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Condensed Consolidating Financial Statements
3 Months Ended
Mar. 30, 2014
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 8). 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 condensed 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 29, 2013
(Unaudited)
(in millions)

 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
42.7

 
$
(3.0
)
 
$
16.0

 
$
—

 
$
55.7

  Accounts receivable, net
—

 
238.6

 
27.2

 
—

 
265.8

  Amounts due from affiliated companies
410.2

 
—

 
—

 
(410.2
)
 
—

  Inventoried costs
—

 
59.1

 
15.5

 
—

 
74.6

  Other current assets
10.7

 
19.4

 
4.1

 
—

 
34.2

    Total current assets
463.6

 
314.1

 
62.8

 
(410.2
)
 
430.3

Property, plant and equipment, net
2.1

 
71.9

 
10.8

 
—

 
84.8

Goodwill
—

 
574.8

 
21.6

 
—

 
596.4

Intangible assets, net
—

 
68.5

 
1.4

 
—

 
69.9

Investment in subsidiaries
474.2

 
36.7

 
—

 
(510.9
)
 
—

Amounts due from affiliated companies
—

 
24.0

 
—

 
(24.0
)
 
—

Other assets
12.9

 
23.0

 
(0.7
)
 
—

 
35.2

    Total assets
$
952.8

 
$
1,113.0

 
$
95.9

 
$
(945.1
)
 
$
1,216.6

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

 
$
54.1

 
$
5.0

 
$
—

 
$
61.9

  Accrued expenses
6.6

 
40.9

 
3.9

 
—

 
51.4

  Accrued compensation
4.0

 
36.9

 
4.0

 
—

 
44.9

Billings in excess of costs and earnings on uncompleted contracts
—

 
45.4

 
7.1

 
—

 
52.5

Deferred income tax liability
—

 
28.4

 
—

 
—

 
28.4

  Amounts due to affiliated companies
—

 
390.2

 
20.0

 
(410.2
)
 
—

  Other current liabilities
1.3

 
9.5

 
1.1

 
—

 
11.9

    Total current liabilities
14.7

 
605.4

 
41.1

 
(410.2
)
 
251.0

Long-term debt, net of current portion
639.5

 

 
3.8

 
—

 
643.3

Amounts due to affiliated companies
—

 
—

 
24.0

 
(24.0
)
 
—

Other long-term liabilities
2.8

 
21.4

 
2.3

 
—

 
26.5

    Total liabilities
657.0

 
626.8

 
71.2

 
(434.2
)
 
920.8

 Total stockholders' equity
295.8

 
486.2

 
24.7

 
(510.9
)
 
295.8

    Total liabilities and stockholders' equity
$
952.8

 
$
1,113.0

 
$
95.9

 
$
(945.1
)
 
$
1,216.6



Condensed Consolidating Balance Sheet
March 30, 2014
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
41.1

 
$
(2.8
)
 
$
15.3

 
$
—

 
$
53.6

  Accounts receivable, net
—

 
223.3

 
24.7

 
—

 
248.0

  Amounts due from affiliated companies
410.6

 
—

 
—

 
(410.6
)
 
—

  Inventoried costs
—

 
64.8

 
16.3

 
—

 
81.1

  Other current assets
6.4

 
20.0

 
4.2

 
—

 
30.6

    Total current assets
458.1

 
305.3

 
60.5

 
(410.6
)
 
413.3

Amounts due from affiliated companies, long-term
—

 
24.0

 
—

 
(24.0
)
 
—

Property, plant and equipment, net
2.2

 
71.2

 
10.6

 
—

 
84.0

Goodwill
—

 
572.4

 
24.0

 
—

 
596.4

Intangible assets, net
—

 
63.2

 
1.1

 
—

 
64.3

Investment in subsidiaries
480.6

 
38.2

 
—

 
(518.8
)
 
—

Other assets
11.6

 
26.8

 
—

 
—

 
38.4

    Total assets
$
952.5

 
$
1,101.1

 
$
96.2

 
$
(953.4
)
 
$
1,196.4

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
2.3

 
$
42.2

 
$
3.7

 
$
—

 
$
48.2

Accrued expenses
22.1

 
36.0

 
3.8

 
—

 
61.9

Accrued compensation
2.4

 
32.4

 
3.9

 
—

 
38.7

Billings in excess of costs and earnings on uncompleted contracts
—

 
47.7

 
6.8

 
—

 
54.5

Deferred income tax liability
(0.8
)
 
29.2

 
—

 
—

 
28.4

Amounts due to affiliated companies
—

 
389.6

 
21.0

 
(410.6
)
 
—

Other current liabilities
1.1

 
10.2

 
1.1

 
—

 
12.4

    Total current liabilities
27.1

 
587.3

 
40.3

 
(410.6
)
 
244.1

Long-term debt, net of current portion
638.5

 
—

 
3.5

 
—

 
642.0

Amounts due to affiliated companies
—

 
—

 
24.0

 
(24.0
)
 
—

Other long-term liabilities
2.8

 
21.2

 
2.2

 
—

 
26.2

    Total liabilities
668.4

 
608.5

 
70.0

 
(434.6
)
 
912.3

Total stockholders' equity
284.1

 
492.6

 
26.2

 
(518.8
)
 
284.1

    Total liabilities and stockholders' equity
$
952.5

 
$
1,101.1

 
$
96.2

 
$
(953.4
)
 
$
1,196.4


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended March 31, 2013
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
115.5

 
$
—

 
$
—

 
$
115.5

Product sales
—

 
123.3

 
18.8

 
(4.8
)
 
137.3

  Total revenues
—

 
238.8

 
18.8

 
(4.8
)
 
252.8

Cost of service revenues
—

 
88.2

 
—

 
—

 
88.2

Cost of product sales
—

 
90.7

 
13.0

 
(4.8
)
 
98.9

  Total costs
—

 
178.9

 
13.0

 
(4.8
)
 
187.1

  Gross profit
—

 
59.9

 
5.8

 
—

 
65.7

Selling, general and administrative expenses
2.6

 
43.8

 
2.9

 
—

 
49.3

Research and development expenses
—

 
4.5

 
0.4

 
—

 
4.9

  Operating income (loss) from continuing operations
(2.6
)
 
11.6

 
2.5

 
—

 
11.5

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

 
(0.1
)
 
—

 
(16.2
)
  Other income (expense), net
—

 
—

 
(0.7
)
 
—

 
(0.7
)
  Total other income and expense, net
(16.1
)
 
—

 
(0.8
)
 
—

 
(16.9
)
Income (loss) from continuing operations before income taxes
(18.7
)
 
11.6

 
1.7

 
—

 
(5.4
)
Provision for income taxes from continuing operations
0.3

 
2.4

 
0.1

 
—

 
2.8

Income (loss) from continuing operations
(19.0
)
 
9.2

 
1.6

 
—

 
(8.2
)
Income (loss) from discontinued operations
—

 
(1.8
)
 
(0.3
)
 
—

 
(2.1
)
Equity in net income (loss) of subsidiaries
8.7

 
1.3

 
—

 
(10.0
)
 
—

Net income (loss)
$
(10.3
)
 
$
8.7

 
$
1.3

 
$
(10.0
)
 
$
(10.3
)
Comprehensive income (loss)
$
(10.2
)
 
$
8.7

 
$
1.2

 
$
(9.9
)
 
$
(10.2
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended March 30, 2014
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
98.3

 
$
2.3

 
$
—

 
$
100.6

Product sales
—

 
86.3

 
16.6

 
(3.4
)
 
99.5

  Total revenues
—

 
184.6

 
18.9

 
(3.4
)
 
200.1

Cost of service revenues
—

 
72.4

 
1.7

 
—

 
74.1

Cost of product sales
—

 
64.9

 
11.9

 
(3.4
)
 
73.4

  Total costs
—

 
137.3

 
13.6

 
(3.4
)
 
147.5

  Gross profit
—

 
47.3

 
5.3

 
—

 
52.6

Selling, general and administrative expenses
5.0

 
35.8

 
3.3

 
—

 
44.1

Research and development expenses
—

 
4.7

 
0.5

 
—

 
5.2

  Operating income (loss) from continuing operations
(5.0
)
 
6.8

 
1.5

 
—

 
3.3

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(16.0
)
 
—

 
(0.1
)
 
—

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

 
0.2

 
—

 
0.2

  Total other income and expense, net
(16.1
)
 
0.1

 
0.1

 
—

 
(15.9
)
Income (loss) from continuing operations before income taxes
(21.1
)
 
6.9

 
1.6

 
—

 
(12.6
)
Provision (benefit) for income taxes from continuing operations
0.3

 
1.9

 
0.1

 
—

 
2.3

Income (loss) from continuing operations
(21.4
)
 
5.0

 
1.5

 
—

 
(14.9
)
Income (loss) from discontinued operations
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Equity in net income (loss) of subsidiaries
6.4

 
1.5

 
—

 
(7.9
)
 
—

Net income (loss)
$
(15.0
)
 
$
6.4

 
$
1.5

 
$
(7.9
)
 
$
(15.0
)
Comprehensive income (loss)
$
(15.1
)
 
$
6.4

 
$
1.4

 
$
(7.8
)
 
$
(15.1
)











Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(0.8
)
 
$
0.8

 
$
5.1

 
$
—

 
$
5.1

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

 
1.2

 
—

 
—

 
1.2

Investment in affiliated companies
(2.4
)
 
—

 
—

 
2.4

 
—

(Increase) decrease in restricted cash
—

 
0.2

 
—

 
—

 
0.2

Capital expenditures
(0.1
)
 
(2.7
)
 
(0.5
)
 
—

 
(3.3
)
Net cash used in investing activities from continuing operations
(2.5
)
 
(1.3
)
 
(0.5
)
 
2.4

 
(1.9
)
Financing activities:
 
 
 
 
 
 
 
 
 
Repayment of debt
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Financing from affiliated companies
—

 
2.4

 
—

 
(2.4
)
 
—

Other, net
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Net cash provided by (used in) financing activities from continuing operations
(0.2
)
 
2.4

 
(0.3
)
 
(2.4
)
 
(0.5
)
Net cash flows of continuing operations
(3.5
)
 
1.9

 
4.3

 
—

 
2.7

Net operating cash flows from discontinued operations
—

 
0.2

 
—

 
—

 
0.2

Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Net increase (decrease) in cash and cash equivalents
$
(3.5
)
 
$
2.1

 
$
4.0

 
$
—

 
$
2.6



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 30, 2014
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(2.4
)
 
$
5.1

 
$
(1.0
)
 
$
—

 
$
1.7

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

 
(1.6
)
 
—

 
—

 
(1.6
)
Investment in affiliated companies
(0.5
)
 
(0.6
)
 
—

 
1.1

 
—

  Capital expenditures
(0.3
)
 
(2.2
)
 
(0.6
)
 
—

 
(3.1
)
Net cash used in investing activities from continuing operations
(0.8
)
 
(4.4
)
 
(0.6
)
 
1.1

 
(4.7
)
Financing activities:
 
 
 
 
 
 
 
 
 
  Repayment of debt
—

 
—

 
(0.2
)
 
—

 
(0.2
)
  Financings from affiliated companies
—

 
—

 
1.1

 
(1.1
)
 
—

  Other, net
1.6

 
—

 
—

 
—

 
1.6

Net cash provided by (used in) financing activities from continuing operations
1.6

 
—

 
0.9

 
(1.1
)
 
1.4

Net cash flows of continuing operations
(1.6
)
 
0.7

 
(0.7
)
 
—

 
(1.6
)
Net operating cash flows from discontinued operations
—

 
(0.5
)
 
—

 
—

 
(0.5
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
—

 
—

Net increase (decrease) in cash and cash equivalents
$
(1.6
)
 
$
0.2

 
$
(0.7
)
 
$
—

 
$
(2.1
)