XML 46 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidating Financial Statements
9 Months Ended
Sep. 28, 2014
Organization, Consolidation and Presentation of 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 Subsidiary Guarantor and the Company. There are no contractual restrictions limiting cash transfers from Subsidiary Guarantors 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 100% owned subsidiaries, which are eliminated upon consolidation. Subsequent to the issuance of the Company’s condensed consolidated financial statements for the quarter ended September 29, 2013, the Company reclassified cash flows related to Investment in affiliated companies to a separate line item in its Condensed Consolidating Statement of Cash Flows. These amounts were previously combined with financings from affiliated companies. There was no total impact on cash flow from either investing or financing activities.




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
September 28, 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
$
13.7

 
$
(5.9
)
 
$
8.4

 
$
—

 
$
16.2

  Accounts receivable, net
—

 
223.7

 
31.4

 
—

 
255.1

  Amounts due from affiliated companies
398.1

 
—

 
—

 
(398.1
)
 
—

  Inventoried costs
—

 
61.7

 
18.7

 
—

 
80.4

  Other current assets
5.0

 
16.1

 
3.9

 
—

 
25.0

    Total current assets
416.8

 
295.6

 
62.4

 
(398.1
)
 
376.7

Amounts due from affiliated companies, long-term
—

 
24.0

 
—

 
(24.0
)
 
—

Property, plant and equipment, net
2.0

 
70.3

 
10.3

 
—

 
82.6

Goodwill
—

 
572.4

 
24.0

 
—

 
596.4

Intangible assets, net
—

 
57.4

 
0.4

 
—

 
57.8

Investment in subsidiaries
492.2

 
41.9

 
—

 
(534.1
)
 
—

Other assets
7.9

 
24.5

 
—

 
—

 
32.4

    Total assets
$
918.9

 
$
1,086.1

 
$
97.1

 
$
(956.2
)
 
$
1,145.9

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3.2

 
$
41.9

 
$
4.1

 
$
—

 
$
49.2

Accrued expenses
17.4

 
32.2

 
4.1

 
—

 
53.7

Accrued compensation
4.1

 
29.4

 
3.6

 
—

 
37.1

Billings in excess of costs and earnings on uncompleted contracts
—

 
40.9

 
6.3

 
—

 
47.2

Deferred income tax liability
(0.8
)
 
29.2

 
—

 
—

 
28.4

Amounts due to affiliated companies
—

 
379.2

 
18.9

 
(398.1
)
 
—

Other current liabilities
1.0

 
9.6

 
1.0

 
—

 
11.6

    Total current liabilities
24.9

 
562.4

 
38.0

 
(398.1
)
 
227.2

Long-term debt, net of current portion
659.9

 
—

 
3.0

 
—

 
662.9

Amounts due to affiliated companies
—

 
—

 
24.0

 
(24.0
)
 
—

Other long-term liabilities
3.1

 
19.5

 
2.2

 
—

 
24.8

    Total liabilities
687.9

 
581.9

 
67.2

 
(422.1
)
 
914.9

Total stockholders' equity
231.0

 
504.2

 
29.9

 
(534.1
)
 
231.0

    Total liabilities and stockholders' equity
$
918.9

 
$
1,086.1

 
$
97.1

 
$
(956.2
)
 
$
1,145.9


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended September 29, 2013
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
107.6

 
$
1.2

 
$
—

 
$
108.8

Product sales
—

 
103.9

 
17.5

 
(3.8
)
 
117.6

  Total revenues
—

 
211.5

 
18.7

 
(3.8
)
 
226.4

Cost of service revenues
—

 
81.7

 
0.7

 
—

 
82.4

Cost of product sales
—

 
82.2

 
13.3

 
(3.8
)
 
91.7

  Total costs
—

 
163.9

 
14.0

 
(3.8
)
 
174.1

  Gross profit
—

 
47.6

 
4.7

 
—

 
52.3

Selling, general and administrative expenses
1.4

 
36.2

 
3.8

 
—

 
41.4

Research and development expenses
—

 
4.7

 
0.1

 
—

 
4.8

  Operating income (loss) from continuing operations
(1.4
)
 
6.7

 
0.8

 
—

 
6.1

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(16.2
)
 
0.1

 
(0.1
)
 
—

 
(16.2
)
  Other income (expense), net
—

 
0.2

 
0.6

 
—

 
0.8

  Total other income and expense, net
(16.2
)
 
0.3

 
0.5

 
—

 
(15.4
)
Income (loss) from continuing operations before income taxes
(17.6
)
 
7.0

 
1.3

 
—

 
(9.3
)
Provision (benefit) for income taxes from continuing operations
—

 
(0.1
)
 
0.3

 
—

 
0.2

Income (loss) from continuing operations
(17.6
)
 
7.1

 
1.0

 
—

 
(9.5
)
Loss from discontinued operations
—

 
(0.4
)
 
—

 
—

 
(0.4
)
Equity in net income (loss) of subsidiaries
7.7

 
1.0

 
—

 
(8.7
)
 
—

Net income (loss)
$
(9.9
)
 
$
7.7

 
$
1.0

 
$
(8.7
)
 
$
(9.9
)
Comprehensive income (loss)
$
(10.0
)
 
$
7.7

 
$
0.9

 
$
(8.6
)
 
$
(10.0
)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Three Months Ended September 28, 2014
(Unaudited)
(in millions)
 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
94.1

 
$
3.0

 
$
—

 
$
97.1

Product sales
—

 
103.4

 
18.6

 
(2.0
)
 
120.0

  Total revenues
—

 
197.5

 
21.6

 
(2.0
)
 
217.1

Cost of service revenues
—

 
75.4

 
2.3

 
—

 
77.7

Cost of product sales
—

 
76.9

 
11.5

 
(2.0
)
 
86.4

  Total costs
—

 
152.3

 
13.8

 
(2.0
)
 
164.1

  Gross profit
—

 
45.2

 
7.8

 
—

 
53.0

Selling, general and administrative expenses
2.9

 
39.5

 
3.5

 
—

 
45.9

Research and development expenses
—

 
5.5

 
0.4

 
—

 
5.9

  Operating income (loss) from continuing operations
(2.9
)
 
0.2

 
3.9

 
—

 
1.2

Other income (expense):
 
 
 
 
 
 
 
 
 
  Interest expense, net
(12.2
)
 
—

 
0.1

 
—

 
(12.1
)
  Loss on extinguishment of debt
—

 
—

 
—

 
—

 
—

  Other income (expense), net
—

 
0.1

 
(0.5
)
 
—

 
(0.4
)
  Total other income and expense, net
(12.2
)
 
0.1

 
(0.4
)
 
—

 
(12.5
)
Income (loss) from continuing operations before income taxes
(15.1
)
 
0.3

 
3.5

 
—

 
(11.3
)
Provision (benefit) for income taxes from continuing operations
0.4

 
(1.2
)
 
0.6

 
—

 
(0.2
)
Income (loss) from continuing operations
(15.5
)
 
1.5

 
2.9

 
—

 
(11.1
)
Income (loss) from discontinued operations
0.2

 
—

 
—

 
—

 
0.2

Equity in net income (loss) of subsidiaries
4.4

 
2.9

 
—

 
(7.3
)
 
—

Net income (loss)
$
(10.9
)
 
$
4.4

 
$
2.9

 
$
(7.3
)
 
$
(10.9
)
Comprehensive income (loss)
$
(11.0
)
 
$
4.4

 
$
2.8

 
$
(7.2
)
 
$
(11.0
)




Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Nine Months Ended September 29, 2013
(Unaudited)
(in millions)

 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
332.4

 
$
2.6

 
$
—

 
$
335.0

Product sales
—

 
338.1

 
55.1

 
(13.3
)
 
379.9

Total revenues
—

 
670.5

 
57.7

 
(13.3
)
 
714.9

Cost of service revenues
—

 
252.5

 
1.8

 
—

 
254.3

Cost of product sales
—

 
255.7

 
39.7

 
(13.3
)
 
282.1

Total costs
—

 
508.2

 
41.5

 
(13.3
)
 
536.4

Gross profit
—

 
162.3

 
16.2

 
—

 
178.5

Selling, general and administrative expenses
5.1

 
122.4

 
10.1

 
—

 
137.6

Research and development expenses
—

 
13.7

 
0.8

 
—

 
14.5

  Operating income (loss)from continuing operations
(5.1
)
 
26.2

 
5.3

 
—

 
26.4

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense, net
(48.4
)
 
0.1

 
(0.4
)
 
—

 
(48.7
)
Other income (expense), net
—

 
0.3

 
(0.1
)
 
—

 
0.2

Total other expense, net
(48.4
)
 
0.4

 
(0.5
)
 
—

 
(48.5
)
Income (loss) from continuing operations before income taxes
(53.5
)
 
26.6

 
4.8

 
—

 
(22.1
)
Provision for income taxes from continuing operations
0.5

 
1.9

 
0.5

 
—

 
2.9

Income (loss) from continuing operations
(54.0
)
 
24.7

 
4.3

 
—

 
(25.0
)
Income (loss) from discontinued operations
0.1

 
(4.9
)
 
—

 
—

 
(4.8
)
Equity in net income (loss) of subsidiaries
24.1

 
4.3

 
—

 
(28.4
)
 
—

Net income (loss)
$
(29.8
)
 
$
24.1

 
$
4.3

 
$
(28.4
)
 
$
(29.8
)
Comprehensive income (loss)
$
(29.8
)
 
$
24.1

 
$
4.3

 
$
(28.4
)
 
$
(29.8
)
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Nine Months Ended September 28, 2014
(Unaudited)
(in millions)

 
Parent Company
 
Guarantors on a Combined Basis
 
Non-Guarantors on a Combined Basis
 
Eliminations
 
Consolidated
Service revenues
$
—

 
$
292.3

 
$
7.2

 
$
—

 
$
299.5

Product sales
—

 
304.4

 
50.3

 
(7.7
)
 
347.0

Total revenues
—

 
596.7

 
57.5

 
(7.7
)
 
646.5

Cost of service revenues
—

 
224.1

 
5.6

 
—

 
229.7

Cost of product sales
—

 
228.4

 
34.1

 
(7.7
)
 
254.8

Total costs
—

 
452.5

 
39.7

 
(7.7
)
 
484.5

Gross profit
—

 
144.2

 
17.8

 
—

 
162.0

Selling, general and administrative expenses
11.9

 
113.8

 
10.1

 
—

 
135.8

Research and development expenses
—

 
15.8

 
1.2

 
—

 
17.0

  Operating income from continuing operations
(11.9
)
 
14.6

 
6.5

 
—

 
9.2

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense, net
(42.1
)
 
0.1

 
(0.2
)
 
—

 
(42.2
)
Loss on extinguishment of debt
(39.1
)
 
—

 
—

 
—

 
(39.1
)
Other income (expense), net
—

 
0.1

 
(0.1
)
 
—

 
—

Total other expense, net
(81.2
)
 
0.2

 
(0.3
)
 
—

 
(81.3
)
Income (loss) from continuing operations before income taxes
(93.1
)
 
14.8

 
6.2

 
—

 
(72.1
)
Provision (benefit) for income taxes from continuing operations
0.9

 
1.8

 
1.0

 
—

 
3.7

Income (loss) from continuing operations
(94.0
)
 
13.0

 
5.2

 
—

 
(75.8
)
Income (loss) from discontinued operations
0.2

 
(0.2
)
 
—

 
—

 
—

Equity in net income (loss) of subsidiaries
18.0

 
5.2

 
—

 
(23.2
)
 
—

Net income (loss)
$
(75.8
)
 
$
18.0

 
$
5.2

 
$
(23.2
)
 
$
(75.8
)
Comprehensive income (loss)
$
(76.0
)
 
$
18.0

 
$
5.0

 
$
(23.0
)
 
$
(76.0
)


Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 29, 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
$
(33.4
)
 
$
40.7

 
$
3.7

 
$
—

 
$
11.0

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

 
2.2

 
—

 
—

 
2.2

Investment in affiliated companies
—

 
(32.4
)
 
—

 
32.4

 
—

(Increase) decrease in restricted cash
—

 
0.5

 
—

 
—

 
0.5

Capital expenditures
(1.0
)
 
(9.3
)
 
(1.9
)
 
—

 
(12.2
)
Proceeds from sale of discontinued operations
—

 
0.4

 
—

 
—

 
0.4

Net cash provided by (used in) investing activities from continuing operations
(1.0
)
 
(38.6
)
 
(1.9
)
 
32.4

 
(9.1
)
Financing activities:
 
 
 
 
 
 
 
 
 
Repayment of debt
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Cash paid for contingent acquisition consideration
—

 
(2.1
)
 
—

 
—

 
(2.1
)
Financing from affiliated companies
29.6

 
—

 
2.8

 
(32.4
)
 
—

Other, net
1.2

 
—

 
—

 
—

 
1.2

Net cash provided by (used in) financing activities from continuing operations
30.8

 
(2.1
)
 
2.0

 
(32.4
)
 
(1.7
)
Net cash flows of continuing operations
(3.6
)
 
—

 
3.8

 
—

 
0.2

Net operating cash flows from discontinued operations
—

 
0.5

 
—

 
—

 
0.5

Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
0.1

 
—

 
0.1

Net increase (decrease) in cash and cash equivalents
$
(3.6
)
 
$
0.5

 
$
3.9

 
$
—

 
$
0.8


Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 28, 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
$
(33.4
)
 
$
21.1

 
$
(5.9
)
 
$
—

 
$
(18.2
)
Investing activities:
 
 
 
 
 
 
 
 
 
Cash paid for acquisitions, net of cash acquired
—

 
(2.6
)
 
—

 
—

 
(2.6
)
Investment in affiliated companies
—

 
(12.2
)
 
—

 
12.2

 
—

(Increase) decrease in restricted cash
—

 
(0.1
)
 
—

 
—

 
(0.1
)
  Capital expenditures
(0.6
)
 
(8.0
)
 
(0.8
)
 
—

 
(9.4
)
Net cash used in investing activities from continuing operations
(0.6
)
 
(22.9
)
 
(0.8
)
 
12.2

 
(12.1
)
Financing activities:
 
 
 
 
 
 
 
 
 
  Proceeds from issuance of long-term debt
618.5

 
—

 
—

 
—

 
618.5

Extinguishment of long-term debt
(661.5
)
 
—

 
—

 
—

 
(661.5
)
  Debt issuance costs
(8.5
)
 
—

 
—

 
—

 
(8.5
)
Credit agreement borrowings
41.0

 
—

 
—

 
—

 
41.0

  Repayment of debt
—

 
—

 
(0.7
)
 
—

 
(0.7
)
  Financings from affiliated companies
12.2

 
—

 
—

 
(12.2
)
 
—

  Other, net
3.3

 
—

 
—

 
—

 
3.3

Net cash provided by (used in) financing activities from continuing operations
5.0

 
—

 
(0.7
)
 
(12.2
)
 
(7.9
)
Net cash flows of continuing operations
(29.0
)
 
(1.8
)
 
(7.4
)
 
—

 
(38.2
)
Net operating cash flows from discontinued operations
—

 
(1.2
)
 
—

 
—

 
(1.2
)
Effect of exchange rate changes on cash and cash equivalents
—

 
0.1

 
(0.2
)
 
—

 
(0.1
)
Net increase (decrease) in cash and cash equivalents
$
(29.0
)
 
$
(2.9
)
 
$
(7.6
)
 
$
—

 
$
(39.5
)