Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 28, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BDC | ||
Entity Registrant Name | BELDEN INC. | ||
Entity Central Index Key | 913,142 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 41,987,913 | ||
Entity Public Float | $ 3,125,920,926 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 216,751 | $ 741,162 |
Receivables, net | 387,386 | 379,777 |
Inventories, net | 195,942 | 228,398 |
Other current assets | 43,085 | 42,656 |
Total current assets | 843,164 | 1,391,993 |
Property, plant and equipment, less accumulated depreciation | 310,629 | 316,385 |
Goodwill | 1,385,115 | 943,374 |
Intangible assets, less accumulated amortization | 655,871 | 461,292 |
Deferred income taxes | 34,295 | 60,652 |
Other long-lived assets | 86,767 | 86,974 |
Total assets | 3,315,841 | 3,260,670 |
Current liabilities: | ||
Accounts payable | 223,514 | 272,439 |
Accrued liabilities | 323,249 | 248,072 |
Current maturities of long-term debt | 2,500 | 2,500 |
Total current liabilities | 549,263 | 523,011 |
Long-term debt | 1,750,521 | 1,765,422 |
Postretirement benefits | 105,230 | 122,627 |
Deferred income taxes | 46,034 | 11,015 |
Other long-term liabilities | $ 39,270 | $ 31,409 |
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; 41,981 and 42,464 shares outstanding at 2015 and 2014, respectively | $ 503 | $ 503 |
Additional paid-in capital | 605,660 | 595,389 |
Retained earnings | 679,716 | 621,896 |
Accumulated other comprehensive loss | (58,987) | (46,031) |
Treasury stock, at cost- 8,354 and 7,871 shares at 2015 and 2014, respectively | (402,793) | (364,571) |
Total Belden stockholders' equity | 824,099 | 807,186 |
Noncontrolling interest | 1,424 | |
Total stockholders' equity | 825,523 | 807,186 |
Total liabilities and stockholders' equity | $ 3,315,841 | $ 3,260,670 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 41,981,000 | 42,464,000 |
Treasury stock, shares | 8,354,000 | 7,871,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenues | $ 2,309,222 | $ 2,308,265 | $ 2,069,193 |
Cost of sales | (1,391,049) | (1,488,816) | (1,364,764) |
Gross profit | 918,173 | 819,449 | 704,429 |
Selling, general and administrative expenses | (527,288) | (487,945) | (378,009) |
Research and development | (148,311) | (113,914) | (83,277) |
Amortization of intangibles | (103,791) | (58,426) | (50,803) |
Income from equity method investment | 1,770 | 3,955 | 8,922 |
Operating income | 140,553 | 163,119 | 201,262 |
Interest expense, net | (100,613) | (81,573) | (72,601) |
Loss on debt extinguishment | (1,612) | ||
Income from continuing operations before taxes | 39,940 | 81,546 | 127,049 |
Income tax benefit (expense) | 26,568 | (7,114) | (22,315) |
Income from continuing operations | 66,508 | 74,432 | 104,734 |
Income (loss) from discontinued operations, net of tax | (242) | 579 | (1,421) |
Loss from disposal of discontinued operations, net of tax | (86) | (562) | |
Net income | 66,180 | 74,449 | 103,313 |
Less: Net loss attributable to noncontrolling interest | (24) | ||
Net income attributable to Belden stockholders | $ 66,204 | $ 74,449 | $ 103,313 |
Weighted average number of common shares and equivalents: | |||
Basic | 42,390 | 43,273 | 43,871 |
Diluted | 42,953 | 43,997 | 44,737 |
Basic income (loss) per share attributable to Belden stockholders: | |||
Continuing operations | $ 1.57 | $ 1.72 | $ 2.39 |
Discontinued operations | (0.01) | 0.01 | (0.03) |
Disposal of discontinued operations | (0.01) | ||
Net income | 1.56 | 1.72 | 2.36 |
Diluted income (loss) per share attributable to Belden stockholders: | |||
Continuing operations | 1.55 | 1.69 | 2.34 |
Discontinued operations | (0.01) | 0.01 | (0.03) |
Disposal of discontinued operations | (0.01) | ||
Net income | $ 1.54 | $ 1.69 | $ 2.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 66,180 | $ 74,449 | $ 103,313 |
Foreign currency translation, net of tax of $1.3 million, $1.8 million, and $2.2 million, respectively | (20,842) | (10,387) | (20,720) |
Adjustments to pension and postretirement liability, net of tax of $3.1 million, $3.6 million, and $14.0 million, respectively | 7,864 | (6,463) | 22,104 |
Other comprehensive income (loss), net of tax | (12,978) | (16,850) | 1,384 |
Comprehensive income | 53,202 | 57,599 | 104,697 |
Less: Comprehensive loss attributable to noncontrolling interest | (46) | ||
Comprehensive income attributable to Belden stockholders | $ 53,248 | $ 57,599 | $ 104,697 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, tax expense (benefit) | $ (1.3) | $ (1.8) | $ (2.2) |
Adjustments to pension and postretirement liability, tax | $ 3.1 | $ (3.6) | $ 14 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 66,180 | $ 74,449 | $ 103,313 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 150,342 | 102,162 | 94,451 |
Share-based compensation | 17,745 | 18,858 | 14,854 |
Loss on debt extinguishment | 1,612 | ||
Income from equity method investment | (1,770) | (3,955) | (8,922) |
Tax benefit related to share-based compensation | (5,050) | (6,859) | (10,734) |
Deferred income tax expense (benefit) | (45,674) | (17,796) | 5,457 |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses: | |||
Receivables | 6,066 | (15,810) | (18,132) |
Inventories | 19,204 | (2,260) | 6,872 |
Accounts payable | (38,907) | 28,120 | 12,994 |
Accrued liabilities | 59,214 | (5,598) | 31,690 |
Accrued taxes | 11,981 | 9,058 | (89,427) |
Other assets | (3,070) | 10,223 | 4,542 |
Other liabilities | 149 | 3,436 | 16,031 |
Net cash provided by operating activities | 236,410 | 194,028 | 164,601 |
Cash flows from investing activities: | |||
Cash used to acquire businesses, net of cash acquired | (695,345) | (347,817) | (9,979) |
Capital expenditures | (54,969) | (45,459) | (40,209) |
Proceeds from disposal of tangible assets | 533 | 1,884 | 3,169 |
Proceeds from (payments for) disposal of business | 3,527 | (956) | 3,735 |
Net cash used for investing activities | (746,254) | (392,348) | (43,284) |
Cash flows from financing activities: | |||
Borrowings under credit arrangements | 200,000 | 456,163 | 637,595 |
Tax benefit related to share-based compensation | 5,050 | 6,859 | 10,734 |
Contribution from noncontrolling interest | 1,470 | ||
Debt issuance costs paid | (898) | (10,700) | (17,376) |
Cash dividends paid | (8,395) | (8,699) | (6,678) |
Withholding tax payments for share based payment awards, net of proceeds from the exercise of stock options | (11,693) | (11,708) | (3,019) |
Payments under share repurchase program | (39,053) | (92,197) | (93,750) |
Payments under borrowing arrangements | (152,500) | (2,500) | (434,743) |
Net cash provided by (used for) financing activities | (6,019) | 337,218 | 92,763 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | (8,548) | (11,040) | 4,129 |
Increase (decrease) in cash and cash equivalents | (524,411) | 127,858 | 218,209 |
Cash and cash equivalents, beginning of period | 741,162 | 613,304 | 395,095 |
Cash and cash equivalents, end of period | $ 216,751 | $ 741,162 | $ 613,304 |
Consolidated Stockholders' Equi
Consolidated Stockholders' Equity Statements - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 811,860 | $ 503 | $ 598,180 | $ 461,756 | $ (218,014) | $ (30,565) | |
Beginning balance, Treasury shares at Dec. 31, 2012 | (6,167) | ||||||
Beginning balance, shares at Dec. 31, 2012 | 50,335 | ||||||
Net income | 103,313 | 103,313 | |||||
Foreign currency translation | (20,720) | (20,720) | |||||
Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively | 22,104 | 22,104 | |||||
Other comprehensive income (loss), net of tax | 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, Treasury shares at Dec. 31, 2013 | (6,880) | ||||||
Ending balance, shares at Dec. 31, 2013 | 50,335 | ||||||
Net income | 74,449 | 74,449 | |||||
Foreign currency translation | (10,387) | (10,387) | |||||
Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively | (6,463) | (6,463) | |||||
Other comprehensive income (loss), net of tax | (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, Treasury shares at Dec. 31, 2014 | (7,871) | (7,871) | |||||
Ending balance, shares at Dec. 31, 2014 | 50,335 | ||||||
Contribution from noncontrolling interest | $ 1,470 | $ 1,470 | |||||
Net income | 66,180 | 66,204 | (24) | ||||
Foreign currency translation | (20,842) | (20,820) | (22) | ||||
Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively | 7,864 | 7,864 | |||||
Other comprehensive income (loss), net of tax | (12,978) | ||||||
Exercise of stock options, net of tax withholding forfeitures | (6,166) | (6,070) | $ (96) | ||||
Exercise of stock options, net of tax withholding forfeitures, shares | 100 | ||||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | (5,527) | (6,454) | $ 927 | ||||
Conversion of restricted stock units into common stock, net of tax withholding forfeitures, shares | 115 | ||||||
Share repurchase program | (39,053) | $ (39,053) | |||||
Share repurchase program, shares | (698) | ||||||
Share-based compensation | 22,795 | 22,795 | |||||
Dividends ($0.20 per share) | (8,384) | (8,384) | |||||
Ending balance at Dec. 31, 2015 | $ 824,099 | $ 503 | $ 605,660 | $ 679,716 | $ (402,793) | $ (58,987) | $ 1,424 |
Ending balance, Treasury shares at Dec. 31, 2015 | (8,354) | (8,354) | |||||
Ending balance, shares at Dec. 31, 2015 | 50,335 |
Consolidated Stockholders' Equ9
Consolidated Stockholders' Equity Statements (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation, tax expense (benefit) | $ (1.3) | $ (1.8) | $ (2.2) |
Adjustments to pension and postretirement liability, tax expense | $ 3.1 | $ (3.6) | $ 14 |
Dividends declared per share | $ 0.20 | $ 0.20 | $ 0.2 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Business Description Belden Inc. (the Company, us, we, or our) is an innovative signal transmission solutions company built around five global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions, and Network Security Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). Consolidation The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. 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 and valuation 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 2014 and 2013 Consolidated Financial Statements with no impact to reported net income in order to conform to the 2015 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, we utilized Level 1 inputs to determine the fair value of cash equivalents. During 2015, 2014, and 2013, 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 2015. 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. As of December 31, 2015, we did not have any such cash equivalents on hand. The fair value of these cash equivalents as of December 31, 2014 was $1.2 million, which was 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 Changes) through individual customer records, we estimate the amount of outstanding Changes 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 Changes 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 Changes recognized against our gross accounts receivable balance at December 31, 2015 and 2014 totaled $19.1 million and $17.6 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 ($1.8 million), $0.3 million, and $0.2 million in 2015, 2014, and 2013, respectively. In 2015, we recovered approximately $2.7 million of accounts receivable from one significant customer. The allowance for doubtful accounts at December 31, 2015 and 2014 totaled $8.3 million and $11.5 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, 2015 and 2014 totaled $22.5 million and $31.8 million, respectively. The decrease in the allowance for excess and obsolete inventories was primarily due to physical disposal of inventory for which an allowance had been recorded previously. 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. 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 2015, we performed a qualitative assessment for six of our reporting units, which collectively represented approximately $636 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 2015, we performed a quantitative assessment for four 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 four 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 2015, 2014, or 2013. 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 2015, 2014, or 2013. 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 2015, 2014, or 2013. Equity Method Investment We have a 50% ownership interest in Xuzhou Hirschmann Electronics Co. Ltd (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 mobile crane market. We account for this investment using the equity method of accounting. The carrying value included in other long-lived assets on our Consolidated Balance Sheets of our investment in the Hirschmann JV as of December 31, 2015 and 2014 is $29.5 million and $33.4 million, respectively. 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, 2015 and 2014 totaled $30.0 million and $31.5 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, unless we have established vendor specific objective evidence (VSOE) or third party evidence of fair value exists 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. We have certain products subject to the accounting guidance on software revenue recognition. For such products, software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred, the fee is fixed or determinable, collection is probable and VSOE of the fair value of undelivered elements exists. As substantially all of the software licenses are sold in multiple-element arrangements that include either support and maintenance or both support and maintenance and professional services, we use the residual method to determine the amount of software license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon VSOE of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as software license revenue. In our Network Security Solutions segment, we have established VSOE of the fair value of support and maintenance, subscription-based software licenses, and professional services. Software license revenue is generally recognized upon delivery of the software if all revenue recognition criteria are met. Revenue allocated to support services under our Network Security Solutions support and maintenance contracts is paid in advance and recognized ratably over the term of the service. Revenue allocated to subscription-based software and remote ongoing operational services is also paid in advance and recognized ratably over the term of the service. Revenue allocated to professional services, including remote implementation services, is recognized as the services are performed. 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. Cost of sales also includes the costs to provide maintenance and support and other professional services. 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 $27.5 million, $21.8 million, and $17.8 million for 2015, 2014, and 2013, 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, primarily stock appreciation rights (SARs), 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. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected 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 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. Current-Year Adoption of Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes Pending Adoption of Recent Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, S implifying the Presentation of Debt Issuance Costs , Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers 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, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3: Acquisitions Tripwire We acquired 100% of the outstanding ownership interest in Tripwire, Inc. (Tripwire) on January 2, 2015 for a purchase price of $703.2 million. The purchase price was funded with cash on hand and $200.0 million of borrowings under our revolving credit agreement (see Note 13). Tripwire is a leading global provider of advanced threat, security and compliance solutions. Tripwire’s solutions enable enterprises, service providers, manufacturers, and government agencies to detect, prevent, and respond to growing security threats. Tripwire is headquartered in Portland, Oregon. The results of Tripwire have been included in our Consolidated Financial Statements from January 2, 2015. We have determined that Tripwire is a reportable segment, Network Security Solutions. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of January 2, 2015 (in thousands). Cash $ 2,364 Receivables 37,792 Inventories 603 Other current assets 2,453 Property, plant and equipment 10,021 Goodwill 462,215 Intangible assets 306,000 Other non-current assets 659 Total assets $ 822,107 Accounts payable $ 3,142 Accrued liabilities 12,142 Deferred revenue 8,000 Deferred income taxes 95,074 Other non-current liabilities 540 Total liabilities $ 118,898 Net assets $ 703,209 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 most significant change to the final purchase price allocation presented in the table above as compared to the preliminary purchase price allocation as of September 27, 2015 was a reduction of goodwill of approximately $15.8 million, primarily due to a reduction in the estimated fair value of acquired deferred tax liabilities. The fair value of acquired receivables is $37.8 million, with a gross contractual amount of $38.0 million. We do not expect to collect $0.2 million of the acquired receivables. For purposes of the above allocation, we based our estimate of the fair value for the acquired intangible assets, property, plant and equipment, and deferred revenue 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 and deferred revenue (Level 3 valuation). To determine the value of the acquired property, plant, and equipment, we used various valuation methods, including both the market approach, which considers sales prices of similar assets in similar conditions (Level 2 valuation), and the cost approach, which considers the cost to replace the asset adjusted for depreciation (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 Tripwire acquisition primarily consist of an expanded product portfolio with network security solutions that can be marketed to our existing broadcast, enterprise, and industrial customers. We do not have tax basis in the goodwill, and therefore, the goodwill is not deductible for tax purposes. The intangible assets related to the acquisition consisted of the following: Estimated Fair Amortization (In thousands) (In years) Intangible assets subject to amortization: Developed technology $ 210,000 5.8 Customer relationships 56,000 15.0 Backlog 3,000 1.0 Total intangible assets subject to amortization 269,000 Intangible assets not subject to amortization: Goodwill 462,215 Trademarks 31,000 In-process research and development 6,000 Total intangible assets not subject to amortization 499,215 Total intangible assets $ 768,215 Weighted average amortization period 7.7 The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology 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 consolidated revenues and consolidated income from continuing operations before taxes for the year ended December 31, 2015 included $116.6 million of revenues and a $47.8 million loss from continuing operations before taxes from Tripwire. Consolidated revenues in the year ended December 31, 2015 were negatively impacted by approximately $50.4 million due to the reduction of the acquired deferred revenue balance to fair value. Our consolidated income from continuing operations before taxes for the year ended December 31, 2015 included $43.2 million of amortization of intangible assets and $9.2 million of compensation expense related to the accelerated vesting of acquiree stock based compensation awards. The following table illustrates the unaudited pro forma effect on operating results as if the Tripwire acquisition had been completed as of January 1, 2014. Years Ended December 31, 2015 December 31, 2014 (In thousands, except per share data) (Unaudited) Revenues $ 2,354,191 $ 2,405,198 Income from continuing operations 92,104 23,302 Diluted income per share from continuing operations attributable to Belden stockholders $ 2.14 $ 0.53 For purposes of the pro forma disclosures, the year ended December 31, 2014 includes nonrecurring expenses from the effects of purchase accounting, including the compensation expense from the accelerated vesting of acquiree stock compensation awards of $9.2 million and amortization of the sales backlog intangible asset of $3.0 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. 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 5,894 Inventories 2,731 Other current assets 332 Property, plant and equipment 767 Goodwill 56,923 Intangible assets 40,800 Other non-current assets 622 Total assets $ 110,586 Accounts payable $ 2,544 Accrued liabilities 2,807 Other non-current liabilities 1,132 Total liabilities $ 6,483 Net assets $ 104,103 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. There were no significant changes to the final purchase price allocation presented in the table above as compared to the preliminary purchase price allocation of December 31, 2014. The fair value of acquired receivables is $5.9 million, with a gross contractual amount of $6.2 million. We do not expect to collect $0.3 million of the acquired receivables. For purposes of the above allocation, we based our estimate of the fair value of the acquired inventory and intangible assets on a valuation study performed by a third party valuation firm. 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 $56.9 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 (In thousands) (In years) Intangible assets subject to amortization: Customer relationships $ 26,600 20.0 Developed technologies 9,000 5.0 Trademarks 5,000 5.0 Backlog 200 0.3 Total intangible assets subject to amortization 40,800 Intangible assets not subject to amortization: Goodwill 56,923 Total intangible assets not subject to amortization 56,923 Total intangible assets $ 97,723 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 consolidated revenues and consolidated income (loss) from continuing operations before taxes for the year ended December 31, 2014 included $31.7 million and ($2.5) million, respectively, from ProSoft. Our consolidated income from continuing operations before taxes for the year ended December 31, 2014 included $2.4 million of amortization of intangible assets and $1.4 million of cost of sales related to the adjustment of acquired inventory to fair value. 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 $ 9,451 Receivables 67,354 Inventories 18,593 Other current assets 4,172 Property, plant and equipment 22,460 Goodwill 131,070 Intangible assets 95,500 Other non-current assets 17,101 Total assets $ 365,701 Accounts payable $ 51,276 Accrued liabilities 62,672 Deferred revenue 14,000 Postretirement benefits 16,538 Deferred income taxes 1,827 Other non-current liabilities 1,199 Total liabilities $ 147,512 Net assets $ 218,189 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 most significant change to the final purchase price allocation presented in the table above as compared to the preliminary purchase price allocation as of December 31, 2014 was an increase of goodwill of $11.5 million, primarily due to an increase in the estimated fair value of acquired accrued liabilities and deferred tax liabilities. The fair value of acquired receivables is $67.4 million, with a gross contractual amount of $77.2 million. We do not expect to collect $9.8 million of the acquired receivables. For purposes of the above allocation, we based our estimate of the fair value of the acquired inventory, property, plant, and equipment, intangible assets, and deferred revenue on a valuation study performed by a third party valuation firm. 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. To determine the value of the acquired property, plant, and equipment, we used various valuation methods, including both the market approach, which considers sales prices of similar assets in similar conditions (Level 2 valuation), and the cost approach, which considers the cost to replace the asset adjusted for depreciation (Level 3 valuation). We used various valuation methods including discounted cash flows to estimate the fair value of the identifiable intangible assets and deferred revenue (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 not significant. The intangible assets related to the acquisition consisted of the following: Fair Value Amortization (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 37,000 5.0 Customer relationships 27,000 15.0 Backlog 1,500 0.3 Total intangible assets subject to amortization 65,500 Intangible assets not subject to amortization: Goodwill 131,070 Trademarks 22,000 In-process research and development 8,000 Total intangible assets not subject to amortization 161,070 Total intangible assets $ 226,570 Weighted average amortization period 9.0 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 consolidated revenues and consolidated income (loss) from continuing operations before taxes for the year ended December 31, 2014 included $196.2 million and ($58.5) million, respectively, from Grass Valley. Our consolidated income from continuing operations before taxes for the year ended December 31, 2014 included $8.6 million of amortization of intangible assets and $6.9 million of cost of sales related to the adjustment of acquired inventory to fair value. We also recognized certain severance, restructuring, and acquisition integration costs in the 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. Years 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 attributable to Belden stockholders $ 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
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. During 2013, we collected a partial settlement of $4.2 million from the escrow. During 2015, we agreed to a final settlement with the buyer of Trapeze regarding the escrow, and collected $3.5 million of the escrow receivable and recognized a $0.2 million ($0.1 million net of tax) loss from disposal of discontinued operations. Additionally, we recognized a $0.2 million net loss from discontinued operations for income tax expense related to this disposed business in 2015. 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. |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | Note 5: Operating Segments and Geographic Information We are organized around five global business platforms: Broadcast, Enterprise Connectivity, Industrial Connectivity, Industrial IT, and Network Security. The Network Security platform was formed with our acquisition of Tripwire in January 2015. We have determined that each of the global business platforms represents a reportable segment. 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. Effective January 1, 2015, the key measures of segment profit or loss reviewed by our chief operating decision maker are Segment Revenues and Segment EBITDA. Segment Revenues represent non-affiliate revenues and include revenues that would have otherwise been recorded by acquired businesses as independent entities but were not recognized in our Consolidated Statements of Operations due to the effects of purchase accounting and the associated write-down of acquired deferred revenue to fair value. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment’s relative EBITDA prior to the allocation. The prior period presentation has been updated accordingly. 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 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, 2015 2014 2013 (In thousands) Segment revenues $ 900,637 $ 928,586 $ 679,197 Affiliate revenues 1,371 1,381 933 Segment EBITDA 142,428 140,367 109,541 Depreciation expense 17,103 16,553 18,422 Amortization of intangibles 50,989 50,739 46,005 Severance, restructuring, and acquisition integration costs 39,078 48,557 12,128 Purchase accounting effects of acquisitions 132 8,574 6,550 Deferred gross profit adjustments 2,446 10,777 11,337 Acquisition of property, plant and equipment 27,900 17,912 10,526 Segment assets 394,197 430,991 294,454 Enterprise Connectivity Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 445,243 $ 455,795 $ 493,129 Affiliate revenues 5,322 8,467 9,823 Segment EBITDA 71,508 66,035 62,165 Depreciation expense 11,783 13,744 12,469 Amortization of intangibles 543 650 543 Severance, restructuring, and acquisition integration costs 723 3,318 400 Purchase accounting effects of acquisitions 52 608 — Acquisition of property, plant and equipment 9,788 12,574 11,749 Segment assets 190,298 206,377 223,073 Industrial Connectivity Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 603,350 $ 682,374 $ 680,643 Affiliate revenues 1,613 2,927 1,901 Segment EBITDA 99,941 106,097 104,655 Depreciation expense 11,235 11,145 10,308 Amortization of intangibles 3,154 1,236 1,085 Severance, restructuring, and acquisition integration costs 6,228 11,953 700 Purchase accounting effects of acquisitions 334 1,328 — Acquisition of property, plant and equipment 8,836 10,053 14,496 Segment assets 231,265 255,997 259,400 Industrial IT Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 244,303 $ 253,464 $ 231,521 Affiliate revenues 70 54 208 Segment EBITDA 43,253 47,927 45,719 Depreciation expense 2,293 2,294 2,449 Amortization of intangibles 5,859 5,801 3,170 Severance, restructuring, and acquisition integration costs 169 6,999 1,660 Purchase accounting effects of acquisitions 32 2,030 — Acquisition of property, plant and equipment 2,039 1,903 2,020 Segment assets 55,285 67,417 56,658 Network Security Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 167,050 $ — $ — Affiliate revenues 8 — — Segment EBITDA 44,620 — — Depreciation expense 4,137 — — Amortization of intangibles 43,246 — — Severance, restructuring, and acquisition integration costs 972 — — Purchase accounting effects of acquisitions 9,197 — — Deferred gross profit adjustments 50,430 — — Acquisition of property, plant and equipment 5,009 — — Segment assets 63,235 — — Total Segments Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 2,360,583 $ 2,320,219 $ 2,084,490 Affiliate revenues 8,384 12,829 12,865 Segment EBITDA 401,750 360,426 322,080 Depreciation expense 46,551 43,736 43,648 Amortization of intangibles 103,791 58,426 50,803 Severance, restructuring, and acquisition integration costs 47,170 70,827 14,888 Purchase accounting effects of acquisitions 9,747 12,540 6,550 Deferred gross profit adjustments 52,876 10,777 11,337 Acquisition of property, plant and equipment 53,572 42,442 38,791 Segment assets 934,280 960,782 833,585 The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively. Years Ended December 31, 2015 2014 2013 (In thousands) Total Segment Revenues $ 2,360,583 $ 2,320,219 $ 2,084,490 Deferred revenue adjustments (1) (51,361 ) (11,954 ) (15,297 ) Consolidated Revenues $ 2,309,222 $ 2,308,265 $ 2,069,193 Total Segment EBITDA $ 401,750 $ 360,426 $ 322,080 Amortization of intangibles (103,791 ) (58,426 ) (50,803 ) Deferred gross profit adjustments (1) (52,876 ) (10,777 ) (11,337 ) Severance, restructuring, and acquisition integration costs (2) (47,170 ) (70,827 ) (14,888 ) Depreciation expense (46,551 ) (43,736 ) (43,648 ) Purchase accounting effects related to acquisitions (3) (9,747 ) (12,540 ) (6,550 ) Income from equity method investment 1,770 3,955 8,922 Gain on sale of assets — — 1,278 Eliminations (2,832 ) (4,956 ) (3,792 ) Consolidated operating income 140,553 163,119 201,262 Interest expense, net (100,613 ) (81,573 ) (72,601 ) Loss on debt extinguishment — — (1,612 ) Consolidated income from continuing operations before taxes $ 39,940 $ 81,546 $ 127,049 (1) For the year ended December 31, 2015, both our consolidated revenues and gross profit were negatively impacted by the reduction of the acquired deferred revenue balance to fair value associated with our acquisition of Tripwire. See Note 3, Acquisitions. (2) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, . (3) For the year ended December 31, 2015, we recognized $9.2 million of compensation expense related to the accelerated vesting of acquiree stock based compensation awards associated with our acquisition of Tripwire. In addition, we recognized $ 0.3 million of cost of sales related to the adjustment of acquired inventory to fair value related to our acquisition of Coast. For the year ended December 31, 2014, we recognized $8.3 million of cost of sales related to the adjustment of acquired inventory to fair value for our acquisitions of Grass Valley and ProSoft. Below are reconciliations of other segment measures to the consolidated totals. Years Ended December 31, 2015 2014 2013 (In thousands) Total segment assets $ 934,280 $ 960,782 $ 833,585 Cash and cash equivalents 216,751 741,162 613,304 Goodwill 1,385,115 943,374 773,048 Intangible assets, less accumulated amortization 655,871 461,292 376,976 Deferred income taxes 34,295 60,652 54,801 Income tax receivable 3,787 4,953 12,169 Corporate assets 85,742 88,455 87,870 Total assets $ 3,315,841 $ 3,260,670 $ 2,751,753 Total segment acquisition of property, plant and equipment $ 53,572 $ 42,442 $ 38,791 Corporate acquisition of property, plant and equipment 1,397 3,017 1,418 Total acquisition of property, plant and equipment $ 54,969 $ 45,459 $ 40,209 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, 2015, 2014 and 2013 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, 2015 Revenues $ 1,270,467 $ 170,522 $ 114,863 $ 103,106 $ 650,264 $ 2,309,222 Percent of total revenues 55% 7% 5% 4% 29% 100% Long-lived assets $ 207,265 $ 27,315 $ 62,794 $ 35,588 $ 64,434 $ 397,396 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 Major Customer Revenues generated from sales to the distributor Anixter International Inc., primarily in the Industrial Connectivity and Enterprise Connectivity segments, were $281.9 million (12% of revenues), $290.5 million (13% of revenues), and $289.9 million (14% of revenues) for 2015, 2014, and 2013, respectively. At December 31, 2015, we had $31.1 million in accounts receivable outstanding from Anixter International Inc. This represented approximately 8% of our total accounts receivable outstanding at December 31, 2015. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Note 6: Noncontrolling Interest In 2015, we entered into a joint venture agreement with Shanghai Hi-Tech Control System Co, Ltd (Hite). The purpose of the joint venture is to develop and provide certain Industrial IT products and integrated solutions to customers in China. Belden and Hite contributed $1.53 million and $1.47 million, respectively, to the joint venture in 2015, reflecting ownership percentages of 51% and 49%, respectively. Belden and Hite are committed to fund an additional $1.53 million and $1.47 million to the joint venture in the future. The joint venture is determined to not have sufficient equity at risk; therefore, it is considered a variable interest entity. We have determined that Belden is the primary beneficiary of the joint venture, due to both our ownership percentage and our control over the activities of the joint venture that most significantly impact its economic performance based on the terms of the joint venture agreement with Hite. Because Belden is the primary beneficiary of the joint venture, we have consolidated the joint venture in our financial statements. The results of the joint venture attributable to Hite’s ownership are presented as net loss attributable to noncontrolling interest in the consolidated statements of operations. The joint venture is not material to our consolidated financial statements as of or for the year ended December 31, 2015. |
Income Per Share
Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (In thousands) Numerator for basic and diluted income per share: Income from continuing operations $ 66,508 $ 74,432 $ 104,734 Less: Net loss attributable to noncontrolling interest (24 ) — — Income from continuing operations attributable to Belden stockholders 66,532 74,432 104,734 Income (loss) from discontinued operations, net of tax, attributable to Belden stockholders (242 ) 579 (1,421 ) Loss from disposal of discontinued operations, net of tax, attributable to Belden stockholders (86 ) (562 ) — Net income attributable to Belden stockholders $ 66,204 $ 74,449 $ 103,313 Denominator: Weighted average shares outstanding, basic 42,390 43,273 43,871 Effect of dilutive common stock equivalents 563 724 866 Weighted average shares outstanding, diluted 42,953 43,997 44,737 For the years ended December 31, 2015, 2014, and 2013, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million, 0.2 million, and 0.2 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, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 8: Inventories The major classes of inventories were as follows: December 31, 2015 2014 (In thousands) Raw materials $ 92,929 $ 106,955 Work-in-process 27,730 31,611 Finished goods 97,814 121,655 Gross inventories 218,473 260,221 Excess and obsolete reserves (22,531 ) (31,823 ) Net inventories $ 195,942 $ 228,398 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Land and land improvements $ 29,235 $ 31,879 Buildings and leasehold improvements 135,154 131,534 Machinery and equipment 483,773 472,543 Computer equipment and software 112,888 96,546 Construction in process 28,274 33,726 Gross property, plant and equipment 789,324 766,228 Accumulated depreciation (478,695 ) (449,843 ) Net property, plant and equipment $ 310,629 $ 316,385 Disposals During 2015, we sold certain property, plant and equipment of the Industrial Connectivity segment for $0.4 million and recognized a $0.3 million loss on the sale. 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. Impairment We did not recognize any impairment losses in 2015, 2014, or 2013. Depreciation Expense We recognized depreciation expense in income from continuing operations of $46.6 million, $43.7 million, and $43.6 million in 2015, 2014, and 2013, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 10: Intangible Assets The carrying values of intangible assets were as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net (In thousands) (In thousands) Goodwill $ 1,385,115 $ — $ 1,385,115 $ 943,374 $ — $ 943,374 Definite-lived intangible assets subject to amortization: Customer relationships $ 309,573 $ (61,641 ) $ 247,932 $ 261,914 $ (46,457 ) $ 215,457 Developed technology 416,817 (170,576 ) 246,241 213,017 (102,996 ) 110,021 Trademarks 19,417 (7,255 ) 12,162 19,438 (3,687 ) 15,751 Backlog 12,559 (12,559 ) — 10,406 (9,627 ) 779 In-service research and development 14,238 (4,723 ) 9,515 10,340 (2,777 ) 7,563 Total intangible assets subject to amortization 772,604 (256,754 ) 515,850 515,115 (165,544 ) 349,571 Indefinite-lived intangible assets not subject to amortization: Trademarks 129,671 — 129,671 103,040 — 103,040 In-process research and development 10,350 — 10,350 8,681 — 8,681 Total intangible assets not subject to amortization 140,021 — 140,021 111,721 — 111,721 Intangible assets $ 912,625 $ (256,754 ) $ 655,871 $ 626,836 $ (165,544 ) $ 461,292 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: Broadcast Enterprise Industrial Industrial Network Consolidated (In thousands) 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 Acquisitions and purchase accounting adjustments 11,481 — 1,614 730 462,215 476,040 Translation impact (25,455 ) — (4,948 ) (3,896 ) — (34,299 ) Balance at December 31, 2015 $ 559,530 $ 50,136 $ 196,719 $ 116,515 $ 462,215 $ 1,385,115 The changes in the carrying amount of indefinite-lived trademarks are as follows: Broadcast Enterprise Industrial Industrial Network Consolidated (In thousands) 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 Acquisitions and purchase accounting adjustments — — — — 31,000 31,000 Translation impact (2,198 ) — (1,654 ) (517 ) — (4,369 ) Balance at December 31, 2015 $ 84,985 $ — $ 9,090 $ 4,596 $ 31,000 $ 129,671 Impairment The annual measurement date for our goodwill and indefinite-lived intangible assets impairment test is our fiscal November month-end. For our 2015 goodwill impairment test, we performed a quantitative assessment for four 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 reporting units were substantially in excess of the carrying values; therefore, we did not record any goodwill impairment for the four 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 2014 or 2013 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 indefinite-lived 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 2015, 2014, or 2013. Amortization Expense We recognized amortization expense in income from continuing operations of $103.8 million, $58.4 million, and $50.8 million in 2015, 2014, and 2013, respectively. We expect to recognize annual amortization expense of $95.1 million in 2016, $86.2 million in 2017, $71.0 million in 2018, $62.5 million in 2019, and $47.1 million in 2020 related to our intangible assets balance as of December 31, 2015. The weighted-average amortization period for our customer relationships, developed technology, trademarks, and in-service research and development is 18.8 years, 5.3 years, 5.0 years, and 4.6 years, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Accounts payable $ 223,514 $ 272,439 Current deferred revenue 101,460 45,139 Wages, severance and related taxes 86,389 70,256 Accrued rebates 29,997 31,506 Employee benefits 27,482 25,158 Accrued interest 25,188 26,741 Other (individual items less than 5% of total current liabilities) 52,733 49,272 Accounts payable and accrued liabilities $ 546,763 $ 520,511 The majority of our accounts payable balance is due to trade creditors. Our accounts payable balance as of December 31, 2015 and 2014 included $11.8 million and $14.7 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 A
Severance, Restructuring, and Acquisition Integration Activities | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring, and Acquisition Integration Activities | Note 12: Severance, Restructuring, and Acquisition Integration Activities Industrial Restructuring Program: 2015 Both our Industrial Connectivity and Industrial IT segments have been negatively impacted by a decline in sales volume. Global demand for industrial products has been negatively impacted by the strengthened U.S. dollar and lower energy prices. Our customers have reduced capital spending in response to these conditions, and we expect these conditions to continue to impact our industrial segments. In response to these current industrial market conditions, we began to execute a restructuring program in the fourth fiscal quarter of 2015 to further reduce our cost structure. We recognized approximately $3.3 million of severance and other restructuring costs for this program during 2015. We expect to incur approximately $9 million of additional severance and other restructuring costs for this program, the majority of which will be incurred in the first fiscal quarter of 2016. We expect the restructuring program to generate approximately $18 million of savings on an annualized basis, which we expect to begin to realize in the first fiscal quarter of 2016. Grass Valley Restructuring Program: 2015 Our Broadcast segment has been negatively impacted by a decline in sales volume for our broadcast technology infrastructure products sold by our Grass Valley brand. Outside of the U.S., demand for these products has been impacted by the relative price increase of our products due to the strengthened U.S. dollar as well as the impact of weaker economic conditions which have resulted in lower capital spending. Within the U.S., demand for these products has been impacted by deferred capital spending. We believe broadcast customers have deferred their capital spending as they navigate through a number of important industry transitions and a changing media landscape. In response to these current broadcast market conditions, we began to execute a restructuring program beginning in the third fiscal quarter of 2015 to further reduce our cost structure. We recognized approximately $25.4 million of severance and other restructuring costs for this program during 2015. We expect to incur approximately $4 million of additional severance and other restructuring costs for this program, the majority of which will be incurred in the first fiscal quarter of 2016. We expect the restructuring program to generate approximately $30 million of savings on an annualized basis, which we began to realize in the fourth fiscal quarter of 2015. Productivity Improvement Program and Acquisition Integration: 2014-2015 In 2014, we began a productivity improvement program and the integration of our acquisition of Grass Valley. The productivity improvement program focused on improving the productivity of our sales, marketing, finance, and human resources functions relative to our peers. The majority of the costs for the productivity improvement program related to the Industrial Connectivity, Enterprise, and Industrial IT segments. We expected the productivity improvement program to reduce our operating expenses by approximately $18 million on an annualized basis, and we are substantially realizing such benefits. The restructuring and integration activities related to our acquisition of Grass Valley focused on achieving desired cost savings by consolidating existing and acquired operating facilities and other support functions. The Grass Valley costs related to our Broadcast segment. We substantially completed the productivity improvement program and the integration activities in the second fiscal quarter of 2015. In 2015, we recorded severance, restructuring, and integration costs of $18.5 million related to these two significant programs, as well as other cost reduction actions and the integration of our acquisitions of ProSoft, Coast, and Tripwire. We recorded $70.8 million of such costs in 2014. Other Programs: 2013 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. 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 in connection with our integration activities for the 2012 acquisition of PPC Broadband, Inc. The following tables summarize the costs by segment of the various programs described above: Year Ended December 31, 2015 Severance Other Total Costs (In thousands) Broadcast Solutions $ 16,694 $ 22,384 $ 39,078 Enterprise Connectivity Solutions (186 ) 909 723 Industrial Connectivity Solutions 3,309 2,919 6,228 Industrial IT Solutions (728 ) 897 169 Network Security Solutions 12 960 972 Total $ 19,101 $ 28,069 $ 47,170 Year Ended December 31, 2014 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 Year Ended December 31, 2013 Broadcast Solutions $ 4,112 $ 8,016 $ 12,128 Enterprise Connectivity Solutions — 400 400 Industrial Connectivity Solutions — 700 700 Industrial IT Solutions 1,318 342 1,660 Total $ 5,430 $ 9,458 $ 14,888 The other restructuring and integration costs in 2015 and 2014 primarily consisted of costs of integrating manufacturing operations, such as relocating inventory on a global basis, retention bonuses, relocation, travel, reserves for inventory obsolescence as a result of product line integration, costs to consolidate operating and support facilities, and other costs. The other restructuring and integration costs in 2013 included relocation, equipment transfer, and other costs. The majority of the other restructuring and integration costs related to these actions were paid as incurred or are payable within the next 60 days. Of the total severance, restructuring, and acquisition integration costs recognized during 2015, $9.4 million, $31.7 million, and $6.1 million were included in cost of sales; selling, general and administrative expenses; and research and development, respectively. Of the total severance, restructuring, and acquisition integration costs recognized during 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. Of the total severance and other restructuring costs recognized during 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. We continue to review our business strategies and evaluate potential new restructuring actions. This could result in additional restructuring costs in future periods. Accrued Severance The table below sets forth severance activity that occurred for the four significant programs described above. The balances are included in accrued liabilities. Productivity Grass Grass Valley Industrial (In thousands) Balance at December 31, 2014 $ 7,141 $ 5,579 $ — $ — New charges 887 2,165 — — Cash payments (1,455 ) (2,370 ) — — Foreign currency translation (408 ) (302 ) — — Other adjustments (170 ) — — — Balance at March 29, 2015 $ 5,995 $ 5,072 $ — $ — New charges 22 — — — Cash payments (1,268 ) (1,709 ) — — Foreign currency translation 97 10 — — Other adjustments — (1,590 ) — — Balance at June 28, 2015 $ 4,846 $ 1,783 $ — $ — New charges 99 — 11,978 — Cash payments (987 ) (946 ) (755 ) — Foreign currency translation (29 ) — — — Balance at September 27, 2015 $ 3,929 $ 837 $ 11,223 $ — New charges — — 3,960 2,728 Cash payments (831 ) (397 ) (2,979 ) (282 ) Foreign currency translation (64 ) (27 ) (119 ) 15 Other adjustments (818 ) — — 182 Balance at December 31, 2015 $ 2,216 $ 413 $ 12,085 $ 2,643 The other adjustments in the three months ended March 29, 2015 and June 28, 2015 were the result of changes in estimates. We experienced higher than expected voluntary turnover, and as a result, certain approved severance actions were not taken. The other adjustments in the three months ended December 31, 2015 were changes in estimates, as actual amounts paid were less than estimated. We expect the remaining amounts of these liabilities to be paid during 2016. |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowing Arrangements | Note 13: Long-Term The carrying values of our long-term debt and other borrowing arrangements were as follows: December 31, 2015 2014 (In thousands) Revolving credit agreement due 2018 $ 50,000 $ — Variable rate term loan due 2020 243,965 246,375 Senior subordinated notes: 5.25% Senior subordinated notes due 2024 200,000 200,000 5.50% Senior subordinated notes due 2023 553,835 616,326 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 1,459,056 1,521,547 Total debt and other borrowing arrangements 1,753,021 1,767,922 Less current maturities of Term Loan (2,500 ) (2,500 ) Long-term debt $ 1,750,521 $ 1,765,422 Revolving Credit Agreement due 2018 Our revolving credit agreement 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. 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 3). In the fourth fiscal quarter, we repaid $150.0 million of the Revolver borrowings, and as of December 31, 2015, we had $50.0 million remaining borrowings outstanding under the Revolver. As of December 31, 2015, our available borrowing capacity was $242.5 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. The interest rate as of December 31, 2015 was 2.13%. 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. Variable Rate Term Loan due 2020 In 2013, we borrowed $250.0 million under a 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, 2015 was 3.25%. 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 and Revolver. Interest is payable semiannually on January 15 and July 15 of each year. 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, 2015 is $553.8 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 and Revolver. Interest is payable semiannually on April 15 and October 15 of each year. We paid $12.7 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. We have outstanding $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 and Revolver. Interest is payable semiannually on March 1 and September 1 of each year. We have outstanding $5.2 million aggregate principal amount of our senior subordinated notes due 2019 (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 2024, 2023, and 2022, 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 and Revolver. The senior subordinated notes due 2019, 2022, 2023, and 2024 are redeemable currently and after 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 2016 101.542 % 2017 102.750 % 2018 102.750 % 2019 102.625 % 2017 and thereafter 100.000 % 2018 101.833 % 2019 101.833 % 2020 101.750 % 2019 100.917 % 2020 100.917 % 2021 100.875 % 2020 and thereafter 100.000 % 2021 and thereafter 100.000 % 2022 and thereafter 100.000 % Fair Value of Long-Term Debt The fair value of our senior subordinated notes as of December 31, 2015 was approximately $1,416.6 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 $1,459.1 million as of December 31, 2015. We believe the fair value of our Term Loan and the balance outstanding under our Revolver approximate book value. Maturities Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2015 are as follows (in thousands): 2016 $ 2,500 2017 2,500 2018 52,500 2019 7,721 2020 233,965 Thereafter 1,453,835 $ 1,753,021 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14: Income Taxes Years ended December 31, 2015 2014 2013 (In thousands) Income (loss) from continuing operations before taxes: United States operations $ (6,924 ) $ 14,042 $ 31,678 Foreign operations 46,864 67,504 95,371 Income from continuing operations before taxes $ 39,940 $ 81,546 $ 127,049 Income tax expense (benefit): Currently payable United States federal $ — $ 6,701 $ (4,493 ) United States state and local 1,789 1,617 (26 ) Foreign 17,317 16,592 21,377 19,106 24,910 16,858 Deferred United States federal (23,709 ) (9,662 ) 3,575 United States state and local (2,257 ) (746 ) 1,593 Foreign (19,708 ) (7,388 ) 289 (45,674 ) (17,796 ) 5,457 Income tax expense (benefit) $ (26,568 ) $ 7,114 $ 22,315 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 $0.2 million, ($0.9 million), and $1.4 million in 2015, 2014, and 2013, respectively. Years Ended December 31, 2015 2014 2013 Effective income tax rate reconciliation from continuing operations: United States federal statutory rate 35.0% 35.0% 35.0% State and local income taxes (2.6% ) 0.8% 1.5% Impact of change in tax contingencies (4.2% ) (7.1% ) 3.8% Foreign income tax rate differences (8.4% ) (17.6% ) (12.1% ) Impact of change in deferred tax asset valuation allowance (28.6% ) 4.7% (0.6% ) Domestic permanent differences & tax credits (57.7% ) (7.1% ) (10.0% ) (66.5% ) 8.7% 17.6% In 2015, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of domestic permanent differences and tax credits. We recognized a total income tax benefit from domestic permanent differences and tax credits of $23.0 million in 2015. Approximately $18.0 million of that benefit stems from being able to recognize a significant balance of foreign tax credits related to one of our foreign jurisdictions as a result of implementing a tax planning strategy, net of the U.S. income tax consequences. We were also able to recognize other foreign tax credits and research and development tax credits in 2015, which represented the remaining $5.0 million of tax benefit from domestic permanent differences and tax credits. An additional significant factor impacting the income tax benefit for 2015 was the reduction of a deferred tax valuation allowance related to certain net operating loss carryforwards in one of our foreign jurisdictions. Based on implemented tax planning strategies, the net operating loss carryforwards have become fully realizable, and we realized a net tax benefit of $11.4 million related to changes in the valuation allowance. In 2015, 2014, and 2013, a 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. Foreign tax rate differences resulted in an income tax benefit of $3.4 million, $14.4 million, and $15.4 million in 2015, 2014, and 2013, respectively. Additionally, in 2015 and 2014, our income tax expense was reduced by $2.5 million and $2.0 million, respectively, due to a tax holiday for our operations in St. Kitts. The tax holiday in St. Kitts is scheduled to expire in 2022. December 31, 2015 2014 (In thousands) Components of deferred income tax balances: Deferred income tax liabilities: Plant, equipment, and intangibles $ (203,736 ) $ (90,413 ) Deferred income tax assets: Postretirement, pensions, and stock compensation 32,831 34,656 Reserves and accruals 44,345 44,809 Net operating loss and tax credit carryforwards 231,892 217,902 Valuation allowances (117,071 ) (157,317 ) 191,997 140,050 Net deferred income tax asset (liability) $ (11,739 ) $ 49,637 The increase in deferred income tax liabilities during 2015 is primarily due to the acquisition of Tripwire; see further discussion in Note 3. The decrease in our deferred tax valuation allowance is primarily due to certain net operating loss carryforwards becoming fully realizable, as discussed above, as well as the impact of foreign currency translation. The deferred tax valuation allowance also decreased due to a reduction in both the estimated amount of acquired deferred tax assets and the related valuation allowance for our 2014 acquisition of Grass Valley. As of December 31, 2015, we had $606.6 million of net operating loss carryforwards and $85.9 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: $24.4 million in 2015, $27.1 million in 2016, $17.0 million in 2017, $27.6 million between 2018 and 2020, and $169.9 million between 2021 and 2035. Net operating losses with an indefinite carryforward period total $340.6 million. Of the $606.6 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 $206.8 million of these net operating loss carryforwards within their respective expiration periods. Unless otherwise utilized, tax credit carryforwards of $85.9 million will expire as follows: $27.7 million between 2018 and 2020, and $51.8 million between 2021 and 2035. Tax credit carryforwards with an indefinite carryforward period total $6.4 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $83.6 million 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, 2015 by jurisdiction: Net Operating Loss Carryforwards (In thousands) France $ 244,105 United States - various states 202,985 Germany 63,576 Netherlands 24,583 Japan 24,412 Australia 13,027 Other 33,913 Total $ 606,601 Tax Credit Carryforwards (In thousands) United States $ 68,189 Canada 17,679 Total $ 85,868 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, 2015, we have not made a provision for U.S. or additional foreign withholding taxes on approximately $611.1 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 2015, we recognized a net $2.8 million decrease to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2015 2014 (In thousands) Balance at beginning of year $ 10,057 $ 18,639 Additions based on tax positions related to the current year 544 663 Additions for tax positions of prior years 638 73 Reductions for tax positions of prior years - Settlement (3,765 ) (7,907 ) Reduction for tax positions of prior years - Statute of limitations (181 ) (1,411 ) Balance at end of year $ 7,293 $ 10,057 The majority of the reductions for tax positions of prior years relates to the settlement of income tax audits in both domestic and foreign jurisdictions. The balance of $7.3 million at December 31, 2015, reflects tax positions that, if recognized, would impact our effective tax rate. As of December 31, 2015, we believe it is reasonably possible that $2.7 million of unrecognized tax benefits will change within the next twelve months primarily attributable to the expected completion of tax audits in foreign jurisdictions. Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. During 2015, we did not recognize any interest expense related to uncertain tax positions. During 2014 and 2013, we recognized approximately ($1.1) million and $1.7 million, respectively, in interest expense (reduction of interest expense). We have approximately $1.4 million and $1.7 million accrued for the payment of interest and penalties as of December 31, 2015 and 2014, respectively. Our federal, state, and foreign income tax returns for the tax years 2010 and later remain subject to examination by the Internal Revenue Service and by various state and foreign tax authorities. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Note 15: 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 2015, 2014, and 2013 was $12.6 million, $11.8 million, and $11.1 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, 2015 2014 2015 2014 (In thousands) Change in benefit obligation: Benefit obligation, beginning of year $ (300,339 ) $ (258,423 ) $ (39,169 ) $ (46,614 ) Service cost (5,505 ) (5,453 ) (52 ) (49 ) Interest cost (9,116 ) (10,757 ) (1,301 ) (1,647 ) Participant contributions (109 ) (109 ) (5 ) (7 ) Actuarial gain (loss) 12,108 (28,971 ) 1,720 4,392 Acquisitions — (25,283 ) — — Settlements 1,579 — — — Curtailments 128 359 — — Foreign currency exchange rate changes 12,132 13,708 4,691 2,704 Benefits paid 13,917 14,590 1,803 2,052 Benefit obligation, end of year $ (275,205 ) $ (300,339 ) $ (32,313 ) $ (39,169 ) Pension Benefits Other Benefits Years Ended December 31, 2015 2014 2015 2014 (In thousands) Change in plan assets: Fair value of plan assets, beginning of year $ 216,754 $ 198,367 $ — $ — Actual return on plan assets 2,569 20,223 — — Employer contributions 5,706 7,992 1,798 2,045 Plan participant contributions 109 109 5 7 Acquisitions — 9,360 — — Settlements (1,579 ) — — — Foreign currency exchange rate changes (5,270 ) (4,707 ) — — Benefits paid (13,917 ) (14,590 ) (1,803 ) (2,052 ) Fair value of plan assets, end of year $ 204,372 $ 216,754 $ — $ — Funded status, end of year $ (70,833) $ (83,585) $ (32,313) $ (39,169) Amounts recongized in the balance sheets: Prepaid benefit cost $ 7,219 $ 5,689 $ — $ — Accrued benefit liability (current) (3,173 ) (3,628 ) (1,962 ) (2,188 ) Accrued benefit liability (noncurrent) (74,879 ) (85,646 ) (30,351 ) (36,981 ) Net funded status $ (70,833 ) $ (83,585 ) $ (32,313 ) $ (39,169 ) The accumulated benefit obligation for all defined benefit pension plans was $272.5 million and $296.4 million at December 31, 2015 and 2014, 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 $228.3 million, $225.4 million, and $150.2 million, respectively, as of December 31, 2015, and were $247.5 million, $243.9 million, and $158.2 million, respectively, as of December 31, 2014. 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 $46.9 million, $47.1 million, and $54.1 million, respectively, as of December 31, 2015, and were $52.8 million, $52.5 million, and $58.5 million, respectively, as of December 31, 2014. The following table provides the components of net periodic benefit costs for the plans. Pension Benefits Other Benefits Years Ended December 31, 2015 2014 2013 2015 2014 2013 (In thousands) Components of net periodic benefit cost: Service cost $ 5,505 $ 5,453 $ 5,554 $ 52 $ 49 $ 125 Interest cost 9,116 10,757 9,310 1,301 1,647 1,910 Expected return on plan assets (12,518 ) (12,468 ) (11,066 ) — — — Amortization of prior service credit (44 ) (48 ) (54 ) (87 ) (100 ) (108 ) Curtailment gain (128 ) (359 ) — — — — Settlement loss 128 — — — — — Net loss recognition 5,082 4,154 6,388 328 315 932 Net periodic benefit cost $ 7,141 $ 7,489 $ 10,132 $ 1,594 $ 1,911 $ 2,859 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, 2015 2014 2015 2014 Weighted average assumptions for benefit obligations at year end: Discount rate 3.6% 3.2% 4.0% 3.7% Salary increase 3.5% 3.3% N/A N/A Weighted average assumptions for net periodic cost for the year: Discount rate 3.2% 4.1% 3.7% 4.4% Salary increase 3.5% 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% 5.5% Rate that the cost trend rate gradually declines to N/A N/A 5.0% 5.0% Year that the rate reaches the rate it is assumed to remain at N/A N/A 2022 2016 A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2015 expense and year-end liabilities. 1% Increase 1% Decrease (In thousands) Effect on total of service and interest cost components $ 134 $ (110 ) Effect on postretirement benefit obligation $ 2,996 $ (2,484 ) 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, 2015 December 31, 2014 Fair Market Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Fair Market Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) (In thousands) (In thousands) Asset Category: Equity securities (a) Large-cap fund $ 77,618 $ 3,266 $ 74,352 $ — $ 82,816 $ 3,414 $ 79,402 $ — Mid-cap 14,427 957 13,470 — 15,276 1,448 13,828 — Small-cap 19,260 461 18,799 — 19,952 312 19,640 — Debt securities (b) Government bond fund 26,827 1,387 25,440 — 29,121 1,244 27,877 — Corporate bond fund 24,975 3,194 21,781 — 27,485 3,815 23,670 — Fixed income fund (c) 40,989 — 40,989 — 41,975 — 41,975 — Cash & equivalents 276 276 — — 129 129 — — Total $ 204,372 $ 9,541 $ 194,831 $ — $ 216,754 $ 10,362 $ 206,392 $ — (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, 2015 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 Plans Medicare (In thousands) 2016 $ 16,173 $ 2,097 $ 87 2017 17,795 2,044 80 2018 17,886 1,970 72 2019 18,816 1,890 65 2020 17,170 1,827 57 2021-2025 94,434 8,569 188 Total $ 182,274 $ 18,397 $ 549 We anticipate contributing $5.2 million and $2.0 million to our pension and other postretirement plans, respectively, during 2016. 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, 2015, the changes in these amounts during the year ended December 31, 2015, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2016 are as follows. Pension Other (In thousands) Components of accumulated other comprehensive loss: Net actuarial loss $ 51,720 $ 2,515 Net prior service credit (81) (40) $ 51,639 $ 2,475 Pension Other (In thousands) Changes in accumulated other comprehensive loss: Net actuarial loss, beginning of year $ 61,333 $ 4,679 Amortization cost (5,082) (328) Curtailment gain recognized 128 — Settlement loss recognized (128) — Actuarial gain (12,236) (1,720) Asset loss 9,949 — Currency impact (2,244) (116) Net actuarial loss, end of year $ 51,720 $ 2,515 Prior service credit, beginning of year $ (94) $ (143) Amortization credit 44 87 Currency impact (31) 16 Prior service credit, end of year $ (81) $ (40) Pension Other (In thousands) Expected 2016 amortization: Amortization of prior service credit $ (43) $ (40) Amortization of net loss 2,709 220 $ 2,666 $ 180 |
Comprehensive Income and Accumu
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Note 16: Comprehensive Income and Accumulated Other Comprehensive Income (Loss) The following table summarizes total comprehensive income: Years ended December 31, 2015 2014 2013 (In thousands) Net income $ 66,180 $ 74,449 $ 103,313 Foreign currency translation loss, net of $1.3 million, $1.8 million, and $2.2 million tax, respectively (20,842) (10,387) (20,720) Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively 7,864 (6,463) 22,104 Total comprehensive income 53,202 57,599 104,697 Less: Comprehensive loss attributable to noncontrolling interest (46) — — Comprehensive income attributable to Belden stockholders $ 53,248 $ 57,599 $ 104,697 The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: Foreign Currency Pension and Other Accumulated (In thousands) 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 ) Other comprehensive loss attributable to Belden stockholders before reclassifications (20,820 ) 4,434 (16,386 ) Amounts reclassified from accumulated other comprehensive income (loss) — 3,430 3,430 Net current period other comprehensive loss attributable to Belden stockholders (20,820 ) 7,864 (12,956 ) Balance at December 31, 2015 $ (23,411 ) $ (35,576 ) $ (58,987 ) The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss): Amount Reclassified from Affected Line Item in the (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 5,410 (1) Prior service credit (131) (1) Total before tax 5,279 Tax benefit (1,849) Total net of tax $ 3,430 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 15). |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 17: Share-Based Compensation Compensation cost charged against income, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: Years Ended December 31, 2015 2014 2013 (In thousands) Total share-based compensation cost $ 17,745 $ 18,858 $ 14,854 Income tax benefit 6,867 7,334 5,777 We currently have outstanding stock appreciation rights (SARs), stock options, restricted stock units with service vesting conditions, restricted stock units with performance vesting conditions, and restricted stock units with market 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 following 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. Restricted stock units issued based on the attainment of market conditions generally vest 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 with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. 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, 2015 2014 2013 (In thousands, except weighted average fair value and assumptions) Weighted-average fair value of SARs and options granted $ 31.22 $ 35.46 $ 24.63 Total intrinsic value of SARs converted and options exercised 14,697 24,023 47,058 Cash received for options exercised 30 48 14,030 Tax benefit related to share-based compensation 5,050 6,859 10,734 Weighted-average fair value of restricted stock shares and units granted 96.52 72.46 50.38 Total fair value of restricted stock shares and units vested 7,696 7,888 9,032 Expected volatility 35.66 % 52.63 % 53.94 % Expected term (in years) 5.7 5.8 6.1 Risk-free rate 1.59 % 1.79 % 1.04 % Dividend yield 0.22 % 0.28 % 0.40 % SARs and Stock Options Restricted Shares and Units Number Weighted- Price Weighted- Aggregate Number Weighted- Grant-Date (In thousands, except exercise prices, fair values, and contractual terms) Outstanding at January 1, 2015 1,305 $ 44.60 493 $ 54.76 Granted 236 88.79 183 96.52 Exercised or converted (320 ) 40.03 (178 ) 43.11 Forfeited or expired (32 ) 73.60 (34 ) 70.99 Outstanding at December 31, 2015 1,189 $ 53.80 7.0 $ (7,280 ) 464 $ 74.50 Vested or expected to vest at December 31, 2015 1,169 $ 53.51 7.0 $ (6,811 ) Exercisable or convertible at December 31, 2015 730 41.06 6.0 4,831 At December 31, 2015, the total unrecognized compensation cost related to all nonvested awards was $22.6 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, 2015 | |
Equity [Abstract] | |
Stockholder Rights Plan | Note 18: 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, 2015 | |
Equity [Abstract] | |
Share Repurchases | Note 19: Share Repurchases In July 2011, our Board of Directors authorized a share repurchase program, which allowed 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 allowed us to purchase up to an additional $200.0 million of our common stock. This program was funded by cash on hand and cash flows from operating activities. The program did not have an expiration date and could have been suspended at any time at the discretion of the Company. From inception of the program to December 31, 2015, we repurchased 7.4 million shares of our common stock under the program for an aggregate cost of $350.0 million and an average price of $47.43. In 2015, we repurchased 0.7 million shares of our common stock under the share repurchase program for an aggregate cost of $39.1 million and an average price per share of $55.95. The repurchase activities in 2015 utilized all remaining authorized amounts under the share repurchase program. 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. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases | Note 20: Operating Leases Operating lease expense incurred primarily for manufacturing and office space, machinery, and equipment was $40.6 million, $32.8 million, and $26.5 million in 2015, 2014, and 2013, respectively. Minimum annual lease payments for noncancelable operating leases in effect at December 31, 2015 are as follows (in thousands): 2016 $ 24,331 2017 17,270 2018 13,580 2019 10,845 2020 8,490 Thereafter 18,958 $ 93,474 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 Risks
Market Concentrations and Risks | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Market Concentrations and Risks | Note 21: 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 five are distributors, constitute in aggregate approximately 33%, 33%, and 36% of revenues in 2015, 2014, and 2013, respectively. Unconditional Commodity Purchase Obligations At December 31, 2015, we were committed to purchase approximately 2.4 million pounds of copper at an aggregate fixed cost of $5.6 million. At December 31, 2015, this fixed cost was $0.4 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, 2015, we were committed to purchase 0.5 million pounds of aluminum at an aggregate fixed cost of $0.4 million. At December 31, 2015, 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 2016 and early 2017. Labor Approximately 22% 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 2016. 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, 2015 are considered representative of their respective fair values. The carrying amount of our debt instruments at December 31, 2015 and 2014 was $1,753.0 million and $1,767.9 million, respectively. The fair value of our senior subordinated notes at December 31, 2015 and 2014 was approximately $1,416.6 million and $1,529.4 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 $1,459.1 million and $1,521.5 million as of December 31, 2015 and 2014, respectively. We believe the fair value of our Term Loan and the balance outstanding under our Revolver approximate book value. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Note 22: 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, 2015, we were party to unused standby letters of credit, bank guarantees, and surety bonds totaling $8.2 million, $3.0 million, and $2.4 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 Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 23: Supplemental Cash Flow Information Supplemental cash flow information is as follows: Years Ended December 31, 2015 2014 2013 (In thousands) Income tax refunds received $ 4,068 $ 12,681 $ 11,165 Income taxes paid (24,960 ) (25,308 ) (79,778 ) Interest paid, net of amount capitalized (91,496 ) (70,915 ) (60,340 ) |
Quarterly Operating Results (Un
Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (Unaudited) | Note 24: Quarterly Operating Results (Unaudited) 2015 1 st 2 nd 3 rd 4 th Year (In thousands, except days and per share amounts) Number of days in quarter 88 91 91 95 365 Revenues $ 546,957 $ 585,755 $ 579,266 $ 597,244 $ 2,309,222 Gross profit 207,649 234,276 226,131 250,117 918,173 Operating income 4,898 44,143 34,502 57,010 140,553 Income (loss) from continuing operations (19,636 ) 21,677 14,811 49,656 66,508 Loss from discontinued operations, net of tax — — (242 ) — (242 ) Loss from disposal of discontinued operations, net of tax — (86 ) — — (86 ) Less: Net loss attributable to noncontrolling interest — — — (24 ) (24 ) Net income (loss) attributable to Belden stockholders (19,636 ) 21,591 14,569 49,680 66,204 Basic income (loss) per share attributable to Belden stockholders: Continuing operations $ (0.46 ) $ 0.51 $ 0.35 $ 1.18 $ 1.57 Discontinued operations — — (0.01 ) — (0.01 ) Disposal of discontinued operations — — — — — Net income $ (0.46 ) $ 0.51 $ 0.34 $ 1.18 $ 1.56 Diluted income (loss) per share attributable to Belden stockholders: Continuing operations $ (0.46 ) $ 0.50 $ 0.35 $ 1.17 $ 1.55 Discontinued operations — — (0.01 ) — (0.01 ) Disposal of discontinued operations — — — — — Net income $ (0.46 ) $ 0.50 $ 0.34 $ 1.17 $ 1.54 2014 1 st 2 nd 3 rd 4 th 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 attributable to Belden stockholders 24,594 15 33,847 15,993 74,449 Basic income (loss) per share attributable to Belden stockholders: 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 attributable to Belden stockholders: 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 Included in the first, second, third, and fourth quarters of 2015 are severance, restructuring, and integration costs of $14.6 million, $4.9 million, $14.1 million, and $13.6 million, respectively. In addition, the first quarter of 2015 includes $9.2 million of compensation expense related to the accelerated vesting of acquiree stock based compensation awards related to our acquisition of Tripwire. 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25: Subsequent Events On January 7, 2016, we acquired 100% of the outstanding shares of M2FX Limited (M2FX), a leading manufacturer of fiber optic cable and fiber protection solutions. M2FX’s fiber based solutions will enhance the product portfolio of our broadband connectivity business. The initial cash paid for M2FX was approximately $16 million. The purchase price remains preliminary in nature and subject to additional consideration of up to $9 million. 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 do not expect the M2FX acquisition to be material to our financial position or results of operations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts Beginning Balance Charged to Costs and Expenses Divestitures/ Acquisitions Charge Offs Recoveries Currency Movement Ending Balance (In thousands) Accounts Receivable— Allowance for Doubtful Accounts: 2015 $ 11,503 $ 2,561 $ 40 $ (803 ) $ (4,353 ) $ (667 ) $ 8,281 2014 3,390 1,184 9,845 (1,867 ) (889 ) (160 ) 11,503 2013 4,163 733 448 (1,391 ) (520 ) (43 ) 3,390 Inventories— Excess and Obsolete Allowances: 2015 $ 31,823 $ 3,001 $ 2,755 $ (12,744 ) $ (1,407 ) $ (897 ) $ 22,531 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 Deferred Income Tax Asset— Valuation Allowance: 2015 $ 157,317 $ 2,840 $ (14,425 ) $ (1,823 ) $ (13,988 ) $ (12,850 ) $ 117,071 2014 10,165 4,252 143,513 — (415 ) (198 ) 157,317 2013 7,498 496 3,064 — (899 ) 6 10,165 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, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Belden Inc. (the Company, us, we, or our) is an innovative signal transmission solutions company built around five global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions, and Network Security Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound, and video for mission critical applications. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). |
Consolidation | Consolidation The accompanying Consolidated Financial Statements include Belden Inc. and all of its subsidiaries, including variable interest entities for which we are the primary beneficiary. 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 and valuation 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 2014 and 2013 Consolidated Financial Statements with no impact to reported net income in order to conform to the 2015 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, 2015 and 2014, we utilized Level 1 inputs to determine the fair value of cash equivalents. During 2015, 2014, and 2013, 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 2015. |
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. As of December 31, 2015, we did not have any such cash equivalents on hand. The fair value of these cash equivalents as of December 31, 2014 was $1.2 million, which was 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 Changes) through individual customer records, we estimate the amount of outstanding Changes 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 Changes 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 Changes recognized against our gross accounts receivable balance at December 31, 2015 and 2014 totaled $19.1 million and $17.6 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 ($1.8 million), $0.3 million, and $0.2 million in 2015, 2014, and 2013, respectively. In 2015, we recovered approximately $2.7 million of accounts receivable from one significant customer. The allowance for doubtful accounts at December 31, 2015 and 2014 totaled $8.3 million and $11.5 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, 2015 and 2014 totaled $22.5 million and $31.8 million, respectively. The decrease in the allowance for excess and obsolete inventories was primarily due to physical disposal of inventory for which an allowance had been recorded previously. |
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. 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 2015, we performed a qualitative assessment for six of our reporting units, which collectively represented approximately $636 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 2015, we performed a quantitative assessment for four 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 four 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 2015, 2014, or 2013. 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 2015, 2014, or 2013. 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 2015, 2014, or 2013. |
Equity Method Investment | Equity Method Investment We have a 50% ownership interest in Xuzhou Hirschmann Electronics Co. Ltd (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 mobile crane market. We account for this investment using the equity method of accounting. The carrying value included in other long-lived assets on our Consolidated Balance Sheets of our investment in the Hirschmann JV as of December 31, 2015 and 2014 is $29.5 million and $33.4 million, respectively. |
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, 2015 and 2014 totaled $30.0 million and $31.5 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, unless we have established vendor specific objective evidence (VSOE) or third party evidence of fair value exists 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. We have certain products subject to the accounting guidance on software revenue recognition. For such products, software license revenue is recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred, the fee is fixed or determinable, collection is probable and VSOE of the fair value of undelivered elements exists. As substantially all of the software licenses are sold in multiple-element arrangements that include either support and maintenance or both support and maintenance and professional services, we use the residual method to determine the amount of software license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon VSOE of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as software license revenue. In our Network Security Solutions segment, we have established VSOE of the fair value of support and maintenance, subscription-based software licenses, and professional services. Software license revenue is generally recognized upon delivery of the software if all revenue recognition criteria are met. Revenue allocated to support services under our Network Security Solutions support and maintenance contracts is paid in advance and recognized ratably over the term of the service. Revenue allocated to subscription-based software and remote ongoing operational services is also paid in advance and recognized ratably over the term of the service. Revenue allocated to professional services, including remote implementation services, is recognized as the services are performed. |
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. Cost of sales also includes the costs to provide maintenance and support and other professional services. |
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 $27.5 million, $21.8 million, and $17.8 million for 2015, 2014, and 2013, 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, primarily stock appreciation rights (SARs), 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. We estimate the fair value of certain restricted stock units with service vesting conditions and performance vesting conditions based on the grant date stock price. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. After calculating the aggregate fair value of an award, we use an estimated forfeiture rate to discount the amount of share-based compensation cost expected 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 |
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. |
Recent Accounting Pronouncements | Current-Year Adoption of Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes Pending Adoption of Recent Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, S implifying the Presentation of Debt Issuance Costs , Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers 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, 2015 | |
Tripwire [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 January 2, 2015 (in thousands). Cash $ 2,364 Receivables 37,792 Inventories 603 Other current assets 2,453 Property, plant and equipment 10,021 Goodwill 462,215 Intangible assets 306,000 Other non-current assets 659 Total assets $ 822,107 Accounts payable $ 3,142 Accrued liabilities 12,142 Deferred revenue 8,000 Deferred income taxes 95,074 Other non-current liabilities 540 Total liabilities $ 118,898 Net assets $ 703,209 |
Intangible Assets Related to Acquisition | The intangible assets related to the acquisition consisted of the following: Estimated Fair Amortization (In thousands) (In years) Intangible assets subject to amortization: Developed technology $ 210,000 5.8 Customer relationships 56,000 15.0 Backlog 3,000 1.0 Total intangible assets subject to amortization 269,000 Intangible assets not subject to amortization: Goodwill 462,215 Trademarks 31,000 In-process research and development 6,000 Total intangible assets not subject to amortization 499,215 Total intangible assets $ 768,215 Weighted average amortization period 7.7 |
Pro Forma Effect on Operating Results | The following table illustrates the unaudited pro forma effect on operating results as if the Tripwire acquisition had been completed as of January 1, 2014. Years Ended December 31, 2015 December 31, 2014 (In thousands, except per share data) (Unaudited) Revenues $ 2,354,191 $ 2,405,198 Income from continuing operations 92,104 23,302 Diluted income per share from continuing operations attributable to Belden stockholders $ 2.14 $ 0.53 |
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 5,894 Inventories 2,731 Other current assets 332 Property, plant and equipment 767 Goodwill 56,923 Intangible assets 40,800 Other non-current assets 622 Total assets $ 110,586 Accounts payable $ 2,544 Accrued liabilities 2,807 Other non-current liabilities 1,132 Total liabilities $ 6,483 Net assets $ 104,103 |
Intangible Assets Related to Acquisition | The intangible assets related to the acquisition consisted of the following: Fair Value Amortization (In thousands) (In years) Intangible assets subject to amortization: Customer relationships $ 26,600 20.0 Developed technologies 9,000 5.0 Trademarks 5,000 5.0 Backlog 200 0.3 Total intangible assets subject to amortization 40,800 Intangible assets not subject to amortization: Goodwill 56,923 Total intangible assets not subject to amortization 56,923 Total intangible assets $ 97,723 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 $ 9,451 Receivables 67,354 Inventories 18,593 Other current assets 4,172 Property, plant and equipment 22,460 Goodwill 131,070 Intangible assets 95,500 Other non-current assets 17,101 Total assets $ 365,701 Accounts payable $ 51,276 Accrued liabilities 62,672 Deferred revenue 14,000 Postretirement benefits 16,538 Deferred income taxes 1,827 Other non-current liabilities 1,199 Total liabilities $ 147,512 Net assets $ 218,189 |
Intangible Assets Related to Acquisition | The intangible assets related to the acquisition consisted of the following: Fair Value Amortization (In thousands) (In years) Intangible assets subject to amortization: Developed technologies $ 37,000 5.0 Customer relationships 27,000 15.0 Backlog 1,500 0.3 Total intangible assets subject to amortization 65,500 Intangible assets not subject to amortization: Goodwill 131,070 Trademarks 22,000 In-process research and development 8,000 Total intangible assets not subject to amortization 161,070 Total intangible assets $ 226,570 Weighted average amortization period 9.0 |
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. Years 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 attributable to Belden stockholders $ 1.54 $ 1.49 |
Operating Segments and Geogra38
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information Broadcast Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 900,637 $ 928,586 $ 679,197 Affiliate revenues 1,371 1,381 933 Segment EBITDA 142,428 140,367 109,541 Depreciation expense 17,103 16,553 18,422 Amortization of intangibles 50,989 50,739 46,005 Severance, restructuring, and acquisition integration costs 39,078 48,557 12,128 Purchase accounting effects of acquisitions 132 8,574 6,550 Deferred gross profit adjustments 2,446 10,777 11,337 Acquisition of property, plant and equipment 27,900 17,912 10,526 Segment assets 394,197 430,991 294,454 Enterprise Connectivity Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 445,243 $ 455,795 $ 493,129 Affiliate revenues 5,322 8,467 9,823 Segment EBITDA 71,508 66,035 62,165 Depreciation expense 11,783 13,744 12,469 Amortization of intangibles 543 650 543 Severance, restructuring, and acquisition integration costs 723 3,318 400 Purchase accounting effects of acquisitions 52 608 — Acquisition of property, plant and equipment 9,788 12,574 11,749 Segment assets 190,298 206,377 223,073 Industrial Connectivity Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 603,350 $ 682,374 $ 680,643 Affiliate revenues 1,613 2,927 1,901 Segment EBITDA 99,941 106,097 104,655 Depreciation expense 11,235 11,145 10,308 Amortization of intangibles 3,154 1,236 1,085 Severance, restructuring, and acquisition integration costs 6,228 11,953 700 Purchase accounting effects of acquisitions 334 1,328 — Acquisition of property, plant and equipment 8,836 10,053 14,496 Segment assets 231,265 255,997 259,400 Industrial IT Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 244,303 $ 253,464 $ 231,521 Affiliate revenues 70 54 208 Segment EBITDA 43,253 47,927 45,719 Depreciation expense 2,293 2,294 2,449 Amortization of intangibles 5,859 5,801 3,170 Severance, restructuring, and acquisition integration costs 169 6,999 1,660 Purchase accounting effects of acquisitions 32 2,030 — Acquisition of property, plant and equipment 2,039 1,903 2,020 Segment assets 55,285 67,417 56,658 Network Security Solutions Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 167,050 $ — $ — Affiliate revenues 8 — — Segment EBITDA 44,620 — — Depreciation expense 4,137 — — Amortization of intangibles 43,246 — — Severance, restructuring, and acquisition integration costs 972 — — Purchase accounting effects of acquisitions 9,197 — — Deferred gross profit adjustments 50,430 — — Acquisition of property, plant and equipment 5,009 — — Segment assets 63,235 — — Total Segments Years ended December 31, 2015 2014 2013 (In thousands) Segment revenues $ 2,360,583 $ 2,320,219 $ 2,084,490 Affiliate revenues 8,384 12,829 12,865 Segment EBITDA 401,750 360,426 322,080 Depreciation expense 46,551 43,736 43,648 Amortization of intangibles 103,791 58,426 50,803 Severance, restructuring, and acquisition integration costs 47,170 70,827 14,888 Purchase accounting effects of acquisitions 9,747 12,540 6,550 Deferred gross profit adjustments 52,876 10,777 11,337 Acquisition of property, plant and equipment 53,572 42,442 38,791 Segment assets 934,280 960,782 833,585 |
Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income from Continuing Operations Before Taxes | The following table is a reconciliation of the total of the reportable segments’ Revenues and EBITDA to consolidated revenues and consolidated income from continuing operations before taxes, respectively. Years Ended December 31, 2015 2014 2013 (In thousands) Total Segment Revenues $ 2,360,583 $ 2,320,219 $ 2,084,490 Deferred revenue adjustments (1) (51,361 ) (11,954 ) (15,297 ) Consolidated Revenues $ 2,309,222 $ 2,308,265 $ 2,069,193 Total Segment EBITDA $ 401,750 $ 360,426 $ 322,080 Amortization of intangibles (103,791 ) (58,426 ) (50,803 ) Deferred gross profit adjustments (1) (52,876 ) (10,777 ) (11,337 ) Severance, restructuring, and acquisition integration costs (2) (47,170 ) (70,827 ) (14,888 ) Depreciation expense (46,551 ) (43,736 ) (43,648 ) Purchase accounting effects related to acquisitions (3) (9,747 ) (12,540 ) (6,550 ) Income from equity method investment 1,770 3,955 8,922 Gain on sale of assets — — 1,278 Eliminations (2,832 ) (4,956 ) (3,792 ) Consolidated operating income 140,553 163,119 201,262 Interest expense, net (100,613 ) (81,573 ) (72,601 ) Loss on debt extinguishment — — (1,612 ) Consolidated income from continuing operations before taxes $ 39,940 $ 81,546 $ 127,049 (1) For the year ended December 31, 2015, both our consolidated revenues and gross profit were negatively impacted by the reduction of the acquired deferred revenue balance to fair value associated with our acquisition of Tripwire. See Note 3, Acquisitions. (2) See Note 12, Severance, Restructuring, and Acquisition Integration Activities, . (3) For the year ended December 31, 2015, we recognized $9.2 million of compensation expense related to the accelerated vesting of acquiree stock based compensation awards associated with our acquisition of Tripwire. In addition, we recognized $ 0.3 million of cost of sales related to the adjustment of acquired inventory to fair value related to our acquisition of Coast. For the year ended December 31, 2014, we recognized $8.3 million of cost of sales related to the adjustment of acquired inventory to fair value for our acquisitions of Grass Valley and ProSoft. |
Reconciliations of Other Segment Measures to Consolidated Totals | Below are reconciliations of other segment measures to the consolidated totals. Years Ended December 31, 2015 2014 2013 (In thousands) Total segment assets $ 934,280 $ 960,782 $ 833,585 Cash and cash equivalents 216,751 741,162 613,304 Goodwill 1,385,115 943,374 773,048 Intangible assets, less accumulated amortization 655,871 461,292 376,976 Deferred income taxes 34,295 60,652 54,801 Income tax receivable 3,787 4,953 12,169 Corporate assets 85,742 88,455 87,870 Total assets $ 3,315,841 $ 3,260,670 $ 2,751,753 Total segment acquisition of property, plant and equipment $ 53,572 $ 42,442 $ 38,791 Corporate acquisition of property, plant and equipment 1,397 3,017 1,418 Total acquisition of property, plant and equipment $ 54,969 $ 45,459 $ 40,209 |
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, 2015, 2014 and 2013 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, 2015 Revenues $ 1,270,467 $ 170,522 $ 114,863 $ 103,106 $ 650,264 $ 2,309,222 Percent of total revenues 55% 7% 5% 4% 29% 100% Long-lived assets $ 207,265 $ 27,315 $ 62,794 $ 35,588 $ 64,434 $ 397,396 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 |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (In thousands) Numerator for basic and diluted income per share: Income from continuing operations $ 66,508 $ 74,432 $ 104,734 Less: Net loss attributable to noncontrolling interest (24 ) — — Income from continuing operations attributable to Belden stockholders 66,532 74,432 104,734 Income (loss) from discontinued operations, net of tax, attributable to Belden stockholders (242 ) 579 (1,421 ) Loss from disposal of discontinued operations, net of tax, attributable to Belden stockholders (86 ) (562 ) — Net income attributable to Belden stockholders $ 66,204 $ 74,449 $ 103,313 Denominator: Weighted average shares outstanding, basic 42,390 43,273 43,871 Effect of dilutive common stock equivalents 563 724 866 Weighted average shares outstanding, diluted 42,953 43,997 44,737 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Major Classes of Inventories | The major classes of inventories were as follows: December 31, 2015 2014 (In thousands) Raw materials $ 92,929 $ 106,955 Work-in-process 27,730 31,611 Finished goods 97,814 121,655 Gross inventories 218,473 260,221 Excess and obsolete reserves (22,531 ) (31,823 ) Net inventories $ 195,942 $ 228,398 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Land and land improvements $ 29,235 $ 31,879 Buildings and leasehold improvements 135,154 131,534 Machinery and equipment 483,773 472,543 Computer equipment and software 112,888 96,546 Construction in process 28,274 33,726 Gross property, plant and equipment 789,324 766,228 Accumulated depreciation (478,695 ) (449,843 ) Net property, plant and equipment $ 310,629 $ 316,385 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Value of Intangible Assets | The carrying values of intangible assets were as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net (In thousands) (In thousands) Goodwill $ 1,385,115 $ — $ 1,385,115 $ 943,374 $ — $ 943,374 Definite-lived intangible assets subject to amortization: Customer relationships $ 309,573 $ (61,641 ) $ 247,932 $ 261,914 $ (46,457 ) $ 215,457 Developed technology 416,817 (170,576 ) 246,241 213,017 (102,996 ) 110,021 Trademarks 19,417 (7,255 ) 12,162 19,438 (3,687 ) 15,751 Backlog 12,559 (12,559 ) — 10,406 (9,627 ) 779 In-service research and development 14,238 (4,723 ) 9,515 10,340 (2,777 ) 7,563 Total intangible assets subject to amortization 772,604 (256,754 ) 515,850 515,115 (165,544 ) 349,571 Indefinite-lived intangible assets not subject to amortization: Trademarks 129,671 — 129,671 103,040 — 103,040 In-process research and development 10,350 — 10,350 8,681 — 8,681 Total intangible assets not subject to amortization 140,021 — 140,021 111,721 — 111,721 Intangible assets $ 912,625 $ (256,754 ) $ 655,871 $ 626,836 $ (165,544 ) $ 461,292 |
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: Broadcast Enterprise Industrial Industrial Network Consolidated (In thousands) 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 Acquisitions and purchase accounting adjustments 11,481 — 1,614 730 462,215 476,040 Translation impact (25,455 ) — (4,948 ) (3,896 ) — (34,299 ) Balance at December 31, 2015 $ 559,530 $ 50,136 $ 196,719 $ 116,515 $ 462,215 $ 1,385,115 |
Changes in Carrying Amount of Trademarks | The changes in the carrying amount of indefinite-lived trademarks are as follows: Broadcast Enterprise Industrial Industrial Network Consolidated (In thousands) 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 Acquisitions and purchase accounting adjustments — — — — 31,000 31,000 Translation impact (2,198 ) — (1,654 ) (517 ) — (4,369 ) Balance at December 31, 2015 $ 84,985 $ — $ 9,090 $ 4,596 $ 31,000 $ 129,671 |
Accounts Payable and Accrued 43
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Accounts payable $ 223,514 $ 272,439 Current deferred revenue 101,460 45,139 Wages, severance and related taxes 86,389 70,256 Accrued rebates 29,997 31,506 Employee benefits 27,482 25,158 Accrued interest 25,188 26,741 Other (individual items less than 5% of total current liabilities) 52,733 49,272 Accounts payable and accrued liabilities $ 546,763 $ 520,511 |
Severance, Restructuring, and44
Severance, Restructuring, and Acquisition Integration Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Severance, Restructuring and Integration Costs by Segment | The following tables summarize the costs by segment of the various programs described above: Year Ended December 31, 2015 Severance Other Total Costs (In thousands) Broadcast Solutions $ 16,694 $ 22,384 $ 39,078 Enterprise Connectivity Solutions (186 ) 909 723 Industrial Connectivity Solutions 3,309 2,919 6,228 Industrial IT Solutions (728 ) 897 169 Network Security Solutions 12 960 972 Total $ 19,101 $ 28,069 $ 47,170 Year Ended December 31, 2014 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 Year Ended December 31, 2013 Broadcast Solutions $ 4,112 $ 8,016 $ 12,128 Enterprise Connectivity Solutions — 400 400 Industrial Connectivity Solutions — 700 700 Industrial IT Solutions 1,318 342 1,660 Total $ 5,430 $ 9,458 $ 14,888 |
Summary of Severance Activity | The table below sets forth severance activity that occurred for the four significant programs described above. The balances are included in accrued liabilities. Productivity Grass Grass Valley Industrial (In thousands) Balance at December 31, 2014 $ 7,141 $ 5,579 $ — $ — New charges 887 2,165 — — Cash payments (1,455 ) (2,370 ) — — Foreign currency translation (408 ) (302 ) — — Other adjustments (170 ) — — — Balance at March 29, 2015 $ 5,995 $ 5,072 $ — $ — New charges 22 — — — Cash payments (1,268 ) (1,709 ) — — Foreign currency translation 97 10 — — Other adjustments — (1,590 ) — — Balance at June 28, 2015 $ 4,846 $ 1,783 $ — $ — New charges 99 — 11,978 — Cash payments (987 ) (946 ) (755 ) — Foreign currency translation (29 ) — — — Balance at September 27, 2015 $ 3,929 $ 837 $ 11,223 $ — New charges — — 3,960 2,728 Cash payments (831 ) (397 ) (2,979 ) (282 ) Foreign currency translation (64 ) (27 ) (119 ) 15 Other adjustments (818 ) — — 182 Balance at December 31, 2015 $ 2,216 $ 413 $ 12,085 $ 2,643 |
Long-Term Debt and Other Borr45
Long-Term Debt and Other Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Revolving credit agreement due 2018 $ 50,000 $ — Variable rate term loan due 2020 243,965 246,375 Senior subordinated notes: 5.25% Senior subordinated notes due 2024 200,000 200,000 5.50% Senior subordinated notes due 2023 553,835 616,326 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 1,459,056 1,521,547 Total debt and other borrowing arrangements 1,753,021 1,767,922 Less current maturities of Term Loan (2,500 ) (2,500 ) Long-term debt $ 1,750,521 $ 1,765,422 |
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 2016 101.542 % 2017 102.750 % 2018 102.750 % 2019 102.625 % 2017 and thereafter 100.000 % 2018 101.833 % 2019 101.833 % 2020 101.750 % 2019 100.917 % 2020 100.917 % 2021 100.875 % 2020 and thereafter 100.000 % 2021 and thereafter 100.000 % 2022 and thereafter 100.000 % |
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, 2015 are as follows (in thousands): 2016 $ 2,500 2017 2,500 2018 52,500 2019 7,721 2020 233,965 Thereafter 1,453,835 $ 1,753,021 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | Years ended December 31, 2015 2014 2013 (In thousands) Income (loss) from continuing operations before taxes: United States operations $ (6,924 ) $ 14,042 $ 31,678 Foreign operations 46,864 67,504 95,371 Income from continuing operations before taxes $ 39,940 $ 81,546 $ 127,049 Income tax expense (benefit): Currently payable United States federal $ — $ 6,701 $ (4,493 ) United States state and local 1,789 1,617 (26 ) Foreign 17,317 16,592 21,377 19,106 24,910 16,858 Deferred United States federal (23,709 ) (9,662 ) 3,575 United States state and local (2,257 ) (746 ) 1,593 Foreign (19,708 ) (7,388 ) 289 (45,674 ) (17,796 ) 5,457 Income tax expense (benefit) $ (26,568 ) $ 7,114 $ 22,315 |
Effective Income Tax Rate Reconciliation from Continuing Operations | Years Ended December 31, 2015 2014 2013 Effective income tax rate reconciliation from continuing operations: United States federal statutory rate 35.0% 35.0% 35.0% State and local income taxes (2.6% ) 0.8% 1.5% Impact of change in tax contingencies (4.2% ) (7.1% ) 3.8% Foreign income tax rate differences (8.4% ) (17.6% ) (12.1% ) Impact of change in deferred tax asset valuation allowance (28.6% ) 4.7% (0.6% ) Domestic permanent differences & tax credits (57.7% ) (7.1% ) (10.0% ) (66.5% ) 8.7% 17.6% |
Components of Deferred Income Tax Balances | December 31, 2015 2014 (In thousands) Components of deferred income tax balances: Deferred income tax liabilities: Plant, equipment, and intangibles $ (203,736 ) $ (90,413 ) Deferred income tax assets: Postretirement, pensions, and stock compensation 32,831 34,656 Reserves and accruals 44,345 44,809 Net operating loss and tax credit carryforwards 231,892 217,902 Valuation allowances (117,071 ) (157,317 ) 191,997 140,050 Net deferred income tax asset (liability) $ (11,739 ) $ 49,637 |
Summary of Net Operating Loss Carryforwards | The following tables summarize our net operating loss carryforwards and tax credit carryforwards as of December 31, 2015 by jurisdiction: Net Operating Loss Carryforwards (In thousands) France $ 244,105 United States - various states 202,985 Germany 63,576 Netherlands 24,583 Japan 24,412 Australia 13,027 Other 33,913 Total $ 606,601 |
Summary of Tax Credit Carryforwards | Tax Credit Carryforwards (In thousands) United States $ 68,189 Canada 17,679 Total $ 85,868 |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2015 2014 (In thousands) Balance at beginning of year $ 10,057 $ 18,639 Additions based on tax positions related to the current year 544 663 Additions for tax positions of prior years 638 73 Reductions for tax positions of prior years - Settlement (3,765 ) (7,907 ) Reduction for tax positions of prior years - Statute of limitations (181 ) (1,411 ) Balance at end of year $ 7,293 $ 10,057 |
Pension and Other Postretirem47
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2015 2014 (In thousands) Change in benefit obligation: Benefit obligation, beginning of year $ (300,339 ) $ (258,423 ) $ (39,169 ) $ (46,614 ) Service cost (5,505 ) (5,453 ) (52 ) (49 ) Interest cost (9,116 ) (10,757 ) (1,301 ) (1,647 ) Participant contributions (109 ) (109 ) (5 ) (7 ) Actuarial gain (loss) 12,108 (28,971 ) 1,720 4,392 Acquisitions — (25,283 ) — — Settlements 1,579 — — — Curtailments 128 359 — — Foreign currency exchange rate changes 12,132 13,708 4,691 2,704 Benefits paid 13,917 14,590 1,803 2,052 Benefit obligation, end of year $ (275,205 ) $ (300,339 ) $ (32,313 ) $ (39,169 ) |
Change in Plan Assets | Pension Benefits Other Benefits Years Ended December 31, 2015 2014 2015 2014 (In thousands) Change in plan assets: Fair value of plan assets, beginning of year $ 216,754 $ 198,367 $ — $ — Actual return on plan assets 2,569 20,223 — — Employer contributions 5,706 7,992 1,798 2,045 Plan participant contributions 109 109 5 7 Acquisitions — 9,360 — — Settlements (1,579 ) — — — Foreign currency exchange rate changes (5,270 ) (4,707 ) — — Benefits paid (13,917 ) (14,590 ) (1,803 ) (2,052 ) Fair value of plan assets, end of year $ 204,372 $ 216,754 $ — $ — Funded status, end of year $ (70,833) $ (83,585) $ (32,313) $ (39,169) |
Amounts Recognized in Balance Sheets | Amounts recongized in the balance sheets: Prepaid benefit cost $ 7,219 $ 5,689 $ — $ — Accrued benefit liability (current) (3,173 ) (3,628 ) (1,962 ) (2,188 ) Accrued benefit liability (noncurrent) (74,879 ) (85,646 ) (30,351 ) (36,981 ) Net funded status $ (70,833 ) $ (83,585 ) $ (32,313 ) $ (39,169 ) |
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, 2015 2014 2013 2015 2014 2013 (In thousands) Components of net periodic benefit cost: Service cost $ 5,505 $ 5,453 $ 5,554 $ 52 $ 49 $ 125 Interest cost 9,116 10,757 9,310 1,301 1,647 1,910 Expected return on plan assets (12,518 ) (12,468 ) (11,066 ) — — — Amortization of prior service credit (44 ) (48 ) (54 ) (87 ) (100 ) (108 ) Curtailment gain (128 ) (359 ) — — — — Settlement loss 128 — — — — — Net loss recognition 5,082 4,154 6,388 328 315 932 Net periodic benefit cost $ 7,141 $ 7,489 $ 10,132 $ 1,594 $ 1,911 $ 2,859 |
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, 2015 2014 2015 2014 Weighted average assumptions for benefit obligations at year end: Discount rate 3.6% 3.2% 4.0% 3.7% Salary increase 3.5% 3.3% N/A N/A Weighted average assumptions for net periodic cost for the year: Discount rate 3.2% 4.1% 3.7% 4.4% Salary increase 3.5% 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% 5.5% Rate that the cost trend rate gradually declines to N/A N/A 5.0% 5.0% Year that the rate reaches the rate it is assumed to remain at N/A N/A 2022 2016 |
Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates | A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2015 expense and year-end liabilities. 1% Increase 1% Decrease (In thousands) Effect on total of service and interest cost components $ 134 $ (110 ) Effect on postretirement benefit obligation $ 2,996 $ (2,484 ) |
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, 2015 December 31, 2014 Fair Market Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Fair Market Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) (In thousands) (In thousands) Asset Category: Equity securities (a) Large-cap fund $ 77,618 $ 3,266 $ 74,352 $ — $ 82,816 $ 3,414 $ 79,402 $ — Mid-cap 14,427 957 13,470 — 15,276 1,448 13,828 — Small-cap 19,260 461 18,799 — 19,952 312 19,640 — Debt securities (b) Government bond fund 26,827 1,387 25,440 — 29,121 1,244 27,877 — Corporate bond fund 24,975 3,194 21,781 — 27,485 3,815 23,670 — Fixed income fund (c) 40,989 — 40,989 — 41,975 — 41,975 — Cash & equivalents 276 276 — — 129 129 — — Total $ 204,372 $ 9,541 $ 194,831 $ — $ 216,754 $ 10,362 $ 206,392 $ — (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 Plans Medicare (In thousands) 2016 $ 16,173 $ 2,097 $ 87 2017 17,795 2,044 80 2018 17,886 1,970 72 2019 18,816 1,890 65 2020 17,170 1,827 57 2021-2025 94,434 8,569 188 Total $ 182,274 $ 18,397 $ 549 |
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, 2015, the changes in these amounts during the year ended December 31, 2015, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2016 are as follows. Pension Other (In thousands) Components of accumulated other comprehensive loss: Net actuarial loss $ 51,720 $ 2,515 Net prior service credit (81) (40) $ 51,639 $ 2,475 Pension Other (In thousands) Changes in accumulated other comprehensive loss: Net actuarial loss, beginning of year $ 61,333 $ 4,679 Amortization cost (5,082) (328) Curtailment gain recognized 128 — Settlement loss recognized (128) — Actuarial gain (12,236) (1,720) Asset loss 9,949 — Currency impact (2,244) (116) Net actuarial loss, end of year $ 51,720 $ 2,515 Prior service credit, beginning of year $ (94) $ (143) Amortization credit 44 87 Currency impact (31) 16 Prior service credit, end of year $ (81) $ (40) Pension Other (In thousands) Expected 2016 amortization: Amortization of prior service credit $ (43) $ (40) Amortization of net loss 2,709 220 $ 2,666 $ 180 |
Comprehensive Income and Accu48
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Total Comprehensive Income | The following table summarizes total comprehensive income: Years ended December 31, 2015 2014 2013 (In thousands) Net income $ 66,180 $ 74,449 $ 103,313 Foreign currency translation loss, net of $1.3 million, $1.8 million, and $2.2 million tax, respectively (20,842) (10,387) (20,720) Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively 7,864 (6,463) 22,104 Total comprehensive income 53,202 57,599 104,697 Less: Comprehensive loss attributable to noncontrolling interest (46) — — Comprehensive income attributable to Belden stockholders $ 53,248 $ 57,599 $ 104,697 |
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 (In thousands) 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 ) Other comprehensive loss attributable to Belden stockholders before reclassifications (20,820 ) 4,434 (16,386 ) Amounts reclassified from accumulated other comprehensive income (loss) — 3,430 3,430 Net current period other comprehensive loss attributable to Belden stockholders (20,820 ) 7,864 (12,956 ) Balance at December 31, 2015 $ (23,411 ) $ (35,576 ) $ (58,987 ) |
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 (In thousands) Amortization of pension and other postretirement benefit plan items: Actuarial losses $ 5,410 (1) Prior service credit (131) (1) Total before tax 5,279 Tax benefit (1,849) Total net of tax $ 3,430 (1) The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 15). |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below: Years Ended December 31, 2015 2014 2013 (In thousands) Total share-based compensation cost $ 17,745 $ 18,858 $ 14,854 Income tax benefit 6,867 7,334 5,777 |
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 with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. 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, 2015 2014 2013 (In thousands, except weighted average fair value and assumptions) Weighted-average fair value of SARs and options granted $ 31.22 $ 35.46 $ 24.63 Total intrinsic value of SARs converted and options exercised 14,697 24,023 47,058 Cash received for options exercised 30 48 14,030 Tax benefit related to share-based compensation 5,050 6,859 10,734 Weighted-average fair value of restricted stock shares and units granted 96.52 72.46 50.38 Total fair value of restricted stock shares and units vested 7,696 7,888 9,032 Expected volatility 35.66 % 52.63 % 53.94 % Expected term (in years) 5.7 5.8 6.1 Risk-free rate 1.59 % 1.79 % 1.04 % Dividend yield 0.22 % 0.28 % 0.40 % |
Summary of Share Based Compensation Activity | SARs and Stock Options Restricted Shares and Units Number Weighted- Price Weighted- Aggregate Number Weighted- Grant-Date (In thousands, except exercise prices, fair values, and contractual terms) Outstanding at January 1, 2015 1,305 $ 44.60 493 $ 54.76 Granted 236 88.79 183 96.52 Exercised or converted (320 ) 40.03 (178 ) 43.11 Forfeited or expired (32 ) 73.60 (34 ) 70.99 Outstanding at December 31, 2015 1,189 $ 53.80 7.0 $ (7,280 ) 464 $ 74.50 Vested or expected to vest at December 31, 2015 1,169 $ 53.51 7.0 $ (6,811 ) Exercisable or convertible at December 31, 2015 730 41.06 6.0 4,831 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are as follows (in thousands): 2016 $ 24,331 2017 17,270 2018 13,580 2019 10,845 2020 8,490 Thereafter 18,958 $ 93,474 |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Years Ended December 31, 2015 2014 2013 (In thousands) Income tax refunds received $ 4,068 $ 12,681 $ 11,165 Income taxes paid (24,960 ) (25,308 ) (79,778 ) Interest paid, net of amount capitalized (91,496 ) (70,915 ) (60,340 ) |
Quarterly Operating Results (52
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (Unaudited) | 2015 1 st 2 nd 3 rd 4 th Year (In thousands, except days and per share amounts) Number of days in quarter 88 91 91 95 365 Revenues $ 546,957 $ 585,755 $ 579,266 $ 597,244 $ 2,309,222 Gross profit 207,649 234,276 226,131 250,117 918,173 Operating income 4,898 44,143 34,502 57,010 140,553 Income (loss) from continuing operations (19,636 ) 21,677 14,811 49,656 66,508 Loss from discontinued operations, net of tax — — (242 ) — (242 ) Loss from disposal of discontinued operations, net of tax — (86 ) — — (86 ) Less: Net loss attributable to noncontrolling interest — — — (24 ) (24 ) Net income (loss) attributable to Belden stockholders (19,636 ) 21,591 14,569 49,680 66,204 Basic income (loss) per share attributable to Belden stockholders: Continuing operations $ (0.46 ) $ 0.51 $ 0.35 $ 1.18 $ 1.57 Discontinued operations — — (0.01 ) — (0.01 ) Disposal of discontinued operations — — — — — Net income $ (0.46 ) $ 0.51 $ 0.34 $ 1.18 $ 1.56 Diluted income (loss) per share attributable to Belden stockholders: Continuing operations $ (0.46 ) $ 0.50 $ 0.35 $ 1.17 $ 1.55 Discontinued operations — — (0.01 ) — (0.01 ) Disposal of discontinued operations — — — — — Net income $ (0.46 ) $ 0.50 $ 0.34 $ 1.17 $ 1.54 2014 1 st 2 nd 3 rd 4 th 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 attributable to Belden stockholders 24,594 15 33,847 15,993 74,449 Basic income (loss) per share attributable to Belden stockholders: 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 attributable to Belden stockholders: 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 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||||||||||
Guideline used to determine the end date of first quarter | 91 days | |||||||||
Reporting period | 95 days | 91 days | 91 days | 88 days | 94 days | 91 days | 91 days | 89 days | 365 days | 365 days |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)CustomerReporting_Unit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [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 | $ 0 | $ 1,200,000 | |
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 | $ 19,100,000 | 17,600,000 | |
Bad debt expense, net of recoveries | (1,800,000) | 300,000 | $ 200,000 |
Accounts receivable recovered | $ 2,700,000 | ||
Number of customers with accounts receivable recovered | Customer | 1 | ||
Allowance for doubtful accounts | $ 8,300,000 | 11,500,000 | |
Obsolescence and other reserves | 22,531,000 | 31,823,000 | |
Goodwill qualitative assessment | 636,000,000 | ||
Impairment charges | $ 0 | 0 | 0 |
Percentage of projected benefit obligation | Lesser of 10% | ||
Accrued sales rebates | $ 30,000,000 | 31,500,000 | |
Advertising costs | 27,500,000 | 21,800,000 | 17,800,000 |
Decrease in total current assets | 22,100,000 | ||
Increase in non-current deferred tax assets | 20,000,000 | ||
Increase (Decrease) in accrued liabilities | $ (59,214,000) | 5,598,000 | $ (31,690,000) |
Increase in non-current deferred tax liabilities | 200,000 | ||
Qualitative Assessment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of Reporting Units | Reporting_Unit | 6 | ||
Quantitative Assessment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of Reporting Units | Reporting_Unit | 4 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 1 year | ||
Minimum [Member] | Buildings [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 5 years | ||
Minimum [Member] | Computer Equipment and Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 5 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 25 years | ||
Maximum [Member] | Buildings [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 12 years | ||
Maximum [Member] | Computer Equipment and Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of related assets | 10 years | ||
Hirschmann JV [Member] | |||
Significant Accounting Policies [Line Items] | |||
Ownership percentage | 50.00% | ||
Carrying value recorded in other long-lived assets | $ 29,500,000 | $ 33,400,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 27, 2015 | Jan. 02, 2015 | Nov. 20, 2014 | Jun. 11, 2014 | Mar. 31, 2014 | Jan. 25, 2013 | Mar. 29, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||||||
Amortization of intangible assets | $ 103,791 | $ 58,426 | $ 50,803 | |||||||
Cost of sales | 1,391,049 | 1,488,816 | 1,364,764 | |||||||
Revolving Credit Agreement Mature 2018 [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revolving credit agreement | $ 200,000 | 50,000 | ||||||||
Tripwire [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | $ 703,200 | |||||||||
Reduction of goodwill | $ 15,800 | |||||||||
Fair value of acquired receivables | 37,800 | |||||||||
Acquired receivable, gross contractual amount | 38,000 | |||||||||
Amount of acquired receivables not expected to be collected | 200 | |||||||||
Post acquisition revenues | 116,600 | |||||||||
Post acquisition income (loss) from continuing operations | (47,800) | |||||||||
Amortization of intangible assets | 43,200 | |||||||||
Impact on reported revenue due to reduction of acquired deferred revenue balance to fair value | 50,400 | |||||||||
Compensation expense | $ 9,200 | $ 9,200 | ||||||||
Tripwire [Member] | Pro Forma [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization of intangible assets | 3,000 | |||||||||
Compensation expense | 9,200 | |||||||||
Tripwire [Member] | Revolving Credit Agreement Mature 2018 [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revolving credit agreement | $ 200,000 | |||||||||
Coast Wire and Plastic Tech, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | $ 36,000 | |||||||||
Prosoft Technology, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | $ 104,100 | |||||||||
Fair value of acquired receivables | 5,900 | |||||||||
Acquired receivable, gross contractual amount | 6,200 | |||||||||
Amount of acquired receivables not expected to be collected | 300 | |||||||||
Post acquisition revenues | 31,700 | |||||||||
Post acquisition income (loss) from continuing operations | (2,500) | |||||||||
Amortization of intangible assets | 2,400 | |||||||||
Goodwill acquired | $ 56,900 | |||||||||
Period for deducting goodwill for tax purposes | 15 years | |||||||||
Prosoft Technology, Inc. [Member] | Inventories - Obsolescence and Other Valuation Allowances [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cost of sales | 1,400 | |||||||||
Grass Valley [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||
Acquisition price | $ 218,200 | |||||||||
Fair value of acquired receivables | 67,400 | |||||||||
Acquired receivable, gross contractual amount | 77,200 | |||||||||
Amount of acquired receivables not expected to be collected | $ 9,800 | |||||||||
Post acquisition revenues | 196,200 | |||||||||
Post acquisition income (loss) from continuing operations | (58,500) | |||||||||
Amortization of intangible assets | 8,600 | |||||||||
Increase in goodwill due to an increase in the estimated fair value of acquired accrued liabilities and deferred tax liabilities | 11,500 | |||||||||
Grass Valley [Member] | Inventories - Obsolescence and Other Valuation Allowances [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cost of sales | $ 6,900 | |||||||||
Grass Valley and Prosoft [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Inventory cost step-up, pro forma disclosure | 8,300 | |||||||||
Amortization of intangible assets, pro forma disclosure | 1,700 | |||||||||
Transaction costs, pro forma disclosure | $ 1,600 | |||||||||
Softel Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition price | $ 9,100 |
Acquisitions - Fair Value of As
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 02, 2015 | Dec. 31, 2014 | Jun. 11, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,385,115 | $ 943,374 | $ 773,048 | |||
Tripwire [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 2,364 | |||||
Receivables | 37,792 | |||||
Inventories | 603 | |||||
Other current assets | 2,453 | |||||
Property, plant and equipment | 10,021 | |||||
Goodwill | 462,215 | |||||
Intangible assets | 306,000 | |||||
Other non-current assets | 659 | |||||
Total assets | 822,107 | |||||
Accounts payable | 3,142 | |||||
Accrued liabilities | 12,142 | |||||
Deferred revenue | 8,000 | |||||
Deferred income taxes | 95,074 | |||||
Other non-current liabilities | 540 | |||||
Total liabilities | 118,898 | |||||
Net assets | $ 703,209 | |||||
Grass Valley [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 9,451 | |||||
Receivables | 67,354 | |||||
Inventories | 18,593 | |||||
Other current assets | 4,172 | |||||
Property, plant and equipment | 22,460 | |||||
Goodwill | 131,070 | |||||
Intangible assets | 95,500 | |||||
Other non-current assets | 17,101 | |||||
Total assets | 365,701 | |||||
Accounts payable | 51,276 | |||||
Accrued liabilities | 62,672 | |||||
Deferred revenue | 14,000 | |||||
Postretirement benefits | 16,538 | |||||
Deferred income taxes | 1,827 | |||||
Other non-current liabilities | 1,199 | |||||
Total liabilities | 147,512 | |||||
Net assets | $ 218,189 | |||||
Prosoft Technology, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 2,517 | |||||
Receivables | 5,894 | |||||
Inventories | 2,731 | |||||
Other current assets | 332 | |||||
Property, plant and equipment | 767 | |||||
Goodwill | 56,923 | |||||
Intangible assets | 40,800 | |||||
Other non-current assets | 622 | |||||
Total assets | 110,586 | |||||
Accounts payable | 2,544 | |||||
Accrued liabilities | 2,807 | |||||
Other non-current liabilities | 1,132 | |||||
Total liabilities | 6,483 | |||||
Net assets | $ 104,103 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Related to Acquisition (Detail) - USD ($) $ in Thousands | Jan. 02, 2015 | Jun. 11, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 1,385,115 | $ 943,374 | $ 773,048 | |||
Developed Technology [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Weighted average amortization period | 5 years 3 months 18 days | |||||
Customer Relationships [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Weighted average amortization period | 18 years 9 months 18 days | |||||
In-Process/Service Research and Development [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Weighted average amortization period | 4 years 7 months 6 days | |||||
Tripwire [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 269,000 | |||||
Goodwill | 462,215 | |||||
Intangible assets not subject to amortization | 499,215 | |||||
Total intangible assets | $ 768,215 | |||||
Weighted average amortization period | 7 years 8 months 12 days | |||||
Tripwire [Member] | Trademarks [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets not subject to amortization | $ 31,000 | |||||
Tripwire [Member] | Developed Technology [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 210,000 | |||||
Weighted average amortization period | 5 years 9 months 18 days | |||||
Tripwire [Member] | Customer Relationships [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 56,000 | |||||
Weighted average amortization period | 15 years | |||||
Tripwire [Member] | Backlog [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 3,000 | |||||
Weighted average amortization period | 1 year | |||||
Tripwire [Member] | In-Process/Service Research and Development [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets not subject to amortization | $ 6,000 | |||||
Prosoft Technology, Inc. [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 40,800 | |||||
Goodwill | 56,923 | |||||
Intangible assets not subject to amortization | 56,923 | |||||
Total intangible assets | $ 97,723 | |||||
Weighted average amortization period | 14 years 9 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 | |||||
Prosoft Technology, Inc. [Member] | Developed Technology [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 | |||||
Grass Valley [Member] | ||||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets subject to amortization | $ 65,500 | |||||
Goodwill | 131,070 | |||||
Intangible assets not subject to amortization | 161,070 | |||||
Total intangible assets | $ 226,570 | |||||
Weighted average amortization period | 9 years | |||||
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 Technology [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 | |||||
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 |
Acquisitions - Pro Forma Effect
Acquisitions - Pro Forma Effect on Operating Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tripwire [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | $ 2,354,191 | $ 2,405,198 | |
Income (loss) from continuing operations | $ 92,104 | $ 23,302 | |
Diluted income per share from continuing operations attributable to Belden stockholders | $ 2.14 | $ 0.53 | |
Grass Valley and Prosoft [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | $ 2,401,200 | $ 2,420,099 | |
Income (loss) from continuing operations | $ 67,956 | $ 66,874 | |
Diluted income per share from continuing operations attributable to Belden stockholders | $ 1.54 | $ 1.49 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 27, 2015 | Jun. 28, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
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 | $ (86) | $ (562) | $ (86) | $ (562) | |||||
Income (loss) from discontinued operations, net of tax | $ (242) | $ 579 | (242) | 579 | $ (1,421) | ||||
Thermax and Raydex [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash proceeds from the sales of discontinued operations | $ 265,600 | ||||||||
Gain/(Loss) on disposal of discontinued operations, before income tax | (900) | 211,600 | |||||||
Gain/(Loss) on disposal of discontinued operations, net of tax | (600) | $ 124,700 | |||||||
Income (loss) from discontinued operations, net of tax | 1,400 | ||||||||
Trapeze [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash proceeds from the sales of discontinued operations | $ 136,900 | ||||||||
Gain/(Loss) on disposal of discontinued operations, before income tax | (200) | 88,300 | |||||||
Gain/(Loss) on disposal of discontinued operations, net of tax | (100) | $ 600 | 44,800 | ||||||
Income (loss) from discontinued operations, net of tax | (200) | ||||||||
Sale price for business | 152,100 | ||||||||
Amount in escrow as partial security for Company's indemnity obligations under transaction's purchase and sale agreement | $ 15,200 | ||||||||
Escrow receivable collected | $ 3,500 | $ 4,200 |
Operating Segments and Geogra60
Operating Segments and Geographic Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of global business platforms | Segment | 5 | ||
Anixter International Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues generated from sales | $ 281.9 | $ 290.5 | $ 289.9 |
Accounts receivable outstanding | $ 31.1 | ||
Total accounts receivable outstanding | 8.00% | ||
Anixter International Inc. [Member] | Customer Concentration Risk [Member] | Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Percent of total revenues | 12.00% | 13.00% | 14.00% |
Operating Segments and Geogra61
Operating Segments and Geographic Information - Operating Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | $ 597,244 | $ 579,266 | $ 585,755 | $ 546,957 | $ 608,910 | $ 610,774 | $ 600,891 | $ 487,690 | $ 2,309,222 | $ 2,308,265 | $ 2,069,193 |
Depreciation expense | 46,600 | 43,700 | 43,600 | ||||||||
Amortization of intangibles | 103,791 | 58,426 | 50,803 | ||||||||
Severance, restructuring, and acquisition integration costs | 13,600 | $ 14,100 | $ 4,900 | $ 14,600 | 22,000 | $ 9,200 | 38,200 | $ 1,400 | 47,170 | 70,827 | 14,888 |
Purchase accounting effects of acquisitions | $ 7,400 | ||||||||||
Acquisition of property, plant and equipment | 54,969 | 45,459 | 40,209 | ||||||||
Segment assets | 3,315,841 | 3,260,670 | 3,315,841 | 3,260,670 | 2,751,753 | ||||||
Broadcast Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 39,078 | 48,557 | 12,128 | ||||||||
Enterprise Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 723 | 3,318 | 400 | ||||||||
Industrial Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 6,228 | 11,953 | 700 | ||||||||
Network Security Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 972 | ||||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 2,360,583 | 2,320,219 | 2,084,490 | ||||||||
Affiliate revenues | 8,384 | 12,829 | 12,865 | ||||||||
Segment EBITDA | 401,750 | 360,426 | 322,080 | ||||||||
Depreciation expense | 46,551 | 43,736 | 43,648 | ||||||||
Amortization of intangibles | 103,791 | 58,426 | 50,803 | ||||||||
Severance, restructuring, and acquisition integration costs | 47,170 | 70,827 | 14,888 | ||||||||
Purchase accounting effects of acquisitions | 9,747 | 12,540 | 6,550 | ||||||||
Deferred gross profit adjustments | 52,876 | 10,777 | 11,337 | ||||||||
Acquisition of property, plant and equipment | 53,572 | 42,442 | 38,791 | ||||||||
Segment assets | 934,280 | 960,782 | 934,280 | 960,782 | 833,585 | ||||||
Reportable Segment [Member] | Broadcast Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 900,637 | 928,586 | 679,197 | ||||||||
Affiliate revenues | 1,371 | 1,381 | 933 | ||||||||
Segment EBITDA | 142,428 | 140,367 | 109,541 | ||||||||
Depreciation expense | 17,103 | 16,553 | 18,422 | ||||||||
Amortization of intangibles | 50,989 | 50,739 | 46,005 | ||||||||
Severance, restructuring, and acquisition integration costs | 39,078 | 48,557 | 12,128 | ||||||||
Purchase accounting effects of acquisitions | 132 | 8,574 | 6,550 | ||||||||
Deferred gross profit adjustments | 2,446 | 10,777 | 11,337 | ||||||||
Acquisition of property, plant and equipment | 27,900 | 17,912 | 10,526 | ||||||||
Segment assets | 394,197 | 430,991 | 394,197 | 430,991 | 294,454 | ||||||
Reportable Segment [Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 445,243 | 455,795 | 493,129 | ||||||||
Affiliate revenues | 5,322 | 8,467 | 9,823 | ||||||||
Segment EBITDA | 71,508 | 66,035 | 62,165 | ||||||||
Depreciation expense | 11,783 | 13,744 | 12,469 | ||||||||
Amortization of intangibles | 543 | 650 | 543 | ||||||||
Severance, restructuring, and acquisition integration costs | 723 | 3,318 | 400 | ||||||||
Purchase accounting effects of acquisitions | 52 | 608 | |||||||||
Acquisition of property, plant and equipment | 9,788 | 12,574 | 11,749 | ||||||||
Segment assets | 190,298 | 206,377 | 190,298 | 206,377 | 223,073 | ||||||
Reportable Segment [Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 603,350 | 682,374 | 680,643 | ||||||||
Affiliate revenues | 1,613 | 2,927 | 1,901 | ||||||||
Segment EBITDA | 99,941 | 106,097 | 104,655 | ||||||||
Depreciation expense | 11,235 | 11,145 | 10,308 | ||||||||
Amortization of intangibles | 3,154 | 1,236 | 1,085 | ||||||||
Severance, restructuring, and acquisition integration costs | 6,228 | 11,953 | 700 | ||||||||
Purchase accounting effects of acquisitions | 334 | 1,328 | |||||||||
Acquisition of property, plant and equipment | 8,836 | 10,053 | 14,496 | ||||||||
Segment assets | 231,265 | 255,997 | 231,265 | 255,997 | 259,400 | ||||||
Reportable Segment [Member] | Industrial IT Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 244,303 | 253,464 | 231,521 | ||||||||
Affiliate revenues | 70 | 54 | 208 | ||||||||
Segment EBITDA | 43,253 | 47,927 | 45,719 | ||||||||
Depreciation expense | 2,293 | 2,294 | 2,449 | ||||||||
Amortization of intangibles | 5,859 | 5,801 | 3,170 | ||||||||
Severance, restructuring, and acquisition integration costs | 169 | 6,999 | 1,660 | ||||||||
Purchase accounting effects of acquisitions | 32 | 2,030 | |||||||||
Acquisition of property, plant and equipment | 2,039 | 1,903 | 2,020 | ||||||||
Segment assets | 55,285 | $ 67,417 | 55,285 | $ 67,417 | $ 56,658 | ||||||
Reportable Segment [Member] | Network Security Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 167,050 | ||||||||||
Affiliate revenues | 8 | ||||||||||
Segment EBITDA | 44,620 | ||||||||||
Depreciation expense | 4,137 | ||||||||||
Amortization of intangibles | 43,246 | ||||||||||
Severance, restructuring, and acquisition integration costs | 972 | ||||||||||
Purchase accounting effects of acquisitions | 9,197 | ||||||||||
Deferred gross profit adjustments | 50,430 | ||||||||||
Acquisition of property, plant and equipment | 5,009 | ||||||||||
Segment assets | $ 63,235 | $ 63,235 |
Operating Segments and Geogra62
Operating Segments and Geographic Information - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income from Continuing Operations Before Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Consolidated Revenues | $ 597,244 | $ 579,266 | $ 585,755 | $ 546,957 | $ 608,910 | $ 610,774 | $ 600,891 | $ 487,690 | $ 2,309,222 | $ 2,308,265 | $ 2,069,193 |
Amortization of intangibles | (103,791) | (58,426) | (50,803) | ||||||||
Severance, restructuring, and acquisition integration costs | (13,600) | (14,100) | (4,900) | (14,600) | (22,000) | (9,200) | (38,200) | (1,400) | (47,170) | (70,827) | (14,888) |
Depreciation expense | (46,600) | (43,700) | (43,600) | ||||||||
Purchase accounting effects related to acquisitions | (7,400) | ||||||||||
Income from equity method investment | 1,770 | 3,955 | 8,922 | ||||||||
Consolidated operating income | $ 57,010 | $ 34,502 | $ 44,143 | $ 4,898 | $ 43,271 | $ 58,011 | $ 12,326 | $ 49,511 | 140,553 | 163,119 | 201,262 |
Interest expense, net | (100,613) | (81,573) | (72,601) | ||||||||
Loss on debt extinguishment | (1,612) | ||||||||||
Income from continuing operations before taxes | 39,940 | 81,546 | 127,049 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Consolidated Revenues | 2,360,583 | 2,320,219 | 2,084,490 | ||||||||
Deferred revenue adjustments | (51,361) | (11,954) | (15,297) | ||||||||
Total Segment EBITDA | 401,750 | 360,426 | 322,080 | ||||||||
Amortization of intangibles | (103,791) | (58,426) | (50,803) | ||||||||
Deferred gross profit adjustments | (52,876) | (10,777) | (11,337) | ||||||||
Severance, restructuring, and acquisition integration costs | (47,170) | (70,827) | (14,888) | ||||||||
Depreciation expense | (46,551) | (43,736) | (43,648) | ||||||||
Purchase accounting effects related to acquisitions | (9,747) | (12,540) | (6,550) | ||||||||
Income from equity method investment | 1,770 | 3,955 | 8,922 | ||||||||
Gain on sale of assets | 1,278 | ||||||||||
Eliminations [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Consolidated operating income | $ (2,832) | $ (4,956) | $ (3,792) |
Operating Segments and Geogra63
Operating Segments and Geographic Information - Reconciliation of Total Reportable Segments' Revenues and EBITDA to Consolidated Revenues and Consolidated Income from Continuing Operations Before Taxes (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tripwire [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Compensation expense | $ 9.2 | $ 9.2 | |
Coast Wire and Plastic Tech, LLC [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Cost of sales related to adjustment of acquired inventory | $ 0.3 | ||
Grass Valley and Prosoft [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Cost of sales related to adjustment of acquired inventory | $ 8.3 |
Operating Segments and Geogra64
Operating Segments and Geographic Information - Reconciliations of Other Segment Measures to Consolidated Totals (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | $ 3,315,841 | $ 3,260,670 | $ 2,751,753 | |
Cash and cash equivalents | 216,751 | 741,162 | 613,304 | $ 395,095 |
Goodwill | 1,385,115 | 943,374 | 773,048 | |
Intangible assets, less accumulated amortization | 655,871 | 461,292 | 376,976 | |
Deferred income taxes | 34,295 | 60,652 | 54,801 | |
Income tax receivable | 3,787 | 4,953 | 12,169 | |
Total acquisition of property, plant and equipment | 54,969 | 45,459 | 40,209 | |
Reportable Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | 934,280 | 960,782 | 833,585 | |
Total acquisition of property, plant and equipment | 53,572 | 42,442 | 38,791 | |
Corporate assets [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total assets | 85,742 | 88,455 | 87,870 | |
Total acquisition of property, plant and equipment | $ 1,397 | $ 3,017 | $ 1,418 |
Operating Segments and Geogra65
Operating Segments and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 597,244 | $ 579,266 | $ 585,755 | $ 546,957 | $ 608,910 | $ 610,774 | $ 600,891 | $ 487,690 | $ 2,309,222 | $ 2,308,265 | $ 2,069,193 |
Percent of total revenues | 100.00% | 100.00% | 100.00% | ||||||||
Long-lived assets | 397,396 | 403,359 | $ 397,396 | $ 403,359 | $ 380,197 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 1,270,467 | $ 1,134,721 | $ 1,032,190 | ||||||||
Percent of total revenues | 55.00% | 49.00% | 50.00% | ||||||||
Long-lived assets | 207,265 | 191,728 | $ 207,265 | $ 191,728 | $ 170,813 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 170,522 | $ 194,149 | $ 195,387 | ||||||||
Percent of total revenues | 7.00% | 8.00% | 9.00% | ||||||||
Long-lived assets | 27,315 | 29,773 | $ 27,315 | $ 29,773 | $ 27,458 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 114,863 | $ 132,330 | $ 126,461 | ||||||||
Percent of total revenues | 5.00% | 6.00% | 6.00% | ||||||||
Long-lived assets | 62,794 | 70,574 | $ 62,794 | $ 70,574 | $ 76,949 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 103,106 | $ 120,297 | $ 108,745 | ||||||||
Percent of total revenues | 4.00% | 5.00% | 5.00% | ||||||||
Long-lived assets | 35,588 | 40,557 | $ 35,588 | $ 40,557 | $ 45,702 | ||||||
All Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 650,264 | $ 726,768 | $ 606,410 | ||||||||
Percent of total revenues | 29.00% | 32.00% | 30.00% | ||||||||
Long-lived assets | $ 64,434 | $ 70,727 | $ 64,434 | $ 70,727 | $ 59,275 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Noncontrolling Interest [Line Items] | |
Contribution to joint venture | $ 1,530 |
Additional contribution commitments to joint venture | 1,530 |
Hite [Member] | |
Noncontrolling Interest [Line Items] | |
Contribution to joint venture | $ 1,470 |
Ownership percentage | 49.00% |
Additional contribution commitments to joint venture | $ 1,470 |
Hite [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Noncontrolling Interest [Line Items] | |
Variable interest entity, ownership percentage | 51.00% |
Income Per Share - Basis for In
Income Per Share - Basis for Income Per Share Computations (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||||||
Income from continuing operations | $ 66,508 | $ 74,432 | $ 104,734 | |||||
Less: Net loss attributable to noncontrolling interest | $ (24) | (24) | ||||||
Income from continuing operations attributable to Belden stockholders | 66,532 | 74,432 | 104,734 | |||||
Income (loss) from discontinued operations, net of tax, attributable to Belden stockholders | $ (242) | $ 579 | (242) | 579 | (1,421) | |||
Loss from disposal of discontinued operations, net of tax, attributable to Belden stockholders | $ (86) | $ (562) | (86) | (562) | ||||
Net income attributable to Belden stockholders | $ 66,204 | $ 74,449 | $ 103,313 | |||||
Weighted average shares outstanding, basic | 42,390 | 43,273 | 43,871 | |||||
Effect of dilutive common stock equivalents | 563 | 724 | 866 | |||||
Weighted average shares outstanding, diluted | 42,953 | 43,997 | 44,737 |
Income Per Share - Additional I
Income Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares excluded from diluted weighted average shares outstanding | 0.4 | 0.2 | 0.2 |
Inventories - Major Classes of
Inventories - Major Classes of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 92,929 | $ 106,955 |
Work-in-process | 27,730 | 31,611 |
Finished goods | 97,814 | 121,655 |
Gross inventories | 218,473 | 260,221 |
Excess and obsolete reserves | (22,531) | (31,823) |
Net inventories | $ 195,942 | $ 228,398 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Carrying Values of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 789,324 | $ 766,228 |
Accumulated depreciation | (478,695) | (449,843) |
Net property, plant and equipment | 310,629 | 316,385 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 29,235 | 31,879 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 135,154 | 131,534 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 483,773 | 472,543 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 112,888 | 96,546 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 28,274 | $ 33,726 |
Property, Plant and Equipment71
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | $ 533,000 | $ 1,884,000 | $ 3,169,000 |
Impairment loss recognized | 0 | 0 | 0 |
Depreciation expense | 46,600,000 | 43,700,000 | 43,600,000 |
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 | ||
Gain (loss) recognized on the sale | $ 0 | ||
Industrial Connectivity Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from disposal of real estate | 400,000 | ||
Gain (loss) recognized on the sale | $ (300,000) |
Intangible Assets - Carrying Va
Intangible Assets - Carrying Value of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Assets [Line Items] | |||
Intangible assets, Gross carrying amount | $ 912,625 | $ 626,836 | |
Finite-lived intangible assets, Gross Carrying Amount | 772,604 | 515,115 | |
Finite-lived intangible assets, Accumulated amortization | (256,754) | (165,544) | |
Intangible assets, Net carrying amount | 655,871 | 461,292 | $ 376,976 |
Finite-lived intangible assets, Net carrying amount | 515,850 | 349,571 | |
Goodwill, Gross carrying amount | 1,385,115 | 943,374 | |
Goodwill, Accumulated amortization | 0 | 0 | |
Goodwill, Net carrying amount | 1,385,115 | 943,374 | $ 773,048 |
Indefinite-Lived Trademarks Not Subject to Amortization [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying amount | 140,021 | 111,721 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 140,021 | 111,721 | |
Trademarks [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 19,417 | 19,438 | |
Finite-lived intangible assets, Accumulated amortization | (7,255) | (3,687) | |
Finite-lived intangible assets, Net carrying amount | 12,162 | 15,751 | |
Trademarks [Member] | Indefinite-Lived Trademarks Not Subject to Amortization [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, Carrying amount | 129,671 | 103,040 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 129,671 | 103,040 | |
In-Process/Service Research and Development [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 14,238 | 10,340 | |
Finite-lived intangible assets, Accumulated amortization | (4,723) | (2,777) | |
Finite-lived intangible assets, Net carrying amount | 9,515 | 7,563 | |
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 | 10,350 | 8,681 | |
Indefinite lived intangible assets, Accumulated amortization | 0 | 0 | |
Indefinite-lived intangible assets, Carrying amount | 10,350 | 8,681 | |
Customer Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 309,573 | 261,914 | |
Finite-lived intangible assets, Accumulated amortization | (61,641) | (46,457) | |
Finite-lived intangible assets, Net carrying amount | 247,932 | 215,457 | |
Developed Technology [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 416,817 | 213,017 | |
Finite-lived intangible assets, Accumulated amortization | (170,576) | (102,996) | |
Finite-lived intangible assets, Net carrying amount | 246,241 | 110,021 | |
Backlog [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, Gross Carrying Amount | 12,559 | 10,406 | |
Finite-lived intangible assets, Accumulated amortization | $ (12,559) | (9,627) | |
Finite-lived intangible assets, Net carrying amount | $ 779 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 943,374 | $ 773,048 |
Acquisitions and purchase accounting adjustments | 476,040 | 192,554 |
Translation impact | (34,299) | (22,228) |
Goodwill, Ending Balance | 1,385,115 | 943,374 |
Broadcast Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 573,504 | 466,375 |
Acquisitions and purchase accounting adjustments | 11,481 | 119,918 |
Translation impact | (25,455) | (12,789) |
Goodwill, Ending Balance | 559,530 | 573,504 |
Enterprise Connectivity Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 50,136 | 50,136 |
Acquisitions and purchase accounting adjustments | 0 | 0 |
Translation impact | 0 | 0 |
Goodwill, Ending Balance | 50,136 | 50,136 |
Industrial Connectivity Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 200,053 | 187,975 |
Acquisitions and purchase accounting adjustments | 1,614 | 16,442 |
Translation impact | (4,948) | (4,364) |
Goodwill, Ending Balance | 196,719 | 200,053 |
Industrial IT Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 119,681 | 68,562 |
Acquisitions and purchase accounting adjustments | 730 | 56,194 |
Translation impact | (3,896) | (5,075) |
Goodwill, Ending Balance | 116,515 | $ 119,681 |
Network Security Solutions [Member] | ||
Goodwill [Line Items] | ||
Acquisitions and purchase accounting adjustments | 462,215 | |
Goodwill, Ending Balance | $ 462,215 |
Intangible Assets - Changes i74
Intangible Assets - Changes in Carrying Amount of Trademarks (Detail) - Trademarks [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | $ 103,040 | $ 92,010 |
Reclassify to definite-lived | (6,600) | |
Acquisitions and purchase accounting adjustments | 31,000 | 22,000 |
Translation impact | (4,369) | (4,370) |
Trademarks, Ending Balance | 129,671 | 103,040 |
Broadcast Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 87,183 | 70,127 |
Reclassify to definite-lived | (2,700) | |
Acquisitions and purchase accounting adjustments | 22,000 | |
Translation impact | (2,198) | (2,244) |
Trademarks, Ending Balance | 84,985 | 87,183 |
Industrial Connectivity Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 10,744 | 12,193 |
Translation impact | (1,654) | (1,449) |
Trademarks, Ending Balance | 9,090 | 10,744 |
Industrial IT Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks, Beginning Balance | 5,113 | 9,690 |
Reclassify to definite-lived | (3,900) | |
Translation impact | (517) | (677) |
Trademarks, Ending Balance | 4,596 | $ 5,113 |
Network Security Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquisitions and purchase accounting adjustments | 31,000 | |
Trademarks, Ending Balance | $ 31,000 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Finite And Indefinite Intangible Assets [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Impairment charges | 0 | 0 | 0 |
Recognized amortization expenses | 103,791,000 | 58,426,000 | 50,803,000 |
Estimated amortization expense in 2016 | 95,100,000 | ||
Estimated amortization expense in 2017 | 86,200,000 | ||
Estimated amortization expense in 2018 | 71,000,000 | ||
Estimated amortization expense in 2019 | 62,500,000 | ||
Estimated amortization expense in 2020 | 47,100,000 | ||
Trademarks [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Impairment charges | $ 0 | $ 0 | $ 0 |
Weighted-average amortization period | 5 years | ||
Customer Relationships [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 18 years 9 months 18 days | ||
Developed Technology [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 5 years 3 months 18 days | ||
In-Process/Service Research and Development [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Weighted-average amortization period | 4 years 7 months 6 days | ||
Quantitative Assessment [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Number of Reporting Units | Reporting_Unit | 4 | ||
Qualitative Assessment [Member] | |||
Finite And Indefinite Intangible Assets [Line Items] | |||
Number of Reporting Units | Reporting_Unit | 6 |
Accounts Payable and Accrued 76
Accounts Payable and Accrued Liabilities - Carrying Value of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 223,514 | $ 272,439 |
Current deferred revenue | 101,460 | 45,139 |
Wages, severance and related taxes | 86,389 | 70,256 |
Accrued rebates | 29,997 | 31,506 |
Employee benefits | 27,482 | 25,158 |
Accrued interest | 25,188 | 26,741 |
Other (individual items less than 5% of total current liabilities) | 52,733 | 49,272 |
Accounts payable and accrued liabilities | $ 546,763 | $ 520,511 |
Accounts Payable and Accrued 77
Accounts Payable and Accrued Liabilities - Carrying Value of Accounts Payable and Accrued Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Individual item in other accrued liabilities | Less than 5% of total current liabilities |
Accounts Payable and Accrued 78
Accounts Payable and Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Financial Position [Abstract] | ||
Accounts payable due to bank | $ 11.8 | $ 14.7 |
Settlement of accounts payable outstanding | 1 year |
Severance, Restructuring and Ac
Severance, Restructuring and Acquisition Integration Activities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 28, 2014USD ($) | Jun. 29, 2014USD ($) | Mar. 30, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Program | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 27, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | $ 13,600 | $ 14,100 | $ 4,900 | $ 14,600 | $ 22,000 | $ 9,200 | $ 38,200 | $ 1,400 | $ 47,170 | $ 70,827 | $ 14,888 | ||
Reduction in operating expenses | $ 18,000 | ||||||||||||
Number of significant programs | Program | 4 | ||||||||||||
Cost of Sales [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | $ 9,400 | 20,700 | 7,100 | ||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | 31,700 | 46,500 | 6,500 | ||||||||||
Research and Development [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | 6,100 | $ 3,600 | $ 1,300 | ||||||||||
Grass Valley Restructuring Program [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | 25,400 | ||||||||||||
Expected savings from the restructuring program | $ 30,000 | ||||||||||||
Grass Valley Restructuring Program [Member] | Scenario Forecast [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Additional severance and other restructuring costs | $ 4,000 | ||||||||||||
Productivity Improvement Program and Acquisition Integration [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | 18,500 | ||||||||||||
Industrial Restructuring Program 2015 [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Severance, restructuring, and acquisition integration costs | $ 3,300 | ||||||||||||
Industrial Restructuring Program 2015 [Member] | Scenario Forecast [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Additional severance and other restructuring costs | $ 9,000 | ||||||||||||
Expected savings from the restructuring program | $ 18,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and integration cost payable period | 60 days |
Severance, Restructuring and 80
Severance, Restructuring and Acquisition Integration Activities - Severance, Restructuring and Integration Costs by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | $ 13,600 | $ 14,100 | $ 4,900 | $ 14,600 | $ 22,000 | $ 9,200 | $ 38,200 | $ 1,400 | $ 47,170 | $ 70,827 | $ 14,888 |
Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 39,078 | 48,557 | 12,128 | ||||||||
Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 723 | 3,318 | 400 | ||||||||
Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 6,228 | 11,953 | 700 | ||||||||
Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 169 | 6,999 | 1,660 | ||||||||
Network Security Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Total Costs | 972 | ||||||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 19,101 | 37,254 | 5,430 | ||||||||
Employee Severance [Member] | Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 16,694 | 20,025 | 4,112 | ||||||||
Employee Severance [Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | (186) | 2,183 | |||||||||
Employee Severance [Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 3,309 | 9,732 | |||||||||
Employee Severance [Member] | Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | (728) | 5,314 | 1,318 | ||||||||
Employee Severance [Member] | Network Security Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance | 12 | ||||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 28,069 | 33,573 | 9,458 | ||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | Broadcast Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 22,384 | 28,532 | 8,016 | ||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | Enterprise Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 909 | 1,135 | 400 | ||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | Industrial Connectivity Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 2,919 | 2,221 | 700 | ||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | Industrial IT Segment [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | 897 | $ 1,685 | $ 342 | ||||||||
Other Than Severance Costs Restructuring and Integration Costs Member] | Network Security Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other Restructuring Costs | $ 960 |
Severance, Restructuring and 81
Severance, Restructuring and Acquisition Integration Activities - Summary of Severance Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | $ 13,600 | $ 14,100 | $ 4,900 | $ 14,600 | $ 22,000 | $ 9,200 | $ 38,200 | $ 1,400 | $ 47,170 | $ 70,827 | $ 14,888 |
Grass Valley Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 25,400 | ||||||||||
Employee Severance [Member] | Productivity Improvement Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Beginning balance | 3,929 | 4,846 | 5,995 | 7,141 | 7,141 | ||||||
Severance, restructuring, and acquisition integration costs | 99 | 22 | 887 | ||||||||
Cash payments | (831) | (987) | (1,268) | (1,455) | |||||||
Foreign currency translation | (64) | (29) | 97 | (408) | |||||||
Other adjustments | (818) | (170) | |||||||||
Ending balance | 2,216 | 3,929 | 4,846 | 5,995 | 7,141 | 2,216 | 7,141 | ||||
Employee Severance [Member] | Grass Valley Integration [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Beginning balance | 837 | 1,783 | 5,072 | 5,579 | 5,579 | ||||||
Severance, restructuring, and acquisition integration costs | 2,165 | ||||||||||
Cash payments | (397) | (946) | (1,709) | (2,370) | |||||||
Foreign currency translation | (27) | 10 | (302) | ||||||||
Other adjustments | (1,590) | ||||||||||
Ending balance | 413 | 837 | $ 1,783 | $ 5,072 | $ 5,579 | 413 | $ 5,579 | ||||
Employee Severance [Member] | Grass Valley Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Beginning balance | 11,223 | ||||||||||
Severance, restructuring, and acquisition integration costs | 3,960 | 11,978 | |||||||||
Cash payments | (2,979) | (755) | |||||||||
Foreign currency translation | (119) | ||||||||||
Ending balance | 12,085 | $ 11,223 | 12,085 | ||||||||
Employee Severance [Member] | Industrial Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Severance, restructuring, and acquisition integration costs | 2,728 | ||||||||||
Cash payments | (282) | ||||||||||
Foreign currency translation | 15 | ||||||||||
Other adjustments | 182 | ||||||||||
Ending balance | $ 2,643 | $ 2,643 |
Long-Term Debt and Other Borr82
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 02, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Senior subordinated notes | $ 1,459,056 | $ 1,521,547 | |
Total | 1,753,021 | 1,767,922 | |
Less current maturities of Term Loan | (2,500) | (2,500) | |
Long-term debt | 1,750,521 | 1,765,422 | |
Revolving Credit Agreement Mature 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement | 50,000 | $ 200,000 | |
Variable Term loan Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 243,965 | 246,375 | |
5.25% Senior Subordinated Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | 200,000 | 200,000 | |
5.50% Senior subordinated notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | 553,835 | 616,326 | |
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 |
Long-Term Debt and Other Borr83
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revolving Credit Agreement Mature 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement, maturity | 2,018 | 2,018 |
Variable Term loan Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, maturity | 2,020 | 2,020 |
5.25% Senior Subordinated Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes maturity year | 2,024 | 2,024 |
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 | 2,023 | 2,023 |
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 | 2,022 | 2,022 |
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 | 2,019 | 2,019 |
Senior subordinated notes interest rate | 9.25% | 9.25% |
Long-Term Debt and Other Borr84
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Detail) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2014USD ($) | Jun. 29, 2014USD ($) | Mar. 31, 2013USD ($) | Sep. 27, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 02, 2015USD ($) | Nov. 30, 2014EUR (€) | Mar. 31, 2013EUR (€) | |
Debt Instrument [Line Items] | ||||||||||
Term Loan | $ 200,000,000 | $ 456,163,000 | $ 637,595,000 | |||||||
Frequency of interest payments | Semiannually | |||||||||
Payments of debt issuance costs | $ 898,000 | 10,700,000 | $ 17,376,000 | |||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 1,459,100,000 | 1,521,500,000 | ||||||||
Senior Subordinated Notes maturing 2019; description of priority | 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 and Revolver. | |||||||||
Senior Subordinated Notes maturing 2019; guarantees by subsidiaries | The 2023 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | |||||||||
Senior subordinated notes | $ 1,459,056,000 | 1,521,547,000 | ||||||||
Fair value of debt instrument | 1,416,600,000 | $ 1,529,400,000 | ||||||||
Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of debt instrument | $ 1,416,600,000 | |||||||||
Variable Term loan Due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | Three-month LIBOR plus an applicable spread. | |||||||||
Effective interest rate of senior subordinated notes | 3.25% | |||||||||
Term Loan | $ 250,000,000 | |||||||||
Long term debt, maturity | 2,020 | 2,020 | ||||||||
Frequency of interest payments | Quarterly amortization payments | |||||||||
Quarterly amortization payments | $ 600,000 | |||||||||
Payments of debt issuance costs | $ 3,900,000 | |||||||||
5.25% Senior Subordinated Notes Due 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior subordinated notes interest rate | 5.25% | 5.25% | ||||||||
Senior subordinated notes maturity year | 2,024 | 2,024 | ||||||||
Senior subordinated notes | $ 200,000,000 | $ 200,000,000 | ||||||||
5.25% Senior Subordinated Notes Due 2024 [Member] | Senior Subordinate Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Frequency of interest payments | Semiannually | |||||||||
Payments of debt issuance costs | $ 4,200,000 | |||||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 200,000,000 | |||||||||
Senior subordinated notes interest rate | 5.25% | |||||||||
Senior subordinated notes maturity year | 2,024 | |||||||||
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 and Revolver. | |||||||||
Senior Subordinated Notes maturing 2019; guarantees by subsidiaries | The 2024 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | |||||||||
5.5% Senior Subordinated Notes Due 2023 [Member] | Senior Subordinate Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of debt issuance costs | $ 12,700,000 | |||||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 247,500,000 | $ 388,200,000 | € 200 | € 300 | ||||||
Senior subordinated notes interest rate | 5.50% | 5.50% | ||||||||
Senior subordinated notes maturity year | 2,023 | 2,023 | ||||||||
Senior subordinated notes | $ 553,800,000 | |||||||||
5.5% Senior Subordinated Notes Due 2022 [Member] | Senior Subordinate Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Frequency of interest payments | Semiannually | |||||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 700,000,000 | |||||||||
Senior subordinated notes interest rate | 5.50% | |||||||||
Senior subordinated notes maturity year | 2,022 | |||||||||
Senior Subordinated Notes maturing 2019; description of priority | 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 and Revolver. | |||||||||
Senior Subordinated Notes maturing 2019; guarantees by subsidiaries | The 2022 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | |||||||||
9.25% Senior Subordinated Notes Due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate of senior subordinated notes | 9.75% | |||||||||
Frequency of interest payments | Semiannually | |||||||||
Aggregate principal amount outstanding of senior subordinated notes | $ 5,200,000 | |||||||||
Senior subordinated notes interest rate | 9.25% | 9.25% | ||||||||
Senior subordinated notes maturity year | 2,019 | 2,019 | ||||||||
Senior Subordinated Notes maturing 2019; description of priority | The notes rank equal in right of payment with our senior subordinated notes due 2024, 2023, and 2022, 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 and Revolver. | |||||||||
Senior Subordinated Notes maturing 2019; guarantees by subsidiaries | The 2019 notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | |||||||||
Senior subordinated notes | $ 5,221,000 | $ 5,221,000 | ||||||||
Revolving Credit Agreement Mature 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing under line of credit facility | 400,000,000 | |||||||||
Revolving credit agreement | $ 50,000,000 | $ 200,000,000 | ||||||||
Revolving credit agreement, maturity | 2,018 | 2,018 | ||||||||
Line of credit borrowing base | $ 242,500,000 | |||||||||
Description of variable rate basis | LIBOR or other similar indices in foreign jurisdictions | |||||||||
Line of credit commitment fees | 0.375% | |||||||||
Effective interest rate of senior subordinated notes | 2.13% | |||||||||
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% | |||||||||
Line of credit repayments made | $ 150,000,000 | |||||||||
Line of credit remaining borrowings outstanding | $ 50,000,000 | |||||||||
Revolving Credit Agreement Mature 2018 [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit spread on variable rate | 1.25% | |||||||||
Revolving Credit Agreement Mature 2018 [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit spread on variable rate | 1.75% |
Long-Term Debt and Other Borr85
Long-Term Debt and Other Borrowing Arrangements - Schedule of Senior Subordinated Notes (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Senior Subordinated Notes Due 2024 [Member] | 2019 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 102.625% |
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 | 100.875% |
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 | 101.833% |
Senior Subordinated Notes Due 2023 [Member] | 2020 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.917% |
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 | 101.833% |
Senior Subordinated Notes Due 2022 [Member] | 2019 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 100.917% |
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] | 2016 [Member] | |
Debt Instrument [Line Items] | |
Redemption price as a percentage of the face amount of the notes | 101.542% |
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% |
Long-Term Debt and Other Borr86
Long-Term Debt and Other Borrowing Arrangements - Maturities on Outstanding Long-Term Debt and Other Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 2,500 | |
2,017 | 2,500 | |
2,018 | 52,500 | |
2,019 | 7,721 | |
2,020 | 233,965 | |
Thereafter | 1,453,835 | |
Total | $ 1,753,021 | $ 1,767,922 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) from continuing operations before taxes: | |||
United States operations | $ (6,924) | $ 14,042 | $ 31,678 |
Foreign operations | 46,864 | 67,504 | 95,371 |
Income from continuing operations before taxes | 39,940 | 81,546 | 127,049 |
Currently payable | |||
United States federal | 6,701 | (4,493) | |
United States state and local | 1,789 | 1,617 | (26) |
Foreign | 17,317 | 16,592 | 21,377 |
Income tax expense (benefit) | 19,106 | 24,910 | 16,858 |
Deferred | |||
United States federal | (23,709) | (9,662) | 3,575 |
United States state and local | (2,257) | (746) | 1,593 |
Foreign | (19,708) | (7,388) | 289 |
Deferred Income tax expense (benefit) | (45,674) | (17,796) | 5,457 |
Income tax expense (benefit) | $ (26,568) | $ 7,114 | $ 22,315 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Income tax expense (benefit) for discontinued operations | $ 200 | $ (900) | $ 1,400 |
Income tax benefit from domestic permanent differences and tax credits | 23,000 | ||
Income tax benefit from foreign jurisdiction tax credits | 18,000 | ||
Income tax benefit from other foreign tax credits and research and development tax credits | 5,000 | ||
Income tax benefit due to changes in the valuation allowance | $ 11,400 | ||
Statutory tax rates | 35.00% | 35.00% | 35.00% |
Income tax expense tax holiday | $ 2,500 | $ 2,000 | |
Income tax holiday expire | 2,022 | ||
Foreign tax rate differences benefit in income tax | 3,400 | $ 14,400 | $ 15,400 |
Net operating loss carryforwards | 606,601 | ||
Net tax credit carryforwards | 85,900 | ||
Operating loss carryforwards that will be used in expiration periods | 206,800 | ||
Net tax credit carryforwards that will expire | 85,868 | ||
Net tax credit carry forwards with indefinite carry forward period | 6,400 | ||
Net tax credit carryforwards that expected to be Utilized prior to expiry | 83,600 | ||
Provision for U.S or additional foreign withholding taxes | 611,100 | ||
Net change in reserve for uncertain tax positions | 2,800 | ||
Balance at end of the year of unrecognized tax benefits | 7,293 | 10,057 | 18,639 |
Estimate the range of reasonably possible changes to unrecognized tax positions | 2,700 | ||
Recognized interest expense (income) and penalties of unrecognized tax benefits | 0 | (1,100) | $ 1,700 |
Accrued interest expense (income) and penalties of unrecognized tax benefits | 1,400 | $ 1,700 | |
2018 and 2020 [Member] | |||
Income Taxes [Line Items] | |||
Net tax credit carryforwards that will expire | $ 27,700 | ||
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 | $ 51,800 | ||
Expiration period of net tax credit carryforwards | 2021 and 2035 | ||
Net Operating Loss Carry Forwards Expires In 2015 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 24,400 | ||
Net Operating Loss Carry Forwards Expires In 2016 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 27,100 | ||
Net Operating Loss Carry Forwards Expires In 2017 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 17,000 | ||
2018 and 2020 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 27,600 | ||
2021 and 2035 [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 169,900 | ||
Net Operating Loss Carry Forward Indefinite Period [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 340,600 | ||
Germany [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 28.00% | ||
Net operating loss carryforwards | $ 63,576 | ||
Canada [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 26.00% | ||
Net tax credit carryforwards that will expire | $ 17,679 | ||
Netherlands [Member] | |||
Income Taxes [Line Items] | |||
Statutory tax rates | 25.00% | ||
Net operating loss carryforwards | $ 24,583 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation from Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective income tax rate reconciliation from continuing operations: | |||
United States federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | (2.60%) | 0.80% | 1.50% |
Impact of change in tax contingencies | (4.20%) | (7.10%) | 3.80% |
Foreign income tax rate differences | (8.40%) | (17.60%) | (12.10%) |
Impact of change in deferred tax asset valuation allowance | (28.60%) | 4.70% | (0.60%) |
Domestic permanent differences & tax credits | (57.70%) | (7.10%) | (10.00%) |
Effective income tax rate reconciliation from continuing operations | (66.50%) | 8.70% | 17.60% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Plant, equipment, and intangibles | $ (203,736) | $ (90,413) |
Deferred income tax assets: | ||
Postretirement, pensions, and stock compensation | 32,831 | 34,656 |
Reserves and accruals | 44,345 | 44,809 |
Net operating loss and tax credit carryforwards | 231,892 | 217,902 |
Valuation allowances | (117,071) | (157,317) |
Deferred tax assets | 191,997 | 140,050 |
Deferred income tax liabilities: | ||
Net deferred income tax asset | $ 49,637 | |
Net deferred income tax liability | $ (11,739) |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 606,601 |
France [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 244,105 |
United States [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 202,985 |
Germany [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 63,576 |
Netherlands [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 24,583 |
Japan [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 24,412 |
Australia [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 13,027 |
All Other [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 33,913 |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit Carryforwards (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $ 85,868 |
United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | 68,189 |
Canada [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforwards | $ 17,679 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 10,057 | $ 18,639 |
Additions based on tax positions related to the current year | 544 | 663 |
Additions for tax positions of prior years | 638 | 73 |
Reductions for tax positions of prior years - Settlement | (3,765) | (7,907) |
Reduction for tax positions of prior years - Statute of limitations | (181) | (1,411) |
Balance at end of year | $ 7,293 | $ 10,057 |
Pension and Other Postretirem94
Pension and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution expense | $ 12.6 | $ 11.8 | $ 11.1 |
Accumulated benefit obligation | 272.5 | 296.4 | |
Project benefit obligation for the pension plans with an accumulated benefit obligation in excess of plan assets | 228.3 | 247.5 | |
Accumulated benefit obligation for the pension plans with an accumulated benefit obligation in excess of assets | 225.4 | 243.9 | |
Fair value of plan assets for the pension plans with an accumulated benefit obligations in excess of plan assets | 150.2 | 158.2 | |
Projected benefit obligation for the pension plans with an accumulated benefit less than plan assets | 46.9 | 52.8 | |
Accumulated benefit obligation for the pension plans with an accumulated benefit obligation less than plan assets | 47.1 | 52.5 | |
Fair value of plan assets for the pension plans with an accumulated benefit obligations less than plan assets | $ 54.1 | $ 58.5 | |
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 | $ 5.2 | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement plans | $ 2 |
Pension and Other Postretirem95
Pension and Other Postretirement Benefits - Change in Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | $ (300,339) | $ (258,423) | |
Service cost | (5,505) | (5,453) | $ (5,554) |
Interest cost | (9,116) | (10,757) | (9,310) |
Participant contributions | (109) | (109) | |
Actuarial gain (loss) | 12,108 | (28,971) | |
Acquisitions | (25,283) | ||
Settlements | 1,579 | ||
Curtailments | 128 | 359 | |
Foreign currency exchange rate changes | 12,132 | 13,708 | |
Benefits paid | 13,917 | 14,590 | |
Benefit obligation, end of year | (275,205) | (300,339) | (258,423) |
Other Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | (39,169) | (46,614) | |
Service cost | (52) | (49) | (125) |
Interest cost | (1,301) | (1,647) | (1,910) |
Participant contributions | (5) | (7) | |
Actuarial gain (loss) | 1,720 | 4,392 | |
Foreign currency exchange rate changes | 4,691 | 2,704 | |
Benefits paid | 1,803 | 2,052 | |
Benefit obligation, end of year | $ (32,313) | $ (39,169) | $ (46,614) |
Pension and Other Postretirem96
Pension and Other Postretirement Benefits - Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 216,754 | |
Fair value of plan assets, end of year | 204,372 | $ 216,754 |
Pension Benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 216,754 | 198,367 |
Actual return on plan assets | 2,569 | 20,223 |
Employer contributions | 5,706 | 7,992 |
Plan participant contributions | 109 | 109 |
Acquisitions | 9,360 | |
Settlements | (1,579) | |
Foreign currency exchange rate changes | (5,270) | (4,707) |
Benefits paid | (13,917) | (14,590) |
Fair value of plan assets, end of year | 204,372 | 216,754 |
Funded status, end of year | (70,833) | (83,585) |
Other Benefits [Member] | ||
Change in plan assets: | ||
Employer contributions | 1,798 | 2,045 |
Plan participant contributions | 5 | 7 |
Benefits paid | (1,803) | (2,052) |
Funded status, end of year | $ (32,313) | $ (39,169) |
Pension and Other Postretirem97
Pension and Other Postretirement Benefits - Amounts Recognized in Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amounts recognized in the balance sheets: | ||
Accrued benefit liability (noncurrent) | $ (105,230) | $ (122,627) |
Pension Benefits [Member] | ||
Amounts recognized in the balance sheets: | ||
Prepaid benefit cost | 7,219 | 5,689 |
Accrued benefit liability (current) | (3,173) | (3,628) |
Accrued benefit liability (noncurrent) | (74,879) | (85,646) |
Net funded status | (70,833) | (83,585) |
Other Benefits [Member] | ||
Amounts recognized in the balance sheets: | ||
Accrued benefit liability (current) | (1,962) | (2,188) |
Accrued benefit liability (noncurrent) | (30,351) | (36,981) |
Net funded status | $ (32,313) | $ (39,169) |
Pension and Other Postretirem98
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 5,505 | $ 5,453 | $ 5,554 |
Interest cost | 9,116 | 10,757 | 9,310 |
Expected return on plan assets | (12,518) | (12,468) | (11,066) |
Amortization of prior service credit | (44) | (48) | (54) |
Curtailment gain | (128) | (359) | |
Settlement loss | (1,579) | ||
Net loss recognition | 5,082 | 4,154 | 6,388 |
Net periodic benefit cost | 7,141 | 7,489 | 10,132 |
Other Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | 52 | 49 | 125 |
Interest cost | 1,301 | 1,647 | 1,910 |
Amortization of prior service credit | (87) | (100) | (108) |
Net loss recognition | 328 | 315 | 932 |
Net periodic benefit cost | $ 1,594 | $ 1,911 | $ 2,859 |
Pension and Other Postretirem99
Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 3.60% | 3.20% |
Salary increase | 3.50% | 3.30% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 3.20% | 4.10% |
Salary increase | 3.50% | 3.90% |
Expected return on assets | 6.70% | 6.70% |
Other Benefits [Member] | ||
Weighted average assumptions for benefit obligations at year end: | ||
Discount rate | 4.00% | 3.70% |
Weighted average assumptions for net periodic cost for the year: | ||
Discount rate | 3.70% | 4.40% |
Assumed health care cost trend rates: | ||
Health care cost trend rate assumed for next year | 5.50% | 5.50% |
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 | 2,022 | 2,016 |
Pension and Other Postretire100
Pension and Other Postretirement Benefits - Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Postemployment Benefits [Abstract] | |
Effect on total of service and interest cost components, 1% Increase | $ 134 |
Effect on postretirement benefit obligation, 1% Increase | 2,996 |
Effect on total of service and interest cost components, 1% Decrease | (110) |
Effect on postretirement benefit obligation, 1% Decrease | $ (2,484) |
Pension and Other Postretire101
Pension and Other Postretirement Benefits - Fair Values of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | $ 204,372 | $ 216,754 |
Large-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 77,618 | 82,816 |
Mid-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 14,427 | 15,276 |
Small-Cap Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 19,260 | 19,952 |
Government Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 26,827 | 29,121 |
Corporate Bond Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 24,975 | 27,485 |
Fixed Income Fund [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 40,989 | 41,975 |
Cash & Equivalents [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 276 | 129 |
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 | 9,541 | 10,362 |
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 | 3,266 | 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 | 957 | 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 | 461 | 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 | 1,387 | 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 | 3,194 | 3,815 |
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 | 276 | 129 |
Significant Observable Inputs (Level 2) [Member] | ||
Pension And Other Employee Benefit Plans [Line Items] | ||
Fair values of pension plan assets by asset category | 194,831 | 206,392 |
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 | 74,352 | 79,402 |
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 | 13,470 | 13,828 |
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 | 18,799 | 19,640 |
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 | 25,440 | 27,877 |
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 | 21,781 | 23,670 |
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 | $ 40,989 | $ 41,975 |
Pension and Other Postretire102
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) $ in Thousands | Dec. 31, 2015USD ($) |
Medicare Subsidy Receipts [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2,016 | $ 87 |
2,017 | 80 |
2,018 | 72 |
2,019 | 65 |
2,020 | 57 |
2021-2025 | 188 |
Total | 549 |
Pension Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2,016 | 16,173 |
2,017 | 17,795 |
2,018 | 17,886 |
2,019 | 18,816 |
2,020 | 17,170 |
2021-2025 | 94,434 |
Total | 182,274 |
Other Benefits [Member] | |
Pension And Other Employee Benefit Plans [Line Items] | |
2,016 | 2,097 |
2,017 | 2,044 |
2,018 | 1,970 |
2,019 | 1,890 |
2,020 | 1,827 |
2021-2025 | 8,569 |
Total | $ 18,397 |
Pension and Other Postretire103
Pension and Other Postretirement Benefits - Summary of Accumulated Other Comprehensive Loss That Have Not Been Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 51,720 |
Net prior service credit | (81) |
Total | 51,639 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 2,515 |
Net prior service credit | (40) |
Total | $ 2,475 |
Pension and Other Postretire104
Pension and Other Postretirement Benefits - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss, beginning of year | $ 61,333 |
Amortization cost | (5,082) |
Curtailment gain recognized | 128 |
Settlement loss recognized | (128) |
Actuarial gain | (12,236) |
Asset loss | 9,949 |
Currency impact | (2,244) |
Net actuarial loss, end of year | 51,720 |
Prior service credit, beginning of year | (94) |
Amortization credit | 44 |
Currency impact | (31) |
Prior service credit, end of year | (81) |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss, beginning of year | 4,679 |
Amortization cost | (328) |
Actuarial gain | (1,720) |
Currency impact | (116) |
Net actuarial loss, end of year | 2,515 |
Prior service credit, beginning of year | (143) |
Amortization credit | 87 |
Currency impact | 16 |
Prior service credit, end of year | $ (40) |
Pension and Other Postretire105
Pension and Other Postretirement Benefits - Expected Amortization of Accumulated Other Comprehensive Loss as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service credit | $ (43) |
Amortization of net loss | 2,709 |
Total | 2,666 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service credit | (40) |
Amortization of net loss | 220 |
Total | $ 180 |
Comprehensive Income and Acc106
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Net income | $ 66,180 | $ 74,449 | $ 103,313 |
Foreign currency translation loss, net of $1.3 million, $1.8 million, and $2.2 million tax, respectively | (20,842) | (10,387) | (20,720) |
Adjustments to pension and postretirement liability, net of $3.1 million, $3.6 million, and $14.0 million tax, respectively | 7,864 | (6,463) | 22,104 |
Comprehensive income | 53,202 | 57,599 | 104,697 |
Less: Comprehensive loss attributable to noncontrolling interest | (46) | ||
Comprehensive income attributable to Belden stockholders | $ 53,248 | $ 57,599 | $ 104,697 |
Comprehensive Income and Acc107
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Foreign currency translation, tax expense (benefit) | $ (1.3) | $ (1.8) | $ (2.2) |
Adjustments to pension and postretirement liability, tax | $ 3.1 | $ (3.6) | $ 14 |
Comprehensive Income and Acc108
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | $ (46,031) | $ (29,181) | |
Other comprehensive loss before reclassifications | (16,386) | (19,507) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,430 | 2,657 | |
Other comprehensive income (loss), net of tax | (12,978) | (16,850) | $ 1,384 |
Accumulated other comprehensive income (loss), Ending balance | (58,987) | (46,031) | (29,181) |
Foreign Currency Translation Component [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | (2,591) | 7,796 | |
Other comprehensive loss before reclassifications | (20,820) | (10,387) | |
Other comprehensive income (loss), net of tax | (20,820) | (10,387) | |
Accumulated other comprehensive income (loss), Ending balance | (23,411) | (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 | (43,440) | (36,977) | |
Other comprehensive loss before reclassifications | 4,434 | (9,120) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,430 | 2,657 | |
Other comprehensive income (loss), net of tax | 7,864 | (6,463) | |
Accumulated other comprehensive income (loss), Ending balance | $ (35,576) | $ (43,440) | $ (36,977) |
Comprehensive Income and Acc109
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of pension and other postretirement benefit plan items: | |||
Total net of tax | $ 7,864 | $ (6,463) | $ 22,104 |
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 | 5,410 | ||
Prior service credit | (131) | ||
Total before tax | 5,279 | ||
Tax benefit | (1,849) | ||
Total net of tax | $ 3,430 |
Share-Based Compensation - Inco
Share-Based Compensation - Income Tax Benefit Recognized for our Share-Based Compensation Arrangements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total share-based compensation cost | $ 17,745 | $ 18,858 | $ 14,854 |
Income tax benefit | $ 6,867 | $ 7,334 | $ 5,777 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to all nonvested awards | $ 22.6 |
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 |
Market Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 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% |
Share-Based Compensation - Fair
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 ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average fair value of SARs and options granted | $ 31.22 | $ 35.46 | $ 24.63 |
Total intrinsic value of SARs converted and options exercised | $ 14,697 | $ 24,023 | $ 47,058 |
Cash received for options exercised | 30 | 48 | 14,030 |
Tax benefit related to share-based compensation | $ 5,050 | $ 6,859 | $ 10,734 |
Weighted-average fair value of restricted stock shares and units granted | $ 96.52 | $ 72.46 | $ 50.38 |
Total fair value of restricted stock shares and units vested | $ 7,696 | $ 7,888 | $ 9,032 |
Expected volatility | 35.66% | 52.63% | 53.94% |
Expected term (in years) | 5 years 8 months 12 days | 5 years 9 months 18 days | 6 years 1 month 6 days |
Risk-free rate | 1.59% | 1.79% | 1.04% |
Dividend yield | 0.22% | 0.28% | 0.40% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Based Compensation Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Weighted-Average Grant-Date Fair Value | $ 96.52 | $ 72.46 | $ 50.38 |
SARs and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at Beginning, Number | 1,305 | ||
Granted, Number | 236 | ||
Exercised or converted, Number | (320) | ||
Forfeited or expired, Number | (32) | ||
Outstanding at Ending, Number | 1,189 | 1,305 | |
Vested or expected to vest at End, Number | 1,169 | ||
Exercisable or convertible at End, Number | 730 | ||
Outstanding at Beginning, Weighted-Average Exercise Price | $ 44.60 | ||
Granted, Weighted-Average Exercise Price | 88.79 | ||
Exercised or converted, Weighted-Average Exercise Price | 40.03 | ||
Forfeited or expired, Weighted-Average Exercise Price | 73.60 | ||
Outstanding at End, Weighted-Average Exercise Price | 53.80 | $ 44.60 | |
Vested or expected to vest at End, Weighted-Average Exercise Price | 53.51 | ||
Exercisable or convertible at End, Weighted-Average Exercise Price | $ 41.06 | ||
Outstanding at End, Weighted-Average Remaining Contractual Term | 7 years | ||
Vested or expected to vest at End, Weighted-Average Remaining Contractual Term | 7 years | ||
Exercisable or convertible at End, Weighted-Average Remaining Contractual Term | 6 years | ||
Outstanding at End, Aggregate Intrinsic Value | $ (7,280) | ||
Vested or expected to vest at End, Aggregate Intrinsic Value | (6,811) | ||
Exercisable or convertible at End, Aggregate Intrinsic Value | $ 4,831 | ||
Restricted Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at Beginning, Number | 493 | ||
Granted, Number | 183 | ||
Exercised or converted, Number | (178) | ||
Forfeited or expired, Number | (34) | ||
Outstanding at End, Number | 464 | 493 | |
Outstanding at Beginning, Weighted-Average Grant-Date Fair Value | $ 54.76 | ||
Granted, Weighted-Average Grant-Date Fair Value | 96.52 | ||
Exercised or converted, Weighted-Average Grant-Date Fair Value | 43.11 | ||
Forfeited or expired, Weighted-Average Grant-Date Fair Value | 70.99 | ||
Outstanding at End, Weighted-Average Grant-Date Fair Value | $ 74.50 | $ 54.76 |
Stockholder Rights Plan - Addit
Stockholder Rights Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015$ / shares$ / Warrantshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Portion of preferred share purchase right entitled to holder | shares | 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 | $ / Warrant | 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
Share Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | 54 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | 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 | $ 39,053,000 | $ 92,197,000 | $ 93,750,000 | |||
Share Repurchase Plan 2011 [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Payments under share repurchase program | $ 39,100,000 | $ 92,200,000 | $ 93,800,000 | $ 350,000,000 | ||
Repurchase of shares | 0.7 | 1.3 | 1.7 | 7.4 | ||
Repurchase of shares average price per share | $ 55.95 | $ 73.06 | $ 54.76 | $ 47.43 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating lease expense incurred | $ 40.6 | $ 32.8 | $ 26.5 |
Operating Leases - Summary of M
Operating Leases - Summary of Minimum Annual Lease Payments for Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 24,331 |
2,017 | 17,270 |
2,018 | 13,580 |
2,019 | 10,845 |
2,020 | 8,490 |
Thereafter | 18,958 |
Total | $ 93,474 |
Market Concentrations and Ri118
Market Concentrations and Risks - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)lbCustomerDistributor | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Number of customers | Customer | 10 | ||
Number of Distributers | Distributor | 5 | ||
Carrying amount of debt instruments | $ 1,753,021 | $ 1,767,922 | |
Fair value of debt instrument | 1,416,600 | 1,529,400 | |
Face value of senior subordinated notes | $ 1,459,100 | $ 1,521,500 | |
Copper [Member] | |||
Concentration Risk [Line Items] | |||
Committed amounts to purchase | lb | 2.4 | ||
Aggregate cost | $ 5,600 | ||
Recorded unconditional purchase obligation fixed cost | $ 400 | ||
Aluminum [Member] | |||
Concentration Risk [Line Items] | |||
Committed amounts to purchase | lb | 0.5 | ||
Aggregate cost | $ 400 | ||
Consolidated Revenues [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 33.00% | 33.00% | 36.00% |
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 22.00% | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Standby Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $ 8.2 |
Bank Guaranties [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | 3 |
Surety Bonds [Member] | |
Line of Credit Facility [Line Items] | |
Loss contingency, range of possible loss, portion not accrued | $ 2.4 |
Supplemental Cash Flow Infor120
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Income tax refunds received | $ 4,068 | $ 12,681 | $ 11,165 |
Income taxes paid | (24,960) | (25,308) | (79,778) |
Interest paid, net of amount capitalized | $ (91,496) | $ (70,915) | $ (60,340) |
Quarterly Operating Results 121
Quarterly Operating Results (Unaudited) - Quarterly Operating Results (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Number of days in quarter | 95 days | 91 days | 91 days | 88 days | 94 days | 91 days | 91 days | 89 days | 365 days | 365 days | |
Revenues | $ 597,244 | $ 579,266 | $ 585,755 | $ 546,957 | $ 608,910 | $ 610,774 | $ 600,891 | $ 487,690 | $ 2,309,222 | $ 2,308,265 | $ 2,069,193 |
Gross profit | 250,117 | 226,131 | 234,276 | 207,649 | 217,615 | 221,732 | 204,385 | 175,717 | 918,173 | 819,449 | 704,429 |
Operating income | 57,010 | 34,502 | 44,143 | 4,898 | 43,271 | 58,011 | 12,326 | 49,511 | 140,553 | 163,119 | 201,262 |
Income (loss) from continuing operations | 49,656 | 14,811 | 21,677 | (19,636) | 15,414 | 33,847 | 15 | 25,156 | 66,508 | 74,432 | |
Income (loss) from discontinued operations, net of tax | (242) | 579 | (242) | 579 | $ (1,421) | ||||||
Loss from disposal of discontinued operations, net of tax | (86) | (562) | (86) | (562) | |||||||
Less: Net loss attributable to noncontrolling interest | (24) | (24) | |||||||||
Net income (loss) attributable to Belden stockholders | $ 49,680 | $ 14,569 | $ 21,591 | $ (19,636) | $ 15,993 | $ 33,847 | $ 15 | $ 24,594 | $ 66,204 | $ 74,449 | |
Basic income (loss) per share attributable to Belden stockholders: | |||||||||||
Continuing operations | $ 1.18 | $ 0.35 | $ 0.51 | $ (0.46) | $ 0.36 | $ 0.78 | $ 0.58 | $ 1.57 | $ 1.72 | $ 2.39 | |
Discontinued operations | (0.01) | 0.01 | (0.01) | 0.01 | (0.03) | ||||||
Disposal of discontinued operations | (0.01) | (0.01) | |||||||||
Net income | 1.18 | 0.34 | 0.51 | (0.46) | 0.37 | 0.78 | 0.57 | 1.56 | 1.72 | 2.36 | |
Diluted income (loss) per share attributable to Belden stockholders: | |||||||||||
Continuing operations | 1.17 | 0.35 | 0.50 | (0.46) | 0.35 | 0.77 | 0.57 | 1.55 | 1.69 | 2.34 | |
Discontinued operations | (0.01) | 0.01 | (0.01) | 0.01 | (0.03) | ||||||
Disposal of discontinued operations | (0.01) | (0.01) | |||||||||
Net income | $ 1.17 | $ 0.34 | $ 0.50 | $ (0.46) | $ 0.36 | $ 0.77 | $ 0.56 | $ 1.54 | $ 1.69 | $ 2.31 |
Quarterly Operating Results 122
Quarterly Operating Results (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Line Items] | |||||||||||
Severance and other restructuring costs | $ 13,600 | $ 14,100 | $ 4,900 | $ 14,600 | $ 22,000 | $ 9,200 | $ 38,200 | $ 1,400 | $ 47,170 | $ 70,827 | $ 14,888 |
Purchase accounting effects related to acquisitions | $ 7,400 | ||||||||||
Tripwire [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Compensation expense | $ 9,200 | $ 9,200 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - M2FX Limited [Member] $ in Millions | Jan. 07, 2016USD ($) |
Subsequent Event [Line Items] | |
Percentage of outstanding shares acquired | 100.00% |
Acquisition price | $ 16 |
Business acquisition, additional consideration | $ 9 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable - Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 11,503 | $ 3,390 | $ 4,163 |
Charged to Costs and Expenses | 2,561 | 1,184 | 733 |
Divestures/Acquisitions | 40 | 9,845 | 448 |
Charge Offs | (803) | (1,867) | (1,391) |
Recoveries | (4,353) | (889) | (520) |
Currency Movement | (667) | (160) | (43) |
Ending Balance | 8,281 | 11,503 | 3,390 |
Inventories - Excess and Obsolete Allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 31,823 | 21,317 | 23,954 |
Charged to Costs and Expenses | 3,001 | 7,994 | 5,632 |
Divestures/Acquisitions | 2,755 | 14,167 | |
Charge Offs | (12,744) | (10,908) | (7,211) |
Recoveries | (1,407) | (1,413) | (1,009) |
Currency Movement | (897) | 666 | (49) |
Ending Balance | 22,531 | 31,823 | 21,317 |
Deferred Income Tax Asset - Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 157,317 | 10,165 | 7,498 |
Charged to Costs and Expenses | 2,840 | 4,252 | 496 |
Divestures/Acquisitions | (14,425) | 143,513 | 3,064 |
Charge Offs | (1,823) | ||
Recoveries | (13,988) | (415) | (899) |
Currency Movement | (12,850) | (198) | 6 |
Ending Balance | $ 117,071 | $ 157,317 | $ 10,165 |