June 14, 2012
Via EDGAR
|
ATTORNEYS AT LAW
777 EAST WISCONSIN AVENUE
MILWAUKEE, WI 53202-5306
414.271.2400 TEL
414.297.4900 FAX
www.foley.com
WRITER'S DIRECT LINE
414.297.5644
jrothman@foley.com EMAIL
CLIENT/MATTER NUMBER
015428-0122
|
Mr. Kevin L. Vaughn
Accounting Branch Chief
U.S. Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, DC 20549
|
|
Re:
|
Regal-Beloit Corporation
|
|
Form 10-K for the Fiscal Year Ended December 31, 2011
|
|
Filed February 29, 2012
|
|
Form 8-K
|
|
Filed May 2, 2012
|
|
File No. 001-07283
|
1.
|
We note your disclosure of the non-GAAP financial measure Free Cash Flow in the summary bullet points in the introduction to your press release. In future filings, please include a presentation, with equal or greater prominence, of the most directly comparable GAAP financial measure or measures in accordance with Regulation G and Instruction 2 to Item 2.02 of Form 8-K.
|
2.
|
We note the amounts for “debt including estimated interest payments” here and the schedule of debt maturities disclosed in footnote seven of your financial statements. Please tell us when the interest payments must be made for each debt tranche outstanding and how such amounts are reflected in this table. Refer to Item 303(a)(5) of Regulation S-K and paragraph 470-10-50-5 of the FASB Accounting Standards Codification.
|
BOSTON
BRUSSELS
CHICAGO
DETROIT
|
JACKSONVILLE
LOS ANGELES
MADISON
MIAMI
|
MILWAUKEE
NEW YORK
ORLANDO
SACRAMENTO
|
SAN DIEGO
SAN DIEGO/DEL MAR
SAN FRANCISCO
SHANGHAI
|
SILICON VALLEY
TALLAHASSEE
TAMPA
TOKYO
WASHINGTON, D.C.
|
3.
|
Please revise future filings to disclose the total amount of research and development costs charged to expense for each period for which an income statements is presented. Refer to paragraph 730-10-50-1 of the FASB Accounting Standards Codification.
|
4.
|
Given your new debt issuance in 2011, please tell us how you considered the requirements of paragraph 825-10-50-10 of the FASB Accounting Standards Codification to disclose the fair value of all your financial instruments as defined in Topic 825.
|
5.
|
We note the increase in your foreign sales since 2009. Please tell us how you considered the requirement to disclose revenues from external customers attributed to an individual foreign country and assets in an individual foreign country that are material. Refer to paragraph 280-10-50-41 of the FASB Accounting Standards Codification.
|
cc:
|
Gary Newberry
|
|
Lynn Dicker
|
|
Securities and Exchange Commission
|
|
Mark J. Gliebe
|
|
Chuck A. Hinrichs
|
|
Peter C. Underwood
|
|
Peter Rowley
|
|
Joan A. LaCroix
|
Regal Beloit Corporation
|
|
Benjamin F. Garmer, III
|
|
Jessica Lochmann Allen
|
|
Foley & Lardner LLP
|
(/%EQX*_P""C7[5_P`-/!G_``D6I?;QX<\">"="] M"9F#1:!X9226&WC`#`^:K,V0M?D9_P`$7XOVE_BS\5M5^.7QF\:?\%3O%WA; M6=7_`&L-(L?$WQ1_:+^#?B+]@_7_`.P/V@/'WP_T+1?A?\+=#N5_:6\/^)O" M_AG0A#%+XM^S0P>+_#OB02X2/P@[?K=X#_X)4_LC_#']J[6/VS?!FD_%?1?C M5KOQ(\??%S7"/CS\8'^&M]X\^*>D:[H/C;5O^%4-XI7X:;KJWUR5E8^$]J,J MM*K`8JK^S7_P2:_8\_95^,MS\=_@WI7Q?T/QM=7WQ"OI-,U']H3XQ^(_AO\` MVE\5->UO7_&[Q_"[6/%#?#F-I= ?B']N M'QI^WCXW_9%^-GQ:^*FN?#O_`()3K\3['Q]\0M4\;SZCJ_[8&H_M6:J/'7[' M3?%`PZV\FO'X5?LZ'79/%J>(SN3QPOAO (D^%/BCQ[XH/A1_M'A-9/!K%?^$N*G]=/A_\`LX?"OX8?&3]H+X^^ M#])U2Q^)?[3=U\-KSXOZO/K6L:G8:ZWPD\%MX!\#?V/I4TY@T(6WADF*1-"3 M$DR"67 >!/&7PQ^*/Q*^#/C MO1=/^(.CCP[\0-!A\:?"CQ/X4\1KX8^)GAYCX:\;>&A<&+Q-:XA\I3`DL8!H M?L,?M#^&?VI/V7/A7\8O"7CBP^*MI &?BKXX^%FNZU\) MOB!\2/`L^"]>NO!6OLA%WX4:*8)$'#1^)?\$^?B=X_P#B'\1O M^"G.F^-?%GB/Q5I_PM_X*3^.?AG\.[77M4EU-/!W@31OV8OV3/$-OX1T(',> MC^'H_$GC+Q#XBCM8U9EF\0ZV[0JS"5_IS]F?]F7X2?LB?"/2/@)\#="UWPW\ M)O#.J^)-3\&^$]:\7^+O&=GX5@U_79M?N/#^@:MXK\1>)M=T?PM;ZOK+S>$O M#T5R8O#,`E%I&%`5OFVQ_P""57[(MA^UAK7[:6D:7\5-%^..N_$N/XN:Z=&^ M._Q@T_X;^(/'2:#HWA[^VM9^%J^*#\-=7SH>AZ3$5/A4H7@^ J_L2V/[.(\9M&;+XQZ+\&]"_:T?]H- M_`\;@--)XA.O_LRGQ3)\K7:IX0*ADC=/BO\`:"_:B_::\)_\%)?VH=5\&_'G M_@HMH=SX`_X*1_L;?`'X=P:*^B^)?^"5_@OX8_%/1_V8AXV\(_M'#7_#\WB; MP#XC\4IX\\;QB3PA*BQ>,-<\'E5D:5IV_I6B_P"" UP^.#^T*?'Q\ +OV!OV9_&N@_M`>&_$GA?6[JS_:C^-/PM_:`^,*V?C/QI:7&O?%'X):G M\)M4\`:YHTBZ^S^'(/#I^!WPV3^Q?#'V.-UT!HG1UED"@'X9_MZS?M,^,_VW MO^"FGB/X;?M\?M+_`+*]G^PI_P`$_?@U^TQ\(/"W@3QQHK?L^7OC[^Q_C[KF MMK\+_#'B/P[XD7X8Z*DKJ?!^Q/.F9?%L9<4[]LK]OS]K3P!\:/^ M"3O[3WA74_%6G_"P_L*^/?VS_P!N']G#P^=7?2O%?PO*_LS:#\6M8.@*R/+X M@_9_T#XWZ_\`%+PAYN6:3P')%(YC<;_UM_:._P""27[$G[6OQIUWX[_&[X?> M-O%WC+Q;X7\%^!_'FC6_QI^,7@WX9_$3PQX`N=8UWP/I/Q.^%O@;X@>%_#/Q M!T;PUKVM27%OX?\`%=I/"[)MN$G@9X[CZH\5_LL?!3QE\7/!'QN\2>#X]3\9 M_#GX2?$[X'^';:2[=_#1^&/Q=D\#S^._!FL^#?-_X1K68/$3^"=!4+=6P2." M(P;7212H!_+[X[_:A_:/^*'_``1A_83^(O@7XZ_M4>*/'W[0?_!4+Q[\)-2^ M(G[,GQ7T;P[^T)\1?A%K/[6/[:7A[P_X'^%WQ/\`B!GPLLLWA3P?X(\->"I/ M%V/"#Q:#X6C/[A857WK]L/4_C_\``#_@E?\`LJZ)!\4/^"J'@SQ_\3?V]_@[ M\/\`XA2^*_BS\-?B#_P46'@+QW\3?'6@:[X#\">./A")/AKXE\2^)O#.C1^( M_@[X=4^+;8G7?"(O$USKOB'0K?7F>5_"OB:ZE\*3@*D MEKG[,@`/EW_@B1\5/BG\5OV?/C]%\2OB'^T1X]T[X8?M=?%'X/\`PN3]L*UT M?3OVNO"/@/P3X0^'LD?A']HN'0O#OA:`?$<>)-8\0^)HW:"5W\&^(O"ZF154 MD^Y:!\2O'\G_``5_^+WPBG\6^([GX7Z1_P`$W_V>(OV MF/VL/#FO>,5T=O+4^(?$/ASP?X=T&2X11BUT!5900)*^N?A'^SY\-O@AK_QN MU_X>:7J6DZE^T/\`_CI\4Q<:MJFHV6L?$?6_!?@KP)J^LZ2DC[-#CN-!\ M"^$;8QVZHK/I4CQI$&>6/Y&_:K_X)4?LC?MC?&S2?V@?C/I7Q9B^*.A?#CPQ M\)K;Q)\-OCU\7OA%#J'@7PYXO\9^-M&T36=)^'GBGPKH.N@>)/&_B&4F[BN) MB=:FC:2.-;<$`Q_^">OQ.^(7Q!^,_P#P51T?QQXP\1^*M)^%O_!035OA]\.= M.U_67U.R\%>!(_V9/V;_`!$GA#0(R&.B:`GB+7]>\0I!&NS_`(GC2A3-YA;\ M-/\`@D9\&OWAMO^"4?[(-I^U;K'[:NDZ5\7=+^-VO?$G3OB[KS:-\??C#I/PY\ M0^/;?0M&\.)K.M?"O2?%*_#?5@VAZ)I,3QOX6DBE:!6F;*1M!]<_L\?L_P#P MQ_9?^%>D?!GX0Z)<^'?`>A>)?B#XIT[2KS6=2\2746L_%/XD>)/BKXU==9UB M1[F1+OQ_XVUZ[6.669HXI4CRLB?(`>^T444`%%%%`!1110`4444`%%%%`!11 910`4444`%%%%`!1110`4444`%%%%`'__V3\_ ` end
|
Re:
|
Regal-Beloit Corporation
|
1.
|
The Company is responsible for the adequacy and accuracy of the disclosure in the Filings.
|
2.
|
Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Filings.
|
3.
|
The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
|
Very truly yours,
REGAL-BELOIT CORPORATION
By: /s/ Mark J. Gliebe
Mark J. Gliebe
Chairman and Chief Executive Officer
|