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Condensed Consolidating Financial Statements | 3 Months Ended
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Apr. 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements As of April 1, 2018, the Company had $300.0 million in outstanding Notes (see Note 9). The Notes are guaranteed by the Subsidiary Guarantors and are collateralized by the assets of all of the Company’s 100% owned subsidiaries. The Notes are fully and unconditionally guaranteed on a joint and several basis by each Subsidiary Guarantor and the Company. There are no contractual restrictions with respect to the Notes limiting cash transfers from Subsidiary Guarantors by dividends, loans or advances to the Company. The Notes are not guaranteed by the Company’s foreign subsidiaries (the “Non-Guarantor Subsidiaries”). The following tables present condensed consolidating financial statements for the parent company, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries, respectively. The condensed consolidating financial information below follows the same accounting policies as described in the condensed consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in 100% owned subsidiaries, which are eliminated upon consolidation.
Condensed Consolidating Balance Sheet April 1, 2018 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash | $ | 118.2 |  |  | $ | (1.6 | ) |  | $ | 11.6 |  |  | $ | — |  |  | $ | 128.2 |
Accounts receivable and unbilled receivables, net | — |  |  | 181.8 |  |  | 27.1 |  |  | — |  |  | 208.9 |
Amounts due from affiliated companies | 240.3 |  |  | — |  |  | — |  |  | (240.3 | ) |  | — |
Inventoried costs | — |  |  | 29.9 |  |  | 18.3 |  |  | — |  |  | 48.2 |
Other current assets | 3.1 |  |  | 12.1 |  |  | 4.5 |  |  | — |  |  | 19.7 |
Current assets of discontinued operations | — |  |  | 52.1 |  |  | — |  |  | — |  |  | 52.1 |
Total current assets | 361.6 |  |  | 274.3 |  |  | 61.5 |  |  | (240.3 | ) |  | 457.1 |
Property, plant and equipment, net | 1.7 |  |  | 53.0 |  |  | 6.8 |  |  | — |  |  | 61.5 |
Goodwill | — |  |  | 382.8 |  |  | 42.9 |  |  | — |  |  | 425.7 |
Intangible assets, net | — |  |  | 14.6 |  |  | 5.7 |  |  | — |  |  | 20.3 |
Investment in subsidiaries | 475.4 |  |  | 72.7 |  |  | — |  |  | (548.1 | ) |  | — |
Other assets | 0.8 |  |  | 7.0 |  |  | — |  |  | — |  |  | 7.8 |
Non-current assets of discontinued operations | — |  |  | 38.8 |  |  | — |  |  | — |  |  | 38.8 |
Total assets | $ | 839.5 |  |  | $ | 843.2 |  |  | $ | 116.9 |  |  | $ | (788.4 | ) |  | $ | 1,011.2 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2.2 |  |  | $ | 25.2 |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | 31.3 |
Accrued expenses | 8.7 |  |  | 29.8 |  |  | 1.9 |  |  | — |  |  | 40.4 |
Accrued compensation | 5.0 |  |  | 25.6 |  |  | 3.5 |  |  | — |  |  | 34.1 |
Billings in excess of costs and earnings on uncompleted contracts | — |  |  | 36.0 |  |  | 2.2 |  |  | — |  |  | 38.2 |
Amounts due to affiliated companies | — |  |  | 207.6 |  |  | 32.7 |  |  | (240.3 | ) |  | — |
Other current liabilities | 0.7 |  |  | 2.3 |  |  | 4.8 |  |  | — |  |  | 7.8 |
Current liabilities of discontinued operations | 0.6 |  |  | 22.5 |  |  | 0.1 |  |  | — |  |  | 23.2 |
Total current liabilities | 17.2 |  |  | 349.0 |  |  | 49.1 |  |  | (240.3 | ) |  | 175.0 |
Long-term debt, net of current portion | 293.6 |  |  | — |  |  | — |  |  | — |  |  | 293.6 |
Other long-term liabilities | 12.4 |  |  | 4.7 |  |  | 7.1 |  |  | — |  |  | 24.2 |
Non-current liabilities of discontinued operations | 3.8 |  |  | 2.1 |  |  | — |  |  | — |  |  | 5.9 |
Total liabilities | 327.0 |  |  | 355.8 |  |  | 56.2 |  |  | (240.3 | ) |  | 498.7 |
Total stockholders’ equity | 512.5 |  |  | 487.4 |  |  | 60.7 |  |  | (548.1 | ) |  | 512.5 |
Total liabilities and stockholders’ equity | $ | 839.5 |  |  | $ | 843.2 |  |  | $ | 116.9 |  |  | $ | (788.4 | ) |  | $ | 1,011.2 |
Condensed Consolidating Balance Sheet December 31, 2017 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash | $ | 121.3 |  |  | $ | (1.1 | ) |  | $ | 10.7 |  |  | $ | — |  |  | $ | 130.9 |
Accounts receivable and unbilled receivables, net | — |  |  | 183.8 |  |  | 28.5 |  |  | — |  |  | 212.3 |
Amounts due from affiliated companies | 238.1 |  |  | — |  |  | — |  |  | (238.1 | ) |  | — |
Inventoried costs | — |  |  | 30.8 |  |  | 18.2 |  |  | — |  |  | 49.0 |
Other current assets | 3.7 |  |  | 13.5 |  |  | 3.4 |  |  | — |  |  | 20.6 |
Current assets of discontinued operations | — |  |  | 58.6 |  |  | — |  |  | — |  |  | 58.6 |
Total current assets | 363.1 |  |  | 285.6 |  |  | 60.8 |  |  | (238.1 | ) |  | 471.4 |
Property, plant and equipment, net | 1.9 |  |  | 49.3 |  |  | 6.8 |  |  | — |  |  | 58.0 |
Goodwill | — |  |  | 382.8 |  |  | 42.9 |  |  | — |  |  | 425.7 |
Intangible assets, net | — |  |  | 15.8 |  |  | 6.2 |  |  | — |  |  | 22.0 |
Investment in subsidiaries | 471.1 |  |  | 70.0 |  |  | — |  |  | (541.1 | ) |  | — |
Other assets | 0.8 |  |  | 7.3 |  |  | — |  |  | — |  |  | 8.1 |
Non-current assets of discontinued operations | — |  |  | 38.8 |  |  | — |  |  | — |  |  | 38.8 |
Total assets | $ | 836.9 |  |  | $ | 849.6 |  |  | $ | 116.7 |  |  | $ | (779.2 | ) |  | $ | 1,024.0 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2.3 |  |  | $ | 27.9 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 34.7 |
Accrued expenses | 5.7 |  |  | 33.6 |  |  | 3.3 |  |  | — |  |  | 42.6 |
Accrued compensation | 5.6 |  |  | 20.7 |  |  | 3.9 |  |  | — |  |  | 30.2 |
Billings in excess of costs and earnings on uncompleted contracts | — |  |  | 38.2 |  |  | 4.6 |  |  | — |  |  | 42.8 |
Amounts due to affiliated companies | — |  |  | 206.4 |  |  | 31.7 |  |  | (238.1 | ) |  | — |
Other current liabilities | 1.4 |  |  | 4.3 |  |  | 3.7 |  |  | — |  |  | 9.4 |
Current liabilities of discontinued operations | 1.0 |  |  | 28.1 |  |  | 0.1 |  |  | — |  |  | 29.2 |
Total current liabilities | 16.0 |  |  | 359.2 |  |  | 51.8 |  |  | (238.1 | ) |  | 188.9 |
Long-term debt, net of current portion | 293.5 |  |  | — |  |  | — |  |  | — |  |  | 293.5 |
Other long-term liabilities | 12.1 |  |  | 5.1 |  |  | 6.9 |  |  | — |  |  | 24.1 |
Non-current liabilities of discontinued operations | 3.8 |  |  | 2.2 |  |  | — |  |  | — |  |  | 6.0 |
Total liabilities | 325.4 |  |  | 366.5 |  |  | 58.7 |  |  | (238.1 | ) |  | 512.5 |
Total stockholders’ equity | 511.5 |  |  | 483.1 |  |  | 58.0 |  |  | (541.1 | ) |  | 511.5 |
Total liabilities and stockholders’ equity | $ | 836.9 |  |  | $ | 849.6 |  |  | $ | 116.7 |  |  | $ | (779.2 | ) |  | $ | 1,024.0 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended April 1, 2018 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Service revenues | $ | — |  |  | $ | 42.7 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 46.0 |
Product sales | — |  |  | 85.5 |  |  | 16.4 |  |  | (4.9 | ) |  | 97.0 |
Total revenues | — |  |  | 128.2 |  |  | 19.7 |  |  | (4.9 | ) |  | 143.0 |
Cost of service revenues | — |  |  | 30.4 |  |  | 2.5 |  |  | — |  |  | 32.9 |
Cost of product sales | — |  |  | 63.2 |  |  | 11.0 |  |  | (4.9 | ) |  | 69.3 |
Total costs | — |  |  | 93.6 |  |  | 13.5 |  |  | (4.9 | ) |  | 102.2 |
Gross profit | — |  |  | 34.6 |  |  | 6.2 |  |  | — |  |  | 40.8 |
Selling, general and administrative expenses | 0.4 |  |  | 26.7 |  |  | 3.1 |  |  | — |  |  | 30.2 |
Research and development expenses | — |  |  | 3.2 |  |  | 0.4 |  |  | — |  |  | 3.6 |
Operating income (loss) from continuing operations | (0.4 | ) |  | 4.7 |  |  | 2.7 |  |  | — |  |  | 7.0 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net | (5.2 | ) |  | 0.1 |  |  | — |  |  | — |  |  | (5.1 | )
Other income (expense), net | (0.8 | ) |  | 0.8 |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total other income (expense), net | (6.0 | ) |  | 0.9 |  |  | 0.3 |  |  | — |  |  | (4.8 | )
Income (loss) from continuing operations before income taxes | (6.4 | ) |  | 5.6 |  |  | 3.0 |  |  | — |  |  | 2.2 |
Provision for income taxes from continuing operations | 0.1 |  |  | 0.5 |  |  | 0.3 |  |  | — |  |  | 0.9 |
Income (loss) from continuing operations | (6.5 | ) |  | 5.1 |  |  | 2.7 |  |  | — |  |  | 1.3 |
Loss from discontinued operations | — |  |  | (3.5 | ) |  | — |  |  | — |  |  | (3.5 | )
Equity in net income (loss) of subsidiaries | 4.3 |  |  | 2.7 |  |  | — |  |  | (7.0 | ) |  | — |
Net income (loss) | $ | (2.2 | ) |  | $ | 4.3 |  |  | $ | 2.7 |  |  | $ | (7.0 | ) |  | $ | (2.2 | )
Comprehensive income (loss) | $ | (2.3 | ) |  | $ | 4.3 |  |  | $ | 2.6 |  |  | $ | (6.9 | ) |  | $ | (2.3 | )
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 26, 2017 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Service revenues | $ | — |  |  | $ | 46.6 |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 49.2 |
Product sales | — |  |  | 73.3 |  |  | 12.7 |  |  | (3.2 | ) |  | 82.8 |
Total revenues | — |  |  | 119.9 |  |  | 15.3 |  |  | (3.2 | ) |  | 132.0 |
Cost of service revenues | — |  |  | 33.1 |  |  | 1.9 |  |  | — |  |  | 35.0 |
Cost of product sales | — |  |  | 54.0 |  |  | 10.1 |  |  | (3.2 | ) |  | 60.9 |
Total costs | — |  |  | 87.1 |  |  | 12.0 |  |  | (3.2 | ) |  | 95.9 |
Gross profit | — |  |  | 32.8 |  |  | 3.3 |  |  | — |  |  | 36.1 |
Selling, general and administrative expenses | 2.1 |  |  | 25.1 |  |  | 3.1 |  |  | — |  |  | 30.3 |
Research and development expenses | — |  |  | 4.0 |  |  | 0.4 |  |  | — |  |  | 4.4 |
Operating income (loss) from continuing operations | (2.1 | ) |  | 3.7 |  |  | (0.2 | ) |  | — |  |  | 1.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net | (8.2 | ) |  | — |  |  | — |  |  | — |  |  | (8.2 | )
Loss on extinguishment of debt | (2.1 | ) |  | — |  |  | — |  |  | — |  |  | (2.1 | )
Other income (expense), net | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total other income (expense), net | (10.3 | ) |  | — |  |  | 0.2 |  |  | — |  |  | (10.1 | )
Income (loss) from continuing operations before income taxes | (12.4 | ) |  | 3.7 |  |  | — |  |  | — |  |  | (8.7 | )
Provision for income taxes from continuing operations | 0.1 |  |  | 1.0 |  |  | 0.3 |  |  | — |  |  | 1.4 |
Income (loss) from continuing operations | (12.5 | ) |  | 2.7 |  |  | (0.3 | ) |  | — |  |  | (10.1 | )
Income (loss) from discontinued operations | (0.1 | ) |  | 0.2 |  |  | — |  |  | — |  |  | 0.1 |
Equity in net income (loss) of subsidiaries | 2.6 |  |  | (0.3 | ) |  | — |  |  | (2.3 | ) |  | — |
Net income (loss) | $ | (10.0 | ) |  | $ | 2.6 |  |  | $ | (0.3 | ) |  | $ | (2.3 | ) |  | $ | (10.0 | )
Comprehensive income (loss) | $ | (9.9 | ) |  | $ | 2.6 |  |  | $ | (0.2 | ) |  | $ | (2.4 | ) |  | $ | (9.9 | )
Condensed Consolidating Statement of Cash Flows Three Months Ended April 1, 2018 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities from continuing operations | $ | (3.1 | ) |  | $ | 10.2 |  |  | $ | (0.6 | ) |  | $ | — |  |  | $ | 6.5 |
Investing activities: |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired | — |  |  | (1.9 | ) |  | 1.9 |  |  | — |  |  | — |
Investment in affiliated companies | — |  |  | — |  |  | — |  |  | — |  |  | — |
Change in restricted cash | — |  |  | — |  |  | — |  |  | — |  |  | — |
Proceeds from sale of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Capital expenditures | — |  |  | (6.2 | ) |  | (0.5 | ) |  | — |  |  | (6.7 | )
Net cash provided by (used in) investing activities from continuing operations | — |  |  | (8.1 | ) |  | 1.4 |  |  | — |  |  | (6.7 | )
Financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Debt issuance costs | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Proceeds from the issuance of common stock | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Proceeds from the sale of employee stock purchase plan shares | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
Net cash provided by (used in) financing activities from continuing operations | 0.6 |  |  | — |  |  | (0.2 | ) |  | — |  |  | 0.4 |
Net cash flows of continuing operations | (2.5 | ) |  | 2.1 |  |  | 0.6 |  |  | — |  |  | 0.2 |
Net operating cash flows from discontinued operations | (0.4 | ) |  | (2.7 | ) |  | — |  |  | — |  |  | (3.1 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (2.9 | ) |  | $ | (0.6 | ) |  | $ | 0.8 |  |  | $ | — |  |  | $ | (2.7 | )
Condensed Consolidating Statement of Cash Flows Three Months Ended March 26, 2017 (Unaudited) (in millions)
| Parent Company |  | Subsidiary Guarantors on a Combined Basis |  | Non-Guarantors on a Combined Basis |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities from continuing operations | $ | (1.5 | ) |  | $ | (4.7 | ) |  | $ | 0.8 |  |  | $ | — |  |  | $ | (5.4 | )
Investing activities: |  |  |  |  |  |  |  |  |
Investment in affiliated companies | (14.6 | ) |  | — |  |  | — |  |  | 14.6 |  |  | — |
Capital expenditures | — |  |  | (4.9 | ) |  | (0.2 | ) |  | — |  |  | (5.1 | )
Net cash provided by (used in) investing activities from continuing operations | (14.6 | ) |  | (4.9 | ) |  | (0.2 | ) |  | 14.6 |  |  | (5.1 | )
Financing activities: |  |  |  |  |  |  |  |  |
Extinguishment of long-term debt | (64.0 | ) |  | — |  |  | — |  |  | — |  |  | (64.0 | )
Repayment of debt | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Proceeds from the issuance of common stock | 81.9 |  |  | — |  |  | — |  |  | — |  |  | 81.9 |
Proceeds from the sale of employee stock purchase plan shares | 0.8 |  |  | — |  |  | — |  |  | — |  |  | 0.8 |
Financing from affiliated companies | — |  |  | 14.6 |  |  | — |  |  | (14.6 | ) |  | — |
Net cash provided by (used in) financing activities from continuing operations | 18.7 |  |  | 14.6 |  |  | (0.3 | ) |  | (14.6 | ) |  | 18.4 |
Net cash flows of continuing operations | 2.6 |  |  | 5.0 |  |  | 0.3 |  |  | — |  |  | 7.9 |
Net operating cash flows from discontinued operations | (0.4 | ) |  | (3.9 | ) |  | — |  |  | — |  |  | (4.3 | )
Net investing cash flows from discontinued operations | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Net increase in cash, cash equivalents and restricted cash | $ | 2.0 |  |  | $ | 1.1 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 3.4 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161450&loc=d3e5614-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01(a)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 + Details
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