Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | COMM | |
Entity Registrant Name | CommScope Holding Company, Inc. | |
Entity Central Index Key | 0001517228 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 193,523,693 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 1,099.5 | $ 1,120.5 |
Cost of sales | 687.7 | 709.1 |
Gross profit | 411.8 | 411.4 |
Operating expenses: | ||
Selling, general and administrative | 199.2 | 185.1 |
Research and development | 50.2 | 49.9 |
Amortization of purchased intangible assets | 59.3 | 67.2 |
Restructuring costs, net | 12.4 | 5.5 |
Total operating expenses | 321.1 | 307.7 |
Operating income | 90.7 | 103.7 |
Other income (expense), net | (5.7) | 1 |
Interest expense | (97.5) | (59.8) |
Interest income | 11.8 | 1.4 |
Income (loss) before income taxes | (0.7) | 46.3 |
Income tax expense | (1.6) | (12.6) |
Net income (loss) | $ (2.3) | $ 33.7 |
Earnings (loss) per share: | ||
Basic | $ (0.01) | $ 0.18 |
Diluted | $ (0.01) | $ 0.17 |
Weighted average shares outstanding: | ||
Basic | 192.8 | 191.4 |
Diluted | 192.8 | 195.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive income (loss): | ||
Net income (loss) | $ (2.3) | $ 33.7 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation gain (loss) | (9.7) | 46.8 |
Pension and other postretirement benefit activity | (0.1) | (1.4) |
Loss on hedging instruments | (1.5) | (0.6) |
Total other comprehensive income (loss), net of tax | (11.3) | 44.8 |
Total comprehensive income (loss) | $ (13.6) | $ 78.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 176.4 | $ 458.2 |
Accounts receivable, less allowance for doubtful accounts of $19.5 and $17.4, respectively | 957.6 | 810.4 |
Inventories, net | 535.5 | 473.3 |
Prepaid expenses and other current assets | 151.5 | 135.9 |
Total current assets | 1,821 | 1,877.8 |
Property, plant and equipment, net of accumulated depreciation of $449.2 and $437.7, respectively | 453.8 | 450.9 |
Goodwill | 2,859.9 | 2,852.3 |
Other intangible assets, net | 1,290 | 1,352 |
Funds restricted for acquisition | 3,760.1 | |
Other noncurrent assets | 189.5 | 97.5 |
Total assets | 10,374.3 | 6,630.5 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 475.3 | 399.2 |
Accrued and other liabilities | 429.6 | 291.4 |
Total current liabilities | 904.9 | 690.6 |
Long-term debt | 7,459.6 | 3,985.9 |
Deferred income taxes | 79.9 | 83.3 |
Other noncurrent liabilities | 185.4 | 113.9 |
Total liabilities | 8,629.8 | 4,873.7 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: None | ||
Common stock, $0.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 193,456,207 and 192,376,255, respectively | 2 | 2 |
Additional paid-in capital | 2,393.9 | 2,385.1 |
Retained earnings (accumulated deficit) | (252.1) | (249.8) |
Accumulated other comprehensive loss | (170.5) | (159.2) |
Treasury stock, at cost: 7,060,763 shares and 6,744,082 shares, respectively | (228.8) | (221.3) |
Total stockholders' equity | 1,744.5 | 1,756.8 |
Total liabilities and stockholders' equity | $ 10,374.3 | $ 6,630.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 19.5 | $ 17.4 |
Property, plant and equipment, accumulated depreciation | $ 449.2 | $ 437.7 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,300,000,000 | 1,300,000,000 |
Common stock, shares issued | 193,456,207 | 192,376,255 |
Common stock, shares outstanding | 193,456,207 | 192,376,255 |
Treasury stock, shares | 7,060,763 | 6,744,082 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income (loss) | $ (2.3) | $ 33.7 |
Adjustments to reconcile net income (loss) to net cash generated by (used in) operating activities: | ||
Depreciation and amortization | 83.7 | 89.4 |
Equity-based compensation | 7.5 | 10.5 |
Deferred income taxes | (1.4) | (5.4) |
Changes in assets and liabilities: | ||
Accounts receivable | (150.7) | (71.1) |
Inventories | (62.4) | (25.2) |
Prepaid expenses and other assets | (24.5) | (24.5) |
Accounts payable and other liabilities | 136.8 | 15.4 |
Other | 3.3 | 12.4 |
Net cash generated by (used in) operating activities | (10) | 35.2 |
Investing Activities: | ||
Additions to property, plant and equipment | (21.4) | (13.6) |
Proceeds from sale of property, plant and equipment | 0.6 | 3 |
Acquisition funds held in escrow | (3,750) | |
Cash paid for acquisitions, including purchase price adjustments, net of cash acquired | (11) | |
Net cash used in investing activities | (3,781.8) | (10.6) |
Financing Activities: | ||
Long-term debt repaid | (225) | |
Long-term debt proceeds | 3,750 | |
Debt issuance costs | (9.3) | |
Proceeds from the issuance of common shares under equity-based compensation plans | 1.3 | 3.9 |
Tax withholding payments for vested equity-based compensation awards | (7.5) | (15.4) |
Net cash generated by (used in) financing activities | 3,509.5 | (11.5) |
Effect of exchange rate changes on cash and cash equivalents | 0.5 | 5.6 |
Change in cash and cash equivalents | (281.8) | 18.7 |
Cash and cash equivalent at beginning of period | 458.2 | 454 |
Cash and cash equivalents at end of period | $ 176.4 | $ 472.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock, at Cost [Member] |
Beginning balance, Shares at Dec. 31, 2017 | 190,906,110 | |||||
Issuance of shares under equity-based compensation plans, shares | 1,568,709 | |||||
Shares surrendered under equity-based compensation plans | (397,141) | |||||
Ending balance, Shares at Mar. 31, 2018 | 192,077,678 | |||||
Beginning balance at Dec. 31, 2017 | $ 2 | $ 2,334.1 | $ (396) | $ (86.6) | $ (205.6) | |
Issuance of shares under equity-based compensation plans | 3.9 | |||||
Equity-based compensation | 10.5 | |||||
Net income (loss) | $ 33.7 | 33.7 | ||||
Cumulative effect of change in accounting principle | 6 | |||||
Other comprehensive income (loss), net of tax | 44.8 | 44.8 | ||||
Net shares surrendered under equity-based compensation plans | (15.4) | |||||
Ending balance at Mar. 31, 2018 | $ 1,731.4 | $ 2 | 2,348.5 | (356.3) | (41.8) | (221) |
Beginning balance, Shares at Dec. 31, 2018 | 192,376,255 | 192,376,255 | ||||
Issuance of shares under equity-based compensation plans, shares | 1,396,633 | |||||
Shares surrendered under equity-based compensation plans | (316,681) | |||||
Ending balance, Shares at Mar. 31, 2019 | 193,456,207 | 193,456,207 | ||||
Beginning balance at Dec. 31, 2018 | $ 1,756.8 | $ 2 | 2,385.1 | (249.8) | (159.2) | (221.3) |
Issuance of shares under equity-based compensation plans | 1.3 | |||||
Equity-based compensation | 7.5 | |||||
Net income (loss) | (2.3) | (2.3) | ||||
Other comprehensive income (loss), net of tax | (11.3) | (11.3) | ||||
Net shares surrendered under equity-based compensation plans | (7.5) | |||||
Ending balance at Mar. 31, 2019 | $ 1,744.5 | $ 2 | $ 2,393.9 | $ (252.1) | $ (170.5) | $ (228.8) |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Background and Basis of Presentation | 1. BACKGROUND AND BASIS OF PRESENTATION Background CommScope Holding Company, Inc., along with its direct and indirect subsidiaries (CommScope or the Company), is a global provider of infrastructure solutions for communication networks. The Company’s solutions and services for wired and wireless networks enable high-bandwidth data, video and voice applications. CommScope’s global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2018 Annual Report. Other than the changes described below to lease policies as a result of the adoption of Accounting Standards Update (ASU) No. 2016-02, Leases, Leases The Company determines if a contract is a lease or contains a lease at inception. Right of use assets related to operating type leases are reported in other noncurrent assets and the present value of remaining lease obligations is reported in accrued and other liabilities and other noncurrent liabilities on the Consolidated Balance Sheets. CommScope does not currently have any financing type leases. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate; therefore, the Company uses the incremental borrowing rates applicable to the economic environment and the duration of the lease, based on the information available at commencement date, in determining the present value of future payments. The right of use asset for operating leases is measured using the lease liability adjusted for the impact of lease payments made prior to commencement, lease incentives received, initial direct costs incurred and any asset impairments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company remeasures and reallocates the consideration in a contract when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or a change in the assessment of whether the Company will exercise a lease option. The Company assesses right of use assets for impairment in accordance with its long-lived asset impairment policy. The Company accounts for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than twelve months are recorded directly to lease expense. Concentrations of Risk and Related Party Transactions Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for 10% Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2019 2018 Product warranty accrual, beginning of period $ 15.6 $ 16.9 Provision for warranty claims (0.5 ) 1.4 Warranty claims paid (1.0 ) (2.2 ) Product warranty accrual, end of period $ 14.1 $ 16.1 Commitments and Contingencies The Company is either a plaintiff or a defendant in certain pending legal matters in the normal course of business. The Company may also be called upon to indemnify certain customers for costs related to products or services sold to such customers. Management believes none of these legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. During the three months ended March 31, 2019, the Company assessed goodwill for impairment due to a change in reporting units in the CCS segment. As a result, the Company performed impairment testing for goodwill under the CCS segment reporting unit structure immediately before the change and determined that no impairment existed. The Company reallocated goodwill to the new reporting units and performed impairment testing for goodwill immediately after the change and determined no impairment existed. There were no goodwill impairments identified during the three months ended March 31, 2019 or 2018. Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are carried at estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three months ended March 31, 2019 or 2018. Income Taxes The Company’s effective income tax rate was (242.6)% for the three months ended March 31, 2019. The Company recorded $1.6 million of income tax expense related to a $0.7 million pre-tax net loss for the period. The pre-tax net loss was driven by interest expense, restructuring costs and transaction and integration costs related to the acquisition of ARRIS International plc (ARRIS) (the Acquisition). Additional income tax expense was recorded as a result of final transition tax regulations issued in the United States (U.S.) during the quarter. The effective income tax rate was also unfavorably affected by losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of those benefits not being realizable. See Notes 2 and 12 for further discussion of the Acquisition and Note 6 for further discussion of the related financing. The impact of excess tax costs related to equity-based compensation awards was not material for the three months ended March 31, 2019. The effective income tax rate of 27.2% for the three months ended March 31, 2018 was higher than the statutory rate of 21.0% primarily due to the effect of the provision for state income taxes, the impact of earnings in foreign jurisdictions that are taxed at rates higher than the U.S. statutory rate, the impact of the U.S. anti-deferral provisions and the impact of repatriation taxes. These increases to the effective tax rate were partially offset by the favorable impact of $4.3 million of excess tax benefits related to equity-based compensation awards. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is based on net income (loss) divided by the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares using the treasury stock method. Potentially dilutive common shares include outstanding equity-based awards (stock options, restricted stock units and performance share units). Certain outstanding equity-based compensation awards were not included in the computation of diluted earnings (loss) per share because the effect was either antidilutive or the performance conditions were not met (5.7 million shares and 0.5 million shares for the three months ended March 31, 2019 and 2018, respectively). Antidilutive securities for the three months ended March 31, 2019 included 2.7 million shares of equity-based awards which would have been considered dilutive if the Company had not been in a net loss position. The following table presents the basis for the earnings (loss) per share computations (in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) $ (2.3 ) $ 33.7 Denominator: Weighted average common shares outstanding - basic 192.8 191.4 Dilutive effect of equity-based awards — 4.1 Weighted average common shares outstanding - diluted 192.8 195.5 Earnings (loss) per share: Basic $ (0.01 ) $ 0.18 Diluted $ (0.01 ) $ 0.17 Recent Accounting Pronouncements Adopted During the Three Months Ended March 31, 2019 On January 1, 2019, the Company adopted ASU No. 2016-02, Leases The adoption effect of the new guidance increased total assets and total liabilities in the Condensed Consolidated Balance Sheets by $98.8 million as of January 1, 2019 due to the addition of right-of-use assets and lease obligations for operating type leases, net of the elimination of existing prepaid rent, deferred rent and lease termination cost amounts. The adoption of the new standard did not materially affect the Condensed Consolidated Statements of Operations; and therefore, no cumulative effect adjustment was recorded. Adoption of the new standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. See Note 4 for further discussion of the Company’s leasing activities. On January 1, 2019, the Company adopted ASU No. 2017-04, Simplifying the Test of Goodwill Impairment On January 1, 2019, the Company adopted ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement (CCA) that is a Service Contract Issued but Not Adopted In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 2. ACQUISITIONS Pending Acquisition as of March 31, 2019 On November 8, 2018, the Company announced an agreement to acquire ARRIS in an all cash transaction for $31.75 per share. To fund the Acquisition, on February 19, 2019, CommScope Finance LLC, a wholly owned subsidiary of the Company, issued $1.25 billion of 5.50% senior secured notes due 2024 (the 2024 Secured Notes), $1.5 billion of 6.00% senior secured notes due 2026 (the 2026 Secured Notes) and $1.0 billion of 8.25% senior unsecured notes due 2027 (the New Unsecured Notes and, together with the 2024 Secured Notes and the 2026 Secured Notes, the New Notes) and priced the borrowing of $3.2 billion under a new senior secured term loan due 2026 (the 2026 Term Loan) with an interest rate of LIBOR plus 3.25%. The proceeds of the New Notes were held in escrow as of March 31, 2019. See Note 12 for further update on the Acquisition. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 3. GOODWILL The following table presents goodwill by reportable segment: CCS CMS Total Goodwill, gross at December 31, 2018 $ 2,161.6 $ 901.7 $ 3,063.3 Foreign exchange and other 5.8 1.8 7.6 Goodwill, gross at March 31, 2019 2,167.4 903.5 3,070.9 Accumulated impairment charges at December 31, 2018 and March 31, 2019 (51.5 ) (159.5 ) (211.0 ) Goodwill, net at March 31, 2019 $ 2,115.9 $ 744.0 $ 2,859.9 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 4. LEASES The Company has operating type leases for real estate, equipment and vehicles in both the U.S. and internationally. As of March 31, 2019, the Company had no finance type leases. The Company’s leases have remaining lease terms of 1 year to 10 years, some of which may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $12.8 million for the three months ended March 31, 2019 inclusive of period cost for short-term, cancellable and variable leases, not included in lease liabilities, of $3.6 million. The Company occasionally subleases all or a portion of certain unutilized real estate facilities. As of March 31, 2019, the Company’s sublease arrangements were classified as operating type leases and the income amounts were not material for the three months ending March 31, 2019. Supplemental cash flow information related to operating leases: Three Months Ended March 31, 2019 Operating cash paid to settle lease liabilities $ 9.6 Right of use asset additions in exchange for lease liabilities 2.4 Supplemental balance sheet information related to operating leases: Balance Sheet Location March 31, 2019 Right of use assets Other noncurrent assets $ 97.4 Lease liabilities Accrued and other liabilities $ 29.3 Lease liabilities Other noncurrent liabilities 75.2 Total lease liabilities $ 104.5 Weighted average remaining lease term (in years) 4.4 Weighted average discount rate 5.8 % Future minimum lease payments under non-cancellable leases as of March 31, 2019: Operating Leases Remainder of 2019 $ 27.0 2020 31.2 2021 26.5 2022 14.4 2023 9.0 Thereafter 15.1 Total minimum lease payments $ 123.2 Less: imputed interest (18.7 ) Total $ 104.5 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 5. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Disaggregated Net Sales The following table presents net sales by reportable segment, disaggregated based on contract type: Three Months Ended March 31, CCS CMS Total 2019 2018 2019 2018 2019 2018 Contract type: Product contracts $ 644.9 $ 671.5 $ 434.3 $ 425.3 $ 1,079.2 $ 1,096.8 Project contracts — — 11.4 10.5 11.4 10.5 Other contracts 1.2 2.1 7.7 11.1 8.9 13.2 Consolidated net sales $ 646.1 $ 673.6 $ 453.4 $ 446.9 $ 1,099.5 $ 1,120.5 Further information on net sales by reportable segment and geographic region is included in Note 9. Allowance for Doubtful Accounts Three Months Ended March 31, 2019 2018 Allowance for doubtful accounts, beginning of period $ 17.4 $ 14.0 Charged to costs and expenses 2.4 1.5 Account write-offs and other (0.3 ) (0.4 ) Allowance for doubtful accounts, end of period $ 19.5 $ 15.1 Customer Contract Balances The following table provides the balance sheet location and amounts of contract assets and liabilities from contracts with customers as of March 31, 2019 and December 31, 2018. Balance Sheet Location March 31, 2019 December 31, 2018 Unbilled accounts receivable Accounts receivable, less allowance for doubtful accounts $ 4.7 $ 3.1 Deferred revenue Accrued and other liabilities 9.9 7.6 There were no material changes to contract asset balances for the three months ended March 31, 2019 as a result of changes in estimates or impairments. The full amount of the deferred revenue balance as of March 31, 2019 was classified as a current liability as the Company expects to recognize these amounts over the next twelve months. Inventories March 31, 2019 December 31, 2018 Raw materials $ 147.0 $ 146.8 Work in process 115.9 98.8 Finished goods 272.6 227.7 $ 535.5 $ 473.3 Accrued and Other Liabilities March 31, 2019 December 31, 2018 Compensation and employee benefit liabilities $ 88.5 $ 94.3 Operating lease liabilities 29.3 — Accrued interest 86.2 18.5 Deferred revenue 9.9 7.6 Product warranty accrual 14.1 15.6 Restructuring reserve 14.3 29.9 Income taxes payable 11.6 7.7 Purchase price payable 1.1 12.2 Value-added taxes payable 12.8 12.4 Accrued professional fees 87.0 19.3 Other 74.8 73.9 $ 429.6 $ 291.4 Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended March 31, 2019 2018 Foreign currency translation Balance at beginning of period $ (140.6 ) $ (52.7 ) Other comprehensive income (loss) (10.0 ) 46.8 Amounts reclassified from AOCL 0.3 — Balance at end of period $ (150.3 ) $ (5.9 ) Hedging instruments Balance at beginning of period $ (1.4 ) $ (5.0 ) Other comprehensive loss (1.5 ) (0.6 ) Balance at end of period $ (2.9 ) $ (5.6 ) Defined benefit plan activity Balance at beginning of period $ (17.2 ) $ (28.9 ) Amounts reclassified from AOCL (0.1 ) (1.4 ) Balance at end of period $ (17.3 ) $ (30.3 ) Net AOCL at end of period $ (170.5 ) $ (41.8 ) Amounts reclassified from net AOCL related to foreign currency translation and defined benefit plans are recorded in other income (expense), net while amounts reclassified from net AOCL related to hedging instruments are recorded in interest expense in the Condensed Consolidated Statements of Operations. Cash Flow Information Three Months Ended March 31, 2019 2018 Cash paid during the period for: Income taxes, net of refunds $ 9.2 $ 22.1 Interest 23.9 31.9 Non-cash financing activities: Accrued and unpaid debt issuance costs $ 54.7 $ — |
Financing
Financing | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing | 6. FINANCING March 31, 2019 December 31, 2018 5.00% $ 750.0 $ 750.0 8.25% 1,000.0 — 6.00% 1,500.0 1,500.0 5.50% 650.0 650.0 5.00% 650.0 650.0 6.00% 1,500.0 — 5.50% 1,250.0 — Senior secured term loan due December 2022 261.3 486.3 Senior secured revolving credit facility — — Total principal amount of debt $ 7,561.3 $ 4,036.3 Less: Original issue discount, net of amortization (0.8 ) (1.5 ) Less: Debt issuance costs, net of amortization (100.9 ) (48.9 ) Total long-term debt $ 7,459.6 $ 3,985.9 See Note 6 in the Notes to Consolidated Financial Statements in the 2018 Annual Report for additional information on the terms and conditions of the 5.00% senior notes due 2027, the 6.00% senior notes due 2025, the 5.50% senior notes due 2024, the 5.00% senior notes due 2021 (collectively, the Existing Notes) and the senior secured term loan due 2022 (the 2022 Term Loan). New Notes In connection with the anticipated Acquisition, in February 2019, CommScope Finance LLC, a wholly owned subsidiary of the Company and an unrestricted subsidiary as defined in the indentures governing the Existing Notes and the credit agreements governing the Company’s existing senior secured credit facilities, issued $1.0 billion of the New Unsecured Notes, $1.5 billion of the 2026 Secured Notes and $1.25 billion of the 2024 Secured Notes. The proceeds from the issuance of the New Notes were held in escrow until the closing of the Acquisition on April 4, 2019. Concurrent with the closing of the Acquisition, CommScope Finance LLC merged with and into CommScope, Inc., with CommScope, Inc. continuing as the surviving entity, upon which CommScope, Inc. became the issuer of the Notes by operation of law. See Note 12 for further update of the status of the Acquisition. The indentures governing the New Notes contain covenants that restrict the ability of CommScope, Inc. and its restricted subsidiaries to, among other things, incur additional debt, make certain payments, including payment of dividends or repurchases of equity interests of CommScope, Inc., make loans or acquisitions or capital contributions and certain investments, incur certain liens, sell assets, merge or consolidate or liquidate other entities and enter into certain transactions with affiliates. There are no financial maintenance covenants in the indentures governing the New Notes. Events of default under the indentures governing the New Notes include, among others, non-payment of principal or interest when due, covenant defaults, bankruptcy and insolvency events and cross defaults. 8.25% Senior Notes due 2027 The New Unsecured Notes mature on March 1, 2027. Interest is payable on the New Unsecured Notes semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2019. Prior to the closing of the Acquisition, the New Unsecured Notes were not guaranteed and were secured by a first-priority security interest in the funds held in the applicable escrow account. After the closing of the Acquisition, the New Unsecured Notes are guaranteed on a senior unsecured basis by each of CommScope, Inc.’s existing and future wholly owned domestic restricted subsidiaries that is an obligor under the senior secured credit facilities or certain other debt, subject to certain exceptions. The New Unsecured Notes and the related guarantees rank senior in right of payment to all of CommScope, Inc.’s and the guarantors’ subordinated indebtedness and equally in right of payment with all of CommScope, Inc.’s and the guarantors’ senior indebtedness (without giving effect to collateral arrangements), including the senior secured credit facilities, the 2026 Secured Notes, the 2024 Secured Notes and the Existing Notes. The New Unsecured Notes and the related guarantees are effectively junior to all of CommScope, Inc.’s and the guarantors’ existing and future secured debt, including the 2026 Secured Notes and 2024 Secured Notes (discussed below) and the senior secured credit facilities, to the extent of the value of the assets securing such secured debt. In addition, the New Unsecured Notes and related guarantees are structurally subordinated to all existing and future liabilities (including trade payables) of CommScope, Inc.’s subsidiaries that do not guarantee the New Unsecured Notes. The New Unsecured Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the New Unsecured Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest. The New Unsecured Notes may be redeemed on or after March 1, 2022 at the redemption prices specified in the indenture governing the New Unsecured Notes. Prior to March 1, 2022, the New Unsecured Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as specified in the indenture governing the New Unsecured Notes), plus accrued and unpaid interest. Prior to March 1, 2022, under certain circumstances, CommScope, Inc. may also redeem up to 40% of the aggregate principal amount of the New Unsecured Notes at a redemption price of 108.250%, plus accrued and unpaid interest, using the proceeds of certain equity offerings. In connection with issuing the New Unsecured Notes, the Company incurred costs of $17.3 million during the three months ended March 31, 2019, which were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the New Unsecured Notes. 6.00% Senior Secured Notes due 2026 The 2026 Secured Notes mature on March 1, 2026. Interest is payable on the 2026 Secured Notes semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2019. Prior to the closing of the Acquisition, the 2026 Secured Notes were not guaranteed and were secured by a first-priority security interest in the funds held in the applicable escrow account. After the closing of the Acquisition, the 2026 Secured Notes are guaranteed on a senior secured basis by the Company and each of CommScope, Inc.’s existing and future wholly owned domestic restricted subsidiaries that is an obligor under the senior secured credit facilities or certain other debt, subject to certain exceptions. The 2026 Secured Notes and the related guarantees are secured on a first-priority basis by security interests in all of the assets that secure indebtedness under the 2026 Term Loan on a first-priority basis, and on a second-priority basis in all assets that secure the new asset-based revolving credit facility on a first-priority basis and the 2026 Term Loan on a second-priority basis. The 2026 Secured Notes and the related guarantees rank senior in right of payment to all of CommScope, Inc.’s and the guarantors’ subordinated indebtedness and equally in right of payment with all of CommScope, Inc.’s and the guarantors’ senior indebtedness (without giving effect to collateral arrangements), including the senior secured credit facilities, the New Unsecured Notes, the 2024 Secured Notes and the Existing Notes. The 2026 Secured Notes and the related guarantees are effectively senior to all of CommScope, Inc.’s and the guarantors’ unsecured indebtedness and debt secured by a lien junior to the liens securing the 2026 Secured Notes, in each case to the extent of the value of the collateral, and effectively equal to all of CommScope, Inc.’s and the guarantors’ senior indebtedness secured on the same priority basis as the 2026 Secured Notes, including the 2026 Term Loan and the 2024 Secured Notes. The 2026 Secured Notes and the related guarantees are effectively subordinated to any of CommScope, Inc.’s or the guarantors’ indebtedness that is secured by assets that do not constitute collateral and effectively subordinated to any of CommScope, Inc.’s or the guarantors’ indebtedness that is secured by a senior-priority lien, including under the new asset-based revolving credit facility, in each case to the extent of the value of the assets securing such indebtedness. In addition, the 2026 Secured Notes and related guarantees are structurally subordinated to all existing and future liabilities (including trade payables) of CommScope, Inc.’s subsidiaries that do not guarantee the 2026 Secured Notes. The 2026 Secured Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the 2026 Secured Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest. The 2026 Secured Notes may be redeemed on or after March 1, 2022 at the redemption prices specified in the indenture governing the 2026 Secured Notes. Prior to March 1, 2022, the 2026 Secured Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as specified in the indenture governing the 2026 Secured Notes), plus accrued and unpaid interest. Prior to March 1, 2022, under certain circumstances, CommScope, Inc. may also redeem up to 40% of the aggregate principal amount of the 2026 Secured Notes at a redemption price of 106.000%, plus accrued and unpaid interest, using the proceeds of certain equity offerings. In connection with issuing the 2026 Secured Notes, the Company incurred costs of $22.1 million during the three months ended March 31, 2019, which were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the 2026 Secured Notes. 5.50% Senior Secured Notes due 2024 The 2024 Secured Notes mature on March 1, 2024. Interest is payable on the 2024 Secured Notes semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2019. Prior to the closing of the Acquisition, the 2024 Secured Notes were not guaranteed and were secured by a first-priority security interest in the funds held in the applicable escrow account. After the closing of the Acquisition, the 2024 Secured Notes are guaranteed on a senior secured basis by the Company and each of CommScope, Inc.’s existing and future wholly owned domestic restricted subsidiaries that is an obligor under the senior secured credit facilities or certain other debt, subject to certain exceptions. The 2024 Secured Notes and the related guarantees are secured on a first-priority basis by security interests in all of the assets that secure indebtedness under the 2026 Term Loan on a first-priority basis, and on a second-priority basis in all assets that secure the new asset-based revolving credit facility on a first-priority basis and the 2026 Term Loan on a second-priority basis. The 2024 Secured Notes and the related guarantees rank senior in right of payment to all of CommScope, Inc.’s and the guarantors’ subordinated indebtedness and equally in right of payment with all of CommScope, Inc.’s and the guarantors’ senior indebtedness (without giving effect to collateral arrangements), including the senior secured credit facilities, the New Unsecured Notes, the 2026 Secured Notes and the Existing Notes. The 2024 Secured Notes and the related guarantees are effectively senior to all of CommScope, Inc.’s and the guarantors’ unsecured indebtedness and debt secured by a lien junior to the liens securing the 2024 Secured Notes, in each case to the extent of the value of the collateral, and effectively equal to all of CommScope, Inc.’s and the guarantors’ senior indebtedness secured on the same priority basis as the 2024 Secured Notes, including the 2026 Term Loan and the 2026 Secured Notes. The 2024 Secured Notes and the related guarantees are effectively subordinated to any of CommScope, Inc.’s or the guarantors’ indebtedness that is secured by assets that do not constitute collateral and effectively subordinated to any of CommScope, Inc.’s or the guarantors’ indebtedness that is secured by a senior-priority lien, including under the new asset-based revolving credit facility, in each case to the extent of the value of the assets securing such indebtedness. In addition, the 2024 Secured Notes and related guarantees are structurally subordinated to all existing and future liabilities (including trade payables) of CommScope, Inc.’s subsidiaries that do not guarantee the 2024 Secured Notes. The 2024 Secured Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the 2024 Secured Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest. The 2024 Secured Notes may be redeemed on or after March 1, 2022 at the redemption prices specified in the indenture governing the 2024 Secured Notes. Prior to March 1, 2021, the 2024 Secured Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as specified in the indenture governing the 2024 Secured Notes), plus accrued and unpaid interest. Prior to March 1, 2021, under certain circumstances, CommScope, Inc. may also redeem up to 40% of the aggregate principal amount of the 2024 Secured Notes at a redemption price of 105.500%, plus accrued and unpaid interest, using the proceeds of certain equity offerings. In connection with issuing the 2024 Secured Notes, the Company incurred costs of $18.4 million during the three months ended March 31, 2019, which were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the 2024 Secured Notes. Senior Secured Credit Facilities During the three months ended March 31, 2019, the Company repaid $225.0 million of the 2022 Term Loan. In connection with the repayment, $3.6 million of original issue discount and debt issuance costs were written off and included in interest expense. In connection with the anticipated Acquisition, in February 2019, CommScope, Inc. obtained syndicated commitments of $3.2 billion, less $32.0 million of original issue discount, in the 2026 Term Loan with an interest rate of LIBOR plus 3.25%. The 2026 Term Loan was not funded until closing of the Acquisition on April 4, 2019; therefore, there was no balance outstanding under the 2026 Term Loan as of March 31, 2019. The Company used a portion of the proceeds from the 2026 Term Loan to pay off the remaining balance on the 2022 Term Loan and the remaining proceeds were used to finance the Acquisition. The Company incurred costs of $6.2 million during the three months ended March 31, 2019 related to the 2026 Term Loan that were recorded in other noncurrent assets as of March 31, 2019 but will be reclassified as a reduction of the carrying amount of the debt after closing of the Acquisition and amortized over the term of the 2026 Term Loan. The Company also incurred ticking fees related to the 2026 Term Loan of $10.7 million during the three months ended March 31, 2019 that were included in interest expense. See Note 12 for further update on the status of the Acquisition. As of March 31, 2019, the Company had no outstanding borrowings under its existing asset-based revolving credit facility and the Company did not borrow under its existing asset-based revolving credit facility to fund the Acquisition. As of March 31, 2019, the Company had availability of $490.7 million under the existing asset-based revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit. No portion of the 2022 Term Loan was reflected as a current portion of long-term debt as of March 31, 2019 related to the potentially required excess cash flow payment because the amount that may be payable in 2020, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2019 related to 2018. Other Matters The following table summarizes scheduled maturities of long-term debt as of March 31, 2019: Remainder of 2019 2020 2021 2022 2023 Thereafter Scheduled maturities of long-term debt $ — $ — $ 650.0 $ 261.3 $ — $ 6,650.0 The Company’s non-guarantor subsidiaries held $2,208 million, or 21%, of total assets and $517 million, or 6%, of total liabilities as of March 31, 2019 and accounted for $415 million, or 38% of net sales for the three months ended March 31, 2019. As of December 31, 2018, the non-guarantor subsidiaries held $2,354 million, or 36%, of total assets and $454 million, or 9%, of total liabilities. For the three months ended March 31, 2018, the non-guarantor subsidiaries accounted for $464 million, or 41% of net sales. All amounts presented exclude intercompany balances. The weighted average effective interest rate on outstanding borrowings, including the amortization of debt issuance costs and original issue discount, was 6.26% and 5.73% at March 31, 2019 and December 31, 2018, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 7. DERIVATIVES AND HEDGING ACTIVITIES Derivatives Not Designated As Hedging Instruments The Company uses forward contracts to hedge a portion of its balance sheet foreign exchange re-measurement risk and to hedge certain planned foreign currency expenditures. As of March 31, 2019, the Company had foreign currency contracts outstanding with maturities of up to ten months and aggregate notional values of $430 million (based on exchange rates as of March 31, 2019). Unrealized gains and losses resulting from these contracts are recognized in other income (expense), net and partially offset corresponding foreign exchange gains and losses on the balances and expenditures being hedged. These instruments are not held for speculative or trading purposes, are not designated as hedges for hedge accounting purposes and are marked to market each period through earnings. The following table presents the balance sheet location and fair value of the Company’s derivatives not designated as hedging instruments: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Foreign currency contracts Prepaid expenses and other current assets $ 1.6 $ 1.7 Foreign currency contracts Accrued and other liabilities (1.5 ) (3.0 ) Total derivatives not designated as hedging instruments $ 0.1 $ (1.3 ) The pretax impact of these foreign currency contracts, both matured and outstanding, on the Condensed Consolidated Statements of Operations is as follows: Foreign Currency Forward Contracts Location of Gain (Loss) Gain (Loss) Recognized Three Months Ended March 31, 2019 Other income (expense), net $ (3.3 ) Three Months Ended March 31, 2018 Other income (expense), net $ 11.9 Derivative Instruments Designated As Net Investment Hedges The Company has a hedging strategy to designate certain foreign currency contracts as net investment hedges to mitigate a portion of the foreign currency risk on the euro net investment in a foreign subsidiary. As of March 31, 2019, the Company held designated foreign currency contracts with outstanding maturities of up to twenty-seven months and an aggregate notional value of $340.0 million. Hedge effectiveness is assessed each quarter based on the net investment in the foreign subsidiary designated as the hedged item and the changes in the fair value of designated foreign currency contracts based on spot rates. For hedges that meet the effectiveness requirements, changes in fair value are recorded as a component of other comprehensive income (loss), net of tax. Amounts excluded from hedge effectiveness at inception under the spot method for designated forward contracts are recognized on a straight-line basis over the life of each contract and for designated cross-currency swap contracts are recognized as interest accrues. For the three months ended March 31, 2019, the Company recognized $0.6 million of pre-tax income in interest expense as a result of amounts excluded from hedge effectiveness under the spot method. As of March 31, 2019, there was no ineffectiveness on the instruments designated as net investment hedges. The following table presents the balance sheet location and fair value of the derivative instruments designated as net investment hedges: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Foreign currency contracts Prepaid expenses and other current assets $ 1.9 $ 0.8 Foreign currency contracts Other noncurrent assets 2.9 — Total derivatives designated as net investment hedging instruments $ 4.8 $ 0.8 The impact of the effective portion of foreign currency contracts designated as net investment hedging instruments, both matured and outstanding, on the Condensed Consolidated Statements of Comprehensive Income (Loss) is as follows: Foreign Currency Forward Contracts Location of Gain (Loss) Effective Portion of Gain (Loss) Recognized Three Months Ended March 31, 2019 Other comprehensive income (loss), net of tax $ 2.6 Three Months Ended March 31, 2018 Other comprehensive income (loss), net of tax $ (0.6 ) Derivative Instruments Designated As Cash Flow Hedges of Interest Rate Risk The Company has implemented a hedging strategy to mitigate a portion of the exposure to changes in cash flows resulting from variable interest rates on the 2026 Term Loan which are based on the one-month LIBOR benchmark rate (see Note 6). During the three months ended March 31, 2019, the Company entered into and designated pay-fixed, receive-variable interest rate swap derivatives as cash flow hedges of interest rate risk which effectively fixed the interest rate on a portion the variable-rate debt. Total notional amount of the interest rate swap derivatives as of March 31, 2019 was $600 million with outstanding maturities up to sixty months. Hedge effectiveness is assessed each quarter, and for hedges that meet the effectiveness requirements, changes in fair value are recorded as a component of other comprehensive income (loss), net of tax, and will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. As of March 31, 2019, there was no ineffectiveness on the instruments designated as cash flow hedges. The following table presents the balance sheet location and fair value of the derivative instruments designated as cash flow hedges of interest rate risk: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Interest rate swap contracts Other noncurrent liabilities $ (5.5 ) $ — Total derivatives designated as cash flow hedges of interest rate risk $ (5.5 ) $ — The impact of the effective portion of the interest rate swap contracts designated as cash flow hedging instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) is as follows: Interest Rate Derivatives Location of Gain (Loss) Effective Portion of Gain (Loss) Recognized Three Months Ended March 31, 2019 Other comprehensive income (loss), net of tax $ (4.1 ) Three Months Ended March 31, 2018 Other comprehensive income (loss), net of tax $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, debt instruments, interest rate derivatives and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of March 31, 2019 and December 31, 2018 were considered representative of their fair values due to their short terms to maturity. The fair values of the Company’s debt instruments, interest rate derivatives and foreign currency contracts were based on indicative quotes. Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3. The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate derivatives and foreign currency contracts as of March 31, 2019 and December 31, 2018, are as follows: March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Foreign currency contracts $ 6.4 $ 6.4 $ 2.5 $ 2.5 Level 2 Liabilities: 5.00% senior notes due 2027 $ 750.0 $ 661.3 $ 750.0 $ 608.0 Level 2 8.25% senior notes due 2027 1,000.0 1,037.5 — — Level 2 6.00% senior notes due 2025 1,500.0 1,458.3 1,500.0 1,355.6 Level 2 5.50% senior notes due 2024 650.0 636.4 650.0 591.8 Level 2 5.00% senior notes due 2021 650.0 651.6 650.0 641.9 Level 2 6.00% senior secured notes due 2026 1,500.0 1,549.7 — — Level 2 5.50% senior secured notes due 2024 1,250.0 1,276.9 — — Level 2 Senior secured term loan due 2022, at par 261.3 261.3 486.3 461.9 Level 2 Foreign currency contracts 1.5 1.5 3.0 3.0 Level 2 Interest rate swap contracts 5.5 5.5 — — Level 2 These fair value estimates are based on pertinent information available to management as of the valuation date. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates, and current estimates of fair value may differ significantly from the amounts presented. |
Segments and Geographic Informa
Segments and Geographic Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | 9. SEGMENTS AND GEOGRAPHIC INFORMATION The CommScope Connectivity Solutions (CCS) segment provides innovative fiber optic and copper cable and connectivity solutions for use in data center, business enterprise, telecommunication, cable television and residential broadband networks. The CCS portfolio includes solutions for indoor and outdoor network applications. Indoor network solutions are found in commercial buildings and in the network core, which includes data centers, central offices and cable television headends. These solutions include optical fiber and twisted pair structured cabling solutions, intelligent infrastructure management hardware and software, high-density fiber optic connectivity, fiber management systems, patch cords, panels, pre-terminated fiber connectivity, and cable assemblies for use in offices and data centers. Outdoor network solutions are found in both local-area and wide-area networks and “last-mile” architectures that include fiber-to-the-node (FTTN), fiber-to-the-premises (FTTP) and fiber-to-the-distribution point (FTTdP). These architectures and our solutions support homes, businesses and cell sites and provide multichannel video, voice and high-speed data services sold by telecommunication and multi-system operators. The Company’s fiber optic connectivity solutions are primarily comprised of hardened connector systems, fiber distribution hubs and management systems, couplers and splitters, plug and play multiport service terminals, hardened optical terminating enclosures, high density cable assemblies, splices and splice closures. The CommScope Mobility Solutions (CMS) segment provides the integral building blocks for cellular base station sites and related connectivity; indoor, small cell and distributed antenna wireless systems; and wireless network backhaul planning and optimization products and services. These solutions enable wireless operators to increase their networks’ spectral efficiency and to enhance cellular coverage and capacity in challenging network conditions such as commercial buildings, urban areas, stadiums and transportation systems. The CMS segment focuses on all aspects of the radio access network (RAN) from the macro through the metro, to the indoor layer. Macro cell solutions can be found at wireless tower sites and on rooftops and include base station antennas, microwave antennas, hybrid fiber-feeder and power cables, coaxial cables, connectors and filters. Metro cell solutions can be found on street poles and on other urban, outdoor structures and include radio frequency (RF) delivery and connectivity solutions, equipment housing and concealment. Distributed antenna systems and small cell indoor solutions allow wireless operators to increase spectral efficiency and thereby extend and enhance cellular coverage and capacity in challenging network conditions. The following table provides summary financial information by reportable segment: March 31, 2019 December 31, 2018 Identifiable segment-related assets: CCS $ 4,365.4 $ 4,258.1 CMS 2,042.5 1,871.3 Total identifiable segment-related assets 6,407.9 6,129.4 Reconciliation to total assets: Cash and cash equivalents 176.4 458.2 Deferred income tax assets 29.9 42.9 Funds restricted for acquisition 3,760.1 — Total assets $ 10,374.3 $ 6,630.5 In the first quarter of 2019, the Company changed its measure of segment performance from adjusted operating income to adjusted EBITDA (earnings before interest, income taxes , depreciation and amortization ) . The Company defines adjusted EBITDA as operating income , adjusted to exclude depreciation, amortization, restructuring costs, asset impairments , equity-based compensation , integration and transaction costs and other items that the Company believes are useful to exclude in the evaluation of operating performance from period to period because these items are not representative of the Company’s core business . The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended March 31, 2019 2018 Net sales: CCS $ 646.1 $ 673.6 CMS 453.4 446.9 Consolidated net sales $ 1,099.5 $ 1,120.5 Segment adjusted EBITDA: CCS $ 107.7 $ 122.7 CMS 100.7 85.4 Total segment adjusted EBITDA 208.4 208.1 Amortization of intangible assets (59.3 ) (67.2 ) Restructuring costs, net (12.4 ) (5.5 ) Equity-based compensation (7.5 ) (10.5 ) Integration and transaction costs (20.8 ) (1.6 ) Depreciation (17.7 ) (19.6 ) Consolidated operating income $ 90.7 $ 103.7 Depreciation expense: CCS $ 12.2 $ 14.1 CMS 5.5 5.5 Consolidated depreciation expense $ 17.7 $ 19.6 Additions to property, plant and equipment: CCS $ 14.6 $ 8.8 CMS 6.8 4.8 Consolidated additions to property, plant and equipment $ 21.4 $ 13.6 Sales to customers located outside of the U.S. comprised 41.9% and 45.8% of total net sales for the three months ended March 31, 2019 and 2018, respectively. Sales by geographic region, based on the destination of product shipments, were as follows: Three Months Ended March 31, 2019 2018 United States $ 639.1 $ 607.5 Europe, Middle East and Africa 229.9 249.7 Asia Pacific 147.2 188.6 Caribbean and Latin America 63.5 56.1 Canada 19.8 18.6 Consolidated net sales $ 1,099.5 $ 1,120.5 |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | 10. RESTRUCTURING COSTS The Company incurs costs associated with restructuring initiatives intended to improve overall operating performance and profitability. The costs related to restructuring actions are generally composed of employee-related costs, fixed asset related costs and lease related costs. Employee-related costs include the expected severance costs and related benefits as well as one-time severance benefits that are accrued over the remaining period employees are required to work in order to receive such benefits. Fixed asset related costs include non-cash impairments or fixed asset disposals associated with restructuring actions in addition to the cash costs to uninstall, pack, ship and reinstall manufacturing equipment and the costs to prepare the receiving facility to accommodate relocated equipment. Fixed asset related costs are expensed as incurred. Cash paid is net of proceeds received from the sale of related assets. Effective January 1, 2019, with the adoption of ASU No. 2016-02, Leases As a result of restructuring and consolidation actions, the Company owns unutilized real estate at various facilities in the U.S. and internationally. The Company is attempting to sell or lease this unutilized space. Additional impairment charges may be incurred related to these or other excess assets. The Company’s net pre-tax restructuring charges, by segment, were as follows: Three Months Ended March 31, 2019 2018 CCS $ 7.3 $ 2.4 CMS 5.1 3.1 Total $ 12.4 $ 5.5 Restructuring reserves were included in the Company’s Condensed Consolidated Balance Sheets as follows: March 31, 2019 December 31, 2018 Accrued and other liabilities $ 14.3 $ 29.9 Other noncurrent liabilities 1.4 5.2 Total liability $ 15.7 $ 35.1 BNS Integration Restructuring Actions Following the acquisition of the Broadband Network Solutions (BNS) business in 2015, the Company initiated a series of restructuring actions to integrate and streamline operations and achieve cost synergies. The activity within the liability established for the BNS integration restructuring actions was as follows: Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2018 $ 29.2 $ 0.3 $ — $ 29.5 Additional charge recorded 0.1 — 0.2 0.3 Cash paid (17.6 ) — (0.2 ) (17.8 ) Foreign exchange and other non-cash items — (0.3 ) — (0.3 ) Balance at March 31, 2019 $ 11.7 $ — $ — $ 11.7 The BNS integration actions include the announced closures or reduction in activities at various U.S. and international facilities as well as headcount reductions in sales, marketing and administrative functions. The Company has recognized restructuring charges of $151.7 million since the BNS acquisition for integration actions. No additional restructuring actions or charges are expected in connection with the BNS integration initiatives. The Company expects to make cash payments of $10.1 million during the remainder of 2019 and additional cash payments of $1.6 million between 2020 and 2022. ARRIS Integration Restructuring Actions In anticipation of the Acquisition, the Company initiated a series of restructuring actions, which are currently ongoing, to integrate and streamline operations and achieve cost synergies. The activity within the liability established for the ARRIS integration restructuring actions was as follows: Employee- Related Costs Fixed Asset Related Costs Total Balance at December 31, 2018 $ — $ — $ — Additional charge recorded 12.1 — 12.1 Cash paid (8.1 ) — (8.1 ) Balance at March 31, 2019 $ 4.0 $ — $ 4.0 The ARRIS integration actions include headcount reductions in sales, marketing and administrative functions. The Company expects to make cash payments of $3.9 million during the remainder of 2019 and additional cash payments of $0.1 million in 2020 to settle the announced ARRIS integration initiatives. Additional restructuring actions related to the ARRIS integration are expected to be identified and the resulting charges and cash requirements are expected to be material. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY Equity-Based Compensation Plans As of March 31, 2019, $71.6 million of unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) are expected to be recognized over a remaining weighted average period of 1.6 years. There were no significant capitalized equity-based compensation costs at March 31, 2019. The following table shows the location of equity-based compensation expense on the statement of operations: Three Months Ended March 31, 2019 2018 Selling, general and administrative $ 5.9 $ 8.0 Cost of sales 0.8 1.3 Research and development 0.8 1.2 Total equity-based compensation expense $ 7.5 $ 10.5 Stock Options Stock options are awards that allow the recipient to purchase shares of the Company’s common stock at a fixed price. Stock options are granted at an exercise price equal to the Company’s stock price at the date of grant. These awards generally vest over three years following the grant date and have a contractual term of ten years. The following table summarizes the stock option activity (in millions, except per share data and years): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 4.7 $ 15.51 Granted — — Exercised (0.3 ) $ 3.68 Expired (0.1 ) $ 30.50 Forfeited (0.1 ) $ 38.21 Options outstanding at March 31, 2019 4.2 $ 16.10 3.8 $ 41.3 Options vested at March 31, 2019 3.8 $ 13.72 3.3 $ 41.3 Options unvested at March 31, 2019 0.4 $ 38.25 8.6 $ — The exercise prices of outstanding options at March 31, 2019 were in the following ranges (in millions, except per share data and years): Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share $2.96 to $5.74 2.2 1.8 $ 5.74 2.2 $ 5.74 $5.75 to $22.99 0.5 1.2 $ 8.59 0.5 $ 8.59 $23.00 to $42.32 1.5 7.4 $ 33.10 1.1 $ 31.23 $2.96 to $42.32 4.2 3.8 $ 16.10 3.8 $ 13.72 The Company uses the Black-Scholes model to estimate the fair value of stock option awards at the date of grant. Key inputs and assumptions used in the model include the grant date fair value of common stock, exercise price of the award, the expected option term, the risk-free interest rate, stock price volatility and the Company’s projected dividend yield. The expected term represents the period over which the Company’s employees are expected to hold their options. The risk-free interest rate reflects the yield on zero-coupon U.S. treasury securities with a term equal to the option’s expected term. Expected volatility is derived based on the historical volatility of the Company’s stock. The Company’s projected dividend yield is zero. The Company believes the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in estimating the fair values of its stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards. Subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. There were no stock option awards granted during the three months ended March 31, 2019. The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted during the three months ended March 31, 2018. Three Months Ended March 31, 2018 Expected option term (in years) 6.0 Risk-free interest rate 2.7 % Expected volatility 35.0 % Weighted average exercise price $ 38.34 Weighted average fair value at grant date $ 14.84 Restricted Stock Units RSUs entitle the holder to shares of common stock after a vesting period that generally ranges from one to three years. The fair value of the awards is determined on the grant date based on the Company’s stock price. The following table summarizes the RSU activity (in millions, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2018 2.0 $ 35.43 Granted 1.4 $ 23.42 Vested and shares issued (0.9 ) $ 33.15 Forfeited (0.2 ) $ 35.25 Non-vested RSUs at March 31, 2019 2.3 $ 29.27 Performance Share Units PSUs are stock awards in which the number of shares ultimately received by the employee depends on Company performance against specified targets. Such awards typically vest over three years and the number of shares issued can vary from 0% to 200% of the number of PSUs granted, depending on performance. The fair value of each PSU is determined on the date of grant based on the Company’s stock price. The ultimate number of shares issued and the related compensation cost recognized is based on the final performance metrics compared to the targets specified in the grants. The following table summarizes the PSU activity (in millions, except per share data): Performance Share Units Weighted Average Grant Date Fair Value Per Share Non-vested PSUs at December 31, 2018 0.3 $ 33.52 Granted — $ — Vested and shares issued (0.2 ) $ 29.43 Non-vested PSUs at March 31, 2019 0.1 $ 38.23 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS On April 4, 2019, the Company completed the Acquisition in an all cash transaction with a total purchase price of approximately $7.7 billion, including debt assumed. At closing of the Acquisition, the Company borrowed $3.2 billion under the 2026 Term Loan with an interest rate of LIBOR plus 3.25%. The Company used a portion of the borrowings to repay the 2022 Term Loan and the remaining borrowings were used to fund the Acquisition. The Company also funded the Acquisition using proceeds from the offerings in February 2019 of $1.25 billion of the 2024 Secured Notes, $1.5 billion of the 2026 Secured Notes and $1.0 billion of the New Unsecured Notes, along with cash on hand. In addition, to fund the Acquisition, on April 4, 2019, the Company issued 1,000,000 shares of Series A Convertible Preferred Stock (the Convertible Preferred Stock) to Carlyle Partners VII S1 Holdings, L.P. (Carlyle) for an aggregate purchase price of $1.0 billion, or $1,000 per share, pursuant to the Investment Agreement between the Company and Carlyle, dated November 8, 2018. The Convertible Preferred Stock will pay dividends at an annual rate of 5.50%, with dividends to be paid quarterly, and will be convertible at the option of the holders at any time into shares of CommScope common stock at a price of $27.50 per share, subject to certain limits on the number of shares that may be issued unless the Company obtains shareholder approval. As of the acquisition date, the Company also entered into a new asset-based revolving credit facility with availability of $972.2 million as of April 4, 2019, reflecting a borrowing base of $1.0 billion reduced by $27.7 million of letters of credit issued under the facility. The Company did not borrow under the new asset-based revolving credit facility to fund the Acquisition. |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Annual Report). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2018 Annual Report. Other than the changes described below to lease policies as a result of the adoption of Accounting Standards Update (ASU) No. 2016-02, Leases, |
Leases | Leases The Company determines if a contract is a lease or contains a lease at inception. Right of use assets related to operating type leases are reported in other noncurrent assets and the present value of remaining lease obligations is reported in accrued and other liabilities and other noncurrent liabilities on the Consolidated Balance Sheets. CommScope does not currently have any financing type leases. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate; therefore, the Company uses the incremental borrowing rates applicable to the economic environment and the duration of the lease, based on the information available at commencement date, in determining the present value of future payments. The right of use asset for operating leases is measured using the lease liability adjusted for the impact of lease payments made prior to commencement, lease incentives received, initial direct costs incurred and any asset impairments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company remeasures and reallocates the consideration in a contract when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or a change in the assessment of whether the Company will exercise a lease option. The Company assesses right of use assets for impairment in accordance with its long-lived asset impairment policy. The Company accounts for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than twelve months are recorded directly to lease expense. |
Concentrations of Risk and Related Party Transactions | Concentrations of Risk and Related Party Transactions Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for 10% |
Product Warranties | Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2019 2018 Product warranty accrual, beginning of period $ 15.6 $ 16.9 Provision for warranty claims (0.5 ) 1.4 Warranty claims paid (1.0 ) (2.2 ) Product warranty accrual, end of period $ 14.1 $ 16.1 |
Commitments and Contingencies | Commitments and Contingencies The Company is either a plaintiff or a defendant in certain pending legal matters in the normal course of business. The Company may also be called upon to indemnify certain customers for costs related to products or services sold to such customers. Management believes none of these legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. |
Asset Impairments | Asset Impairments Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. During the three months ended March 31, 2019, the Company assessed goodwill for impairment due to a change in reporting units in the CCS segment. As a result, the Company performed impairment testing for goodwill under the CCS segment reporting unit structure immediately before the change and determined that no impairment existed. The Company reallocated goodwill to the new reporting units and performed impairment testing for goodwill immediately after the change and determined no impairment existed. There were no goodwill impairments identified during the three months ended March 31, 2019 or 2018. Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are carried at estimated fair value. Equity investments without readily determinable fair values are evaluated each reporting period for impairment based on a qualitative assessment and are then measured at fair value if an impairment is determined to exist. Other than certain assets impaired as a result of restructuring actions, there were no definite-lived intangible or other long-lived asset impairments identified during the three months ended March 31, 2019 or 2018. |
Income Taxes | Income Taxes The Company’s effective income tax rate was (242.6)% for the three months ended March 31, 2019. The Company recorded $1.6 million of income tax expense related to a $0.7 million pre-tax net loss for the period. The pre-tax net loss was driven by interest expense, restructuring costs and transaction and integration costs related to the acquisition of ARRIS International plc (ARRIS) (the Acquisition). Additional income tax expense was recorded as a result of final transition tax regulations issued in the United States (U.S.) during the quarter. The effective income tax rate was also unfavorably affected by losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of those benefits not being realizable. See Notes 2 and 12 for further discussion of the Acquisition and Note 6 for further discussion of the related financing. The impact of excess tax costs related to equity-based compensation awards was not material for the three months ended March 31, 2019. The effective income tax rate of 27.2% for the three months ended March 31, 2018 was higher than the statutory rate of 21.0% primarily due to the effect of the provision for state income taxes, the impact of earnings in foreign jurisdictions that are taxed at rates higher than the U.S. statutory rate, the impact of the U.S. anti-deferral provisions and the impact of repatriation taxes. These increases to the effective tax rate were partially offset by the favorable impact of $4.3 million of excess tax benefits related to equity-based compensation awards. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is based on net income (loss) divided by the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares using the treasury stock method. Potentially dilutive common shares include outstanding equity-based awards (stock options, restricted stock units and performance share units). Certain outstanding equity-based compensation awards were not included in the computation of diluted earnings (loss) per share because the effect was either antidilutive or the performance conditions were not met (5.7 million shares and 0.5 million shares for the three months ended March 31, 2019 and 2018, respectively). Antidilutive securities for the three months ended March 31, 2019 included 2.7 million shares of equity-based awards which would have been considered dilutive if the Company had not been in a net loss position. The following table presents the basis for the earnings (loss) per share computations (in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) $ (2.3 ) $ 33.7 Denominator: Weighted average common shares outstanding - basic 192.8 191.4 Dilutive effect of equity-based awards — 4.1 Weighted average common shares outstanding - diluted 192.8 195.5 Earnings (loss) per share: Basic $ (0.01 ) $ 0.18 Diluted $ (0.01 ) $ 0.17 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted During the Three Months Ended March 31, 2019 On January 1, 2019, the Company adopted ASU No. 2016-02, Leases The adoption effect of the new guidance increased total assets and total liabilities in the Condensed Consolidated Balance Sheets by $98.8 million as of January 1, 2019 due to the addition of right-of-use assets and lease obligations for operating type leases, net of the elimination of existing prepaid rent, deferred rent and lease termination cost amounts. The adoption of the new standard did not materially affect the Condensed Consolidated Statements of Operations; and therefore, no cumulative effect adjustment was recorded. Adoption of the new standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. See Note 4 for further discussion of the Company’s leasing activities. On January 1, 2019, the Company adopted ASU No. 2017-04, Simplifying the Test of Goodwill Impairment On January 1, 2019, the Company adopted ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement (CCA) that is a Service Contract Issued but Not Adopted In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments |
Background and Basis of Prese_3
Background and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Activity in Product Warranty Accrual, Included in Other Accrued Liabilities | The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2019 2018 Product warranty accrual, beginning of period $ 15.6 $ 16.9 Provision for warranty claims (0.5 ) 1.4 Warranty claims paid (1.0 ) (2.2 ) Product warranty accrual, end of period $ 14.1 $ 16.1 |
Summary of Earnings (Loss), Weighted Average Common Shares and Potential Common Shares Outstanding | The following table presents the basis for the earnings (loss) per share computations (in millions, except per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) $ (2.3 ) $ 33.7 Denominator: Weighted average common shares outstanding - basic 192.8 191.4 Dilutive effect of equity-based awards — 4.1 Weighted average common shares outstanding - diluted 192.8 195.5 Earnings (loss) per share: Basic $ (0.01 ) $ 0.18 Diluted $ (0.01 ) $ 0.17 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | The following table presents goodwill by reportable segment: CCS CMS Total Goodwill, gross at December 31, 2018 $ 2,161.6 $ 901.7 $ 3,063.3 Foreign exchange and other 5.8 1.8 7.6 Goodwill, gross at March 31, 2019 2,167.4 903.5 3,070.9 Accumulated impairment charges at December 31, 2018 and March 31, 2019 (51.5 ) (159.5 ) (211.0 ) Goodwill, net at March 31, 2019 $ 2,115.9 $ 744.0 $ 2,859.9 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases: Three Months Ended March 31, 2019 Operating cash paid to settle lease liabilities $ 9.6 Right of use asset additions in exchange for lease liabilities 2.4 |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases: Balance Sheet Location March 31, 2019 Right of use assets Other noncurrent assets $ 97.4 Lease liabilities Accrued and other liabilities $ 29.3 Lease liabilities Other noncurrent liabilities 75.2 Total lease liabilities $ 104.5 Weighted average remaining lease term (in years) 4.4 Weighted average discount rate 5.8 % |
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases | Future minimum lease payments under non-cancellable leases as of March 31, 2019: Operating Leases Remainder of 2019 $ 27.0 2020 31.2 2021 26.5 2022 14.4 2023 9.0 Thereafter 15.1 Total minimum lease payments $ 123.2 Less: imputed interest (18.7 ) Total $ 104.5 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Net Sales by Reportable Segment Disaggregated Based on Contract Type | The following table presents net sales by reportable segment, disaggregated based on contract type: Three Months Ended March 31, CCS CMS Total 2019 2018 2019 2018 2019 2018 Contract type: Product contracts $ 644.9 $ 671.5 $ 434.3 $ 425.3 $ 1,079.2 $ 1,096.8 Project contracts — — 11.4 10.5 11.4 10.5 Other contracts 1.2 2.1 7.7 11.1 8.9 13.2 Consolidated net sales $ 646.1 $ 673.6 $ 453.4 $ 446.9 $ 1,099.5 $ 1,120.5 |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Three Months Ended March 31, 2019 2018 Allowance for doubtful accounts, beginning of period $ 17.4 $ 14.0 Charged to costs and expenses 2.4 1.5 Account write-offs and other (0.3 ) (0.4 ) Allowance for doubtful accounts, end of period $ 19.5 $ 15.1 |
Summary of the Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers | The following table provides the balance sheet location and amounts of contract assets and liabilities from contracts with customers as of March 31, 2019 and December 31, 2018. Balance Sheet Location March 31, 2019 December 31, 2018 Unbilled accounts receivable Accounts receivable, less allowance for doubtful accounts $ 4.7 $ 3.1 Deferred revenue Accrued and other liabilities 9.9 7.6 |
Inventories | Inventories March 31, 2019 December 31, 2018 Raw materials $ 147.0 $ 146.8 Work in process 115.9 98.8 Finished goods 272.6 227.7 $ 535.5 $ 473.3 |
Accrued and Other Liabilities | Accrued and Other Liabilities March 31, 2019 December 31, 2018 Compensation and employee benefit liabilities $ 88.5 $ 94.3 Operating lease liabilities 29.3 — Accrued interest 86.2 18.5 Deferred revenue 9.9 7.6 Product warranty accrual 14.1 15.6 Restructuring reserve 14.3 29.9 Income taxes payable 11.6 7.7 Purchase price payable 1.1 12.2 Value-added taxes payable 12.8 12.4 Accrued professional fees 87.0 19.3 Other 74.8 73.9 $ 429.6 $ 291.4 |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended March 31, 2019 2018 Foreign currency translation Balance at beginning of period $ (140.6 ) $ (52.7 ) Other comprehensive income (loss) (10.0 ) 46.8 Amounts reclassified from AOCL 0.3 — Balance at end of period $ (150.3 ) $ (5.9 ) Hedging instruments Balance at beginning of period $ (1.4 ) $ (5.0 ) Other comprehensive loss (1.5 ) (0.6 ) Balance at end of period $ (2.9 ) $ (5.6 ) Defined benefit plan activity Balance at beginning of period $ (17.2 ) $ (28.9 ) Amounts reclassified from AOCL (0.1 ) (1.4 ) Balance at end of period $ (17.3 ) $ (30.3 ) Net AOCL at end of period $ (170.5 ) $ (41.8 ) |
Cash Flow Information | Cash Flow Information Three Months Ended March 31, 2019 2018 Cash paid during the period for: Income taxes, net of refunds $ 9.2 $ 22.1 Interest 23.9 31.9 Non-cash financing activities: Accrued and unpaid debt issuance costs $ 54.7 $ — |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | March 31, 2019 December 31, 2018 5.00% $ 750.0 $ 750.0 8.25% 1,000.0 — 6.00% 1,500.0 1,500.0 5.50% 650.0 650.0 5.00% 650.0 650.0 6.00% 1,500.0 — 5.50% 1,250.0 — Senior secured term loan due December 2022 261.3 486.3 Senior secured revolving credit facility — — Total principal amount of debt $ 7,561.3 $ 4,036.3 Less: Original issue discount, net of amortization (0.8 ) (1.5 ) Less: Debt issuance costs, net of amortization (100.9 ) (48.9 ) Total long-term debt $ 7,459.6 $ 3,985.9 |
Scheduled Maturities of Long-Term Debt | The following table summarizes scheduled maturities of long-term debt as of March 31, 2019: Remainder of 2019 2020 2021 2022 2023 Thereafter Scheduled maturities of long-term debt $ — $ — $ 650.0 $ 261.3 $ — $ 6,650.0 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Not Designated as Hedging Instrument [Member] | |
Balance Sheet Location and Fair Value of Company | The following table presents the balance sheet location and fair value of the Company’s derivatives not designated as hedging instruments: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Foreign currency contracts Prepaid expenses and other current assets $ 1.6 $ 1.7 Foreign currency contracts Accrued and other liabilities (1.5 ) (3.0 ) Total derivatives not designated as hedging instruments $ 0.1 $ (1.3 ) |
Pretax Impact of Foreign Currency Contracts, Both Matured and Outstanding, not Designated as Hedging Instruments | The pretax impact of these foreign currency contracts, both matured and outstanding, on the Condensed Consolidated Statements of Operations is as follows: Foreign Currency Forward Contracts Location of Gain (Loss) Gain (Loss) Recognized Three Months Ended March 31, 2019 Other income (expense), net $ (3.3 ) Three Months Ended March 31, 2018 Other income (expense), net $ 11.9 |
Derivative Instruments Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | |
Balance Sheet Location and Fair Value of Company | The following table presents the balance sheet location and fair value of the derivative instruments designated as net investment hedges: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Foreign currency contracts Prepaid expenses and other current assets $ 1.9 $ 0.8 Foreign currency contracts Other noncurrent assets 2.9 — Total derivatives designated as net investment hedging instruments $ 4.8 $ 0.8 |
Impact of Effective Portion of Derivatives, Designated as Hedging Instruments | The impact of the effective portion of foreign currency contracts designated as net investment hedging instruments, both matured and outstanding, on the Condensed Consolidated Statements of Comprehensive Income (Loss) is as follows: Foreign Currency Forward Contracts Location of Gain (Loss) Effective Portion of Gain (Loss) Recognized Three Months Ended March 31, 2019 Other comprehensive income (loss), net of tax $ 2.6 Three Months Ended March 31, 2018 Other comprehensive income (loss), net of tax $ (0.6 ) |
Derivative Instruments Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | |
Balance Sheet Location and Fair Value of Company | The following table presents the balance sheet location and fair value of the derivative instruments designated as cash flow hedges of interest rate risk: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2019 December 31, 2018 Interest rate swap contracts Other noncurrent liabilities $ (5.5 ) $ — Total derivatives designated as cash flow hedges of interest rate risk $ (5.5 ) $ — |
Impact of Effective Portion of Derivatives, Designated as Hedging Instruments | The impact of the effective portion of the interest rate swap contracts designated as cash flow hedging instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) is as follows: Interest Rate Derivatives Location of Gain (Loss) Effective Portion of Gain (Loss) Recognized Three Months Ended March 31, 2019 Other comprehensive income (loss), net of tax $ (4.1 ) Three Months Ended March 31, 2018 Other comprehensive income (loss), net of tax $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts | The carrying amounts, estimated fair values and valuation input levels of the Company’s debt instruments, interest rate derivatives and foreign currency contracts as of March 31, 2019 and December 31, 2018, are as follows: March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Foreign currency contracts $ 6.4 $ 6.4 $ 2.5 $ 2.5 Level 2 Liabilities: 5.00% senior notes due 2027 $ 750.0 $ 661.3 $ 750.0 $ 608.0 Level 2 8.25% senior notes due 2027 1,000.0 1,037.5 — — Level 2 6.00% senior notes due 2025 1,500.0 1,458.3 1,500.0 1,355.6 Level 2 5.50% senior notes due 2024 650.0 636.4 650.0 591.8 Level 2 5.00% senior notes due 2021 650.0 651.6 650.0 641.9 Level 2 6.00% senior secured notes due 2026 1,500.0 1,549.7 — — Level 2 5.50% senior secured notes due 2024 1,250.0 1,276.9 — — Level 2 Senior secured term loan due 2022, at par 261.3 261.3 486.3 461.9 Level 2 Foreign currency contracts 1.5 1.5 3.0 3.0 Level 2 Interest rate swap contracts 5.5 5.5 — — Level 2 |
Segments and Geographic Infor_2
Segments and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment: March 31, 2019 December 31, 2018 Identifiable segment-related assets: CCS $ 4,365.4 $ 4,258.1 CMS 2,042.5 1,871.3 Total identifiable segment-related assets 6,407.9 6,129.4 Reconciliation to total assets: Cash and cash equivalents 176.4 458.2 Deferred income tax assets 29.9 42.9 Funds restricted for acquisition 3,760.1 — Total assets $ 10,374.3 $ 6,630.5 |
Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment | The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment: Three Months Ended March 31, 2019 2018 Net sales: CCS $ 646.1 $ 673.6 CMS 453.4 446.9 Consolidated net sales $ 1,099.5 $ 1,120.5 Segment adjusted EBITDA: CCS $ 107.7 $ 122.7 CMS 100.7 85.4 Total segment adjusted EBITDA 208.4 208.1 Amortization of intangible assets (59.3 ) (67.2 ) Restructuring costs, net (12.4 ) (5.5 ) Equity-based compensation (7.5 ) (10.5 ) Integration and transaction costs (20.8 ) (1.6 ) Depreciation (17.7 ) (19.6 ) Consolidated operating income $ 90.7 $ 103.7 Depreciation expense: CCS $ 12.2 $ 14.1 CMS 5.5 5.5 Consolidated depreciation expense $ 17.7 $ 19.6 Additions to property, plant and equipment: CCS $ 14.6 $ 8.8 CMS 6.8 4.8 Consolidated additions to property, plant and equipment $ 21.4 $ 13.6 |
Summary of Sales by Geographic Region, Based on Destination of Product Shipments | Sales by geographic region, based on the destination of product shipments, were as follows: Three Months Ended March 31, 2019 2018 United States $ 639.1 $ 607.5 Europe, Middle East and Africa 229.9 249.7 Asia Pacific 147.2 188.6 Caribbean and Latin America 63.5 56.1 Canada 19.8 18.6 Consolidated net sales $ 1,099.5 $ 1,120.5 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Company's Net Pre-tax Restructuring Charges | The Company’s net pre-tax restructuring charges, by segment, were as follows: Three Months Ended March 31, 2019 2018 CCS $ 7.3 $ 2.4 CMS 5.1 3.1 Total $ 12.4 $ 5.5 |
Restructuring Reserves Included in Company's Condensed Consolidated Balance Sheets | Restructuring reserves were included in the Company’s Condensed Consolidated Balance Sheets as follows: March 31, 2019 December 31, 2018 Accrued and other liabilities $ 14.3 $ 29.9 Other noncurrent liabilities 1.4 5.2 Total liability $ 15.7 $ 35.1 |
BNS Integration Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2018 $ 29.2 $ 0.3 $ — $ 29.5 Additional charge recorded 0.1 — 0.2 0.3 Cash paid (17.6 ) — (0.2 ) (17.8 ) Foreign exchange and other non-cash items — (0.3 ) — (0.3 ) Balance at March 31, 2019 $ 11.7 $ — $ — $ 11.7 |
ARRIS Integration Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | Employee- Related Costs Fixed Asset Related Costs Total Balance at December 31, 2018 $ — $ — $ — Additional charge recorded 12.1 — 12.1 Cash paid (8.1 ) — (8.1 ) Balance at March 31, 2019 $ 4.0 $ — $ 4.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Location of Equity-Based Compensation Expense on Statement of Operations | The following table shows the location of equity-based compensation expense on the statement of operations: Three Months Ended March 31, 2019 2018 Selling, general and administrative $ 5.9 $ 8.0 Cost of sales 0.8 1.3 Research and development 0.8 1.2 Total equity-based compensation expense $ 7.5 $ 10.5 |
Summary of Stock Option Activity | The following table summarizes the stock option activity (in millions, except per share data and years): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2018 4.7 $ 15.51 Granted — — Exercised (0.3 ) $ 3.68 Expired (0.1 ) $ 30.50 Forfeited (0.1 ) $ 38.21 Options outstanding at March 31, 2019 4.2 $ 16.10 3.8 $ 41.3 Options vested at March 31, 2019 3.8 $ 13.72 3.3 $ 41.3 Options unvested at March 31, 2019 0.4 $ 38.25 8.6 $ — |
Summary of Exercise Price | The exercise prices of outstanding options at March 31, 2019 were in the following ranges (in millions, except per share data and years): Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share $2.96 to $5.74 2.2 1.8 $ 5.74 2.2 $ 5.74 $5.75 to $22.99 0.5 1.2 $ 8.59 0.5 $ 8.59 $23.00 to $42.32 1.5 7.4 $ 33.10 1.1 $ 31.23 $2.96 to $42.32 4.2 3.8 $ 16.10 3.8 $ 13.72 |
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option | There were no stock option awards granted during the three months ended March 31, 2019. The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted during the three months ended March 31, 2018. Three Months Ended March 31, 2018 Expected option term (in years) 6.0 Risk-free interest rate 2.7 % Expected volatility 35.0 % Weighted average exercise price $ 38.34 Weighted average fair value at grant date $ 14.84 |
Summary of RSU Activity | The following table summarizes the RSU activity (in millions, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2018 2.0 $ 35.43 Granted 1.4 $ 23.42 Vested and shares issued (0.9 ) $ 33.15 Forfeited (0.2 ) $ 35.25 Non-vested RSUs at March 31, 2019 2.3 $ 29.27 |
Summary of PSU Activity | The following table summarizes the PSU activity (in millions, except per share data): Performance Share Units Weighted Average Grant Date Fair Value Per Share Non-vested PSUs at December 31, 2018 0.3 $ 33.52 Granted — $ — Vested and shares issued (0.2 ) $ 29.43 Non-vested PSUs at March 31, 2019 0.1 $ 38.23 |
Background and Basis of Prese_4
Background and Basis of Presentation - Additional Information (Detail) shares in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)Customershares | Mar. 31, 2018USD ($)shares | Jan. 01, 2019USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Product warranty term | These product warranties extend over various periods, depending upon the product subject to the warranty and the terms of the individual agreements. | ||
Goodwill impairment charges | $ 0 | $ 0 | |
Intangible asset impairment charges, excluding goodwill | 0 | 0 | |
Other long-Lived assets Impairments | $ 0 | $ 0 | |
Effective income tax rate | (242.60%) | 27.20% | |
Income tax expense | $ 1,600,000 | $ 12,600,000 | |
Pre-tax net loss for the period | 700,000 | (46,300,000) | |
Impact of recent accounting pronouncements | 0 | $ 4,300,000 | |
Statutory tax rate | 21.00% | ||
Dilutive effect of equity-based awards | shares | 4.1 | ||
Operating leases right of use assets | 97,400,000 | ||
Operating lease obligations | $ 104,500,000 | ||
ASU 2016-02 [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Operating leases right of use assets | $ 98,800,000 | ||
Operating lease obligations | 98,800,000 | ||
Cumulative effect adjustment | $ 0 | ||
Stock Compensation Plan [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Amount of outstanding equity based awards not included in computation of diluted earnings per share | shares | 5.7 | 0.5 | |
Dilutive effect of equity-based awards | shares | 2.7 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Anixter International Inc. [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Direct customer accounted for 10% or more of the Company's accounts receivable | Customer | 0 |
Background and Basis of Prese_5
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual, Included in Other Accrued Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Product warranty accrual, beginning of period | $ 15.6 | $ 16.9 |
Provision for warranty claims | (0.5) | 1.4 |
Warranty claims paid | (1) | (2.2) |
Product warranty accrual, end of period | $ 14.1 | $ 16.1 |
Background and Basis of Prese_6
Background and Basis of Presentation - Summary of Earnings (Loss), Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income (loss) | $ (2.3) | $ 33.7 |
Denominator: | ||
Weighted average common shares outstanding - basic | 192.8 | 191.4 |
Dilutive effect of equity-based awards | 4.1 | |
Weighted average common shares outstanding - diluted | 192.8 | 195.5 |
Earnings (loss) per share: | ||
Basic | $ (0.01) | $ 0.18 |
Diluted | $ (0.01) | $ 0.17 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Feb. 19, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 08, 2018 |
5.50% Senior Secured Notes Due 2024 [Member] | ||||
Business Acquisition [Line Items] | ||||
Senior secured notes | $ 1,250,000,000 | $ 1,250,000,000 | ||
Interest rate | 5.50% | 5.50% | 5.50% | |
Debt instrument, maturity year | 2024 | |||
6.00% Senior Secured Notes Due 2026 [Member] | ||||
Business Acquisition [Line Items] | ||||
Senior secured notes | $ 1,500,000,000 | $ 1,500,000,000 | ||
Interest rate | 6.00% | 6.00% | 6.00% | |
Debt instrument, maturity year | 2026 | |||
8.25% Senior Notes Due 2027 [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest rate | 8.25% | 8.25% | 8.25% | |
Debt instrument, maturity year | 2027 | |||
Senior notes | $ 1,000,000,000 | $ 1,000,000,000 | ||
Senior Secured Term Loan Due 2026 [Member] | ||||
Business Acquisition [Line Items] | ||||
Senior secured notes | $ 3,200,000,000 | $ 0 | ||
Debt instrument, maturity year | 2026 | |||
Debt instrument, variable rate basis | LIBOR plus 3.25% | |||
Libor rate margin | 3.25% | |||
ARRIS [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price per share | $ 31.75 |
Goodwill - Goodwill by Reportab
Goodwill - Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | $ 3,063.3 | |
Foreign exchange and other | 7.6 | |
Goodwill, gross, Ending balance | 3,070.9 | |
Accumulated impairment charges | (211) | |
Goodwill, net | 2,859.9 | $ 2,852.3 |
CCS [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 2,161.6 | |
Foreign exchange and other | 5.8 | |
Goodwill, gross, Ending balance | 2,167.4 | |
Accumulated impairment charges | (51.5) | |
Goodwill, net | 2,115.9 | |
CMS [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 901.7 | |
Foreign exchange and other | 1.8 | |
Goodwill, gross, Ending balance | 903.5 | |
Accumulated impairment charges | (159.5) | |
Goodwill, net | $ 744 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Finance lease, right-of-use asset | $ 0 |
Finance lease, liability | $ 0 |
Operating lease, option to extend | true |
Operating lease, option to extend, description | some of which may include options to extend the leases for up to 5 years |
Operating lease, option to terminate | true |
Operating lease, option to terminate, description | options to terminate the leases within 1 year |
Operating lease, option to terminate, term | 1 year |
Operating lease expense | $ 12,800 |
Cost for short-term, cancellable and variable leases | $ 3,600 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating leases remaining lease terms | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating leases remaining lease terms | 10 years |
Operating lease, option to extend term | 5 years |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash paid to settle lease liabilities | $ 9.6 |
Right of use asset additions in exchange for lease liabilities | $ 2.4 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Fair Value of Assets (Liability), Right of use assets | $ 97.4 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentAssetsMember |
Fair Value of Assets (Liability), Total lease liabilities | $ 29.3 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | comm:AccruedAndOtherLiabilitiesCurrent |
Fair Value of Assets (Liability), Total lease liabilities | $ 75.2 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Fair Value of Assets (Liability), Total lease liabilities | $ 104.5 |
Weighted average remaining lease term (in years) | 4 years 4 months 24 days |
Weighted average discount rate | 5.80% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2019 | $ 27 |
Operating Leases, 2020 | 31.2 |
Operating Leases, 2021 | 26.5 |
Operating Leases, 2022 | 14.4 |
Operating Leases, 2023 | 9 |
Operating Leases, Thereafter | 15.1 |
Operating Leases, Total minimum lease payments | 123.2 |
Less: imputed interest | (18.7) |
Operating lease obligations | $ 104.5 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Schedule of Net Sales by Reportable Segment Disaggregated Based on Contract Type (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | $ 1,099.5 | $ 1,120.5 |
CCS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 646.1 | 673.6 |
CMS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 453.4 | 446.9 |
Product Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 1,079.2 | 1,096.8 |
Product Contracts [Member] | CCS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 644.9 | 671.5 |
Product Contracts [Member] | CMS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 434.3 | 425.3 |
Project Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 11.4 | 10.5 |
Project Contracts [Member] | CMS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 11.4 | 10.5 |
Other Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 8.9 | 13.2 |
Other Contracts [Member] | CCS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | 1.2 | 2.1 |
Other Contracts [Member] | CMS [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Consolidated net sales | $ 7.7 | $ 11.1 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts Notes And Loans Receivable Classified [Abstract] | ||
Allowance for doubtful accounts, beginning of period | $ 17.4 | $ 14 |
Charged to costs and expenses | 2.4 | 1.5 |
Account write-offs and other | (0.3) | (0.4) |
Allowance for doubtful accounts, end of period | $ 19.5 | $ 15.1 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Summary of the Balance Sheet Location and Amounts of Contract Assets and Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue | $ 9.9 | $ 7.6 |
Accounts Receivable, Less Allowance for Doubtful Accounts [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Unbilled accounts receivable | 4.7 | 3.1 |
Accrued and Other Liabilities [Member] | ||
Schedule Of Contract Assets And Liabilities [Line Items] | ||
Deferred revenue | $ 9.9 | $ 7.6 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 147 | $ 146.8 |
Work in process | 115.9 | 98.8 |
Finished goods | 272.6 | 227.7 |
Inventories, net | $ 535.5 | $ 473.3 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Accrued and Other Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued and Other Liabilities [Abstract] | ||||
Compensation and employee benefit liabilities | $ 88.5 | $ 94.3 | ||
Operating lease liabilities | 29.3 | |||
Accrued interest | 86.2 | 18.5 | ||
Deferred revenue | 9.9 | 7.6 | ||
Product warranty accrual | 14.1 | 15.6 | $ 16.1 | $ 16.9 |
Restructuring reserve | 14.3 | 29.9 | ||
Income taxes payable | 11.6 | 7.7 | ||
Purchase price payable | 1.1 | 12.2 | ||
Value-added taxes payable | 12.8 | 12.4 | ||
Accrued professional fees | 87 | 19.3 | ||
Other | 74.8 | 73.9 | ||
Accrued and other liabilities | $ 429.6 | $ 291.4 |
Supplemental Financial Statem_8
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 1,756.8 | |
Ending balance | 1,744.5 | $ 1,731.4 |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (140.6) | (52.7) |
Other comprehensive income (loss) | (10) | 46.8 |
Amounts reclassified from AOCI | 0.3 | |
Ending balance | (150.3) | (5.9) |
Hedging Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (1.4) | (5) |
Other comprehensive income (loss) | (1.5) | (0.6) |
Ending balance | (2.9) | (5.6) |
Defined Benefit Plan Activity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (17.2) | (28.9) |
Amounts reclassified from AOCI | (0.1) | (1.4) |
Ending balance | (17.3) | (30.3) |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (159.2) | (86.6) |
Ending balance | $ (170.5) | $ (41.8) |
Supplemental Financial Statem_9
Supplemental Financial Statement Information - Cash Flow Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | $ 9.2 | $ 22.1 |
Interest | 23.9 | $ 31.9 |
Non-cash financing activities: | ||
Accrued and unpaid debt issuance costs | $ 54.7 |
Financing - Summary of Debt (De
Financing - Summary of Debt (Detail) - USD ($) | Mar. 31, 2019 | Feb. 19, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Total principal amount of debt | $ 7,561,300,000 | $ 4,036,300,000 | |
Less: Original issue discount, net of amortization | (800,000) | (1,500,000) | |
Less: Debt issuance costs, net of amortization | (100,900,000) | (48,900,000) | |
Total long-term debt | 7,459,600,000 | 3,985,900,000 | |
5.00% Senior Notes Due March 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 750,000,000 | 750,000,000 | |
8.25% Senior Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 1,000,000,000 | $ 1,000,000,000 | |
6.00% Senior Notes Due June 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 1,500,000,000 | 1,500,000,000 | |
5.50% Senior Notes Due June 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
5.00% Senior Notes Due June 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
6.00% Senior Secured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured notes | 1,500,000,000 | 1,500,000,000 | |
5.50% Senior Secured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured notes | 1,250,000,000 | $ 1,250,000,000 | |
Senior Secured Term Loan Due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior secured notes | $ 261,300,000 | $ 486,300,000 |
Financing - Summary of Debt (Pa
Financing - Summary of Debt (Parenthetical) (Detail) | 3 Months Ended | ||
Mar. 31, 2019 | Feb. 19, 2019 | Dec. 31, 2018 | |
5.00% Senior Notes Due March 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 15, 2027 | ||
Interest rate | 5.00% | 5.00% | |
8.25% Senior Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 1, 2027 | ||
Interest rate | 8.25% | 8.25% | 8.25% |
6.00% Senior Notes Due June 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jun. 15, 2025 | ||
Interest rate | 6.00% | 6.00% | |
5.50% Senior Notes Due June 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jun. 15, 2024 | ||
Interest rate | 5.50% | 5.50% | |
5.00% Senior Notes Due June 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jun. 15, 2021 | ||
Interest rate | 5.00% | 5.00% | |
6.00% Senior Secured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 1, 2026 | ||
Interest rate | 6.00% | 6.00% | 6.00% |
5.50% Senior Secured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 1, 2024 | ||
Interest rate | 5.50% | 5.50% | 5.50% |
Senior Secured Term Loan Due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Dec. 31, 2022 |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) | Feb. 19, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Total assets | $ 10,374,300,000 | $ 6,630,500,000 | ||
Total liabilities | 8,629,800,000 | $ 4,873,700,000 | ||
Net sales | $ 1,099,500,000 | $ 1,120,500,000 | ||
Weighted average effective interest rate | 6.26% | 5.73% | ||
Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Total assets | $ 2,208,000,000 | $ 2,354,000,000 | ||
Total liabilities | 517,000,000 | $ 454,000,000 | ||
Net sales | $ 415,000,000 | $ 464,000,000 | ||
Assets, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 21.00% | 36.00% | ||
Liabilities, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 6.00% | 9.00% | ||
Sales Revenue, Net [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 38.00% | 41.00% | ||
Asset Based Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured credit facilities current borrowed amount | $ 0 | |||
Senior secured credit facilities current borrowing capacity | 490,700,000 | |||
8.25% Senior Notes Due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 1,000,000,000 | $ 1,000,000,000 | ||
Debt instrument, maturity year | 2027 | |||
Maturity date | Mar. 1, 2027 | |||
8.25% Senior Notes Due 2027 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs incurred | $ 17,300,000 | |||
8.25% Senior Notes Due 2027 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption date, period end date | Mar. 1, 2022 | |||
8.25% Senior Notes Due 2027 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 100.00% | |||
Redemption date, period end date | Mar. 1, 2022 | |||
8.25% Senior Notes Due 2027 [Member] | Senior Notes [Member] | Redemption Under Certain Circumstances [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 108.25% | |||
Redemption date, period end date | Mar. 1, 2022 | |||
Percentage of principal amount of debt redeemed | 40.00% | |||
8.25% Senior Notes Due 2027 [Member] | Senior Notes [Member] | Option of the Holders [Member] | Redemption Upon Certain Change of Control Events [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 101.00% | |||
6.00% Senior Secured Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured notes | $ 1,500,000,000 | $ 1,500,000,000 | ||
Debt instrument, maturity year | 2026 | |||
Maturity date | Mar. 1, 2026 | |||
6.00% Senior Secured Notes Due 2026 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs incurred | $ 22,100,000 | |||
6.00% Senior Secured Notes Due 2026 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption date, period end date | Mar. 1, 2022 | |||
6.00% Senior Secured Notes Due 2026 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 100.00% | |||
Redemption date, period end date | Mar. 1, 2022 | |||
6.00% Senior Secured Notes Due 2026 [Member] | Senior Notes [Member] | Redemption Under Certain Circumstances [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 106.00% | |||
Redemption date, period end date | Mar. 1, 2022 | |||
Percentage of principal amount of debt redeemed | 40.00% | |||
6.00% Senior Secured Notes Due 2026 [Member] | Senior Notes [Member] | Option of the Holders [Member] | Redemption Upon Certain Change of Control Events [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 101.00% | |||
5.50% Senior Secured Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured notes | $ 1,250,000,000 | $ 1,250,000,000 | ||
Debt instrument, maturity year | 2024 | |||
Maturity date | Mar. 1, 2024 | |||
5.50% Senior Secured Notes Due 2024 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs incurred | $ 18,400,000 | |||
5.50% Senior Secured Notes Due 2024 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption date, period end date | Mar. 1, 2022 | |||
5.50% Senior Secured Notes Due 2024 [Member] | Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 100.00% | |||
Redemption date, period end date | Mar. 1, 2021 | |||
5.50% Senior Secured Notes Due 2024 [Member] | Senior Notes [Member] | Redemption Under Certain Circumstances [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 105.50% | |||
Redemption date, period end date | Mar. 1, 2021 | |||
Percentage of principal amount of debt redeemed | 40.00% | |||
5.50% Senior Secured Notes Due 2024 [Member] | Senior Notes [Member] | Option of the Holders [Member] | Redemption Upon Certain Change of Control Events [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 101.00% | |||
Senior Secured Term Loan Due December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured notes | $ 261,300,000 | $ 486,300,000 | ||
Maturity date | Dec. 31, 2022 | |||
Repayments of senior debt | $ 225,000,000 | |||
Debt discount and issuance costs were written off | 3,600,000 | |||
Senior Secured Term Loan Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured notes | $ 3,200,000,000 | 0 | ||
Debt instrument, maturity year | 2026 | |||
Debt issuance costs incurred | 6,200,000 | |||
Original issue discount | $ 32,000,000 | |||
Debt instrument, variable rate basis | LIBOR plus 3.25% | |||
Libor rate margin | 3.25% | |||
Commitment fee amount | $ 10,700,000 |
Financing - Scheduled Maturitie
Financing - Scheduled Maturities of Long- Term Debt (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Long Term Debt By Maturity [Abstract] | |
2021 | $ 650 |
2022 | 261.3 |
Thereafter | $ 6,650 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Foreign Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 430 |
Foreign Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 10 months |
Foreign Currency Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 340 |
Foreign Currency Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | Intrest Expense [Member] | |
Derivatives, Fair Value [Line Items] | |
Pre-tax income from hedge effectiveness under spot method | $ 0.6 |
Foreign Currency Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Maximum [Member] | Net Investment Hedges [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 27 months |
Interest Rate Swap Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 600 |
Interest Rate Swap Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Maximum [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 60 months |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Balance Sheet Location and Fair Value of the Company's Derivatives (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $ 0.1 | $ (1.3) |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 1.6 | 1.7 |
Not Designated as Hedging Instrument [Member] | Accrued and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | (1.5) | (3) |
Derivative Instruments Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 4.8 | 0.8 |
Derivative Instruments Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | (5.5) | |
Derivative Instruments Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Net Investment Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 1.9 | $ 0.8 |
Derivative Instruments Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Net Investment Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 2.9 | |
Derivative Instruments Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap contracts | $ (5.5) |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Pretax Impact of Foreign Currency Contracts, Both Matured and Outstanding, not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income (Expense), Net [Member] | Foreign Currency Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized on Foreign Currency Forward Contracts | $ (3.3) | $ 11.9 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Impact of Effective Portion of Foreign Currency Contracts, Designated as Net Investment Hedging Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Member] | Foreign Currency Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Effective Portion of Gain (Loss) Recognized on Foreign Currency Forward Contracts | $ 2.6 | $ (0.6) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Impact of Effective Portion of Interest Rate Swap Contracts Designated as Cash Flow Hedging Instruments (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Other Comprehensive Income (Loss), Net of Tax [Member] | Interest Rate Swap Contracts [Member] | Derivative Instruments Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effective Portion of Gain (Loss) Recognized on Interest Rate Swap Contracts | $ (4.1) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Debt Instruments, Interest Rate Derivatives and Foreign Currency Contracts (Detail) - USD ($) | Mar. 31, 2019 | Feb. 19, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Foreign currency contracts | $ 6,400,000 | $ 2,500,000 | |
Carrying Amount [Member] | Other Accrued Liabilities [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Foreign currency contracts | 1,500,000 | 3,000,000 | |
Carrying Amount [Member] | Other Noncurrent Liabilities [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Interest rate swap contracts | 5,500,000 | ||
Fair Value [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Foreign currency contracts | 6,400,000 | 2,500,000 | |
Fair Value [Member] | Other Accrued Liabilities [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Foreign currency contracts | 1,500,000 | 3,000,000 | |
Fair Value [Member] | Other Noncurrent Liabilities [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Interest rate swap contracts | 5,500,000 | ||
5.00% Senior Notes Due 2027 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 750,000,000 | 750,000,000 | |
5.00% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 750,000,000 | 750,000,000 | |
5.00% Senior Notes Due 2027 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 661,300,000 | 608,000,000 | |
8.25% Senior Notes Due 2027 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,000,000,000 | $ 1,000,000,000 | |
8.25% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,000,000,000 | ||
8.25% Senior Notes Due 2027 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,037,500,000 | ||
6.00% Senior Notes Due 2025 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,500,000,000 | 1,500,000,000 | |
6.00% Senior Notes Due 2025 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,500,000,000 | 1,500,000,000 | |
6.00% Senior Notes Due 2025 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,458,300,000 | 1,355,600,000 | |
5.50% Senior Notes Due 2024 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
5.50% Senior Notes Due 2024 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
5.50% Senior Notes Due 2024 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 636,400,000 | 591,800,000 | |
5.00% Senior Notes Due 2021 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
5.00% Senior Notes Due 2021 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 650,000,000 | 650,000,000 | |
5.00% Senior Notes Due 2021 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 651,600,000 | 641,900,000 | |
6.00% Senior Secured Notes Due 2026 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior secured debt | 1,500,000,000 | ||
6.00% Senior Secured Notes Due 2026 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,549,700,000 | ||
5.50% Senior Secured Notes Due 2024 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior secured debt | 1,250,000,000 | ||
5.50% Senior Secured Notes Due 2024 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior notes | 1,276,900,000 | ||
Senior Secured Term Loan Due 2022, at Par [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior secured debt | 261,300,000 | 486,300,000 | |
Senior Secured Term Loan Due 2022, at Par [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Senior secured term loans | $ 261,300,000 | $ 461,900,000 |
Segments and Geographic Infor_3
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 10,374.3 | $ 6,630.5 | ||
Cash and cash equivalents | 176.4 | 458.2 | $ 472.7 | $ 454 |
Funds restricted for acquisition | 3,760.1 | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 6,407.9 | 6,129.4 | ||
Operating Segments [Member] | CCS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,365.4 | 4,258.1 | ||
Operating Segments [Member] | CMS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 2,042.5 | 1,871.3 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 176.4 | 458.2 | ||
Deferred income tax assets | 29.9 | $ 42.9 | ||
Funds restricted for acquisition | $ 3,760.1 |
Segments and Geographic Infor_4
Segments and Geographic Information - Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,099.5 | $ 1,120.5 |
Total segment adjusted EBITDA | 208.4 | 208.1 |
Amortization of intangible assets | (59.3) | (67.2) |
Restructuring costs, net | (12.4) | (5.5) |
Equity-based compensation | (7.5) | (10.5) |
Integration and transaction costs | (20.8) | (1.6) |
Depreciation | (17.7) | (19.6) |
Consolidated operating income | 90.7 | 103.7 |
Additions to property, plant and equipment | 21.4 | 13.6 |
CCS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 646.1 | 673.6 |
Total segment adjusted EBITDA | 107.7 | 122.7 |
Restructuring costs, net | (7.3) | (2.4) |
Depreciation | (12.2) | (14.1) |
Additions to property, plant and equipment | 14.6 | 8.8 |
CMS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 453.4 | 446.9 |
Total segment adjusted EBITDA | 100.7 | 85.4 |
Restructuring costs, net | (5.1) | (3.1) |
Depreciation | (5.5) | (5.5) |
Additions to property, plant and equipment | $ 6.8 | $ 4.8 |
Segments and Geographic Infor_5
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Sales Revenue, Net [Member] | Customers Located Outside of the U.S [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 41.90% | 45.80% |
Segments and Geographic Infor_6
Segments and Geographic Information - Summary of Sales by Geographic Region, Based on Destination of Product Shipments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 1,099.5 | $ 1,120.5 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 639.1 | 607.5 |
Europe, Middle East and Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 229.9 | 249.7 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 147.2 | 188.6 |
Caribbean and Latin America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 63.5 | 56.1 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 19.8 | $ 18.6 |
Restructuring Costs - Summary o
Restructuring Costs - Summary of Company's Net Pre-tax Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 12.4 | $ 5.5 |
CCS [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 7.3 | 2.4 |
CMS [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 5.1 | $ 3.1 |
Restructuring Costs - Restructu
Restructuring Costs - Restructuring Reserves Included in Company's Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 14.3 | $ 29.9 |
Ending balance | 15.7 | 35.1 |
Accrued and Other Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 14.3 | 29.9 |
Other Noncurrent Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, non-current | $ 1.4 | $ 5.2 |
Restructuring Costs - Activity
Restructuring Costs - Activity within Liability Established for Restructuring Actions (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 35.1 | |
Additional charge recorded | 12.4 | $ 5.5 |
Ending balance | 15.7 | |
BNS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 29.5 | |
Additional charge recorded | 0.3 | |
Cash paid | (17.8) | |
Foreign exchange and other non-cash items | (0.3) | |
Ending balance | 11.7 | |
ARRIS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional charge recorded | 12.1 | |
Cash paid | (8.1) | |
Ending balance | 4 | |
Employee-Related Costs [Member] | BNS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 29.2 | |
Additional charge recorded | 0.1 | |
Cash paid | (17.6) | |
Ending balance | 11.7 | |
Employee-Related Costs [Member] | ARRIS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional charge recorded | 12.1 | |
Cash paid | (8.1) | |
Ending balance | 4 | |
Lease Termination Costs [Member] | BNS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 0.3 | |
Foreign exchange and other non-cash items | (0.3) | |
Fixed Asset Related Costs [Member] | BNS Integration Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional charge recorded | 0.2 | |
Cash paid | $ (0.2) |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
BNS [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Recognized restructuring charges | $ 151,700,000 |
BNS [Member] | Remainder of 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cash payments | 10,100,000 |
BNS [Member] | 2020 to 2022 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cash payments | 1,600,000 |
ARRIS [Member] | Remainder of 2019 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cash payments | 3,900,000 |
ARRIS [Member] | 2020 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cash payments | $ 100,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Stockholders Equity [Line Items] | |
Unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) | $ 71,600,000 |
Recognition period of unrecognized compensation expense | 1 year 7 months 6 days |
Capitalized equity-based compensation costs | $ 0 |
Projected dividend yield | 0.00% |
Stock Options [Member] | |
Stockholders Equity [Line Items] | |
Vesting period, year | 3 years |
Contractual term | 10 years |
Non Qualified Stock Option [Member] | |
Stockholders Equity [Line Items] | |
Stock option awards granted | shares | 0 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Stockholders Equity [Line Items] | |
Vesting period, year | 1 year |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Stockholders Equity [Line Items] | |
Vesting period, year | 3 years |
Performance Shares [Member] | |
Stockholders Equity [Line Items] | |
Vesting period, year | 3 years |
Performance Shares [Member] | Minimum [Member] | |
Stockholders Equity [Line Items] | |
Number of shares issued on performance | 0.00% |
Performance Shares [Member] | Maximum [Member] | |
Stockholders Equity [Line Items] | |
Number of shares issued on performance | 200.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Location of Equity-Based Compensation Expense on Statement of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | $ 7.5 | $ 10.5 |
Selling, General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | 5.9 | 8 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | 0.8 | 1.3 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | $ 0.8 | $ 1.2 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) - Non Qualified Stock Option [Member] $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Beginning Balance | 4,700,000 |
Shares, Granted | 0 |
Shares, Exercised | (300,000) |
Shares, Expired | (100,000) |
Shares, Forfeited | (100,000) |
Shares, Options Ending Balance | 4,200,000 |
Shares, Options vested Ending Balance | 3,800,000 |
Shares, Options unvested Ending Balance | 400,000 |
Weighted Average Option Exercise Price Per Share, Options Beginning Balance | $ / shares | $ 15.51 |
Weighted Average Option Exercise Price Per Share, Exercised | $ / shares | 3.68 |
Weighted Average Option Exercise Price Per Share, Expired | $ / shares | 30.50 |
Weighted Average Option Exercise Price Per Share, Forfeited | $ / shares | 38.21 |
Weighted Average Option Exercise Price Per Share, Options Ending Balance | $ / shares | 16.10 |
Weighted Average Option Exercise Price Per Share, Options vested Ending Balance | $ / shares | 13.72 |
Weighted Average Option Exercise Price Per Share, Options unvested Ending Balance | $ / shares | $ 38.25 |
Weighted Average Remaining Contractual Term in Years, Options outstanding | 3 years 9 months 18 days |
Weighted Average Remaining Contractual Term in Years, Options vested | 3 years 3 months 18 days |
Weighted Average Remaining Contractual Term in Years, Options unvested | 8 years 7 months 6 days |
Aggregate Intrinsic Value, Options outstanding as of March 31, 2019 | $ | $ 41.3 |
Aggregate Intrinsic Value, Options vested as of March 31, 2019 | $ | $ 41.3 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Exercise Price (Detail) shares in Millions | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
$2.96 to $5.74 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | $ 2.96 |
Range of Exercise Prices Maximum | $ 5.74 |
Options Outstanding Shares | shares | 2.2 |
Weighted Average Remaining Contractual Life | 1 year 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.74 |
Options Exercisable Shares | shares | 2.2 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.74 |
$5.75 to $22.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 5.75 |
Range of Exercise Prices Maximum | $ 22.99 |
Options Outstanding Shares | shares | 0.5 |
Weighted Average Remaining Contractual Life | 1 year 2 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 8.59 |
Options Exercisable Shares | shares | 0.5 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 8.59 |
$23.00 to $42.32 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 23 |
Range of Exercise Prices Maximum | $ 42.32 |
Options Outstanding Shares | shares | 1.5 |
Weighted Average Remaining Contractual Life | 7 years 4 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 33.10 |
Options Exercisable Shares | shares | 1.1 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 31.23 |
$2.96 to $42.32 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | 2.96 |
Range of Exercise Prices Maximum | $ 42.32 |
Options Outstanding Shares | shares | 4.2 |
Weighted Average Remaining Contractual Life | 3 years 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 16.10 |
Options Exercisable Shares | shares | 3.8 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 13.72 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected option term (in years) | 6 years |
Risk-free interest rate | 2.70% |
Expected volatility | 35.00% |
Weighted average exercise price | $ 38.34 |
Weighted average fair value at grant date | $ 14.84 |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Millions | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested share units, Beginning balance | shares | 2 |
Shares, Granted | shares | 1.4 |
Shares, Vested and shares issued | shares | (0.9) |
Shares, Forfeited | shares | (0.2) |
Non-vested share units, Ending balance | shares | 2.3 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ / shares | $ 35.43 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 23.42 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | $ / shares | 33.15 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 35.25 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ / shares | $ 29.27 |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of PSU Activity (Detail) - Performance Shares [Member] shares in Millions | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested share units, Beginning balance | shares | 0.3 |
Shares, Vested and shares issued | shares | (0.2) |
Non-vested share units, Ending balance | shares | 0.1 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Beginning balance | $ / shares | $ 33.52 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | $ / shares | 29.43 |
Weighted Average Grant Date Fair Value Per Share, Non-vested share units, Ending balance | $ / shares | $ 38.23 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 04, 2019 | Feb. 19, 2019 | Mar. 31, 2019 | Nov. 08, 2018 |
Senior Secured Term Loan Due 2026 [Member] | ||||
Subsequent Event [Line Items] | ||||
Senior secured notes | $ 3,200,000,000 | $ 0 | ||
Debt instrument, maturity year | 2026 | |||
Debt instrument, variable rate basis | LIBOR plus 3.25% | |||
Libor rate margin | 3.25% | |||
5.50% Senior Secured Notes Due 2024 [Member] | ||||
Subsequent Event [Line Items] | ||||
Senior secured notes | $ 1,250,000,000 | 1,250,000,000 | ||
Debt instrument, maturity year | 2024 | |||
6.00% Senior Secured Notes Due 2026 [Member] | ||||
Subsequent Event [Line Items] | ||||
Senior secured notes | $ 1,500,000,000 | 1,500,000,000 | ||
Debt instrument, maturity year | 2026 | |||
8.25% Senior Notes Due 2027 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, maturity year | 2027 | |||
Senior notes | $ 1,000,000,000 | $ 1,000,000,000 | ||
Subsequent Events [Member] | Senior Secured Term Loan Due 2026 [Member] | ||||
Subsequent Event [Line Items] | ||||
Senior secured notes | $ 3,200,000,000 | |||
Debt instrument, maturity year | 2026 | |||
Debt instrument, variable rate basis | LIBOR plus 3.25% | |||
Libor rate margin | 3.25% | |||
Subsequent Events [Member] | Asset Based Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Senior notes | $ 1,000,000,000 | |||
Asset-based revolving credit facility with availability | 972,200,000 | |||
Senior secured credit facilities current borrowed amount | 27,700,000 | |||
ARRIS [Member] | ||||
Subsequent Event [Line Items] | ||||
Total purchase price per share | $ 31.75 | |||
ARRIS [Member] | Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Total purchase price | 7,700,000,000 | |||
Carlyle [Member] | ||||
Subsequent Event [Line Items] | ||||
Agreement date | Nov. 8, 2018 | |||
Carlyle [Member] | Series A Convertible Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Convertible preferred stock, dividend payment terms | The Convertible Preferred Stock will pay dividends at an annual rate of 5.50%, with dividends to be paid quarterly | |||
Carlyle [Member] | Subsequent Events [Member] | Series A Convertible Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Total purchase price | $ 1,000,000,000 | |||
Convertible preferred stock, share issued | 1,000,000 | |||
Total purchase price per share | $ 1,000 | |||
Convertible preferred stock, dividend rate percentage | 5.50% | |||
Convertible preferred stock, conversion price per share | $ 27.50 |