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Condensed Consolidating Financial Statements
6 Months Ended
Jun. 30, 2013
Condensed Consolidating Financial Statements [Abstract]  
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements

The Company has $625.0 million in outstanding Senior Secured 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 guarantor subsidiary and the Company. There are no contractual restrictions limiting cash transfers from guarantor subsidiaries by dividends, loans or advances to the Company. The Senior Secured 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 condensed 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 30, 2012
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
37.8

 
$
(4.0
)
 
$
15.2

 
$

 
$
49.0

  Accounts receivable, net

 
253.5

 
18.4

 

 
271.9

  Amounts due from affiliated companies
480.2

 

 

 
(480.2
)
 

  Inventoried costs

 
75.4

 
18.9

 

 
94.3

  Other current assets
9.1

 
28.0

 
3.1

 

 
40.2

    Total current assets
527.1

 
352.9

 
55.6

 
(480.2
)
 
455.4

Property, plant and equipment, net
1.3

 
74.7

 
9.6

 

 
85.6

Goodwill

 
574.7

 
21.7

 

 
596.4

Intangible assets, net

 
103.4

 
2.7

 

 
106.1

Investment in subsidiaries
439.8

 
28.8

 

 
(468.6
)
 

Amounts due from affiliated companies

 
24.0

 

 
(24.0
)
 

Other assets
17.6

 
22.4

 
0.4

 

 
40.4

    Total assets
$
985.8

 
$
1,180.9

 
$
90.0

 
$
(972.8
)
 
$
1,283.9

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
  Accounts payable
$
2.8

 
$
75.2

 
$
5.6

 
$

 
$
83.6

  Accrued expenses
7.0

 
42.3

 
3.4

 

 
52.7

  Accrued compensation
2.9

 
41.8

 
3.1

 

 
47.8

Billings in excess of costs and earnings on uncompleted contracts

 
40.5

 
3.2

 

 
43.7

Deferred income tax liability

 
28.9

 

 

 
28.9

  Amounts due to affiliated companies

 
455.1

 
25.1

 
(480.2
)
 

  Other current liabilities
1.1

 
19.1

 
1.9

 

 
22.1

    Total current liabilities
13.8

 
702.9

 
42.3

 
(480.2
)
 
278.8

Long-term debt, net of current portion
643.6

 

 
4.8

 

 
648.4

Amounts due to affiliated companies

 

 
24.0

 
(24.0
)
 

Other long-term liabilities
4.3

 
26.2

 
2.1

 

 
32.6

    Total liabilities
661.7

 
729.1

 
73.2

 
(504.2
)
 
959.8

 Total stockholders' equity
324.1

 
451.8

 
16.8

 
(468.6
)
 
324.1

    Total liabilities and stockholders' equity
$
985.8

 
$
1,180.9

 
$
90.0

 
$
(972.8
)
 
$
1,283.9



Condensed Consolidating Balance Sheet
June 30, 2013
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
32.0

 
$
(3.5
)
 
$
21.2

 
$

 
$
49.7

  Accounts receivable, net

 
237.0

 
16.6

 

 
253.6

  Amounts due from affiliated companies
451.9

 

 

 
(451.9
)
 

  Inventoried costs

 
69.0

 
16.3

 

 
85.3

  Other current assets
10.9

 
15.4

 
2.9

 

 
29.2

    Total current assets
494.8

 
317.9

 
57.0

 
(451.9
)
 
417.8

Amounts due from affiliated companies, long-term

 
24.0

 

 
(24.0
)
 

Property, plant and equipment, net
1.7

 
71.8

 
10.0

 

 
83.5

Goodwill

 
574.7

 
21.7

 

 
596.4

Intangible assets, net

 
85.8

 
2.0

 

 
87.8

Investment in subsidiaries
456.2

 
32.1

 

 
(488.3
)
 

Other assets
15.1

 
21.5

 
0.2

 

 
36.8

    Total assets
$
967.8

 
$
1,127.8

 
$
90.9

 
$
(964.2
)
 
$
1,222.3

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
4.1

 
$
57.0

 
$
3.8

 
$

 
$
64.9

Accrued expenses
7.2

 
35.4

 
2.6

 

 
45.2

 Accrued compensation
3.3

 
33.8

 
2.7

 

 
39.8

Billings in excess of costs and earnings on uncompleted contracts

 
38.4

 
7.2

 

 
45.6

Deferred income tax liability

 
29.0

 

 

 
29.0

Amounts due to affiliated companies

 
429.2

 
22.7

 
(451.9
)
 

Other current liabilities
0.9

 
12.0

 
1.2

 

 
14.1

    Total current liabilities
15.5

 
634.8

 
40.2

 
(451.9
)
 
238.6

Long-term debt, net of current portion
641.6

 

 
4.3

 

 
645.9

Amounts due to affiliated companies

 

 
24.0

 
(24.0
)
 

Other long-term liabilities
2.6

 
24.8

 
2.3

 

 
29.7

    Total liabilities
659.7

 
659.6

 
70.8

 
(475.9
)
 
914.2

Total stockholders' equity
308.1

 
468.2

 
20.1

 
(488.3
)
 
308.1

    Total liabilities and stockholders' equity
$
967.8

 
$
1,127.8

 
$
90.9

 
$
(964.2
)
 
$
1,222.3


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors 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 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 (expense), 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
)
 
14.1

 
2.9

 

 
(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
)
 
$
12.9

 
$
2.8

 
$
(2.5
)
 
$
(17.2
)
Comprehensive income (loss)
$
(17.4
)
 
$
1.7

 
$
1.1

 
$
(2.8
)
 
$
(17.4
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended June 30, 2013
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$

 
$
109.3

 
$
0.9

 
$

 
$
110.2

Product sales

 
110.9

 
18.8

 
(4.7
)
 
125.0

  Total revenues

 
220.2

 
19.7

 
(4.7
)
 
235.2

Cost of service revenues

 
82.6

 
0.7

 

 
83.3

Cost of product sales

 
82.8

 
13.4

 
(4.7
)
 
91.5

  Total costs

 
165.4

 
14.1

 
(4.7
)
 
174.8

  Gross profit

 
54.8

 
5.6

 

 
60.4

Selling, general and administrative expenses
1.1

 
42.4

 
3.2

 

 
46.7

Research and development expenses

 
4.5

 
0.3

 

 
4.8

  Operating income from continuing operations
(1.1
)
 
7.9

 
2.1

 

 
8.9

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

 
(0.2
)
 

 
(16.3
)
  Other income (expense), net

 
0.1

 
0.1

 

 
0.2

  Total other income and expense, net
(16.1
)
 
0.1

 
(0.1
)
 

 
(16.1
)
Income (loss) from continuing operations before income taxes
(17.2
)
 
8.0

 
2.0

 

 
(7.2
)
Benefit for income taxes from continuing operations
0.2

 
(0.4
)
 
0.1

 

 
(0.1
)
Income (loss) from continuing operations
(17.4
)
 
8.4

 
1.9

 

 
(7.1
)
Income (loss) from discontinued operations
0.1

 
(2.7
)
 
0.1

 

 
(2.5
)
Equity in net income (loss) of subsidiaries
7.7

 
2.0

 

 
(9.7
)
 

Net income (loss)
$
(9.6
)
 
$
7.7

 
$
2.0

 
$
(9.7
)
 
$
(9.6
)
Comprehensive income (loss)
$
(9.6
)
 
$
7.7

 
$
2.0

 
$
(9.7
)
 
$
(9.6
)






Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Six Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors 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 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 expense, net
0.3

 
0.1

 
0.5

 

 
0.9

  Total other 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
)
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)
$
(20.4
)
 
$
16.3

 
$
3.2

 
$
(19.5
)
 
$
(20.4
)
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Six Months Ended June 30, 2013
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$

 
$
224.8

 
$
1.4

 
$

 
$
226.2

Product sales

 
234.2

 
37.6

 
(9.5
)
 
262.3

  Total revenues

 
459.0

 
39.0

 
(9.5
)
 
488.5

Cost of service revenues

 
170.8

 
1.1

 

 
171.9

Cost of product sales

 
173.5

 
26.4

 
(9.5
)
 
190.4

  Total costs

 
344.3

 
27.5

 
(9.5
)
 
362.3

  Gross profit

 
114.7

 
11.5

 

 
126.2

Selling, general and administrative expenses
3.7

 
86.2

 
6.3

 

 
96.2

Research and development expenses

 
9.0

 
0.7

 

 
9.7

Operating income from continuing operations
(3.7
)
 
19.5

 
4.5

 

 
20.3

Other income expense:
 
 
 
 
 
 
 
 
 
  Interest expense, net
(32.2
)
 

 
(0.3
)
 

 
(32.5
)
  Other expense, net

 
0.1

 
(0.7
)
 

 
(0.6
)
  Total other expense, net
(32.2
)
 
0.1

 
(1.0
)
 

 
(33.1
)
Income (loss) from continuing operations before income taxes
(35.9
)
 
19.6

 
3.5

 

 
(12.8
)
Provision for income taxes from continuing operations
0.5

 
2.0

 
0.2

 

 
2.7

Income (loss) from continuing operations
(36.4
)
 
17.6

 
3.3

 

 
(15.5
)
Loss from discontinued operations
0.1

 
(4.5
)
 

 

 
(4.4
)
Equity in net income (loss) of subsidiaries
16.4

 
3.3

 

 
(19.7
)
 

Net income (loss)
$
(19.9
)
 
$
16.4

 
$
3.3

 
$
(19.7
)
 
$
(19.9
)
Comprehensive income (loss)
$
(19.8
)
 
$
16.4

 
$
3.2

 
$
(19.6
)
 
$
(19.8
)



Condensed Consolidating Statement of Cash Flows
Six Months Ended June 24, 2012
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors 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
)
(Increase) 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
)
Financing from affiliated companies
43.0

 
(43.0
)
 

 

 

Other, net

 
(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 in cash and cash equivalents
$
74.1

 
$
(3.2
)
 
$
5.2

 
$

 
$
76.1


Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013
(Unaudited)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(33.4
)
 
$
36.1

 
$
5.7

 
$

 
$
8.4

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

 
1.2

 

 

 
1.2

  Decrease in restricted cash

 
0.2

 

 

 
0.2

  Other, net

 
0.4

 

 

 
0.4

  Capital expenditures
(0.7
)
 
(5.5
)
 
(1.1
)
 

 
(7.3
)
Net cash used in investing activities from continuing operations
(0.7
)
 
(3.7
)
 
(1.1
)
 

 
(5.5
)
Financing activities:
 
 
 
 
 
 
 
 
 
  Repayment of debt

 

 
(0.5
)
 

 
(0.5
)
  Cash paid for contingent acquisition consideration

 
(2.1
)
 

 

 
(2.1
)
  Financings from affiliated companies
28.6

 
(30.7
)
 
2.1

 

 

  Other, net
(0.3
)
 

 

 

 
(0.3
)
Net cash provided by (used in) financing activities from continuing operations
28.3

 
(32.8
)
 
1.6

 

 
(2.9
)
Net cash flows of continuing operations
(5.8
)
 
(0.4
)
 
6.2

 

 

Net operating cash flows from discontinued operations

 
0.8

 

 

 
0.8

Effect of exchange rate changes on cash and cash equivalents

 

 
(0.1
)
 

 
(0.1
)
Net increase (decrease) in cash and cash equivalents
$
(5.8
)
 
$
0.4

 
$
6.1

 
$

 
$
0.7