Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Oct. 01, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet October 1, 2017 (Unaudited) (in millions)
	Parent Company		Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	233.0	$	(2.2	)	$	8.4	$	—		$	239.2
Accounts receivable, net	—		220.4			23.8		—			244.2
Amounts due from affiliated companies	227.6		—			—		(227.6		)	—
Inventoried costs	—		42.6			20.2		—			62.8
Other current assets	3.6		14.3			3.7		—			21.6
Total current assets	464.2		275.1			56.1		(227.6		)	567.8
Property, plant and equipment, net	1.9		47.9			6.9		—			56.7
Goodwill	—		442.6			42.7		—			485.3
Intangible assets, net	—		17.9			6.6		—			24.5
Investment in subsidiaries	469.2		67.9			—		(537.1		)	—
Other assets	0.4		8.0			—		—			8.4
Total assets	$	935.7	$	859.4		$	112.3	$	(764.7	)	$	1,142.7
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1.9	$	43.0		$	5.7	$	—		$	50.6
Accrued expenses	12.3		36.9			2.6		—			51.8
Accrued compensation	3.5		27.1			3.1		—			33.7
Billings in excess of costs and earnings on uncompleted contracts	—		47.5			3.6		—			51.1
Amounts due to affiliated companies	—		198.5			29.1		(227.6		)	—
Other current liabilities	0.6		5.2			4.7		—			10.5
Current liabilities of discontinued operations	1.0		—			0.1		—			1.1
Total current liabilities	19.3		358.2			48.9		(227.6		)	198.8
Long-term debt, net of current portion	369.7		—			—		—			369.7
Other long-term liabilities	11.0		20.0			7.5		—			38.5
Non-current liabilities of discontinued operations	3.8		—			—		—			3.8
Total liabilities	403.8		378.2			56.4		(227.6		)	610.8
Total stockholders’ equity	531.9		481.2			55.9		(537.1		)	531.9
Total liabilities and stockholders’ equity	$	935.7	$	859.4		$	112.3	$	(764.7	)	$	1,142.7

Condensed Consolidating Balance Sheet December 25, 2016 (Unaudited) (in millions)
	Parent Company		Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	67.2	$	(3.3	)	$	5.2	$	—		$	69.1
Accounts receivable, net	—		197.9			31.5		—			229.4
Amounts due from affiliated companies	204.6		—			—		(204.6		)	—
Inventoried costs	—		37.2			18.2		—			55.4
Other current assets	6.3		11.6			1.3		—			19.2
Total current assets	278.1		243.4			56.2		(204.6		)	373.1
Property, plant and equipment, net	1.6		41.7			6.5		—			49.8
Goodwill	—		442.5			42.9		—			485.4
Intangible assets, net	—		24.5			8.1		—			32.6
Investment in subsidiaries	458.0		67.5			—		(525.5		)	—
Other assets	0.4		7.3			—		—			7.7
Total assets	$	738.1	$	826.9		$	113.7	$	(730.1	)	$	948.6
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	4.5	$	43.7		$	4.5	$	—		$	52.7
Accrued expenses	5.6		44.5			3.5		—			53.6
Accrued compensation	4.0		31.2			3.9		—			39.1
Billings in excess of costs and earnings on uncompleted contracts	—		38.9			2.9		—			41.8
Amounts due to affiliated companies	—		174.6			30.0		(204.6		)	—
Other current liabilities	1.4		4.1			2.2		—			7.7
Current liabilities of discontinued operations	1.5		—			0.1		—			1.6
Total current liabilities	17.0		337.0			47.1		(204.6		)	196.5
Long-term debt, net of current portion	430.2		—			0.8		—			431.0
Other long-term liabilities	10.8		19.9			10.3		—			41.0
Non-current liabilities of discontinued operations	3.7		—			—		—			3.7
Total liabilities	461.7		356.9			58.2		(204.6		)	672.2
Total stockholders’ equity	276.4		470.0			55.5		(525.5		)	276.4
Total liabilities and stockholders’ equity	$	738.1	$	826.9		$	113.7	$	(730.1	)	$	948.6

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended October 1, 2017 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis		Eliminations			Consolidated
Service revenues	$	—		$	84.8		$	1.9	$	—		$	86.7
Product sales	—			99.3			15.0		(4.8		)	109.5
Total revenues	—			184.1			16.9		(4.8		)	196.2
Cost of service revenues	—			59.7			1.1		—			60.8
Cost of product sales	—			80.2			11.9		(4.8		)	87.3
Total costs	—			139.9			13.0		(4.8		)	148.1
Gross profit	—			44.2			3.9		—			48.1
Selling, general and administrative expenses	2.3			35.3			3.2		—			40.8
Research and development expenses	—			4.2			—		—			4.2
Operating income (loss) from continuing operations	(2.3		)	4.7			0.7		—			3.1
Other income (expense):
Interest income (expense), net	(7.7		)	—			—		—			(7.7		)
Other income (expense), net	—			0.1			0.5		—			0.6
Total other income (expense), net	(7.7		)	0.1			0.5		—			(7.1		)
Income (loss) from continuing operations before income taxes	(10.0		)	4.8			1.2		—			(4.0		)
Provision (benefit) for income taxes from continuing operations	0.3			(0.1		)	—		—			0.2
Income (loss) from continuing operations	(10.3		)	4.9			1.2		—			(4.2		)
Loss from discontinued operations	(0.1		)	—			—		—			(0.1		)
Equity in net income (loss) of subsidiaries	6.1			1.2			—		(7.3		)	—
Net income (loss)	$	(4.3	)	$	6.1		$	1.2	$	(7.3	)	$	(4.3	)
Comprehensive income (loss)	$	(4.5	)	$	6.1		$	1.0	$	(7.1	)	$	(4.5	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 25, 2016 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis		Eliminations			Consolidated
Service revenues	$	—		$	84.3		$	2.9	$	—		$	87.2
Product sales	—			67.8			12.4		(2.0		)	78.2
Total revenues	—			152.1			15.3		(2.0		)	165.4
Cost of service revenues	—			62.9			1.8		—			64.7
Cost of product sales	—			67.7			9.1		(2.0		)	74.8
Total costs	—			130.6			10.9		(2.0		)	139.5
Gross profit	—			21.5			4.4		—			25.9
Selling, general and administrative expenses	0.2			33.3			2.2		—			35.7
Research and development expenses	—			3.1			0.1		—			3.2
Operating income (loss) from continuing operations	(0.2		)	(14.9		)	2.1		—			(13.0		)
Other income (expense):
Interest expense, net	(8.7		)	—			—		—			(8.7		)
Other income (expense), net	—			0.1			—		—			0.1
Total other income (expense), net	(8.7		)	0.1			—		—			(8.6		)
Income (loss) from continuing operations before income taxes	(8.9		)	(14.8		)	2.1		—			(21.6		)
Provision for income taxes from continuing operations	0.1			1.7			0.1		—			1.9
Income (loss) from continuing operations	(9.0		)	(16.5		)	2.0		—			(23.5		)
Loss from discontinued operations	—			(0.1		)	—		—			(0.1		)
Equity in net income (loss) of subsidiaries	(14.6		)	2.0			—		12.6			—
Net income (loss)	$	(23.6	)	$	(14.6	)	$	2.0	$	12.6		$	(23.6	)
Comprehensive income (loss)	$	(23.7	)	$	(14.6	)	$	1.9	$	12.7		$	(23.7	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended October 1, 2017 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis		Non-Guarantors on a Combined Basis			Eliminations			Consolidated
Service revenues	$	—		$	253.5	$	9.8		$	—		$	263.3
Product sales	—			256.6		40.8			(11.0		)	286.4
Total revenues	—			510.1		50.6			(11.0		)	549.7
Cost of service revenues	—			182.3		7.3			—			189.6
Cost of product sales	—			197.2		33.3			(11.0		)	219.5
Total costs	—			379.5		40.6			(11.0		)	409.1
Gross profit	—			130.6		10.0			—			140.6
Selling, general and administrative expenses	5.8			105.4		9.3			—			120.5
Research and development expenses	—			11.9		0.8			—			12.7
Operating income (loss) from continuing operations	(5.8		)	13.3		(0.1		)	—			7.4
Other income (expense):
Interest income (expense), net	(23.2		)	0.1		—			—			(23.1		)
Loss on extinguishment of debt	(2.1		)	—		—			—			(2.1		)
Other income (expense), net	—			0.2		0.8			—			1.0
Total other income (expense), net	(25.3		)	0.3		0.8			—			(24.2		)
Income (loss) from continuing operations before income taxes	(31.1		)	13.6		0.7			—			(16.8		)
Provision for income taxes from continuing operations	0.4			2.8		0.3			—			3.5
Income (loss) from continuing operations	(31.5		)	10.8		0.4			—			(20.3		)
Loss from discontinued operations	(0.2		)	—		—			—			(0.2		)
Equity in net income (loss) of subsidiaries	11.2			0.4		—			(11.6		)	—
Net income (loss)	$	(20.5	)	$	11.2	$	0.4		$	(11.6	)	$	(20.5	)
Comprehensive income (loss)	$	(20.6	)	$	11.2	$	0.3		$	(11.5	)	$	(20.6	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 25, 2016 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis		Eliminations			Consolidated
Service revenues	$	—		$	244.0		$	14.0	$	—		$	258.0
Product sales	—			195.8			38.4		(5.6		)	228.6
Total revenues	—			439.8			52.4		(5.6		)	486.6
Cost of service revenues	—			179.6			9.8		—			189.4
Cost of product sales	—			165.9			29.9		(5.6		)	190.2
Total costs	—			345.5			39.7		(5.6		)	379.6
Gross profit	—			94.3			12.7		—			107.0
Selling, general and administrative expenses	4.0			109.1			7.0		—			120.1
Research and development expenses	—			9.9			0.2		—			10.1
Operating income (loss) from continuing operations	(4.0		)	(24.7		)	5.5		—			(23.2		)
Other income (expense):
Interest expense, net	(26.0		)	(0.1		)	—		—			(26.1		)
Other income (expense), net	—			(0.1		)	0.7		—			0.6
Total other income (expense), net	(26.0		)	(0.2		)	0.7		—			(25.5		)
Income (loss) from continuing operations before income taxes	(30.0		)	(24.9		)	6.2		—			(48.7		)
Provision for income taxes from continuing operations	0.2			6.4			0.7		—			7.3
Income (loss) from continuing operations	(30.2		)	(31.3		)	5.5		—			(56.0		)
Loss from discontinued operations	(0.1		)	(0.1		)	—		—			(0.2		)
Equity in net income (loss) of subsidiaries	(25.9		)	5.5			—		20.4			—
Net income (loss)	$	(56.2	)	$	(25.9	)	$	5.5	$	20.4		$	(56.2	)
Comprehensive income (loss)	$	(56.4	)	$	(25.9	)	$	5.3	$	20.6		$	(56.4	)

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows Nine Months Ended October 1, 2017 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis			Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations	$	(15.3	)	$	(6.1	)	$	4.7		$	—		$	(16.7	)
Investing activities:
Cash paid for acquisitions, net of cash acquired	—			0.2			—			—			0.2
Investment in affiliated companies	(23.0		)	—			—			23.0			—
Change in restricted cash	—			0.2			—			—			0.2
Capital expenditures	(0.8		)	(16.1		)	(1.4		)	—			(18.3		)
Net cash provided by (used in) investing activities from continuing operations	(23.8		)	(15.7		)	(1.4		)	23.0			(17.9		)
Financing activities:
Extinguishment of long-term debt	(64.0		)	—			—			—			(64.0		)
Repayment of debt	—			—			(0.8		)	—			(0.8		)
Proceeds from the issuance of common stock	268.0			—			—			—			268.0
Proceeds from the sale of employee stock purchase plan shares	1.5			—			—			—			1.5
Financings from affiliated companies	—			23.0			—			(23.0		)	—
Net cash provided by (used in) financing activities from continuing operations	205.5			23.0			(0.8		)	(23.0		)	204.7
Net cash flows of continuing operations	166.4			1.2			2.5			—			170.1
Net operating cash flows from discontinued operations	(0.1		)	—			—			—			(0.1		)
Net investing cash flows from discontinued operations	(0.5		)	—			—			—			(0.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.6			—			0.6
Net increase in cash and cash equivalents	$	165.8		$	1.2		$	3.1		$	—		$	170.1

Condensed Consolidating Statement of Cash Flows Nine Months Ended September 25, 2016 (Unaudited) (in millions)
	Parent Company			Subsidiary Guarantors on a Combined Basis			Non-Guarantors on a Combined Basis			Eliminations			Consolidated
Net cash provided by (used in) operating activities from continuing operations	$	(12.0	)	$	5.6		$	(2.3	)	$	—		$	(8.7	)
Investing activities:
Investment in affiliated companies	(1.0		)	—			—			1.0			—
Change in restricted cash	—			0.1			—			—			0.1
Capital expenditures	(0.5		)	(3.2		)	(1.4		)	—			(5.1		)
Net cash provided by (used in) investing activities from continuing operations	(1.5		)	(3.1		)	(1.4		)	1.0			(5.0		)
Financing activities:
Repayment of debt	—			—			(0.8		)	—			(0.8		)
Proceeds from the sale of employee stock purchase plan shares	2.1			—			—			—			2.1
Financing from affiliated companies	—			1.0			—			(1.0		)	—
Net cash provided by (used in) financing activities from continuing operations	2.1			1.0			(0.8		)	(1.0		)	1.3
Net cash flows of continuing operations	(11.4		)	3.5			(4.5		)	—			(12.4		)
Net operating cash flows from discontinued operations	0.3			(0.2		)	—			—			0.1
Net investing cash flows from discontinued operations	4.3			—			—			—			4.3
Net increase (decrease) in cash and cash equivalents	$	(6.8	)	$	3.3		$	(4.5	)	$	—		$	(8.0	)