million, respectively. | ||||
We evaluate the collectability of accounts receivable based on the specific identification method. A considerable amount of judgment is required in assessing the realizability of accounts receivable, including the current creditworthiness of each customer and related aging of the past due balances. We perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may become aware of a situation where a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings, or bankruptcy. We record a specific reserve for bad debts against amounts due to reduce the receivable to its estimated collectible balance. We recognized bad debt expense, net of recoveries, of $0.3 million, $0.2 million, and $1.9 million in 2014, 2013, and 2012, respectively. The allowance for doubtful accounts at December 31, 2014 and 2013 totaled $11.5 million and $3.4 million, respectively. | ||||
Inventories and Related Reserves | ||||
Inventories are stated at the lower of cost or market. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products. | ||||
We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value. The allowances for excess and obsolete inventories at December 31, 2014 and 2013 totaled $31.8 million and $21.3 million, respectively. | ||||
Property, Plant and Equipment | ||||
We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated. | ||||
We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset (see Note 9). | ||||
For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows. | ||||
Goodwill and Intangible Assets | ||||
Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, certain in-service research and development, certain trademarks, and backlog, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain in-process research and development, and certain trademarks. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method. | ||||
We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis during the fourth quarter or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates. | ||||
The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2014, we performed a qualitative assessment for six of our reporting units, which collectively represented approximately $258 million of our consolidated goodwill balance. For those reporting units for which we performed a qualitative assessment, we determined that it was more likely than not that the fair value was greater than the carrying value, and therefore, we did not perform the calculation of fair value for these reporting units as described in the paragraph below. | ||||
For our annual impairment test in 2014, we performed a quantitative assessment for three of our reporting units. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and we recognize an impairment loss for the difference between the carrying amount and the implied fair value of goodwill as a component of operating income. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples (revenues or EBITDA) of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. The fair values of the three reporting units tested under a quantitative approach were substantially in excess of the carrying values as of the impairment testing date. | ||||
We did not recognize any goodwill impairment in 2014, 2013, or 2012. See Note 10 for further discussion. | ||||
We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets in 2014 or 2013. During 2012, we recognized an impairment charge of $5.2 million on trademarks related to our cable operations in China that primarily conducted business in the consumer electronics end market, which we disposed of in 2012. See Note 10 for further discussion. | ||||
We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets in 2014 or in 2013. During 2012, we recognized an impairment charge of $6.8 million on customer relationships related to our cable operations in China that primarily conducted business in the consumer electronics end market, which we disposed of in 2012. | ||||
Pension and Other Postretirement Benefits | ||||
Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants. | ||||
Accrued Sales Rebates | ||||
We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December 31, 2014 and 2013 totaled $31.5 million and $34.3 million, respectively. | ||||
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. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues. | ||||
We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors. | ||||
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. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. 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. | ||||
Business Combination Accounting | ||||
We allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as deferred revenue or postretirement benefit liabilities. We adjust the preliminary purchase price allocation, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed. | ||||
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 oftentimes 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. | ||||
Cost of Sales | ||||
Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. | ||||
Shipping and Handling Costs | ||||
We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales. | ||||
Selling, General, and Administrative Expenses | ||||
Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general, and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions. | ||||
Research and Development Costs | ||||
Research and development costs are expensed as incurred. | ||||
Advertising Costs | ||||
Advertising costs are expensed as incurred. Advertising costs were $21.8 million, $17.8 million, and $16.3 million for 2014, 2013, and 2012, respectively. | ||||
Share-Based Compensation | ||||
We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience. | ||||
Income Taxes | ||||
Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities because of the recognition of revenues and expenses in different periods for income tax purposes than for financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns. We have determined that all undistributed earnings from our international subsidiaries will not be remitted to the U.S. in the foreseeable future and, therefore, no additional provision for U.S. taxes has been made on foreign earnings. | ||||
We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and pretax income on our financial statements. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. | ||||
Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made. | ||||
Derivatives and Hedging Activities | ||||
We are exposed to various market risks, including fluctuations in foreign currency exchange rates. From time to time, we manage a portion of this risk through the use of derivative financial instruments to reduce our exposure to foreign currency risk. We do not hold or issue any derivative instrument for trading or speculative purposes. | ||||
We report all derivative financial instruments on the balance sheet at fair value. Foreign currency derivative instruments may be designated as a hedge of our net investment in certain foreign operations. If a derivative is designated as a net investment hedge, the effective portion of the gain or loss on the derivative is reported in accumulated other comprehensive income as part of the cumulative translation component of equity. Any ineffectiveness is recognized in the Consolidated Statements of Operations. We had no outstanding derivatives as of December 31, 2014 and 2013. | ||||
Current-Year Adoption of Accounting Pronouncements | ||||
On January 1, 2014, we adopted new accounting guidance issued by the Financial Accounting Standards Board (the FASB) 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. | ||||
Pending Adoption of Recent Accounting Pronouncements | ||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (the ASU), which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for us beginning January 1, 2017, and allows for both retrospective and modified retrospective methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our Consolidated Financial Statements. | ||||
In August 2014, the FASB issued disclosure guidance that requires us to evaluate, at each annual and interim period, whether substantial doubt exists about our ability to continue as a going concern, and if applicable, to provide related disclosures. The new guidance will be effective for us for the year ending December 31, 2016. This guidance is not currently expected to have a material effect on our financial statement disclosures upon adoption, although the ultimate impact will be dependent on our financial condition and expected operating outlook at such time. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Note 3: Acquisitions | ||||||||
Coast Wire and Plastic Tech | |||||||||
We acquired 100% of the outstanding ownership interest in Coast Wire and Plastic Tech., LLC (Coast) on November 20, 2014 for cash of $36.0 million. Coast is a developer and manufacturer of customized wire and cable solutions used in high-end medical device, military and defense, and industrial applications. Coast is located in Carson, California. The results of Coast have been included in our Consolidated Financial Statements from November 20, 2014, and are reported within the Industrial Connectivity segment. The Coast acquisition was not material to our financial position or results of operations reported as of and for the year ended December 31, 2014. | |||||||||
ProSoft Technology, Inc. | |||||||||
We acquired 100% of the outstanding shares of ProSoft Technology, Inc. (ProSoft) on June 11, 2014 for cash of $104.1 million. ProSoft is a leading manufacturer of industrial networking products that translate between disparate automation systems, including the various protocols used by different automation vendors. The results of ProSoft have been included in our Consolidated Financial Statements from June 11, 2014, and are reported within the Industrial IT segment. ProSoft is headquartered in Bakersfield, California. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of June 11, 2014 (in thousands). | |||||||||
Cash | $ | 2,517 | |||||||
Receivables | 5,559 | ||||||||
Inventories | 3,624 | ||||||||
Other current assets | 240 | ||||||||
Property, plant and equipment | 1,076 | ||||||||
Goodwill | 56,193 | ||||||||
Intangible assets | 40,800 | ||||||||
Other non-current assets | 622 | ||||||||
Total assets | $ | 110,631 | |||||||
Accounts payable | $ | 2,851 | |||||||
Accrued liabilities | 2,545 | ||||||||
Other non-current liabilities | 1,132 | ||||||||
Total liabilities | $ | 6,528 | |||||||
Net assets | $ | 104,103 | |||||||
The above purchase price allocation is preliminary and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. We are in the process of ensuring our accounting policies are applied at ProSoft. The preliminary measurement of receivables; inventories; property, plant and equipment; goodwill; deferred income taxes; and other assets and liabilities are subject to change. A change in the estimated fair value of the net assets acquired will change the amount of the purchase price allocable to goodwill. | |||||||||
The fair value of acquired receivables is $5.6 million, with a gross contractual amount of $6.2 million. We do not expect to collect $0.6 million of the acquired receivables. | |||||||||
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. | |||||||||
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 used various valuation methods including discounted cash flows to estimate the fair value of the identifiable intangible assets (Level 3 valuation). | |||||||||
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. The expected synergies for the ProSoft acquisition primarily consist of expanded access to the Industrial IT market and channel partners. Our tax basis in the acquired goodwill is $56.2 million. The goodwill balance we recorded is deductible for tax purposes over a period of 15 years up to the amount of the tax basis. The intangible assets related to the acquisition consisted of the following: | |||||||||
Fair Value | Amortization | ||||||||
Period | |||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Customer relationships | $ | 26,600 | 20 | ||||||
Developed technologies | 9,000 | 5 | |||||||
Trademarks | 5,000 | 5 | |||||||
Backlog | 200 | 0.3 | |||||||
Total intangible assets subject to amortization | 40,800 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 56,193 | ||||||||
Total intangible assets not subject to amortization | 56,193 | ||||||||
Total intangible assets | $ | 96,993 | |||||||
Weighted average amortization period | 14.8 | ||||||||
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 for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. The useful life of the backlog intangible asset was based on our estimate of when the ordered items would ship. | |||||||||
Our revenues and income (loss) from continuing operations before taxes for the twelve months ended December 31, 2014 included $31.7 million and $(2.5) million, respectively, from ProSoft. Included in our income from continuing operations before taxes for the twelve months ended December 31, 2014 are $1.4 million of cost of sales related to the adjustment of inventory to fair value and $2.4 million of amortization of intangible assets. | |||||||||
Grass Valley | |||||||||
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 $218.2 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 Hillsboro, Oregon, with significant locations throughout the United States, Europe, and Asia. The results of Grass Valley have been included in our Consolidated Financial Statements from March 31, 2014, 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 March 31, 2014 (in thousands). | |||||||||
Cash | $ | 9,441 | |||||||
Receivables | 68,766 | ||||||||
Inventories | 19,984 | ||||||||
Deferred taxes | 1,355 | ||||||||
Other current assets | 4,172 | ||||||||
Property, plant and equipment | 22,661 | ||||||||
Goodwill | 119,589 | ||||||||
Intangible assets | 95,500 | ||||||||
Other non-current assets | 17,108 | ||||||||
Total assets | $ | 358,576 | |||||||
Accounts payable | $ | 51,276 | |||||||
Accrued liabilities | 57,374 | ||||||||
Deferred revenue | 14,000 | ||||||||
Postretirement benefits | 16,538 | ||||||||
Other non-current liabilities | 1,199 | ||||||||
Total liabilities | $ | 140,387 | |||||||
Net assets | $ | 218,189 | |||||||
The above purchase price allocation is preliminary, and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. We are in the process of ensuring our accounting policies are applied at Grass Valley. The preliminary measurement of receivables; inventories; property, plant and equipment; goodwill; deferred income taxes; and other assets and liabilities are subject to change. A change in the estimated fair value of the net assets acquired will change the amount of the purchase price allocable to goodwill. | |||||||||
The fair value of acquired receivables is $68.8 million, with a gross contractual amount of $77.9 million. We do not expect to collect $9.1 million of the acquired receivables. | |||||||||
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. | |||||||||
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 (Level 3 valuation). | |||||||||
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. The expected synergies for the Grass Valley acquisition primarily consist of cost savings from the ability to consolidate existing and acquired operating facilities and other support functions, as well as expanded access to the Broadcast market. Our estimated tax basis in the acquired goodwill is $119.6 million. The goodwill balance we recorded is deductible for tax purposes over a period of 15 years up to the amount of the tax basis. The intangible assets related to the acquisition consisted of the following: | |||||||||
Fair Value | Amortization | ||||||||
Period | |||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 37,000 | 5 | ||||||
Customer relationships | 27,000 | 15 | |||||||
Backlog | 1,500 | 0.3 | |||||||
Total intangible assets subject to amortization | 65,500 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 119,589 | ||||||||
Trademarks | 22,000 | ||||||||
In-process research and development | 8,000 | ||||||||
Total intangible assets not subject to amortization | 149,589 | ||||||||
Total intangible assets | $ | 215,089 | |||||||
Weighted average amortization period | 9 | ||||||||
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. | |||||||||
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 the assets over that period. If the project is abandoned, we will write-off the asset at such time. | |||||||||
Our revenues and income (loss) from continuing operations before taxes for the twelve months ended December 31, 2014 included $196.2 million and $(58.5) million, respectively, from Grass Valley. Included in our income from continuing operations before taxes for the twelve months ended December 31, 2014 are $6.9 million of cost of sales related to the adjustment of inventory to fair value and $8.6 million of amortization of intangible assets. We also recognized certain severance, restructuring, and acquisition integration costs in the twelve months ended December 31, 2014 related to Grass Valley. See Note 12. | |||||||||
The following table illustrates the unaudited pro forma effect on operating results as if the Grass Valley and ProSoft acquisitions had been completed as of January 1, 2013. | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 2,401,200 | $ | 2,420,099 | |||||
Income from continuing operations | 67,956 | 66,874 | |||||||
Diluted income per share from continuing operations | $ | 1.54 | $ | 1.49 | |||||
For purposes of the pro forma disclosures, the year ended December 31, 2013 includes nonrecurring expenses from the effects of purchase accounting, including the cost of sales arising from the adjustments of inventory to fair value of $8.3 million, amortization of the sales backlog intangible assets of $1.7 million, and Belden’s transaction costs of $1.6 million. | |||||||||
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 acquisition 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 acquisition. | |||||||||
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 year ended December 31, 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 | 26,612 | ||||||||
Inventories | 45,465 | ||||||||
Other current assets | 868 | ||||||||
Property, plant and equipment | 26,856 | ||||||||
Goodwill | 277,091 | ||||||||
Intangible assets | 164,500 | ||||||||
Other non-current assets | 1,308 | ||||||||
Total assets | $ | 549,574 | |||||||
Accounts payable | $ | 22,499 | |||||||
Accrued liabilities | 4,104 | ||||||||
Other long-term liabilities | 579 | ||||||||
Total liabilities | $ | 27,182 | |||||||
Net assets | $ | 522,392 | |||||||
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 $26.6 million, with a gross contractual amount of $27.7 million. We do not expect to collect $1.1 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. The expected synergies for the PPC acquisition primarily consist of cost savings from the ability to consolidate existing and acquired operating facilities and other support functions. Our tax basis in the acquired goodwill is $277.1 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: | |||||||||
Fair Value | Amortization | ||||||||
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 | 277,091 | ||||||||
In-process research and development | 5,000 | ||||||||
Trademarks | 27,000 | ||||||||
Total intangible assets not subject to amortization | 309,091 | ||||||||
Total intangible assets | $ | 441,591 | |||||||
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 the assets 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 97.37% of the shares of Miranda Technologies Inc. (Miranda) for cash of $364.8 million on July 27, 2012, and we acquired the remaining 2.63% of shares of Miranda for cash of $9.9 million on July 30, 2012. Miranda is a leading provider of hardware and software solutions for the broadcast infrastructure industry and expands our solution offerings in the broadcast end-market. Miranda is headquartered in Montreal, Quebec, Canada. Miranda’s strong brands and technology enhance our portfolio of broadcast products. The results of Miranda have been included in our Consolidated Financial Statements from July 27, 2012, and are reported within the Broadcast segment. The impact of the noncontrolling interest from July 27, 2012 to July 30, 2012 was not material to our financial position or results of operations. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of July 27, 2012 (in thousands). | |||||||||
Cash | $ | 33,324 | |||||||
Receivables | 27,592 | ||||||||
Inventories | 31,109 | ||||||||
Other current assets | 1,924 | ||||||||
Property, plant and equipment | 23,930 | ||||||||
Goodwill | 161,206 | ||||||||
Intangible assets | 159,991 | ||||||||
Total assets | $ | 439,076 | |||||||
Accounts payable | $ | 23,917 | |||||||
Accrued liabilities | 5,730 | ||||||||
Current deferred tax liabilities | 844 | ||||||||
Other long-term liabilities | 8,699 | ||||||||
Non-current deferred tax liabilities | 25,207 | ||||||||
Total liabilities | $ | 64,397 | |||||||
Net assets | $ | 374,679 | |||||||
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 $27.6 million, with a gross contractual amount of $28.3 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. The primary expected synergy for the Miranda acquisition is due to expanded access to the broadcast market, which we expect will generate significant opportunities to sell our existing product lines to Miranda’s existing customers. None of the goodwill related to the Miranda acquisition is deductible for tax purposes. Intangible assets related to the acquisition consisted of the following: | |||||||||
Amortization | |||||||||
Fair Value | Period | ||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 69,132 | 4 | ||||||
Customer relationships | 44,442 | 20 | |||||||
Backlog | 3,950 | 1 | |||||||
Total intangible assets subject to amortization | 117,524 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 161,206 | ||||||||
Trademarks | 35,554 | ||||||||
In-process research and development | 6,913 | ||||||||
Total intangible assets not subject to amortization | 203,673 | ||||||||
Total intangible assets | $ | 321,197 | |||||||
Weighted average amortization period | 9.9 | ||||||||
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 the assets 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. | |||||||||
Pro forma – Miranda and PPC | |||||||||
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. | |||||||||
Year Ended | |||||||||
December 31, 2012 | |||||||||
(In thousands, | |||||||||
except per share | |||||||||
data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 2,163,302 | |||||||
Income from continuing operations | 78,827 | ||||||||
Diluted income per share from continuing operations | $ | 1.72 | |||||||
For purposes of the unaudited pro forma disclosures, the year ended December 31, 2012 reflects 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. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations | Note 4: 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. In 2014, we recognized a $0.9 million ($0.6 million net of tax) loss from disposal of discontinued operations related to this business as a result of settling the working capital adjustment and other matters. In 2013, we recognized a $1.4 million loss from discontinued operations for income tax expense related to this disposed business. | |||||||||
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 after-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. As of December 31, 2014, 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 Consolidated Balance Sheet is $3.8 million, which is our best estimate of the remaining amount to be collected. In 2014, we recognized $0.6 million of income from discontinued operations due to the reversal of an uncertain tax position liability related to this disposed business. | |||||||||
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 reserve for uncertain tax positions. The statute of limitations associated with the tax positions expired in 2012. In 2012, we recognized a net gain of $14.1 million due to the reversal of the uncertain tax positions, which is included in our gain from disposal of discontinued operations. In 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 (loss) from discontinued operations. | |||||||||
Operating results from discontinued operations for 2012 included the following revenues and income before taxes: | |||||||||
2012 | |||||||||
Income before | |||||||||
Revenues | Taxes | ||||||||
(In thousands) | |||||||||
Thermax and Raydex | $ | 95,668 | $ | 21,479 | |||||
Phoenix Communications | — | 3,980 | |||||||
Total | $ | 95,668 | $ | 25,459 | |||||
Operating_Segments_and_Geograp
Operating Segments and Geographic Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Operating Segments and Geographic Information | Note 5: Operating Segments and Geographic Information | ||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
The segments design, manufacture, and market a portfolio of signal transmission solutions for mission critical applications used in a variety of end markets, including broadcast, enterprise, and industrial. We sell the products manufactured by our segments principally through distributors or directly to systems integrators, original equipment manufacturers (OEMs), end-users, and installers. | |||||||||||||||||||||||||
We evaluate segment performance based on operating income, working capital, and organic growth. Operating income of the segments includes all the ongoing costs of operations, but excludes interest and income taxes. Transactions between the segments are conducted on an arms-length basis. 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. | |||||||||||||||||||||||||
The results of our equity method investment in Xuzhou Hirschmann Electronics Co. Ltd. (the Hirschmann JV) are analyzed separately from the results of our operating segments, and they are not included in the corporate expense allocation. | |||||||||||||||||||||||||
Operating Segment Information | |||||||||||||||||||||||||
Broadcast Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 916,632 | $ | 663,900 | $ | 356,320 | |||||||||||||||||||
Affiliate revenues | 1,381 | 933 | 691 | ||||||||||||||||||||||
Total revenues | 918,013 | 664,833 | 357,011 | ||||||||||||||||||||||
Depreciation and amortization | (67,372 | ) | (64,420 | ) | (23,184 | ) | |||||||||||||||||||
Operating income (loss) | 4,093 | 15,099 | (11,657 | ) | |||||||||||||||||||||
Total assets | 430,991 | 294,454 | 272,520 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 17,912 | 10,526 | 8,844 | ||||||||||||||||||||||
Enterprise Connectivity Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 455,795 | $ | 493,129 | $ | 496,857 | |||||||||||||||||||
Affiliate revenues | 8,467 | 9,823 | 6,467 | ||||||||||||||||||||||
Total revenues | 464,262 | 502,952 | 503,324 | ||||||||||||||||||||||
Depreciation and amortization | (14,331 | ) | (12,988 | ) | (16,057 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (1,468 | ) | |||||||||||||||||||||
Operating income | 47,715 | 48,753 | 40,056 | ||||||||||||||||||||||
Total assets | 206,377 | 223,073 | 234,882 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 12,574 | 11,749 | 13,013 | ||||||||||||||||||||||
Industrial Connectivity Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 682,374 | $ | 680,643 | $ | 670,112 | |||||||||||||||||||
Affiliate revenues | 2,927 | 1,901 | 1,129 | ||||||||||||||||||||||
Total revenues | 685,301 | 682,544 | 671,241 | ||||||||||||||||||||||
Depreciation and amortization | (12,318 | ) | (11,408 | ) | (10,970 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (2,435 | ) | |||||||||||||||||||||
Operating income | 80,435 | 92,562 | 72,366 | ||||||||||||||||||||||
Total assets | 255,997 | 259,400 | 263,293 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 10,053 | 14,496 | 13,077 | ||||||||||||||||||||||
Industrial IT Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 253,464 | $ | 231,521 | $ | 219,679 | |||||||||||||||||||
Affiliate revenues | 54 | 208 | 286 | ||||||||||||||||||||||
Total revenues | 253,518 | 231,729 | 219,965 | ||||||||||||||||||||||
Depreciation and amortization | (8,141 | ) | (5,635 | ) | (4,848 | ) | |||||||||||||||||||
Operating income | 30,803 | 38,440 | 32,807 | ||||||||||||||||||||||
Total assets | 67,417 | 56,658 | 54,428 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 1,903 | 2,020 | 4,597 | ||||||||||||||||||||||
All Other | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | — | $ | — | $ | 97,771 | |||||||||||||||||||
Affiliate revenues | — | — | — | ||||||||||||||||||||||
Total revenues | — | — | 97,771 | ||||||||||||||||||||||
Depreciation and amortization | — | — | (2,828 | ) | |||||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (29,773 | ) | |||||||||||||||||||||
Operating income (loss) | — | 1,278 | (32,640 | ) | |||||||||||||||||||||
Total assets | — | — | — | ||||||||||||||||||||||
Acquisition of property, plant and equipment | — | — | 348 | ||||||||||||||||||||||
Total Segments | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 2,308,265 | $ | 2,069,193 | $ | 1,840,739 | |||||||||||||||||||
Affiliate revenues | 12,829 | 12,865 | 8,573 | ||||||||||||||||||||||
Total revenues | 2,321,094 | 2,082,058 | 1,849,312 | ||||||||||||||||||||||
Depreciation and amortization | (102,162 | ) | (94,451 | ) | (57,887 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (33,676 | ) | |||||||||||||||||||||
Operating income | 163,046 | 196,132 | 100,932 | ||||||||||||||||||||||
Total assets | 960,782 | 833,585 | 825,123 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 42,442 | 38,791 | 39,879 | ||||||||||||||||||||||
Total segment operating income differs from net income reported in the Consolidated Financial Statements as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total segment operating income | $ | 163,046 | $ | 196,132 | $ | 100,932 | |||||||||||||||||||
Income from equity method investment | 3,955 | 8,922 | 9,704 | ||||||||||||||||||||||
Eliminations | (3,882 | ) | (3,792 | ) | (2,139 | ) | |||||||||||||||||||
Total operating income | 163,119 | 201,262 | 108,497 | ||||||||||||||||||||||
Interest expense | (82,156 | ) | (73,095 | ) | (52,038 | ) | |||||||||||||||||||
Interest income | 583 | 494 | 1,033 | ||||||||||||||||||||||
Loss on debt extinguishment | — | (1,612 | ) | (52,450 | ) | ||||||||||||||||||||
Income tax benefit (expense) | (7,114 | ) | (22,315 | ) | 38,194 | ||||||||||||||||||||
Income from continuing operations | 74,432 | 104,734 | 43,236 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 579 | (1,421 | ) | 16,774 | |||||||||||||||||||||
Gain (loss) from disposal of discontinued operations, net of tax | (562 | ) | — | 134,480 | |||||||||||||||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||||||||||||||
Below are reconciliations of other segment measures to the consolidated totals. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total segment assets | $ | 960,782 | $ | 833,585 | $ | 825,123 | |||||||||||||||||||
Cash and cash equivalents | 741,162 | 613,304 | 395,095 | ||||||||||||||||||||||
Goodwill | 943,374 | 773,048 | 778,708 | ||||||||||||||||||||||
Intangible assets, less accumulated amortization | 461,292 | 376,976 | 428,273 | ||||||||||||||||||||||
Deferred income taxes | 62,809 | 54,801 | 66,855 | ||||||||||||||||||||||
Income tax receivable | 4,953 | 12,169 | 8,432 | ||||||||||||||||||||||
Corporate assets | 88,455 | 87,870 | 82,097 | ||||||||||||||||||||||
Total assets | $ | 3,262,827 | $ | 2,751,753 | $ | 2,584,583 | |||||||||||||||||||
Total segment acquisition of property, plant and equipment | $ | 42,442 | $ | 38,791 | $ | 39,879 | |||||||||||||||||||
Corporate acquisition of property, plant and equipment | 3,017 | 1,418 | 336 | ||||||||||||||||||||||
Discontinued operations acquisition of property, plant and equipment | — | — | 795 | ||||||||||||||||||||||
Total acquisition of property, plant and equipment | $ | 45,459 | $ | 40,209 | $ | 41,010 | |||||||||||||||||||
Total segment depreciation and amortization | $ | (102,162 | ) | $ | (94,451 | ) | $ | (57,887 | ) | ||||||||||||||||
Discontinued operations depreciation and amortization | — | — | (1,468 | ) | |||||||||||||||||||||
Total depreciation and amortization | $ | (102,162 | ) | $ | (94,451 | ) | $ | (59,355 | ) | ||||||||||||||||
Geographic Information | |||||||||||||||||||||||||
The Company attributes foreign sales based on the location of the customer purchasing the product. The table below summarizes net sales and long-lived assets for the years ended December 31, 2014, 2013 and 2012 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company. | |||||||||||||||||||||||||
United States | Canada | China | Germany | All Other | Total | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||
Revenues | $ | 1,134,721 | $ | 194,149 | $ | 132,330 | $ | 120,297 | $ | 726,768 | $ | 2,308,265 | |||||||||||||
Percent of total revenues | 49 | % | 8 | % | 6 | % | 5 | % | 32 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 191,728 | $ | 29,773 | $ | 70,574 | $ | 40,557 | $ | 70,727 | $ | 403,359 | |||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Revenues | $ | 1,032,190 | $ | 195,387 | $ | 126,461 | $ | 108,745 | $ | 606,410 | $ | 2,069,193 | |||||||||||||
Percent of total revenues | 50 | % | 9 | % | 6 | % | 5 | % | 30 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 170,813 | $ | 27,458 | $ | 76,949 | $ | 45,702 | $ | 59,275 | $ | 380,197 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Revenues | $ | 825,437 | $ | 196,761 | $ | 193,082 | $ | 105,377 | $ | 520,082 | $ | 1,840,739 | |||||||||||||
Percent of total revenues | 45 | % | 11 | % | 10 | % | 6 | % | 28 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 164,619 | $ | 31,610 | $ | 72,556 | $ | 42,411 | $ | 59,854 | $ | 371,050 | |||||||||||||
Major Customer | |||||||||||||||||||||||||
Revenues generated from sales to the distributor Anixter International Inc., primarily in the Industrial Connectivity and Enterprise segments, were $290.5 million (13% of revenues), $289.9 million (14% of revenues), and $300.4 million (16% of revenues) for 2014, 2013, and 2012, respectively. At December 31, 2014, we had $37.9 million in accounts receivable outstanding from Anixter International Inc. This represented approximately 10% of our total accounts receivable outstanding at December 31, 2014. |
Equity_Method_Investment
Equity Method Investment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investment | Note 6: Equity Method Investment | ||||||||||||
We have a 50% ownership interest in the Hirschmann JV, which we acquired in connection with our 2007 acquisition of Hirschmann Automation and Control GmbH. The Hirschmann JV is an entity located in China that supplies load-moment indicators to the industrial crane market. We account for this investment using the equity method of accounting. The results of our equity method investment in the Hirschmann JV are analyzed separately from the results of our operating segments, and they are not included in the corporate expense allocation. | |||||||||||||
Summary financial information for the Hirschmann JV is as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 44,679 | $ | 49,408 | $ | 46,042 | |||||||
Noncurrent assets | 3,320 | 3,801 | 4,107 | ||||||||||
Current liabilities | 19,847 | 21,524 | 13,132 | ||||||||||
Noncurrent liabilities | 409 | 447 | 207 | ||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 34,322 | $ | 41,257 | $ | 56,564 | |||||||
Gross profit | 17,235 | 27,332 | 29,067 | ||||||||||
Operating income | 9,147 | 19,821 | 22,317 | ||||||||||
Net income | 7,910 | 17,844 | 19,408 | ||||||||||
Net income attributable to Belden | 3,955 | 8,922 | 9,704 | ||||||||||
The carrying value recorded in other long-lived assets on our Consolidated Balance Sheets of our investment in the Hirschmann JV as of December 31, 2014 and 2013 is $33.4 million and $38.3 million, respectively. The difference between this carrying value and our share of the Hirschmann JV’s net assets is primarily attributable to goodwill. | |||||||||||||
We had sales of $2.6 million, $3.6 million, and $5.7 million to the Hirschmann JV in 2014, 2013, and 2012, respectively. We received $5.7 million, $8.1 million, and $12.5 million in dividends from the Hirschmann JV in 2014, 2013, and 2012, respectively. We had receivables from the Hirschmann JV as of December 31, 2014 and 2013 of $0.5 million and $0.3 million, respectively. |
Income_Per_Share
Income Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Income Per Share | Note 7: Income Per Share | ||||||||||||
The following table presents the basis of the income per share computation: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Numerator for basic and diluted income per share: | |||||||||||||
Income from continuing operations | $ | 74,432 | $ | 104,734 | $ | 43,236 | |||||||
Income (loss) from discontinued operations, net of tax | 579 | (1,421 | ) | 16,774 | |||||||||
Gain (loss) from disposal of discontinued operations, net of tax | (562 | ) | — | 134,480 | |||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic | 43,273 | 43,871 | 45,097 | ||||||||||
Effect of dilutive common stock equivalents | 724 | 866 | 845 | ||||||||||
Weighted average shares outstanding, diluted | 43,997 | 44,737 | 45,942 | ||||||||||
For the years ended December 31, 2014, 2013, and 2012, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million, 0.2 million, and 0.9 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 | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 8: Inventories | ||||||||
The major classes of inventories were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 105,134 | $ | 85,379 | |||||
Work-in-process | 31,611 | 34,671 | |||||||
Finished goods | 121,655 | 107,091 | |||||||
Perishable tooling and supplies | 1,821 | 2,156 | |||||||
Gross inventories | 260,221 | 229,297 | |||||||
Excess and obsolete reserves | (31,823 | ) | (21,317 | ) | |||||
Net inventories | $ | 228,398 | $ | 207,980 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Note 9: Property, Plant and Equipment | ||||||||
The carrying values of property, plant and equipment were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 31,879 | $ | 34,846 | |||||
Buildings and leasehold improvements | 131,534 | 124,688 | |||||||
Machinery and equipment | 472,543 | 441,933 | |||||||
Computer equipment and software | 96,546 | 89,919 | |||||||
Construction in process | 33,726 | 36,388 | |||||||
Gross property, plant and equipment | 766,228 | 727,774 | |||||||
Accumulated depreciation | (449,843 | ) | (426,939 | ) | |||||
Net property, plant and equipment | $ | 316,385 | $ | 300,835 | |||||
Disposals | |||||||||
During 2014, we sold certain property, plant and equipment of the Broadcast segment for $1.9 million. There was no gain or loss on the sale. | |||||||||
During 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. | |||||||||
During 2012, we sold certain net assets of our cable operations within the All Other segment for $40.0 million that primarily conducted business in the consumer electronics end market in China (the Disposal Group). We had previously evaluated a number of strategic alternatives related to the Disposal Group, and we determined that the characteristics of the end market in which they conducted business were not in line with our strategic plan. The cash flows related to the Disposal Group were not separately identifiable and independent of the other cash flows of our Chinese cable operations, and therefore, we have not reported the operating results of the Disposal Group as discontinued operations. We recognized an asset impairment and loss on sale of the Disposal Group in 2012 of $29.8 million. In 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 2012, we also sold certain real estate of the Enterprise Connectivity and Industrial Connectivity segments for $0.8 million and $8.6 million, respectively. There was no gain or loss recognized on the sale. | |||||||||
Impairment | |||||||||
We did not recognize any impairment losses in 2014 or 2013. | |||||||||
In 2012, we recognized a $29.8 million asset impairment and loss on sale of certain net assets of our cable operations that primarily conducted business in the consumer electronics end market in China. The loss is included in the operating results of the All Other segment. Of the total loss, $10.6 million, $6.8 million, and $5.2 million related to impairment of 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 (i.e., Level 2 valuation). The remainder of the loss was due to the accrual of estimated costs to sell, including such items as investment banker fees, legal fees, and other closing costs. | |||||||||
In 2012, we recognized impairment losses on property, plant and equipment of $2.4 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 $1.0 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 (i.e., Level 2 valuation). | |||||||||
Depreciation Expense | |||||||||
We recognized depreciation expense in income from continuing operations of $43.7 million, $43.6 million, and $35.1 million in 2014, 2013, and 2012, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Intangible Assets | Note 10: Intangible Assets | ||||||||||||||||||||||||||||||||
The carrying values of intangible assets were as follows: | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Goodwill | $ | 943,374 | $ | — | $ | 943,374 | $ | 773,048 | $ | — | $ | 773,048 | |||||||||||||||||||||
Definite-lived intangible assets subject to amortization: | |||||||||||||||||||||||||||||||||
Customer relationships | $ | 261,914 | $ | (46,457 | ) | $ | 215,457 | $ | 198,522 | $ | (35,981 | ) | $ | 162,541 | |||||||||||||||||||
Developed technology | 213,017 | (102,996 | ) | 110,021 | 174,106 | (68,233 | ) | 105,873 | |||||||||||||||||||||||||
Trademarks | 19,438 | (3,687 | ) | 15,751 | 7,151 | (1,033 | ) | 6,118 | |||||||||||||||||||||||||
Backlog | 10,406 | (9,627 | ) | 779 | 8,434 | (8,421 | ) | 13 | |||||||||||||||||||||||||
In-service research and development | 10,340 | (2,777 | ) | 7,563 | 6,549 | (1,124 | ) | 5,425 | |||||||||||||||||||||||||
Total intangible assets subject to amortization | 515,115 | (165,544 | ) | 349,571 | 394,762 | (114,792 | ) | 279,970 | |||||||||||||||||||||||||
Indefinite-lived intangible assets not subject to amortization: | |||||||||||||||||||||||||||||||||
Trademarks | 103,040 | — | 103,040 | 92,010 | — | 92,010 | |||||||||||||||||||||||||||
In-process research and development | 8,681 | — | 8,681 | 4,996 | — | 4,996 | |||||||||||||||||||||||||||
Total intangible assets not subject to amortization | 111,721 | — | 111,721 | 97,006 | — | 97,006 | |||||||||||||||||||||||||||
Intangible assets | $ | 626,836 | $ | (165,544 | ) | $ | 461,292 | $ | 491,768 | $ | (114,792 | ) | $ | 376,976 | |||||||||||||||||||
Segment Allocation of Goodwill and Trademarks | |||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: | |||||||||||||||||||||||||||||||||
Prior Segments | Current Segments | ||||||||||||||||||||||||||||||||
Asia | Industrial | Industrial | |||||||||||||||||||||||||||||||
Americas | EMEA | Pacific | Broadcast | Enterprise | Connectivity | IT | Consolidated | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 690,578 | $ | 70,328 | $ | 17,802 | $ | — | $ | — | $ | — | $ | — | $ | 778,708 | |||||||||||||||||
Reassignment of goodwill | (690,578 | ) | (70,328 | ) | (17,802 | ) | 473,029 | 50,136 | 188,201 | 67,342 | — | ||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | — | — | — | 4,986 | — | — | — | 4,986 | |||||||||||||||||||||||||
Translation impact | — | — | — | (11,640 | ) | — | (226 | ) | 1,220 | (10,646 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | 466,375 | $ | 50,136 | $ | 187,975 | $ | 68,562 | $ | 773,048 | |||||||||||||||||
Acquisitions and purchase accounting adjustments | — | — | — | 119,918 | — | 16,442 | 56,194 | 192,554 | |||||||||||||||||||||||||
Translation impact | — | — | — | (12,789 | ) | — | (4,364 | ) | (5,075 | ) | (22,228 | ) | |||||||||||||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | — | $ | 573,504 | $ | 50,136 | $ | 200,053 | $ | 119,681 | $ | 943,374 | |||||||||||||||||
In 2013, as a result of our change in segments, we reassigned the carrying amount of goodwill to our new reporting units in our new segments based on relative fair value. There was no goodwill impairment at the time of our change in segments. | |||||||||||||||||||||||||||||||||
The changes in the carrying amount of indefinite-lived trademarks are as follows: | |||||||||||||||||||||||||||||||||
Industrial | Industrial | ||||||||||||||||||||||||||||||||
Broadcast | Enterprise | Connectivity | IT | Consolidated | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 80,310 | $ | 1,299 | $ | 12,279 | $ | 9,459 | $ | 103,347 | |||||||||||||||||||||||
Reclassify to definite-lived | (5,424 | ) | (1,353 | ) | — | — | (6,777 | ) | |||||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | (4,918 | ) | — | — | — | (4,918 | ) | ||||||||||||||||||||||||||
Translation impact | 159 | 54 | (86 | ) | 231 | 358 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 70,127 | $ | — | $ | 12,193 | $ | 9,690 | $ | 92,010 | |||||||||||||||||||||||
Reclassify to definite-lived | (2,700 | ) | — | — | (3,900 | ) | (6,600 | ) | |||||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | 22,000 | — | — | — | 22,000 | ||||||||||||||||||||||||||||
Translation impact | (2,244 | ) | — | (1,449 | ) | (677 | ) | (4,370 | ) | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 87,183 | $ | — | $ | 10,744 | $ | 5,113 | $ | 103,040 | |||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||
The annual measurement date for our goodwill and indefinite-lived intangible assets impairment test is our fiscal November month-end. For our 2014 goodwill impairment test, we performed a quantitative assessment for three of our reporting units and determined the estimated fair values of our reporting units by calculating the present values of their estimated future cash flows. We determined that the fair values of the three reporting units were substantially in excess of the carrying values; therefore, we did not record any goodwill impairment for the three reporting units. We performed a qualitative assessment for the remaining six of our reporting units, and we determined that it was more likely than not that the fair value was greater than the carrying value. Therefore, we did not record any goodwill impairment for the six reporting units. We also did not recognize any goodwill impairment in 2013 or 2012 based on the results of our annual goodwill impairment testing. | |||||||||||||||||||||||||||||||||
Similar to the quantitative goodwill impairment test, we determined the estimated fair values of our trademarks by calculating the present values of the estimated cash flows (using Level 3 inputs) attributable to the respective trademarks. We did not recognize any trademark impairment charges in 2014 or 2013. In 2012, we recognized a $5.2 million and $6.8 million impairment loss on trademarks and customer relationships, respectively, related to our Chinese cable operations within the All Other segment which we disposed of during 2012. The total asset impairment and loss on sale of the consumer electronics assets in 2012 was $29.8 million. See Note 9. | |||||||||||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||||||||||
We recognized amortization expense in income from continuing operations of $58.4 million, $50.8 million, and $22.8 million in 2014, 2013, and 2012, respectively. We expect to recognize annual amortization expense of $62.5 million in 2015, $55.4 million in 2016, $44.5 million in 2017, $29.1 million in 2018, and $20.5 million in 2019 related to our intangible assets balance as of December 31, 2014. | |||||||||||||||||||||||||||||||||
The weighted-average amortization period for our customer relationships, developed technology, trademarks, and in-service research and development is 19.6 years, 4.7 years, 5.0 years, and 4.4 years, respectively |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities | Note 11: Accounts Payable and Accrued Liabilities | ||||||||
The carrying values of accounts payable and accrued liabilities were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 272,439 | $ | 199,897 | |||||
Wages, severance and related taxes | 70,256 | 50,540 | |||||||
Current deferred revenue | 45,139 | 31,371 | |||||||
Accrued rebates | 31,506 | 34,317 | |||||||
Accrued interest | 26,741 | 22,479 | |||||||
Employee benefits | 25,158 | 17,697 | |||||||
Other (individual items less than 5% of total current liabilities) | 51,620 | 42,765 | |||||||
Accounts payable and accrued liabilities | $ | 522,859 | $ | 399,066 | |||||
The majority of our accounts payable balance is due to trade creditors. Our accounts payable balance as of December 31, 2014 and 2013 included $14.7 million and $16.1 million, respectively, of amounts due to banks under a commercial acceptance draft program. All accounts payable outstanding under the commercial acceptance draft program are expected to be settled within one year. | |||||||||
See further discussion of the accrued severance balance in Note 12 below. |
Severance_Restructuring_and_Ac
Severance, Restructuring, and Acquisition Integration Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Severance, Restructuring, and Acquisition Integration Activities | Note 12: Severance, Restructuring, and Acquisition Integration Activities | ||||||||||||
During 2014, we incurred severance, restructuring, and acquisition integration costs primarily related to a productivity improvement program and the integration of our acquisition of Grass Valley. The productivity improvement program is focused on improving the productivity of our sales, marketing, finance, and human resources functions relative to our peers. The majority of the expected costs for the productivity improvement program relate to the Industrial Connectivity, Enterprise, and Industrial IT segments. The restructuring and integration activities related to our acquisition of Grass Valley are focused on achieving desired cost savings by consolidating existing and acquired operating facilities and other support functions. The Grass Valley costs relate to our Broadcast segment. | |||||||||||||
In 2014, we recorded severance, restructuring, and integration costs of $70.8 million related to these programs. The following table summarizes the costs by segment for the year ended December 31, 2014: | |||||||||||||
Other | |||||||||||||
Restructuring | |||||||||||||
and Integration | |||||||||||||
Severance | Costs | Total Costs | |||||||||||
(In thousands) | |||||||||||||
Broadcast Solutions | $ | 20,025 | $ | 28,532 | $ | 48,557 | |||||||
Enterprise Connectivity Solutions | 2,183 | 1,135 | 3,318 | ||||||||||
Industrial Connectivity Solutions | 9,732 | 2,221 | 11,953 | ||||||||||
Industrial IT Solutions | 5,314 | 1,685 | 6,999 | ||||||||||
Total | $ | 37,254 | $ | 33,573 | $ | 70,827 | |||||||
The other restructuring and integration costs primarily consisted of costs of integrating manufacturing operations, such as relocating inventory on a global basis, retention bonuses, relocation, travel, lease termination, reserves for inventory obsolescence as a result of product line integration, costs to consolidate operating and support facilities, and other costs. The majority of the other restructuring and integration costs related to these actions were paid in 2014. | |||||||||||||
The table below sets forth severance activity that occurred during 2014 for the two significant programs described above. The balances are included in accrued liabilities. | |||||||||||||
Productivity | Grass | ||||||||||||
Improvement | Valley | ||||||||||||
Program | Integration | ||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 and March 30, 2014 | $ | — | $ | — | |||||||||
New charges | 10,507 | 16,528 | |||||||||||
Cash payments | (1,774 | ) | (4,497 | ) | |||||||||
Foreign currency translation | (62 | ) | 82 | ||||||||||
Balance at June 29, 2014 | $ | 8,671 | $ | 12,113 | |||||||||
New charges | 2,575 | 1,536 | |||||||||||
Cash payments | (1,171 | ) | (3,746 | ) | |||||||||
Foreign currency translation | (381 | ) | (191 | ) | |||||||||
Other adjustments | (1,697 | ) | (1,900 | ) | |||||||||
Balance at September 28, 2014 | $ | 7,997 | $ | 7,812 | |||||||||
New charges | 3,048 | 1,761 | |||||||||||
Cash payments | (2,244 | ) | (4,699 | ) | |||||||||
Foreign currency translation | (465 | ) | (218 | ) | |||||||||
Other adjustments | (1,195 | ) | — | ||||||||||
Balance at December 31, 2014 | $ | 7,141 | $ | 4,656 | |||||||||
The other adjustments in 2014 were due to changes in estimates, including an impact of forfeited severance amounts. We expect the majority of the liabilities for these programs to be paid in the first half of fiscal 2015. | |||||||||||||
Of the total severance, restructuring, and acquisition integration costs recognized in 2014, $20.7 million, $46.5 million, and $3.6 million were included in cost of sales; selling, general and administrative expenses; and research and development, respectively. | |||||||||||||
We expect to incur additional severance, restructuring, and acquisition integration costs in 2015 of approximately $21 million as a result of the activities discussed above, as well as the integration of ProSoft and Tripwire (see Note 26). | |||||||||||||
During 2013, we recorded severance, restructuring, and acquisition integration costs of $14.9 million. The majority of these costs were recorded in our Broadcast segment, which recognized $12.1 million of severance, restructuring, and integration costs for the year ended December 31, 2013. The restructuring and integration 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. These activities were contemplated as part of the decision to acquire PPC. The Industrial IT segment also recognized $1.7 million of severance expense in the year ended December 31, 2013. | |||||||||||||
Of the total severance and other restructuring costs recognized in the year ended December 31, 2013, $7.1 million, $6.5 million, and $1.3 million were included in cost of sales; selling, general and administrative expenses; and research and development, respectively. | |||||||||||||
During 2012, we implemented certain restructuring actions in response to the uncertain global economic environment. For the year ended December 31, 2012, we recognized severance and other restructuring costs in our Broadcast, Enterprise Connectivity, Industrial Connectivity, and Industrial IT segments of $4.9 million, $3.2 million, $9.2 million, and $0.5 million, respectively. The actions included reducing headcount and renegotiating procurement related contracts in order to reduce our cost structure. Of the total costs recognized, approximately $5.2 million consisted of contract termination costs related to our supply chain. | |||||||||||||
Of the total severance and other restructuring costs recognized, $6.5 million, $10.0 million, and $1.4 million were included in cost of sales; selling, general and administrative expenses; and research and development, respectively. | |||||||||||||
We continue to review our business strategies and evaluate potential new restructuring actions. This could result in additional restructuring costs in future periods. |
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowing Arrangements | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||
Long-Term Debt and Other Borrowing Arrangements | Note 13: Long-Term Debt and Other Borrowing Arrangements | ||||||||||||||||||||||
The carrying values of our long-term debt and other borrowing arrangements were as follows: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revolving credit agreement due 2018 | $ | — | $ | — | |||||||||||||||||||
Variable rate term loan due 2020 | 246,375 | 248,775 | |||||||||||||||||||||
Senior subordinated notes: | |||||||||||||||||||||||
5.25% Senior subordinated notes due 2024 | 200,000 | — | |||||||||||||||||||||
5.50% Senior subordinated notes due 2023 | 616,326 | 413,040 | |||||||||||||||||||||
5.50% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||||||||||||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||||||||||||||||
Total senior subordinated notes | 1,521,547 | 1,118,261 | |||||||||||||||||||||
Total debt and other borrowing arrangements | 1,767,922 | 1,367,036 | |||||||||||||||||||||
Less current maturities of Term Loan | (2,500 | ) | (2,500 | ) | |||||||||||||||||||
Long-term debt | $ | 1,765,422 | $ | 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 U.S., Canada, Germany, the Netherlands, and the UK. We did not borrow any amounts under the revolver during 2014. As of December 31, 2014, our borrowing base was $334.7 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 $9.3 million of fees associated with the Revolver, which are being amortized over the life of the Revolver. | |||||||||||||||||||||||
In January 2015, we borrowed $200.0 million under the Revolver in order to fund a portion of the purchase price for the acquisition of Tripwire. See Note 26. | |||||||||||||||||||||||
Variable Rate 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 of approximately $0.6 million. Interest under the Term Loan is variable, based upon the three-month LIBOR plus an applicable spread. The interest rate as of December 31, 2014 was 3.25%. We utilized the proceeds from the Term Loan to repay the amounts outstanding under our previously outstanding Senior Secured Facility. We paid approximately $3.9 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 June 2014, we issued $200.0 million aggregate principal amount of 5.25% senior subordinated notes due 2024 (the 2024 Notes). The 2024 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The 2024 Notes rank equal in right of payment with our senior subordinated notes due 2023, 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 January 15 and July 15 of each year, beginning January 15, 2015. We paid approximately $4.2 million of fees associated with the issuance of the 2024 Notes, which are being amortized over the life of the 2024 Notes using the effective interest method. We used the net proceeds from the transaction for general corporate purposes. | |||||||||||||||||||||||
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 2023 Notes). In November 2014, we issued an additional €200.0 million ($247.5 million at issuance) aggregate principal amount of 2023 Notes. The carrying value of the 2023 Notes as of December 31, 2014 is $616.3 million. The 2023 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 2024, 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 $12.2 million of fees associated with the issuance of the 2023 Notes, which are being amortized over the life of the notes using the effective interest method. We used the net proceeds from the transactions to repay amounts outstanding under the revolving credit component of our previously outstanding Senior Secured Facility and for general corporate purposes. | |||||||||||||||||||||||
In 2012, we issued $700.0 million aggregate principal amount of 5.5% senior subordinated notes due 2022 (the 2022 Notes). The 2022 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The 2022 Notes rank equal in right of payment with our senior subordinated notes due 2024, 2023, 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 March 1 and September 1 of each year. We paid $13.7 million of fees associated with the issuance of the 2022 Notes, which are being amortized over the life of the 2022 Notes using the effective interest method. We used the net proceeds from the transaction to fund the repurchase of certain of our senior subordinated notes due 2017 and 2019, as discussed below, and for general corporate purposes. | |||||||||||||||||||||||
During 2012, we repurchased all $350.0 million of our senior subordinated notes due 2017 for cash consideration of $363.1 million, and $194.8 million of our senior subordinated notes due 2019 for cash consideration of $226.7 million. We recorded a loss on extinguishment of debt of $52.5 million, including the write-off of unamortized debt issuance costs related to these instruments. | |||||||||||||||||||||||
As of December 31, 2014, $5.2 million aggregate principal amount of our senior subordinated notes due 2019 remain outstanding (the 2019 Notes). The 2019 Notes 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 2019 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, 2023, and 2024, 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 senior subordinated notes due 2019, 2022, 2023, and 2024 are redeemable after June 15, 2014, September 1, 2017, April 15, 2018, and July 15, 2019, respectively, at the following redemption prices as a percentage of the face amount of the notes: | |||||||||||||||||||||||
Senior Subordinated Notes due | |||||||||||||||||||||||
2019 | 2022 | 2023 | 2024 | ||||||||||||||||||||
Year | Percentage | Year | Percentage | Year | Percentage | Year | Percentage | ||||||||||||||||
2014 | 104.625 | % | 2017 | 102.75 | % | 2018 | 102.75 | % | 2019 | 102.625 | % | ||||||||||||
2015 | 103.083 | % | 2018 | 101.833 | % | 2019 | 101.833 | % | 2020 | 101.75 | % | ||||||||||||
2016 | 101.542 | % | 2019 | 100.917 | % | 2020 | 100.917 | % | 2021 | 100.875 | % | ||||||||||||
2017 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2021 and thereafter | 100 | % | 2022 and thereafter | 100 | % | ||||||||||||
Fair Value of Long-Term Debt | |||||||||||||||||||||||
The fair value of our senior subordinated notes as of December 31, 2014 was approximately $1,529.4 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 $1,521.5 million as of December 31, 2014. We believe the fair value of our Term Loan approximates book value. | |||||||||||||||||||||||
Maturities | |||||||||||||||||||||||
Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||
2015 | $ | 2,500 | |||||||||||||||||||||
2016 | 2,500 | ||||||||||||||||||||||
2017 | 2,500 | ||||||||||||||||||||||
2018 | 2,500 | ||||||||||||||||||||||
2019 | 7,721 | ||||||||||||||||||||||
Thereafter | 1,750,201 | ||||||||||||||||||||||
$ | 1,767,922 | ||||||||||||||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 14: Derivatives and Hedging Activities |
We are exposed to various market risks, including fluctuations in foreign currency exchange rates. From time to time, we manage a portion of this risk through the use of derivative financial instruments to reduce our exposure to foreign currency risk. We do not hold or issue any derivative instrument for trading or speculative purposes. | |
During 2012, we entered into foreign currency forward contracts that were formally designated and qualified as net investment hedges of our operations in certain European subsidiaries. To the extent that the hedge relationships were effective, the gains or losses on the forward contracts were reported in Accumulated Other Comprehensive Income (AOCI) as part of the cumulative translation component of equity. We utilized the forward-rate method of assessing hedge ineffectiveness. Any ineffectiveness was recognized in the Consolidated Statements of Operations. | |
The forward contracts exposed us to credit risk to the extent that the counterparties to our forward contracts would have been unable to meet the terms of the agreements. We sought to mitigate such risks by limiting the counterparties to major financial institutions and by executing our agreements across multiple counterparties. Additionally, our forward contracts were short-term in duration. | |
We recognized a $4.0 million pre-tax gain in AOCI during 2012. There was no ineffectiveness and no amount reclassified from AOCI into earnings for 2012. There were no outstanding derivatives as of December 31, 2014 or 2013. | |
All cash flows associated with derivatives are classified as financing cash flows in the Consolidated Cash Flow Statements. We collected $4.0 million in proceeds upon the settlement of foreign currency forward contracts during 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 15: Income Taxes | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) from continuing operations before taxes: | |||||||||||||
United States operations | $ | 14,042 | $ | 31,678 | $ | (22,533 | ) | ||||||
Foreign operations | 67,504 | 95,371 | 27,575 | ||||||||||
Income from continuing operations before taxes | $ | 81,546 | $ | 127,049 | $ | 5,042 | |||||||
Income tax expense (benefit): | |||||||||||||
Currently payable | |||||||||||||
United States federal | $ | 6,701 | $ | (4,493 | ) | $ | (6,945 | ) | |||||
United States state and local | 1,617 | (26 | ) | (2,519 | ) | ||||||||
Foreign | 16,592 | 21,377 | 14,020 | ||||||||||
24,910 | 16,858 | 4,556 | |||||||||||
Deferred | |||||||||||||
United States federal | (9,662 | ) | 3,575 | (22,660 | ) | ||||||||
United States state and local | (746 | ) | 1,593 | (424 | ) | ||||||||
Foreign | (7,388 | ) | 289 | (19,666 | ) | ||||||||
(17,796 | ) | 5,457 | (42,750 | ) | |||||||||
Income tax expense (benefit) | $ | 7,114 | $ | 22,315 | $ | (38,194 | ) | ||||||
In addition to the above income tax expense (benefit) associated with continuing operations, we also recorded income tax expense (benefit) associated with discontinued operations of ($0.9 million), $1.4 million, and $78.7 million in 2014, 2013, and 2012, respectively. | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Effective income tax rate reconciliation from continuing operations: | |||||||||||||
United States federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 0.8 | % | 1.5 | % | (10.7 | %) | |||||||
Impact of change in deferred tax asset valuation allowance | 4.7 | % | (0.6 | %) | (187.8 | %) | |||||||
Impact of change in tax contingencies | (7.1 | %) | 3.8 | % | 3.3 | % | |||||||
Impact of change in United States tax legislation | 0 | % | (3.3 | %) | 0 | % | |||||||
Foreign income tax rate differences | (17.6 | %) | (12.1 | %) | (278.1 | %) | |||||||
Federal and state impact of Cooper liability settlement | 0 | % | 0 | % | (416.5 | %) | |||||||
Domestic permanent differences & tax credits | (7.1 | %) | (6.7 | %) | 97.3 | % | |||||||
8.7 | % | 17.6 | % | (757.5 | %) | ||||||||
In both 2014 and 2013, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of foreign tax rate differences. The statutory tax rates associated with our foreign earnings are generally lower than the statutory U.S. tax rate of 35%. The foreign tax rate differences are most significant in Germany, Canada, and the Netherlands, which have statutory tax rates of approximately 28%, 26%, and 25%, respectively. In 2014, our income tax expense was reduced by $2.0 million due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2022. | |||||||||||||
With respect to the effective income tax rate reconciliation for 2012, the individual percentages reflected are significant due to the dollar value of such items relative to the $5.0 million of consolidated pre-tax income in 2012. The most significant factors impacting the rate and the total income tax benefit of $38.2 million in 2012 include the Cooper Industries tax agreement settlement and the reduction of the deferred tax asset valuation allowance, both of which are discussed further below. | |||||||||||||
Deferred income taxes have been established for differences in the basis of assets and liabilities for financial statement and tax reporting purposes. For 2012, these amounts included adjustments for a tax sharing agreement with Cooper Industries (Cooper). This agreement required us to pay Cooper the majority of the tax benefits resulting from basis adjustments arising from the initial public offering of our stock on October 6, 1993. The effect of the Cooper tax agreement was to put us in the same financial position we would have been in had there been no increase in the tax basis of our intangible assets (except for a retained 10% benefit). In 2011, Cooper sued us in Texas state court for amounts allegedly owed by us under the tax sharing agreement. As a result of a final settlement reached with Cooper in 2012, the tax sharing agreement has been terminated. We paid a final settlement amount of $30 million in 2013 and recorded a tax benefit of $21.0 million in our 2012 tax provision. | |||||||||||||
In 2012, we also recorded a $9.5 million tax benefit due to a net reduction in valuation allowances associated with our ability to realize deferred tax assets related to net operating losses and tax credits in various jurisdictions. We evaluated and assessed the expected utilization of net operating losses, future book and taxable income, available tax planning strategies, and our overall deferred tax position to determine the appropriate amount and timing of valuation allowance adjustments. As a result of changes in our business, available tax planning strategies, and future taxable income projections, we determined that the weight of evidence regarding the future realizability of the deferred tax assets had become predominately positive and realization of the deferred tax assets was more likely than not. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Components of deferred income tax balances: | |||||||||||||
Deferred income tax liabilities: | |||||||||||||
Plant, equipment, and intangibles | $ | (90,414 | ) | $ | (97,229 | ) | |||||||
Deferred income tax assets: | |||||||||||||
Postretirement, pensions, and stock compensation | 34,656 | 27,592 | |||||||||||
Reserves and accruals | 44,809 | 33,788 | |||||||||||
Net operating loss and tax credit carryforwards | 217,902 | 88,307 | |||||||||||
Valuation allowances | (157,317 | ) | (10,165 | ) | |||||||||
140,050 | 139,522 | ||||||||||||
Net deferred income tax asset | $ | 49,636 | $ | 42,293 | |||||||||
The increase in deferred income tax assets and valuation allowances during 2014 stems primarily from an increase of deferred tax assets associated with net operating losses and related valuation allowances from our acquisition of Grass Valley. We acquired deferred tax assets of approximately $143.5 million associated with net operating losses of Grass Valley. Due to Grass Valley’s history of significant tax losses, both in the U.S. and in various foreign jurisdictions, we recorded a complete valuation allowance of $143.5 million for the acquired net operating losses as part of the purchase price allocation. During 2014, we recorded approximately $4.3 million of income tax expense in order to record a valuation allowance for net operating losses generated by Grass Valley subsequent to the acquisition date. We do not currently have forecasted sources of taxable income in Grass Valley’s jurisdictions that would be sufficient to utilize their net operating losses. | |||||||||||||
As of December 31, 2014, we had $652.1 million of net operating loss carryforwards and $57.0 million of tax credit carryforwards. Unless otherwise utilized, net operating loss carryforwards will expire upon the filing of the tax returns for the following respective years: $22.5 million in 2014, $30.4 million in 2015, $13.1 million in 2016, $37.3 million between 2017 and 2019, and $188.0 million between 2020 and 2034. Net operating losses with an indefinite carryforward period total $360.8 million. Of the $652.1 million in net operating loss carryforwards, we have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $137.4 million of these net operating loss carryforwards within their respective expiration periods. | |||||||||||||
Unless otherwise utilized, tax credit carryforwards of $54.5 million will expire as follows: $27.4 million between 2018 and 2020, $3.4 million between 2023 and 2024, and $23.7 million between 2027 and 2034. Tax credit carryforwards with an indefinite carryforward period total $2.5 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize all of these tax credit carryforwards within their respective expiration periods. | |||||||||||||
The following tables summarize our net operating loss carryforwards and tax credit carryforwards as of December 31, 2014 by jurisdiction: | |||||||||||||
Net Operating Loss Carryforwards | |||||||||||||
(In thousands) | |||||||||||||
France | $ | 272,351 | |||||||||||
United States - various states | 188,178 | ||||||||||||
Netherlands | 73,828 | ||||||||||||
Germany | 59,761 | ||||||||||||
Japan | 27,410 | ||||||||||||
Australia | 15,901 | ||||||||||||
Other | 14,658 | ||||||||||||
Total | $ | 652,087 | |||||||||||
Tax Credit Carryforwards | |||||||||||||
(In thousands) | |||||||||||||
United States | $ | 35,261 | |||||||||||
Canada | 21,758 | ||||||||||||
Total | $ | 57,019 | |||||||||||
In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. As a result, as of December 31, 2014, we have not made a provision for U.S. or additional foreign withholding taxes on approximately $582.6 million of the undistributed earnings of foreign subsidiaries that are considered permanent in duration. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practical to estimate the amount of the deferred tax liability related to investments in these foreign subsidiaries that would be payable if we were not indefinitely reinvested. | |||||||||||||
In 2014, we recognized a net $8.6 million decrease to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of year | $ | 18,639 | $ | 17,377 | |||||||||
Additions based on tax positions related to the current year | 663 | 1,932 | |||||||||||
Additions for tax positions of prior years | 73 | 3,761 | |||||||||||
Reductions for tax positions of prior years - Settlement | (7,907 | ) | (2,490 | ) | |||||||||
Reduction for tax positions of prior years - Statute of limitations | (1,411 | ) | (1,941 | ) | |||||||||
Balance at end of year | $ | 10,057 | $ | 18,639 | |||||||||
The majority of the reductions for tax positions of prior years relates to the settlement of income tax audits in foreign jurisdictions. The balance of $10.1 million at December 31, 2014, reflects tax positions that, if recognized, would impact our effective tax rate. | |||||||||||||
As of December 31, 2014, we believe it is reasonably possible that $3.8 million of unrecognized tax benefits will change within the next twelve months primarily attributable to the expiration of several statutes of limitations and completion of tax audits in various jurisdictions. | |||||||||||||
Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. During 2014, 2013, and 2012, we recognized approximately ($1.1) million, $1.7 million, and $0.1 million, respectively, in interest expense (reduction of interest expense). We have approximately $1.7 million and $2.8 million accrued for the payment of interest and penalties as of December 31, 2014 and 2013, respectively. | |||||||||||||
Our federal, state, and foreign income tax returns for the tax years 2007 and later remain subject to examination by the Internal Revenue Service and by various state and foreign tax authorities. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | Note 16: Pension and Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
We sponsor defined benefit pension plans and defined contribution plans that cover substantially all employees in Canada, the Netherlands, the United Kingdom, the U.S., and certain employees in Germany. Grass Valley, which was acquired in 2014, also sponsors defined benefit plans and defined contribution plans that cover substantially all employees in the U.S., as well as certain employees in France and Japan. We closed the U.S. defined benefit pension plan to new entrants effective January 1, 2010. Employees who were not active participants in the U.S. defined benefit pension plan on December 31, 2009, are not eligible to participate in the plan. Annual contributions to retirement plans equal or exceed the minimum funding requirements of applicable local regulations. The assets of the funded pension plans we sponsor are maintained in various trusts and are invested primarily in equity and fixed income securities. | |||||||||||||||||||||||||||||||||
Benefits provided to employees under defined contribution plans include cash contributions by the Company based on either hours worked by the employee or a percentage of the employee’s compensation. Defined contribution expense for 2014, 2013, and 2012 was $11.8 million, $11.1 million, and $10.9 million, respectively. | |||||||||||||||||||||||||||||||||
We sponsor unfunded postretirement medical and life insurance benefit plans for certain of our employees in Canada and the U.S. The medical benefit portion of the U.S. plan is only for employees who retired prior to 1989 as well as certain other employees who were near retirement and elected to receive certain benefits. | |||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | (258,423 | ) | $ | (263,876 | ) | $ | (46,614 | ) | $ | (51,772 | ) | |||||||||||||||||||||
Service cost | (5,453 | ) | (5,554 | ) | (49 | ) | (125 | ) | |||||||||||||||||||||||||
Interest cost | (10,757 | ) | (9,310 | ) | (1,647 | ) | (1,910 | ) | |||||||||||||||||||||||||
Participant contributions | (109 | ) | (105 | ) | (7 | ) | (11 | ) | |||||||||||||||||||||||||
Plan amendments | — | (56 | ) | — | — | ||||||||||||||||||||||||||||
Actuarial gain (loss) | (28,971 | ) | 8,147 | 4,392 | 2,096 | ||||||||||||||||||||||||||||
Acquisitions | (25,283 | ) | — | — | — | ||||||||||||||||||||||||||||
Curtailments | 359 | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 13,708 | (1,826 | ) | 2,704 | 2,681 | ||||||||||||||||||||||||||||
Benefits paid | 14,590 | 14,157 | 2,052 | 2,427 | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | (300,339 | ) | $ | (258,423 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 198,367 | $ | 173,154 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 20,223 | 29,416 | — | — | |||||||||||||||||||||||||||||
Employer contributions | 7,992 | 10,035 | 2,045 | 2,416 | |||||||||||||||||||||||||||||
Plan participant contributions | 109 | 105 | 7 | 11 | |||||||||||||||||||||||||||||
Acquisitions | 9,360 | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | (4,707 | ) | (186 | ) | — | — | |||||||||||||||||||||||||||
Benefits paid | (14,590 | ) | (14,157 | ) | (2,052 | ) | (2,427 | ) | |||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 216,754 | $ | 198,367 | $ | — | $ | — | |||||||||||||||||||||||||
Funded status, end of year | $ | (83,585 | ) | $ | (60,056 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
Amounts recongized in the balance sheets: | |||||||||||||||||||||||||||||||||
Prepaid benefit cost | $ | 5,689 | $ | 5,797 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit liability (current) | (3,628 | ) | (3,878 | ) | (2,188 | ) | (2,665 | ) | |||||||||||||||||||||||||
Accrued benefit liability (noncurrent) | (85,646 | ) | (61,975 | ) | (36,981 | ) | (43,949 | ) | |||||||||||||||||||||||||
Net funded status | $ | (83,585 | ) | $ | (60,056 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $296.4 million and $254.5 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with an accumulated benefit obligation in excess of plan assets were $247.5 million, $243.9 million, and $158.2 million, respectively, as of December 31, 2014 and $77.0 million, $75.1 million, and $11.1 million, respectively, as of December 31, 2013. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with an accumulated benefit obligation less than plan assets were $52.8 million, $52.5 million, and $58.5 million, respectively, as of December 31, 2014, and were $181.4 million, $179.4 million, and $187.2 million, respectively, as of December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table provides the components of net periodic benefit costs for the plans. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 5,453 | $ | 5,554 | $ | 5,423 | $ | 49 | $ | 125 | $ | 116 | |||||||||||||||||||||
Interest cost | 10,757 | 9,310 | 10,510 | 1,647 | 1,910 | 2,077 | |||||||||||||||||||||||||||
Expected return on plan assets | (12,468 | ) | (11,066 | ) | (11,112 | ) | — | — | — | ||||||||||||||||||||||||
Amortization of prior service credit | (48 | ) | (54 | ) | (55 | ) | (100 | ) | (108 | ) | (111 | ) | |||||||||||||||||||||
Curtailment gain | (359 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss recognition | 4,154 | 6,388 | 5,974 | 315 | 932 | 842 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 7,489 | $ | 10,132 | $ | 10,740 | $ | 1,911 | $ | 2,859 | $ | 2,924 | |||||||||||||||||||||
The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts. | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Weighted average assumptions for benefit obligations at year end: | |||||||||||||||||||||||||||||||||
Discount rate | 3.2 | % | 4.1 | % | 3.7 | % | 4.4 | % | |||||||||||||||||||||||||
Salary increase | 3.3 | % | 3.9 | % | N/A | N/A | |||||||||||||||||||||||||||
Weighted average assumptions for net periodic cost for the year: | |||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 3.7 | % | 4.4 | % | 4.3 | % | |||||||||||||||||||||||||
Salary increase | 3.9 | % | 3.9 | % | N/A | N/A | |||||||||||||||||||||||||||
Expected return on assets | 6.7 | % | 6.7 | % | N/A | N/A | |||||||||||||||||||||||||||
Assumed health care cost trend rates: | |||||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | 5.5 | % | 7.3 | % | |||||||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | N/A | N/A | 2016 | 2020 | |||||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2014 expense and year-end liabilities. | |||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 142 | $ | (118 | ) | ||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 3,629 | $ | (3,006 | ) | ||||||||||||||||||||||||||||
Plan assets are invested using a total return investment approach whereby a mix of equity securities and fixed income securities are used to preserve asset values, diversify risk, and achieve our target investment return benchmark. Investment strategies and asset allocations are based on consideration of the plan liabilities, the plan’s funded status, and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. | |||||||||||||||||||||||||||||||||
Plan assets are managed in a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of equity investments is to maximize the long-term real growth of assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns, and provide some protection against a prolonged decline in the market value of equity investments. | |||||||||||||||||||||||||||||||||
Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30-40% in fixed income securities and 60-70% in equity securities and for our pension plans where the majority of the participants are in payment or terminated vested status is 75-80% in fixed income securities and 20-25% in equity securities. Equity securities include U.S. and international equity, primarily invested through investment funds. Fixed income securities include government securities and investment grade corporate bonds, primarily invested through investment funds and group insurance contracts. We develop our expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which our plans invest. | |||||||||||||||||||||||||||||||||
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. We use historic plan asset returns combined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the plan’s actual and target asset mix. | |||||||||||||||||||||||||||||||||
The following table presents the fair values of the pension plan assets by asset category. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Market | Quoted Prices | Significant | Significant | Fair Market | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||
Value at | in Active | Observable | Unobservable | Value at | in Active | Observable | Unobservable | ||||||||||||||||||||||||||
December | Markets for | Inputs | Inputs | December | Markets for | Inputs | Inputs | ||||||||||||||||||||||||||
31, 2014 | Identical | (Level 2) | (Level 3) | 31, 2013 | Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||||||||
Equity securities(a) | |||||||||||||||||||||||||||||||||
Large-cap fund | $ | 82,816 | $ | 3,414 | $ | 79,402 | $ | — | $ | 75,306 | $ | — | $ | 75,306 | $ | — | |||||||||||||||||
Mid-cap fund | 15,276 | 1,448 | 13,828 | — | 13,511 | — | 13,511 | — | |||||||||||||||||||||||||
Small-cap fund | 19,952 | 312 | 19,640 | — | 19,473 | — | 19,473 | — | |||||||||||||||||||||||||
Debt securities(b) | |||||||||||||||||||||||||||||||||
Government bond fund | 29,121 | 1,244 | 27,877 | — | 25,520 | — | 25,520 | — | |||||||||||||||||||||||||
Corporate bond fund | 27,485 | 3,815 | 23,670 | — | 21,679 | — | 21,679 | — | |||||||||||||||||||||||||
Fixed income fund(c) | 41,975 | — | 41,975 | — | 42,847 | — | 42,847 | — | |||||||||||||||||||||||||
Cash & equivalents | 129 | 129 | — | — | 31 | 31 | — | — | |||||||||||||||||||||||||
Total | $ | 216,754 | $ | 10,362 | $ | 206,392 | $ | — | $ | 198,367 | $ | 31 | $ | 198,336 | $ | — | |||||||||||||||||
(a) | This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | ||||||||||||||||||||||||||||||||
(b) | This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | ||||||||||||||||||||||||||||||||
(c) | This category includes guaranteed insurance contracts. | ||||||||||||||||||||||||||||||||
The plans do not invest in individual securities. All investments are through well diversified investment funds. As a result, there are no significant concentrations of risk within the plan assets. | |||||||||||||||||||||||||||||||||
The following table reflects the benefits as of December 31, 2014 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans as well as Medicare subsidy receipts. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. | |||||||||||||||||||||||||||||||||
Pension | Other | Medicare | |||||||||||||||||||||||||||||||
Plans | Plans | Subsidy | |||||||||||||||||||||||||||||||
Receipts | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
2015 | $ | 16,323 | $ | 2,328 | $ | 91 | |||||||||||||||||||||||||||
2016 | 17,346 | 2,283 | 84 | ||||||||||||||||||||||||||||||
2017 | 17,969 | 2,238 | 77 | ||||||||||||||||||||||||||||||
2018 | 18,357 | 2,167 | 70 | ||||||||||||||||||||||||||||||
2019 | 18,292 | 2,080 | 63 | ||||||||||||||||||||||||||||||
2020-2024 | 94,607 | 9,805 | 214 | ||||||||||||||||||||||||||||||
Total | $ | 182,894 | $ | 20,901 | $ | 599 | |||||||||||||||||||||||||||
We anticipate contributing $5.8 million and $2.2 million to our pension and other postretirement plans, respectively, during 2015. | |||||||||||||||||||||||||||||||||
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014, the changes in these amounts during the year ended December 31, 2014, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2015 are as follows. | |||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Components of accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 61,333 | $ | 4,679 | |||||||||||||||||||||||||||||
Net prior service credit | (94 | ) | (143 | ) | |||||||||||||||||||||||||||||
$ | 61,239 | $ | 4,536 | ||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||
Net actuarial loss, beginning of year | $ | 46,468 | $ | 9,622 | |||||||||||||||||||||||||||||
Amortization cost | (4,154 | ) | (315 | ) | |||||||||||||||||||||||||||||
Actuarial loss (gain) | 28,971 | (4,392 | ) | ||||||||||||||||||||||||||||||
Asset gain | (7,755 | ) | — | ||||||||||||||||||||||||||||||
Currency impact | (2,197 | ) | (236 | ) | |||||||||||||||||||||||||||||
Net actuarial loss, end of year | $ | 61,333 | $ | 4,679 | |||||||||||||||||||||||||||||
Prior service credit, beginning of year | $ | (106 | ) | $ | (259 | ) | |||||||||||||||||||||||||||
Amortization credit | 48 | 100 | |||||||||||||||||||||||||||||||
Currency impact | (36 | ) | 16 | ||||||||||||||||||||||||||||||
Prior service credit, end of year | $ | (94 | ) | $ | (143 | ) | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Expected 2015 amortization: | |||||||||||||||||||||||||||||||||
Amortization of prior service credit | $ | (41 | ) | $ | (95 | ) | |||||||||||||||||||||||||||
Amortization of net loss | 5,319 | 354 | |||||||||||||||||||||||||||||||
$ | 5,278 | $ | 259 | ||||||||||||||||||||||||||||||
Comprehensive_Income_and_Accum
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Note 17: Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table summarizes total comprehensive income: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||
Foreign currency translation loss, net of $1.8 million, $2.2 million, and $0.0 million tax, respectively | (10,387 | ) | (20,720 | ) | (1,414 | ) | |||||||
Foreign currency hedging instruments, net of $0.0 million, $0.0 million, and $1.6 million tax, respectively | — | — | 2,467 | ||||||||||
Adjustments to pension and postretirement liability, net of $3.6 million, $14.0 million, and $3.2 million tax, respectively | (6,463 | ) | 22,104 | (8,909 | ) | ||||||||
Total comprehensive income | $ | 57,599 | $ | 104,697 | $ | 186,634 | |||||||
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 income (loss) before reclassifications | (20,720 | ) | 17,570 | (3,150 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4,534 | 4,534 | ||||||||||
Net current period other comprehensive income (loss) | (20,720 | ) | 22,104 | 1,384 | |||||||||
Balance at December 31, 2013 | 7,796 | (36,977 | ) | (29,181 | ) | ||||||||
Other comprehensive loss before reclassifications | (10,387 | ) | (9,120 | ) | (19,507 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 2,657 | 2,657 | ||||||||||
Net current period other comprehensive loss | (10,387 | ) | (6,463 | ) | (16,850 | ) | |||||||
Balance at December 31, 2014 | $ | (2,591 | ) | $ | (43,440 | ) | $ | (46,031 | ) | ||||
The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss): | |||||||||||||
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 | $ | 4,469 | (1 | ) | |||||||||
Prior service credit | (148 | ) | (1 | ) | |||||||||
Total before tax | 4,321 | ||||||||||||
Tax benefit | (1,664 | ) | |||||||||||
Total net of tax | $ | 2,657 | |||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Share-Based Compensation | Note 18: Share-Based Compensation | ||||||||||||||||||||||||
Compensation cost charged against income, primarily SG&A expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total share-based compensation cost | $ | 18,858 | $ | 14,854 | $ | 12,374 | |||||||||||||||||||
Income tax benefit | 7,334 | 5,777 | 4,812 | ||||||||||||||||||||||
We currently have outstanding stock appreciation rights (SARs), stock options, restricted stock units with service vesting conditions, and restricted stock units with performance vesting conditions. We grant SARs and stock options with an exercise price equal to the closing market price of our common stock on the grant date. Generally, SARs and stock options may be converted into shares of our common stock in equal amounts on each of the first three anniversaries of the grant date and expire 10 years from the grant date. Certain awards provide for accelerated vesting in certain circumstances, including a change in control of the Company. Restricted stock units with service conditions generally vest 3-5 years from the grant date. Restricted stock units issued based on the attainment of the performance conditions generally vest as follows: 1) 50% on the second anniversary of their grant date and 50% on the third anniversary, or 2) 100% on the third anniversary of their grant date. | |||||||||||||||||||||||||
We recognize compensation cost for all awards based on their fair values. The fair values for SARs and stock options are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of option holders. The fair value of restricted stock units is the closing market price of our common stock on the date of grant. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands, except weighted average fair | |||||||||||||||||||||||||
value and assumptions) | |||||||||||||||||||||||||
Weighted-average fair value of SARs and options granted | $ | 35.46 | $ | 24.63 | $ | 19.53 | |||||||||||||||||||
Total intrinsic value of SARs converted and options exercised | 24,023 | 47,058 | 8,898 | ||||||||||||||||||||||
Cash received for options exercised | 48 | 14,030 | 2,372 | ||||||||||||||||||||||
Tax benefit related to share-based compensation | 6,859 | 10,734 | 4,119 | ||||||||||||||||||||||
Weighted-average fair value of restricted stock shares and units granted | 72.46 | 50.38 | 35.85 | ||||||||||||||||||||||
Total fair value of restricted stock shares and units vested | 7,888 | 9,032 | 9,017 | ||||||||||||||||||||||
Expected volatility | 52.63 | % | 53.94 | % | 54.26 | % | |||||||||||||||||||
Expected term (in years) | 5.8 | 6.1 | 6.1 | ||||||||||||||||||||||
Risk-free rate | 1.79 | % | 1.04 | % | 1.11 | % | |||||||||||||||||||
Dividend yield | 0.28 | % | 0.4 | % | 0.5 | % | |||||||||||||||||||
SARs and Stock Options | Restricted Shares and Units | ||||||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | Number | Weighted- | ||||||||||||||||||||
Average | Average | Intrinsic Value | Average | ||||||||||||||||||||||
Exercise | Remaining | Grant-Date | |||||||||||||||||||||||
Price | Contractual | Fair Value | |||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(In thousands, except exercise prices, fair values, and contractual terms) | |||||||||||||||||||||||||
Outstanding at January 1, 2014 | 1,668 | $ | 36.37 | 442 | $ | 41.32 | |||||||||||||||||||
Granted | 204 | 72.55 | 192 | 72.46 | |||||||||||||||||||||
Exercised or converted | (542 | ) | 29.52 | (110 | ) | 33.54 | |||||||||||||||||||
Forfeited or expired | (25 | ) | 51.52 | (31 | ) | 52.08 | |||||||||||||||||||
Outstanding at December 31, 2014 | 1,305 | $ | 44.6 | 7.1 | $ | 44,675 | 493 | $ | 54.76 | ||||||||||||||||
Vested or expected to vest at December 31, 2014 | 1,279 | $ | 44.28 | 7.1 | $ | 44,159 | |||||||||||||||||||
Exercisable or convertible at December 31, 2014 | 739 | 36.68 | 6.3 | 31,127 | |||||||||||||||||||||
At December 31, 2014, the total unrecognized compensation cost related to all nonvested awards was $18.9 million. That cost is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||||||||||||||||
Historically, we have issued treasury shares, if available, to satisfy award conversions and exercises. |
Stockholder_Rights_Plan
Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholder Rights Plan | Note 19: Stockholder Rights Plan |
Under our Stockholder Rights Plan, each share of our common stock generally has “attached” to it one preferred share purchase right. Each right, when exercisable, entitles the holder to purchase 1/1000th of a share of our Junior Participating Preferred Stock Series A at a purchase price of $150.00 (subject to adjustment). Each 1/1000th of a share of Series A Junior Participating Preferred Stock will be substantially equivalent to one share of our common stock and will be entitled to one vote, voting together with the shares of common stock. | |
The rights will become exercisable only if, without the prior approval of the Board of Directors, a person or group of persons acquires or announces the intention to acquire 20% or more of our common stock. If we are acquired through a merger or other business combination transaction, each right will entitle the holder to purchase $300.00 worth of the surviving company’s common stock for $150.00 (subject to adjustment). In addition, if a person or group of persons acquires 20% or more of our common stock, each right not owned by the 20% or greater shareholder would permit the holder to purchase $300.00 worth of our common stock for $150.00 (subject to adjustment). The rights are redeemable, at our option, at $0.01 per right at any time prior to an announcement of a beneficial owner of 20% or more of our common stock then outstanding. The rights expire on December 9, 2016. |
Share_Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Share Repurchases | Note 20: 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 free cash flow. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. | |
From inception of the program to December 31, 2014, we have repurchased 6.7 million shares of our common stock under the program for an aggregate cost of $310.9 million and an average price of $46.54. In 2014, we repurchased 1.3 million shares of our common stock under the program for an aggregate cost of $92.2 million and an average price of $73.06 per share. In 2013, we repurchased 1.7 million shares of our common stock under the program for an aggregate cost of $93.8 million and an average price of $54.76 per share. In 2012, we repurchased 2.1 million shares of our common stock for an aggregate cost of $75.0 million and an average price of $36.20 per share. |
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Operating Leases | Note 21: Operating Leases | ||||
Operating lease expense incurred primarily for manufacturing and office space, machinery, and equipment was $32.8 million, $26.5 million, and $23.6 million in 2014, 2013, and 2012, respectively. | |||||
Minimum annual lease payments for noncancelable operating leases in effect at December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 23,493 | |||
2016 | 19,140 | ||||
2017 | 14,289 | ||||
2018 | 10,336 | ||||
2019 | 8,872 | ||||
Thereafter | 27,901 | ||||
$ | 104,031 | ||||
Certain of our operating leases include step rent provisions and rent escalations. We include these step rent provisions and rent escalations in our minimum lease payments obligations and recognize them as a component of rental expense on a straight-line basis over the minimum lease term. |
Market_Concentrations_and_Risk
Market Concentrations and Risks | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Market Concentrations and Risks | Note 22: Market Concentrations and Risks |
Concentrations of Credit | |
We sell our products to many customers in several markets across multiple geographic areas. The ten largest customers, of which six are distributors, constitute in aggregate approximately 33%, 36%, and 34% of revenues in 2014, 2013, and 2012, respectively. | |
Unconditional Commodity Purchase Obligations | |
At December 31, 2014, we were committed to purchase approximately 1.5 million pounds of copper at an aggregate fixed cost of $4.6 million. At December 31, 2014, this fixed cost was $0.2 million more than the market cost that would be incurred on a spot purchase of the same amount of copper. The aggregate market cost was based on the current market price of copper obtained from the New York Mercantile Exchange. In addition, at December 31, 2014, we were committed to purchase 0.7 million pounds of aluminum at an aggregate fixed cost of $0.8 million. At December 31, 2014, this fixed cost approximated the market cost that would be incurred on a spot purchase of the same amount of aluminum. These commitments will mature in 2015. | |
Labor | |
Approximately 23% of our labor force is covered by collective bargaining agreements at various locations around the world. Approximately 19% of our labor force is covered by collective bargaining agreements that we expect to renegotiate during 2015. | |
Fair Value of Financial Instruments | |
Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt instruments. The carrying amounts of cash and cash equivalents, trade receivables, and trade payables at December 31, 2014 are considered representative of their respective fair values. The carrying amount of our debt instruments at December 31, 2014 and 2013 was $1,767.9 million and $1,367.0 million, respectively. The fair value of our senior subordinated notes at December 31, 2014 and 2013 was approximately $1,529.4 million and $1,098.6 million, respectively, 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 $1,521.5 million and $1,118.3 million as of December 31, 2014 and 2013, respectively. We believe the fair value of our Term Loan approximates book value. |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Note 23: Contingent Liabilities |
General | |
Various claims are asserted against us in the ordinary course of business including those pertaining to income tax examinations, product liability, customer, employment, vendor, and patent matters. Based on facts currently available, management believes that the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, operating results, or cash flow. | |
Letters of Credit, Guarantees and Bonds | |
At December 31, 2014, we were party to unused standby letters of credit, bank guarantees, and surety bonds totaling $8.3 million, $1.7 million, and $1.8 million, respectively. These commitments are generally issued to secure obligations we have for a variety of commercial reasons, such as workers compensation self-insurance programs in several states and the importation and exportation of product. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Information | Note 24: Supplemental Cash Flow Information | ||||||||||||
Supplemental cash flow information is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income tax refunds received | $ | 12,681 | $ | 11,165 | $ | 8,382 | |||||||
Income taxes paid | (25,308 | ) | (79,778 | ) | (34,854 | ) | |||||||
Interest paid, net of amount capitalized | (70,915 | ) | (60,340 | ) | (41,854 | ) |
Quarterly_Operating_Results_Un
Quarterly Operating Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Operating Results (Unaudited) | Note 25: Quarterly Operating Results (Unaudited) | ||||||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
(In thousands, except days and per share amounts) | |||||||||||||||||||||
Number of days in quarter | 89 | 91 | 91 | 94 | 365 | ||||||||||||||||
Revenues | $ | 487,690 | $ | 600,891 | $ | 610,774 | $ | 608,910 | $ | 2,308,265 | |||||||||||
Gross profit | 175,717 | 204,385 | 221,732 | 217,615 | 819,449 | ||||||||||||||||
Operating income | 49,511 | 12,326 | 58,011 | 43,271 | 163,119 | ||||||||||||||||
Income from continuing operations | 25,156 | 15 | 33,847 | 15,414 | 74,432 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 579 | 579 | ||||||||||||||||
Loss from disposal of discontinued operations, net of tax | (562 | ) | — | — | — | (562 | ) | ||||||||||||||
Net income | 24,594 | 15 | 33,847 | 15,993 | 74,449 | ||||||||||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.58 | $ | — | $ | 0.78 | $ | 0.36 | $ | 1.72 | |||||||||||
Discontinued operations | — | — | — | 0.01 | 0.01 | ||||||||||||||||
Disposal of discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Net income | $ | 0.57 | $ | — | $ | 0.78 | $ | 0.37 | $ | 1.72 | |||||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.57 | $ | — | $ | 0.77 | $ | 0.35 | $ | 1.69 | |||||||||||
Discontinued operations | — | — | — | 0.01 | 0.01 | ||||||||||||||||
Disposal of discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Net income | $ | 0.56 | $ | — | $ | 0.77 | $ | 0.36 | $ | 1.69 | |||||||||||
2013 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
(In thousands, except days and per share amounts) | |||||||||||||||||||||
Number of days in quarter | 90 | 91 | 91 | 93 | 365 | ||||||||||||||||
Revenues | $ | 507,473 | $ | 529,491 | $ | 522,478 | $ | 509,751 | $ | 2,069,193 | |||||||||||
Gross profit | 167,353 | 179,196 | 182,841 | 175,039 | 704,429 | ||||||||||||||||
Operating income | 44,240 | 53,913 | 53,935 | 49,174 | 201,262 | ||||||||||||||||
Income from continuing operations | 22,245 | 29,492 | 29,068 | 23,929 | 104,734 | ||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,421 | ) | (1,421 | ) | ||||||||||||||
Net income | 22,245 | 29,492 | 29,068 | 22,508 | 103,313 | ||||||||||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.67 | $ | 0.67 | $ | 0.55 | $ | 2.39 | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.03 | ) | ||||||||||||||
Net income | $ | 0.5 | $ | 0.67 | $ | 0.67 | $ | 0.52 | $ | 2.36 | |||||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.49 | $ | 0.66 | $ | 0.65 | $ | 0.54 | $ | 2.34 | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.03 | ) | ||||||||||||||
Net income | $ | 0.49 | $ | 0.66 | $ | 0.65 | $ | 0.51 | $ | 2.31 | |||||||||||
Included in the first, second, third, and fourth quarters of 2014 are severance, restructuring, and integration costs of $1.4 million, $38.2 million, $9.2 million, and $22.0 million, respectively. The second quarter of 2014 also includes $7.4 million of purchase accounting effects related to acquisitions, primarily the adjustment of acquired inventory to fair value. | |||||||||||||||||||||
Included in the first, second, third, and fourth quarters of 2013 are severance and other restructuring costs, including accelerated depreciation expense, of $0.8 million, $7.7 million, $5.9 million, and $5.4 million, respectively. The first quarter of 2013 also includes $6.6 million of purchase accounting effects related to acquisitions, primarily the adjustment of acquired inventory to fair value. The fourth quarter of 2013 includes a loss on debt extinguishment of $1.6 million. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 26: Subsequent Events |
On January 2, 2015, we acquired Tripwire, Inc., a leading global provider of advanced threat, security and compliance solutions, for a purchase price of approximately $710.0 million. Tripwire’s solutions enable enterprises, service providers, manufacturers, and government agencies to confidently detect, prevent, and respond to growing security threats. The purchase price was funded with cash on hand and $200.0 million of borrowings under our Revolver. | |
We are in the preliminary phase of the purchase accounting process, including obtaining third party valuations of certain tangible and intangible assets acquired. As such, the purchase accounting process is incomplete and we cannot provide the required disclosures of the estimated fair value of the assets and liabilities acquired for this business combination. We expect, however, to record a significant amount of definite-lived intangible assets and goodwill related to this acquisition. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts | ||||||||||||||||||||||||||||
Charged to | |||||||||||||||||||||||||||||
Beginning | Costs and | Divestitures/ | Charge | Currency | Ending | ||||||||||||||||||||||||
Balance | Expenses | Acquisitions | Offs | Recoveries | Movement | Balance | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Accounts Receivable— | |||||||||||||||||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||||||||||||
2014 | $ | 3,390 | $ | 1,184 | $ | 9,845 | $ | (1,867 | ) | $ | (889 | ) | $ | (160 | ) | $ | 11,503 | ||||||||||||
2013 | 4,163 | 733 | 448 | (1,391 | ) | (520 | ) | (43 | ) | 3,390 | |||||||||||||||||||
2012 | 2,640 | 2,852 | 1,203 | (1,594 | ) | (935 | ) | (3 | ) | 4,163 | |||||||||||||||||||
Inventories— | |||||||||||||||||||||||||||||
Excess and Obsolete Allowances: | |||||||||||||||||||||||||||||
2014 | $ | 21,317 | $ | 7,994 | $ | 14,167 | $ | (10,908 | ) | $ | (1,413 | ) | $ | 666 | $ | 31,823 | |||||||||||||
2013 | 23,954 | 5,632 | — | (7,211 | ) | (1,009 | ) | (49 | ) | 21,317 | |||||||||||||||||||
2012 | 17,735 | 5,381 | 5,597 | (3,679 | ) | (1,077 | ) | (3 | ) | 23,954 | |||||||||||||||||||
Deferred Income Tax Asset— | |||||||||||||||||||||||||||||
Valuation Allowance: | |||||||||||||||||||||||||||||
2014 | $ | 10,165 | $ | 4,252 | $ | 143,513 | $ | — | $ | (415 | ) | $ | (198 | ) | $ | 157,317 | |||||||||||||
2013 | 7,498 | 496 | 3,064 | — | (899 | ) | 6 | 10,165 | |||||||||||||||||||||
2012 | 23,663 | 3,659 | (4,562 | ) | (736 | ) | (14,160 | ) | (366 | ) | 7,498 | ||||||||||||||||||
All other financial statement schedules not included in this Annual Report on Form 10-K are omitted because they are not applicable. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Business Description | Business Description | |||
Belden Inc. (the Company, Belden, we, us, or our) is an innovative signal transmission solutions provider built around four global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, and Industrial IT Solutions. Belden’s comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound and video for mission critical applications. | ||||
Consolidation | Consolidation | |||
The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries. We eliminate all significant affiliate accounts and transactions in consolidation. | ||||
Foreign Currency | Foreign Currency | |||
For international operations with functional currencies other than the United States (U.S.) dollar, we translate assets and liabilities at current exchange rates; we translate income and expenses using average exchange rates. We report the resulting translation adjustments, as well as gains and losses from certain affiliate transactions, in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. We include exchange gains and losses on transactions in operating income. | ||||
We determine the functional currency of our foreign subsidiaries based upon the currency of the primary economic environment in which each subsidiary operates. Typically, that is determined by the currency in which the subsidiary primarily generates and expends cash. We have concluded that the local currency is the functional currency for all of our material subsidiaries. | ||||
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. Our fiscal second and third quarters each have 91 days. | ||||
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses. | ||||
Reclassifications | Reclassifications | |||
We have made certain reclassifications to the 2013 and 2012 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 December 31, 2014 and 2013, we utilized Level 1 inputs to determine the fair value of cash equivalents. During 2014, 2013, and 2012, we utilized Level 3 inputs to determine the fair value of net assets acquired in business combinations (see Note 3) and for our annual impairment testing (see Note 10). We did not have any transfers between Level 1 and Level 2 fair value measurements during 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 values of these cash equivalents as of December 31, 2014 and 2013 were $1.2 million and $361.2 million, respectively, and are based on quoted market prices in active markets (i.e., Level 1 valuation). | ||||
Accounts Receivable | Accounts Receivable | |||
We classify amounts owed to us and due within twelve months, arising from the sale of goods or services in the normal course of business, as current receivables. We classify receivables due after twelve months as other long-lived assets. | ||||
At the time of sale, we establish an estimated reserve for trade, promotion, and other special price reductions such as contract pricing, discounts to meet competitor pricing, and on-time payment discounts. We also adjust receivable balances for, among other things, correction of billing errors, incorrect shipments, and settlement of customer disputes. Customers are allowed to return inventory if and when certain conditions regarding the physical state of the inventory and our approval of the return are met. Certain distribution customers are allowed to return inventory at original cost, in an amount not to exceed three percent of the prior year’s purchases, in exchange for an order of equal or greater value. Until we can process these reductions, corrections, and returns (together, the Adjustments) through individual customer records, we estimate the amount of outstanding Adjustments and recognize them by reducing revenues and accounts receivable. We also adjust inventory and cost of sales for the estimated level of returns. We base these estimates on historical and anticipated sales demand, trends in product pricing, and historical and anticipated Adjustments patterns. We make revisions to these estimates in the period in which the facts that give rise to each revision become known. Future market conditions might require us to take actions to further reduce prices and increase customer return authorizations. Unprocessed Adjustments recognized against our gross accounts receivable balance at December 31, 2014 and 2013 totaled $17.6 million and $18.2 million, respectively. | ||||
We evaluate the collectability of accounts receivable based on the specific identification method. A considerable amount of judgment is required in assessing the realizability of accounts receivable, including the current creditworthiness of each customer and related aging of the past due balances. We perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may become aware of a situation where a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings, or bankruptcy. We record a specific reserve for bad debts against amounts due to reduce the receivable to its estimated collectible balance. We recognized bad debt expense, net of recoveries, of $0.3 million, $0.2 million, and $1.9 million in 2014, 2013, and 2012, respectively. The allowance for doubtful accounts at December 31, 2014 and 2013 totaled $11.5 million and $3.4 million, respectively. | ||||
Inventories and Related Reserves | Inventories and Related Reserves | |||
Inventories are stated at the lower of cost or market. We determine the cost of all raw materials, work-in-process, and finished goods inventories by the first in, first out method. Cost components of inventories include direct labor, applicable production overhead, and amounts paid to suppliers of materials and products as well as freight costs and, when applicable, duty costs to import the materials and products. | ||||
We evaluate the realizability of our inventory on a product-by-product basis in light of historical and anticipated sales demand, technological changes, product life cycle, component cost trends, product pricing, and inventory condition. In circumstances where inventory levels are in excess of anticipated market demand, where inventory is deemed technologically obsolete or not saleable due to condition, or where inventory cost exceeds net realizable value, we record a charge to cost of sales and reduce the inventory to its net realizable value. The allowances for excess and obsolete inventories at December 31, 2014 and 2013 totaled $31.8 million and $21.3 million, respectively. | ||||
Property, Plant and Equipment | Property, Plant and Equipment | |||
We record property, plant and equipment at cost. We calculate depreciation on a straight-line basis over the estimated useful lives of the related assets ranging from 10 to 40 years for buildings, 5 to 12 years for machinery and equipment, and 5 to 10 years for computer equipment and software. Construction in process reflects amounts incurred for the configuration and build-out of property, plant and equipment and for property, plant and equipment not yet placed into service. We charge maintenance and repairs—both planned major activities and less-costly, ongoing activities—to expense as incurred. We capitalize interest costs associated with the construction of capital assets and amortize the costs over the assets’ useful lives. Depreciation expense is included in costs of sales; selling, general and administrative expenses; and research and development expenses in the Consolidated Statements of Operations based on the specific categorization and use of the underlying assets being depreciated. | ||||
We review property, plant and equipment to determine whether an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We base our evaluation on the nature of the assets, the future economic benefit of the assets, and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset (see Note 9). | ||||
For purposes of impairment testing of long-lived assets, we have identified asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Generally, our asset groups are based on an individual plant or operating facility level. In some circumstances, however, a combination of plants or operating facilities may be considered the asset group due to interdependence of operational activities and cash flows. | ||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||
Our intangible assets consist of (a) definite-lived assets subject to amortization such as developed technology, customer relationships, certain in-service research and development, certain trademarks, and backlog, and (b) indefinite-lived assets not subject to amortization such as goodwill, certain in-process research and development, and certain trademarks. We record amortization of the definite-lived intangible assets over the estimated useful lives of the related assets, which generally range from one year or less for backlog to more than 25 years for certain of our customer relationships. We determine the amortization method for our definite-lived intangible assets based on the pattern in which the economic benefits of the intangible asset are consumed. In the event we cannot reliably determine that pattern, we utilize a straight-line amortization method. | ||||
We test our goodwill and other indefinite-lived intangible assets not subject to amortization for impairment on an annual basis during the fourth quarter or when indicators of impairment exist. We base our estimates on assumptions we believe to be reasonable, but which are not predictable with precision and therefore are inherently uncertain. Actual future results could differ from these estimates. | ||||
The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Such an evaluation is made based on the weight of all available evidence and the significance of all identified events and circumstances that may influence the fair value of a reporting unit. If it is more likely than not that the fair value is less than the carrying value, then a quantitative assessment is required for the reporting unit, as described in the paragraph below. In 2014, we performed a qualitative assessment for six of our reporting units, which collectively represented approximately $258 million of our consolidated goodwill balance. For those reporting units for which we performed a qualitative assessment, we determined that it was more likely than not that the fair value was greater than the carrying value, and therefore, we did not perform the calculation of fair value for these reporting units as described in the paragraph below. | ||||
For our annual impairment test in 2014, we performed a quantitative assessment for three of our reporting units. Under a quantitative assessment for goodwill impairment, we determine the fair value using the income approach (using Level 3 inputs) as reconciled to our aggregate market capitalization. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and we recognize an impairment loss for the difference between the carrying amount and the implied fair value of goodwill as a component of operating income. In addition to the income approach, we calculate the fair value of our reporting units under a market approach. The market approach measures the fair value of a reporting unit through analysis of financial multiples (revenues or EBITDA) of comparable businesses. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. The fair values of the three reporting units tested under a quantitative approach were substantially in excess of the carrying values as of the impairment testing date. | ||||
We did not recognize any goodwill impairment in 2014, 2013, or 2012. See Note 10 for further discussion. | ||||
We also evaluate indefinite lived intangible assets for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying values of those assets may no longer be recoverable. We compare the fair value of the asset with its carrying amount. If the carrying amount of the asset exceeds its fair value, we recognize an impairment loss in an amount equal to that excess. We did not recognize impairment charges for our indefinite lived intangible assets in 2014 or 2013. During 2012, we recognized an impairment charge of $5.2 million on trademarks related to our cable operations in China that primarily conducted business in the consumer electronics end market, which we disposed of in 2012. See Note 10 for further discussion. | ||||
We review intangible assets subject to amortization whenever an event or change in circumstances indicates the carrying values of the assets may not be recoverable. We test intangible assets subject to amortization for impairment and estimate their fair values using the same assumptions and techniques we employ on property, plant and equipment. We did not recognize any impairment charges for amortizable intangible assets in 2014 or in 2013. During 2012, we recognized an impairment charge of $6.8 million on customer relationships related to our cable operations in China that primarily conducted business in the consumer electronics end market, which we disposed of in 2012. | ||||
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits | |||
Our pension and other postretirement benefit costs and obligations are dependent on the various actuarial assumptions used in calculating such amounts. These assumptions relate to discount rates, salary growth, long-term return on plan assets, health care cost trend rates, mortality tables, and other factors. We base the discount rate assumptions on current investment yields on high-quality corporate long-term bonds. The salary growth assumptions reflect our long-term actual experience and future or near-term outlook. We determine the long-term return on plan assets based on historical portfolio results and management’s expectation of the future economic environment. Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Actual results that differ from our assumptions are accumulated and, if in excess of the lesser of 10% of the projected benefit obligation or the fair market value of plan assets, are amortized over the estimated future working life of the plan participants. | ||||
Accrued Sales Rebates | Accrued Sales Rebates | |||
We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December 31, 2014 and 2013 totaled $31.5 million and $34.3 million, respectively. | ||||
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. A significant amount of judgment and use of estimates is required to quantify our ultimate exposure in these matters. We review the valuation of these liabilities on a quarterly basis, and we adjust the balances to account for changes in circumstances for ongoing and emerging issues. | ||||
We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel, the amounts of which are not currently material. We expense environmental compliance costs, which include maintenance and operating costs with respect to ongoing monitoring programs, as incurred. We evaluate the range of potential costs to remediate environmental sites. The ultimate cost of site clean-up is difficult to predict given the uncertainties of our involvement in certain sites, uncertainties regarding the extent of the required clean-up, the availability of alternative clean-up methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites, and other factors. | ||||
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. Assessments regarding the ultimate cost of lawsuits require judgments concerning matters such as the anticipated outcome of negotiations, the number and cost of pending and future claims, and the impact of evidentiary requirements. 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. | ||||
Business Combination Accounting | Business Combination Accounting | |||
We allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded to goodwill. We use all available information to estimate fair values. We typically engage third party valuation specialists to assist in the fair value determination of inventories, tangible long-lived assets, and intangible assets other than goodwill. The carrying values of acquired receivables and accounts payable have historically approximated their fair values as of the business combination date. As necessary, we may engage third party specialists to assist in the estimation of fair value for certain liabilities, such as deferred revenue or postretirement benefit liabilities. We adjust the preliminary purchase price allocation, as necessary, typically up to one year after the acquisition closing date as we obtain more information regarding asset valuations and liabilities assumed. | ||||
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 oftentimes 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. | ||||
Cost of Sales | Cost of Sales | |||
Cost of sales includes our total cost of inventory sold during the period, including material, labor, production overhead costs, variable manufacturing costs, and fixed manufacturing costs. Production overhead costs include operating supplies, applicable utility expenses, maintenance costs, and scrap. Variable manufacturing costs include inbound, interplant, and outbound freight, inventory shrinkage, and charges for excess and obsolete inventory. Fixed manufacturing costs include the costs associated with our purchasing, receiving, inspection, warehousing, distribution centers, production and inventory control, and manufacturing management. | ||||
Shipping and Handling Costs | Shipping and Handling Costs | |||
We recognize fees earned on the shipment of product to customers as revenues and recognize costs incurred on the shipment of product to customers as a cost of sales. | ||||
Selling, General, and Administrative Expenses | Selling, General, and Administrative Expenses | |||
Selling, general and administrative expenses include expenses not directly related to the production of inventory. They include all expenses related to selling and marketing our products, as well as the salary and benefit costs of associates performing the selling and marketing functions. Selling, general, and administrative expenses also include salary and benefit costs, purchased services, and other costs related to our executive and administrative functions. | ||||
Research and Development Costs | Research and Development Costs | |||
Research and development costs are expensed as incurred. | ||||
Advertising Costs | Advertising Costs | |||
Advertising costs are expensed as incurred. Advertising costs were $21.8 million, $17.8 million, and $16.3 million for 2014, 2013, and 2012, respectively. | ||||
Share-Based Compensation | Share-Based Compensation | |||
We compensate certain employees and non-employee directors with various forms of share-based payment awards and recognize compensation costs for these awards based on their fair values. We estimate the fair values of certain awards on the grant date using the Black-Scholes-Merton option-pricing formula, which incorporates certain assumptions regarding the expected term of an award and expected stock price volatility. We develop the expected term assumption based on the vesting period and contractual term of an award, our historical exercise and cancellation experience, our stock price history, plan provisions that require exercise or cancellation of awards after employees terminate, and the extent to which currently available information indicates that the future is reasonably expected to differ from past experience. We develop the expected volatility assumption based on historical price data for our common stock. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost to be recognized in our operating results over the service period of the award. We develop the forfeiture assumption based on our historical pre-vesting cancellation experience. | ||||
Income Taxes | Income Taxes | |||
Income taxes are provided based on earnings reported for financial statement purposes. The provision for income taxes differs from the amounts currently payable to taxing authorities because of the recognition of revenues and expenses in different periods for income tax purposes than for financial statement purposes. Income taxes are provided as if operations in all countries, including the U.S., were stand-alone businesses filing separate tax returns. We have determined that all undistributed earnings from our international subsidiaries will not be remitted to the U.S. in the foreseeable future and, therefore, no additional provision for U.S. taxes has been made on foreign earnings. | ||||
We recognize deferred tax assets resulting from tax credit carryforwards, net operating loss carryforwards, and deductible temporary differences between taxable income on our income tax returns and pretax income on our financial statements. Deferred tax assets generally represent future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our Consolidated Financial Statements become deductible for income tax purposes. A deferred tax asset valuation allowance is required when some portion or all of the deferred tax assets may not be realized. | ||||
Our effective tax rate is based on expected income, statutory tax rates, and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions. We establish accruals for uncertain tax positions when we believe that the full amount of the associated tax benefit may not be realized. To the extent we were to prevail in matters for which accruals have been established or would be required to pay amounts in excess of reserves, there could be a material effect on our income tax provisions in the period in which such determination is made. | ||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities | |||
We are exposed to various market risks, including fluctuations in foreign currency exchange rates. From time to time, we manage a portion of this risk through the use of derivative financial instruments to reduce our exposure to foreign currency risk. We do not hold or issue any derivative instrument for trading or speculative purposes. | ||||
We report all derivative financial instruments on the balance sheet at fair value. Foreign currency derivative instruments may be designated as a hedge of our net investment in certain foreign operations. If a derivative is designated as a net investment hedge, the effective portion of the gain or loss on the derivative is reported in accumulated other comprehensive income as part of the cumulative translation component of equity. Any ineffectiveness is recognized in the Consolidated Statements of Operations. We had no outstanding derivatives as of December 31, 2014 and 2013. | ||||
Recent Accounting Pronouncements | Current-Year Adoption of Accounting Pronouncements | |||
On January 1, 2014, we adopted new accounting guidance issued by the Financial Accounting Standards Board (the FASB) 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. | ||||
Pending Adoption of Recent Accounting Pronouncements | ||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (the ASU), which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for us beginning January 1, 2017, and allows for both retrospective and modified retrospective methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our Consolidated Financial Statements. | ||||
In August 2014, the FASB issued disclosure guidance that requires us to evaluate, at each annual and interim period, whether substantial doubt exists about our ability to continue as a going concern, and if applicable, to provide related disclosures. The new guidance will be effective for us for the year ending December 31, 2016. This guidance is not currently expected to have a material effect on our financial statement disclosures upon adoption, although the ultimate impact will be dependent on our financial condition and expected operating outlook at such time. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Prosoft Technology, Inc. [Member] | |||||||||
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 June 11, 2014 (in thousands). | ||||||||
Cash | $ | 2,517 | |||||||
Receivables | 5,559 | ||||||||
Inventories | 3,624 | ||||||||
Other current assets | 240 | ||||||||
Property, plant and equipment | 1,076 | ||||||||
Goodwill | 56,193 | ||||||||
Intangible assets | 40,800 | ||||||||
Other non-current assets | 622 | ||||||||
Total assets | $ | 110,631 | |||||||
Accounts payable | $ | 2,851 | |||||||
Accrued liabilities | 2,545 | ||||||||
Other non-current liabilities | 1,132 | ||||||||
Total liabilities | $ | 6,528 | |||||||
Net assets | $ | 104,103 | |||||||
Intangible Assets Related to Acquisition | The intangible assets related to the acquisition consisted of the following: | ||||||||
Fair Value | Amortization | ||||||||
Period | |||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Customer relationships | $ | 26,600 | 20 | ||||||
Developed technologies | 9,000 | 5 | |||||||
Trademarks | 5,000 | 5 | |||||||
Backlog | 200 | 0.3 | |||||||
Total intangible assets subject to amortization | 40,800 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 56,193 | ||||||||
Total intangible assets not subject to amortization | 56,193 | ||||||||
Total intangible assets | $ | 96,993 | |||||||
Weighted average amortization period | 14.8 | ||||||||
Grass Valley [Member] | |||||||||
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 March 31, 2014 (in thousands). | ||||||||
Cash | $ | 9,441 | |||||||
Receivables | 68,766 | ||||||||
Inventories | 19,984 | ||||||||
Deferred taxes | 1,355 | ||||||||
Other current assets | 4,172 | ||||||||
Property, plant and equipment | 22,661 | ||||||||
Goodwill | 119,589 | ||||||||
Intangible assets | 95,500 | ||||||||
Other non-current assets | 17,108 | ||||||||
Total assets | $ | 358,576 | |||||||
Accounts payable | $ | 51,276 | |||||||
Accrued liabilities | 57,374 | ||||||||
Deferred revenue | 14,000 | ||||||||
Postretirement benefits | 16,538 | ||||||||
Other non-current liabilities | 1,199 | ||||||||
Total liabilities | $ | 140,387 | |||||||
Net assets | $ | 218,189 | |||||||
Intangible Assets Related to Acquisition | The intangible assets related to the acquisition consisted of the following: | ||||||||
Fair Value | Amortization | ||||||||
Period | |||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 37,000 | 5 | ||||||
Customer relationships | 27,000 | 15 | |||||||
Backlog | 1,500 | 0.3 | |||||||
Total intangible assets subject to amortization | 65,500 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 119,589 | ||||||||
Trademarks | 22,000 | ||||||||
In-process research and development | 8,000 | ||||||||
Total intangible assets not subject to amortization | 149,589 | ||||||||
Total intangible assets | $ | 215,089 | |||||||
Weighted average amortization period | 9 | ||||||||
PPC Broadband, Inc. [Member] | |||||||||
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 | 26,612 | ||||||||
Inventories | 45,465 | ||||||||
Other current assets | 868 | ||||||||
Property, plant and equipment | 26,856 | ||||||||
Goodwill | 277,091 | ||||||||
Intangible assets | 164,500 | ||||||||
Other non-current assets | 1,308 | ||||||||
Total assets | $ | 549,574 | |||||||
Accounts payable | $ | 22,499 | |||||||
Accrued liabilities | 4,104 | ||||||||
Other long-term liabilities | 579 | ||||||||
Total liabilities | $ | 27,182 | |||||||
Net assets | $ | 522,392 | |||||||
Intangible Assets Related to Acquisition | Intangible assets related to the PPC acquisition consisted of the following: | ||||||||
Fair Value | Amortization | ||||||||
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 | 277,091 | ||||||||
In-process research and development | 5,000 | ||||||||
Trademarks | 27,000 | ||||||||
Total intangible assets not subject to amortization | 309,091 | ||||||||
Total intangible assets | $ | 441,591 | |||||||
Weighted average amortization period | 11.2 | ||||||||
Miranda Technologies Inc. [Member] | |||||||||
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 July 27, 2012 (in thousands). | ||||||||
Cash | $ | 33,324 | |||||||
Receivables | 27,592 | ||||||||
Inventories | 31,109 | ||||||||
Other current assets | 1,924 | ||||||||
Property, plant and equipment | 23,930 | ||||||||
Goodwill | 161,206 | ||||||||
Intangible assets | 159,991 | ||||||||
Total assets | $ | 439,076 | |||||||
Accounts payable | $ | 23,917 | |||||||
Accrued liabilities | 5,730 | ||||||||
Current deferred tax liabilities | 844 | ||||||||
Other long-term liabilities | 8,699 | ||||||||
Non-current deferred tax liabilities | 25,207 | ||||||||
Total liabilities | $ | 64,397 | |||||||
Net assets | $ | 374,679 | |||||||
Intangible Assets Related to Acquisition | Intangible assets related to the acquisition consisted of the following: | ||||||||
Amortization | |||||||||
Fair Value | Period | ||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 69,132 | 4 | ||||||
Customer relationships | 44,442 | 20 | |||||||
Backlog | 3,950 | 1 | |||||||
Total intangible assets subject to amortization | 117,524 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 161,206 | ||||||||
Trademarks | 35,554 | ||||||||
In-process research and development | 6,913 | ||||||||
Total intangible assets not subject to amortization | 203,673 | ||||||||
Total intangible assets | $ | 321,197 | |||||||
Weighted average amortization period | 9.9 | ||||||||
PPC Broadband and Miranda Technologies [Member] | |||||||||
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. | ||||||||
Year Ended | |||||||||
December 31, 2012 | |||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 2,163,302 | |||||||
Income from continuing operations | 78,827 | ||||||||
Diluted income per share from continuing operations | $ | 1.72 | |||||||
Grass Valley and Prosoft [Member] | |||||||||
Pro Forma Effect on Operating Results | The following table illustrates the unaudited pro forma effect on operating results as if the Grass Valley and ProSoft acquisitions had been completed as of January 1, 2013. | ||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 2,401,200 | $ | 2,420,099 | |||||
Income from continuing operations | 67,956 | 66,874 | |||||||
Diluted income per share from continuing operations | $ | 1.54 | $ | 1.49 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Summary of Operating Results from Discontinued Operations | Operating results from discontinued operations for 2012 included the following revenues and income before taxes: | ||||||||
2012 | |||||||||
Income before | |||||||||
Revenues | Taxes | ||||||||
(In thousands) | |||||||||
Thermax and Raydex | $ | 95,668 | $ | 21,479 | |||||
Phoenix Communications | — | 3,980 | |||||||
Total | $ | 95,668 | $ | 25,459 | |||||
Operating_Segments_and_Geograp1
Operating Segments and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Operating Segment Information | The results of our equity method investment in Xuzhou Hirschmann Electronics Co. Ltd. (the Hirschmann JV) are analyzed separately from the results of our operating segments, and they are not included in the corporate expense allocation. | ||||||||||||||||||||||||
Operating Segment Information | |||||||||||||||||||||||||
Broadcast Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 916,632 | $ | 663,900 | $ | 356,320 | |||||||||||||||||||
Affiliate revenues | 1,381 | 933 | 691 | ||||||||||||||||||||||
Total revenues | 918,013 | 664,833 | 357,011 | ||||||||||||||||||||||
Depreciation and amortization | (67,372 | ) | (64,420 | ) | (23,184 | ) | |||||||||||||||||||
Operating income (loss) | 4,093 | 15,099 | (11,657 | ) | |||||||||||||||||||||
Total assets | 430,991 | 294,454 | 272,520 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 17,912 | 10,526 | 8,844 | ||||||||||||||||||||||
Enterprise Connectivity Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 455,795 | $ | 493,129 | $ | 496,857 | |||||||||||||||||||
Affiliate revenues | 8,467 | 9,823 | 6,467 | ||||||||||||||||||||||
Total revenues | 464,262 | 502,952 | 503,324 | ||||||||||||||||||||||
Depreciation and amortization | (14,331 | ) | (12,988 | ) | (16,057 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (1,468 | ) | |||||||||||||||||||||
Operating income | 47,715 | 48,753 | 40,056 | ||||||||||||||||||||||
Total assets | 206,377 | 223,073 | 234,882 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 12,574 | 11,749 | 13,013 | ||||||||||||||||||||||
Industrial Connectivity Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 682,374 | $ | 680,643 | $ | 670,112 | |||||||||||||||||||
Affiliate revenues | 2,927 | 1,901 | 1,129 | ||||||||||||||||||||||
Total revenues | 685,301 | 682,544 | 671,241 | ||||||||||||||||||||||
Depreciation and amortization | (12,318 | ) | (11,408 | ) | (10,970 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (2,435 | ) | |||||||||||||||||||||
Operating income | 80,435 | 92,562 | 72,366 | ||||||||||||||||||||||
Total assets | 255,997 | 259,400 | 263,293 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 10,053 | 14,496 | 13,077 | ||||||||||||||||||||||
Industrial IT Solutions | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 253,464 | $ | 231,521 | $ | 219,679 | |||||||||||||||||||
Affiliate revenues | 54 | 208 | 286 | ||||||||||||||||||||||
Total revenues | 253,518 | 231,729 | 219,965 | ||||||||||||||||||||||
Depreciation and amortization | (8,141 | ) | (5,635 | ) | (4,848 | ) | |||||||||||||||||||
Operating income | 30,803 | 38,440 | 32,807 | ||||||||||||||||||||||
Total assets | 67,417 | 56,658 | 54,428 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 1,903 | 2,020 | 4,597 | ||||||||||||||||||||||
All Other | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | — | $ | — | $ | 97,771 | |||||||||||||||||||
Affiliate revenues | — | — | — | ||||||||||||||||||||||
Total revenues | — | — | 97,771 | ||||||||||||||||||||||
Depreciation and amortization | — | — | (2,828 | ) | |||||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (29,773 | ) | |||||||||||||||||||||
Operating income (loss) | — | 1,278 | (32,640 | ) | |||||||||||||||||||||
Total assets | — | — | — | ||||||||||||||||||||||
Acquisition of property, plant and equipment | — | — | 348 | ||||||||||||||||||||||
Total Segments | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
External customer revenues | $ | 2,308,265 | $ | 2,069,193 | $ | 1,840,739 | |||||||||||||||||||
Affiliate revenues | 12,829 | 12,865 | 8,573 | ||||||||||||||||||||||
Total revenues | 2,321,094 | 2,082,058 | 1,849,312 | ||||||||||||||||||||||
Depreciation and amortization | (102,162 | ) | (94,451 | ) | (57,887 | ) | |||||||||||||||||||
Asset impairment and loss on sale of assets | — | — | (33,676 | ) | |||||||||||||||||||||
Operating income | 163,046 | 196,132 | 100,932 | ||||||||||||||||||||||
Total assets | 960,782 | 833,585 | 825,123 | ||||||||||||||||||||||
Acquisition of property, plant and equipment | 42,442 | 38,791 | 39,879 | ||||||||||||||||||||||
Reconciliation of Total Reportable Segments' Net Income to Consolidated Income (Loss) from Continuing Operations Before Taxes | Total segment operating income differs from net income reported in the Consolidated Financial Statements as follows: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total segment operating income | $ | 163,046 | $ | 196,132 | $ | 100,932 | |||||||||||||||||||
Income from equity method investment | 3,955 | 8,922 | 9,704 | ||||||||||||||||||||||
Eliminations | (3,882 | ) | (3,792 | ) | (2,139 | ) | |||||||||||||||||||
Total operating income | 163,119 | 201,262 | 108,497 | ||||||||||||||||||||||
Interest expense | (82,156 | ) | (73,095 | ) | (52,038 | ) | |||||||||||||||||||
Interest income | 583 | 494 | 1,033 | ||||||||||||||||||||||
Loss on debt extinguishment | — | (1,612 | ) | (52,450 | ) | ||||||||||||||||||||
Income tax benefit (expense) | (7,114 | ) | (22,315 | ) | 38,194 | ||||||||||||||||||||
Income from continuing operations | 74,432 | 104,734 | 43,236 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 579 | (1,421 | ) | 16,774 | |||||||||||||||||||||
Gain (loss) from disposal of discontinued operations, net of tax | (562 | ) | — | 134,480 | |||||||||||||||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||||||||||||||
Reconciliations of Other Segment Measures to Consolidated Totals | Below are reconciliations of other segment measures to the consolidated totals. | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total segment assets | $ | 960,782 | $ | 833,585 | $ | 825,123 | |||||||||||||||||||
Cash and cash equivalents | 741,162 | 613,304 | 395,095 | ||||||||||||||||||||||
Goodwill | 943,374 | 773,048 | 778,708 | ||||||||||||||||||||||
Intangible assets, less accumulated amortization | 461,292 | 376,976 | 428,273 | ||||||||||||||||||||||
Deferred income taxes | 62,809 | 54,801 | 66,855 | ||||||||||||||||||||||
Income tax receivable | 4,953 | 12,169 | 8,432 | ||||||||||||||||||||||
Corporate assets | 88,455 | 87,870 | 82,097 | ||||||||||||||||||||||
Total assets | $ | 3,262,827 | $ | 2,751,753 | $ | 2,584,583 | |||||||||||||||||||
Total segment acquisition of property, plant and equipment | $ | 42,442 | $ | 38,791 | $ | 39,879 | |||||||||||||||||||
Corporate acquisition of property, plant and equipment | 3,017 | 1,418 | 336 | ||||||||||||||||||||||
Discontinued operations acquisition of property, plant and equipment | — | — | 795 | ||||||||||||||||||||||
Total acquisition of property, plant and equipment | $ | 45,459 | $ | 40,209 | $ | 41,010 | |||||||||||||||||||
Total segment depreciation and amortization | $ | (102,162 | ) | $ | (94,451 | ) | $ | (57,887 | ) | ||||||||||||||||
Discontinued operations depreciation and amortization | — | — | (1,468 | ) | |||||||||||||||||||||
Total depreciation and amortization | $ | (102,162 | ) | $ | (94,451 | ) | $ | (59,355 | ) | ||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location | The table below summarizes net sales and long-lived assets for the years ended December 31, 2014, 2013 and 2012 for the following countries: the U.S., Canada, China, and Germany. No other individual foreign country’s net sales or long-lived assets are material to the Company. | ||||||||||||||||||||||||
United States | Canada | China | Germany | All Other | Total | ||||||||||||||||||||
(In thousands, except percentages) | |||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||
Revenues | $ | 1,134,721 | $ | 194,149 | $ | 132,330 | $ | 120,297 | $ | 726,768 | $ | 2,308,265 | |||||||||||||
Percent of total revenues | 49 | % | 8 | % | 6 | % | 5 | % | 32 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 191,728 | $ | 29,773 | $ | 70,574 | $ | 40,557 | $ | 70,727 | $ | 403,359 | |||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Revenues | $ | 1,032,190 | $ | 195,387 | $ | 126,461 | $ | 108,745 | $ | 606,410 | $ | 2,069,193 | |||||||||||||
Percent of total revenues | 50 | % | 9 | % | 6 | % | 5 | % | 30 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 170,813 | $ | 27,458 | $ | 76,949 | $ | 45,702 | $ | 59,275 | $ | 380,197 | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Revenues | $ | 825,437 | $ | 196,761 | $ | 193,082 | $ | 105,377 | $ | 520,082 | $ | 1,840,739 | |||||||||||||
Percent of total revenues | 45 | % | 11 | % | 10 | % | 6 | % | 28 | % | 100 | % | |||||||||||||
Long-lived assets | $ | 164,619 | $ | 31,610 | $ | 72,556 | $ | 42,411 | $ | 59,854 | $ | 371,050 |
Equity_Method_Investment_Table
Equity Method Investment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Summary Financial Information for Hirschmann JV | Summary financial information for the Hirschmann JV is as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 44,679 | $ | 49,408 | $ | 46,042 | |||||||
Noncurrent assets | 3,320 | 3,801 | 4,107 | ||||||||||
Current liabilities | 19,847 | 21,524 | 13,132 | ||||||||||
Noncurrent liabilities | 409 | 447 | 207 | ||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 34,322 | $ | 41,257 | $ | 56,564 | |||||||
Gross profit | 17,235 | 27,332 | 29,067 | ||||||||||
Operating income | 9,147 | 19,821 | 22,317 | ||||||||||
Net income | 7,910 | 17,844 | 19,408 | ||||||||||
Net income attributable to Belden | 3,955 | 8,922 | 9,704 |
Income_Per_Share_Tables
Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Basis for Income per Share Computations | The following table presents the basis of the income per share computation: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Numerator for basic and diluted income per share: | |||||||||||||
Income from continuing operations | $ | 74,432 | $ | 104,734 | $ | 43,236 | |||||||
Income (loss) from discontinued operations, net of tax | 579 | (1,421 | ) | 16,774 | |||||||||
Gain (loss) from disposal of discontinued operations, net of tax | (562 | ) | — | 134,480 | |||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic | 43,273 | 43,871 | 45,097 | ||||||||||
Effect of dilutive common stock equivalents | 724 | 866 | 845 | ||||||||||
Weighted average shares outstanding, diluted | 43,997 | 44,737 | 45,942 | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Major Classes of Inventories | The major classes of inventories were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 105,134 | $ | 85,379 | |||||
Work-in-process | 31,611 | 34,671 | |||||||
Finished goods | 121,655 | 107,091 | |||||||
Perishable tooling and supplies | 1,821 | 2,156 | |||||||
Gross inventories | 260,221 | 229,297 | |||||||
Excess and obsolete reserves | (31,823 | ) | (21,317 | ) | |||||
Net inventories | $ | 228,398 | $ | 207,980 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Carrying Values of Property, Plant and Equipment | The carrying values of property, plant and equipment were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 31,879 | $ | 34,846 | |||||
Buildings and leasehold improvements | 131,534 | 124,688 | |||||||
Machinery and equipment | 472,543 | 441,933 | |||||||
Computer equipment and software | 96,546 | 89,919 | |||||||
Construction in process | 33,726 | 36,388 | |||||||
Gross property, plant and equipment | 766,228 | 727,774 | |||||||
Accumulated depreciation | (449,843 | ) | (426,939 | ) | |||||
Net property, plant and equipment | $ | 316,385 | $ | 300,835 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Carrying Value of Intangible Assets | The carrying values of intangible assets were as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Goodwill | $ | 943,374 | $ | — | $ | 943,374 | $ | 773,048 | $ | — | $ | 773,048 | |||||||||||||||||||||
Definite-lived intangible assets subject to amortization: | |||||||||||||||||||||||||||||||||
Customer relationships | $ | 261,914 | $ | (46,457 | ) | $ | 215,457 | $ | 198,522 | $ | (35,981 | ) | $ | 162,541 | |||||||||||||||||||
Developed technology | 213,017 | (102,996 | ) | 110,021 | 174,106 | (68,233 | ) | 105,873 | |||||||||||||||||||||||||
Trademarks | 19,438 | (3,687 | ) | 15,751 | 7,151 | (1,033 | ) | 6,118 | |||||||||||||||||||||||||
Backlog | 10,406 | (9,627 | ) | 779 | 8,434 | (8,421 | ) | 13 | |||||||||||||||||||||||||
In-service research and development | 10,340 | (2,777 | ) | 7,563 | 6,549 | (1,124 | ) | 5,425 | |||||||||||||||||||||||||
Total intangible assets subject to amortization | 515,115 | (165,544 | ) | 349,571 | 394,762 | (114,792 | ) | 279,970 | |||||||||||||||||||||||||
Indefinite-lived intangible assets not subject to amortization: | |||||||||||||||||||||||||||||||||
Trademarks | 103,040 | — | 103,040 | 92,010 | — | 92,010 | |||||||||||||||||||||||||||
In-process research and development | 8,681 | — | 8,681 | 4,996 | — | 4,996 | |||||||||||||||||||||||||||
Total intangible assets not subject to amortization | 111,721 | — | 111,721 | 97,006 | — | 97,006 | |||||||||||||||||||||||||||
Intangible assets | $ | 626,836 | $ | (165,544 | ) | $ | 461,292 | $ | 491,768 | $ | (114,792 | ) | $ | 376,976 | |||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows: | ||||||||||||||||||||||||||||||||
Prior Segments | Current Segments | ||||||||||||||||||||||||||||||||
Asia | Industrial | Industrial | |||||||||||||||||||||||||||||||
Americas | EMEA | Pacific | Broadcast | Enterprise | Connectivity | IT | Consolidated | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 690,578 | $ | 70,328 | $ | 17,802 | $ | — | $ | — | $ | — | $ | — | $ | 778,708 | |||||||||||||||||
Reassignment of goodwill | (690,578 | ) | (70,328 | ) | (17,802 | ) | 473,029 | 50,136 | 188,201 | 67,342 | — | ||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | — | — | — | 4,986 | — | — | — | 4,986 | |||||||||||||||||||||||||
Translation impact | — | — | — | (11,640 | ) | — | (226 | ) | 1,220 | (10,646 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | 466,375 | $ | 50,136 | $ | 187,975 | $ | 68,562 | $ | 773,048 | |||||||||||||||||
Acquisitions and purchase accounting adjustments | — | — | — | 119,918 | — | 16,442 | 56,194 | 192,554 | |||||||||||||||||||||||||
Translation impact | — | — | — | (12,789 | ) | — | (4,364 | ) | (5,075 | ) | (22,228 | ) | |||||||||||||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | — | $ | 573,504 | $ | 50,136 | $ | 200,053 | $ | 119,681 | $ | 943,374 | |||||||||||||||||
Changes in Carrying Amount of Trademarks | The changes in the carrying amount of indefinite-lived trademarks are as follows: | ||||||||||||||||||||||||||||||||
Industrial | Industrial | ||||||||||||||||||||||||||||||||
Broadcast | Enterprise | Connectivity | IT | Consolidated | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 80,310 | $ | 1,299 | $ | 12,279 | $ | 9,459 | $ | 103,347 | |||||||||||||||||||||||
Reclassify to definite-lived | (5,424 | ) | (1,353 | ) | — | — | (6,777 | ) | |||||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | (4,918 | ) | — | — | — | (4,918 | ) | ||||||||||||||||||||||||||
Translation impact | 159 | 54 | (86 | ) | 231 | 358 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 70,127 | $ | — | $ | 12,193 | $ | 9,690 | $ | 92,010 | |||||||||||||||||||||||
Reclassify to definite-lived | (2,700 | ) | — | — | (3,900 | ) | (6,600 | ) | |||||||||||||||||||||||||
Acquisitions and purchase accounting adjustments | 22,000 | — | — | — | 22,000 | ||||||||||||||||||||||||||||
Translation impact | (2,244 | ) | — | (1,449 | ) | (677 | ) | (4,370 | ) | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 87,183 | $ | — | $ | 10,744 | $ | 5,113 | $ | 103,040 | |||||||||||||||||||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Carrying Value of Accounts Payable and Accrued Liabilities | The carrying values of accounts payable and accrued liabilities were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 272,439 | $ | 199,897 | |||||
Wages, severance and related taxes | 70,256 | 50,540 | |||||||
Current deferred revenue | 45,139 | 31,371 | |||||||
Accrued rebates | 31,506 | 34,317 | |||||||
Accrued interest | 26,741 | 22,479 | |||||||
Employee benefits | 25,158 | 17,697 | |||||||
Other (individual items less than 5% of total current liabilities) | 51,620 | 42,765 | |||||||
Accounts payable and accrued liabilities | $ | 522,859 | $ | 399,066 | |||||
Severance_Restructuring_and_Ac1
Severance, Restructuring, and Acquisition Integration Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Severance, Restructuring and Integration Costs by Segment | In 2014, we recorded severance, restructuring, and integration costs of $70.8 million related to these programs. The following table summarizes the costs by segment for the year ended December 31, 2014: | ||||||||||||
Other | |||||||||||||
Restructuring | |||||||||||||
and Integration | |||||||||||||
Severance | Costs | Total Costs | |||||||||||
(In thousands) | |||||||||||||
Broadcast Solutions | $ | 20,025 | $ | 28,532 | $ | 48,557 | |||||||
Enterprise Connectivity Solutions | 2,183 | 1,135 | 3,318 | ||||||||||
Industrial Connectivity Solutions | 9,732 | 2,221 | 11,953 | ||||||||||
Industrial IT Solutions | 5,314 | 1,685 | 6,999 | ||||||||||
Total | $ | 37,254 | $ | 33,573 | $ | 70,827 | |||||||
Summary of Severance Activity | The table below sets forth severance activity that occurred during 2014 for the two significant programs described above. The balances are included in accrued liabilities. | ||||||||||||
Productivity | Grass | ||||||||||||
Improvement | Valley | ||||||||||||
Program | Integration | ||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 and March 30, 2014 | $ | — | $ | — | |||||||||
New charges | 10,507 | 16,528 | |||||||||||
Cash payments | (1,774 | ) | (4,497 | ) | |||||||||
Foreign currency translation | (62 | ) | 82 | ||||||||||
Balance at June 29, 2014 | $ | 8,671 | $ | 12,113 | |||||||||
New charges | 2,575 | 1,536 | |||||||||||
Cash payments | (1,171 | ) | (3,746 | ) | |||||||||
Foreign currency translation | (381 | ) | (191 | ) | |||||||||
Other adjustments | (1,697 | ) | (1,900 | ) | |||||||||
Balance at September 28, 2014 | $ | 7,997 | $ | 7,812 | |||||||||
New charges | 3,048 | 1,761 | |||||||||||
Cash payments | (2,244 | ) | (4,699 | ) | |||||||||
Foreign currency translation | (465 | ) | (218 | ) | |||||||||
Other adjustments | (1,195 | ) | — | ||||||||||
Balance at December 31, 2014 | $ | 7,141 | $ | 4,656 | |||||||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowing Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revolving credit agreement due 2018 | $ | — | $ | — | |||||||||||||||||||
Variable rate term loan due 2020 | 246,375 | 248,775 | |||||||||||||||||||||
Senior subordinated notes: | |||||||||||||||||||||||
5.25% Senior subordinated notes due 2024 | 200,000 | — | |||||||||||||||||||||
5.50% Senior subordinated notes due 2023 | 616,326 | 413,040 | |||||||||||||||||||||
5.50% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||||||||||||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||||||||||||||||
Total senior subordinated notes | 1,521,547 | 1,118,261 | |||||||||||||||||||||
Total debt and other borrowing arrangements | 1,767,922 | 1,367,036 | |||||||||||||||||||||
Less current maturities of Term Loan | (2,500 | ) | (2,500 | ) | |||||||||||||||||||
Long-term debt | $ | 1,765,422 | $ | 1,364,536 | |||||||||||||||||||
Schedule of Senior Subordinated Notes | the following redemption prices as a percentage of the face amount of the notes: | ||||||||||||||||||||||
Senior Subordinated Notes due | |||||||||||||||||||||||
2019 | 2022 | 2023 | 2024 | ||||||||||||||||||||
Year | Percentage | Year | Percentage | Year | Percentage | Year | Percentage | ||||||||||||||||
2014 | 104.625 | % | 2017 | 102.75 | % | 2018 | 102.75 | % | 2019 | 102.625 | % | ||||||||||||
2015 | 103.083 | % | 2018 | 101.833 | % | 2019 | 101.833 | % | 2020 | 101.75 | % | ||||||||||||
2016 | 101.542 | % | 2019 | 100.917 | % | 2020 | 100.917 | % | 2021 | 100.875 | % | ||||||||||||
2017 and thereafter | 100 | % | 2020 and thereafter | 100 | % | 2021 and thereafter | 100 | % | 2022 and thereafter | 100 | % | ||||||||||||
Maturities on Outstanding Long-Term Debt and Other Borrowings | Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||
2015 | $ | 2,500 | |||||||||||||||||||||
2016 | 2,500 | ||||||||||||||||||||||
2017 | 2,500 | ||||||||||||||||||||||
2018 | 2,500 | ||||||||||||||||||||||
2019 | 7,721 | ||||||||||||||||||||||
Thereafter | 1,750,201 | ||||||||||||||||||||||
$ | 1,767,922 | ||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income Tax Expense | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) from continuing operations before taxes: | |||||||||||||
United States operations | $ | 14,042 | $ | 31,678 | $ | (22,533 | ) | ||||||
Foreign operations | 67,504 | 95,371 | 27,575 | ||||||||||
Income from continuing operations before taxes | $ | 81,546 | $ | 127,049 | $ | 5,042 | |||||||
Income tax expense (benefit): | |||||||||||||
Currently payable | |||||||||||||
United States federal | $ | 6,701 | $ | (4,493 | ) | $ | (6,945 | ) | |||||
United States state and local | 1,617 | (26 | ) | (2,519 | ) | ||||||||
Foreign | 16,592 | 21,377 | 14,020 | ||||||||||
24,910 | 16,858 | 4,556 | |||||||||||
Deferred | |||||||||||||
United States federal | (9,662 | ) | 3,575 | (22,660 | ) | ||||||||
United States state and local | (746 | ) | 1,593 | (424 | ) | ||||||||
Foreign | (7,388 | ) | 289 | (19,666 | ) | ||||||||
(17,796 | ) | 5,457 | (42,750 | ) | |||||||||
Income tax expense (benefit) | $ | 7,114 | $ | 22,315 | $ | (38,194 | ) | ||||||
Effective Income Tax Rate Reconciliation from Continuing Operations | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Effective income tax rate reconciliation from continuing operations: | |||||||||||||
United States federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 0.8 | % | 1.5 | % | (10.7 | %) | |||||||
Impact of change in deferred tax asset valuation allowance | 4.7 | % | (0.6 | %) | (187.8 | %) | |||||||
Impact of change in tax contingencies | (7.1 | %) | 3.8 | % | 3.3 | % | |||||||
Impact of change in United States tax legislation | 0 | % | (3.3 | %) | 0 | % | |||||||
Foreign income tax rate differences | (17.6 | %) | (12.1 | %) | (278.1 | %) | |||||||
Federal and state impact of Cooper liability settlement | 0 | % | 0 | % | (416.5 | %) | |||||||
Domestic permanent differences & tax credits | (7.1 | %) | (6.7 | %) | 97.3 | % | |||||||
8.7 | % | 17.6 | % | (757.5 | %) | ||||||||
Components of Deferred Income Tax Balances | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Components of deferred income tax balances: | |||||||||||||
Deferred income tax liabilities: | |||||||||||||
Plant, equipment, and intangibles | $ | (90,414 | ) | $ | (97,229 | ) | |||||||
Deferred income tax assets: | |||||||||||||
Postretirement, pensions, and stock compensation | 34,656 | 27,592 | |||||||||||
Reserves and accruals | 44,809 | 33,788 | |||||||||||
Net operating loss and tax credit carryforwards | 217,902 | 88,307 | |||||||||||
Valuation allowances | (157,317 | ) | (10,165 | ) | |||||||||
140,050 | 139,522 | ||||||||||||
Net deferred income tax asset | $ | 49,636 | $ | 42,293 | |||||||||
Summary of Net Operating Loss Carryforwards | The following tables summarize our net operating loss carryforwards and tax credit carryforwards as of December 31, 2014 by jurisdiction: | ||||||||||||
Net Operating Loss Carryforwards | |||||||||||||
(In thousands) | |||||||||||||
France | $ | 272,351 | |||||||||||
United States - various states | 188,178 | ||||||||||||
Netherlands | 73,828 | ||||||||||||
Germany | 59,761 | ||||||||||||
Japan | 27,410 | ||||||||||||
Australia | 15,901 | ||||||||||||
Other | 14,658 | ||||||||||||
Total | $ | 652,087 | |||||||||||
Summary of Tax Credit Carryforwards | |||||||||||||
Tax Credit | |||||||||||||
Carryforwards | |||||||||||||
(In thousands) | |||||||||||||
United States | $ | 35,261 | |||||||||||
Canada | 21,758 | ||||||||||||
Total | $ | 57,019 | |||||||||||
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of year | $ | 18,639 | $ | 17,377 | |||||||||
Additions based on tax positions related to the current year | 663 | 1,932 | |||||||||||
Additions for tax positions of prior years | 73 | 3,761 | |||||||||||
Reductions for tax positions of prior years - Settlement | (7,907 | ) | (2,490 | ) | |||||||||
Reduction for tax positions of prior years - Statute of limitations | (1,411 | ) | (1,941 | ) | |||||||||
Balance at end of year | $ | 10,057 | $ | 18,639 | |||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Change in Benefit Obligation | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | (258,423 | ) | $ | (263,876 | ) | $ | (46,614 | ) | $ | (51,772 | ) | |||||||||||||||||||||
Service cost | (5,453 | ) | (5,554 | ) | (49 | ) | (125 | ) | |||||||||||||||||||||||||
Interest cost | (10,757 | ) | (9,310 | ) | (1,647 | ) | (1,910 | ) | |||||||||||||||||||||||||
Participant contributions | (109 | ) | (105 | ) | (7 | ) | (11 | ) | |||||||||||||||||||||||||
Plan amendments | — | (56 | ) | — | — | ||||||||||||||||||||||||||||
Actuarial gain (loss) | (28,971 | ) | 8,147 | 4,392 | 2,096 | ||||||||||||||||||||||||||||
Acquisitions | (25,283 | ) | — | — | — | ||||||||||||||||||||||||||||
Curtailments | 359 | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 13,708 | (1,826 | ) | 2,704 | 2,681 | ||||||||||||||||||||||||||||
Benefits paid | 14,590 | 14,157 | 2,052 | 2,427 | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | (300,339 | ) | $ | (258,423 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 198,367 | $ | 173,154 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 20,223 | 29,416 | — | — | |||||||||||||||||||||||||||||
Employer contributions | 7,992 | 10,035 | 2,045 | 2,416 | |||||||||||||||||||||||||||||
Plan participant contributions | 109 | 105 | 7 | 11 | |||||||||||||||||||||||||||||
Acquisitions | 9,360 | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | (4,707 | ) | (186 | ) | — | — | |||||||||||||||||||||||||||
Benefits paid | (14,590 | ) | (14,157 | ) | (2,052 | ) | (2,427 | ) | |||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 216,754 | $ | 198,367 | $ | — | $ | — | |||||||||||||||||||||||||
Funded status, end of year | $ | (83,585 | ) | $ | (60,056 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
Amounts Recognized in Balance Sheets | Amounts recongized in the balance sheets: | ||||||||||||||||||||||||||||||||
Prepaid benefit cost | $ | 5,689 | $ | 5,797 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit liability (current) | (3,628 | ) | (3,878 | ) | (2,188 | ) | (2,665 | ) | |||||||||||||||||||||||||
Accrued benefit liability (noncurrent) | (85,646 | ) | (61,975 | ) | (36,981 | ) | (43,949 | ) | |||||||||||||||||||||||||
Net funded status | $ | (83,585 | ) | $ | (60,056 | ) | $ | (39,169 | ) | $ | (46,614 | ) | |||||||||||||||||||||
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for the plans. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 5,453 | $ | 5,554 | $ | 5,423 | $ | 49 | $ | 125 | $ | 116 | |||||||||||||||||||||
Interest cost | 10,757 | 9,310 | 10,510 | 1,647 | 1,910 | 2,077 | |||||||||||||||||||||||||||
Expected return on plan assets | (12,468 | ) | (11,066 | ) | (11,112 | ) | — | — | — | ||||||||||||||||||||||||
Amortization of prior service credit | (48 | ) | (54 | ) | (55 | ) | (100 | ) | (108 | ) | (111 | ) | |||||||||||||||||||||
Curtailment gain | (359 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss recognition | 4,154 | 6,388 | 5,974 | 315 | 932 | 842 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 7,489 | $ | 10,132 | $ | 10,740 | $ | 1,911 | $ | 2,859 | $ | 2,924 | |||||||||||||||||||||
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts | The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Weighted average assumptions for benefit obligations at year end: | |||||||||||||||||||||||||||||||||
Discount rate | 3.2 | % | 4.1 | % | 3.7 | % | 4.4 | % | |||||||||||||||||||||||||
Salary increase | 3.3 | % | 3.9 | % | N/A | N/A | |||||||||||||||||||||||||||
Weighted average assumptions for net periodic cost for the year: | |||||||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 3.7 | % | 4.4 | % | 4.3 | % | |||||||||||||||||||||||||
Salary increase | 3.9 | % | 3.9 | % | N/A | N/A | |||||||||||||||||||||||||||
Expected return on assets | 6.7 | % | 6.7 | % | N/A | N/A | |||||||||||||||||||||||||||
Assumed health care cost trend rates: | |||||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | 5.5 | % | 7.3 | % | |||||||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | N/A | N/A | 5 | % | 5 | % | |||||||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | N/A | N/A | 2016 | 2020 | |||||||||||||||||||||||||||||
Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2013 expense and year-end liabilities. | ||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 142 | $ | (118 | ) | ||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 3,629 | $ | (3,006 | ) | ||||||||||||||||||||||||||||
Fair Values of Pension Plan Assets by Asset Category | The following table presents the fair values of the pension plan assets by asset category. | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Market | Quoted Prices | Significant | Significant | Fair Market | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||
Value at | in Active | Observable | Unobservable | Value at | in Active | Observable | Unobservable | ||||||||||||||||||||||||||
December | Markets for | Inputs | Inputs | December | Markets for | Inputs | Inputs | ||||||||||||||||||||||||||
31, 2014 | Identical | (Level 2) | (Level 3) | 31, 2013 | Identical | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||||||||
Equity securities(a) | |||||||||||||||||||||||||||||||||
Large-cap fund | $ | 82,816 | $ | 3,414 | $ | 79,402 | $ | — | $ | 75,306 | $ | — | $ | 75,306 | $ | — | |||||||||||||||||
Mid-cap fund | 15,276 | 1,448 | 13,828 | — | 13,511 | — | 13,511 | — | |||||||||||||||||||||||||
Small-cap fund | 19,952 | 312 | 19,640 | — | 19,473 | — | 19,473 | — | |||||||||||||||||||||||||
Debt securities(b) | |||||||||||||||||||||||||||||||||
Government bond fund | 29,121 | 1,244 | 27,877 | — | 25,520 | — | 25,520 | — | |||||||||||||||||||||||||
Corporate bond fund | 27,485 | 3,815 | 23,670 | — | 21,679 | — | 21,679 | — | |||||||||||||||||||||||||
Fixed income fund(c) | 41,975 | — | 41,975 | — | 42,847 | — | 42,847 | — | |||||||||||||||||||||||||
Cash & equivalents | 129 | 129 | — | — | 31 | 31 | — | — | |||||||||||||||||||||||||
Total | $ | 216,754 | $ | 10,362 | $ | 206,392 | $ | — | $ | 198,367 | $ | 31 | $ | 198,336 | $ | — | |||||||||||||||||
(a) | This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | ||||||||||||||||||||||||||||||||
(b) | This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | ||||||||||||||||||||||||||||||||
(c) | This category includes guaranteed insurance contracts. | ||||||||||||||||||||||||||||||||
Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts | Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. | ||||||||||||||||||||||||||||||||
Pension | Other | Medicare | |||||||||||||||||||||||||||||||
Plans | Plans | Subsidy | |||||||||||||||||||||||||||||||
Receipts | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
2015 | $ | 16,323 | $ | 2,328 | $ | 91 | |||||||||||||||||||||||||||
2016 | 17,346 | 2,283 | 84 | ||||||||||||||||||||||||||||||
2017 | 17,969 | 2,238 | 77 | ||||||||||||||||||||||||||||||
2018 | 18,357 | 2,167 | 70 | ||||||||||||||||||||||||||||||
2019 | 18,292 | 2,080 | 63 | ||||||||||||||||||||||||||||||
2020-2024 | 94,607 | 9,805 | 214 | ||||||||||||||||||||||||||||||
Total | $ | 182,894 | $ | 20,901 | $ | 599 | |||||||||||||||||||||||||||
Summary of Accumulated Other Comprehensive Loss, Changes in these Amounts and Expected Amortization of these Amounts as Components of Net Periodic Benefit Cost | The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014, the changes in these amounts during the year ended December 31, 2014, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2015 are as follows. | ||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Components of accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 61,333 | $ | 4,679 | |||||||||||||||||||||||||||||
Net prior service credit | (94 | ) | (143 | ) | |||||||||||||||||||||||||||||
$ | 61,239 | $ | 4,536 | ||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive loss: | |||||||||||||||||||||||||||||||||
Net actuarial loss, beginning of year | $ | 46,468 | $ | 9,622 | |||||||||||||||||||||||||||||
Amortization cost | (4,154 | ) | (315 | ) | |||||||||||||||||||||||||||||
Actuarial loss (gain) | 28,971 | (4,392 | ) | ||||||||||||||||||||||||||||||
Asset gain | (7,755 | ) | — | ||||||||||||||||||||||||||||||
Currency impact | (2,197 | ) | (236 | ) | |||||||||||||||||||||||||||||
Net actuarial loss, end of year | $ | 61,333 | $ | 4,679 | |||||||||||||||||||||||||||||
Prior service credit, beginning of year | $ | (106 | ) | $ | (259 | ) | |||||||||||||||||||||||||||
Amortization credit | 48 | 100 | |||||||||||||||||||||||||||||||
Currency impact | (36 | ) | 16 | ||||||||||||||||||||||||||||||
Prior service credit, end of year | $ | (94 | ) | $ | (143 | ) | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Expected 2015 amortization: | |||||||||||||||||||||||||||||||||
Amortization of prior service credit | $ | (41 | ) | $ | (95 | ) | |||||||||||||||||||||||||||
Amortization of net loss | 5,319 | 354 | |||||||||||||||||||||||||||||||
$ | 5,278 | $ | 259 | ||||||||||||||||||||||||||||||
Comprehensive_Income_and_Accum1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Total Comprehensive Income | The following table summarizes total comprehensive income: | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net income | $ | 74,449 | $ | 103,313 | $ | 194,490 | |||||||
Foreign currency translation loss, net of $1.8 million, $2.2 million, and $0.0 million tax, respectively | (10,387 | ) | (20,720 | ) | (1,414 | ) | |||||||
Foreign currency hedging instruments, net of $0.0 million, $0.0 million, and $1.6 million tax, respectively | — | — | 2,467 | ||||||||||
Adjustments to pension and postretirement liability, net of $3.6 million, $14.0 million, and $3.2 million tax, respectively | (6,463 | ) | 22,104 | (8,909 | ) | ||||||||
Total comprehensive income | $ | 57,599 | $ | 104,697 | $ | 186,634 | |||||||
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 income (loss) before reclassifications | (20,720 | ) | 17,570 | (3,150 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4,534 | 4,534 | ||||||||||
Net current period other comprehensive income (loss) | (20,720 | ) | 22,104 | 1,384 | |||||||||
Balance at December 31, 2013 | 7,796 | (36,977 | ) | (29,181 | ) | ||||||||
Other comprehensive loss before reclassifications | (10,387 | ) | (9,120 | ) | (19,507 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 2,657 | 2,657 | ||||||||||
Net current period other comprehensive loss | (10,387 | ) | (6,463 | ) | (16,850 | ) | |||||||
Balance at December 31, 2014 | $ | (2,591 | ) | $ | (43,440 | ) | $ | (46,031 | ) | ||||
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): | ||||||||||||
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 | $ | 4,469 | (1 | ) | |||||||||
Prior service credit | (148 | ) | (1 | ) | |||||||||
Total before tax | 4,321 | ||||||||||||
Tax benefit | (1,664 | ) | |||||||||||
Total net of tax | $ | 2,657 | |||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Income Tax Benefit Recognized for our Share-Based Compensation Arrangements | Compensation cost charged against income, primarily SG&A expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total share-based compensation cost | $ | 18,858 | $ | 14,854 | $ | 12,374 | |||||||||||||||||||
Income tax benefit | 7,334 | 5,777 | 4,812 | ||||||||||||||||||||||
Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions | We recognize compensation cost for all awards based on their fair values. The fair values for SARs and stock options are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of option holders. The fair value of restricted stock units is the closing market price of our common stock on the date of grant. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method. | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands, except weighted average fair | |||||||||||||||||||||||||
value and assumptions) | |||||||||||||||||||||||||
Weighted-average fair value of SARs and options granted | $ | 35.46 | $ | 24.63 | $ | 19.53 | |||||||||||||||||||
Total intrinsic value of SARs converted and options exercised | 24,023 | 47,058 | 8,898 | ||||||||||||||||||||||
Cash received for options exercised | 48 | 14,030 | 2,372 | ||||||||||||||||||||||
Tax benefit related to share-based compensation | 6,859 | 10,734 | 4,119 | ||||||||||||||||||||||
Weighted-average fair value of restricted stock shares and units granted | 72.46 | 50.38 | 35.85 | ||||||||||||||||||||||
Total fair value of restricted stock shares and units vested | 7,888 | 9,032 | 9,017 | ||||||||||||||||||||||
Expected volatility | 52.63 | % | 53.94 | % | 54.26 | % | |||||||||||||||||||
Expected term (in years) | 5.8 | 6.1 | 6.1 | ||||||||||||||||||||||
Risk-free rate | 1.79 | % | 1.04 | % | 1.11 | % | |||||||||||||||||||
Dividend yield | 0.28 | % | 0.4 | % | 0.5 | % | |||||||||||||||||||
Fair Value of Restricted Stock Shares and Units is Market Price of our Common Stock on Date of Grant | |||||||||||||||||||||||||
SARs and Stock Options | Restricted Shares and Units | ||||||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | Number | Weighted- | ||||||||||||||||||||
Average | Average | Intrinsic Value | Average | ||||||||||||||||||||||
Exercise | Remaining | Grant-Date | |||||||||||||||||||||||
Price | Contractual | Fair Value | |||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(In thousands, except exercise prices, fair values, and contractual terms) | |||||||||||||||||||||||||
Outstanding at January 1, 2014 | 1,668 | $ | 36.37 | 442 | $ | 41.32 | |||||||||||||||||||
Granted | 204 | 72.55 | 192 | 72.46 | |||||||||||||||||||||
Exercised or converted | (542 | ) | 29.52 | (110 | ) | 33.54 | |||||||||||||||||||
Forfeited or expired | (25 | ) | 51.52 | (31 | ) | 52.08 | |||||||||||||||||||
Outstanding at December 31, 2014 | 1,305 | $ | 44.6 | 7.1 | $ | 44,675 | 493 | $ | 54.76 | ||||||||||||||||
Vested or expected to vest at December 31, 2014 | 1,279 | $ | 44.28 | 7.1 | $ | 44,159 | |||||||||||||||||||
Exercisable or convertible at December 31, 2014 | 739 | 36.68 | 6.3 | 31,127 |
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Summary of Minimum Annual Lease Payments for Noncancelable Operating Leases | Minimum annual lease payments for noncancelable operating leases in effect at December 31, 2014 are as follows (in thousands): | ||||
2015 | $ | 23,493 | |||
2016 | 19,140 | ||||
2017 | 14,289 | ||||
2018 | 10,336 | ||||
2019 | 8,872 | ||||
Thereafter | 27,901 | ||||
$ | 104,031 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income tax refunds received | $ | 12,681 | $ | 11,165 | $ | 8,382 | |||||||
Income taxes paid | (25,308 | ) | (79,778 | ) | (34,854 | ) | |||||||
Interest paid, net of amount capitalized | (70,915 | ) | (60,340 | ) | (41,854 | ) |
Quarterly_Operating_Results_Un1
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Operating Results (unaudited) | |||||||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
(In thousands, except days and per share amounts) | |||||||||||||||||||||
Number of days in quarter | 89 | 91 | 91 | 94 | 365 | ||||||||||||||||
Revenues | $ | 487,690 | $ | 600,891 | $ | 610,774 | $ | 608,910 | $ | 2,308,265 | |||||||||||
Gross profit | 175,717 | 204,385 | 221,732 | 217,615 | 819,449 | ||||||||||||||||
Operating income | 49,511 | 12,326 | 58,011 | 43,271 | 163,119 | ||||||||||||||||
Income from continuing operations | 25,156 | 15 | 33,847 | 15,414 | 74,432 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 579 | 579 | ||||||||||||||||
Loss from disposal of discontinued operations, net of tax | (562 | ) | — | — | — | (562 | ) | ||||||||||||||
Net income | 24,594 | 15 | 33,847 | 15,993 | 74,449 | ||||||||||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.58 | $ | — | $ | 0.78 | $ | 0.36 | $ | 1.72 | |||||||||||
Discontinued operations | — | — | — | 0.01 | 0.01 | ||||||||||||||||
Disposal of discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Net income | $ | 0.57 | $ | — | $ | 0.78 | $ | 0.37 | $ | 1.72 | |||||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.57 | $ | — | $ | 0.77 | $ | 0.35 | $ | 1.69 | |||||||||||
Discontinued operations | — | — | — | 0.01 | 0.01 | ||||||||||||||||
Disposal of discontinued operations | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||||
Net income | $ | 0.56 | $ | — | $ | 0.77 | $ | 0.36 | $ | 1.69 | |||||||||||
2013 | 1st | 2nd | 3rd | 4th | Year | ||||||||||||||||
(In thousands, except days and per share amounts) | |||||||||||||||||||||
Number of days in quarter | 90 | 91 | 91 | 93 | 365 | ||||||||||||||||
Revenues | $ | 507,473 | $ | 529,491 | $ | 522,478 | $ | 509,751 | $ | 2,069,193 | |||||||||||
Gross profit | 167,353 | 179,196 | 182,841 | 175,039 | 704,429 | ||||||||||||||||
Operating income | 44,240 | 53,913 | 53,935 | 49,174 | 201,262 | ||||||||||||||||
Income from continuing operations | 22,245 | 29,492 | 29,068 | 23,929 | 104,734 | ||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,421 | ) | (1,421 | ) | ||||||||||||||
Net income | 22,245 | 29,492 | 29,068 | 22,508 | 103,313 | ||||||||||||||||
Basic income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.5 | $ | 0.67 | $ | 0.67 | $ | 0.55 | $ | 2.39 | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.03 | ) | ||||||||||||||
Net income | $ | 0.5 | $ | 0.67 | $ | 0.67 | $ | 0.52 | $ | 2.36 | |||||||||||
Diluted income (loss) per share | |||||||||||||||||||||
Continuing operations | $ | 0.49 | $ | 0.66 | $ | 0.65 | $ | 0.54 | $ | 2.34 | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.03 | ) | ||||||||||||||
Net income | $ | 0.49 | $ | 0.66 | $ | 0.65 | $ | 0.51 | $ | 2.31 | |||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
First Quarter Fiscal Year 2014 [Member] | |
Summary Of Significant Policies [Line Items] | |
Guideline used to determine the end date of first quarter | 91 days |
Fiscal Second Quarter 2014 [Member] | |
Summary Of Significant Policies [Line Items] | |
Reporting period | 91 days |
Fiscal Third Quarter 2014 [Member] | |
Summary Of Significant Policies [Line Items] | |
Reporting period | 91 days |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reporting_Unit | |||
Loss Contingencies [Line Items] | |||
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 | $1,200,000 | $361,200,000 | |
Amount of inventory as a percentage of prior year purchases that can be returned by certain distributors | 3.00% | ||
Unprocessed adjustments recognized against gross accounts receivables | 17,600,000 | 18,200,000 | |
Bad debt expense, net of recoveries | 300,000 | 200,000 | 1,900,000 |
Allowance for doubtful accounts | 11,500,000 | 3,400,000 | |
Obsolescence and other reserves | 31,823,000 | 21,317,000 | |
Goodwill qualitative assessment | 258,000,000 | ||
Number of Reporting Units | 6 | ||
Percentage of projected benefit obligation | Lesser of 10% | ||
Accrued sales rebates | 31,500,000 | 34,300,000 | |
Advertising costs | 21,800,000 | 17,800,000 | 16,300,000 |
Outstanding derivatives | 0 | 0 | |
Customer Relationships [Member] | |||
Loss Contingencies [Line Items] | |||
Impairment charges | 6,800,000 | ||
Trademarks [Member] | |||
Loss Contingencies [Line Items] | |||
Impairment charges | $5,200,000 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 1 year | ||
Minimum [Member] | Buildings [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 5 years | ||
Minimum [Member] | Computer Equipment and Software [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 5 years | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 25 years | ||
Maximum [Member] | Buildings [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 12 years | ||
Maximum [Member] | Computer Equipment and Software [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated useful life of related assets | 10 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 11, 2014 | Mar. 31, 2014 | Jan. 25, 2013 | Dec. 10, 2012 | Jul. 30, 2012 | Jul. 27, 2012 | Nov. 20, 2014 | |
Business Acquisition [Line Items] | ||||||||||
Amortization of intangible assets | $58,426,000 | $50,803,000 | $22,792,000 | |||||||
Cost of sales | 1,488,816,000 | 1,364,764,000 | 1,274,142,000 | |||||||
Prosoft Technology, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | 104,100,000 | |||||||||
Fair value of acquired receivables | 5,600,000 | |||||||||
Acquired receivable, gross contractual amount | 6,200,000 | |||||||||
Amount of acquired receivables not expected to be collected | 600,000 | |||||||||
Goodwill acquired | 56,200,000 | |||||||||
Period for deducting goodwill for tax purposes | 15 years | |||||||||
Post acquisition revenues | 31,700,000 | |||||||||
Post acquisition income (loss) from continuing operations | -2,500,000 | |||||||||
Amortization of intangible assets | 2,400,000 | |||||||||
Prosoft Technology, Inc. [Member] | Inventories - Obsolescence and Other Valuation Allowances [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cost of sales | 1,400,000 | |||||||||
Grass Valley [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | 218,200,000 | |||||||||
Fair value of acquired receivables | 68,800,000 | |||||||||
Acquired receivable, gross contractual amount | 77,900,000 | |||||||||
Amount of acquired receivables not expected to be collected | 9,100,000 | |||||||||
Goodwill acquired | 119,600,000 | |||||||||
Period for deducting goodwill for tax purposes | 15 years | |||||||||
Post acquisition revenues | 196,200,000 | |||||||||
Post acquisition income (loss) from continuing operations | -58,500,000 | |||||||||
Amortization of intangible assets | 8,600,000 | |||||||||
Grass Valley [Member] | Inventories - Obsolescence and Other Valuation Allowances [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cost of sales | 6,900,000 | |||||||||
Softel Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition price | 9,100,000 | |||||||||
PPC Broadband, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | 522,400,000 | |||||||||
Fair value of acquired receivables | 26,600,000 | |||||||||
Acquired receivable, gross contractual amount | 27,700,000 | |||||||||
Amount of acquired receivables not expected to be collected | 1,100,000 | |||||||||
Goodwill acquired | 277,100,000 | |||||||||
Miranda Technologies Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 2.63% | 97.37% | ||||||||
Acquisition price | 9,900,000 | 364,800,000 | ||||||||
Fair value of acquired receivables | 27,600,000 | |||||||||
Acquired receivable, gross contractual amount | 28,300,000 | |||||||||
Amount of acquired receivables not expected to be collected | 700,000 | |||||||||
Coast Wire and Plastic Tech, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | 36,000,000 | |||||||||
Grass Valley and Prosoft [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Inventory cost step-up, pro forma disclosure | 8,300,000 | |||||||||
Amortization of intangible assets, pro forma disclosure | 1,700,000 | |||||||||
Transaction costs, pro forma disclosure | $1,600,000 |
Acquisitions_Fair_Value_of_Ass
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 11, 2014 | Mar. 31, 2014 | Dec. 10, 2012 | Jul. 27, 2012 |
In Thousands, unless otherwise specified | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $943,374 | $773,048 | $778,708 | ||||
Prosoft Technology, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 2,517 | ||||||
Receivables | 5,559 | ||||||
Inventories | 3,624 | ||||||
Other current assets | 240 | ||||||
Property, plant and equipment | 1,076 | ||||||
Goodwill | 56,193 | ||||||
Intangible assets | 40,800 | ||||||
Other non-current assets | 622 | ||||||
Total assets | 110,631 | ||||||
Accounts payable | 2,851 | ||||||
Accrued liabilities | 2,545 | ||||||
Other long-term / non-current liabilities | 1,132 | ||||||
Total liabilities | 6,528 | ||||||
Net assets | 104,103 | ||||||
Grass Valley [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 9,441 | ||||||
Receivables | 68,766 | ||||||
Inventories | 19,984 | ||||||
Deferred taxes | 1,355 | ||||||
Other current assets | 4,172 | ||||||
Property, plant and equipment | 22,661 | ||||||
Goodwill | 119,589 | ||||||
Intangible assets | 95,500 | ||||||
Other non-current assets | 17,108 | ||||||
Total assets | 358,576 | ||||||
Accounts payable | 51,276 | ||||||
Accrued liabilities | 57,374 | ||||||
Deferred revenue | 14,000 | ||||||
Postretirement benefits | 16,538 | ||||||
Other long-term / non-current liabilities | 1,199 | ||||||
Total liabilities | 140,387 | ||||||
Net assets | 218,189 | ||||||
PPC Broadband, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 6,874 | ||||||
Receivables | 26,612 | ||||||
Inventories | 45,465 | ||||||
Other current assets | 868 | ||||||
Property, plant and equipment | 26,856 | ||||||
Goodwill | 277,091 | ||||||
Intangible assets | 164,500 | ||||||
Other non-current assets | 1,308 | ||||||
Total assets | 549,574 | ||||||
Accounts payable | 22,499 | ||||||
Accrued liabilities | 4,104 | ||||||
Other long-term / non-current liabilities | 579 | ||||||
Total liabilities | 27,182 | ||||||
Net assets | 522,392 | ||||||
Miranda Technologies Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 33,324 | ||||||
Receivables | 27,592 | ||||||
Inventories | 31,109 | ||||||
Other current assets | 1,924 | ||||||
Property, plant and equipment | 23,930 | ||||||
Goodwill | 161,206 | ||||||
Intangible assets | 159,991 | ||||||
Total assets | 439,076 | ||||||
Accounts payable | 23,917 | ||||||
Accrued liabilities | 5,730 | ||||||
Current deferred tax liabilities | 844 | ||||||
Other long-term / non-current liabilities | 8,699 | ||||||
Non-current deferred tax liabilities | 25,207 | ||||||
Total liabilities | 64,397 | ||||||
Net assets | $374,679 |
Acquisitions_Intangible_Assets
Acquisitions - Intangible Assets Related to Acquisition (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 11, 2014 | Mar. 31, 2014 | Dec. 10, 2012 | Jul. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Goodwill | 943,374 | $773,048 | $778,708 | ||||
Developed Technologies [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Weighted average amortization period | 4 years 8 months 12 days | ||||||
Customer Relationships [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Weighted average amortization period | 19 years 7 months 6 days | ||||||
Trademarks [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Weighted average amortization period | 5 years | ||||||
Prosoft Technology, Inc. [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 40,800 | ||||||
Goodwill | 56,193 | ||||||
Intangible assets not subject to amortization | 56,193 | ||||||
Total intangible assets | 96,993 | ||||||
Weighted average amortization period | 14 years 9 months 18 days | ||||||
Prosoft Technology, Inc. [Member] | Developed Technologies [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 9,000 | ||||||
Weighted average amortization period | 5 years | ||||||
Prosoft Technology, Inc. [Member] | Customer Relationships [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 26,600 | ||||||
Weighted average amortization period | 20 years | ||||||
Prosoft Technology, Inc. [Member] | Backlog [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 200 | ||||||
Weighted average amortization period | 3 months 18 days | ||||||
Prosoft Technology, Inc. [Member] | Trademarks [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 5,000 | ||||||
Weighted average amortization period | 5 years | ||||||
Grass Valley [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 65,500 | ||||||
Goodwill | 119,589 | ||||||
Intangible assets not subject to amortization | 149,589 | ||||||
Total intangible assets | 215,089 | ||||||
Weighted average amortization period | 9 years | ||||||
Grass Valley [Member] | In-Process/Service Research and Development [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 8,000 | ||||||
Grass Valley [Member] | Trademarks [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 22,000 | ||||||
Grass Valley [Member] | Developed Technologies [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 37,000 | ||||||
Weighted average amortization period | 5 years | ||||||
Grass Valley [Member] | Customer Relationships [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 27,000 | ||||||
Weighted average amortization period | 15 years | ||||||
Grass Valley [Member] | Backlog [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 1,500 | ||||||
Weighted average amortization period | 3 months 18 days | ||||||
PPC Broadband, Inc. [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 132,500 | ||||||
Goodwill | 277,091 | ||||||
Intangible assets not subject to amortization | 309,091 | ||||||
Total intangible assets | 441,591 | ||||||
Weighted average amortization period | 11 years 2 months 12 days | ||||||
PPC Broadband, Inc. [Member] | In-Process/Service Research and Development [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 5,000 | ||||||
PPC Broadband, Inc. [Member] | Trademarks [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 27,000 | ||||||
PPC Broadband, Inc. [Member] | Developed Technologies [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 76,000 | ||||||
Weighted average amortization period | 5 years | ||||||
PPC Broadband, Inc. [Member] | Customer Relationships [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 55,000 | ||||||
Weighted average amortization period | 20 years | ||||||
PPC Broadband, Inc. [Member] | Backlog [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 1,500 | ||||||
Weighted average amortization period | 6 months | ||||||
Miranda Technologies Inc. [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 117,524 | ||||||
Goodwill | 161,206 | ||||||
Intangible assets not subject to amortization | 203,673 | ||||||
Total intangible assets | 321,197 | ||||||
Weighted average amortization period | 9 years 10 months 24 days | ||||||
Miranda Technologies Inc. [Member] | In-Process/Service Research and Development [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 6,913 | ||||||
Miranda Technologies Inc. [Member] | Trademarks [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets not subject to amortization | 35,554 | ||||||
Miranda Technologies Inc. [Member] | Developed Technologies [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 69,132 | ||||||
Weighted average amortization period | 4 years | ||||||
Miranda Technologies Inc. [Member] | Customer Relationships [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | 44,442 | ||||||
Weighted average amortization period | 20 years | ||||||
Miranda Technologies Inc. [Member] | Backlog [Member] | |||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||
Intangible assets subject to amortization | $3,950 | ||||||
Weighted average amortization period | 1 year |
Acquisitions_Pro_Forma_Effect_
Acquisitions - Pro Forma Effect on Operating Results (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Grass Valley and Prosoft [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | $2,401,200 | $2,420,099 | |
Income from continuing operations | 67,956 | 66,874 | |
Diluted income per share from continuing operations | $1.54 | $1.49 | |
PPC Broadband and Miranda Technologies [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 2,163,302 | ||
Income from continuing operations | $78,827 | ||
Diluted income per share from continuing operations | $1.72 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
Mar. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain/(Loss) on disposal of discontinued operations, net of tax | ($562,000) | ($562,000) | $134,480,000 | |||
Income tax expense for discontinued operations | -900,000 | 1,400,000 | 78,700,000 | |||
Receivable, net | 379,777,000 | 304,204,000 | ||||
Partial settlement received from escrow | 4,200,000 | |||||
Income/(Loss) from Discontinued Operations, before tax | 25,459,000 | |||||
Thermax and Raydex [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Amount received in cash from the sales of business units | 265,600,000 | |||||
Gain/(Loss) on disposal of discontinued operations, before tax | -900,000 | 211,600,000 | ||||
Gain/(Loss) on disposal of discontinued operations, net of tax | -600,000 | 124,700,000 | ||||
Income tax expense for discontinued operations | -1,400,000 | |||||
Income/(Loss) from Discontinued Operations, before tax | 21,479,000 | |||||
Trapeze [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Amount received in cash from the sales of business units | 136,900,000 | |||||
Gain/(Loss) on disposal of discontinued operations, before tax | 88,300,000 | |||||
Gain/(Loss) on disposal of discontinued operations, net of tax | 600,000 | 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 | 3,800,000 | |||||
Communications cable operation in Phoenix, Arizona [Member] | Uncertain tax positions liability [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain/(Loss) on disposal of discontinued operations, net of tax | 14,100,000 | |||||
Communications cable operation in Phoenix, Arizona [Member] | Uncertain tax positions liability [Member] | Reversal of accrued interest and penalties [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income/(Loss) from Discontinued Operations, before tax | 4,000,000 | |||||
Income/(Loss) from Discontinued Operations, net of tax | $2,600,000 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Operating Results from Discontinued Operations (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenues | $95,668 |
Income before Taxes | 25,459 |
Thermax and Raydex [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenues | 95,668 |
Income before Taxes | 21,479 |
Phoenix Communications [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenues | |
Income before Taxes | $3,980 |
Operating_Segments_and_Geograp2
Operating Segments and Geographic Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of global business platforms | 4 | ||
Anixter International Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues generated from sales | $290,500,000 | $289,900,000 | $300,400,000 |
Percent of revenues | 13.00% | 14.00% | 16.00% |
Accounts receivable outstanding | $37,900,000 | ||
Total accounts receivable outstanding | 10.00% |
Operating_Segments_and_Geograp3
Operating Segments and Geographic Information - Operating Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | $608,910 | $610,774 | $600,891 | $487,690 | $509,751 | $522,478 | $529,491 | $507,473 | $2,308,265 | $2,069,193 | $1,840,739 |
Depreciation and amortization | -102,162 | -94,451 | -59,355 | ||||||||
Operating income | 43,271 | 58,011 | 12,326 | 49,511 | 49,174 | 53,935 | 53,913 | 44,240 | 163,119 | 201,262 | 108,497 |
Total assets | 3,262,827 | 2,751,753 | 3,262,827 | 2,751,753 | 2,584,583 | ||||||
Acquisition of property, plant and equipment | 45,459 | 40,209 | 41,010 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 2,308,265 | 2,069,193 | 1,840,739 | ||||||||
Affiliate revenues | 12,829 | 12,865 | 8,573 | ||||||||
Total revenues | 2,321,094 | 2,082,058 | 1,849,312 | ||||||||
Depreciation and amortization | -102,162 | -94,451 | -57,887 | ||||||||
Asset impairment and loss on sale of assets | -33,676 | ||||||||||
Operating income | 163,046 | 196,132 | 100,932 | ||||||||
Total assets | 960,782 | 833,585 | 960,782 | 833,585 | 825,123 | ||||||
Acquisition of property, plant and equipment | 42,442 | 38,791 | 39,879 | ||||||||
Reportable Segment [Member] | Broadcast Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 916,632 | 663,900 | 356,320 | ||||||||
Affiliate revenues | 1,381 | 933 | 691 | ||||||||
Total revenues | 918,013 | 664,833 | 357,011 | ||||||||
Depreciation and amortization | -67,372 | -64,420 | -23,184 | ||||||||
Operating income | 4,093 | 15,099 | -11,657 | ||||||||
Total assets | 430,991 | 294,454 | 430,991 | 294,454 | 272,520 | ||||||
Acquisition of property, plant and equipment | 17,912 | 10,526 | 8,844 | ||||||||
Reportable Segment [Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 455,795 | 493,129 | 496,857 | ||||||||
Affiliate revenues | 8,467 | 9,823 | 6,467 | ||||||||
Total revenues | 464,262 | 502,952 | 503,324 | ||||||||
Depreciation and amortization | -14,331 | -12,988 | -16,057 | ||||||||
Asset impairment and loss on sale of assets | -1,468 | ||||||||||
Operating income | 47,715 | 48,753 | 40,056 | ||||||||
Total assets | 206,377 | 223,073 | 206,377 | 223,073 | 234,882 | ||||||
Acquisition of property, plant and equipment | 12,574 | 11,749 | 13,013 | ||||||||
Reportable Segment [Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 682,374 | 680,643 | 670,112 | ||||||||
Affiliate revenues | 2,927 | 1,901 | 1,129 | ||||||||
Total revenues | 685,301 | 682,544 | 671,241 | ||||||||
Depreciation and amortization | -12,318 | -11,408 | -10,970 | ||||||||
Asset impairment and loss on sale of assets | -2,435 | ||||||||||
Operating income | 80,435 | 92,562 | 72,366 | ||||||||
Total assets | 255,997 | 259,400 | 255,997 | 259,400 | 263,293 | ||||||
Acquisition of property, plant and equipment | 10,053 | 14,496 | 13,077 | ||||||||
Reportable Segment [Member] | Industrial IT Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 253,464 | 231,521 | 219,679 | ||||||||
Affiliate revenues | 54 | 208 | 286 | ||||||||
Total revenues | 253,518 | 231,729 | 219,965 | ||||||||
Depreciation and amortization | -8,141 | -5,635 | -4,848 | ||||||||
Operating income | 30,803 | 38,440 | 32,807 | ||||||||
Total assets | 67,417 | 56,658 | 67,417 | 56,658 | 54,428 | ||||||
Acquisition of property, plant and equipment | 1,903 | 2,020 | 4,597 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External customer revenues | 0 | 97,771 | |||||||||
Affiliate revenues | 0 | ||||||||||
Total revenues | 0 | 97,771 | |||||||||
Depreciation and amortization | 0 | -2,828 | |||||||||
Asset impairment and loss on sale of assets | 0 | -29,773 | |||||||||
Operating income | 0 | 1,278 | -32,640 | ||||||||
Total assets | 0 | 0 | |||||||||
Acquisition of property, plant and equipment | $0 | $348 |
Operating_Segments_and_Geograp4
Operating Segments and Geographic Information - Reconciliation of Total Reportable Segments' Net Income to Consolidated Income (Loss) from Continuing Operations Before Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income from equity method investment | $3,955 | $8,922 | $9,704 | ||||||||
Total operating income | 43,271 | 58,011 | 12,326 | 49,511 | 49,174 | 53,935 | 53,913 | 44,240 | 163,119 | 201,262 | 108,497 |
Interest expense | -82,156 | -73,095 | -52,038 | ||||||||
Interest income | 583 | 494 | 1,033 | ||||||||
Loss on debt extinguishment | -1,600 | -1,612 | -52,450 | ||||||||
Income tax benefit (expense) | -7,114 | -22,315 | 38,194 | ||||||||
Income from continuing operations | 15,414 | 33,847 | 15 | 25,156 | 23,929 | 29,068 | 29,492 | 22,245 | 74,432 | 104,734 | 43,236 |
Income (loss) from discontinued operations, net of tax | 579 | -1,421 | 579 | -1,421 | 16,774 | ||||||
Gain (loss) from disposal of discontinued operations, net of tax | -562 | -562 | 134,480 | ||||||||
Net income | 15,993 | 33,847 | 15 | 24,594 | 22,508 | 29,068 | 29,492 | 22,245 | 74,449 | 103,313 | 194,490 |
Reportable Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total operating income | 163,046 | 196,132 | 100,932 | ||||||||
Eliminations [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total operating income | ($3,882) | ($3,792) | ($2,139) |
Operating_Segments_and_Geograp5
Operating Segments and Geographic Information - Reconciliations of Other Segment Measures to Consolidated Totals (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | $3,262,827 | $2,751,753 | $2,584,583 | |
Cash and cash equivalents | 741,162 | 613,304 | 395,095 | 382,552 |
Goodwill | 943,374 | 773,048 | 778,708 | |
Intangible assets, less accumulated amortization | 461,292 | 376,976 | 428,273 | |
Deferred income taxes | 62,809 | 54,801 | 66,855 | |
Income tax receivable | 4,953 | 12,169 | 8,432 | |
Total acquisition of property, plant and equipment | 45,459 | 40,209 | 41,010 | |
Total depreciation and amortization | -102,162 | -94,451 | -59,355 | |
Discontinued operations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total acquisition of property, plant and equipment | 795 | |||
Total depreciation and amortization | -1,468 | |||
Reportable Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | 960,782 | 833,585 | 825,123 | |
Total acquisition of property, plant and equipment | 42,442 | 38,791 | 39,879 | |
Total depreciation and amortization | -102,162 | -94,451 | -57,887 | |
Corporate assets [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | 88,455 | 87,870 | 82,097 | |
Total acquisition of property, plant and equipment | $3,017 | $1,418 | $336 |
Operating_Segments_and_Geograp6
Operating Segments and Geographic Information - Schedule of Revenues from External Customers and Long-Lived Assets Based on Physical Location (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $608,910 | $610,774 | $600,891 | $487,690 | $509,751 | $522,478 | $529,491 | $507,473 | $2,308,265 | $2,069,193 | $1,840,739 |
Percent of total revenues | 100.00% | 100.00% | 100.00% | ||||||||
Long-lived assets | 403,359 | 380,197 | 403,359 | 380,197 | 371,050 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,134,721 | 1,032,190 | 825,437 | ||||||||
Percent of total revenues | 49.00% | 50.00% | 45.00% | ||||||||
Long-lived assets | 191,728 | 170,813 | 191,728 | 170,813 | 164,619 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 194,149 | 195,387 | 196,761 | ||||||||
Percent of total revenues | 8.00% | 9.00% | 11.00% | ||||||||
Long-lived assets | 29,773 | 27,458 | 29,773 | 27,458 | 31,610 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 132,330 | 126,461 | 193,082 | ||||||||
Percent of total revenues | 6.00% | 6.00% | 10.00% | ||||||||
Long-lived assets | 70,574 | 76,949 | 70,574 | 76,949 | 72,556 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 120,297 | 108,745 | 105,377 | ||||||||
Percent of total revenues | 5.00% | 5.00% | 6.00% | ||||||||
Long-lived assets | 40,557 | 45,702 | 40,557 | 45,702 | 42,411 | ||||||
All Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 726,768 | 606,410 | 520,082 | ||||||||
Percent of total revenues | 32.00% | 30.00% | 28.00% | ||||||||
Long-lived assets | $70,727 | $59,275 | $70,727 | $59,275 | $59,854 |
Equity_Method_Investment_Addit
Equity Method Investment - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Sales | $608,910,000 | $610,774,000 | $600,891,000 | $487,690,000 | $509,751,000 | $522,478,000 | $529,491,000 | $507,473,000 | $2,308,265,000 | $2,069,193,000 | $1,840,739,000 |
Receivables | 379,777,000 | 304,204,000 | 379,777,000 | 304,204,000 | |||||||
Hirschmann JV [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage | 50.00% | 50.00% | |||||||||
Carrying value recorded in other long-lived assets | 33,400,000 | 38,300,000 | 33,400,000 | 38,300,000 | |||||||
Sales | 2,600,000 | 3,600,000 | 5,700,000 | ||||||||
Dividend received from the Hirschmann JV | 5,700,000 | 8,100,000 | 12,500,000 | ||||||||
Receivables | $500,000 | $300,000 | $500,000 | $300,000 |
Equity_Method_Investment_Summa
Equity Method Investment - Summary Financial Information for Hirschmann JV (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Net income attributable to Belden | $3,955 | $8,922 | $9,704 |
Hirschmann JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 44,679 | 49,408 | 46,042 |
Noncurrent assets | 3,320 | 3,801 | 4,107 |
Current liabilities | 19,847 | 21,524 | 13,132 |
Noncurrent liabilities | 409 | 447 | 207 |
Revenues | 34,322 | 41,257 | 56,564 |
Gross profit | 17,235 | 27,332 | 29,067 |
Operating income | 9,147 | 19,821 | 22,317 |
Net income | 7,910 | 17,844 | 19,408 |
Net income attributable to Belden | $3,955 | $8,922 | $9,704 |
Income_per_Share_Basis_for_Inc
Income per Share - Basis for Income per Share Computations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $15,414 | $33,847 | $15 | $25,156 | $23,929 | $29,068 | $29,492 | $22,245 | $74,432 | $104,734 | $43,236 |
Income (loss) from discontinued operations, net of tax | 579 | -1,421 | 579 | -1,421 | 16,774 | ||||||
Gain (loss) from disposal of discontinued operations, net of tax | -562 | -562 | 134,480 | ||||||||
Net income | $15,993 | $33,847 | $15 | $24,594 | $22,508 | $29,068 | $29,492 | $22,245 | $74,449 | $103,313 | $194,490 |
Weighted average shares outstanding, basic | 43,273 | 43,871 | 45,097 | ||||||||
Effect of dilutive common stock equivalents | 724 | 866 | 845 | ||||||||
Weighted average shares outstanding, diluted | 43,997 | 44,737 | 45,942 |
Income_per_Share_Additional_In
Income per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Diluted weighted average shares outstanding do not include outstanding equity awards | 0.2 | 0.2 | 0.9 |
Inventories_Major_Classes_of_I
Inventories - Major Classes of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $105,134 | $85,379 |
Work-in-process | 31,611 | 34,671 |
Finished goods | 121,655 | 107,091 |
Perishable tooling and supplies | 1,821 | 2,156 |
Gross inventories | 260,221 | 229,297 |
Excess and obsolete reserves | -31,823 | -21,317 |
Net inventories | $228,398 | $207,980 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Carrying Values of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $766,228 | $727,774 |
Accumulated depreciation | -449,843 | -426,939 |
Net property, plant and equipment | 316,385 | 300,835 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 31,879 | 34,846 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 131,534 | 124,688 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 472,543 | 441,933 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 96,546 | 89,919 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $33,726 | $36,388 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | $1,884,000 | $3,169,000 | $9,575,000 |
Impairment loss recognized | 0 | 0 | 29,800,000 |
Depreciation expense | 43,700,000 | 43,600,000 | 35,100,000 |
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 | ||
Real Estate [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment losses | 1,500,000 | ||
Manufacturing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment losses | 1,400,000 | ||
Other Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment losses | 1,000,000 | ||
Trademarks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss recognized | 5,200,000 | ||
Broadcast Solutions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | 1,900,000 | 1,000,000 | |
Gain (loss) recognized on the sale | 0 | -300,000 | |
Enterprise Connectivity Solutions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | 2,100,000 | 800,000 | |
Gain (loss) recognized on the sale | 0 | 0 | |
Impairment losses | 1,500,000 | ||
All Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | 40,000,000 | ||
Gain (loss) on the sale of assets | 1,300,000 | -29,800,000 | |
Industrial Connectivity Solutions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | 8,600,000 | ||
Gain (loss) recognized on the sale | 0 | ||
Impairment losses | $2,400,000 |
Intangible_Assets_Carrying_Val
Intangible Assets - Carrying Value of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $626,836 | $491,768 | |
Finite-lived intangible assets, Gross Carrying Amount | 515,115 | 394,762 | |
Finite-lived intangible assets, Accumulated amortization | -165,544 | -114,792 | |
Intangible assets, Net carrying amount | 461,292 | 376,976 | 428,273 |
Finite-lived intangible assets, Net carrying amount | 349,571 | 279,970 | |
Goodwill, Gross carrying amount | 943,374 | 773,048 | |
Goodwill, Accumulated amortization | 0 | 0 | |
Goodwill, Net carrying amount | 943,374 | 773,048 | 778,708 |
Indefinite-Lived Trademarks Not Subject to Amortization [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying amount | 111,721 | 97,006 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 111,721 | 97,006 | |
Trademarks [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 19,438 | 7,151 | |
Finite-lived intangible assets, Accumulated amortization | -3,687 | -1,033 | |
Finite-lived intangible assets, Net carrying amount | 15,751 | 6,118 | |
Trademarks [Member] | Indefinite-Lived Trademarks Not Subject to Amortization [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying amount | 103,040 | 92,010 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 103,040 | 92,010 | |
In-Process/Service Research and Development [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 10,340 | 6,549 | |
Finite-lived intangible assets, Accumulated amortization | -2,777 | -1,124 | |
Finite-lived intangible assets, Net carrying amount | 7,563 | 5,425 | |
In-Process/Service Research and Development [Member] | Indefinite-Lived Trademarks Not Subject to Amortization [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying amount | 8,681 | 4,996 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 8,681 | 4,996 | |
Customer Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 261,914 | 198,522 | |
Finite-lived intangible assets, Accumulated amortization | -46,457 | -35,981 | |
Finite-lived intangible assets, Net carrying amount | 215,457 | 162,541 | |
Developed Technology [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 213,017 | 174,106 | |
Finite-lived intangible assets, Accumulated amortization | -102,996 | -68,233 | |
Finite-lived intangible assets, Net carrying amount | 110,021 | 105,873 | |
Backlog [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 10,406 | 8,434 | |
Finite-lived intangible assets, Accumulated amortization | -9,627 | -8,421 | |
Finite-lived intangible assets, Net carrying amount | $779 | $13 |
Intangible_Assets_Changes_in_C
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $773,048 | $778,708 |
Acquisitions and purchase accounting adjustments | 192,554 | 4,986 |
Translation impact | -22,228 | -10,646 |
Goodwill, Ending Balance | 943,374 | 773,048 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 690,578 | |
Reassignment of goodwill | -690,578 | |
EMEA [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 70,328 | |
Reassignment of goodwill | -70,328 | |
Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 17,802 | |
Reassignment of goodwill | -17,802 | |
Broadcast Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 466,375 | |
Reassignment of goodwill | 473,029 | |
Acquisitions and purchase accounting adjustments | 119,918 | 4,986 |
Translation impact | -12,789 | -11,640 |
Goodwill, Ending Balance | 573,504 | 466,375 |
Enterprise Connectivity Solutions [Member] | ||
Goodwill [Line Items] | ||
Reassignment of goodwill | 50,136 | |
Goodwill, Ending Balance | 50,136 | 50,136 |
Industrial Connectivity Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 187,975 | |
Reassignment of goodwill | 188,201 | |
Acquisitions and purchase accounting adjustments | 16,442 | |
Translation impact | -4,364 | -226 |
Goodwill, Ending Balance | 200,053 | 187,975 |
Industrial IT Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 68,562 | |
Reassignment of goodwill | 67,342 | |
Acquisitions and purchase accounting adjustments | 56,194 | |
Translation impact | -5,075 | 1,220 |
Goodwill, Ending Balance | $119,681 | $68,562 |
Intangible_Assets_Changes_in_C1
Intangible Assets - Changes in Carrying Amount of Trademarks (Detail) (Trademarks [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | $92,010 | $103,347 |
Reclassify to definite-lived | -6,600 | -6,777 |
Acquisitions and purchase accounting adjustments | 22,000 | -4,918 |
Translation impact | -4,370 | 358 |
Trademarks, Ending Balance | 103,040 | 92,010 |
Broadcast Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 70,127 | 80,310 |
Reclassify to definite-lived | -2,700 | -5,424 |
Acquisitions and purchase accounting adjustments | 22,000 | -4,918 |
Translation impact | -2,244 | 159 |
Trademarks, Ending Balance | 87,183 | 70,127 |
Enterprise Connectivity Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 1,299 | |
Reclassify to definite-lived | -1,353 | |
Translation impact | 54 | |
Industrial Connectivity Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 12,193 | 12,279 |
Translation impact | -1,449 | -86 |
Trademarks, Ending Balance | 10,744 | 12,193 |
Industrial IT Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 9,690 | 9,459 |
Reclassify to definite-lived | -3,900 | |
Translation impact | -677 | 231 |
Trademarks, Ending Balance | $5,113 | $9,690 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reporting_Unit | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill impairment charges | $0 | $0 | $0 |
Number of reporting units identified for quantitative assessment | 3 | ||
Number of units identified for qualitative assessment | 6 | ||
Recognized amortization expenses | 58,426,000 | 50,803,000 | 22,792,000 |
Estimated amortization expense in 2015 | 62,500,000 | ||
Estimated amortization expense in 2016 | 55,400,000 | ||
Estimated amortization expense in 2017 | 44,500,000 | ||
Estimated amortization expense in 2018 | 29,100,000 | ||
Estimated amortization expense in 2019 | 20,500,000 | ||
All Other [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Gain (loss) on the sale of the consumer electronics assets | 1,300,000 | -29,800,000 | |
Customer Relationships [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment charges | 6,800,000 | ||
Weighted-average amortization period | 19 years 7 months 6 days | ||
Customer Relationships [Member] | All Other [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment charges | 6,800,000 | ||
Trademarks [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment charges | 0 | 0 | |
Weighted-average amortization period | 5 years | ||
Trademarks [Member] | All Other [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment charges | $5,200,000 | ||
Developed Technologies [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 4 years 8 months 12 days | ||
In-Process/Service Research and Development [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 4 years 4 months 24 days |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities - Carrying Value of Accounts Payable and Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accounts payable | $272,439 | $199,897 |
Wages, severance and related taxes | 70,256 | 50,540 |
Current deferred revenue | 45,139 | 31,371 |
Accrued rebates | 31,506 | 34,317 |
Accrued interest | 26,741 | 22,479 |
Employee benefits | 25,158 | 17,697 |
Other (individual items less than 5% of total current liabilities) | 51,620 | 42,765 |
Accounts payable and accrued liabilities | $522,859 | $399,066 |
Accounts_Payable_and_Accrued_L3
Accounts Payable and Accrued Liabilities - Carrying Value of Accounts Payable and Accrued Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Payables and Accruals [Abstract] | |
Individual item in other accrued liabilities | Less than 5% of total current liabilities |
Accounts_Payable_and_Accrued_L4
Accounts Payable and Accrued Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Accounts payable due to bank | $14.70 | $16.10 |
Settlement of accounts payable outstanding | 1 year |
Severance_Restructuring_and_Ac2
Severance, Restructuring and Acquisition Integration Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Program | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | $22,000,000 | $9,200,000 | $38,200,000 | $1,400,000 | $5,400,000 | $5,900,000 | $7,700,000 | $800,000 | $70,827,000 | $14,900,000 | |
Number of significant programs | 2 | ||||||||||
Additional severance and other restructuring costs and accelerated depreciation expense | 21,000,000 | 21,000,000 | |||||||||
Cost of Sales [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 20,700,000 | 7,100,000 | 6,500,000 | ||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 46,500,000 | 6,500,000 | 10,000,000 | ||||||||
Research and Development [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 3,600,000 | 1,300,000 | 1,400,000 | ||||||||
Contract Termination Costs [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 5,200,000 | ||||||||||
Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 48,557,000 | 4,900,000 | |||||||||
Industrial IT Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 1,700,000 | 500,000 | |||||||||
Broadcast Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 12,100,000 | ||||||||||
Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | 3,318,000 | 3,200,000 | |||||||||
Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance and other restructuring cost | $11,953,000 | $9,200,000 |
Severance_Restructuring_and_Ac3
Severance, Restructuring and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | $22,000 | $9,200 | $38,200 | $1,400 | $5,400 | $5,900 | $7,700 | $800 | $70,827 | $14,900 | |
Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 48,557 | 4,900 | |||||||||
Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 3,318 | 3,200 | |||||||||
Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 11,953 | 9,200 | |||||||||
Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 6,999 | ||||||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 37,254 | ||||||||||
Employee Severance [Member] | Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 20,025 | ||||||||||
Employee Severance [Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 2,183 | ||||||||||
Employee Severance [Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 9,732 | ||||||||||
Employee Severance [Member] | Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 5,314 | ||||||||||
Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 33,573 | ||||||||||
Other Restructuring [Member] | Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 28,532 | ||||||||||
Other Restructuring [Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 1,135 | ||||||||||
Other Restructuring [Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 2,221 | ||||||||||
Other Restructuring [Member] | Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | $1,685 |
Severance_Restructuring_and_Ac4
Severance, Restructuring and Acquisition Integration Activities - Summary of Severance Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | |||||||||||
New charges | $22,000 | $9,200 | $38,200 | $1,400 | $5,400 | $5,900 | $7,700 | $800 | $70,827 | $14,900 | |
Employee Severance [Member] | Productivity Improvement Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Beginning balance | 7,997 | 8,671 | |||||||||
New charges | 3,048 | 2,575 | 10,507 | ||||||||
Cash payments | -2,244 | -1,171 | -1,774 | ||||||||
Foreign currency translation | -465 | -381 | -62 | ||||||||
Other adjustments | -1,195 | -1,697 | |||||||||
Ending balance | 7,141 | 7,997 | 8,671 | 7,141 | 8,671 | ||||||
Employee Severance [Member] | Grass Valley Integration [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Beginning balance | 7,812 | 12,113 | |||||||||
New charges | 1,761 | 1,536 | 16,528 | ||||||||
Cash payments | -4,699 | -3,746 | -4,497 | ||||||||
Foreign currency translation | -218 | -191 | 82 | ||||||||
Other adjustments | -1,900 | ||||||||||
Ending balance | $4,656 | $7,812 | $12,113 | $4,656 | $12,113 |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | $1,521,547 | $1,118,261 |
Total | 1,767,922 | 1,367,036 |
Less current maturities of Term Loan | -2,500 | -2,500 |
Long-term debt | 1,765,422 | 1,364,536 |
Revolving Credit Agreement Mature 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement | 0 | 0 |
Variable Term loan Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 246,375 | 248,775 |
5.25% Senior Subordinated Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | 200,000 | |
5.50% Senior subordinated notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | 616,326 | 413,040 |
5.50% Senior subordinated notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | 700,000 | 700,000 |
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) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revolving Credit Agreement Mature 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement, maturity | 2018 | |
Variable Term loan Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, maturity | 2020 | 2020 |
5.25% Senior Subordinated Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes maturity year | 2024 | 2024 |
Senior subordinated notes interest rate | 5.25% | 5.25% |
5.50% 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% |
5.50% 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% |
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) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2014 | Dec. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Revolving Credit Agreement Mature 2018 [Member] | Revolving Credit Agreement Mature 2018 [Member] | Revolving Credit Agreement Mature 2018 [Member] | Revolving Credit Agreement Mature 2018 [Member] | Variable Term loan Due 2020 [Member] | Variable Term loan Due 2020 [Member] | 5.25% Senior Subordinated Notes Due 2024 [Member] | 5.25% Senior Subordinated Notes Due 2024 [Member] | 5.25% Senior Subordinated Notes Due 2024 [Member] | 5.25% Senior Subordinated Notes Due 2024 [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] | 5.5% Senior Subordinated Notes Due 2022 [Member] | 9.25% Senior Subordinated Notes Due 2019 [Member] | 9.25% Senior Subordinated Notes Due 2019 [Member] | Senior Subordinated Notes Due 2017 [Member] | Senior Subordinated Notes Due 2019 [Member] | |
Revolving Credit Facility [Member] | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | |||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Borrowing under line of credit facility | $0 | $400,000,000 | ||||||||||||||||||||||||
Revolving credit agreement, maturity | 2018 | |||||||||||||||||||||||||
Line of credit borrowing base | 334,700,000 | |||||||||||||||||||||||||
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 | 13,700,000 | 10,700,000 | 17,376,000 | 15,414,000 | 9,300,000 | 3,900,000 | 4,200,000 | 12,200,000 | ||||||||||||||||||
Amount borrowed under revolving credit facility | 200,000,000 | 0 | 0 | |||||||||||||||||||||||
Term Loan | 250,000,000 | |||||||||||||||||||||||||
Term Loan, maturity year | 2020 | 2020 | ||||||||||||||||||||||||
Frequency of interest payments | Quarterly amortization payments | Semiannually | Semiannually | Semiannually | Semiannually | |||||||||||||||||||||
Quarterly amortization payments | 600,000 | |||||||||||||||||||||||||
Effective interest rate of senior subordinated notes | 3.25% | 9.75% | ||||||||||||||||||||||||
Aggregate principal amount outstanding of senior subordinated notes | 1,118,300,000 | 1,521,500,000 | 1,118,300,000 | 200,000,000 | 247,500,000 | 200,000,000 | 388,200,000 | 300,000,000 | 700,000,000 | 5,200,000 | ||||||||||||||||
Senior subordinated notes interest rate | 5.25% | 5.25% | 5.25% | 5.50% | 5.50% | 9.25% | 9.25% | |||||||||||||||||||
Senior subordinated notes due date | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2022 | 2019 | 2019 | |||||||||||||||||
Senior Subordinated Notes maturing 2019; description of priority | The 2024 Notes rank equal in right of payment with our senior subordinated notes due 2023, 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. | The 2023 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 2024, 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. | The 2022 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The 2022 Notes rank equal in right of payment with our senior subordinated notes due 2024, 2023, 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. | The notes rank equal in right of payment with our senior subordinated notes due 2022, 2023, and 2024, 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. | ||||||||||||||||||||||
Senior Subordinated Notes maturing 2019; description of priority | The 2024 Notes rank equal in right of payment with our senior subordinated notes due 2023, 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. | The 2023 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | The 2022 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | The 2019 notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | ||||||||||||||||||||||
Senior subordinated notes | 1,118,261,000 | 1,521,547,000 | 1,118,261,000 | 200,000,000 | 616,300,000 | 5,221,000 | 5,221,000 | |||||||||||||||||||
Repurchased senior subordinated notes | 350,000,000 | 194,800,000 | ||||||||||||||||||||||||
Cash consideration of senior subordinated notes | 363,100,000 | 226,700,000 | ||||||||||||||||||||||||
Senior subordinated notes due date | 2017 | 2019 | ||||||||||||||||||||||||
Loss on extinguishment of debt | -1,600,000 | -1,612,000 | -52,450,000 | |||||||||||||||||||||||
Fair value of debt instrument | $1,098,600,000 | $1,529,400,000 | $1,098,600,000 |
LongTerm_Debt_and_Other_Borrow5
Long-Term Debt and Other Borrowing Arrangements - Schedule of Senior Subordinated Notes (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Senior Subordinated Notes Due 2024 [Member] | 2019 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 102.63% |
Senior Subordinated Notes Due 2024 [Member] | 2020 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.75% |
Senior Subordinated Notes Due 2024 [Member] | 2021 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.88% |
Senior Subordinated Notes Due 2024 [Member] | 2022 and Thereafter [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
Senior Subordinated Notes Due 2023 [Member] | 2018 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 102.75% |
Senior Subordinated Notes Due 2023 [Member] | 2019 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.83% |
Senior Subordinated Notes Due 2023 [Member] | 2020 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.92% |
Senior Subordinated Notes Due 2023 [Member] | 2021 and Thereafter [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
Senior Subordinated Notes Due 2022 [Member] | 2017 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 102.75% |
Senior Subordinated Notes Due 2022 [Member] | 2018 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.83% |
Senior Subordinated Notes Due 2022 [Member] | 2019 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.92% |
Senior Subordinated Notes Due 2022 [Member] | 2020 and Thereafter [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
Senior Subordinated Notes Due 2019 [Member] | 2014 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 104.63% |
Senior Subordinated Notes Due 2019 [Member] | 2015 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 103.08% |
Senior Subordinated Notes Due 2019 [Member] | 2016 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.54% |
Senior Subordinated Notes Due 2019 [Member] | 2017 and Thereafter [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.00% |
LongTerm_Debt_and_Other_Borrow6
Long-Term Debt and Other Borrowing Arrangements - Maturities on Outstanding Long-Term Debt and Other Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $2,500 | |
2016 | 2,500 | |
2017 | 2,500 | |
2018 | 2,500 | |
2019 | 7,721 | |
Thereafter | 1,750,201 | |
Total | $1,767,922 | $1,367,036 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Pre-tax gain in Accumulated Other Comprehensive Income designated and qualified as net investment hedges | $4,000,000 | ||
Derivatives outstanding | 0 | 0 | |
Amounts reclassified from AOCI into earnings | 0 | ||
Proceeds upon the settlement of foreign currency forward contracts | $4,024,000 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) from continuing operations before taxes: | |||
United States operations | $14,042 | $31,678 | ($22,533) |
Foreign operations | 67,504 | 95,371 | 27,575 |
Income from continuing operations before taxes | 81,546 | 127,049 | 5,042 |
Currently payable | |||
United States federal | 6,701 | -4,493 | -6,945 |
United States state and local | 1,617 | -26 | -2,519 |
Foreign | 16,592 | 21,377 | 14,020 |
Income tax expense (benefit) | 24,910 | 16,858 | 4,556 |
Deferred | |||
United States federal | -9,662 | 3,575 | -22,660 |
United States state and local | -746 | 1,593 | -424 |
Foreign | -7,388 | 289 | -19,666 |
Deferred Income tax expense (benefit) | -17,796 | 5,457 | -42,750 |
Total income tax expense (benefit) | $7,114 | $22,315 | ($38,194) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Income tax expense (benefit) for discontinued operations | ($900,000) | $1,400,000 | $78,700,000 |
Statutory tax rates | 35.00% | 35.00% | 35.00% |
Income tax expense tax holiday | 2,000,000 | ||
Income tax holiday expire | 2022 | ||
Income from continuing operations before taxes | 81,546,000 | 127,049,000 | 5,042,000 |
Income tax expense (benefit) | 7,114,000 | 22,315,000 | -38,194,000 |
Tax benefit | 24,910,000 | 16,858,000 | 4,556,000 |
Income tax benefit due to reduction in valuation allowances | 9,500,000 | ||
Net operating loss carryforwards | 652,087,000 | ||
Net tax credit carryforwards | 57,000,000 | ||
Operating loss carryforwards that will be used in expiration periods | 137,400,000 | ||
Net tax credit carryforwards that will expire | 54,500,000 | ||
Net tax credit carry forwards with indefinite carry forward period | 2,500,000 | ||
Provision for U.S or additional foreign withholding taxes | 582,600,000 | ||
Net change in reserve for uncertain tax positions | -8,600,000 | ||
Balance at end of the year of unrecognized tax benefits | 10,057,000 | 18,639,000 | 17,377,000 |
Estimate the range of reasonably possible changes to unrecognized tax positions | 3,800,000 | ||
Recognized interest expense (income) and penalties of unrecognized tax benefits | -1,100,000 | 1,700,000 | 100,000 |
Accrued interest expense (income) and penalties of unrecognized tax benefits | 1,700,000 | 2,800,000 | |
2018 and 2020 [Member] | |||
Income Taxes [Line Items] | |||
Net tax credit carryforwards that will expire | 27,400,000 | ||
Expiration period of net tax credit carryforwards | 2018 and 2020 | ||
2023 and 2024 [Member] | |||
Income Taxes [Line Items] | |||
Net tax credit carryforwards that will expire | 3,400,000 | ||
Expiration period of net tax credit carryforwards | 2023 and 2024 | ||
2027 and 2034 [Member] | |||
Income Taxes [Line Items] | |||
Net tax credit carryforwards that will expire | 23,700,000 | ||
Expiration period of net tax credit carryforwards | 2027 and 2034 | ||
Net Operating Loss Carry Forwards Expires In 2014 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 22,500,000 | ||
Net Operating Loss Carry Forwards Expires In 2015 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 30,400,000 | ||
Net Operating Loss Carry Forwards Expires In 2016 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 13,100,000 | ||
Net Operating Loss Carry Forwards Expires Between 2017 and 2019 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 37,300,000 | ||
Net Operating Loss Carry Forwards Expires Between 2020 and 2034 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 188,000,000 | ||
Net Operating Loss Carry Forward Indefinite Period [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 360,800,000 | ||
Grass Valley [Member] | |||
Income Taxes [Line Items] | |||
Acquisition of deferred tax assets | 143,500,000 | ||
Valuation Allowance | 143,500,000 | ||
Valuation allowances for net operating losses | 4,300,000 | ||
Germany [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 28.00% | ||
Net operating loss carryforwards | 59,761,000 | ||
Canada [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 26.00% | ||
Netherlands [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 25.00% | ||
Net operating loss carryforwards | 73,828,000 | ||
Cooper Industries [Member] | |||
Income Taxes [Line Items] | |||
Final settlement amount | 30,000,000 | ||
Tax benefit | $21,000,000 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation from Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective income tax rate reconciliation from continuing operations: | |||
United States federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 0.80% | 1.50% | -10.70% |
Impact of change in deferred tax asset valuation allowance | 4.70% | -0.60% | -187.80% |
Impact of change in tax contingencies | -7.10% | 3.80% | 3.30% |
Impact of change in United States tax legislation | 0.00% | -3.30% | 0.00% |
Foreign income tax rate differences | -17.60% | -12.10% | -278.10% |
Federal and state impact of Cooper liability settlement | 0.00% | 0.00% | -416.50% |
Domestic permanent differences & tax credits | -7.10% | -6.70% | 97.30% |
Effective income tax rate reconciliation from continuing operations | 8.70% | 17.60% | -757.50% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Balances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax liabilities: | ||
Plant, equipment and intangibles | ($90,414) | ($97,229) |
Deferred income tax assets: | ||
Postretirement, pensions, and stock compensation | 34,656 | 27,592 |
Reserves and accruals | 44,809 | 33,788 |
Net operating loss and tax credit carryforwards | 217,902 | 88,307 |
Valuation allowances | -157,317 | -10,165 |
Deferred tax assets | 140,050 | 139,522 |
Net deferred income tax asset | $49,636 | $42,293 |
Income_Taxes_Summary_of_Net_Op
Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $652,087 |
France [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 272,351 |
United States [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 188,178 |
Netherlands [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 73,828 |
Germany [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 59,761 |
Japan [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 27,410 |
Australia [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 15,901 |
All Other [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $14,658 |
Income_Taxes_Summary_of_Tax_Cr
Income Taxes - Summary of Tax Credit Carryforwards (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $57,019 |
United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | 35,261 |
Canada [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $21,758 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $18,639 | $17,377 |
Additions based on tax positions related to the current year | 663 | 1,932 |
Additions for tax positions of prior years | 73 | 3,761 |
Reductions for tax positions of prior years - Settlement | -7,907 | -2,490 |
Reduction for tax positions of prior years - Statute of limitations | -1,411 | -1,941 |
Balance at end of year | $10,057 | $18,639 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution expense | $11.80 | $11.10 | $10.90 |
Accumulated benefit obligation | 296.4 | 254.5 | |
Project benefit obligation for the pension plans with an accumulated benefit obligation in excess of plan assets | 247.5 | 77 | |
Accumulated benefit obligation for the pension plans with an accumulated benefit obligation in excess of assets | 243.9 | 75.1 | |
Fair value of plan assets for the pension plans with an accumulated benefit obligations in excess of plan assets | 158.2 | 11.1 | |
Projected benefit obligation for the pension plans with an accumulated benefit less than plan assets | 52.8 | 181.4 | |
Accumulated benefit obligation for the pension plans with an accumulated benefit obligation less than plan assets | 52.5 | 179.4 | |
Fair value of plan assets for the pension plans with an accumulated benefit obligations less than plan assets | 58.5 | 187.2 | |
Target asset allocation for the investment of the assets in equity securities minimum | 20.00% | ||
Target asset allocation for the investment of the assets in equity securities maximum | 25.00% | ||
Target asset allocation for the investment of the assets in fixed income securities minimum | 75.00% | ||
Target asset allocation for the investment of the assets in fixed income securities maximum | 80.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation for the investment of the assets in fixed income securities | 30.00% | ||
Target asset allocation for the investment of the assets in equity securities | 60.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation for the investment of the assets in fixed income securities | 40.00% | ||
Target asset allocation for the investment of the assets in equity securities | 70.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement plans | 5.8 | ||
Other Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement plans | $2.20 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits - Change in Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | ($258,423) | ($263,876) | |
Service cost | -5,453 | -5,554 | -5,423 |
Interest cost | -10,757 | -9,310 | -10,510 |
Participant contributions | -109 | -105 | |
Plan amendments | 0 | -56 | |
Actuarial gain (loss) | -28,971 | 8,147 | |
Acquisitions | -25,283 | 0 | |
Curtailments | 359 | 0 | 0 |
Foreign currency exchange rate changes | 13,708 | -1,826 | |
Benefits paid | 14,590 | 14,157 | |
Benefit obligation, end of year | -300,339 | -258,423 | -263,876 |
Other Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | -46,614 | -51,772 | |
Service cost | -49 | -125 | -116 |
Interest cost | -1,647 | -1,910 | -2,077 |
Participant contributions | -7 | -11 | |
Plan amendments | 0 | 0 | |
Actuarial gain (loss) | 4,392 | 2,096 | |
Acquisitions | 0 | 0 | |
Curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 2,704 | 2,681 | |
Benefits paid | 2,052 | 2,427 | |
Benefit obligation, end of year | ($39,169) | ($46,614) | ($51,772) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits - Change in Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Change in plan assets: | ||
Fair value of plan assets, end of year | $216,754 | $198,367 |
Pension Benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 198,367 | 173,154 |
Actual return on plan assets | 20,223 | 29,416 |
Employer contributions | 7,992 | 10,035 |
Plan participant contributions | 109 | 105 |
Acquisitions | 9,360 | 0 |
Foreign currency exchange rate changes | -4,707 | -186 |
Benefits paid | -14,590 | -14,157 |
Fair value of plan assets, end of year | 216,754 | 198,367 |
Funded status, end of year | -83,585 | -60,056 |
Other Benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 2,045 | 2,416 |
Plan participant contributions | 7 | 11 |
Acquisitions | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Benefits paid | -2,052 | -2,427 |
Fair value of plan assets, end of year | 0 | 0 |
Funded status, end of year | ($39,169) | ($46,614) |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits - Amounts Recognized in Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amounts recognized in the balance sheets: | ||
Accrued benefit liability (noncurrent) | ($122,627) | ($105,924) |
Pension Benefits [Member] | ||
Amounts recognized in the balance sheets: | ||
Prepaid benefit cost | 5,689 | 5,797 |
Accrued benefit liability (current) | -3,628 | -3,878 |
Accrued benefit liability (noncurrent) | -85,646 | -61,975 |
Net funded status | -83,585 | -60,056 |
Other Benefits [Member] | ||
Amounts recognized in the balance sheets: | ||
Prepaid benefit cost | 0 | 0 |
Accrued benefit liability (current) | -2,188 | -2,665 |
Accrued benefit liability (noncurrent) | -36,981 | -43,949 |
Net funded status | ($39,169) | ($46,614) |
Pension_and_Other_Postretireme6
Pension and Other Postretirement - Components of Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $5,453 | $5,554 | $5,423 |
Interest cost | 10,757 | 9,310 | 10,510 |
Expected return on plan assets | -12,468 | -11,066 | -11,112 |
Amortization of prior service credit | -48 | -54 | -55 |
Curtailment gain | -359 | 0 | 0 |
Net loss recognition | 4,154 | 6,388 | 5,974 |
Net periodic benefit cost | 7,489 | 10,132 | 10,740 |
Other Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | 49 | 125 | 116 |
Interest cost | 1,647 | 1,910 | 2,077 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | -100 | -108 | -111 |
Curtailment gain | 0 | 0 | |
Net loss recognition | 315 | 932 | 842 |
Net periodic benefit cost | $1,911 | $2,859 | $2,924 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 3.20% | 4.10% |
Salary increase | 3.30% | 3.90% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 4.10% | 3.70% |
Salary increase | 3.90% | 3.90% |
Expected return on assets | 6.70% | 6.70% |
Other Benefits [Member] | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 3.70% | 4.40% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 4.40% | 4.30% |
Assumed health care cost trend rates: | ||
Health care cost trend rate assumed for next year | 5.50% | 7.30% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Year that the rate reaches the rate it is assumed to remain at | 2016 | 2020 |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits - Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Postemployment Benefits [Abstract] | |
Effect on total of service and interest cost components, 1% Increase | $142 |
Effect on postretirement benefit obligation, 1% Increase | 3,629 |
Effect on total of service and interest cost components, 1% Decrease | -118 |
Effect on postretirement benefit obligation, 1% Decrease | ($3,006) |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits - Fair Values of Pension Plan Assets by Asset Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | $216,754 | $198,367 |
Large-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 82,816 | 75,306 |
Mid-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 15,276 | 13,511 |
Small-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 19,952 | 19,473 |
Government Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 29,121 | 25,520 |
Corporate Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 27,485 | 21,679 |
Fixed Income Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 41,975 | 42,847 |
Cash & Equivalents [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 129 | 31 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 10,362 | 31 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Large-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 3,414 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mid-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 1,448 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Small-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 312 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 1,244 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 3,815 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash & Equivalents [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 129 | 31 |
Significant Observable Inputs (Level 2) [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 206,392 | 198,336 |
Significant Observable Inputs (Level 2) [Member] | Large-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 79,402 | 75,306 |
Significant Observable Inputs (Level 2) [Member] | Mid-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 13,828 | 13,511 |
Significant Observable Inputs (Level 2) [Member] | Small-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 19,640 | 19,473 |
Significant Observable Inputs (Level 2) [Member] | Government Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 27,877 | 25,520 |
Significant Observable Inputs (Level 2) [Member] | Corporate Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 23,670 | 21,679 |
Significant Observable Inputs (Level 2) [Member] | Fixed Income Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 41,975 | 42,847 |
Significant Observable Inputs (Level 2) [Member] | Cash & Equivalents [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Large-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Mid-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Small-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Government Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash & Equivalents [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category |
Recovered_Sheet1
Pension and Other Postretirement Benefits - Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Medicare Subsidy Receipts [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2015 | $91 |
2016 | 84 |
2017 | 77 |
2018 | 70 |
2019 | 63 |
2020-2024 | 214 |
Total | 599 |
Pension Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2015 | 16,323 |
2016 | 17,346 |
2017 | 17,969 |
2018 | 18,357 |
2019 | 18,292 |
2020-2024 | 94,607 |
Total | 182,894 |
Other Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2015 | 2,328 |
2016 | 2,283 |
2017 | 2,238 |
2018 | 2,167 |
2019 | 2,080 |
2020-2024 | 9,805 |
Total | $20,901 |
Recovered_Sheet2
Pension and Other Postretirement Benefits - Summary of Accumulated Other Comprehensive Loss, Changes in these Amounts and Expected Amortization of these Amounts as Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
Net actuarial loss, beginning of year | $46,468 |
Net actuarial loss | 61,333 |
Amortization cost | -4,154 |
Net prior service credit | -94 |
Actuarial loss (gain) | 28,971 |
Total | 61,239 |
Asset gain | -7,755 |
Currency impact | -2,197 |
Net actuarial loss, end of year | 61,333 |
Prior service credit, beginning of year | -106 |
Amortization credit | 48 |
Currency impact | -36 |
Prior service credit, end of year | -94 |
Amortization of prior service credit | -41 |
Amortization of net loss | 5,319 |
Total | 5,278 |
Other Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
Net actuarial loss, beginning of year | 9,622 |
Net actuarial loss | 4,679 |
Amortization cost | -315 |
Net prior service credit | -143 |
Actuarial loss (gain) | -4,392 |
Total | 4,536 |
Asset gain | 0 |
Currency impact | -236 |
Net actuarial loss, end of year | 4,679 |
Prior service credit, beginning of year | -259 |
Amortization credit | 100 |
Currency impact | 16 |
Prior service credit, end of year | -143 |
Amortization of prior service credit | -95 |
Amortization of net loss | 354 |
Total | $259 |
Comprehensive_Income_and_Accum2
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||||||||||
Net income | $15,993 | $33,847 | $15 | $24,594 | $22,508 | $29,068 | $29,492 | $22,245 | $74,449 | $103,313 | $194,490 |
Foreign currency translation loss, net of $1.8 million, $2.2 million, and $0.0 million tax, respectively | -10,387 | -20,720 | -1,414 | ||||||||
Foreign currency hedging instruments, net of $0.0 million, $0.0 million, and $1.6 million tax, respectively | 2,467 | ||||||||||
Adjustments to pension and postretirement liability, net of $3.2, $14.0 and $3.6 million tax for the years 2012, 2013 and 2014 respectively | -6,463 | 22,104 | -8,909 | ||||||||
Comprehensive income | $57,599 | $104,697 | $186,634 |
Comprehensive_Income_and_Accum3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Foreign currency translation, tax expense (benefit) | ($1.80) | ($2.20) | $0 |
Foreign currency hedging instruments, tax | 0 | 0 | 1.6 |
Adjustments to pension and postretirement liability, tax | ($3.60) | $14 | ($3.20) |
Comprehensive_Income_and_Accum4
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | ($29,181) | ($30,565) | |
Other comprehensive income (loss) before reclassifications | -19,507 | -3,150 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,657 | 4,534 | |
Net current period other comprehensive income (loss) | -16,850 | 1,384 | -7,856 |
Accumulated other comprehensive income (loss), Ending balance | -46,031 | -29,181 | -30,565 |
Foreign Currency Translation Component [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | 7,796 | 28,516 | |
Other comprehensive income (loss) before reclassifications | -10,387 | -20,720 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ||
Net current period other comprehensive income (loss) | -10,387 | -20,720 | |
Accumulated other comprehensive income (loss), Ending balance | -2,591 | 7,796 | |
Pension and Other Postretirement Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | -36,977 | -59,081 | |
Other comprehensive income (loss) before reclassifications | -9,120 | 17,570 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,657 | 4,534 | |
Net current period other comprehensive income (loss) | -6,463 | 22,104 | |
Accumulated other comprehensive income (loss), Ending balance | ($43,440) | ($36,977) |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization of pension and other postretirement benefit plan items: | |||
Tax benefit | ($7,114) | ($22,315) | $38,194 |
Total net of tax | -6,463 | 22,104 | -8,909 |
Pension and Other Postretirement Benefit Plans [Member] | Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | |||
Amortization of pension and other postretirement benefit plan items: | |||
Actuarial losses | 4,469 | ||
Prior service credit | -148 | ||
Total before tax | 4,321 | ||
Tax benefit | -1,664 | ||
Total net of tax | $2,657 |
ShareBased_Compensation_Income
Share-Based Compensation - Income Tax Benefit Recognized for our Share-Based Compensation Arrangements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total share-based compensation cost | $18,858 | $14,854 | $12,374 |
Income tax benefit | $7,334 | $5,777 | $4,812 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to all nonvested awards | $18.90 |
Unrecognized compensation cost is expected to be recognized over a weighted-average period | 1 year 9 months 18 days |
SARs and Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
SAR's and stock options expiration period | 10 years |
Restricted Shares and Units [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Shares and Units [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Performance Conditions One Member [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of restricted stock units issued on second anniversary | 50.00% |
Percentage of restricted stock units issued on third anniversary | 50.00% |
Performance Conditions Two Member [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of restricted stock units issued on third anniversary | 100.00% |
ShareBased_Compensation_Fair_V
Share-Based Compensation - Fair Values for SARs and Stock Options Estimated on Grant Date Using Black-Scholes-Merton Option-Pricing Formula Which Incorporates Assumptions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average fair value of SARs and options granted | $35.46 | $24.63 | $19.53 |
Total intrinsic value of SARs converted and options exercised | $24,023 | $47,058 | $8,898 |
Cash received for options exercised | 48 | 14,030 | 2,372 |
Tax benefit related to share-based compensation | 6,859 | 10,734 | 4,119 |
Weighted-average fair value of restricted stock shares and units granted | $72.46 | $50.38 | $35.85 |
Total fair value of restricted stock shares and units vested | $7,888 | $9,032 | $9,017 |
Expected volatility | 52.63% | 53.94% | 54.26% |
Expected term (in years) | 5 years 9 months 18 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Risk-free rate | 1.79% | 1.04% | 1.11% |
Dividend yield | 0.28% | 0.40% | 0.50% |
ShareBased_Compensation_Fair_V1
Share-Based Compensation - Fair Value of Restricted Stock Shares and Units is Market Price of our Common Stock on Date of Grant (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Weighted-Average Grant-Date Fair Value | $72.46 | $50.38 | $35.85 |
SARs and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at Beginning, Number | 1,668 | ||
Granted, Number | 204 | ||
Exercised or converted, Number | -542 | ||
Forfeited or expired, Number | -25 | ||
Outstanding at December 31, 2013 | 1,305 | ||
Vested or expected to vest at End, Number | 1,279 | ||
Exercisable or convertible at End, Number | 739 | ||
Outstanding at Beginning, Weighted-Average Exercise Price | $36.37 | ||
Granted, Weighted-Average Exercise Price | $72.55 | ||
Exercised or converted, Weighted-Average Exercise Price | $29.52 | ||
Forfeited or expired, Weighted-Average Exercise Price | $51.52 | ||
Outstanding at End, Weighted-Average Exercise Price | $44.60 | ||
Vested or expected to vest at End, Weighted-Average Exercise Price | $44.28 | ||
Exercisable or convertible at End, Weighted-Average Exercise Price | $36.68 | ||
Outstanding at End, Weighted-Average Remaining Contractual Term | 7 years 1 month 6 days | ||
Vested or expected to vest at End, Weighted-Average Remaining Contractual Term | 7 years 1 month 6 days | ||
Exercisable or convertible at End, Weighted-Average Remaining Contractual Term | 6 years 3 months 18 days | ||
Outstanding at End, Aggregate Intrinsic Value | $44,675 | ||
Vested or expected to vest at End, Aggregate Intrinsic Value | 44,159 | ||
Exercisable or convertible at End, Aggregate Intrinsic Value | $31,127 | ||
Restricted Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at Beginning, Number | 442 | ||
Granted, Number | 192 | ||
Exercised or converted, Number | -110 | ||
Forfeited or expired, Number | -31 | ||
Outstanding at End, Number | 493 | ||
Outstanding at Beginning, Weighted-Average Exercise Price | $41.32 | ||
Granted, Weighted-Average Grant-Date Fair Value | $72.46 | ||
Exercised or converted, Weighted-Average Grant-Date Fair Value | $33.54 | ||
Forfeited or expired, Weighted-Average Grant-Date Fair Value | $52.08 | ||
Outstanding at End, Weighted-Average Exercise Price | $54.76 |
Stockholder_Rights_Plan_Additi
Stockholder Rights Plan - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Portion of preferred share purchase right entitled to holder | 0.0001 |
Purchase price of Preferred Stock as per plan | $150 |
Number of votes entitled to common stock | One |
Price worth of surviving company common stock | 300 |
Percentage common stock to acquired to exercise stock rights | 20.00% |
Redemption price of stock holder rights plan | $0.01 |
Percentage of beneficial ownership | 20.00% |
Share_Repurchases_Additional_I
Share Repurchases - Additional Information (Detail) (USD $) | 12 Months Ended | 42 Months Ended | ||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 30, 2012 | Jul. 31, 2011 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Purchase of common stock | $200,000,000 | $150,000,000 | ||||
Payments under share repurchase program | 92,197,000 | 93,750,000 | 75,000,000 | |||
Share Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Payments under share repurchase program | $92,200,000 | $93,800,000 | $75,000,000 | $310,900,000 | ||
Repurchase of shares | 1,300 | 1,700 | 2,100 | 6,700 | ||
Repurchase of shares average price per share | $73.06 | $54.76 | $36.20 | $46.54 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Operating lease expense incurred | $32.80 | $26.50 | $23.60 |
Operating_Leases_Summary_of_Mi
Operating Leases - Summary of Minimum Annual Lease Payments for Noncancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $23,493 |
2016 | 19,140 |
2017 | 14,289 |
2018 | 10,336 |
2019 | 8,872 |
Thereafter | 27,901 |
Total | $104,031 |
Market_Concentrations_and_Risk1
Market Concentrations and Risks - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | |||
Number of customers | 10 | ||
Number of Distributers | 6 | ||
Carrying amount of debt instruments | 1,767,922,000 | 1,367,036,000 | |
Fair value of debt instrument | 1,529,400,000 | 1,098,600,000 | |
Face value of senior subordinated notes | 1,521,500,000 | 1,118,300,000 | |
Copper [Member] | |||
Concentration Risk [Line Items] | |||
Committed amounts to purchase | 1,500,000 | ||
Aggregate cost | 4,600,000 | ||
Recorded unconditional purchase obligation fixed cost | 200,000 | ||
Aluminum [Member] | |||
Concentration Risk [Line Items] | |||
Committed amounts to purchase | 700,000 | ||
Aggregate cost | 800,000 | ||
Workforce subject to collective bargaining arrangements [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 23.00% | ||
Workforce subject to collective bargaining arrangements expiring within one year [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% | ||
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 33.00% | 36.00% | 34.00% |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Standby letters of credit [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $8.30 |
Bank guarantees [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | 1.7 |
Surety bonds [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $1.80 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Income tax refunds received | $12,681 | $11,165 | $8,382 |
Income taxes paid | -25,308 | -79,778 | -34,854 |
Interest paid, net of amount capitalized | ($70,915) | ($60,340) | ($41,854) |
Quarterly_Operating_Results_Un2
Quarterly Operating Results (Unaudited) - Quarterly Operating Results (unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Number of days in quarter | 94 days | 91 days | 91 days | 89 days | 93 days | 91 days | 91 days | 90 days | 365 days | 365 days | |
Revenues | $608,910 | $610,774 | $600,891 | $487,690 | $509,751 | $522,478 | $529,491 | $507,473 | $2,308,265 | $2,069,193 | $1,840,739 |
Gross profit | 217,615 | 221,732 | 204,385 | 175,717 | 175,039 | 182,841 | 179,196 | 167,353 | 819,449 | 704,429 | 566,597 |
Operating income | 43,271 | 58,011 | 12,326 | 49,511 | 49,174 | 53,935 | 53,913 | 44,240 | 163,119 | 201,262 | 108,497 |
Income from continuing operations | 15,414 | 33,847 | 15 | 25,156 | 23,929 | 29,068 | 29,492 | 22,245 | 74,432 | 104,734 | 43,236 |
Income (loss) from discontinued operations, net of tax | 579 | -1,421 | 579 | -1,421 | 16,774 | ||||||
Loss from disposal of discontinued operations, net of tax | -562 | -562 | 134,480 | ||||||||
Net income | $15,993 | $33,847 | $15 | $24,594 | $22,508 | $29,068 | $29,492 | $22,245 | $74,449 | $103,313 | $194,490 |
Basic income (loss) per share | |||||||||||
Continuing operations | $0.36 | $0.78 | $0.58 | $0.55 | $0.67 | $0.67 | $0.50 | $1.72 | $2.39 | $0.96 | |
Discontinued operations | $0.01 | ($0.03) | $0.01 | ($0.03) | $0.37 | ||||||
Disposal of discontinued operations | ($0.01) | ($0.01) | $2.98 | ||||||||
Net income | $0.37 | $0.78 | $0.57 | $0.52 | $0.67 | $0.67 | $0.50 | $1.72 | $2.36 | $4.31 | |
Diluted income (loss) per share | |||||||||||
Continuing operations | $0.35 | $0.77 | $0.57 | $0.54 | $0.65 | $0.66 | $0.49 | $1.69 | $2.34 | $0.94 | |
Discontinued operations | $0.01 | ($0.03) | $0.01 | ($0.03) | $0.36 | ||||||
Disposal of discontinued operations | ($0.01) | ($0.01) | $2.93 | ||||||||
Net income | $0.36 | $0.77 | $0.56 | $0.51 | $0.65 | $0.66 | $0.49 | $1.69 | $2.31 | $4.23 |
Quarterly_Operating_Results_Un3
Quarterly Operating Results (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Severance and other restructuring costs | $22,000,000 | $9,200,000 | $38,200,000 | $1,400,000 | $5,400,000 | $5,900,000 | $7,700,000 | $800,000 | $70,827,000 | $14,900,000 | |
Purchase accounting effects related to acquisitions | 7,400,000 | 6,600,000 | |||||||||
Losses on the extinguishment of debt | $1,600,000 | $1,612,000 | $52,450,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended |
Jan. 02, 2015 | |
Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Amount borrowed under revolving credit facility | $200,000,000 |
Tripwire, Inc. [Member] | |
Subsequent Event [Line Items] | |
Acquisition price | 710,000,000 |
Tripwire, Inc. [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Amount borrowed under revolving credit facility | $200,000,000 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable - Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $3,390 | $4,163 | $2,640 |
Charged to Costs and Expenses | 1,184 | 733 | 2,852 |
Divestures/Acquisitions | 9,845 | 448 | 1,203 |
Charge Offs | -1,867 | -1,391 | -1,594 |
Recoveries | -889 | -520 | -935 |
Currency Movement | -160 | -43 | -3 |
Ending Balance | 11,503 | 3,390 | 4,163 |
Inventories - Excess and Obsolete Allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 21,317 | 23,954 | 17,735 |
Charged to Costs and Expenses | 7,994 | 5,632 | 5,381 |
Divestures/Acquisitions | 14,167 | 5,597 | |
Charge Offs | -10,908 | -7,211 | -3,679 |
Recoveries | -1,413 | -1,009 | -1,077 |
Currency Movement | 666 | -49 | -3 |
Ending Balance | 31,823 | 21,317 | 23,954 |
Deferred Income Tax Asset - Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 10,165 | 7,498 | 23,663 |
Charged to Costs and Expenses | 4,252 | 496 | 3,659 |
Divestures/Acquisitions | 143,513 | 3,064 | -4,562 |
Charge Offs | -736 | ||
Recoveries | -415 | -899 | -14,160 |
Currency Movement | -198 | 6 | -366 |
Ending Balance | $157,317 | $10,165 | $7,498 |