Supplemental Guarantor Information

6 Months Ended

Jul. 03, 2011

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Note 13: Supplemental Guarantor Information

As of July 3, 2011, Belden Inc. (the Issuer) has outstanding $550.0 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 credit facility. Belden Inc. and certain of its subsidiaries have fully and unconditionally guaranteed the notes on a joint and several basis. In addition, effective April 25, 2011, in connection with the refinancing of our senior secured credit facility, the guarantor subsidiaries of the notes have been revised. 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. 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 3, 2011
				Non-
				Guarantor
	Issuer			Subsidiaries		Eliminations			Total
				(Unaudited)
				(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	100,925		$	228,387	$	—		$	329,312
Receivables, net		129,875			233,498		—			363,373
Inventories, net		105,738			96,192		—			201,930
Deferred income taxes		4,634			4,463		—			9,097
Other current assets		7,132			11,443		—			18,575
Total current assets		348,304			573,983		—			922,287
Property, plant and equipment, less accumulated depreciation		120,296			171,497		—			291,793
Goodwill		220,842			133,007		—			353,849
Intangible assets, less accumulated amortization		67,402			93,855		—			161,257
Deferred income taxes		9,804			12,763		—			22,567
Other long-lived assets		12,042			60,431		—			72,473
Investment in subsidiaries		1,280,746			—		(1,280,746	)		—
	$	2,059,436		$	1,045,536	$	(1,280,746	)	$	1,824,226
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	95,638		$	143,500	$	—		$	239,138
Accrued liabilities		59,060			85,754		—			144,814
Total current liabilities		154,698			229,254		—			383,952
Long-term debt		550,984			—		—			550,984
Postretirement benefits		32,355			87,130		—			119,485
Other long-term liabilities		21,420			17,918		—			39,338
Intercompany accounts		(36,044	)		36,044		—			—
Total stockholders’ equity		1,336,023			675,190		(1,280,746	)		730,467
	$	2,059,436		$	1,045,536	$	(1,280,746	)	$	1,824,226

	December 31, 2010
				Non-
				Guarantor
	Issuer			Subsidiaries		Eliminations			Total
				(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	173,699		$	184,954	$	—		$	358,653
Receivables, net		117,303			180,963		—			298,266
Inventories, net		109,127			66,532		—			175,659
Deferred income taxes		5,590			3,883		—			9,473
Other current assets		10,199			8,605		—			18,804
Total current assets		415,918			444,937		—			860,855
Property, plant and equipment, less accumulated depreciation		120,857			158,009		—			278,866
Goodwill		258,094			64,462		—			322,556
Intangible assets, less accumulated amortization		93,695			50,125		—			143,820
Deferred income taxes		9,342			18,223		—			27,565
Other long-lived assets		12,771			50,051		—			62,822
Investment in subsidiaries		1,227,959			—		(1,227,959	)		—
	$	2,138,636		$	785,807	$	(1,227,959	)	$	1,696,484
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	92,996		$	119,088	$	—		$	212,084
Accrued liabilities		78,013			67,827		—			145,840
Total current liabilities		171,009			186,915		—			357,924
Long-term debt		551,155			—		—			551,155
Postretirement benefits		27,949			84,477		—			112,426
Other long-term liabilities		30,047			6,417		—			36,464
Intercompany accounts		(249,051	)		249,051		—			—
Total stockholders’ equity		1,607,527			258,947		(1,227,959	)		638,515
	$	2,138,636		$	785,807	$	(1,227,959	)	$	1,696,484

Supplemental Condensed Consolidating Statements of Operations (Unaudited)

	Three Months Ended July 3, 2011
				Non-
				Guarantor
	Issuer			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
	Three Months Ended July 4, 2010
				Non-
				Guarantor
	Issuer			Subsidiaries			Eliminations			Total
				(In thousands)
Revenues	$	204,261		$	243,812		$	(37,510	)	$	410,563
Cost of sales		(146,720	)		(184,049	)		37,510			(293,259	)
Gross profit		57,541			59,763			—			117,304
Selling, general and administrative expenses		(38,111	)		(30,296	)		—			(68,407	)
Research and development		(2,603	)		(7,308	)		—			(9,911	)
Amortization of intangibles		(727	)		(1,860	)		—			(2,587	)
Income from equity method investment		—			3,211			—			3,211
Operating income		16,100			23,510			—			39,610
Interest expense		(14,443	)		257			—			(14,186	)
Interest income		30			106			—			136
Other income		—			1,465			—			1,465
Intercompany income (expense)		(1,009	)		1,009			—			—
Income (loss) from equity investment in subsidiaries		20,834			—			(20,834	)		—
Income (loss) from continuing operations before taxes		21,512			26,347			(20,834	)		27,025
Income tax benefit (expense)		73			(5,513	)		—			(5,440	)
Income (loss) from continuing operations		21,585			20,834			(20,834	)		21,585
Loss from discontinued operations, net of tax		(1,913	)		—			—			(1,913	)
Net income (loss)	$	19,672		$	20,834		$	(20,834	)	$	19,672

	Six Months Ended July 3, 2011
				Non-
				Guarantor
	Issuer			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
	Six Months Ended July 4, 2010
				Non-
				Guarantor
	Issuer			Subsidiaries			Eliminations			Total
	(In thousands)
Revenues	$	396,702		$	473,498		$	(75,213	)	$	794,987
Cost of sales		(284,086	)		(358,400	)		75,213			(567,273	)
Gross profit		112,616			115,098			—			227,714
Selling, general and administrative expenses		(74,935	)		(62,207	)		—			(137,142	)
Research and development		(5,286	)		(14,933	)		—			(20,219	)
Amortization of intangibles		(1,465	)		(3,835	)		—			(5,300	)
Income from equity method investment		—			5,852			—			5,852
Operating income		30,930			39,975			—			70,905
Interest expense		(27,225	)		93			—			(27,132	)
Interest income		79			239			—			318
Other income		—			1,465			—			1,465
Intercompany income (expense)		(306	)		306			—			—
Income (loss) from equity investment in subsidiaries		32,279			—			(32,279	)		—
Income (loss) from continuing operations before taxes		35,757			42,078			(32,279	)		45,556
Income tax benefit (expense)		158			(9,799	)		—			(9,641	)
Income (loss) from continuing operations		35,915			32,279			(32,279	)		35,915
Loss from discontinued operations, net of tax		(4,496	)		—			—			(4,496	)
Net income (loss)	$	31,419		$	32,279		$	(32,279	)	$	31,419

Supplemental Condensed Consolidating Statements of Cash Flows (Unaudited)

	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

	Six Months Ended July 4, 2010
				Non-
				Guarantor
	Issuer			Subsidiaries			Total
				(In thousands)
Net cash provided by (used for) operating activities	$	93,832		$	(88,319	)	$	5,513
Cash flows from investing activities:
Capital expenditures		(7,658	)		(5,047	)		(12,705	)
Proceeds from disposal of tangible assets		2,314			18			2,332
Cash provided by other investing activities		163			—			163
Net cash used for investing activities		(5,181	)		(5,029	)		(10,210	)
Cash flows from financing activities:
Payments under borrowing arrangements		(46,268	)		—			(46,268	)
Cash dividends paid		(4,712	)		—			(4,712	)
Tax deficiency related to share-based compensation		(210	)		—			(210	)
Proceeds from exercises of stock options		634			—			634
Net cash used for financing activities		(50,556	)		—			(50,556	)
Effect of currency exchange rate changes on cash and cash equivalents		—			(8,011	)		(8,011	)
Increase (decrease) in cash and cash equivalents		38,095			(101,359	)		(63,264	)
Cash and cash equivalents, beginning of period		58,855			250,024			308,879
Cash and cash equivalents, end of period	$	96,950		$	148,665		$	245,615