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Condensed Consolidating Financial Statements
6 Months Ended
Jun. 24, 2012
Condensed Consolidating Financial Statements [Abstract]  
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements

The Company has $625.0 million in outstanding Notes (See Note 9. The Notes are guaranteed by all of the Company's 100% owned domestic subsidiaries (the "Subsidiary Guarantors") and are collateralized by the assets of all of the Company's 100% owned subsidiaries. The Notes are fully and unconditionally guaranteed on a joint and several basis by each Subsidiary Guarantor and the Company. There are no contractual restrictions limiting cash transfers from Subsidiary Guarantors through dividends, loans or advances to the Company. The Notes are not guaranteed by the Company's foreign subsidiaries (the “Non-Guarantor Subsidiaries”).

The following tables present condensed consolidating financial statements for the parent company, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries, respectively. The consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation.


Condensed Consolidating Balance Sheet
December 25, 2011
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
52.6

 
$
2.8

 
$
14.2

 
$

 
$
69.6

  Accounts receivable, net

 
225.4

 
19.9

 

 
245.3

  Amounts due from affiliated companies
446.2

 

 

 
(446.2
)
 

  Inventoried costs

 
64.2

 
12.4

 

 
76.6

  Prepaid expenses and other current assets
6.7

 
18.4

 
4.4

 

 
29.5

    Total current assets
505.5

 
310.8

 
50.9

 
(446.2
)
 
421.0

Property, plant and equipment, net
1.2

 
62.2

 
9.1

 

 
72.5

Goodwill

 
550.2

 
21.4

 

 
571.6

Intangible assets, net

 
119.8

 
4.8

 

 
124.6

Investment in subsidiaries
460.1

 
20.5

 

 
(480.6
)
 

Amounts due from affiliated companies

 
26.0

 

 
(26.0
)
 

Other assets
21.7

 
4.0

 
0.6

 

 
26.3

    Total assets
$
988.5

 
$
1,093.5

 
$
86.8

 
$
(952.8
)
 
$
1,216.0

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
  Accounts payable
$
8.5

 
$
37.5

 
$
2.8

 
$

 
$
48.8

  Accrued expenses
2.3

 
45.1

 
3.3

 

 
50.7

  Accrued compensation
3.7

 
33.3

 
2.8

 

 
39.8

  Accrued interest
5.1

 

 

 

 
5.1

  Billings in excess of costs and earnings on uncompleted contracts

 
34.3

 
1.9

 

 
36.2

  Amounts due to affiliated companies

 
414.5

 
31.7

 
(446.2
)
 

  Other current liabilities
0.8

 
30.2

 
2.2

 

 
33.2

    Total current liabilities
20.4

 
594.9

 
44.7

 
(446.2
)
 
213.8

Long-term debt, net of current portion
647.8

 

 
5.8

 

 
653.6

Amounts due to affiliated companies

 

 
26.0

 
(26.0
)
 

Other long-term liabilities
7.7

 
26.3

 
2.0

 

 
36.0

    Total liabilities
675.9

 
621.2

 
78.5

 
(472.2
)
 
903.4

 Total stockholders' equity
312.6

 
472.3

 
8.3

 
(480.6
)
 
312.6

    Total liabilities and stockholders' equity
$
988.5

 
$
1,093.5

 
$
86.8

 
$
(952.8
)
 
$
1,216.0


Condensed Consolidating Balance Sheet
June 24, 2012
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
126.7

 
$
(0.3
)
 
$
19.3

 
$

 
$
145.7

  Restricted cash
0.5

 
0.3

 

 

 
0.8

  Accounts receivable, net

 
235.7

 
21.1

 

 
256.8

  Amounts due from affiliated companies
426.6

 

 

 
(426.6
)
 

  Inventoried costs

 
70.7

 
15.7

 

 
86.4

  Prepaid expenses and other current assets
8.2

 
18.3

 
4.9

 

 
31.4

    Total current assets
562.0

 
324.7

 
61.0

 
(426.6
)
 
521.1

Property, plant and equipment, net
1.1

 
61.7

 
9.6

 

 
72.4

Goodwill

 
554.0

 
21.4

 

 
575.4

Intangible assets, net

 
103.7

 
3.5

 

 
107.2

Investment in subsidiaries
476.7

 
23.5

 

 
(500.2
)
 

Amounts due from affiliated companies, long-term

 
26.0

 

 
(26.0
)
 

Other assets
20.0

 
2.5

 
0.5

 

 
23.0

    Total assets
$
1,059.8

 
$
1,096.1

 
$
96.0

 
$
(952.8
)
 
$
1,299.1

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
  Accounts payable
$
9.6

 
$
47.3

 
$
5.0

 
$

 
$
61.9

  Accrued expenses
1.7

 
53.6

 
2.7

 

 
58.0

  Accrued compensation
2.4

 
28.6

 
2.8

 

 
33.8

  Billings in excess of costs and earnings on uncompleted contracts

 
32.0

 
5.1

 

 
37.1

  Amounts due to affiliated companies

 
392.1

 
34.5

 
(426.6
)
 

  Other current liabilities
3.7

 
25.3

 
3.1

 

 
32.1

    Total current liabilities
17.4

 
578.9

 
53.2

 
(426.6
)
 
222.9

Long-term debt, net of current portion
645.7

 

 
5.3

 

 
651.0

Amounts due to affiliated companies

 

 
26.0

 
(26.0
)
 

Other long-term liabilities
5.2

 
28.4

 
0.1

 

 
33.7

    Total liabilities
668.3

 
607.3

 
84.6

 
(452.6
)
 
907.6

Total stockholders' equity
391.5

 
488.8

 
11.4

 
(500.2
)
 
391.5

    Total liabilities and stockholders' equity
$
1,059.8

 
$
1,096.1

 
$
96.0

 
$
(952.8
)
 
$
1,299.1



Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended June 26, 2011
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$

 
$
75.3

 
$

 
$

 
$
75.3

Product sales

 
84.0

 
15.5

 
(3.7
)
 
95.8

  Total revenues

 
159.3

 
15.5

 
(3.7
)
 
171.1

Cost of service revenues

 
58.0

 

 

 
58.0

Cost of product sales

 
61.6

 
9.8

 
(3.7
)
 
67.7

  Total costs

 
119.6

 
9.8

 
(3.7
)
 
125.7

  Gross profit

 
39.7

 
5.7

 

 
45.4

Selling, general and administrative expenses
3.0

 
28.2

 
4.3

 

 
35.5

Research and development expenses

 
1.0

 
0.2

 

 
1.2

  Operating income (loss) from continuing operations
(3.0
)
 
10.5

 
1.2

 

 
8.7

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(13.0
)
 

 
(0.1
)
 

 
(13.1
)
  Other income, net

 
0.1

 
(0.1
)
 

 

  Total other income and expense, net
(13.0
)
 
0.1

 
(0.2
)
 

 
(13.1
)
Income (loss) from continuing operations before income taxes
(16.0
)
 
10.6

 
1.0

 

 
(4.4
)
Provision for income taxes from continuing operations

 
(0.8
)
 
(0.1
)
 

 
(0.9
)
Income (loss) from continuing operations
(16.0
)
 
9.8

 
0.9

 

 
(5.3
)
Income from discontinued operations

 

 
0.1

 

 
0.1

Equity in net income (loss) of subsidiaries
10.8

 
1.0

 

 
(11.8
)
 

Net income (loss)
$
(5.2
)
 
$
10.8

 
$
1.0

 
$
(11.8
)
 
$
(5.2
)
Comprehensive income (loss)
$
(5.2
)
 
$
10.6

 
$
0.9

 
$
(11.5
)
 
$
(5.2
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Six Months Ended June 26, 2011
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$

 
$
155.1

 
$

 
$

 
$
155.1

Product sales

 
127.0

 
15.5

 
(3.7
)
 
138.8

  Total revenues

 
282.1

 
15.5

 
(3.7
)
 
293.9

Cost of service revenues

 
118.3

 

 

 
118.3

Cost of product sales

 
96.7

 
9.8

 
(3.7
)
 
102.8

  Total costs

 
215.0

 
9.8

 
(3.7
)
 
221.1

  Gross profit

 
67.1

 
5.7

 

 
72.8

Selling, general and administrative expenses
9.7

 
46.9

 
4.3

 

 
60.9

Research and development expenses

 
1.6

 
0.2

 

 
1.8

  Operating income (loss) from continuing operations
(9.7
)
 
18.6

 
1.2

 

 
10.1

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(19.6
)
 
(0.1
)
 
(0.1
)
 

 
(19.8
)
  Other income, net
0.3

 
0.1

 
(0.1
)
 

 
0.3

  Total other income and expense, net
(19.3
)
 

 
(0.2
)
 

 
(19.5
)
Income (loss) from continuing operations before income taxes
(29.0
)
 
18.6

 
1.0

 

 
(9.4
)
Benefit (provision) for income taxes from continuing operations

 
0.5

 
(0.2
)
 

 
0.3

Income (loss) from continuing operations
(29.0
)
 
19.1

 
0.8

 

 
(9.1
)
Income from discontinued operations

 

 
0.4

 

 
0.4

Equity in net income (loss) of subsidiaries
20.3

 
1.1

 

 
(21.4
)
 

Net income (loss)
$
(8.7
)
 
$
20.2

 
$
1.2

 
$
(21.4
)
 
$
(8.7
)
Comprehensive income (loss)
$
(8.7
)
 
$
20.2

 
$
1.2

 
$
(21.4
)
 
$
(8.7
)


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues

 
111.5

 
0.6

 

 
112.1

Product sales

 
96.6

 
14.7

 
(3.6
)
 
107.7

  Total revenues

 
208.1

 
15.3

 
(3.6
)
 
219.8

Cost of service revenues

 
86.2

 
0.5

 

 
86.7

Cost of product sales

 
69.2

 
9.8

 
(3.6
)
 
75.4

  Total costs

 
155.4

 
10.3

 
(3.6
)
 
162.1

  Gross profit

 
52.7

 
5.0

 

 
57.7

Selling, general and administrative expenses
2.6

 
40.0

 
2.9

 

 
45.5

Research and development expenses

 
4.6

 
0.2

 

 
4.8

  Operating income (loss) from continuing operations
(2.6
)
 
8.1

 
1.9

 

 
7.4

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(16.1
)
 
0.1

 
(0.2
)
 

 
(16.2
)
  Other income, net

 
0.2

 
0.3

 

 
0.5

  Total other income and expense, net
(16.1
)
 
0.3

 
0.1

 

 
(15.7
)
Income (loss) from continuing operations before income taxes
(18.7
)
 
8.4

 
2.0

 

 
(8.3
)
Provision for income taxes from continuing operations

 
(5.7
)
 
(0.9
)
 

 
(6.6
)
Income (loss) from continuing operations
(18.7
)
 
2.7

 
1.1

 

 
(14.9
)
Income (loss) from discontinued operations

 
(2.2
)
 
(0.1
)
 

 
(2.3
)
Equity in net income (loss) of subsidiaries
1.5

 
1.0

 

 
(2.5
)
 

Net income (loss)
$
(17.2
)
 
$
1.5

 
$
1.0

 
$
(2.5
)
 
$
(17.2
)
Comprehensive income (loss)
$
(17.6
)
 
$
1.7

 
$
1.1

 
$
(2.6
)
 
$
(17.4
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Six Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues

 
213.0

 
1.2

 

 
214.2

Product sales

 
192.6

 
29.0

 
(6.5
)
 
215.1

  Total revenues

 
405.6

 
30.2

 
(6.5
)
 
429.3

Cost of service revenues

 
165.7

 
0.8

 

 
166.5

Cost of product sales

 
134.9

 
19.3

 
(6.5
)
 
147.7

  Total costs

 
300.6

 
20.1

 
(6.5
)
 
314.2

  Gross profit

 
105.0

 
10.1

 

 
115.1

Selling, general and administrative expenses
4.8

 
78.9

 
6.5

 

 
90.2

Research and development expenses

 
7.9

 
0.5

 

 
8.4

  Operating income (loss) from continuing operations
(4.8
)
 
18.2

 
3.1

 

 
16.5

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(32.1
)
 
0.1

 
(0.3
)
 

 
(32.3
)
  Other income, net
0.3

 
0.1

 
0.5

 

 
0.9

  Total other income and expense, net
(31.8
)
 
0.2

 
0.2

 

 
(31.4
)
Income (loss) from continuing operations before income taxes
(36.6
)
 
18.4

 
3.3

 

 
(14.9
)
Provision for income taxes from continuing operations

 
(2.3
)
 
(0.2
)
 

 
(2.5
)
Income (loss) from continuing operations
(36.6
)
 
16.1

 
3.1

 

 
(17.4
)
Income (loss) from discontinued operations

 
(2.8
)
 

 

 
(2.8
)
Equity in net income (loss) of subsidiaries
16.4

 
3.0

 

 
(19.4
)
 

Net income (loss)
$
(20.2
)
 
$
16.3

 
$
3.1

 
$
(19.4
)
 
$
(20.2
)
Comprehensive income (loss)
$
(20.6
)
 
$
16.3

 
$
3.2

 
$
(19.3
)
 
$
(20.4
)


Condensed Consolidating Statement of Cash Flows
Six Months Ended June 26, 2011
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(45.8
)
 
$
37.4

 
$
(1.7
)
 
$

 
$
(10.1
)
Investing activities:
 
 
 
 
 
 
 
 
 
  Cash paid for acquisitions, net of cash acquired
(271.0
)
 
12.5

 
9.3

 

 
(249.2
)
  Decrease in restricted cash
0.3

 
0.9

 

 

 
1.2

  Capital expenditures
(0.1
)
 
(1.6
)
 
(1.0
)
 

 
(2.7
)
Net cash provided by (used in) investing activities from continuing operations
(270.8
)
 
11.8

 
8.3

 

 
(250.7
)
Financing activities:
 
 
 
 
 
 
 
 
 
  Proceeds from the issuance of long-term debt
305.0

 

 

 

 
305.0

  Proceeds from the issuance of common stock
61.1

 

 

 

 
61.1

  Debt issuance costs
(14.6
)
 

 

 

 
(14.6
)
  Repayment of debt

 
(1.9
)
 
(0.3
)
 

 
(2.2
)
  Cash paid for contingent acquisition consideration

 

 

 

 

  Financing from affiliated companies
25.0

 
(27.4
)
 
2.4

 

 

  Other, net
1.4

 
(0.4
)
 

 

 
1.0

Net cash provided by (used in) financing activities from continuing operations
377.9

 
(29.7
)
 
2.1

 

 
350.3

Net cash flows of continuing operations
61.3

 
19.5

 
8.7

 

 
89.5

Net operating cash flows from discontinued operations

 
0.1

 

 

 
0.1

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

Net increase in cash and cash equivalents
$
61.3

 
$
19.6

 
$
8.7

 
$

 
$
89.6


Condensed Consolidating Statement of Cash Flows
Six Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Subsidiary Guarantors on a Combined Basis
 
Non-Guarantor Subsidiaries on a Combined Basis
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(40.5
)
 
$
43.2

 
$
7.1

 
$

 
$
9.8

Investing activities:
 
 
 
 
 
 
 
 
 
  Cash paid for acquisitions, net of cash acquired
(21.5
)
 

 

 

 
(21.5
)
  Decrease in restricted cash
(0.4
)
 
0.7

 

 

 
0.3

  Capital expenditures

 
(5.1
)
 
(1.1
)
 

 
(6.2
)
Net cash used in investing activities from continuing operations
(21.9
)
 
(4.4
)
 
(1.1
)
 

 
(27.4
)
Financing activities:
 
 
 
 
 
 
 
 
 
  Proceeds from the issuance of common stock for cash, net of issuance costs
97.0

 

 

 

 
97.0

  Cash paid for contingent acquisition consideration
(2.5
)
 

 

 

 
(2.5
)
  Debt issuance costs
(1.0
)
 

 

 

 
(1.0
)
  Repayment of debt

 

 
(0.5
)
 

 
(0.5
)
  Financings from affiliated companies
43.0

 
(43.0
)
 

 

 

  Other

 
(0.3
)
 

 

 
(0.3
)
Net cash provided by (used in) financing activities from continuing operations
136.5

 
(43.3
)
 
(0.5
)
 

 
92.7

Net cash flows of continuing operations
74.1

 
(4.5
)
 
5.5

 

 
75.1

Net operating cash flows from discontinued operations

 
1.3

 

 

 
1.3

Effect of exchange rate changes on cash and cash equivalents

 

 
(0.3
)
 
$

 
(0.3
)
Net increase (decrease) in cash and cash equivalents
$
74.1

 
$
(3.2
)
 
$
5.2

 
$

 
$
76.1