Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 27, 2015
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Mar. 29, 2014
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Operating activities | ||
Net income | $ 4,965us-gaap_NetIncomeLoss | $ 11,235us-gaap_NetIncomeLoss |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization expense | 920vec_DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts | 735vec_DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts |
Stock-based compensation | 1,879us-gaap_ShareBasedCompensation | 0us-gaap_ShareBasedCompensation |
Amortization of debt issuance costs | 185us-gaap_AmortizationOfFinancingCosts | 0us-gaap_AmortizationOfFinancingCosts |
Changes in assets and liabilities: | ||
Receivables | (9,589)us-gaap_IncreaseDecreaseInReceivables | (42,219)us-gaap_IncreaseDecreaseInReceivables |
Other assets | (14,409)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (1,847)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Accounts payable | (10,784)us-gaap_IncreaseDecreaseInAccountsPayable | (9,087)us-gaap_IncreaseDecreaseInAccountsPayable |
Billings in excess of costs | 4,967us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings | (7,184)us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings |
Deferred taxes | (2,071)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes | (381)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes |
Compensation and other employee benefits | (3,393)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities | (10,577)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities |
Other liabilities | 101us-gaap_IncreaseDecreaseInOtherOperatingLiabilities | 2,874us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
Net cash used in operating activities | (27,229)us-gaap_NetCashProvidedByUsedInOperatingActivities | (56,451)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Investing activities | ||
Purchases of capital expenditures | (465)us-gaap_PaymentsToAcquireProductiveAssets | (507)us-gaap_PaymentsToAcquireProductiveAssets |
Net cash used in investing activities | (465)us-gaap_NetCashProvidedByUsedInInvestingActivities | (507)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Financing activities | ||
Proceeds from insurance financing | 14,857vec_ProceedsfromPaymentsforInsuranceFinancing | 0vec_ProceedsfromPaymentsforInsuranceFinancing |
Payment of employee withholding taxes on share-based compensation | (724)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation | 0us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation |
Transfer to Former Parent, net | 0vec_ProceedsfromPaymentstoParentNet | 53,913vec_ProceedsfromPaymentstoParentNet |
Net cash provided by financing activities | 14,133us-gaap_NetCashProvidedByUsedInFinancingActivities | 53,913us-gaap_NetCashProvidedByUsedInFinancingActivities |
Exchange rate effect on cash | (513)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents | (38)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Net change in cash | (14,074)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (3,083)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash-beginning of year | 42,823us-gaap_Cash | 10,446us-gaap_Cash |
Cash-end of period | 28,749us-gaap_Cash | 7,363us-gaap_Cash |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 915us-gaap_InterestPaidNet | 7us-gaap_InterestPaidNet |
Income taxes paid | 37us-gaap_IncomeTaxesPaidNet | 0us-gaap_IncomeTaxesPaidNet |
Non-cash investing activities: | ||
Purchase of capital expenditures on account | $ 34us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 24us-gaap_CapitalExpendituresIncurredButNotYetPaid |
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Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Future cash outflow to pay for purchases of fixed assets that have occurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the liability reflecting cash payments received before the related costs have been incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Depreciation, Depletion and Amortization, Excluding Amortization of Financing Costs No definition available.
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Proceeds from (Payments for) Insurance Financing No definition available.
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Proceeds from (Payments to) Parent, Net No definition available.
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