Equity Method Investment

12 Months Ended

Dec. 31, 2012

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. Beginning on January 1, 2012, the results of our equity method investment in the Hirschmann JV are no longer included in our EMEA segment due to a change in our organizational reporting structure for the Hirschmann JV.

Summary financial information for the Hirschmann JV is as follows:

	December 31,
	2012		2011		2010
	(In thousands)
Current assets	$	46,042	$	63,879	$	45,417
Noncurrent assets		4,107		4,020		3,683
Current liabilities		13,132		26,914		18,048
Noncurrent liabilities		207		205		197

	Years Ended December 31,
	2012		2011		2010
	(In thousands)
Revenues	$	56,564	$	69,431	$	61,881
Gross profit		29,067		34,100		30,090
Operating income		22,317		27,771		23,775
Net income		19,408		26,338		23,880
Net income attributable to Belden		9,704		13,169		11,940

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, 2012 and 2011 is $35.4 million and $37.7 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 $5.7 million, $19.4 million, and $11.9 million to the Hirschmann JV in 2012, 2011, and 2010, respectively. We received $12.5 million, $10.9 million, and $6.4 million in dividends from the Hirschmann JV in 2012, 2011, and 2010, respectively. We had receivables from the Hirschmann JV as of December 31, 2012 and 2011 of $2.4 million and $3.6 million, respectively.