XML 85 R71.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidating Financial Information (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 26, 2019
Sep. 27, 2018
Sep. 26, 2019
Sep. 27, 2018
Dec. 31, 2018
Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]            
Revenues $ 1,919.9 $ 1,813.7 $ 5,903.8 $ 5,386.7    
Operating costs and expenses            
Cost of sales 1,647.6 1,543.1 5,029.1 4,601.3    
Selling, general and administrative 53.6 37.3 173.6 154.5    
Research and development 12.6 10.8 36.0 31.3    
Total operating costs and expenses 1,713.8 1,591.2 5,238.7 4,787.1    
Operating income 206.1 222.5 665.1 599.6    
Interest expense and financing fee amortization (23.6) (24.2) (66.1) (60.3)    
Other expense, net (9.5) 7.4 (11.9) (0.8)    
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries 173.0 205.7 587.1 538.5    
Income tax provision (41.7) (36.9) (124.7) (99.7)    
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries 131.3 168.8 462.4 438.8    
Equity in net income of affiliate 0.0 0.0 0.0 0.6    
Equity in net income of subsidiaries 0.0 0.0   0.0    
Net income 131.3 168.8 462.4 439.4    
Total other comprehensive income (loss) 21.5 (0.6) 16.7 (16.5)    
Comprehensive Income, Net of Tax, Attributable to Parent 152.8 168.2 479.1 422.9    
Assets            
Cash and cash equivalents 1,494.0 703.9 1,494.0 703.9 $ 794.1 $ 445.5
Restricted Cash and Cash Equivalents 0.3   0.3   0.3  
Accounts receivable, net 708.6   708.6   545.1  
Unbilled Receivables, Current 579.0   579.0   469.4  
Inventory 1,015.2   1,015.2   1,012.6  
Other current assets 58.3   58.3   48.3  
Total current assets 3,838.7   3,838.7   2,849.3  
Property, plant and equipment, net 2,199.8   2,199.8   2,167.6  
Operating Lease, Right-of-Use Asset 49.7   49.7   0.0  
Unbilled Receivable, Non Current 9.7   9.7   54.1  
Pension assets 385.3   385.3   326.7  
Other assets 218.4   218.4   288.2  
Total assets 6,701.6   6,701.6   5,685.9  
Liabilities            
Accounts payable 1,140.5   1,140.5   902.6  
Accrued expenses 319.8   319.8   313.1  
Profit sharing 55.9   55.9   68.3  
Current portion of long-term debt 37.6   37.6   31.4  
Operating Lease, Liability, Current 6.2   6.2      
Advance payments, short-term 19.8   19.8   2.2  
Billings in Excess of Cost, Noncurrent 340.4   340.4   369.8  
Billings in Excess of Cost, Current 170.5   170.5   157.9  
Provision for Loss on Contracts 37.2   37.2   12.4  
Deferred revenue and other deferred credits, short-term 17.2   17.2   20.0  
Deferred grant income liability - current 5.6   5.6   16.0  
Other current liabilities 55.4   55.4   58.2  
Total current liabilities 1,865.7   1,865.7   1,582.1  
Long-term debt 2,132.2   2,132.2   1,864.0  
Operating Lease, Liability, Noncurrent 43.6   43.6      
Advance payments, long-term 335.1   335.1   231.9  
Pension/OPEB obligation 32.6   32.6   34.6  
Provision for Loss on Contacts, Non Current 161.9   161.9   170.6  
Deferred grant income liability - non-current 28.0   28.0   28.0  
Deferred revenue and other deferred credits 32.4   32.4   31.2  
Other liabilities 112.7   112.7   135.6  
Total equity 1,617.0   1,617.0   1,238.1  
Total liabilities and equity 6,701.6   6,701.6   5,685.9  
Operating activities            
Net cash (used in) operating activities     718.6 567.4    
Investing activities            
Purchase of property, plant and equipment     (118.8) (170.9)    
Payments for (Proceeds from) Other Investing Activities     (0.1) (2.8)    
Net cash used in investing activities     (118.7) (168.1)    
Proceeds from Issuance of Debt     250.0      
Proceeds from Lines of Credit     100.0 0.0    
Proceeds from Issuance of Senior Long-term Debt       1,300.0    
Financing activities            
Principal payments of debt     (8.5) (4.9)    
Repayments of Debt     (5.2) (256.3)    
Repayments of Lines of Credit     (100.0) 0.0    
Early Repayment of Senior Debt     0.0 (300.0)    
Payments Related to Tax Withholding for Share-based Compensation     (12.1) (15.5)    
Proceeds (payments) from subsidiary for purchase of treasury stock     0.0      
Debt issuance and financing costs     0.0 (23.2)    
Proceeds from (Payments for) Other Financing Activities     (0.8) 0.0    
Payments for Repurchase of Common Stock     (75.0) (805.8)    
Proceeds from subsidiary (payments to Parent) to pay dividends     0.0 0.0    
Payments of Dividends     (37.8) (35.4)    
Proceeds from Stock Plans     1.3 0.0    
Net cash provided by (used in) financing activities     113.5 (141.1)    
Effect of exchange rate changes on cash and cash equivalents     (13.5) 0.2    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     699.9 258.4    
Cash and cash equivalents, beginning of period     773.6 423.3    
Cash, cash equivalents, and restricted cash, end of period 1,477.3 683.4 1,477.3 683.4    
Consolidation, Eliminations [Member]            
Condensed Financial Statements, Captions [Line Items]            
Revenues (142.3) (128.0) (504.9) (462.2)    
Operating costs and expenses            
Cost of sales (142.3) (128.0) (504.9) (462.2)    
Selling, general and administrative       0.0    
Research and development       0.0    
Total operating costs and expenses (142.3) (128.0) (504.9) (462.2)    
Interest expense and financing fee amortization 0.9 1.2 2.8 3.8    
Other expense, net (0.9) (1.2) (2.8) (3.8)    
Equity in net income of affiliate       (0.6)    
Equity in net income of subsidiaries (160.7) (190.1) (556.2) (510.1)    
Net income (160.7) (190.1) (556.2) (510.7)    
Total other comprehensive income (loss) (7.6) 0.5 1.3 31.2    
Comprehensive Income, Net of Tax, Attributable to Parent (168.3) (189.6) (554.9) (479.5)    
Assets            
Restricted Cash and Cash Equivalents 0.0   0.0   0.0  
Accounts receivable, net (319.0)   (319.0)   (358.1)  
Unbilled Receivables, Current 0.0   0.0   0.0  
Inventory         0.0  
Total current assets (319.0)   (319.0)   (358.1)  
Operating Lease, Right-of-Use Asset 0.0   0.0      
Unbilled Receivable, Non Current 0.0   0.0   0.0  
Investment in subsidiary (2,383.7)   (2,383.7)   (1,937.0)  
Other assets (191.3)   (191.3)   (196.4)  
Total assets (2,894.0)   (2,894.0)   (2,491.5)  
Liabilities            
Accounts payable (320.4)   (320.4)   (358.2)  
Accrued expenses 1.4   1.4   0.1  
Operating Lease, Liability, Current 0.0   0.0      
Billings in Excess of Cost, Noncurrent 0.0   0.0   0.0  
Billings in Excess of Cost, Current 0.0   0.0   0.0  
Provision for Loss on Contracts 0.0   0.0   0.0  
Total current liabilities (319.0)   (319.0)   (358.1)  
Long-term debt (90.7)   (90.7)   (95.8)  
Operating Lease, Liability, Noncurrent 0.0   0.0      
Provision for Loss on Contacts, Non Current 0.0   0.0   0.0  
Other liabilities (100.6)   (100.6)   (100.6)  
Total equity (2,383.7)   (2,383.7)   (1,937.0)  
Total liabilities and equity (2,894.0)   (2,894.0)   (2,491.5)  
Investing activities            
Payments for (Proceeds from) Other Investing Activities     0.0 0.0    
Proceeds from Issuance of Debt     0.0      
Proceeds from Lines of Credit     0.0      
Financing activities            
Principal payments of debt       0.0    
Repayments of Debt       0.0    
Early Repayment of Senior Debt       0.0    
Payments Related to Tax Withholding for Share-based Compensation     0.0 0.0    
Proceeds (payments) from subsidiary for purchase of treasury stock     0.0      
Debt issuance and financing costs       0.0    
Proceeds from (Payments for) Other Financing Activities       0.0    
Payments for Repurchase of Common Stock       0.0    
Proceeds from subsidiary (payments to Parent) to pay dividends     0.0 0.0    
Payments of Dividends     0.0 0.0    
Parent Company [Member]            
Condensed Financial Statements, Captions [Line Items]            
Revenues 0.0 0.0 0.0 0.0    
Operating costs and expenses            
Cost of sales       0.0    
Selling, general and administrative 2.6 2.3 9.6 8.0    
Research and development       0.0    
Total operating costs and expenses 2.6 2.3 9.6 8.0    
Operating income (2.6) (2.3) (9.6) (8.0)    
Interest expense and financing fee amortization       0.0    
Other expense, net       0.0    
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries (2.6) (2.3) (9.6) (8.0)    
Income tax provision 0.6 0.4 2.2 1.5    
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries (2.0) (1.9) (7.4) (6.5)    
Equity in net income of affiliate       0.6    
Equity in net income of subsidiaries 133.3 170.7 469.8 445.3    
Net income 131.3 168.8 462.4 439.4    
Total other comprehensive income (loss) 21.5 (0.6) 16.7 (16.5)    
Comprehensive Income, Net of Tax, Attributable to Parent 152.8 168.2 479.1 422.9    
Assets            
Restricted Cash and Cash Equivalents 0.0   0.0   0.0  
Accounts receivable, net        
Unbilled Receivables, Current 0.0   0.0   0.0  
Inventory         0.0  
Operating Lease, Right-of-Use Asset 0.0   0.0      
Unbilled Receivable, Non Current 0.0   0.0   0.0  
Investment in subsidiary 1,617.0   1,617.0   1,238.0  
Total assets 1,617.0   1,617.0   1,238.0  
Liabilities            
Billings in Excess of Cost, Noncurrent 0.0   0.0   0.0  
Billings in Excess of Cost, Current 0.0   0.0      
Provision for Loss on Contracts 0.0   0.0   0.0  
Long-term debt          
Provision for Loss on Contacts, Non Current 0.0   0.0   0.0  
Total equity 1,617.0   1,617.0   1,238.0  
Total liabilities and equity 1,617.0   1,617.0   1,238.0  
Investing activities            
Payments for (Proceeds from) Other Investing Activities     0.0 0.0    
Financing activities            
Repayments of Debt       0.0    
Early Repayment of Senior Debt       0.0    
Payments Related to Tax Withholding for Share-based Compensation     0.0 0.0    
Proceeds (payments) from subsidiary for purchase of treasury stock     (75.0)      
Debt issuance and financing costs       0.0    
Proceeds from (Payments for) Other Financing Activities       805.8    
Payments for Repurchase of Common Stock     (75.0) (805.8)    
Proceeds from subsidiary (payments to Parent) to pay dividends     37.8 35.4    
Payments of Dividends     (37.8) (35.4)    
Non-Guarantor Subsidiaries [Member]            
Condensed Financial Statements, Captions [Line Items]            
Revenues 314.7 305.6 1,062.2 1,017.6    
Operating costs and expenses            
Cost of sales 278.3 275.2 941.5 915.7    
Selling, general and administrative 4.6 3.6 14.5 13.4    
Research and development 1.6 1.6 4.7 3.5    
Total operating costs and expenses 284.5 280.4 960.7 932.6    
Operating income 30.2 25.2 101.5 85.0    
Interest expense and financing fee amortization (0.9) (1.2) (3.0) (4.0)    
Other expense, net 3.5 (1.0) 4.6 (3.6)    
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries 32.8 23.0 103.1 77.4    
Income tax provision (5.4) (3.6) (16.7) (12.6)    
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries 27.4 19.4 86.4 64.8    
Equity in net income of affiliate       0.6    
Equity in net income of subsidiaries       0.0    
Net income 27.4 19.4 86.4 65.4    
Total other comprehensive income (loss) (13.9) 0.1 (18.0) (14.7)    
Comprehensive Income, Net of Tax, Attributable to Parent 13.5 19.5 68.4 50.7    
Assets            
Cash and cash equivalents 133.8 61.9 133.8 61.9 68.6 58.2
Restricted Cash and Cash Equivalents 0.0   0.0   0.0  
Accounts receivable, net 316.1   316.1   310.2  
Unbilled Receivables, Current 59.1   59.1   48.6  
Inventory 311.2   311.2   316.6  
Other current assets 11.9   11.9   3.0  
Total current assets 832.1   832.1   747.0  
Property, plant and equipment, net 475.1   475.1   496.8  
Operating Lease, Right-of-Use Asset 7.1   7.1      
Unbilled Receivable, Non Current 0.0   0.0   0.0  
Pension assets 20.0   20.0   19.7  
Other assets 110.3   110.3   127.5  
Total assets 1,444.6   1,444.6   1,391.0  
Liabilities            
Accounts payable 407.8   407.8   405.6  
Accrued expenses 26.1   26.1   36.3  
Profit sharing 4.2   4.2   5.7  
Current portion of long-term debt 1.1   1.1   0.9  
Operating Lease, Liability, Current 0.8   0.8      
Billings in Excess of Cost, Noncurrent 0.0   0.0   0.0  
Billings in Excess of Cost, Current 0.0   0.0   0.6  
Provision for Loss on Contracts 0.0   0.0   0.0  
Deferred revenue and other deferred credits, short-term 0.3   0.3   0.5  
Deferred grant income liability - current 5.6   5.6   16.0  
Other current liabilities 6.6   6.6   5.8  
Total current liabilities 452.5   452.5   471.4  
Long-term debt 97.6   97.6   103.2  
Operating Lease, Liability, Noncurrent 6.3   6.3      
Provision for Loss on Contacts, Non Current 0.0   0.0   0.0  
Deferred grant income liability - non-current 18.6   18.6   22.1  
Deferred revenue and other deferred credits 2.3   2.3   2.4  
Other liabilities 20.5   20.5   12.9  
Total equity 846.8   846.8   779.0  
Total liabilities and equity 1,444.6   1,444.6   1,391.0  
Operating activities            
Net cash (used in) operating activities     147.3 81.3    
Investing activities            
Purchase of property, plant and equipment     (24.8) (28.0)    
Payments for (Proceeds from) Other Investing Activities     0.0 (0.5)    
Net cash used in investing activities     (24.8) (27.5)    
Proceeds from Issuance of Debt     0.0      
Proceeds from Lines of Credit     0.0      
Financing activities            
Principal payments of debt     (0.7) 0.6    
Repayments of Debt       0.0    
Early Repayment of Senior Debt       0.0    
Collection on (repayment of) intercompany debt     (56.1) (49.7)    
Payments Related to Tax Withholding for Share-based Compensation     0.0 0.0    
Proceeds (payments) from subsidiary for purchase of treasury stock     0.0      
Debt issuance and financing costs       0.0    
Proceeds from (Payments for) Other Financing Activities       0.0    
Payments for Repurchase of Common Stock       0.0    
Proceeds from subsidiary (payments to Parent) to pay dividends     (0.2) 0.0    
Payments of Dividends     0.0 0.0    
Net cash provided by (used in) financing activities     (57.0) (50.3)    
Effect of exchange rate changes on cash and cash equivalents     (0.3) 0.2    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     65.2 3.7    
Cash and cash equivalents, beginning of period     68.6      
Cash, cash equivalents, and restricted cash, end of period 133.8   133.8      
Subsidiary Issuer [Member]            
Condensed Financial Statements, Captions [Line Items]            
Revenues 1,747.5 1,636.1 5,346.5 4,831.3    
Operating costs and expenses            
Cost of sales 1,511.6 1,395.9 4,592.5 4,147.8    
Selling, general and administrative 46.4 31.4 149.5 133.1    
Research and development 11.0 9.2 31.3 27.8    
Total operating costs and expenses 1,569.0 1,436.5 4,773.3 4,308.7    
Operating income 178.5 199.6 573.2 522.6    
Interest expense and financing fee amortization (23.6) (24.2) (65.9) (60.1)    
Other expense, net (12.1) 9.6 (13.7) 6.6    
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries 142.8 185.0 493.6 469.1    
Income tax provision (36.9) (33.7) (110.2) (88.6)    
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries 105.9 151.3 383.4 380.5    
Equity in net income of affiliate       0.0    
Equity in net income of subsidiaries 27.4 19.4 86.4 64.8    
Net income 133.3 170.7 469.8 445.3    
Total other comprehensive income (loss) 21.5 (0.6) 16.7 (16.5)    
Comprehensive Income, Net of Tax, Attributable to Parent 154.8 170.1 486.5 428.8    
Assets            
Cash and cash equivalents 1,360.2 $ 642.0 1,360.2 642.0 725.5 $ 387.3
Restricted Cash and Cash Equivalents 0.3   0.3   0.3  
Accounts receivable, net 711.5   711.5   593.0  
Unbilled Receivables, Current 519.9   519.9   420.8  
Inventory 704.0   704.0   696.0  
Other current assets 46.4   46.4   45.3  
Total current assets 3,325.6   3,325.6   2,460.4  
Property, plant and equipment, net 1,724.7   1,724.7   1,670.8  
Operating Lease, Right-of-Use Asset 42.6   42.6      
Unbilled Receivable, Non Current 9.7   9.7   54.1  
Pension assets 365.3   365.3   307.0  
Investment in subsidiary 766.7   766.7   699.0  
Other assets 299.4   299.4   357.1  
Total assets 6,534.0   6,534.0   5,548.4  
Liabilities            
Accounts payable 1,053.1   1,053.1   855.2  
Accrued expenses 292.3   292.3   276.7  
Profit sharing 51.7   51.7   62.6  
Current portion of long-term debt 36.5   36.5   30.5  
Operating Lease, Liability, Current 5.4   5.4      
Advance payments, short-term 19.8   19.8   2.2  
Billings in Excess of Cost, Noncurrent 340.4   340.4   369.8  
Billings in Excess of Cost, Current 170.5   170.5   157.3  
Provision for Loss on Contracts 37.2   37.2   12.4  
Deferred revenue and other deferred credits, short-term 16.9   16.9   19.5  
Other current liabilities 48.8   48.8   52.4  
Total current liabilities 1,732.2   1,732.2   1,468.8  
Long-term debt 2,125.3   2,125.3   1,856.6  
Operating Lease, Liability, Noncurrent 37.3   37.3      
Advance payments, long-term 335.1   335.1   231.9  
Pension/OPEB obligation 32.6   32.6   34.6  
Provision for Loss on Contacts, Non Current 161.9   161.9   170.6  
Deferred grant income liability - non-current 9.4   9.4   5.9  
Deferred revenue and other deferred credits 30.1   30.1   28.8  
Other liabilities 192.8   192.8   223.3  
Total equity 1,536.9   1,536.9   1,158.1  
Total liabilities and equity 6,534.0   6,534.0   $ 5,548.4  
Operating activities            
Net cash (used in) operating activities     571.3 486.1    
Investing activities            
Purchase of property, plant and equipment     (94.0) (142.9)    
Payments for (Proceeds from) Other Investing Activities     0.1 (2.3)    
Net cash used in investing activities     (93.9) (140.6)    
Proceeds from Issuance of Debt     250.0      
Proceeds from Lines of Credit     100.0      
Proceeds from Issuance of Senior Long-term Debt       (1,300.0)    
Financing activities            
Principal payments of debt     (7.8) 4.3    
Repayments of Debt     (5.2) (256.3)    
Repayments of Lines of Credit     100.0      
Early Repayment of Senior Debt       (300.0)    
Collection on (repayment of) intercompany debt     56.1 49.7    
Payments Related to Tax Withholding for Share-based Compensation     (12.1) (15.5)    
Proceeds (payments) from subsidiary for purchase of treasury stock     75.0      
Debt issuance and financing costs       23.2    
Proceeds from (Payments for) Other Financing Activities     (0.8) 805.8    
Proceeds from subsidiary (payments to Parent) to pay dividends     (37.6) (35.4)    
Payments of Dividends     0.0 0.0    
Proceeds from Stock Plans     1.3      
Net cash provided by (used in) financing activities     170.5 (90.8)    
Effect of exchange rate changes on cash and cash equivalents     (13.2)      
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     634.7 $ 254.7    
Cash and cash equivalents, beginning of period     705.0      
Cash, cash equivalents, and restricted cash, end of period $ 1,343.5   $ 1,343.5