Supplemental Guarantor Information

6 Months Ended

Jul. 01, 2012

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Note 13: Supplemental Guarantor Information

As of July 1, 2012, Belden Inc. (the Issuer) has outstanding $549.4 million aggregate principal amount of senior subordinated notes. The notes rank equal in right of payment with any of our future senior subordinated debt. The notes are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. Belden Inc. and certain of its subsidiaries have fully and unconditionally guaranteed the notes on a joint and several basis. The financial position, results of operations, and cash flows of the guarantor subsidiaries are not material and are combined with the Issuer in the following consolidating financial information. All subsidiary guarantors are 100% owned by the Issuer.

The following consolidating financial information presents information about the Issuer and non-guarantor subsidiaries. Investments in subsidiaries are accounted for on the equity basis. Intercompany transactions are eliminated.

Supplemental Condensed Consolidating Balance Sheets

	July 1, 2012
	Issuer			Non- Guarantor Subsidiaries		Eliminations			Total
	(Unaudited) (In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	30,489		$	306,789	$	—		$	337,278
Receivables, net		141,397			181,175		—			322,572
Inventories, net		106,650			77,304		—			183,954
Deferred income taxes		15,737			4,336		—			20,073
Other current assets		9,715			11,298		—			21,013
Total current assets		303,988			580,902		—			884,890
Property, plant and equipment, less accumulated depreciation		134,174			153,628		—			287,802
Goodwill		242,808			100,987		—			343,795
Intangible assets, less accumulated amortization		75,055			68,458		—			143,513
Deferred income taxes		(3,473	)		22,601		—			19,128
Other long-lived assets		12,690			52,503		—			65,193
Investment in subsidiaries		1,356,804			—		(1,356,804	)		—
	$	2,122,046		$	979,079	$	(1,356,804	)	$	1,744,321
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	80,899		$	133,696	$	—		$	214,595
Accrued liabilities		57,397			67,016		—			124,413
Total current liabilities		138,296			200,712		—			339,008
Long-term debt		550,265			—		—			550,265
Postretirement benefits		33,135			96,286		—			129,421
Other long-term liabilities		23,539			4,288		—			27,827
Intercompany accounts		(40,861	)		40,861		—			—
Total stockholders’ equity		1,417,672			636,932		(1,356,804	)		697,800
	$	2,122,046		$	979,079	$	(1,356,804	)	$	1,744,321

	December 31, 2011
	Issuer			Non- Guarantor Subsidiaries		Eliminations			Total
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	92,586		$	290,130	$	—		$	382,716
Receivables, net		117,920			181,150		—			299,070
Inventories, net		125,168			76,975		—			202,143
Deferred income taxes		15,737			3,923		—			19,660
Other current assets		10,121			11,711		—			21,832
Total current assets		361,532			563,889		—			925,421
Property, plant and equipment, less accumulated depreciation		132,909			154,024		—			286,933
Goodwill		242,808			105,224		—			348,032
Intangible assets, less accumulated amortization		77,455			74,228		—			151,683
Deferred income taxes		(1,829	)		14,048		—			12,219
Other long-lived assets		13,666			50,166		—			63,832
Investment in subsidiaries		1,306,843			—		(1,306,843	)		—
	$	2,133,384		$	961,579	$	(1,306,843	)	$	1,788,120
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	94,647		$	132,924	$	—		$	227,571
Accrued liabilities		73,579			80,416		—			153,995
Total current liabilities		168,226			213,340		—			381,566
Long-term debt		550,926			—		—			550,926
Postretirement benefits		42,855			88,382		—			131,237
Other long-term liabilities		23,628			6,214		—			29,842
Intercompany accounts		(33,617	)		33,617		—			—
Total stockholders’ equity		1,381,366			620,026		(1,306,843	)		694,549
	$	2,133,384		$	961,579	$	(1,306,843	)	$	1,788,120

Supplemental Condensed Consolidating Statements of Operations and Comprehensive Income (Unaudited)

	Three Months Ended July 1, 2012
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
	(In thousands)
Revenues	$	272,477		$	271,689		$	(60,124	)	$	484,042
Cost of sales		(194,020	)		(198,225	)		60,124			(332,121	)
Gross profit		78,457			73,464			—			151,921
Selling, general and administrative expenses		(44,014	)		(33,917	)		—			(77,931	)
Research and development		(3,495	)		(11,534	)		—			(15,029	)
Amortization of intangibles		(1,153	)		(1,417	)		—			(2,570	)
Income from equity method investment		—			1,960			—			1,960
Operating income		29,795			28,556			—			58,351
Interest expense		(11,734	)		(768	)		—			(12,502	)
Interest income		14			197			—			211
Intercompany income (expense)		(942	)		942			—			—
Income (loss) from equity investment in subsidiaries		31,720			—			(31,720	)		—
Income (loss) from continuing operations before taxes		48,853			28,927			(31,720	)		46,060
Income tax benefit (expense)		(6,463	)		2,793			—			(3,670	)
Net income (loss)	$	42,390		$	31,720		$	(31,720	)	$	42,390
Comprehensive income (loss)	$	42,308		$	3,564		$	(31,720	)	$	14,152

	Three Months Ended July 3, 2011
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
	(In thousands)
Revenues	$	281,225		$	302,918		$	(47,892	)	$	536,251
Cost of sales		(212,163	)		(215,366	)		47,892			(379,637	)
Gross profit		69,062			87,552			—			156,614
Selling, general and administrative expenses		(44,251	)		(40,129	)		—			(84,380	)
Research and development		(2,840	)		(11,690	)		—			(14,530	)
Amortization of intangibles		(820	)		(2,527	)		—			(3,347	)
Income from equity method investment		—			3,855			—			3,855
Operating income		21,151			37,061			—			58,212
Interest expense		(12,162	)		(586	)		—			(12,748	)
Interest income		29			127			—			156
Intercompany income (expense)		(13,004	)		13,004			—			—
Income (loss) from equity investment in subsidiaries		39,679			—			(39,679	)		—
Income (loss) from continuing operations before taxes		35,693			49,606			(39,679	)		45,620
Income tax expense		(812	)		(9,927	)		—			(10,739	)
Income (loss) from continuing operations		34,881			39,679			(39,679	)		34,881
Loss from discontinued operations, net of tax		(156	)		—			—			(156	)
Net income (loss)	$	34,725		$	39,679		$	(39,679	)	$	34,725
Comprehensive income (loss)	$	35,321		$	46,684		$	(39,679	)	$	42,326

	Six Months Ended July 1, 2012
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
				(In thousands)
Revenues	$	531,744		$	534,408		$	(117,819	)	$	948,333
Cost of sales		(379,405	)		(393,108	)		117,819			(654,694	)
Gross profit		152,339			141,300			—			293,639
Selling, general and administrative expenses		(90,937	)		(70,220	)		—			(161,157	)
Research and development		(7,078	)		(21,984	)		—			(29,062	)
Amortization of intangibles		(2,330	)		(3,475	)		—			(5,805	)
Income from equity method investment		—			4,701			—			4,701
Operating income		51,994			50,322			—			102,316
Interest expense		(23,638	)		(785	)		—			(24,423	)
Interest income		38			524			—			562
Intercompany income (expense)		(1,911	)		1,911			—			—
Income (loss) from equity investment in subsidiaries		49,959			—			(49,959	)		—
Income (loss) from continuing operations before taxes		76,442			51,972			(49,959	)		78,455
Income tax expense		(9,777	)		(2,013	)		—			(11,790	)
Net income (loss)	$	66,665		$	49,959		$	(49,959	)	$	66,665
Comprehensive income (loss)	$	64,939		$	34,073		$	(49,959	)	$	49,053

	Six Months Ended July 3, 2011
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
	(In thousands)
Revenues	$	521,349		$	571,565		$	(95,035	)	$	997,879
Cost of sales		(388,902	)		(416,943	)		95,035			(710,810	)
Gross profit		132,447			154,622			—			287,069
Selling, general and administrative expenses		(83,818	)		(75,498	)		—			(159,316	)
Research and development		(5,650	)		(22,509	)		—			(28,159	)
Amortization of intangibles		(1,640	)		(5,386	)		—			(7,026	)
Income from equity method investment		—			7,717			—			7,717
Operating income		41,339			58,946			—			100,285
Interest expense		(23,944	)		(612	)		—			(24,556	)
Interest income		72			243			—			315
Intercompany income (expense)		(14,686	)		14,686			—			—
Income (loss) from equity investment in subsidiaries		55,653			—			(55,653	)		—
Income (loss) from continuing operations before taxes		58,434			73,263			(55,653	)		76,044
Income tax expense		(1,535	)		(17,610	)		—			(19,145	)
Income (loss) from continuing operations		56,899			55,653			(55,653	)		56,899
Loss from discontinued operations, net of tax		(284	)		—			—			(284	)
Net income (loss)	$	56,615		$	55,653		$	(55,653	)	$	56,615
Comprehensive income (loss)	$	57,211		$	85,415		$	(55,653	)	$	86,973

Supplemental Condensed Consolidating Statements of Cash Flows (Unaudited)

	Six Months Ended July 1, 2012
	Issuer			Non- Guarantor Subsidiaries			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	(5,586	)	$	36,148		$	30,562
Cash flows from investing activities:
Capital expenditures		(9,471	)		(12,282	)		(21,753	)
Cash used to acquire businesses, net of cash acquired		(587	)		—			(587	)
Proceeds from disposal of tangible assets		19			334			353
Net cash used for investing activities		(10,039	)		(11,948	)		(21,987	)
Cash flows from financing activities:
Payments under share repurchase program		(50,000	)		—			(50,000	)
Cash dividends paid		(4,712	)		—			(4,712	)
Payments under borrowing arrangements		(600	)		—			(600	)
Proceeds from exercise of stock options		2,198			—			2,198
Tax benefit related to share-based compensation		3,909			—			3,909
Proceeds from settlement of derivatives		2,733			—			2,733
Net cash used for financing activities		(46,472	)		—			(46,472	)
Effect of currency exchange rate changes on cash and cash equivalents		—			(7,541	)		(7,541	)
Increase (decrease) in cash and cash equivalents		(62,097	)		16,659			(45,438	)
Cash and cash equivalents, beginning of period		92,586			290,130			382,716
Cash and cash equivalents, end of period	$	30,489		$	306,789		$	337,278

	Six Months Ended July 3, 2011
				Non-
				Guarantor
	Issuer			Subsidiaries			Total
				(In thousands)
Net cash provided by (used for) operating activities	$	(14,436	)	$	45,586		$	31,150
Cash flows from investing activities:
Cash used to acquire businesses, net of cash acquired		(52,418	)		—			(52,418	)
Capital expenditures		(9,615	)		(5,268	)		(14,883	)
Proceeds from disposal of tangible assets		1,201			21			1,222
Net cash used for investing activities		(60,832	)		(5,247	)		(66,079	)
Cash flows from financing activities:
Cash dividends paid		(4,718	)		—			(4,718	)
Debt issuance costs		(3,296	)		—			(3,296	)
Tax benefit related to share-based compensation		1,796			—			1,796
Proceeds from exercises of stock options		4,554			—			4,554
Intercompany capital contributions		4,158			(4,158	)		—
Net cash provided by (used for) financing activities		2,494			(4,158	)		(1,664	)
Effect of currency exchange rate changes on cash and cash equivalents		—			7,252			7,252
Increase (decrease) in cash and cash equivalents		(72,774	)		43,433			(29,341	)
Cash and cash equivalents, beginning of period		173,699			184,954			358,653
Cash and cash equivalents, end of period	$	100,925		$	228,387		$	329,312