Supplemental Guarantor Information

3 Months Ended

Apr. 01, 2012

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Note 11: Supplemental Guarantor Information

As of April 1, 2012, Belden Inc. (the Issuer) has outstanding $549.4 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 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 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. All subsidiary guarantors are 100% owned by the Issuer.

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

	April 1, 2012
	Issuer			Non- Guarantor Subsidiaries		Eliminations			Total
	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	53,454		$	316,563	$	—		$	370,017
Receivables, net		108,123			181,792		—			289,915
Inventories, net		120,976			79,924		—			200,900
Deferred income taxes		15,737			4,386		—			20,123
Other current assets		9,616			11,165		—			20,781
Total current assets		307,906			593,830		—			901,736
Property, plant and equipment, less accumulated depreciation		134,100			156,157		—			290,257
Goodwill		242,808			106,744		—			349,552
Intangible assets, less accumulated amortization		76,242			73,177		—			149,419
Deferred income taxes		(3,182	)		12,998		—			9,816
Other long-lived assets		13,099			53,847		—			66,946
Investment in subsidiaries		1,325,084			—		(1,325,084	)		—
	$	2,096,057		$	996,753	$	(1,325,084	)	$	1,767,726
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	90,793		$	131,932	$	—		$	222,725
Accrued liabilities		49,582			74,150		—			123,732
Total current liabilities		140,375			206,082		—			346,457
Long-term debt		550,295			—		—			550,295
Postretirement benefits		33,255			100,693		—			133,948
Other long-term liabilities		23,092			6,046		—			29,138
Intercompany accounts		(43,165	)		43,165		—			—
Total stockholders’ equity		1,392,205			640,767		(1,325,084	)		707,888
	$	2,096,057		$	996,753	$	(1,325,084	)	$	1,767,726

	December 31, 2011
	Issuer			Non- Guarantor Subsidiaries		Eliminations			Total
				(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	92,586		$	290,130	$	—		$	382,716
Receivables, net		117,920			181,150		—			299,070
Inventories, net		125,168			76,975		—			202,143
Deferred income taxes		15,737			3,923		—			19,660
Other current assets		10,121			11,711		—			21,832
Total current assets		361,532			563,889		—			925,421
Property, plant and equipment, less accumulated depreciation		132,909			154,024		—			286,933
Goodwill		242,808			105,224		—			348,032
Intangible assets, less accumulated amortization		77,455			74,228		—			151,683
Deferred income taxes		(1,829	)		14,048		—			12,219
Other long-lived assets		13,666			50,166		—			63,832
Investment in subsidiaries		1,306,843			—		(1,306,843	)		—
	$	2,133,384		$	961,579	$	(1,306,843	)	$	1,788,120
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	94,647		$	132,924	$	—		$	227,571
Accrued liabilities		73,579			80,416		—			153,995
Total current liabilities		168,226			213,340		—			381,566
Long-term debt		550,926			—		—			550,926
Postretirement benefits		42,855			88,382		—			131,237
Other long-term liabilities		23,628			6,214		—			29,842
Intercompany accounts		(33,617	)		33,617		—			—
Total stockholders’ equity		1,381,366			620,026		(1,306,843	)		694,549
	$	2,133,384		$	961,579	$	(1,306,843	)	$	1,788,120

Supplemental Condensed Consolidating Statements of Comprehensive Income (Unaudited)

	Three Months Ended April 1, 2012
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
				(In thousands)
Revenues	$	259,267		$	262,719		$	(57,695	)	$	464,291
Cost of sales		(185,385	)		(194,883	)		57,695			(322,573	)
Gross profit		73,882			67,836			—			141,718
Selling, general and administrative expenses		(46,924	)		(36,302	)		—			(83,226	)
Research and development		(3,583	)		(10,450	)		—			(14,033	)
Amortization of intangibles		(1,177	)		(2,058	)		—			(3,235	)
Income from equity method investment		—			2,741			—			2,741
Operating income		22,198			21,767			—			43,965
Interest expense		(11,904	)		(17	)		—			(11,921	)
Interest income		24			327			—			351
Intercompany income (expense)		(970	)		970			—			—
Income (loss) from equity investment in subsidiaries		18,241			—			(18,241	)		—
Income (loss) from continuing operations before taxes		27,589			23,047			(18,241	)		32,395
Income tax expense		(3,314	)		(4,806	)		—			(8,120	)
Net income (loss)	$	24,275		$	18,241		$	(18,241	)	$	24,275
Comprehensive income (loss)	$	22,630		$	30,512		$	(18,241	)	$	34,901

	Three Months Ended April 3, 2011
	Issuer			Non- Guarantor Subsidiaries			Eliminations			Total
				(In thousands)
Revenues	$	256,666		$	252,105		$	(47,143	)	$	461,628
Cost of sales		(185,576	)		(192,740	)		47,143			(331,173	)
Gross profit		71,090			59,365			—			130,455
Selling, general and administrative expenses		(43,976	)		(30,960	)		—			(74,936	)
Research and development		(4,708	)		(8,921	)		—			(13,629	)
Amortization of intangibles		(1,710	)		(1,969	)		—			(3,679	)
Income from equity method investment		—			3,862			—			3,862
Operating income		20,696			21,377			—			42,073
Interest expense		(11,782	)		(26	)		—			(11,808	)
Interest income		43			116			—			159
Intercompany income (expense)		(1,682	)		1,682			—			—
Income (loss) from equity investment in subsidiaries		15,466			—			(15,466	)		—
Income (loss) from continuing operations before taxes		22,741			23,149			(15,466	)		30,424
Income tax expense		(723	)		(7,683	)		—			(8,406	)
Income (loss) from continuing operations		22,018			15,466			(15,466	)		22,018
Loss from discontinued operations, net of tax		(128	)		—			—			(128	)
Net income (loss)	$	21,890		$	15,466		$	(15,466	)	$	21,890
Comprehensive income (loss)	$	21,890		$	38,223		$	(15,466	)	$	44,647

Supplemental Condensed Consolidating Statements of Cash Flows (Unaudited)

	Three Months Ended April 1, 2012
	Issuer			Non- Guarantor Subsidiaries			Total
	(In thousands)
Net cash provided by (used for) operating activities	$	(11,907	)	$	24,655		$	12,748
Cash flows from investing activities:
Capital expenditures		(4,927	)		(2,630	)		(7,557	)
Cash used to acquire businesses, net of cash acquired		(587	)		—			(587	)
Net cash used for investing activities		(5,514	)		(2,630	)		(8,144	)
Cash flows from financing activities:
Payments under share repurchase program		(25,000	)		—			(25,000	)
Cash dividends paid		(2,409	)		—			(2,409	)
Payments under borrowing arrangements		(600	)		—			(600	)
Proceeds from exercise of stock options		2,179			—			2,179
Tax benefit related to share-based compensation		4,119			—			4,119
Net cash used for financing activities		(21,711	)		—			(21,711	)
Effect of currency exchange rate changes on cash and cash equivalents		—			4,408			4,408
Increase (decrease) in cash and cash equivalents		(39,132	)		26,433			(12,699	)
Cash and cash equivalents, beginning of period		92,586			290,130			382,716
Cash and cash equivalents, end of period	$	53,454		$	316,563		$	370,017

	Three Months Ended April 3, 2011
	Issuer			Non- Guarantor Subsidiaries			Total
				(In thousands)
Net cash provided by (used for) operating activities	$	(21,326	)	$	5,699		$	(15,627	)
Cash flows from investing activities:
Cash used to acquire businesses, net of cash acquired		(23,192	)		—			(23,192	)
Capital expenditures		(4,164	)		(2,634	)		(6,798	)
Proceeds from disposal of tangible assets		1,118			18			1,136
Net cash used for investing activities		(26,238	)		(2,616	)		(28,854	)
Cash flows from financing activities:
Cash dividends paid		(2,392	)		—			(2,392	)
Tax benefit related to share-based compensation		1,668			—			1,668
Proceeds from exercise of stock options		3,952			—			3,952
Intercompany capital contributions and dividends		(27,546	)		27,546			—
Net cash provided by (used for) financing activities		(24,318	)		27,546			3,228
Effect of currency exchange rate changes on cash and cash equivalents		—			5,685			5,685
Increase (decrease) in cash and cash equivalents		(71,882	)		36,314			(35,568	)
Cash and cash equivalents, beginning of period		173,699			184,954			358,653
Cash and cash equivalents, end of period	$	101,817		$	221,268		$	323,085