2014 Q4 Form 8-K Financial Statement

#000119312516608301 Filed on May 31, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $608.9M $610.8M $600.9M
YoY Change 19.45% 16.9% 13.48%
Cost Of Revenue $391.3M $389.0M $396.5M
YoY Change 16.91% 14.55% 13.19%
Gross Profit $217.6M $221.7M $204.4M
YoY Change 24.32% 21.27% 14.06%
Gross Profit Margin 35.74% 36.3% 34.01%
Selling, General & Admin $128.1M $119.1M $145.9M
YoY Change 33.02% 23.81% 56.04%
% of Gross Profit 58.87% 53.72% 71.39%
Research & Development $31.30M $30.44M $31.62M
YoY Change 50.48% 44.0% 51.06%
% of Gross Profit 14.38% 13.73% 15.47%
Depreciation & Amortization $27.80M $10.70M $11.40M
YoY Change 23.01% -8.55% -5.79%
% of Gross Profit 12.77% 4.83% 5.58%
Operating Expenses $175.0M $149.5M $177.5M
YoY Change 35.14% 27.45% 55.13%
Operating Profit $43.27M $58.01M $12.33M
YoY Change -12.0% 7.56% -77.14%
Interest Expense -$22.60M $21.66M $18.20M
YoY Change 43.04% 12.45% -0.77%
% of Operating Profit -52.23% 37.33% 147.68%
Other Income/Expense, Net
YoY Change
Pretax Income $20.00M $36.51M -$5.766M
YoY Change -28.83% 5.02% -116.14%
Income Tax $4.500M $2.667M -$5.781M
% Of Pretax Income 22.5% 7.3%
Net Earnings $15.99M $33.85M $15.00K
YoY Change -28.95% 16.44% -99.95%
Net Earnings / Revenue 2.63% 5.54% 0.0%
Basic Earnings Per Share $0.37 $0.78
Diluted Earnings Per Share $0.36 $0.77 $0.00
COMMON SHARES
Basic Shares Outstanding 42.82M shares 43.20M shares 43.60M shares
Diluted Shares Outstanding 43.91M shares 44.29M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $741.2M $449.1M $445.0M
YoY Change 20.85% -10.86% -6.55%
Cash & Equivalents $741.2M $449.1M $445.0M
Short-Term Investments
Other Short-Term Assets $36.84M $51.15M $59.65M
YoY Change -10.69% 150.3% 173.78%
Inventory $228.4M $223.7M $228.4M
Prepaid Expenses
Receivables $379.8M $416.4M $417.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.386B $1.169B $1.179B
YoY Change 15.95% 4.88% 9.42%
LONG-TERM ASSETS
Property, Plant & Equipment $316.4M $319.7M $328.0M
YoY Change 5.17% 6.11% 9.41%
Goodwill $943.4M $939.5M $934.3M
YoY Change 22.03% 20.66% 21.02%
Intangibles $461.3M $465.6M $483.0M
YoY Change 22.37% 18.73% 20.64%
Long-Term Investments
YoY Change
Other Assets $64.33M $89.99M $99.17M
YoY Change -18.95% 12.1% 31.92%
Total Long-Term Assets $1.846B $1.839B $1.872B
YoY Change 20.4% 16.03% 17.91%
TOTAL ASSETS
Total Short-Term Assets $1.386B $1.169B $1.179B
Total Long-Term Assets $1.846B $1.839B $1.872B
Total Assets $3.232B $3.008B $3.050B
YoY Change 18.45% 11.43% 14.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $272.4M $240.9M $248.1M
YoY Change 36.29% 23.7% 30.21%
Accrued Expenses $248.1M $226.7M $224.4M
YoY Change 24.55% 30.27% 38.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $2.500M $2.500M
YoY Change 0.0% -88.24% -89.5%
Total Short-Term Liabilities $523.0M $470.1M $475.0M
YoY Change 30.24% 20.53% 26.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.737B $1.536B $1.559B
YoY Change 27.29% 16.16% 19.28%
Other Long-Term Liabilities $31.41M $52.45M $60.66M
YoY Change -27.27% 27.18% 31.75%
Total Long-Term Liabilities $1.768B $1.589B $1.620B
YoY Change 25.62% 16.49% 19.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $523.0M $470.1M $475.0M
Total Long-Term Liabilities $1.768B $1.589B $1.620B
Total Liabilities $2.291B $2.059B $2.095B
YoY Change 26.65% 17.39% 21.1%
SHAREHOLDERS EQUITY
Retained Earnings $621.9M $608.1M $576.4M
YoY Change 11.81% 13.47% 13.23%
Common Stock $595.9M $593.2M $588.8M
YoY Change 1.64% 1.69% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $364.6M $334.8M $303.8M
YoY Change 31.73% 20.85% 17.86%
Treasury Stock Shares 7.871M shares
Shareholders Equity $807.2M $836.9M $834.8M
YoY Change
Total Liabilities & Shareholders Equity $3.232B $3.008B $3.050B
YoY Change 17.46% 11.43% 14.48%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $15.99M $33.85M $15.00K
YoY Change -28.95% 16.44% -99.95%
Depreciation, Depletion And Amortization $27.80M $10.70M $11.40M
YoY Change 23.01% -8.55% -5.79%
Cash From Operating Activities $129.2M $54.20M $31.00M
YoY Change 13.53% -19.47% -43.84%
INVESTING ACTIVITIES
Capital Expenditures -$14.40M -$10.10M -$10.60M
YoY Change 63.64% -9.01% -23.74%
Acquisitions
YoY Change
Other Investing Activities -$34.70M $200.0K -$306.8M
YoY Change -19275.0%
Cash From Investing Activities -$49.00M -$9.900M -$317.4M
YoY Change 456.82% -10.81% 2480.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 216.8M -34.90M 161.4M
YoY Change 8572.0% 8.05% -511.73%
NET CHANGE
Cash From Operating Activities 129.2M 54.20M 31.00M
Cash From Investing Activities -49.00M -9.900M -317.4M
Cash From Financing Activities 216.8M -34.90M 161.4M
Net Change In Cash 297.0M 9.400M -125.0M
YoY Change 176.28% -60.67% -3478.38%
FREE CASH FLOW
Cash From Operating Activities $129.2M $54.20M $31.00M
Capital Expenditures -$14.40M -$10.10M -$10.60M
Free Cash Flow $143.6M $64.30M $41.60M
YoY Change 17.13% -17.98% -39.8%

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1617000
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48000
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0
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28120000
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1411000
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192554000
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0
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-956000
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17600000
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22100000
CY2014 bdc Increase In Non Current Deferred Tax Assets For Balance Sheet Classification Of Deferred Taxes
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20000000
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200000
CY2015 us-gaap Earnings Per Share Diluted
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1.54
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P365D
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2800000
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-0.084 pure
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-0.01
CY2015 dei Amendment Flag
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false
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0.0159 pure
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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400000 shares
CY2015 dei Document Type
DocumentType
8-K
CY2015 dei Entity Central Index Key
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0000913142
CY2015 us-gaap Debt Instrument Collateral
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The 2023 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries.
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0.35 pure
CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.55
CY2015 us-gaap Revenue Recognition Rebates
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <u>Accrued Sales Rebates</u></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> We grant incentive rebates to participating customers as part of our sales programs. The rebates are determined based on certain targeted sales volumes. Rebates are paid quarterly or annually in either cash or receivables credits. Until we can process these rebates through individual customer records, we estimate the amount of outstanding rebates and recognize them as accrued liabilities and reductions in our gross revenues. We base our estimates on both historical and anticipated sales demand and rebate program participation. We charge revisions to these estimates back to accrued liabilities and revenues in the period in which the facts that give rise to each revision become known. Future market conditions and product transitions might require us to take actions to increase sales rebates offered, possibly resulting in an incremental increase in accrued liabilities and an incremental reduction in revenues at the time the rebate is offered. Accrued sales rebates at December&#xA0;31, 2015 and 2014 totaled $30.0 million and $31.5 million, respectively.</p> </div>
CY2015 us-gaap Fiscal Period
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <u>Reporting Periods</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Our fiscal year and fiscal fourth quarter both end on December&#xA0;31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December&#xA0;31. Our fiscal second and third quarters each have 91 days.</p> </div>
CY2015 dei Entity Registrant Name
EntityRegistrantName
BELDEN INC.
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0.3566 pure
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-0.01
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0.0022 pure
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563000 shares
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0.20
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236410000
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42953000 shares
CY2015 us-gaap Defined Benefit Plan Other Information
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Lesser of 10%
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-0.042 pure
CY2015 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <u>Reclassifications</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> We have made certain reclassifications to the 2014 and 2013 Consolidated Financial Statements with no impact to reported net income in order to conform to the 2015 presentation.</p> </div>
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
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42390000 shares
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31.22
CY2015 dei Document Period End Date
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2015-12-31
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96.52
CY2015 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <u>Use of Estimates in the Preparation of the Financial Statements</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and operating results and the disclosure of contingencies. Actual results could differ from those estimates. We make significant estimates with respect to the collectability and valuation of receivables, the valuation of inventory, the realization of deferred tax assets, the valuation of goodwill and indefinite-lived intangible assets, the valuation of contingent liabilities, the calculation of share-based compensation, the calculation of pension and other postretirement benefits expense, and the valuation of acquired businesses.</p> </div>
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-1800000
CY2015 us-gaap Debt Instrument Priority
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The 2023 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2024, 2022, and 2019 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan and Revolver.
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140553000
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-19204000
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3070000
CY2015 dei Trading Symbol
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BDC
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Semiannually
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1.57
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1.56
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-0.665 pure
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CY2015 us-gaap Number Of Reportable Segments
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5 Segment
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54969000
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5050000
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66204000
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66508000
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2700000
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2996000
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22795000
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66180000
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-100613000
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66204000
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24960000
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918173000
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-20842000
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6867000
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152500000
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66508000
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53248000
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898000
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638000
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-6066000
CY2015 us-gaap Income Tax Holiday Aggregate Dollar Amount
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2500000
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39940000
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-6166000
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2309222000
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-86000
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-6924000
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46864000
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3100000
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91496000
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66532000
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110000
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53202000
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544000
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1770000
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-26568000
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17745000
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134000
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-1300000
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-23709000
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-2257000
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3765000
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2015 us-gaap Current Foreign Tax Expense Benefit
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17317000
CY2015 us-gaap Proceeds From Income Tax Refunds
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4068000
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40600000
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39053000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-524411000
CY2015 us-gaap Deferred Foreign Income Tax Expense Benefit
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