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Equity Method Investment

12 Months Ended

Dec. 31, 2011

Equity Method Investment [Abstract]

Equity Method Investment

Note 6: Equity Method Investment

We have a 50% ownership interest in Xuzhou Hirschmann Electronics Co., Ltd. (the Hirschmann JV), which we acquired in connection with our 2007 acquisition of Hirschmann Automation and Control GmbH. The Hirschmann JV is an entity located in China that supplies load-moment indicators to the industrial crane market as does one of the business units of our EMEA segment. We account for this investment using the equity method of accounting. The results of our investment in the Hirschmann JV are included in the EMEA segment.

Summary financial information for the Hirschmann JV is as follows:


		2011				2010				2009
		(In thousands)
Current assets		$	63,879			$	45,417			$	36,789
Noncurrent assets			4,020				3,683				3,799
Current liabilities			26,914				18,048				18,890
Noncurrent liabilities			205				197				192
Revenues			69,431				61,881				47,919
Gross profit			34,579				30,513				19,931
Operating income			29,042				24,863				15,947
Net income			25,710				23,982				15,318
Net income attributable to Belden after certain adjustments		$	13,169			$	11,940			$	6,405

The carrying value recorded in other long-lived assets on our Consolidated Balance Sheets of our investment in the Hirschmann JV as of December 31, 2011 and 2010 is $37.7 million and $36.8 million, respectively. The difference between this carrying value and our share of the Hirschmann JV’s net assets is primarily attributable to goodwill.

We had sales of $19.4 million, $11.9 million, and $9.2 million to the Hirschmann JV in 2011, 2010, and 2009, respectively. We received $10.9 million, $6.4 million, and $5.0 million in dividends from the Hirschmann JV in 2011, 2010, and 2009, respectively. We had receivables from the Hirschmann JV as of December 31, 2011 and 2010 of $3.6 million and $1.3 million, respectively.

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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