Subsidiary Guarantors for Credit Agreement, Term Loan and 2021 Notes (Tables) - Subsidiary Guarantors

3 Months Ended

Jan. 29, 2016

Condensed Financial Statements, Captions [Line Items]

Supplemental subsidiary guarantor condensed consolidating statements of income

Condensed Consolidating Statement of Operations Quarter ended January 29, 2016
In thousands	Parent Company			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	263,598		$	390,749		$	(128,047	)	$	526,300
Cost of sales	—			233,004			309,335			(104,083		)	438,256
Product development, selling and administrative expenses	7,380			40,679			62,354			—			110,413
Restructuring expenses	395			20,016			6,248			—			26,659
Other income	—			(694		)	(3,247		)	—			(3,941		)
Operating (loss) income	(7,775		)	(29,407		)	16,059			(23,964		)	(45,087		)
Intercompany items	15,148			(47,734		)	(6,071		)	38,657			—
Interest (expense) income, net	(12,720		)	235			369			—			(12,116		)
(Loss) income before income taxes and equity in income of subsidiaries	(5,347		)	(76,906		)	10,357			14,693			(57,203		)
(Benefit) provision for income taxes	(11,505		)	412			(5,889		)	—			(16,982		)
Equity in (loss) income of subsidiaries	(46,379		)	17,897			—			28,482			—
Net (loss) income	$	(40,221	)	$	(59,421	)	$	16,246		$	43,175		$	(40,221	)
Comprehensive loss	$	(72,584	)	$	(60,701	)	$	(15,030	)	$	75,731		$	(72,584	)

Condensed Consolidating Statement of Operations Quarter ended January 30, 2015
In thousands	Parent Company			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	439,592		$	474,572		$	(210,291	)	$	703,873
Cost of sales	(3,177		)	319,552			364,592			(163,398		)	517,569
Product development, selling and administrative expenses	11,792			49,377			69,225			—			130,394
Restructuring expenses	—			219			446			—			665
Other (income) expense	—			4,640			(7,853		)	—			(3,213		)
Operating income (loss)	(8,615		)	65,804			48,162			(46,893		)	58,458
Intercompany items	16,770			(23,708		)	(6,040		)	12,978			—
Interest (expense) income, net	(15,598		)	1,689			952			—			(12,957		)
Income (loss) before income taxes and equity in income of subsidiaries	(7,443		)	43,785			43,074			(33,915		)	45,501
Provision (benefit) for income taxes	20,313			3,010			(8,347		)	—			14,976
Equity in income of subsidiaries	58,281			1,634			—			(59,915		)	—
Net income	$	30,525		$	42,409		$	51,421		$	(93,830	)	$	30,525
Comprehensive (loss) income	$	(86,474	)	$	41,000		$	(62,663	)	$	21,663		$	(86,474	)

Supplemental subsidiary guarantor condensed consolidating balance sheets

Condensed Consolidating Balance Sheet As of January 29, 2016
In thousands	Parent Company		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	21,242	$	2,187	$	116,504	$	—		$	139,933
Accounts receivable, net	—		176,541		486,316		(11,926		)	650,931
Inventories	—		476,511		574,469		(88,317		)	962,663
Other current assets	24,035		15,279		71,565		—			110,879
Total current assets	45,277		670,518		1,248,854		(100,243		)	1,864,406
Property, plant and equipment, net	20,632		278,543		458,289		(5,016		)	752,448
Other assets:
Other intangible assets, net	—		203,219		46,459		—			249,678
Goodwill	—		346,348		8,279		—			354,627
Deferred income taxes	92,648		—		56,993		—			149,641
Other non-current assets	2,591,311		2,021,610		1,713,911		(6,216,898		)	109,934
Total other assets	2,683,959		2,571,177		1,825,642		(6,216,898		)	863,880
Total assets	$	2,749,868	$	3,520,238	$	3,532,785	$	(6,322,157	)	$	3,480,734
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings, including current portion of long-term obligations	$	23,438	$	—	$	6,094	$	—		$	29,532
Trade accounts payable	3,059		78,021		135,328		—			216,408
Employee compensation and benefits	8,251		28,410		42,082		—			78,743
Advance payments and progress billings	—		100,930		148,901		(14,323		)	235,508
Accrued warranties	—		19,521		30,997		—			50,518
Other accrued liabilities	86,823		57,052		78,348		(10,855		)	211,368
Current liabilities of discontinued operations	—		11,582		—		—			11,582
Total current liabilities	121,571		295,516		441,750		(25,178		)	833,659
Long-term obligations	992,732		—		8		—			992,740
Other liabilities:
Liabilities for postretirement benefits	17,296		—		—		—			17,296
Accrued pension costs	178,513		—		—		—			178,513
Other non-current liabilities	95,338		8,068		10,702		—			114,108
Total other liabilities	291,147		8,068		10,702		—			309,917
Shareholders’ equity	1,344,418		3,216,654		3,080,325		(6,296,979		)	1,344,418
Total liabilities and shareholders’ equity	$	2,749,868	$	3,520,238	$	3,532,785	$	(6,322,157	)	$	3,480,734

Condensed Consolidating Balance Sheet As of October 30, 2015
In thousands	Parent Company		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	581	$	2,008	$	100,296	$	—		$	102,885
Accounts receivable, net	—		214,381		597,826		(134		)	812,073
Inventories	—		508,774		607,461		(108,310		)	1,007,925
Other current assets	58,441		15,610		71,508		—			145,559
Total current assets	59,022		740,773		1,377,091		(108,444		)	2,068,442
Property, plant and equipment, net	21,318		297,476		478,253		(5,015		)	792,032
Other assets:
Other intangible assets, net	—		207,891		47,819		—			255,710
Goodwill	—		346,348		8,273		—			354,621
Deferred income taxes	49,660		—		69,253		—			118,913
Other non-current assets	2,740,518		2,078,294		2,517,110		(7,213,194		)	122,728
Total other assets	2,790,178		2,632,533		2,642,455		(7,213,194		)	851,972
Total assets	$	2,870,518	$	3,670,782	$	4,497,799	$	(7,326,653	)	$	3,712,446
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings, including current portion of long-term obligations	$	18,750	$	—	$	7,571	$	—		$	26,321
Trade accounts payable	3,342		96,891		175,556		—			275,789
Employee compensation and benefits	5,843		36,527		47,965		—			90,335
Advance payments and progress billings	—		100,312		149,795		(20,637		)	229,470
Accrued warranties	—		19,027		33,119		—			52,146
Other accrued liabilities	76,650		60,228		100,660		(12,261		)	225,277
Current liabilities of discontinued operations	—		11,582		—		—			11,582
Total current liabilities	104,585		324,567		514,666		(32,898		)	910,920
Long-term obligations	1,060,598		—		45		—			1,060,643
Other liabilities:
Liabilities for postretirement benefits	18,662		878		—		—			19,540
Accrued pension costs	159,594		8,406		7,699		—			175,699
Other non-current liabilities	81,595		8,325		35,715		—			125,635
Total other liabilities	259,851		17,609		43,414		—			320,874
Shareholders’ equity	1,445,484		3,328,606		3,939,674		(7,293,755		)	1,420,009
Total liabilities and shareholders’ equity	$	2,870,518	$	3,670,782	$	4,497,799	$	(7,326,653	)	$	3,712,446

Supplemental subsidiary guarantor condensed consolidating statements of cash flows

Condensed Consolidating Statement of Cash Flows Quarter ended January 29, 2016
In thousands	Parent Company			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Operating Activities:
Net cash provided (used) by operating activities	$	86,203		$	(4,944	)	$	27,330		$	108,589
Investing Activities:
Property, plant and equipment acquired	(240		)	(1,666		)	(6,197		)	(8,103		)
Proceeds from sale of property, plant and equipment	—			6,789			2,378			9,167
Other investing activities, net	(7		)	—			129			122
Net cash provided (used) by investing activities	(247		)	5,123			(3,690		)	1,186
Financing Activities:
Dividends paid	(997		)	—			—			(997		)
Repayments of term loan	(4,687		)	—			—			(4,687		)
Payments on credit agreement	(58,600		)	—			—			(58,600		)
Repayments of short-term debt	—			—			(1,507		)	(1,507		)
Financing fees	(1,011		)	—			—			(1,011		)
Net cash used by financing activities	(65,295		)	—			(1,507		)	(66,802		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(5,925		)	(5,925		)
Increase in Cash and Cash Equivalents	20,661			179			16,208			37,048
Cash and Cash Equivalents at Beginning of Period	581			2,008			100,296			102,885
Cash and Cash Equivalents at End of Period	$	21,242		$	2,187		$	116,504		$	139,933

Condensed Consolidating Statement of Cash Flows Quarter ended January 30, 2015
In thousands	Parent Company			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Operating Activities:
Net cash (used) provided by operating activities	25,892			(7,426		)	(36,821		)	(18,355		)
Investing Activities:
Property, plant and equipment acquired	(93		)	(5,971		)	(16,194		)	(22,258		)
Proceeds from sale of property, plant and equipment	—			133			623			756
Other investing activities, net	(1,168		)	—			1,309			141
Net cash used by investing activities	(1,261		)	(5,838		)	(14,262		)	(21,361		)
Financing Activities:
Common stock issued	273			—			—			273
Dividends paid	(19,489		)	—			—			(19,489		)
Treasury stock purchased	(50,000		)	—			—			(50,000		)
Other financing activities, net	261			262			(83		)	440
Net cash (used) provided by financing activities	(68,955		)	262			(83		)	(68,776		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(9,373		)	(9,373		)
Decrease in Cash and Cash Equivalents	(44,324		)	(13,002		)	(60,539		)	(117,865		)
Cash and Cash Equivalents at Beginning of Period	54,874			16,429			198,888			270,191
Cash and Cash Equivalents at End of Period	$	10,550		$	3,427		$	138,349		$	152,326