þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-0875718 | |
(State of other jurisdiction of incorporation) | (IRS Employer Identification No.) |
Large Accelerated Filer þ | Accelerated Filer o | Non-accelerated filer o | Smaller Reporting Company o | |||
(Do not check if a smaller reporting company) |
2
REGAL BELOIT CORPORATION | ||||
(Registrant) | ||||
/s/ Charles A. Hinrichs
|
||||
Vice President | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Date: September 8, 2011 |
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REGAL BELOIT CORPORATION | ||||
(Registrant) | ||||
/s/ Peter J. Rowley
|
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Vice President | ||||
Corporate Controller | ||||
(Principal Accounting Officer) | ||||
Date: September 8, 2011 |
3
Exhibit Number | Exhibit Description | |||
4.1 | Credit Agreement, dated as of June 30, 2011, among Regal
Beloit Corporation, the financial institutions party
thereto, Bank of America, N.A., as syndication agent, Wells
Fargo Bank, N.A., U.S. Bank National Association and Fifth
Third Bank, as co-documentation agents, JPMorgan Chase
Bank, N.A., as administrative agent, and J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as joint lead arrangers and joint book
managers. [Incorporated by reference to Exhibit 4.1 to
Regal Beloit Corporations Current Report on Form 8-K filed
on July 5, 2011 (File No. 001-07283)]* |
|||
4.2 | First Amendment, dated as of June 30, 2011, among Regal
Beloit Corporation, the financial institutions party
thereto, U.S. Bank National Association and Wells Fargo
Bank, N.A., as co-documentation agents, Bank of America,
N.A., as administrative agent, and JPMorgan Chase Bank,
N.A., as syndication agent, to Term Loan Agreement, dated
as of June 16, 2008, among Regal Beloit Corporation, the
financial institutions party thereto, U.S. Bank National
Association and Wells Fargo Bank, N.A., as co-documentation
agents, Bank of America, N.A., as administrative agent, and
JPMorgan Chase Bank, N.A., as syndication agent.
[Incorporated by reference to Exhibit 4.2 to Regal Beloit
Corporations Current Report on Form 8-K filed on July 5,
2011 (File No. 001-07283)]* |
|||
4.3 | Note Purchase Agreement, dated as of July 14, 2011, by and
among Regal-Beloit Corporation and Purchasers listed in
Schedule A attached thereto. [Incorporated by reference to
Exhibit 4.1 to Regal Beloit Corporations Current Report on
Form 8-K filed on July 14, 2011 (File No. 001-07283)]* |
|||
4.4 | Subsidiary Guaranty Agreement, dated as of July 14, 2011,
from certain subsidiaries of Regal-Beloit Corporation.
[Incorporated by reference to Exhibit 4.2 to Regal Beloit
Corporations Current Report on Form 8-K filed on July 14,
2011 (File No. 001-07283)]* |
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12 | Computation of Ratio of Earnings to Fixed Charges.* |
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31.1 | Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.* |
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31.2 | Certification of Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.* |
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32.1 | Certifications of the Chief Executive Officer and Chief
Financial Officer Pursuant to 18 U.S.C. Section 1350.* |
|||
101 | The following materials from Regal Beloit Corporations
Quarterly Report on Form 10-Q for the quarter ended July 2,
2011, formatted in XBRL (Extensible Business Reporting
Language): (i) the Condensed Consolidated Statements of
Earnings, (ii) the Condensed Consolidated Balance Sheets,
(iii) the Condensed Consolidated Statements of Equity, (iv)
the Condensed Consolidated Statements of Cash Flows, and
(iv) Notes to Condensed Consolidated Financial Statements,
furnished herewith. |
* | Previously filed with Regal Beloit Corporations Quarterly Report on Form 10-Q for the quarterly period ended July 2, 2011. |
4
Debt And Bank Credit Facilities (Schedule Of Indebtedness) (Details) (USD $)
In Thousands |
Jul. 02, 2011
|
Jan. 01, 2011
|
---|---|---|
Debt And Bank Credit Facilities | ||
Senior Notes | $ 250,000 | $ 250,000 |
Term loan | 165,000 | 165,000 |
Revolving credit facility | ||
Other | 27,326 | 21,893 |
Long term debt, total | 442,326 | 436,893 |
Less: Current maturities | (14,282) | (8,637) |
Non-current portion | $ 428,044 | $ 428,256 |
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data |
Jul. 02, 2011
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Jan. 01, 2011
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---|---|---|
Condensed Consolidated Balance Sheets | ||
Allowances for Trade Receivables | $ 10,646 | $ 10,637 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 38,684,713 | 38,615,547 |
Related Party Transactions
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6 Months Ended |
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Jul. 02, 2011
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Related Party Transactions | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS As part of the consideration paid for the acquisition of Elco on November 1, 2010, the Company assumed $22.3 million payable to an entity that is affiliated with our Elco Group B.V. joint venture partner resulting from bankruptcy proceeding involving Elco. The amount is payable in three remaining semi-annual payments ending in 2012. During the first six months of 2011, $5.6 million was paid by the Company. The Company has included the current amounts in Other Accrued Expenses and the long-term amount in Other Noncurrent Liabilities. |
Document And Entity Information
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6 Months Ended | |
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Jul. 02, 2011
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Jul. 29, 2011
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Document And Entity Information | ||
Entity Registrant Name | REGAL BELOIT CORP | |
Entity Central Index Key | 0000082811 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 02, 2011 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,684,888 |
Goodwill And Other Intangibles (Schedule Of Estimated Amortization Expense) (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Goodwill And Other Intangibles | ||||
Amortization expense | $ 7.3 | $ 5.1 | $ 14.4 | $ 9.5 |
Estimated Amortization, 2011 | 28.8 | |||
Estimated Amortization, 2012 | 29.4 | |||
Estimated Amortization, 2013 | 30.0 | |||
Estimated Amortization, 2014 | 28.2 | |||
Estimated Amortization, 2015 | $ 20.4 |
Comprehensive Income (Tables)
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Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Consolidated Comprehensive Income |
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Schedule Of Accumulated Other Comprehensive (Loss) |
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Goodwill And Other Intangibles (Schedule Of Intangible Assets) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2011
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Jan. 01, 2011
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Jul. 03, 2010
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Jul. 02, 2011
Customer Relationships [Member]
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Jul. 03, 2010
Customer Relationships [Member]
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Jul. 02, 2011
Technology [Member]
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Jul. 03, 2010
Technology [Member]
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Jul. 02, 2011
Trademarks [Member]
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Jul. 03, 2010
Trademarks [Member]
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Jul. 02, 2011
Patents & Engineering Drawings [Member]
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Jul. 03, 2010
Patents & Engineering Drawings [Member]
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Jul. 02, 2011
Non-Compete Agreements [Member]
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Jul. 03, 2010
Non-Compete Agreements [Member]
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Useful Life (years) | 10 | ||||||||||||
Useful Life (years), minimum | 3 | 3 | 3 | 3 | |||||||||
Useful Life (years), maximum | 17 | 9 | 20 | 5 | |||||||||
Gross Value | $ 280,650 | $ 184,416 | $ 144,406 | $ 104,396 | $ 79,770 | $ 33,452 | $ 31,657 | $ 23,586 | $ 16,610 | $ 16,610 | $ 8,207 | $ 6,372 | |
Accumulated Amortization | (94,817) | (68,192) | (48,709) | (34,498) | (17,458) | (10,739) | (11,476) | (8,374) | (10,831) | (9,169) | (6,343) | (5,412) | |
Net Values | $ 185,833 | $ 175,490 | $ 116,224 |
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Warranty Costs
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Jul. 02, 2011
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Warranty Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Costs |
5. WARRANTY COSTS
The Company recognizes the cost associated with its standard warranty on its products at the time of sale. The amount recognized is based on historical experience. The following is a reconciliation of the changes in accrued warranty costs for the three and six months ended July 2, 2011 and July 3, 2010 (in thousands):
The accrued warranty costs for the three and six months ended July 2, 2011 include an incremental $28.0 million in accrued costs due to a production flaw, which has been corrected, in certain standard motors produced in one of the Company's facilities during a limited period in 2011. The $28.0 million accrued is the Company's best estimate of the warranty costs associated with the production flaw based on current analysis and is expected to be paid out within the next twelve months.
The accrued warranty costs are included with Other Accrued Expenses on the balance sheet. |
Warranty Costs (Tables)
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Schedule Of Reconciliation Of The Changes In Accrued Warranty Costs |
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Warranty Costs (Narrative) (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jul. 02, 2011
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Jul. 02, 2011
|
|
Warranty Costs | ||
Incremental accrued warranty costs due to a production flaw | $ 28.0 | $ 28.0 |
Acquisitions (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 01, 2011
Australian Fan And Motor Company [Member]
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Apr. 05, 2011
Ramu, Inc. [Member]
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Dec. 23, 2010
Unico, Inc. [Member]
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Apr. 02, 2011
Elco Group B.V. [Member]
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Nov. 01, 2010
Elco Group B.V. [Member]
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Sep. 01, 2010
Rotor B.V. [Member]
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Apr. 06, 2010
CMG Engineering Group Pty, Ltd. [Member]
|
---|---|---|---|---|---|---|---|
Business acquisition purchase price | $ 5.7 | $ 5.3 | $ 107.3 | $ 27.3 | $ 36.4 | $ 82.6 | |
Business acquisition recorded liability | 16.7 | 9.2 | |||||
Percentage of interest acquired | 55.00% | ||||||
Business acquisition, cash paid | 5.6 | 4.6 | 76.5 | ||||
Business acquisition, cash to be paid in semi-annual payments | 17.1 | ||||||
Business acquisitions no of installments payment | 3 | ||||||
Business acquisition purchase price paid in shares | $ 6.1 |
Other Financial Information (Tables)
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Other Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Percentage Distribution Of Inventories |
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Property, Plant And Equipment By Major Classification |
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Shareholders' Equity
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity |
10. SHAREHOLDERS' EQUITY
The Company recognized approximately $4.4 million and $1.7 million in share-based compensation expense for the three month period ended July 2, 2011 and July 3, 2010, respectively. Share-based compensation expense for the six month period ended July 2, 2011 and July 3, 2010 was $6.2 million and $3.1 million, respectively. The total excess income tax benefit recognized relating to share-based compensation for the six months ended July 2, 2011 and July 3, 2010 was approximately $1.0 million and $1.4 million, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. As of July 2, 2011, total unrecognized compensation cost related to share-based compensation awards was approximately $27.0 million, net of estimated forfeitures, which the Company expects to recognize over a weighted average period of approximately 3.1 years.
The Company was authorized as of July 2, 2011 to deliver up to 5.0 million shares of common stock upon exercise of non-qualified stock options or incentive stock options, or upon grant or in payment of stock appreciation rights, and restricted stock. Approximately 1.4 million shares were available for future grant or payment under the various plans at July 2, 2011.
Share-based Incentive Awards
The Company uses several forms of share-based incentive awards, including non-qualified stock options, incentive stock options, and stock appreciation rights ("SARs"). All grants are made at prices equal to the fair market value of the stock on the grant dates, and expire ten years from the grant date. The Company values restricted stock awards at the closing market value of its common stock on the date of grant and restrictions generally lapse three years after the date of grant.
The majority of the Company's annual share-based incentive awards are made in the fiscal second quarter. The per share weighted average fair value of share-based incentive awards granted in the May 2011 annual grant was $26.81. The fair market value of the awards is estimated on the date of grant using the Black-Scholes pricing model and the following assumptions: risk-free interest rate of 2.6%; expected dividend yield of 1.0%; expected volatility of 35.5%; and an estimated life of 7.0 years.
A summary of share-based awards (options and SARs) as of July 2, 2011 follows below. Forfeitures of share-based awards were immaterial.
Restricted Stock As of July 2, 2011, the Company had 231,730 shares of restricted stock outstanding with a weighted average grant date fair value of $61.26 and a weighted average life of 2.3 years. The Company values restricted stock awards at the closing market value of its common stock on the date of grant and restrictions generally lapse three years after the date of the grant. In the first six months of 2011 30,350 shares of restricted stock vested with a weighted average fair value of $43.56 per share, 81,203 shares of restricted stock granted with a weighted average fair value of $72.06 per share, and 300 shares of restricted stock forfeited with a weighted average fair value of $52.01 per share. |
Basis Of Presentation
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Jul. 02, 2011
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Basis Of Presentation | |
Basis Of Presentation |
1. BASIS OF PRESENTATION The accompanying (a) condensed consolidated balance sheet of Regal Beloit Corporation (the "Company") as of January 1, 2011, which has been derived from audited financial statements, and (b) unaudited interim condensed consolidated financial statements as of July 2, 2011, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's 2010 Annual Report on Form 10-K filed on March 2, 2011. In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. Operating results for the three and six months ended July 2, 2011 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 31, 2011. The Company operates on a 52/53 week fiscal year ending on the Saturday closest to December 31. |
Fair Value (Tables)
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Schedule Of Financial Assets And Liabilities At Fair Value |
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Schedule Of Changes In Fair Market Value Of Other Noncurrent Liabilities |
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Goodwill And Other Intangibles
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Jul. 02, 2011
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Goodwill And Other Intangibles |
7. GOODWILL AND OTHER INTANGIBLES
Goodwill
As required, the Company performs an annual impairment test of goodwill during the fourth quarter or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.
At July 2, 2011, substantially all of the Company's goodwill is attributable to the Electrical segment and the Company believes that substantially all of the goodwill is deductible for tax purposes. The following information presents changes to goodwill during the periods indicated (in thousands):
Intangible Assets
Intangible assets consisted of the following (dollars in thousands):
Estimated Amortization (in millions)
Amortization expense recorded for the three and six months ended July 2, 2011 was $7.3 million and $14.4 million, respectively. Amortization expense recorded for the three and six months ended July 3, 2010 was $5.1 million and $9.5 million, respectively. |
Earnings Per Share (EPS)
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Jul. 02, 2011
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Earnings Per Share (EPS) |
12. EARNINGS PER SHARE (EPS)
The numerator for the calculation of basic and diluted earnings per share is Net Income Attributable to Regal Beloit Corporation. The denominator is computed as follows (in thousands):
The "Effect of dilutive securities" represents the dilution impact of equity awards and convertible notes that were fully converted during 2010. The dilutive effect of the convertible notes was approximately 0.2 million shares and 0.5 million shares for the three and six months ended July 3, 2010, respectively.
Options for common shares where the exercise price was above the market price at July 2, 2011 and July 3, 2010 totaling approximately 0.4 million and 0.3 million shares have been excluded from the calculation of the effect of dilutive securities as the effect of such options is anti-dilutive. |
Debt And Bank Credit Facilities
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Jul. 02, 2011
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Debt And Bank Credit Facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt And Bank Credit Facilities |
8. DEBT AND BANK CREDIT FACILITIES
The Company's indebtedness as of July 2, 2011 and January 1, 2011 was as follows (in thousands):
At July 2, 2011, the Company had $250.0 million of senior notes (the "Notes") outstanding. The Notes were sold pursuant to a Note Purchase Agreement (the "Agreement") by and among the Company and the purchasers of the Notes. The Notes were issued and sold in two series: $150.0 million in Floating Rate Series 2007A Senior Notes, Tranche A, due August 23, 2014, and $100.0 million in Floating Rate Series 2007A Senior Notes, Tranche B, due August 23, 2017. The Notes bear interest at a margin over the London Inter-Bank Offered Rate ("LIBOR"). These interest rates vary as LIBOR varies. At July 2, 2011, the interest rate of 0.9% was based on a margin over LIBOR.
On June 16, 2008, the Company entered into a Term Loan Agreement ("Term Loan") with certain financial institutions, whereby the Company borrowed an aggregate principal amount of $165.0 million. The Term Loan matures in June 2013, and borrowings generally bear interest at a variable rate equal to a margin over LIBOR. The margin varies with the ratio of the Company's total funded debt to consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") as defined in the Term Loan. These interest rates also vary as LIBOR varies. At July 2, 2011, the interest rate of 0.9% was based on a margin over LIBOR.
On June 30, 2011, the Company entered into a new $500.0 million revolving credit facility (the "Facility") that replaced its existing credit facility which was set to mature in July 2012. The Facility permits the Company to borrow at interest rates based upon a margin above LIBOR, which margin varies with the ratio of total funded debt to EBITDA as defined in the Facility. These interest rates also vary as LIBOR varies. The Company pays a commitment fee on the unused amount of the Facility, which also varies with the ratio of total funded debt to EBITDA. The Facility matures in June 2016.
The Notes, the Term Loan, and the Facility require the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial debt covenants as of July 2, 2011.
The Company has entered into interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk. (See also Note 14 of Notes to Condensed Consolidated Financial Statements.)
At July 2, 2011, other notes payable of approximately $27.3 million were outstanding with a weighted average interest rate of 6.0%. |
Shareholders' Equity (Tables)
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Jul. 02, 2011
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Schedule Of Share Based-Awards |
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Business Segments
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Jul. 02, 2011
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Business Segments | 6. BUSINESS SEGMENTS
The Company has two strategic businesses that are reportable segments, Mechanical and Electrical (dollars in thousands):
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Pension Plans (Schedule Of Net Periodic Defined Benefit Pension Cost) (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
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Jul. 03, 2010
|
Jul. 02, 2011
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Jul. 03, 2010
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Pension Plans | ||||
Service cost | $ 617 | $ 1,172 | $ 1,337 | $ 2,344 |
Interest cost | 1,988 | 3,468 | 3,976 | 6,937 |
Expected return on plan assets | (1,828) | (3,131) | (3,656) | (6,262) |
Amortization of prior service cost and net actuarial loss | 918 | 1,221 | 1,836 | 2,443 |
Net periodic benefit expense | $ 1,695 | $ 2,730 | $ 3,493 | $ 5,462 |
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Condensed Consolidated Statements Of Equity | ||||
Issuance of Common Stock for Acquisition | 100,000 | |||
Dividends Declared, per share | $ 0.18 | $ 0.17 | $ 0.35 | $ 0.33 |
Other Financial Information
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Jul. 02, 2011
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Other Financial Information | 2. OTHER FINANCIAL INFORMATION
Inventories
Cost for approximately 55% of the Company's inventory is determined using the last-in, first-out (LIFO) inventory valuation method. The approximate percentage distribution between major classes of inventories was as follows:
Property, Plant and Equipment
Property, plant and equipment by major classification was as follows:
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Comprehensive Income (Narrative) (Details) (USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Comprehensive Income | ||||
Comprehensive income attributable to noncontrolling interests | $ 1.9 | $ 1.1 | $ 3.3 | $ 3.2 |
Pension Plans (Tables)
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Jul. 02, 2011
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Schedule Of Net Periodic Defined Benefit Pension Cost |
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Derivative Instruments (Schedule Of Notional Amounts Of Forward Contracts) (Details) (USD $)
In Millions |
Jul. 02, 2011
|
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Commodity Forward Contracts [Member] | Copper [Member]
|
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Notional amount | $ 145.0 |
Commodity Forward Contracts [Member] | Aluminum [Member]
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Notional amount | 3.0 |
Commodity Forward Contracts [Member] | Zinc [Member]
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Notional amount | 0.2 |
Commodity Forward Contracts [Member] | Natural Gas [Member]
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Notional amount | 0.5 |
Currency Forward Contracts [Member] | Mexican Peso [Member]
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Notional amount | 95.7 |
Currency Forward Contracts [Member] | Indian Rupee [Member]
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Notional amount | 36.8 |
Currency Forward Contracts [Member] | Chinese Renminbi [Member]
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Notional amount | 10.5 |
Currency Forward Contracts [Member] | Australian Dollar [Member]
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Notional amount | 9.5 |
Currency Forward Contracts [Member] | Thai Bhat [Member]
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Notional amount | $ 3.6 |
Derivative Instruments (Schedule Of Cash Flow Hedging Instruments) (Details) (Cash Flow Hedging [Member], USD $)
In Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Designated As Hedging Instruments [Member]
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Gain (Loss) recognized in Other Comprehensive Income (Loss) | $ (1.4) | $ (27.7) | $ 2.7 | $ (20.0) |
Gain (Loss) recognized in Net Sales | 0.2 | 0.4 | (0.1) | |
Gain (Loss) recognized in Cost of Sales | 11.3 | 1.7 | 20.0 | 3.8 |
Loss recognized in Interest Expense | (3.2) | (2.8) | (6.4) | (6.0) |
Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member]
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Gain (Loss) recognized in Other Comprehensive Income (Loss) | 1.7 | (8.9) | (0.2) | (4.9) |
Gain (Loss) recognized in Cost of Sales | 8.9 | 2.2 | 17.1 | 5.5 |
Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member]
|
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Gain (Loss) recognized in Other Comprehensive Income (Loss) | 3.3 | (6.1) | 8.6 | 1.8 |
Gain (Loss) recognized in Net Sales | 0.2 | 0.4 | (0.1) | |
Gain (Loss) recognized in Cost of Sales | 2.4 | (0.5) | 2.9 | (1.7) |
Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
|
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Gain (Loss) recognized in Other Comprehensive Income (Loss) | (6.4) | (12.7) | (5.7) | (16.9) |
Loss recognized in Interest Expense | (3.2) | (2.8) | (6.4) | (6.0) |
Not Designated As Hedging Instruments [Member]
|
||||
Gain (Loss) recognized in Cost of Sales | (0.8) | (0.6) | (1.1) | (0.7) |
Not Designated As Hedging Instruments [Member] | Commodity Forward Contracts [Member]
|
||||
Gain (Loss) recognized in Cost of Sales | (0.2) | (0.5) | (0.2) | (0.6) |
Not Designated As Hedging Instruments [Member] | Currency Forward Contracts [Member]
|
||||
Gain (Loss) recognized in Cost of Sales | $ (0.6) | $ (0.1) | $ (0.9) | $ (0.1) |
Pension Plans (Narrative) (Details) (USD $)
In Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2011
|
Jul. 03, 2010
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Dec. 31, 2011
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Jan. 01, 2011
|
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Pension Plans | ||||
Estimated net actuarial loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | $ 3.3 | |||
Estimated net prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | 0.2 | |||
Contribution to defined benefit pension plans | 1.2 | 1.0 | 2.2 | 4.1 |
Expected contribution to defined benefit pension plans | $ 1.0 |
Subsequent Event (Details) (USD $)
In Millions, unless otherwise specified |
0 Months Ended |
---|---|
Jul. 14, 2011
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Subsequent Event | |
Senior unsecured notes, issued | $ 423 |
Senior unsecured notes interest rates, minimum | 4.10% |
Senior unsecured notes interest rates, maximum | 5.10% |
Senior unsecured notes maturity year, start | seven |
Senior unsecured notes maturity year, end | twelve |
Acquisitions
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6 Months Ended |
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Jul. 02, 2011
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Acquisitions | |
Acquisitions |
3. ACQUISITIONS
The results of operations for acquired businesses are included in the Condensed Consolidated Financial Statements from the dates of acquisition.
On June 1, 2011, the Company acquired Australian Fan and Motor Company ("AFMC") located in Melbourne, Australia. AFMC manufactures and distributes a wide range of direct drive blowers, fan decks, axial fans and sub fractional motors for sales in Australia and New Zealand. The preliminary purchase price of $5.7 million was paid in cash, net of acquired debt and cash. AFMC is reported as part of the Company's Electrical segment.
On April 5, 2011, the Company acquired Ramu, Inc. ("Ramu") located in Blacksburg, Virginia. Ramu is a motor and control technology company with a research and development team dedicated to the development of switched reluctance motor technology. The purchase price included $5.3 million paid in cash, net of acquired debt and cash and an additional amount should certain future performance expectations be met. At July 2, 2011, the Company has recorded a liability of $16.7 million for this deferred contingent purchase price. Ramu is reported as part of the Company's Electrical segment.
On March 7, 2011, the Company acquired Hargil Dynamics Pty. Ltd. ("Hargil") located in Sydney, Australia. Hargil is a distributor of mechanical power transmission components and solutions. Hargil is reported as part of the Company's Mechanical segment.
On December 23, 2010, the Company acquired Unico, Inc. ("Unico"), located in Franksville, Wisconsin. Unico manufactures a full range of AC and DC drives, motor controllers and other accessories for most industrial and commercial applications. Unico has developed proprietary technology in the fields of oil and gas recovery technology, commercial HVAC technology, test stand automation and other applications. The purchase price of $107.3 million was paid in cash, net of acquired debt and cash. In addition to the cash paid, the Company agreed to pay an additional amount should certain performance thresholds be met. At July 2, 2011, the Company has a liability recorded of $9.2 million for this deferred contingent purchase price. Unico is reported as part of the Company's Electrical segment.
On December 1, 2010, the Company acquired South Pacific Rewinders ("SPR"), located in Auckland, New Zealand. SPR operates as a motor rewinder and distributor in the Pacific region. SPR is reported as part of the Company's Electrical segment.
On November 1, 2010, the Company acquired 55% of Elco Group B.V. ("Elco"), located in Milan, Italy. Elco manufactures and sells motors, fans and blowers and has manufacturing facilities in Italy, China and Brazil. The purchase price was $27.3 million, net of acquired debt and cash. The purchase price includes $4.6 million in cash, paid at closing, $5.6 million paid during the first three months of 2011, and $17.1 million which will be paid in three semi-annual payments ending in 2012. Elco is reported as part of the Company's Electrical segment.
On September 1, 2010, the Company acquired Rotor B.V. ("Rotor"), located in Eibergen, the Netherlands. Rotor sells standard and special electric motors to a variety of industries including the marine industry, ship building and offshore oil and gas. In addition to the Netherlands, Rotor also sells throughout Europe, the United Kingdom and Japan. The purchase price of $36.4 million was paid in cash, net of acquired debt and cash. Rotor is reported as part of the Company's Electrical segment.
On May 4, 2010, the Company acquired Air-Con Technology ("Air-Con"), located in Mississauga, Ontario, Canada. Air-Con is a distributor of HVACR electric motors. Air-Con is reported as part of the Company's Electrical segment.
On April 6, 2010, the Company acquired CMG Engineering Group Pty, Ltd. ("CMG"), located in Melbourne, Australia. CMG manufactures and sells fractional horsepower industrial motors, blower systems, and industrial metal products with operations in Australia, New Zealand, South Africa, Malaysia, Singapore, the United Kingdom and the Middle East. The business also distributes integral horsepower industrial motors, mechanical power transmission products, material handling equipment, electrical insulation materials, magnet wire and specialty conductors in Australia and New Zealand. The purchase price was $82.6 million, net of acquired debt and cash. The purchase price was paid $76.5 million in cash and $6.1 million in shares of Company common stock. CMG is reported as part of our Electrical and Mechanical segments.
Pending Acquisition On December 12, 2010, the Company and A.O. Smith Corporation (NYSE: AOS) entered into an agreement pursuant to which the Company will acquire the Electrical Products Company of A.O. Smith Corporation. The total consideration for the transaction consists of $700 million of cash and 2,834,026 shares of Company common stock. Closing on the transaction is subject to all customary regulatory approvals, which are still pending as of the date of this filing. |
Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Thousands |
Jul. 02, 2011
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Jan. 01, 2011
|
---|---|---|
Comprehensive Income | ||
Translation adjustments | $ 42,100 | $ 23,190 |
Hedging activities, net of tax | (4,120) | 2,842 |
Pension and post retirement benefits, net of tax | (26,640) | (27,732) |
Accumulated other comprehensive income (loss), net of tax | $ 11,340 | $ (1,700) |
Business Segments (Tables)
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Schedule Of Reportable Segments |
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Fair Value (Schedule Of Changes In Fair Market Value Of Other Noncurrent Liabilities) (Details) (Level 3 [Member], Other Noncurrent Liabilities [Member], USD $)
In Millions |
3 Months Ended | 6 Months Ended |
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Jul. 02, 2011
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Jul. 02, 2011
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Level 3 [Member] | Other Noncurrent Liabilities [Member]
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Beginning Balance | $ 9.2 | $ 11.0 |
Valuation adjustments | (1.8) | |
Acquisitions | 16.7 | 16.7 |
Ending balance | $ 25.9 | $ 25.9 |
Earnings Per Share (EPS) (Tables)
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Jul. 02, 2011
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Schedule Of Numerator And Denominator For Calculation Of Basic And Diluted Earnings Per Share |
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Debt And Bank Credit Facilities (Tables)
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Jul. 02, 2011
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Schedule Of Indebtedness |
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Income Taxes
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6 Months Ended |
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Jul. 02, 2011
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Income Taxes | |
Income Taxes |
11. INCOME TAXES
The effective tax rate for the three months ended July 2, 2011 was 28.6% versus 31.9% for the three months ended July 3, 2010. The effective tax rate for the six months ended July 2, 2011 was 30.0% versus 31.8% in the prior period. The change in the effective rates was driven by changes in the global distribution of income.
As of both July 2, 2011 and January 1, 2011, the Company had approximately $5.5 million of unrecognized tax benefits, all of which would affect its effective tax rate if recognized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Federal tax returns from 2007 through 2010 and various state tax returns remain subject to income tax examinations by tax authorities. |
Earnings Per Share (EPS) (Schedule Of Numerator And Denominator For Calculation Of Basic And Diluted Earnings Per Share) (Details)
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3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Earnings Per Share (EPS) | ||||
Denominator for basic EPS - weighted average | 38,667,034 | 38,310,371 | 38,646,873 | 37,878,189 |
Effect of dilutive securities | 546,000 | 644,000 | 535,000 | 918,000 |
Denominator for diluted EPS | 39,212,535 | 38,954,418 | 39,182,215 | 38,796,187 |
Effect of dilutive convertible notes | 200,000 | 500,000 | ||
Shares excluded from the calculation of the effect of dilutive securities | 400,000 | 300,000 |
Fair Value (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) (USD $)
In Millions |
Jul. 02, 2011
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Apr. 02, 2011
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Jan. 01, 2011
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Level 2 [Member] | Prepaid Expenses And Other Current Assets [Member] | Derivative Currency Contracts [Member]
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Assets | $ 9.4 | $ 7.3 | |
Level 2 [Member] | Prepaid Expenses And Other Current Assets [Member] | Derivative Commodity Contracts [Member]
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Assets | 14.7 | 24.9 | |
Level 2 [Member] | Other Noncurrent Assets [Member] | Derivative Currency Contracts [Member]
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Assets | 2.6 | 1.4 | |
Level 2 [Member] | Other Noncurrent Assets [Member] | Derivative Commodity Contracts [Member]
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Assets | 0.2 | 4.2 | |
Level 2 [Member] | Other Accrued Expenses [Member] | Derivative Currency Contracts [Member]
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Liabilities | 0.7 | 0.1 | |
Level 2 [Member] | Other Accrued Expenses [Member] | Derivative Commodity Contracts [Member]
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Liabilities | 0.1 | 0.1 | |
Level 2 [Member] | Hedging Obligations [Member] | Derivative Currency Contracts [Member]
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Liabilities | 0.1 | ||
Level 2 [Member] | Hedging Obligations [Member] | Interest Rate Swaps [Member]
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Liabilities | 38.4 | 39.1 | |
Level 2 [Member] | Investment - Trading Securities [Member]
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Assets | 56.3 | ||
Level 3 [Member] | Other Noncurrent Liabilities [Member]
|
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Liabilities | 25.9 | 9.2 | 11.0 |
Level 3 [Member] | Other Noncurrent Liabilities [Member] | Deferred Contingent Purchase Price [Member]
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Liabilities | $ 25.9 | $ 11.0 |
Comprehensive Income
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Comprehensive Income | 4. COMPREHENSIVE INCOME
The Company's consolidated comprehensive income for the three and six months ended July 2, 2011 and July 3, 2010, respectively, was as follows (in thousands):
The amount of comprehensive income attributable to noncontrolling interests was $1.9 million and $3.3 million for the three and six months ended July 2, 2011, respectively. The amount of comprehensive income attributable to noncontrolling interests was $1.1 million and $3.2 million for the three and six months ended July 3, 2010, respectively.
Foreign currency translation adjustments, unrealized gains and losses on derivative instruments and pension liability adjustments are included in Equity under Accumulated Other Comprehensive Income (Loss). The components of the ending balances of Accumulated Other Comprehensive Income (Loss) are as follows (in thousands):
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Derivative Instruments
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Derivative Instruments |
14. DERIVATIVE INSTRUMENTS
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are commodity price risk, currency exchange, and interest rate risk. Forward contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company's manufacturing process. Forward contracts on certain currencies are entered into to manage forecasted cash flows in certain foreign currencies. Interest rate swaps are entered into to manage interest rate risk associated with the Company's floating rate borrowings.
The Company must recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. Accordingly, the Company designates commodity forward contracts as cash flow hedges of forecasted purchases of commodities, currency forward contracts as cash flow hedges of forecasted foreign currency cash flows and interest rate swaps as cash flow hedges of forecasted LIBOR-based interest payments. There were no significant collateral deposits on derivative financial instruments as of July 2, 2011.
Cash flow hedges
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income or loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or changes in market value of derivatives not designated as hedges are recognized in current earnings.
At July 2, 2011, the Company had an additional $3.4 million, net of tax, of derivative gains on closed hedge instruments in AOCI that will be realized in earnings when the hedged items impact earnings. At July 3, 2010, the Company had an additional ($0.4) million, net of tax, of derivative losses on closed hedge instruments in AOCI that was realized in earnings when the hedged items impacted earnings.
As of July 2, 2011, the Company had outstanding the following commodity forward contracts (with maturities extending through September 2012) to hedge forecasted purchases of commodities (in millions):
As of July 2, 2011, the Company had outstanding the following currency forward contracts (with maturities extending through December 2013) to hedge forecasted foreign currency cash flows (in millions):
As of July 2, 2011, the total notional amount of the Company's receive-variable/pay-fixed interest rate swaps was $250.0 million (with maturities extending to August 2017).
Fair values of derivative instruments as of July 2, 2011 and January 1, 2011 were (in millions):
The effect of derivative instruments on the condensed consolidated statements of equity and earnings for the three and six months ended July 2, 2011 and July 3, 2010, was (in millions):
Derivatives Designated as Cash Flow Hedging Instruments
Derivatives Designated as Cash Flow Hedging Instruments
The ineffective portion of hedging instruments recognized during the three and six months ended July 2, 2011 and July 3, 2010 was immaterial.
Derivatives Not Designated as Cash Flow Hedging Instruments
The net AOCI hedging component balance of ($4.1) million loss at July 2, 2011 includes $8.1 million of net current deferred gains expected to be realized in the next twelve months. |
Related Party Transactions (Details) (Elco Group B.V. [Member], USD $)
In Millions |
6 Months Ended | |
---|---|---|
Jul. 02, 2011
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Nov. 01, 2010
|
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Elco Group B.V. [Member]
|
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Amount payable to an entity related to acquisition | $ 22.3 | |
Amount paid to related party | $ 5.6 |
Acquisitions (Pending Acquisition) (Details) (USD $)
In Millions, except Share data |
6 Months Ended | 0 Months Ended |
---|---|---|
Jul. 03, 2010
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Dec. 12, 2010
Electrical Products Company Of A.O.Smith Corporation [Member]
|
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Business acquisition, cash paid | $ 700.0 | |
Business acquisition consideration in shares | 100,000 | 2,834,026 |
Goodwill And Other Intangibles (Tables)
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Jul. 02, 2011
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Schedule Of Changes To Goodwill |
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Schedule Of Intangible Assets |
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Schedule Of Estimated Amortization Expense |
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Fair Value
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Jul. 02, 2011
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Fair Value |
15. FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:
The Company uses the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of July 2, 2011 and January 1, 2011 (in millions):
The table below sets forth a summary of changes in fair market value of the Company's Level 3 Other Noncurrent Liabilities for the three and six months ended July 2, 2011. There were no such Other Noncurrent Liabilities for the three and six months ended July 3, 2010 (in millions):
The Other Noncurrent Liabilities described above are comprised entirely of the Deferred Contingent Purchase Price of two of the Company's acquisitions as discussed in Note 3, and are measured using Level 3 inputs. The fair value was determined using valuation techniques, including discounted cash flows, comparable transactions, and/or comparable company analyses. |
Warranty Costs (Schedule Of Reconciliation Of The Changes In Accrued Warranty Costs) (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Warranty Costs | ||||
Beginning balance | $ 12,584 | $ 13,398 | $ 12,831 | $ 13,298 |
Deduct: Payments | (2,979) | (3,438) | (5,833) | (6,883) |
Add: Provision | 31,295 | 3,148 | 33,876 | 6,637 |
Translation Adjustments | 48 | (22) | 74 | 34 |
Ending balance | $ 40,948 | $ 13,086 | $ 40,948 | $ 13,086 |
Subsequent Event
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6 Months Ended |
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Jul. 02, 2011
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Subsequent Event | |
Subsequent Event |
17. SUBSEQUENT EVENT
On July 14, 2011, the Company issued $423 million in senior unsecured notes in a private placement. The notes were issued in five tranches with maturities from seven to twelve years and carry fixed interest rates between 4.1% and 5.1%. The proceeds from the issuance of the notes will be available to finance a portion of the pending acquisition of the Electrical Products Company from A.O. Smith Corporation (See also Note 3 of Notes to Condensed Consolidated Financial Statements). |
Pension Plans
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2011
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Pension Plans |
9. PENSION PLANS
The Company's net periodic defined benefit pension cost is comprised of the following components (in thousands):
The estimated net actuarial loss and prior service cost for defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during the 2011 fiscal year is $3.3 million and $0.2 million, respectively.
During the first six months of 2011 and 2010, the Company contributed $1.2 million and $1.0 million, respectively, to defined benefit pension plans. The Company expects to contribute an additional $1.0 million, for total contributions of $2.2 million in 2011. The Company contributed a total of $4.1 million in 2010. The assumptions used in the valuation of the Company's pension plans and in the target investment allocation have remained the same as those disclosed in the Company's 2010 Annual Report on Form 10-K filed on March 2, 2011. |
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
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Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Jan. 01, 2011
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Income Taxes | |||||
Effective tax rate | 28.60% | 31.90% | 30.00% | 31.80% | |
Unrecognized tax benefits | $ 5.5 | $ 5.5 | $ 5.5 |
Derivative Instruments (Tables)
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Jul. 02, 2011
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Schedule Of Fair Values Of Derivative Instruments |
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Designated As Hedging Instruments [Member]
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Schedule Of Cash Flow Hedging Instruments |
Derivatives Designated as Cash Flow Hedging Instruments
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Schedule Of Cash Flow Hedging Instruments |
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Commodity Forward Contracts [Member]
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Schedule Of Notional Amounts Of Forward Contracts |
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Currency Forward Contracts [Member]
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Schedule Of Notional Amounts Of Forward Contracts |
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Contingencies
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6 Months Ended |
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Jul. 02, 2011
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Contingencies | |
Contingencies |
13. CONTINGENCIES
On July 30, 2009, the Company filed a response and counterclaims to an action filed by Nordyne, Inc. ("Nordyne") in the U.S. District Court for the Eastern District of Missouri in which action Nordyne is seeking a judgment declaring that neither Nordyne's G7 furnace systems nor its iQ Drive 23-seer air conditioning systems infringe on the Company's ECM (electronically commutated motor) systems patents (U.S. Patent No. 5,592,058) ("the '058 Patent") and/or that the '058 Patent is invalid. In its response and counterclaims against Nordyne the Company is seeking a judgment that the '058 Patent is valid and that Nordyne has, in fact, infringed and continues to infringe the '058 Patent by making, using, offering for sale and selling its G7 furnace systems and iQ Drive 23-seer air conditioning systems. The Company has also requested the U.S. District Court to enjoin Nordyne and all persons working in concert with Nordyne from further infringement of the '058 Patent and to award the Company compensatory and other damages caused by such infringement. The Company intends to defend its intellectual property vigorously against the claims asserted by Nordyne and against any infringement by Nordyne or any other person. The Company does not currently believe that the litigation will have a material effect on the Company's financial position or its results of operations.
One of the Company's subsidiaries that it acquired in 2007 is subject to numerous claims filed in various jurisdictions relating to certain sub-fractional motors that were primarily manufactured through 2004 and that were included as components of residential and commercial ventilation units marketed by a third party. These claims generally allege that the ventilation units were the cause of fires. Based on the current facts, the Company does not believe these claims, individually or in the aggregate, will have a material effect on its results of operations or financial condition. However, the Company cannot predict the outcome of these claims, or the nature or extent of remedial actions, if any, it may need to undertake with respect to motors that remain in the field. As a result, it cannot estimate a range of reasonably possible losses associated with these matters, some of which could be significant.
The Company is, from time to time, party to litigation that arises in the normal course of its business operations, including product warranty and liability claims, contract disputes and environmental, asbestos, employment and other litigation matters. The Company's products are used in a variety of industrial, commercial and residential applications that subject us to claims that the use of our products is alleged to have resulted in injury or other damage. The Company accrues for anticipated costs in defending against such lawsuits in amounts that we believe are adequate, and the Company does not believe that the outcome of any such lawsuit, individually or in the aggregate, will have a material effect on the Company's financial position or its results of operations. |
Condensed Consolidated Statements Of Earnings (USD $)
In Thousands, except Share data |
3 Months Ended | 6 Months Ended | ||
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Jul. 02, 2011
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Jul. 03, 2010
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Jul. 02, 2011
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Jul. 03, 2010
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Condensed Consolidated Statements Of Earnings | ||||
Net Sales | $ 681,785 | $ 584,181 | $ 1,344,440 | $ 1,091,499 |
Cost of Sales | 531,116 | 440,677 | 1,028,960 | 817,080 |
Gross Profit | 150,669 | 143,504 | 315,480 | 274,419 |
Operating Expenses | 95,860 | 76,705 | 196,551 | 144,855 |
Income From Operations | 54,809 | 66,799 | 118,929 | 129,564 |
Interest Expense | 4,814 | 4,480 | 9,905 | 9,541 |
Interest Income | 419 | 514 | 736 | 1,155 |
Income Before Taxes | 50,414 | 62,833 | 109,760 | 121,178 |
Provision For Income Taxes | 14,429 | 20,058 | 32,952 | 38,535 |
Net Income | 35,985 | 42,775 | 76,808 | 82,643 |
Net Income Attributable to Noncontrolling Interests | 1,655 | 1,055 | 3,641 | 3,161 |
Net Income Attributable to Regal Beloit Corporation | $ 34,330 | $ 41,720 | $ 73,167 | $ 79,482 |
Earnings Per Share of Common Stock: | ||||
Basic | $ 0.89 | $ 1.09 | $ 1.89 | $ 2.10 |
Assuming Dilution | $ 0.88 | $ 1.07 | $ 1.87 | $ 2.05 |
Cash Dividends Declared | $ 0.18 | $ 0.17 | $ 0.35 | $ 0.33 |
Weighted Average Number of Shares Outstanding: | ||||
Basic | 38,667,034 | 38,310,371 | 38,646,873 | 37,878,189 |
Assuming Dilution | 39,212,535 | 38,954,418 | 39,182,215 | 38,796,187 |
Other Financial Information (Schedule Of Percentage Distribution Of Inventories) (Details)
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6 Months Ended | 12 Months Ended |
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Jul. 02, 2011
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Jan. 01, 2011
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Other Financial Information | ||
Percentage of inventories determined using the last-in, first-out (LIFO) inventory valuation method | 55.00% | |
Raw Material and Work in Process | 34.00% | 36.00% |
Finished Goods and Purchased Parts | 66.00% | 64.00% |