Supplemental Subsidiary Guarantors (Tables) (Supplemental Subsidiary Guarantors)

6 Months Ended

May 02, 2014

Supplemental Subsidiary Guarantors

Condensed Financial Statements, Captions [Line Items]

Subsidiary guarantor condensed consolidating statements of income

Condensed Consolidating Statement of Income Quarter ended May 2, 2014
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	496,836		$	634,075		$	(201,181	)	$	929,730
Cost of sales	—			368,347			446,050			(162,805		)	651,592
Product development, selling and administrative expenses	14,154			66,435			73,945			—			154,534
Other (income) expense	—			4,210			(6,348		)	—			(2,138		)
Operating income (loss)	(14,154		)	57,844			120,428			(38,376		)	125,742
Intercompany items	15,503			(25,742		)	(2,934		)	13,173			—
Interest (expense) income, net	(15,836		)	1,686			302			—			(13,848		)
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries	(14,487		)	33,788			117,796			(25,203		)	111,894
Provision (benefit) for income taxes	(4,878		)	29,852			12,948			21			37,943
Equity in income of subsidiaries	83,560			47,954			—			(131,514		)	—
Income from continuing operations	$	73,951		$	51,890		$	104,848		$	(156,738	)	$	73,951
Comprehensive income	$	103,186		$	52,125		$	128,992		$	(181,117	)	$	103,186

Condensed Consolidating Statement of Income Quarter ended April 26, 2013
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	811,365		$	903,915		$	(354,845	)	$	1,360,435
Cost of sales	—			572,800			628,413			(292,034		)	909,179
Product development, selling and administrative expenses	16,608			79,342			77,003			—			172,953
Other (income) expense	—			6,730			(7,060		)	—			(330		)
Operating income (loss)	(16,608		)	152,493			205,559			(62,811		)	278,633
Intercompany items	26,889			(23,967		)	(26,876		)	23,954			—
Interest (expense) income, net	(10,355		)	447			(5,277		)	—			(15,185		)
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries	(74		)	128,973			173,406			(38,857		)	263,448
Provision (benefit) for income taxes	(11,361		)	67,608			25,422			—			81,669
Equity in income of subsidiaries	170,492			106,652			—			(277,144		)	—
Income from continuing operations	$	181,779		$	168,017		$	147,984		$	(316,001	)	$	181,779
Comprehensive income	$	169,969		$	166,130		$	133,948		$	(300,078	)	$	169,969

Condensed Consolidating Statement of Income Six months ended May 2, 2014
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	975,412		$	1,238,936		$	(445,306	)	$	1,769,042
Cost of sales	—			729,716			893,587			(367,533		)	1,255,770
Product development, selling and administrative expenses	28,823			134,026			144,714			—			307,563
Other (income) expense	(473		)	6,540			(11,345		)	—			(5,278		)
Operating income (loss)	(28,350		)	105,130			211,980			(77,773		)	210,987
Intercompany items	32,781			(45,728		)	(12,005		)	24,952			—
Interest (expense) income, net	(31,881		)	3,540			673			—			(27,668		)
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries	(27,450		)	62,942			200,648			(52,821		)	183,319
Provision (benefit) for income taxes	(9,932		)	57,108			13,310			21			60,507
Equity in income of subsidiaries	140,330			80,967			—			(221,297		)	—
Income from continuing operations	$	122,812		$	86,801		$	187,338		$	(274,139	)	$	122,812
Comprehensive income	$	105,589		$	85,501		$	163,778		$	(249,279	)	$	105,589

Condensed Consolidating Statement of Income Six months ended April 26, 2013
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,412,321		$	1,781,436		$	(683,445	)	$	2,510,312
Cost of sales	—			983,443			1,249,533			(550,648		)	1,682,328
Product development, selling and administrative expenses	29,410			153,459			147,365			—			330,234
Other (income) expense	—			15,906			(17,941		)	—			(2,035		)
Operating income (loss)	(29,410		)	259,513			402,479			(132,797		)	499,785
Intercompany items	58,009			(43,815		)	(62,533		)	48,339			—
Interest (expense) income, net	(32,925		)	544			2,043			—			(30,338		)
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries	(4,326		)	216,242			341,989			(84,458		)	469,447
Provision (benefit) for income taxes	(20,637		)	124,654			41,512			—			145,529
Equity in income of subsidiaries	307,607			196,610			—			(504,217		)	—
Income from continuing operations	$	323,918		$	288,198		$	300,477		$	(588,675	)	$	323,918
Comprehensive income	$	315,336		$	284,588		$	282,948		$	(567,536	)	$	315,336

Subsidiary guarantor condensed consolidating balance sheets

Condensed Consolidating Balance Sheet As of May 2, 2014
In thousands	Parent Company			Supplemental Subsidiary Guarantors		Supplemental Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	111,157		$	9,456	$	265,177	$	—		$	385,790
Accounts receivable, net	—			359,606		574,325		(16,429		)	917,502
Inventories	—			474,587		761,425		(107,121		)	1,128,891
Other current assets	70,414			8,767		122,642		15			201,838
Total current assets	181,571			852,416		1,723,569		(123,535		)	2,634,021
Property, plant and equipment, net	18,623			358,361		516,665		—			893,649
Other assets:
Other intangible assets, net	—			238,623		84,078		—			322,701
Goodwill	—			453,375		1,039,314		—			1,492,689
Deferred income taxes	(30,530		)	—		70,276		—			39,746
Other non-current assets	4,113,371			1,929,750		2,676,977		(8,525,170		)	194,928
Total other assets	4,082,841			2,621,748		3,870,645		(8,525,170		)	2,050,064
Total assets	$	4,283,035		$	3,832,525	$	6,110,879	$	(8,648,705	)	$	5,577,734
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term notes payable, including current portion of long-term obligations	$	50,000		$	—	$	8,089	$	—		$	58,089
Trade accounts payable	967			175,842		158,510		—			335,319
Employee compensation and benefits	8,857			53,288		49,568		—			111,713
Advance payments and progress billings	—			137,598		285,484		(19,564		)	403,518
Accrued warranties	—			24,339		49,263		—			73,602
Other accrued liabilities	43,548			48,943		140,852		(7,390		)	225,953
Current liabilities of discontinued operations	—			11,684		—		—			11,684
Total current liabilities	103,372			451,694		691,766		(26,954		)	1,219,878
Long-term obligations	1,231,556			—		16		—			1,231,572
Other liabilities:
Liabilities for postretirement benefits	19,091			853		—		—			19,944
Accrued pension costs	126,575			5,361		7,260		—			139,196
Other non-current liabilities	(12,375		)	8,084		156,619		—			152,328
Total other liabilities	133,291			14,298		163,879		—			311,468
Shareholders’ equity	2,814,816			3,366,533		5,255,218		(8,621,751		)	2,814,816
Total liabilities and shareholders’ equity	$	4,283,035		$	3,832,525	$	6,110,879	$	(8,648,705	)	$	5,577,734

Condensed Consolidating Balance Sheet As of October 25, 2013
In thousands	Parent Company			Supplemental Subsidiary Guarantors		Supplemental Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	122,901		$	20,361	$	262,447	$	—		$	405,709
Accounts receivable, net	—			402,321		687,790		(6,448		)	1,083,663
Inventories	—			456,345		813,182		(129,783		)	1,139,744
Other current assets	68,792			16,957		107,564		15			193,328
Total current assets	191,693			895,984		1,870,983		(136,216		)	2,822,444
Property, plant and equipment, net	18,081			373,235		521,326		—			912,642
Other assets:
Other intangible assets, net	—			247,200		84,612		—			331,812
Goodwill	—			454,199		1,026,320		—			1,480,519
Deferred income taxes	(49,393		)	—		90,925		—			41,532
Other non-current assets	4,168,916			2,070,239		3,963,205		(10,001,727		)	200,633
Total other assets	4,119,523			2,771,638		5,165,062		(10,001,727		)	2,054,496
Total assets	$	4,329,297		$	4,040,857	$	7,557,371	$	(10,137,943	)	$	5,789,582
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term notes payable, including current portion of long-term obligations	$	50,000		$	449	$	8,220	$	—		$	58,669
Trade accounts payable	2,565			165,045		220,509		—			388,119
Employee compensation and benefits	10,080			52,260		68,215		—			130,555
Advance payments and progress billings	—			144,853		269,628		(14,713		)	399,768
Accrued warranties	—			30,111		55,621		—			85,732
Other accrued liabilities	24,545			54,285		211,074		(3,841		)	286,063
Current liabilities of discontinued operations	—			11,684		—		—			11,684
Total current liabilities	87,190			458,687		833,267		(18,554		)	1,360,590
Long-term obligations	1,256,164			763		—		—			1,256,927
Other liabilities:
Liabilities for postretirement benefits	19,881			842		—		—			20,723
Accrued pension costs	136,886			5,685		7,234		—			149,805
Other non-current liabilities	(29,193		)	7,851		164,510		—			143,168
Total other liabilities	127,574			14,378		171,744		—			313,696
Shareholders’ equity	2,858,369			3,567,029		6,552,360		(10,119,389		)	2,858,369
Total liabilities and shareholders’ equity	$	4,329,297		$	4,040,857	$	7,557,371	$	(10,137,943	)	$	5,789,582

Subsidiary guarantor condensed consolidating statements of cash flows

Condensed Consolidating Statement of Cash Flows Six months ended May 2, 2014
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Consolidated
Operating Activities:
Net cash provided by operating activities of continuing operations	$	174,009		$	56		$	32,610		$	206,675
Net cash used by operating activities of discontinued operations	—			(115		)	—			(115		)
Net cash provided (used) by operating activities	174,009			(59		)	32,610			206,560
Investing Activities:
Property, plant and equipment acquired	(1,958		)	(12,344		)	(30,002		)	(44,304		)
Proceeds from sale of property, plant and equipment	—			2,710			1,495			4,205
Other investing activities, net	(66		)	—			—			(66		)
Net cash used by investing activities	(2,024		)	(9,634		)	(28,507		)	(40,165		)
Financing Activities:
Common stock issued	6,581			—			—			6,581
Excess tax expense from share-based compensation awards	(432		)	—			—			(432		)
Dividends paid	(35,374		)	—			—			(35,374		)
Repayments of term loan	(25,000		)	—			—			(25,000		)
Change in short and long-term obligations, net	—			(1,212		)	(50		)	(1,262		)
Treasury stock purchased	(129,504		)	—			—			(129,504		)
Net cash used by financing activities	(183,729		)	(1,212		)	(50		)	(184,991		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,323		)	(1,323		)
(Decrease) Increase in Cash and Cash Equivalents	(11,744		)	(10,905		)	2,730			(19,919		)
Cash and Cash Equivalents at Beginning of Period	122,901			20,361			262,447			405,709
Cash and Cash Equivalents at End of Period	$	111,157		$	9,456		$	265,177		$	385,790

Condensed Consolidating Statement of Cash Flows Six months ended April 26, 2013
In thousands	Parent Company			Supplemental Subsidiary Guarantors			Supplemental Non-Guarantor Subsidiaries			Consolidated
Operating Activities:
Net cash provided by operating activities of continuing operations	$	26,790		$	22,991		$	43,494		$	93,275
Net cash used by operating activities of discontinued operations	—			(2,372		)	—			(2,372		)
Net cash provided by operating activities	26,790			20,619			43,494			90,903
Investing Activities:
Property, plant and equipment acquired	(2,808		)	(24,269		)	(59,924		)	(87,001		)
Proceeds from sale of property, plant and equipment	—			956			1,231			2,187
Other investing activities, net	(70		)	—			—			(70		)
Net cash used by investing activities	(2,878		)	(23,313		)	(58,693		)	(84,884		)
Financing Activities:
Common stock issued	5,227			—			—			5,227
Excess tax benefit from share-based compensation awards	1,701			—			—			1,701
Dividends paid	(37,130		)	—			—			(37,130		)
Repayments of term loan	(25,000		)	—			—			(25,000		)
Change in short and long-term obligations, net	28,000			(209		)	(5,575		)	22,216
Net cash used by financing activities	(27,202		)	(209		)	(5,575		)	(32,986		)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(2,031		)	(2,031		)
Decrease in Cash and Cash Equivalents	(3,290		)	(2,903		)	(22,805		)	(28,998		)
Cash and Cash Equivalents at Beginning of Period	3,459			6,628			253,786			263,873
Cash and Cash Equivalents at End of Period	$	169		$	3,725		$	230,981		$	234,875