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Guarantor Financial Statements (Tables)
 3 Months Ended
Mar. 30, 2013
Guarantor Financial Statements [Abstract]  
Schedule of Condensed Balance Sheet
Condensed Consolidating Balance Sheet as of March 30, 2013

 
 
 
 
Guarantor
 
Non-Guarantor
 
 
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(Dollar amounts in millions)
ASSETS:
Current Assets:
 
 
 
 
 
 
 
 
 
 
Unrestricted cash and cash equivalents
 
$
166.0

 
$
5.9

 
$
29.5

 
$
—

 
$
201.4

Restricted cash
 
—

 
—

 
0.2

 
—

 
0.2

Accounts receivable, less allowances
 
—

 
228.2

 
61.7

 
—

 
289.9

Intercompany receivables
 
2.2

 
—

 
34.1

 
(36.3
)
 
—

Inventories, net
 
—

 
203.0

 
75.2

 
(6.4
)
 
271.8

Prepaid expenses
 
2.3

 
11.0

 
5.1

 
—

 
18.4

Other current assets
 
—

 
4.8

 
9.7

 
(0.7
)
 
13.8

Prepaid income taxes
 
24.0

 
13.1

 
—

 
(1.6
)
 
35.5

Total current assets
 
194.5

 
466.0

 
215.5

 
(45.0
)
 
831.0

 
 
 
 
 
 
 
 
 
 
 
Property and Equipment, at Cost:
 
 
 
 
 
 
 
 
 
 
Total property and equipment, net
 
4.4

 
127.1

 
67.2

 
—

 
198.7

 
 
 
 
 
 
 
 
 
 
 
Other Long-term Assets:
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries and long-term
     receivable from (to) subsidiaries
 
1,120.6

 
307.7

 
—

 
(1,428.3
)
 
—

Goodwill
 
—

 
292.7

 
16.6

 
—

 
309.3

Intangible assets, less accumulated amortization
 
—

 
581.5

 
33.8

 
(11.0
)
 
604.3

Deferred tax asset
 
7.2

 
—

 
—

 
(7.2
)
 
—

Other assets
 
23.3

 
15.6

 
0.8

 
—

 
39.7

Total other long-term assets
 
1,151.1

 
1,197.5

 
51.2

 
(1,446.5
)
 
953.3

Total Assets
 
$
1,350.0

 
$
1,790.6

 
$
333.9

 
$
(1,491.5
)
 
$
1,983.0

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' INVESTMENT (DEFICIT):
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
Short term bank obligations
 
$
—

 
$
—

 
$
0.6

 
$
—

 
$
0.6

Current maturities of long-term debt
 
0.3

 
2.2

 
—

 
—

 
2.5

Accounts payable
 
3.2

 
92.2

 
88.8

 
—

 
184.2

Accrued expenses and taxes, net
 
54.9

 
119.5

 
44.4

 
(0.7
)
 
218.1

Current deferred taxes
 
—

 
—

 
1.6

 
(1.6
)
 
—

Intercompany payables
 
—

 
36.3

 
—

 
(36.3
)
 
—

Total current liabilities
 
58.4

 
250.2

 
135.4

 
(38.6
)
 
405.4

 
 
 
 
 
 
 
 
 
 
 
Other Liabilities:
 
 
 
 
 
 
 
 
 
 
Deferred income taxes
 
—

 
135.5

 
8.7

 
(9.7
)
 
134.5

Other long-term liabilities
 
45.0

 
113.8

 
25.4

 
—

 
184.2

Long-term intercompany payables
 
—

 
—

 
43.6

 
(43.6
)
 
—

 
 
45.0

 
249.3

 
77.7

 
(53.3
)
 
318.7

 
 
 
 
 
 
 
 
 
 
 
Notes, Mortgage Notes and Obligations
     Payable, Less Current Maturities
 
1,169.5

 
12.3

 
—

 
—

 
1,181.8

 
 
 
 
 
 
 
 
 
 
 
Stockholders' investment (deficit)
 
77.1

 
1,278.8

 
120.8

 
(1,399.6
)
 
77.1

Total Liabilities and Stockholders'
     Investment (Deficit)
 
$
1,350.0

 
$
1,790.6

 
$
333.9

 
$
(1,491.5
)
 
$
1,983.0

Condensed Consolidating Balance Sheet as of December 31, 2012

 
 
 
 
Guarantor
 
Non-Guarantor
 
 
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(Dollar amounts in millions)
ASSETS:
Current Assets:
 
 
 
 
 
 
 
 
 
 
Unrestricted cash and cash equivalents
 
$
94.9

 
$
13.1

 
$
36.7

 
$
—

 
$
144.7

Restricted cash
 
—

 
—

 
0.2

 
—

 
0.2

Accounts receivable, less allowances
 
—

 
191.7

 
65.7

 
—

 
257.4

Intercompany receivables
 
1.0

 
—

 
42.3

 
(43.3
)
 
—

Inventories, net
 
—

 
192.4

 
71.6

 
(5.6
)
 
258.4

Prepaid expenses
 
1.2

 
8.7

 
4.5

 
—

 
14.4

Other current assets
 
—

 
10.7

 
10.4

 
(1.1
)
 
20.0

Prepaid income taxes
 
18.3

 
12.6

 
—

 
(1.6
)
 
29.3

Total current assets
 
115.4

 
429.2

 
231.4

 
(51.6
)
 
724.4

 
 
 
 
 
 
 
 
 
 
 
Property and Equipment, at Cost:
 
 
 
 
 
 
 
 
 
 
Total property and equipment, net
 
3.0

 
128.7

 
67.8

 
—

 
199.5

 
 
 
 
 
 
 
 
 
 
 
Other Long-term Assets:
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries and long-term
     receivable from (to) subsidiaries
 
1,107.8

 
321.2

 
—

 
(1,429.0
)
 
—

Goodwill
 
—

 
292.7

 
14.9

 
—

 
307.6

Intangible assets, less accumulated amortization
 
—

 
591.6

 
34.5

 
(11.2
)
 
614.9

Deferred tax asset
 
10.9

 
—

 
—

 
(10.9
)
 
—

Other assets
 
25.4

 
15.7

 
0.6

 
—

 
41.7

Total other long-term assets
 
1,144.1

 
1,221.2

 
50.0

 
(1,451.1
)
 
964.2

Total Assets
 
$
1,262.5

 
$
1,779.1

 
$
349.2

 
$
(1,502.7
)
 
$
1,888.1

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' INVESTMENT (DEFICIT):
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
Short term bank obligations
 
$
—

 
$
—

 
$
0.7

 
$
—

 
$
0.7

Current maturities of long-term debt
 
0.3

 
2.1

 
—

 
—

 
2.4

Accounts payable
 
4.1

 
76.7

 
93.6

 
—

 
174.4

Accrued expenses and taxes, net
 
31.1

 
119.4

 
48.8

 
(0.4
)
 
198.9

Current deferred taxes
 
—

 
—

 
1.6

 
(1.6
)
 
—

Intercompany payables
 
—

 
43.3

 
—

 
(43.3
)
 
—

Total current liabilities
 
35.5

 
241.5

 
144.7

 
(45.3
)
 
376.4

 
 
 
 
 
 
 
 
 
 
 
Other Liabilities:
 
 
 
 
 
 
 
 
 
 
Deferred income taxes
 
—

 
137.3

 
8.7

 
(13.3
)
 
132.7

Other long-term liabilities
 
47.7

 
110.3

 
28.9

 
—

 
186.9

Long-term intercompany payables
 
—

 
—

 
44.0

 
(44.0
)
 
—

 
 
47.7

 
247.6

 
81.6

 
(57.3
)
 
319.6

 
 
 
 
 
 
 
 
 
 
 
Notes, Mortgage Notes and Obligations
     Payable, Less Current Maturities
 
1,085.1

 
12.8

 
—

 
—

 
1,097.9

 
 
 
 
 
 
 
 
 
 
 
Stockholders' investment (deficit)
 
94.2

 
1,277.2

 
122.9

 
(1,400.1
)
 
94.2

Total Liabilities and Stockholders'
     Investment (Deficit)
 
$
1,262.5

 
$
1,779.1

 
$
349.2

 
$
(1,502.7
)
 
$
1,888.1
Schedule of Condensed Income Statement
Condensed Consolidating Statement of Operations and Comprehensive Income
For the first quarter ended March 30, 2013

 
 
 
 
Guarantor
 
Non-Guarantor
 
 
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(Dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
—

 
$
433.9

 
$
172.0

 
$
(86.8
)
 
$
519.1

Cost of products sold
 
—

 
317.9

 
146.4

 
(86.7
)
 
377.6

Gross profit
 
—

 
116.0

 
25.6

 
(0.1
)
 
141.5

Selling, general and administrative expense, net
 
16.9

 
85.7

 
23.0

 
—

 
125.6

Amortization of intangible assets
 
—

 
10.8

 
0.7

 
(0.2
)
 
11.3

Operating (loss) earnings
 
(16.9
)
 
19.5

 
1.9

 
0.1

 
4.6

Interest expense
 
(23.8
)
 
(0.7
)
 
(0.1
)
 
—

 
(24.6
)
(Loss) income before charges and allocations to
     subsidiaries and equity in subsidiaries'
     (loss) earnings before income taxes
 
(40.7
)
 
18.8

 
1.8

 
0.1

 
(20.0
)
Charges and allocations to subsidiaries and equity
     in subsidiaries' (loss) earnings before income
     taxes
 
20.7

 
(16.2
)
 
0.2

 
(4.7
)
 
—

(Loss) earnings before (benefit) provision for
     income taxes
 
(20.0
)
 
2.6

 
2.0

 
(4.6
)
 
(20.0
)
(Benefit) provision for income taxes
 
(4.9
)
 
0.1

 
0.9

 
(1.0
)
 
(4.9
)
Net (loss) earnings
 
$
(15.1
)
 
$
2.5

 
$
1.1

 
$
(3.6
)
 
$
(15.1
)
 
 
 
 
 
 
 
 
 
 
 
Comprehensive (loss) income
 
$
(18.1
)
 
$
2.6

 
$
(2.1
)
 
$
(0.5
)
 
$
(18.1
)
 
Condensed Consolidating Statement of Operations and Comprehensive Income
For the first quarter ended March 31, 2012

 
 
 
 
Guarantor
 
Non-Guarantor
 
 
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Eliminations
 
Consolidated
 
 
(Dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
—

 
$
421.6

 
$
165.7

 
$
(64.5
)
 
$
522.8

Cost of products sold
 
—

 
301.3

 
139.9

 
(64.4
)
 
376.8

Gross profit
 
—

 
120.3

 
25.8

 
(0.1
)
 
146.0

Selling, general and administrative expense, net
 
7.8

 
82.3

 
20.0

 
—

 
110.1

Amortization of intangible assets
 
—

 
10.3

 
0.7

 
—

 
11.0

Operating (loss) earnings
 
(7.8
)
 
27.7

 
5.1

 
(0.1
)
 
24.9

Interest expense
 
(23.6
)
 
(0.7
)
 
(0.2
)
 
—

 
(24.5
)
(Loss) income before charges and allocations to
     subsidiaries and equity in subsidiaries'
     earnings (loss) before income taxes
 
(31.4
)
 
27.0

 
4.9

 
(0.1
)
 
0.4

Charges and allocations to subsidiaries and equity
     in subsidiaries' earnings (loss) before income
     taxes
 
31.8

 
(14.3
)
 
0.1

 
(17.6
)
 
—

Earnings (loss) before provision (benefit) for
     income taxes
 
0.4

 
12.7

 
5.0

 
(17.7
)
 
0.4

Provision (benefit) for income taxes
 
1.6

 
4.8

 
3.0

 
(7.8
)
 
1.6

Net (loss) earnings
 
$
(1.2
)
 
$
7.9

 
$
2.0

 
$
(9.9
)
 
$
(1.2
)
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
$
0.7

 
$
7.9

 
$
4.2

 
$
(12.1
)
 
$
0.7

 

 
Schedule of Condensed Cash Flow Statement
Condensed Consolidating Cash Flow Statement
For the first quarter ended March 30, 2013
 
 
 
 
Guarantor
 
Non-Guarantor
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Consolidated
 
 
(Dollar amounts in millions)
 
 
 
 
 
 
 
 
 
Cash Flows from operating activities:
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(18.3
)
 
$
6.8

 
$
(3.0
)
 
$
(14.5
)
Cash Flows from investing activities:
 
 
 
 
 
 
 
 
Capital expenditures
 
(1.5
)
 
(4.9
)
 
(3.4
)
 
(9.8
)
Net cash paid for businesses acquired
 
—

 
—

 
(0.9
)
 
(0.9
)
Change in restricted cash and marketable securities
 
—

 
0.1

 
—

 
0.1

Other, net
 
—

 
(0.9
)
 
0.1

 
(0.8
)
Net cash used in investing activities
 
(1.5
)
 
(5.7
)
 
(4.2
)
 
(11.4
)
 
 
 
 
 
 
 
 
 
Cash Flows from financing activities:
 
 
 
 
 
 
 
 
Increase in borrowings
 
85.0

 
—

 
0.8

 
85.8

Payment of borrowings
 
(0.1
)
 
(0.7
)
 
(0.8
)
 
(1.6
)
Net use from equity transactions
 
(1.6
)
 
—

 
—

 
(1.6
)
Long-term intercompany advances and loans
 
7.6

 
(7.6
)
 
—

 
—

Net cash provided by (used in) financing activities
 
90.9

 
(8.3
)
 
—

 
82.6

Net change in unrestricted cash and cash equivalents
 
71.1

 
(7.2
)
 
(7.2
)
 
56.7

Unrestricted cash and cash equivalents at the
     beginning of the period
 
94.9

 
13.1

 
36.7

 
144.7

Unrestricted cash and cash equivalents at the
     end of the period
 
$
166.0

 
$
5.9

 
$
29.5

 
$
201.4




Condensed Consolidating Cash Flow Statement
For the first quarter ended March 31, 2012

 
 
 
 
Guarantor
 
Non-Guarantor
 
Nortek
 
 
Nortek
 
Subsidiaries
 
Subsidiaries
 
Consolidated
 
 
(Dollar amounts in millions)
 
 
 
 
 
 
 
 
 
Cash Flows from operating activities:
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(16.5
)
 
$
59.8

 
$
1.0

 
$
44.3

Cash Flows from investing activities:
 
 
 
 
 
 
 
 
Capital expenditures
 
—

 
(3.1
)
 
(1.4
)
 
(4.5
)
Proceeds from the sale of property and equipment
 
—

 
1.5

 
—

 
1.5

Change in restricted cash and marketable securities
 
0.1

 
—

 
—

 
0.1

Other, net
 
—

 
(0.1
)
 
—

 
(0.1
)
Net cash provided by (used in) investing activities
 
0.1

 
(1.7
)
 
(1.4
)
 
(3.0
)
 
 
 
 
 
 
 
 
 
Cash Flows from financing activities:
 
 
 
 
 
 
 
 
Increase in borrowings
 
—

 
—

 
1.6

 
1.6

Payment of borrowings
 
(25.9
)
 
(0.6
)
 
(2.2
)
 
(28.7
)
Long-term intercompany advances and loans
 
59.1

 
(64.1
)
 
5.0

 
—

Net cash provided by (used in) financing activities
 
33.2

 
(64.7
)
 
4.4

 
(27.1
)
Net change in unrestricted cash and cash equivalents
 
16.8

 
(6.6
)
 
4.0

 
14.2

Unrestricted cash and cash equivalents at the
     beginning of the period
 
17.8

 
9.3

 
31.1

 
58.2

Unrestricted cash and cash equivalents at the
     end of the period
 
$
34.6

 
$
2.7

 
$
35.1

 
$
72.4