Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Jan. 30, 2015 | Jun. 28, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CHARLES RIVER LABORATORIES INTERNATIONAL INC | ||
Entity Central Index Key | 1100682 | ||
Current Fiscal Year End Date | -15 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 27-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 47,326,257 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,472,525,191 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement [Abstract] | |||
Service revenue | $797,765 | $689,166 | $661,586 |
Product revenue | 499,897 | 476,362 | 467,944 |
Total revenue | 1,297,662 | 1,165,528 | 1,129,530 |
Costs and expenses: | |||
Cost of services provided | 558,578 | 497,876 | 479,742 |
Cost of products sold | 266,424 | 272,750 | 257,707 |
Selling, general and administrative | 269,033 | 225,695 | 208,248 |
Amortization of intangible assets | 25,957 | 17,806 | 18,068 |
Operating income | 177,670 | 151,401 | 165,765 |
Other income (expense): | |||
Interest income | 1,154 | 730 | 589 |
Interest expense | -11,950 | -20,969 | -33,342 |
Other income (expense), net | 10,721 | 7,165 | -3,266 |
Income from continuing operations, before income taxes | 177,595 | 138,327 | 129,746 |
Provision for income taxes | 47,671 | 32,911 | 27,628 |
Income from continuing operations, net of income taxes | 129,924 | 105,416 | 102,118 |
Loss from discontinued operations, net of income taxes | -1,726 | -1,265 | -4,252 |
Net income | 128,198 | 104,151 | 97,866 |
Less: Net income attributable to noncontrolling interests | -1,500 | -1,323 | -571 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Excluding Redeemable Noncontrolling Interest | $127,343 | $103,464 | $97,866 |
Basic: | |||
Continuing operations attributable to common shareowners (in dollars per share) | $2.76 | $2.18 | $2.12 |
Discontinued operations (in dollars per share) | ($0.04) | ($0.03) | ($0.09) |
Net income (loss) attributable to common shareowners (in dollars per share) | $2.72 | $2.15 | $2.03 |
Diluted: | |||
Continuing operations attributable to common shareowners (in dollars per share) | $2.70 | $2.15 | $2.10 |
Discontinued operations (in dollars per share) | ($0.04) | ($0.03) | ($0.09) |
Net income (loss) attributable to common shareowners (in dollars per share) | $2.66 | $2.12 | $2.01 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Net income | $128,198 | $104,151 | $97,866 |
Foreign currency translation adjustment | -48,955 | -15,322 | 5,318 |
Unrealized gains on marketable securities | 0 | 0 | 921 |
Prior service cost and (losses) gains for the period | -42,236 | 19,293 | -8,634 |
Amortization of prior service costs and net gains and losses | -1,234 | -3,017 | -2,772 |
Comprehensive income, net of income taxes | 48,138 | 103,334 | 99,920 |
Less: Comprehensive income related to noncontrolling interests | 1,044 | 1,752 | 615 |
Comprehensive income attributable to common shareholders | 47,094 | 101,582 | 99,305 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Comprehensive income, before income taxes | 38,241 | 111,139 | 98,243 |
Noncontrolling Interest [Member] | |||
Income tax expense (benefit) related to items of other comprehensive income (Note 8) | ($9,897) | $7,805 | ($1,677) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $160,023 | $155,927 |
Trade receivables, net | 257,991 | 220,630 |
Inventories | 89,043 | 89,396 |
Other current assets | 99,841 | 86,597 |
Total current assets | 606,898 | 552,550 |
Property, plant and equipment, net | 676,797 | 676,182 |
Goodwill | 321,077 | 230,701 |
Other intangible assets, net | 178,875 | 84,537 |
Deferred tax asset | 23,193 | 26,822 |
Other assets | 78,352 | 61,964 |
Total assets | 1,885,192 | 1,632,756 |
Current liabilities | ||
Current portion of long-term debt and capital leases | 31,904 | 21,437 |
Accounts payable | 33,815 | 31,770 |
Accrued compensation | 71,569 | 58,461 |
Deferred revenue | 78,124 | 54,177 |
Accrued liabilities | 67,380 | 56,712 |
Other current liabilities | 11,079 | 22,546 |
Current liabilities of discontinued operations | 2,299 | 1,931 |
Total current liabilities | 296,170 | 247,034 |
Long-term debt and capital leases | 745,958 | 642,352 |
Other long-term liabilities | 130,361 | 70,632 |
Long-term liabilities of discontinued operations | 8,357 | 8,080 |
Total liabilities | 1,180,846 | 968,098 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 28,419 | 20,581 |
Equity: | ||
Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 120,000 shares authorized; 84,503 shares issued and 47,327 shares outstanding at December 27, 2014 and 82,523 shares issued and 47,554 shares outstanding at December 28, 2013 | 845 | 825 |
Additional paid-in capital | 2,307,640 | 2,206,155 |
Accumulated deficit | -138,775 | -265,473 |
Treasury stock, at cost, 37,176 shares and 34,969 shares at December 27, 2014 and December 28, 2013, respectively | -1,423,260 | -1,305,880 |
Accumulated other comprehensive income (loss) | -74,247 | 5,357 |
Total equity attributable to common shareholders | 672,203 | 640,984 |
Noncontrolling interests | 3,724 | 3,093 |
Total equity and redeemable noncontrolling interest | 704,346 | 664,658 |
Total liabilities, equity and redeemable noncontrolling interest | $1,885,192 | $1,632,756 |
CONSOLIDATED_BALANCE_SHEETS_Ba
CONSOLIDATED BALANCE SHEETS Balance Sheets Parenthetical (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 84,503,000 | 82,523,000 |
Common Stock, Shares, Outstanding | 47,326,000 | 47,554,000 |
Treasury Stock, Shares | 37,176,000 | 34,969,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows relating to operating activities | |||
Net income | $128,198 | $104,151 | $97,866 |
Less: Loss from discontinued operations | -1,726 | -1,265 | -4,252 |
Income from continuing operations | 129,924 | 105,416 | 102,118 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 96,445 | 96,636 | 81,275 |
Amortization of debt issuance costs and discounts | 1,725 | 9,561 | 17,622 |
Impairment charges | 582 | 4,202 | 3,548 |
Stock-based compensation | 31,035 | 24,542 | 21,855 |
Deferred income taxes | 7,060 | -846 | 1,311 |
(Gain) loss on investments in limited partnerships | -9,301 | -5,864 | 618 |
Other, net | -1,564 | 755 | 5,519 |
Changes in assets and liabilities: | |||
Trade receivables | -28,088 | -19,492 | -16,266 |
Inventories | -2,956 | -1,571 | 785 |
Other assets | -5,145 | 2,421 | -117 |
Accounts payable | 4,599 | -7,080 | -3,257 |
Accrued compensation | 13,631 | 11,926 | 4,612 |
Deferred revenue | 22,244 | -3,297 | -915 |
Accrued liabilities | 8,284 | 759 | -7,050 |
Taxes payable and prepaid taxes | -7,090 | -3,054 | 2,331 |
Other liabilities | -9,253 | -5,969 | -5,983 |
Net cash provided by operating activities | 252,132 | 209,045 | 208,006 |
Cash flows relating to investing activities | |||
Acquisition of businesses and assets, net of cash acquired | -234,267 | -29,218 | -16,861 |
Capital expenditures | -56,925 | -39,154 | -47,534 |
Purchases of investments | -26,648 | -17,566 | -18,537 |
Proceeds from sale of investments and distributions from investments in limited partnerships | 21,000 | 11,584 | 25,156 |
Other, net | -1,150 | 307 | 2,786 |
Net cash used in investing activities | -297,990 | -74,047 | -54,990 |
Cash flows relating to financing activities | |||
Proceeds from long-term debt and revolving credit agreement | 298,920 | 511,804 | 74,116 |
Proceeds from exercises of stock options | 73,688 | 93,789 | 18,359 |
Payments on long-term debt, capital lease obligations and revolving credit agreement | -194,536 | -523,304 | -140,347 |
Purchase of treasury stock | -122,018 | -165,932 | -64,189 |
Other, net | 5,360 | -594 | 940 |
Net cash provided by (used in) financing activities | 61,414 | -84,237 | -111,121 |
Discontinued operations | |||
Net cash used in operating activities from discontinued operations | -1,081 | -1,906 | -106 |
Effect of exchange rate changes on cash and cash equivalents | -10,379 | -2,613 | -1,009 |
Net change in cash and cash equivalents | 4,096 | 46,242 | 40,780 |
Cash and cash equivalents, beginning of period | 155,927 | 109,685 | 68,905 |
Cash and cash equivalents, end of period | 160,023 | 155,927 | 109,685 |
Supplemental cash flow information: | |||
Cash paid for income taxes | 29,704 | 19,139 | 17,032 |
Cash paid for interest | 10,199 | 12,029 | 15,145 |
Capitalized interest | 1,032 | 243 | 467 |
Additions to property, plant and equipment, net | 4,355 | 6,960 | 2,778 |
Assets acquired under capital lease | $18,690 | $0 | $69 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental Cash Flow Disclosure (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for income taxes | $29,704 | $19,139 | $17,032 |
Cash paid for interest | 10,199 | 12,029 | 15,145 |
Capitalized interest | 1,032 | 243 | 467 |
Additions to property, plant and equipment, net | 4,355 | 6,960 | 2,778 |
Assets acquired under capital lease | $18,690 | $0 | $69 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Redeemable Noncontrolling Interest [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Equity Attributable to Common Shareholders [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance at Dec. 31, 2011 | $527,363 | $785 | $2,056,921 | ($465,596) | $4,593 | ($1,071,120) | $525,583 | $1,780 | |
Redeemable Noncontrolling Interest at Dec. 31, 2011 | 0 | ||||||||
Common Stock, Shares, Issued at Dec. 31, 2011 | 78,474,000 | ||||||||
Treasury Stock, Shares at Dec. 31, 2011 | 29,598,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 97,866 | 0 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Excluding Redeemable Noncontrolling Interest | 97,866 | 97,295 | 97,295 | 571 | |||||
Components of comprehensive income, net of tax: | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 2,054 | 0 | 2,010 | 2,010 | 44 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 99,920 | 0 | |||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 99,920 | 99,305 | 615 | ||||||
Deferred Tax Expense from Stock Options Exercised | 125 | 125 | 125 | ||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 1,134,000 | ||||||||
Proceeds from Stock Options Exercised | 18,426 | 11 | 18,415 | 18,426 | |||||
Number of shares of common stock repurchased (in shares) | 1,790,000 | ||||||||
Acquisition of treasury shares | 64,489 | 64,489 | 64,489 | ||||||
Stock-based compensation | 21,855 | 21,855 | 21,855 | ||||||
Balance at Dec. 29, 2012 | 603,200 | 796 | 2,097,316 | -368,301 | 6,603 | -1,135,609 | 600,805 | 2,395 | |
Redeemable Noncontrolling Interest at Dec. 29, 2012 | 0 | ||||||||
Common Stock, Shares, Issued at Dec. 29, 2012 | 79,608,000 | ||||||||
Treasury Stock, Shares at Dec. 29, 2012 | 31,388,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 104,151 | 687 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Excluding Redeemable Noncontrolling Interest | 103,464 | 102,828 | 102,828 | 636 | |||||
Components of comprehensive income, net of tax: | |||||||||
Other Comprehensive Income (Loss), Net of Tax | -1,184 | 367 | -1,246 | -1,246 | 62 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 103,334 | 1,054 | |||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 102,280 | 101,582 | 698 | ||||||
Redeemable Noncontrolling Interest, Acquired | 8,963 | ||||||||
Redeemable Noncontrolling Interest, Change in Carrying Value | 10,564 | ||||||||
Adjustment of redeemable noncontrolling interest to fair value | -10,564 | ||||||||
Noncontrolling Interest, Change in Redemption Value | -10,564 | -10,564 | |||||||
Deferred Tax Expense from Stock Options Exercised | 1,069 | 1,069 | 1,069 | ||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 2,915,000 | ||||||||
Proceeds from Stock Options Exercised | 93,821 | 29 | 93,792 | 93,821 | |||||
Number of shares of common stock repurchased (in shares) | 3,581,000 | ||||||||
Acquisition of treasury shares | 170,271 | 170,271 | 170,271 | ||||||
Stock-based compensation | 24,542 | 24,542 | 24,542 | ||||||
Balance at Dec. 28, 2013 | 644,077 | 825 | 2,206,155 | -265,473 | 5,357 | -1,305,880 | 640,984 | 3,093 | |
Redeemable Noncontrolling Interest at Dec. 28, 2013 | 20,581 | 20,581 | |||||||
Common Stock, Shares, Issued at Dec. 28, 2013 | 82,523,000 | ||||||||
Treasury Stock, Shares at Dec. 28, 2013 | 34,969,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 128,198 | 855 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Excluding Redeemable Noncontrolling Interest | 127,343 | 126,698 | 126,698 | 645 | |||||
Components of comprehensive income, net of tax: | |||||||||
Other Comprehensive Income (Loss), Net of Tax | -79,618 | -442 | -79,604 | -79,604 | -14 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 48,138 | 413 | |||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 47,725 | 47,094 | 631 | ||||||
Redeemable Noncontrolling Interest, Change in Carrying Value | 7,425 | ||||||||
Adjustment of redeemable noncontrolling interest to fair value | -7,425 | ||||||||
Noncontrolling Interest, Change in Redemption Value | -7,425 | -7,425 | |||||||
Deferred Tax Expense from Stock Options Exercised | 4,301 | 4,301 | 4,301 | ||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 1,980,000 | ||||||||
Proceeds from Stock Options Exercised | 73,594 | 20 | 73,574 | 73,594 | |||||
Number of shares of common stock repurchased (in shares) | 2,207,000 | ||||||||
Acquisition of treasury shares | 117,380 | 117,380 | 117,380 | ||||||
Stock-based compensation | 31,035 | 31,035 | 31,035 | ||||||
Balance at Dec. 27, 2014 | 675,927 | 845 | 2,307,640 | -138,775 | -74,247 | -1,423,260 | 672,203 | 3,724 | |
Redeemable Noncontrolling Interest at Dec. 27, 2014 | $28,419 | $28,419 | |||||||
Common Stock, Shares, Issued at Dec. 27, 2014 | 84,503,000 | ||||||||
Treasury Stock, Shares at Dec. 27, 2014 | 37,176,000 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 27, 2014 | |||
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||
Description of Business and Summary of Significant Accounting Policies | 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Description of Business | |||
Charles River Laboratories International, Inc. (the Company), together with its subsidiaries, is a full service, early-stage contract research organization (CRO). The Company has built upon its core competency of laboratory animal medicine and science (research model technologies) to develop a diverse portfolio of discovery and safety assessment services, both Good Laboratory Practice (GLP) and non-GLP, that are able to support its clients from target identification through preclinical development. The Company also provides a suite of products and services to support its clients’ manufacturing activities. | |||
Principles of Consolidation | |||
The Company's consolidated financial statements reflect its financial statements and those of its wholly-owned and majority-owned subsidiaries. For consolidated entities in which the Company owns or is exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interests in its consolidated statements of income equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. Intercompany balances and transactions are eliminated in consolidation. | |||
The Company's fiscal year is the twelve-month period ending the last Saturday in December. | |||
Reclassifications | |||
Certain reclassifications have been made to prior year statements to conform to the current year presentation. These reclassifications have no impact on period reported net income or cash flow. | |||
Segment Reporting | |||
During the quarter ended June 28, 2014, following its acquisition of the CRO services division of Galapagos N.V. (Argenta and BioFocus), the Company revised its reportable segments to ensure alignment with the Company's view of the business. The Company reviewed the new and existing markets addressed by the business, the recently revised go-to-market strategy, long-term operating margins, and the discrete financial information available to its Chief Operating Decision Maker, and considered how its businesses aggregate based on these qualitative and quantitative factors. Based on this review, the Company identified three reportable segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA) and Manufacturing Support (Manufacturing). The Company reported segment results on this basis for the current period and retrospectively for all comparable prior periods. | |||
The revised reportable segments are as follows: | |||
Research Models and Services | Discovery and Safety Assessment | Manufacturing Support | |
Research Models | Discovery Services (2) | Endotoxin and Microbial Detection (EMD) | |
Research Model Services (1) | Safety Assessment | Avian Vaccine Services | |
Biologics Testing Solutions | |||
(1) Research Model Services includes Genetically Engineered Models and Services (GEMS), Research Animal Diagnostic Services (RADS), and Insourcing Solutions (IS). | |||
(2) Discovery Services includes both the In Vivo Discovery business, and the Early Discovery business. Early Discovery includes Argenta and BioFocus, which were acquired in April 2014, and ChanTest Corporation (ChanTest), which was acquired in October 2014. | |||
Prior to recasting the reportable segments, the businesses were reported in two segments as follows: | |||
Research Models and Services | Preclinical Services | ||
Research Models (3) | Discovery Services | ||
Research Model Services (4) | Safety Assessment | ||
Endotoxin and Microbial Detection | Biologics Testing Solutions | ||
(3) Research Models included Avian Vaccine Services. | |||
(4) Research Model Services included GEMS, RADS, IS and Discovery Research Services. As part of the segment revisions, the former Discovery Research Services was folded into the Company’s Discovery Services business, previously located under the Preclinical Services segment. | |||
Use of Estimates | |||
The preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) requires that the Company makes estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. | |||
Cash and Cash Equivalents | |||
Cash equivalents include money market funds and time deposits with remaining maturities at the purchase date of three months or less. | |||
Trade Receivables, Net | |||
The Company records trade receivables net of an allowance for doubtful accounts. An allowance for doubtful accounts is established based on historical collection information, a review of major client accounts receivable balances and current economic conditions in the geographies in which it operates. Amounts determined to be uncollectible are charged or written off against the allowance. | |||
Concentrations of Credit Risk | |||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments and trade receivables. The Company places cash and cash equivalents and investments in various financial institutions with high credit rating and limits the amount of credit exposure to any one financial institution. Trade receivables are primarily from clients in the pharmaceutical and biotechnology industries, as well as academic and government institutions. Concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the wide variety of customers using the Company's products and services as well as their dispersion across many geographic areas. No single client accounted for more than 5% of revenue or trade receivables for any period presented. | |||
Fair Value Measurements | |||
The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires detailed disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy: | |||
• | Level 1 - Fair values are determined utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; | ||
• | Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; | ||
• | Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||
The fair value hierarchy level is determined by asset or liability class based on the lowest level of significant input. The observability of inputs may change for certain assets or liabilities. This condition could cause an asset or liability to be reclassified between levels. | |||
Valuation methodologies used for assets and liabilities measured or disclosed at fair value are as follows: | |||
• | Cash equivalents- Valued at quoted market prices determined through third party pricing services. | ||
• | Life insurance policies- Valued at cash surrender value based on fair value of underlying investments. | ||
• | Redeemable noncontrolling interest- Valued primarily using the income approach based on estimated future cash flows of the underlying business based on the Company's projected financial data discounted by a weighted average cost of capital. | ||
• | Contingent consideration- Valued based on a probability-weighting of the future cash flows associated with the potential outcomes. | ||
Inventories | |||
Inventories are stated at the lower of cost or market. Cost is determined on the average cost method for the small model business and first-in-first-out for the Company's large model and EMD businesses. For the small model business, cost includes direct materials such as feed and bedding, costs of personnel directly involved in the care of the models, and an allocation of facility overhead. For the large model business, cost is primarily the external cost paid to acquire the model. Certain businesses value inventory based on standard costs, which are periodically compared to and adjusted to actual costs. Inventory costs are charged to cost of revenue in the period the products are sold to an external party. The Company analyzes its inventory levels on a quarterly basis and writes down inventory that is determined to be damaged, obsolete or otherwise unmarketable, with a corresponding charge to cost of products sold. | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, including improvements that significantly add to productive capacity or extend useful life, are carried at cost and are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The cost of normal, recurring, or periodic repairs and maintenance activities related to property, plant and equipment is expensed as incurred. In addition, the Company capitalizes certain internal use computer software development costs. | |||
Interest costs incurred during the construction of major capital projects are capitalized until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. | |||
The Company generally depreciates the cost of its property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets as follows: | |||
Estimated | |||
useful lives | |||
(in years) | |||
Land | Indefinite | ||
Buildings | 20 - 40 | ||
Machinery and equipment | 20-Mar | ||
Furniture and fixtures | 10-May | ||
Computer hardware and software | 8-Mar | ||
Vehicles | 5-Mar | ||
Leasehold improvements | Lesser of useful life or lease term | ||
When the Company disposes of property, plant and equipment, it removes the associated cost and accumulated depreciation from the related accounts on its consolidated balance sheet and includes any resulting gain or loss in its consolidated statement of income. | |||
Business Combinations | |||
The Company accounts for acquisitions as business combinations under the acquisition method of accounting. The Company allocates the amounts that it pays for each acquisition to the assets it acquires and liabilities it assumes based on their fair values at the dates of acquisition, including identifiable intangible assets. The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and which consider management's best estimates of inputs and assumptions that a market participant would use. | |||
Contingent Consideration | |||
The consideration for the Company’s acquisitions often includes future payments that are contingent upon the occurrence of a particular event. The Company records an obligation for such contingent payments at fair value on the acquisition date. The Company estimates the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments. The Company revalues these contingent consideration obligations each reporting period. Changes in the fair value of the contingent consideration obligations are recognized within our consolidated statements of income as a component of selling, general and administrative expenses. Changes in the fair value of the contingent consideration obligations can result from changes to one or multiple inputs, including adjustments to the discount rates and changed in the assumed probabilities of successful achievement of certain financial targets. | |||
Discount rates in the Company’s valuation models represent a measure of the credit risk associated with settling the liability. The period over which the Company discounts its contingent obligations is typically based on when the contingent payments would be triggered. These fair value measurements are based on significant inputs not observable in the market. See Note 5, "Fair Value," in the accompanying notes to consolidated financial statements for additional information. | |||
Goodwill and Indefinite-Lived Intangible Assets | |||
Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized, but reviewed for impairment on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the Company's reporting units below their carrying amounts. | |||
The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step impairment test. If the Company elects this option and believes, as a result of the qualitative assessment, that it is more-likely-than-not that the carrying value of goodwill is not recoverable, the quantitative two-step impairment test is required; otherwise, no further testing is required. Alternatively, the Company may elect to not first assess qualitative factors and immediately perform the quantitative two-step impairment test. In the first step, the Company compares the fair value of its reporting units to their carrying values. If the carrying values of the net assets assigned to the reporting units exceed the fair values of the reporting units, then the second step of the impairment test is performed in order to determine the implied fair value of the Company’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. | |||
Long-Lived Assets | |||
Long-lived assets to be held and used, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. | |||
Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their fair values. | |||
Long-lived assets to be disposed of are carried at fair value less costs to sell. | |||
Limited Partnerships | |||
The Company invests in several venture capital limited partnerships that invest in start-up companies primarily in the life sciences industry. Our ownership interest in these limited partnerships ranges from 3.8% to 12.0%. As of December 27, 2014, the total commitment to these entities was $65.0 million, of which $19.6 million has been funded. Due to the percentage of ownership, the Company accounts for such investments under the equity method of accounting, whereby its portion of the investment gains and losses, as reported in the fund's financial statements on a quarterly lag each reporting period, is recorded in other income, net. In addition, the Company adjusts the carrying value of these investments to reflect its estimate of changes to fair value since the fund's financial statements based information from the fund's management team, market prices of known public holdings of the fund and other information. During the fiscal years 2014, 2013 and 2012, the Company recognized gains (losses) related to these investments of $9.3 million, $5.9 million, $(0.6) million, respectively. The Company received distributions of $7.4 million in 2014. No distributions were made to the Company in 2013 or 2012. | |||
Life Insurance Contracts | |||
Investments in life insurance contracts are recorded at cash surrender value. The initial investment at the transaction price is recognized and remeasured based on fair value of underlying investments or contractual value each reporting period. Investments in and redemptions of these life insurance contracts are reported as cash flows from investing activities in the consolidated statement of cash flows. At December 27, 2014 and December 28, 2013, the Company held 40 and 30 contracts, respectively, with a face value of $68.2 million and $67.5 million, respectively. | |||
Restructuring and Contract Termination Costs | |||
The Company makes estimates and judgments regarding the amount and timing of our restructuring expense and liability, including current and future period termination benefits, lease termination costs, and other exit costs to be incurred when related actions take place. The Company also assesses the recoverability of certain long-lived assets employed in the business and, in certain instances, shortens the expected useful life of the assets based on changes in their expected use. When the Company determines that the useful lives of assets are shorter than we had originally estimated, it records additional depreciation to reflect the assets’ new shorter useful lives. Severance and other related costs and asset-related charges are reflected within the Company’s consolidated statement of income as a component of cost of revenue or selling, general and administrative expenses. | |||
Stock-Based Compensation | |||
The Company grants stock options, restricted stock, restricted stock units and performance share units (PSUs) to employees and stock options and restricted stock to non-employee directors under stock-based compensation plans. Stock-based compensation is recognized as an expense in the consolidated financial statements based on the grant date fair value, adjusted for estimated forfeitures, over the requisite service period. | |||
For stock options, restricted stock and restricted stock units that vest based on service conditions, the Company uses the straight-line method to allocate compensation expense to reporting periods. The Company records the expense for PSU grants subject to performance and/or market conditions using the accelerated attribution method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date. | |||
The fair value of stock options granted is calculated using the Black-Scholes option-pricing model and the fair value of PSUs is estimated using a lattice model with a Monte Carlo simulation, both of which require the use of subjective assumptions including volatility and expected term, among others. The expected volatility assumption is typically determined using the historical volatility of the Company's common stock over the expected life of the stock-based award. The expected term is determined using historical option exercise activity. The fair value of restricted stock and restricted stock units is based on the market value of the Company’s common stock on the date of grant. | |||
Revenue Recognition | |||
The Company recognizes revenue when all of the following conditions are satisfied: persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the price to the customer is fixed or determinable, and collectibility is reasonably assured. | |||
Service revenue is generally evidenced by client contracts, which range in duration from a few weeks to a few years and typically take the form of an agreed upon rate per unit or fixed fee arrangements. Such contracts typically do not contain acceptance provisions based upon the achievement of certain study or laboratory testing results. Revenue of agreed upon rate per unit contracts is recognized as services are performed, based upon rates specified in the contract. In cases where performance spans reporting periods, revenue of fixed fee contracts is recognized as services are performed, measured on the ratio of outputs or performance obligations completed to the total contractual outputs or performance obligations to be provided. Changes in estimated effort to complete the fixed fee contract are reflected in the period in which the change becomes known. Changes in scope of work are common, especially under long-term contracts, and generally result in a change in contract value. Once the client has agreed to the changes in scope and renegotiated pricing terms, the contract value is amended and revenue is typically recognized as described above. | |||
Billing schedules and payment terms are generally negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of revenue recognized during the period. In other cases, services may be provided and revenue is recognized before the client is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Once the client is invoiced, the unbilled receivable is reduced for the amount billed, and a corresponding trade receivable is recorded. | |||
Most contracts are terminable by the client, either immediately or upon notice. These contracts often require payment to the Company of expenses to wind down the project, fees earned to date or, in some cases, a termination fee. Such payments are included in revenues when earned. | |||
The Company recognizes product revenue net of allowances for estimated returns, rebates and discounts when title and risk of loss pass to customers. When the Company sells equipment with specified acceptance criteria, it assesses its ability to meet the acceptance criteria in order to determine the timing of revenue recognition. The Company would defer revenue until completion of customer acceptance testing if it is not able to demonstrate the ability to meet such acceptance criteria. | |||
Advertising Costs | |||
Advertising costs are expensed as incurred. For the fiscal years 2014, 2013 and 2012, advertising costs totaled $1.3 million, $1.1 million and $0.9 million, respectively. | |||
Income Taxes | |||
The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statements carrying amounts and their respective tax basis. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to be in effect when the temporary differences are expected to be settled. The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. | |||
The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in process audit activities and changes in facts or circumstances related to a tax position. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense. | |||
Translation of Foreign Currencies | |||
The functional currency for each foreign subsidiary is their local currency. For the Company’s non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign exchange rates for the period. Adjustments resulting from the translation of the financial statements of our foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of equity. | |||
Pension and Other Retiree Benefit Plans | |||
The Company recognizes the funded status of its defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The Company measures plan assets and benefit obligations as of the date of its fiscal year end. | |||
The key assumptions used to calculate benefit obligations and related pension costs include expected long-term rate of return on plan assets, discount rate, and expected future rate of compensation increases. In addition, the Company's actuaries utilize other assumptions such as withdrawal and mortality rates. Assumptions are determined based on the Company's data and appropriate market indicators, and evaluated each year as of the plan's measurement date. | |||
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. | |||
The discount rate reflects the rate the Company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. In the fiscal year 2014, the Company selected the discount rate based on a cash-flow matching analysis using Towers Watson’s proprietary Bond:Link tool. Prior to the fiscal year 2014, the Company employed a cash-flow matching methodology, which used the spot yield curve underlying the Citigroup Index. The refined estimation technique permits the Company to more closely match cash flows to the expected payments to participants than would be possible with the previously used yield curve model. This refinement reduced the Company's benefit obligations as of December 27, 2014 by $5.5 million. | |||
The rate of compensation increase reflects the expected annual salary increases for the plan participants based on historical experience and the current employee compensation strategy. | |||
The Company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and prior service costs or credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. | |||
In the fiscal year 2014, for the U.S. plans, the Company adopted new mortality tables (RP-2014) and a new mortality improvement scale (MP-2014), which increased the Company’s benefit obligations by $6.0 million as of December 27, 2014. The Company previously used the RP-2000 mortality tables with mortality improvements projected using Scale AA to 2021 for annuitants and to 2029 for non-annuitants. In addition, for the U.K. plans, the mortality table was updated to S2 Series (SAPS) using the CMI 2013 core projection with a 1.25% per annum long-term mortality improvement. This update increased the Company’s benefit obligations by $1.9 million as of December 27, 2014. Prior to the fiscal year 2014, the Company used the S1 Series (SAPS) mortality table and the CMI 2009 core projection with a 1.25% per annum long-term improvement. The new mortality information reflects improved life expectancies and an expectation that the trend will continue. | |||
Earnings Per Share | |||
Basic earnings per share are calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share is computed using the treasury stock method, assuming the exercise of stock options and the vesting of restricted stock awards, restricted stock units, or PSUs, as well as their related income tax effects. | |||
New Accounting Pronouncements | |||
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Losses Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The ASU requires an entity to present an unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss, or similar loss or tax credit carryforward, as opposed to a liability, unless certain circumstances exist. The ASU became effective during the Company’s first fiscal quarter of 2014 and the Company adopted its provisions retrospectively. The adoption of the ASU decreased net non-current deferred tax assets and decreased the associated long-term tax liabilities related to unrecognized tax benefits by $16.2 million and $11.9 million as of December 27, 2014 and December 28, 2013, respectively. | |||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The ASU is effective for annual and interim periods beginning after December 15, 2014. The Company does not expect the impact of the adoption of this standard to be material to its consolidated financial statements. | |||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company has not yet selected a transition method and is evaluating the impact the adoption will have on its consolidated financial statements and related disclosures. |
Business_Acquisitions
Business Acquisitions | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Business Acquisitions | 2. BUSINESS ACQUISITIONS | |||||||||||
ChanTest | ||||||||||||
In October 2014, the Company acquired ChanTest, a leading provider of ion channel testing services to the pharmaceutical and biotech industry. The acquisition augments the Company's early discovery capabilities and enhances the Company's ability to support clients' target discovery and lead optimization efforts. The preliminary purchase price of the acquisition was $59.3 million, including $0.3 million in contingent consideration. The aggregate, undiscounted amount of contingent consideration that could become payable is a maximum of $2.0 million. The Company estimated the fair value of this contingent consideration based on a probability-weighted set of outcomes. The purchase price is subject to an adjustment based on the final determined net working capital as of the closing date. The business is reported in the Company's DSA reportable segment as part of the Company's Early Discovery business. | ||||||||||||
The preliminary purchase price allocation of $52.1 million, net of $7.2 million in cash acquired, is as follows: | ||||||||||||
29-Oct-14 | ||||||||||||
(in thousands) | ||||||||||||
Current assets (excluding cash) | 4,648 | |||||||||||
Property, plant and equipment | 1,579 | |||||||||||
Definite-lived intangible assets | 23,920 | |||||||||||
Goodwill | 34,927 | |||||||||||
Current liabilities | (3,515 | ) | ||||||||||
Long-term liabilities | (9,486 | ) | ||||||||||
Total purchase price allocation | $ | 52,073 | ||||||||||
The breakout of definite-lived intangible assets acquired is as follows: | ||||||||||||
29-Oct-14 | Weighted average amortization life | |||||||||||
(in thousands) | (in years) | |||||||||||
Client relationships | $ | 19,000 | 13 | |||||||||
Other intangible assets | 4,920 | 9 | ||||||||||
Total definite-lived intangible assets | $ | 23,920 | ||||||||||
The definite-lived intangibles are largely attributed to the expected cash flows related to client relationships existing at the acquisition closing date. The goodwill resulting from the transaction is primarily attributed to the potential growth of the business and is not deductible for tax purposes. The Company incurred transaction and integration costs in connection with the acquisition of $1.1 million during the fiscal year 2014, which are included in selling, general and administrative expenses. | ||||||||||||
VivoPath | ||||||||||||
In June 2014, the Company acquired substantially all of the assets of VivoPath LLC (VivoPath), a discovery service company specializing in the rapid, in vivo compound evaluation of molecules in the therapeutic areas of metabolism, inflammation and oncology. The preliminary purchase price was $2.3 million, including $1.6 million in contingent consideration, and was allocated primarily to the intangible assets acquired. The aggregate, undiscounted amount of contingent consideration that could become payable is a maximum of $2.4 million, payable over the next three years based on the achievement of revenue growth targets. The Company estimated the fair value of this contingent consideration based on a probability-weighted set of outcomes. The business is reported in the Company's DSA reportable segment as part of the Company's In Vivo Discovery business. | ||||||||||||
Argenta and BioFocus | ||||||||||||
On April 1, 2014, the Company acquired (1) 100% of the shares of the United Kingdom (U.K.) based entities Argenta and BioFocus, and (2) certain Dutch assets. These businesses have formed the core of the Company's Early Discovery business. With this acquisition, the Company has enhanced its position as a full service, early-stage CRO, with integrated in vitro and in vivo capabilities from target discovery through preclinical development. The preliminary purchase price of the acquisition was $191.3 million, including $0.9 million in contingent consideration. The acquisition was funded by cash on hand and borrowings on the Company's revolving credit facility. The purchase price includes payment for estimated working capital, which is subject to final adjustment based on the actual working capital of the acquired business. The businesses are reported in the Company's DSA reportable segment as part of the Company's Early Discovery business. | ||||||||||||
The contingent consideration is a one-time payment that could become payable based on the achievement of a revenue target for the twelve-month period following the acquisition. If achieved, the payment would become due in the second quarter of 2015. The aggregate, undiscounted amount of contingent consideration that the Company would pay is €5.0 million ($6.1 million as of December 27, 2014). The Company estimated the fair value of this contingent consideration based on a probability-weighted set of outcomes. | ||||||||||||
The preliminary purchase price allocation of $183.1 million, net of $8.2 million of cash acquired, was as follows: | ||||||||||||
1-Apr-14 | ||||||||||||
(in thousands) | ||||||||||||
Current assets (excluding cash) | $ | 31,257 | ||||||||||
Property, plant and equipment | 21,008 | |||||||||||
Other long-term assets | 11,549 | |||||||||||
Definite-lived intangible assets | 104,270 | |||||||||||
Goodwill | 66,330 | |||||||||||
Current liabilities | (14,299 | ) | ||||||||||
Long-term liabilities | (36,973 | ) | ||||||||||
Total purchase price allocation | $ | 183,142 | ||||||||||
The purchase price allocations were prepared on a preliminary basis and are subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed. During the fiscal year 2014, the Company recorded measurement period adjustments related to the Argenta and BioFocus acquisition that resulted in an immaterial change to the purchase price allocation. Any additional adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition. | ||||||||||||
The breakout of definite-lived intangible assets acquired was as follows: | ||||||||||||
1-Apr-14 | Weighted average | |||||||||||
amortization life | ||||||||||||
(in thousands) | (in years) | |||||||||||
Client relationships | $ | 94,000 | 18 | |||||||||
Backlog | 5,700 | 1 | ||||||||||
Trademark and trade names | 1,170 | 3 | ||||||||||
Leasehold interests | 1,000 | 13 | ||||||||||
Other intangible assets | 2,400 | 19 | ||||||||||
Total definite-lived intangible assets | $ | 104,270 | ||||||||||
The goodwill resulting from the transaction is primarily attributed to the potential growth in the Company's DSA businesses from customers introduced through Argenta and BioFocus, the assembled workforce of the acquired businesses and expected cost synergies. The goodwill attributable to Argenta and BioFocus is not deductible for tax purposes. The Company incurred transaction and integration costs in connection with the acquisition of $5.3 million during the fiscal year 2014 , which are included in selling, general and administrative expenses. | ||||||||||||
The following selected pro forma consolidated results of operations are presented as if the Argenta and BioFocus acquisition had occurred as of the beginning of the period immediately preceding the period of acquisition after giving effect to certain adjustments, including amortization of intangible assets and depreciation of fixed assets of $3.7 million and other one-time costs. These pro forma consolidated results of operations are for informational purposes only and do not necessarily reflect the results of operations had the companies operated as one entity during the periods reported. No effect has been given for synergies, if any, that may have been realized through the acquisition. | ||||||||||||
Fiscal Year Ended | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Revenue | $ | 1,322,771 | $ | 1,249,649 | $ | 1,215,263 | ||||||
Net income | $ | 128,195 | 98,508 | 85,902 | ||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 2.75 | $ | 2.06 | $ | 1.79 | ||||||
Diluted | $ | 2.7 | $ | 2.03 | $ | 1.77 | ||||||
These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. Argenta and BioFocus revenue and operating income for the fiscal year 2014 are $71.4 million and $1.8 million, respectively. | ||||||||||||
EMD Singapore | ||||||||||||
In October 2013, the Company acquired 100% of an EMD products and service provider located in Singapore for $4.9 million in cash. The financial results of the acquired entity are included in the Manufacturing reportable segment as part of the Company's EMD business. | ||||||||||||
The purchase price allocation is as follows: | ||||||||||||
4-Oct-13 | ||||||||||||
(in thousands) | ||||||||||||
Current assets (excluding cash) | $ | 300 | ||||||||||
Property, plant and equipment | 154 | |||||||||||
Definite-lived intangible assets | 1,885 | |||||||||||
Goodwill | 2,659 | |||||||||||
Current liabilities | (64 | ) | ||||||||||
Total purchase price allocation | $ | 4,934 | ||||||||||
The breakout of definite-lived intangible assets acquired is as follows: | ||||||||||||
4-Oct-13 | Weighted average | |||||||||||
amortization life | ||||||||||||
(in thousands) | (in years) | |||||||||||
Client relationships | $ | 1,870 | 8 | |||||||||
Other intangible assets | 15 | 2 | ||||||||||
Total definite-lived intangible assets | $ | 1,885 | ||||||||||
The definite-lived intangibles are largely attributed to the expected cash flows related to client relationships existing at the acquisition closing date. The goodwill resulting from the transaction is primarily attributed to the potential growth of the business in Southeast Asia and is not deductible for tax purposes. | ||||||||||||
Vital River | ||||||||||||
In January 2013, the Company acquired a 75% ownership interest of Vital River, a commercial provider of research models and related services in China, for $24.2 million, net of $2.7 million of cash acquired. Vital River's financial results are included in the RMS reportable segment. | ||||||||||||
The purchase price allocation is as follows: | ||||||||||||
4-Jan-13 | ||||||||||||
(in thousands) | ||||||||||||
Current assets (excluding cash) | $ | 3,092 | ||||||||||
Property, plant and equipment | 10,468 | |||||||||||
Other long-term assets | 2,242 | |||||||||||
Definite-lived intangible assets | 16,954 | |||||||||||
Goodwill | 16,989 | |||||||||||
Current liabilities | (11,303 | ) | ||||||||||
Long-term liabilities | (5,260 | ) | ||||||||||
Redeemable noncontrolling interest | (8,963 | ) | ||||||||||
Total purchase price allocation | $ | 24,219 | ||||||||||
The breakout of definite-lived intangible assets acquired is as follows: | ||||||||||||
4-Jan-13 | Weighted average | |||||||||||
amortization life | ||||||||||||
(in thousands) | (in years) | |||||||||||
Client relationships | $ | 14,741 | 12 | |||||||||
Reacquired rights | 2,053 | 1 | ||||||||||
Other intangible assets | 160 | 3 | ||||||||||
Total definite-lived intangible assets | $ | 16,954 | ||||||||||
The definite-lived intangibles are largely attributed to the expected cash flows related to client relationships existing at the acquisition closing date. In addition, the Company reacquired a right previously granted to the entity related to a royalty agreement for the distribution of products in China. The goodwill resulting from the transaction is primarily attributed to the potential growth of the business in China and is not deductible for tax purposes. | ||||||||||||
Concurrent with the acquisition, the Company entered into a joint venture agreement with the noncontrolling interest holders that provide the Company with the right to purchase the remaining 25% of the entity for cash at its then appraised value beginning in January 2016. Additionally, the noncontrolling interest holders were granted the right to require the Company to purchase the remaining 25% of the entity at its then appraised value beginning in January 2016 for cash. These rights are accelerated in certain events. As the noncontrolling interest holders can require the Company purchase the remaining 25% interest, the noncontrolling interest is classified in the mezzanine section of the consolidated balance sheet, which is above the equity section and below liabilities. The acquisition-date fair value of the noncontrolling interest was determined based on the fair value of the consideration exchanged for the 75% of Vital River. Subsequent to the acquisition, the noncontrolling interest carrying amount is adjusted to the fair value each quarter using an income approach. The income approach uses estimated future cash flows based on projected financial data discounted by a rate which considers the Company's weighted average cost of capital and the specific risks of achieving these cash flows. Adjustments to fair value are recorded through additional paid-in capital. | ||||||||||||
Accugenix | ||||||||||||
In August 2012, the Company acquired 100% of Accugenix Inc. (Accugenix) for $18.4 million in cash. Accugenix is a global provider of cGMP-compliant contract microbial identification testing. The acquisition strengthens the EMD portfolio of products and services by providing state-of-the-art microbial detection services for the biotechnology, pharmaceutical, and medical device manufacturing industries. Accugenix is based in the U.S. and is included in the Manufacturing reportable segment as part of the Company's EMD business. | ||||||||||||
The purchase price allocation of $16.9 million, net of $1.5 million of cash acquired is as follows: | ||||||||||||
24-Aug-12 | ||||||||||||
(in thousands) | ||||||||||||
Current assets (excluding cash) | $ | 2,162 | ||||||||||
Property, plant and equipment | 549 | |||||||||||
Definite-lived intangible assets | 8,400 | |||||||||||
Goodwill | 10,361 | |||||||||||
Current liabilities | (911 | ) | ||||||||||
Long-term liabilities | (3,700 | ) | ||||||||||
Total purchase price allocation | $ | 16,861 | ||||||||||
The definite-lived intangible assets acquired are as follows: | ||||||||||||
24-Aug-12 | Weighted average | |||||||||||
amortization life | ||||||||||||
(in thousands) | (in years) | |||||||||||
Client relationships | $ | 1,500 | 13 | |||||||||
Propriety database | 4,100 | 11 | ||||||||||
Standard operating procedures | 2,500 | 4 | ||||||||||
Trademarks | 300 | 12 | ||||||||||
Total definite-lived intangible assets | $ | 8,400 | ||||||||||
The definite-lived intangibles are largely attributed to a proprietary database of thousands of species of organisms and the methods and technology to provide accurate, timely and cost-effective microbial identification services. The goodwill resulting from the transaction is primarily attributed to the potential for growth of the Company's global EMD products and services business through the increased competitive advantage and market penetration provided by the services offered by Accugenix. The goodwill is not deductible for tax purposes. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairments | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Impairment of Long Lived Assets Disclosure [Abstract] | ||||||||||||
Restructuring and Related Activities Disclosure [Table Text Block] | Staff Reductions | |||||||||||
The following table rolls forward the Company's severance and retention cost liability: | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Balance, beginning of period | $ | 2,782 | $ | 3,636 | $ | 3,374 | ||||||
Expense | 7,792 | 3,223 | 2,576 | |||||||||
Payments/Utilization | (7,908 | ) | (4,077 | ) | (2,314 | ) | ||||||
Balance, end of period | $ | 2,666 | $ | 2,782 | $ | 3,636 | ||||||
The following table presents severance and retention costs by classification on the income statement: | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Severance charges included in cost of sales | $ | 3,342 | $ | 1,477 | $ | 1,203 | ||||||
Severance charges included in selling, general and administrative | 4,450 | 1,746 | 1,373 | |||||||||
Total expense | $ | 7,792 | $ | 3,223 | $ | 2,576 | ||||||
As of December 27, 2014 and December 28, 2013, $2.2 million and $1.5 million of severance and retention costs liability, respectively, was included in accrued compensation and $0.5 million and $1.3 million, respectively, was included in other long-term liabilities on the Company's consolidated balance sheets. | ||||||||||||
The following table presents severance and retention cost by reportable segment: | ||||||||||||
Fiscal Year Ended | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Research models and services | $ | 4,593 | $ | 1,429 | $ | 1,015 | ||||||
Discovery and safety assessment | 2,912 | 1,625 | 1,494 | |||||||||
Manufacturing support | 166 | 169 | 67 | |||||||||
Corporate | 121 | — | — | |||||||||
Total expense | $ | 7,792 | $ | 3,223 | $ | 2,576 | ||||||
Supplemental_Balance_Sheet_Not
Supplemental Balance Sheet (Notes) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ||||||||
Supplemental Balance Sheet Information | 4. SUPPLEMENTAL BALANCE SHEET INFORMATION | |||||||
The composition of trade receivables, net is as follows: | ||||||||
27-Dec-14 | 28-Dec-13 | |||||||
(in thousands) | ||||||||
Client receivables | $ | 219,118 | $ | 190,423 | ||||
Unbilled revenue | 43,780 | 35,184 | ||||||
Total | 262,898 | 225,607 | ||||||
Less: Allowance for doubtful accounts | (4,907 | ) | (4,977 | ) | ||||
Trade receivables, net | $ | 257,991 | $ | 220,630 | ||||
Provisions to the allowance for doubtful accounts in the fiscal years 2014, 2013 and 2012 were $0.5 million, $1.3 million, and $0.9 million, respectively. Write offs against the allowance for doubtful accounts were insignificant in all periods presented. | ||||||||
The composition of inventories is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Raw materials and supplies | $ | 15,416 | $ | 15,028 | ||||
Work in process | 11,802 | 11,715 | ||||||
Finished products | 61,825 | 62,653 | ||||||
Inventories | $ | 89,043 | $ | 89,396 | ||||
The composition of other current assets is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Prepaid assets | $ | 26,900 | $ | 20,058 | ||||
Deferred tax asset | 27,644 | 29,889 | ||||||
Time deposits | 16,167 | 11,158 | ||||||
Prepaid income tax | 26,287 | 25,247 | ||||||
Restricted cash | 2,552 | 245 | ||||||
Other | 291 | — | ||||||
Other current assets | $ | 99,841 | $ | 86,597 | ||||
The composition of property, plant and equipment, net is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 40,314 | $ | 40,157 | ||||
Buildings | 682,495 | 694,074 | ||||||
Machinery and equipment | 384,713 | 367,244 | ||||||
Leasehold improvements | 37,270 | 37,959 | ||||||
Furniture and fixtures | 22,577 | 24,013 | ||||||
Vehicles | 3,967 | 3,859 | ||||||
Computer hardware and software | 119,474 | 112,328 | ||||||
Construction in progress (1) | 40,970 | 42,075 | ||||||
Total | 1,331,780 | 1,321,709 | ||||||
Less: Accumulated depreciation | (654,983 | ) | (645,527 | ) | ||||
Property, plant and equipment, net | $ | 676,797 | $ | 676,182 | ||||
(1) Includes the leased facility under construction. See Note 7, "Long-Term Debt and Capital Lease Obligations." | ||||||||
Depreciation expense in the fiscal years 2014, 2013 and 2012 was $70.5 million, $78.8 million and $63.2 million, respectively. | ||||||||
The composition of other assets is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 5,401 | $ | 7,126 | ||||
Cash surrender value of life insurance policies | 27,603 | 26,507 | ||||||
Investment in limited partnerships | 27,047 | 17,911 | ||||||
Other assets | 18,301 | 10,420 | ||||||
Other assets | $ | 78,352 | $ | 61,964 | ||||
The composition of other current liabilities is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Accrued income taxes | $ | 9,362 | $ | 18,773 | ||||
Current deferred tax liability | 1,484 | 1,960 | ||||||
Accrued interest and other | 233 | 1,813 | ||||||
Other current liabilities | $ | 11,079 | $ | 22,546 | ||||
The composition of other long-term liabilities is as follows: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Deferred tax liability | $ | 30,816 | $ | 14,988 | ||||
Long-term pension liability | 45,135 | 16,219 | ||||||
Accrued Executive Supplemental Life Insurance Retirement Plan and Deferred Compensation Plan | 33,007 | 28,708 | ||||||
Other long-term liabilities | 21,403 | 10,717 | ||||||
Other long-term liabilities | $ | 130,361 | $ | 70,632 | ||||
Fair_Value_Notes
Fair Value (Notes) | 12 Months Ended | |||||||||||||||
Dec. 27, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | 5. FAIR VALUE | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
27-Dec-14 | ||||||||||||||||
Level 1 | Total | |||||||||||||||
Level 2 | Level 3 | |||||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 1,934 | $ | — | $ | 1,934 | ||||||||
Life insurance policies | — | 20,520 | — | 20,520 | ||||||||||||
Total assets measured at fair value | — | 22,454 | — | 22,454 | ||||||||||||
Redeemable noncontrolling interest | — | — | 28,419 | 28,419 | ||||||||||||
Contingent consideration | — | — | 2,828 | 2,828 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 31,247 | $ | 31,247 | ||||||||
28-Dec-13 | ||||||||||||||||
Level 2 | Level 3 | Total | ||||||||||||||
Level 1 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 1,851 | $ | — | $ | 1,851 | ||||||||
Life insurance policies | — | 19,534 | — | 19,534 | ||||||||||||
Total assets measured at fair value | — | 21,385 | — | 21,385 | ||||||||||||
Redeemable noncontrolling interest | — | — | 20,581 | 20,581 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 20,581 | $ | 20,581 | ||||||||
During the fiscal years 2014 and 2013, there were no transfers between fair value levels. | ||||||||||||||||
Redeemable Noncontrolling Interest | ||||||||||||||||
The following table provides a rollforward of the fair value of the Company's redeemable noncontrolling interest related to the acquisition of Vital River in January 2013. See Note 2, "Business Acquisitions." | ||||||||||||||||
December 27, 2014 | December 28, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 20,581 | $ | — | ||||||||||||
Additions | — | 8,963 | ||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Net income attributable to noncontrolling interest | 855 | 687 | ||||||||||||||
Foreign currency translation | (442 | ) | 367 | |||||||||||||
Change in fair value included in additional paid-in capital | 7,425 | 10,564 | ||||||||||||||
Ending balance | $ | 28,419 | $ | 20,581 | ||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s redeemable noncontrolling interest are the estimated future cash flows based on projected financial data and discount rate of 18.5%. Significant changes in the timing or amounts of the estimated future cash flows would result in a significantly higher or lower fair value measurement. Significant increases or decreases in the discount rate would result in a significantly lower or higher fair value measurement, respectively. | ||||||||||||||||
Contingent Consideration | ||||||||||||||||
The following table provides a rollforward of the contingent consideration related to the acquisition of Argenta, BioFocus, VivoPath and ChanTest. See Note 2, "Business Acquisitions." | ||||||||||||||||
December 27, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | — | ||||||||||||||
Additions | 2,678 | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Change in fair value | 150 | |||||||||||||||
Ending balance | $ | 2,828 | ||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company's contingent consideration are the probabilities of successful achievement of certain financial targets and a discount rate. Significant increases or decreases in any of the probabilities of success would result in a significantly higher or lower fair value measurement, respectively. Significant increases or decreases in the discount rate would result in a significantly lower or higher fair value measurement, respectively. | ||||||||||||||||
Debt Instruments | ||||||||||||||||
The book value of the Company's term and revolving loans, which are variable rate loans carried at amortized cost, approximates their fair value based on current market pricing of similar debt. As the fair value is based on significant other observable inputs, including current interest and foreign currency exchange rates, it is deemed to be Level 2. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 6. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
The changes in the gross carrying amount and accumulated impairment loss are as follows: | |||||||||||||||||||||||||||||
Adjustments to Goodwill | Adjustments to Goodwill | ||||||||||||||||||||||||||||
29-Dec-12 | Acquisitions | Foreign Exchange | 28-Dec-13 | Acquisitions | Transfers | Foreign Exchange | 27-Dec-14 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Research Models and Services | |||||||||||||||||||||||||||||
Gross carrying amount | $ | 63,139 | $ | 19,647 | $ | 765 | $ | 83,551 | $ | — | (23,172 | ) | (1,183 | ) | 59,196 | ||||||||||||||
Discovery and Safety Assessment | |||||||||||||||||||||||||||||
Gross carrying amount | 1,150,470 | — | 1,680 | 1,152,150 | 102,171 | (9,196 | ) | (10,823 | ) | 1,234,302 | |||||||||||||||||||
Accumulated impairment loss | (1,005,000 | ) | — | — | (1,005,000 | ) | — | — | — | (1,005,000 | ) | ||||||||||||||||||
Manufacturing Support | |||||||||||||||||||||||||||||
Gross carrying amount | — | — | — | — | 32,368 | 211 | 32,579 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Gross carrying amount | 1,213,609 | 1,235,701 | 1,326,077 | ||||||||||||||||||||||||||
Accumulated impairment loss | (1,005,000 | ) | (1,005,000 | ) | (1,005,000 | ) | |||||||||||||||||||||||
Goodwill | $ | 208,609 | $ | 230,701 | 321,077 | ||||||||||||||||||||||||
In the second quarter of 2014, the Company revised its reportable segments to align with the view of the business following its acquisition of Argenta and BioFocus. See Note 1, "Description of Business and Summary of Significant Accounting Policies." As a result of this reorganization, goodwill was allocated from the Company's prior reportable segments to new reportable segments, as shown in the preceding table within "transfers." The allocation was based on the fair value of each business group within its original reporting unit relative to the fair value of that reporting unit. In addition, the Company completed an assessment of any potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment existed. | |||||||||||||||||||||||||||||
Based on the Company's step one goodwill impairment test for the fiscal years 2014, 2013 and 2012, the fair value of each reporting unit exceeded the reporting unit's book value and, therefore, goodwill was not impaired. | |||||||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||||
The following table displays the gross carrying amount and accumulated amortization of definite-lived intangible assets by major class: | |||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||
Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Backlog | $ | 8,728 | $ | (6,636 | ) | $ | 2,092 | $ | 2,916 | $ | (2,507 | ) | $ | 409 | |||||||||||||||
Client relationships | 379,339 | (217,938 | ) | 161,401 | 311,507 | (238,002 | ) | 73,505 | |||||||||||||||||||||
Trademarks and trade names | 6,603 | (5,314 | ) | 1,289 | 5,399 | (4,997 | ) | 402 | |||||||||||||||||||||
Standard operating procedures | 2,309 | (1,642 | ) | 667 | 2,754 | (1,498 | ) | 1,256 | |||||||||||||||||||||
Other identifiable intangible assets | 16,334 | (6,346 | ) | 9,988 | 10,432 | (4,905 | ) | 5,527 | |||||||||||||||||||||
Total definite-lived intangible assets | $ | 413,313 | $ | (237,876 | ) | $ | 175,437 | $ | 333,008 | $ | (251,909 | ) | $ | 81,099 | |||||||||||||||
Additionally, as of both December 27, 2014 and December 28, 2013, other intangible assets, net included $3.4 million of indefinite-lived intangible assets. | |||||||||||||||||||||||||||||
Amortization expense of definite-lived intangible assets for the fiscal years 2014, 2013 and 2012 was $26.0 million, $17.8 million and $18.1 million, respectively. Estimated amortization expense for intangible assets for each of the next five fiscal years is expected to be as follows: | |||||||||||||||||||||||||||||
Fiscal Year | Amortization Expense | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
2015 | $ | 21,116 | |||||||||||||||||||||||||||
2016 | 20,355 | ||||||||||||||||||||||||||||
2017 | 18,501 | ||||||||||||||||||||||||||||
2018 | 17,312 | ||||||||||||||||||||||||||||
2019 | 14,306 | ||||||||||||||||||||||||||||
LongTerm_Debt_and_Capital_Leas
Long-Term Debt and Capital Lease Obligations | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt and Capital Lease Obligations | 7. LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following: | ||||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Term loans | $ | 378,000 | $ | 409,500 | ||||
Revolving credit facility | 375,536 | 253,308 | ||||||
Other long-term debt | 214 | 241 | ||||||
Total debt | 753,750 | 663,049 | ||||||
Less: current portion of long-term debt | (31,714 | ) | (21,241 | ) | ||||
Long-term debt | $ | 722,036 | $ | 641,808 | ||||
In 2013, the Company amended and restated its credit agreement creating a $970 million agreement ($970M Credit Facility) that provides for a $420 million U.S. term loan facility and a $550 million multi-currency revolving credit facility. Under specified circumstances, the Company has the ability to expand the term loan and/or revolving credit facility by up to $350 million in the aggregate. | ||||||||
The $420 million U.S. term loan facility matures in quarterly installments through maturity on May 29, 2018. The $550 million multi-currency revolving credit facility also matures on May 29, 2018 and requires no scheduled payment before this date. The interest rates applicable to the $970M Credit Facility are variable and are based on an applicable rate plus a spread determined by the Company's leverage ratio. As of both December 27, 2014 and December 28, 2013, the weighted average interest rate on the Company's debt was 1.42%. | ||||||||
The $970M Credit Facility includes certain customary representations and warranties, events of default, notices of material adverse changes to the Company's business and negative and affirmative covenants. As of December 27, 2014, the Company was compliant with all financial covenants. These covenants include (1) maintenance of a ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) less capital expenditures to consolidated cash interest expense, for any period of four consecutive fiscal quarters, of no less than 3.5 to 1.0 as well as (2) maintenance of a ratio of consolidated indebtedness to consolidated EBITDA for any period of four consecutive fiscal quarters, of no more than 3.25 to 1.0. The Company's obligations under the credit agreement are collateralized by substantially all of the Company's assets. | ||||||||
At December 27, 2014 and December 28, 2013, the Company had $5.0 million and $4.9 million, respectively, outstanding under letters of credit. | ||||||||
Principal maturities of existing debt for the periods set forth in the table below, are as follows: | ||||||||
Fiscal Year | Principal | |||||||
(in thousands) | ||||||||
2015 | $ | 31,714 | ||||||
2016 | 47,250 | |||||||
2017 | 68,250 | |||||||
2018 | 606,536 | |||||||
Total | $ | 753,750 | ||||||
Build-to-suit Lease | ||||||||
The Company acquired a built-to-suit lease as part of its acquisition of Argenta and BioFocus. In accordance with accounting guidance applicable to entities involved with the construction of an asset that will be leased when the construction is completed, the Company is considered the owner, for accounting purposes, of this property during the construction period. Accordingly, the Company records an asset along with a corresponding financing obligation on its consolidated balance sheet for the amount of total project costs incurred related to the construction in progress for this building through completion of the construction period. Upon completion of the buildings, the Company will assess and determine if the assets and corresponding liabilities should be derecognized. As of December 27, 2014, cost incurred in relation to the construction of these buildings totaled $23.1 million. As of December 27, 2014, minimum rental commitments under this lease for each of the next five fiscal years and total thereafter are as follows: | ||||||||
Fiscal Year | Minimum lease payments | |||||||
(in thousands) | ||||||||
2015 | $ | 2,031 | ||||||
2016 | 2,707 | |||||||
2017 | 2,707 | |||||||
2018 | 2,707 | |||||||
2019 | 2,707 | |||||||
Thereafter | 55,762 | |||||||
Total | $ | 68,621 | ||||||
Capital Lease Obligations | ||||||||
Capital lease obligations amounted to $1.0 million and $0.7 million at December 27, 2014 and December 28, 2013, respectively. |
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Equity | 8. EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | |||||||||||
Earnings Per Share | ||||||||||||
The following table illustrates the numerator and denominator in the computations of the basic and diluted earnings per share: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 128,424 | $ | 104,093 | $ | 101,547 | ||||||
Loss from discontinued businesses, net of income taxes | (1,726 | ) | (1,265 | ) | (4,252 | ) | ||||||
Net income attributable to common shareholders | $ | 126,698 | $ | 102,828 | $ | 97,295 | ||||||
Denominator: | ||||||||||||
Weighted-average shares outstanding—Basic | 46,627 | 47,740 | 47,912 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and contingently issued restricted stock | 931 | 749 | 494 | |||||||||
Weighted-average shares outstanding—Diluted | 47,558 | 48,489 | 48,406 | |||||||||
Options to purchase approximately 645,000 shares, 2,289,000 shares and 4,591,000 shares were outstanding at December 27, 2014, December 28, 2013 and December 29, 2012, respectively, but were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted average shares outstanding for the fiscal years 2014, 2013 and 2012 excluded the weighted average impact of approximately 1,188,000 shares, 1,097,000 shares, and 935,000 shares, respectively, of non-vested restricted stock and restricted stock unit awards. | ||||||||||||
Treasury Shares | ||||||||||||
In July 2010, the Company's Board of Directors authorized a $500.0 million stock repurchase program, and subsequently approved increases to the stock repurchase program of $250.0 million in 2010, $250.0 million in 2013 and $150 million in 2014 for an aggregate authorization of $1,150.0 million. The company repurchased approximately 2,093,000 shares for $110.6 million, approximately 3,468,000 shares for $165.7 million and approximately 1,706,000 shares for $61.4 million in the fiscal years 2014, 2013 and 2012, respectively. As of December 27, 2014, the Company had $178.5 million remaining on the authorized stock repurchase program. In addition, the Company's 2007 Incentive Plan permits the netting of common stock upon vesting of restricted stock awards in order to satisfy individual tax withholding requirements. The number of shares of common stock netted for taxes was insignificant in each of the fiscal years 2014, 2013 and 2012. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Changes to each component of accumulated other comprehensive income (loss), net of income tax, are as follows: | ||||||||||||
Translation | Pension Gains(Losses) | Total | ||||||||||
Adjustment | and Prior Service | |||||||||||
(Cost) Credit Not Yet | ||||||||||||
Recognized as | ||||||||||||
Components of Net | ||||||||||||
Periodic Benefit Costs | ||||||||||||
(in thousands) | ||||||||||||
29-Dec-12 | $ | 44,057 | $ | (37,454 | ) | $ | 6,603 | |||||
Other comprehensive income (loss) before reclassifications | (15,751 | ) | 19,293 | 3,542 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3,017 | 3,017 | |||||||||
Net current period other comprehensive income (loss) | (15,751 | ) | 22,310 | 6,559 | ||||||||
Income tax benefit (expense) | 197 | (8,002 | ) | (7,805 | ) | |||||||
28-Dec-13 | 28,503 | (23,146 | ) | 5,357 | ||||||||
Other comprehensive loss before reclassifications | (48,499 | ) | (42,236 | ) | (90,735 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,234 | 1,234 | |||||||||
Net current period other comprehensive loss | (48,499 | ) | (41,002 | ) | (89,501 | ) | ||||||
Income tax benefit | 105 | 9,792 | 9,897 | |||||||||
27-Dec-14 | $ | (19,891 | ) | $ | (54,356 | ) | $ | (74,247 | ) | |||
Warrants | ||||||||||||
Separately and concurrently with the pricing of the senior convertible debentures in June 2006, the Company issued warrants for approximately 7,200,000 shares of its common stock. The warrants give the holders the right to receive, for no additional consideration, cash or shares, at the Company's option, with a value equal to the appreciation in the price of its shares above $59.63 and expire between September 13, 2013 and January 22, 2014 over 90 equal increments. As of December 28, 2013, warrants for approximately 1,271,000 shares were outstanding and none were subsequently exercised. As of December 27, 2014, no warrants were outstanding. | ||||||||||||
Non Redeemable Noncontrolling Interests | ||||||||||||
The Company has investments in several entities, whose financial results are consolidated in the Company's financial statements, as it has the ability to exercise control over these entities. The interests of the respective noncontrolling parties in these entities have been recorded as noncontrolling interests. | ||||||||||||
Reedemable Noncontrolling Interest | ||||||||||||
The Company's redeemable noncontrolling interest resulted from the acquisition of a 75% ownership interest in Vital River. See Note 2, "Business Acquisitions." |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | 9. INCOME TAXES | |||||||||||
The components of income from continuing operations before income taxes and the related provision for income taxes are presented below: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Income from continuing operations before income taxes: | ||||||||||||
U.S. | $ | 71,002 | $ | 39,900 | $ | 35,504 | ||||||
Non-U.S. | 106,593 | 98,427 | 94,242 | |||||||||
177,595 | 138,327 | 129,746 | ||||||||||
Income tax provision: | ||||||||||||
Current: | ||||||||||||
Federal | 13,733 | 10,832 | (1,447 | ) | ||||||||
Foreign | 20,364 | 18,370 | 26,411 | |||||||||
State | 4,746 | 4,240 | 1,353 | |||||||||
Total current | 38,843 | 33,442 | 26,317 | |||||||||
Deferred: | ||||||||||||
Federal | 12,982 | 5,468 | 13,132 | |||||||||
Foreign | (4,672 | ) | (6,431 | ) | (12,683 | ) | ||||||
State | 518 | 432 | 862 | |||||||||
Total deferred | 8,828 | (531 | ) | 1,311 | ||||||||
$ | 47,671 | $ | 32,911 | $ | 27,628 | |||||||
The components of deferred tax assets and liabilities are as follows: | ||||||||||||
December 27, 2014 | December 28, 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Compensation | $ | 49,702 | $ | 38,836 | ||||||||
Accruals and reserves | 7,061 | 2,356 | ||||||||||
Inventory reserves and valuations | 1,940 | 1,696 | ||||||||||
Financing related | 993 | 1,594 | ||||||||||
Net operating loss and credit carryforwards | 39,927 | 47,026 | ||||||||||
Other | 4,426 | 2,262 | ||||||||||
Valuation allowance | (5,866 | ) | (7,071 | ) | ||||||||
Total deferred tax assets: | 98,183 | 86,699 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Goodwill and other intangibles | (52,029 | ) | (21,826 | ) | ||||||||
Depreciation related | (23,549 | ) | (22,389 | ) | ||||||||
Investments in limited partnerships | (4,067 | ) | (2,720 | ) | ||||||||
Total deferred tax liabilities: | (79,645 | ) | (46,935 | ) | ||||||||
Net deferred taxes | $ | 18,538 | $ | 39,764 | ||||||||
Reconciliations of the statutory U.S. Federal income tax rate to effective tax rates are as follows: | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
U.S. statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign tax rate differences | (9.4 | )% | (8.0 | )% | (8.0 | )% | ||||||
State income taxes, net of Federal tax benefit | 1.9 | % | 1.6 | % | 1.5 | % | ||||||
Unbenefitted losses and changes in valuation allowance | 0.1 | % | 0.4 | % | 0.8 | % | ||||||
Research tax credits and enhanced deductions | (4.1 | )% | (6.6 | )% | (8.2 | )% | ||||||
Enacted tax rate changes | — | % | (0.4 | )% | (0.2 | )% | ||||||
Impact of tax uncertainties | (0.7 | )% | 1 | % | (1.2 | )% | ||||||
Impact of acquisitions and restructuring | 1.6 | % | 0.2 | % | 0.1 | % | ||||||
Other | 2.4 | % | 0.6 | % | 1.5 | % | ||||||
26.8 | % | 23.8 | % | 21.3 | % | |||||||
As of December 27, 2014, the Company had foreign net operating loss and tax credit carryforwards of $39.8 million, as compared to $36.9 million as of December 28, 2013. Of this amount, $24.3 million will expire after 2015, and the remainder of $15.5 million can be carried forward indefinitely. From a tax return basis, the Company has federal tax credit carryforwards of $10.5 million that will begin to expire in 2019, as compared to $21.7 million as of December 28, 2013. However, from a financial statement perspective, all of its federal tax credit carryforwards are shown net of unrecognized tax benefits. In accordance with Canadian Federal tax law, the Company claims Scientific Research and Experimental Development (SR&ED) credits on qualified research and development costs incurred in its Safety Assessment facility in Montreal, and currently maintains $24.6 million in credit carryforwards, which will begin to expire in 2030. Additionally, the Company records a benefit to operating income for research and development credits in both Quebec and the U.K. related to its Safety Assessment and Early Discovery facilities. | ||||||||||||
The Company has fully recognized its deferred tax assets on the belief that it is more likely than not that they will be realized. The only exceptions relate to deferred tax assets primarily for net operating losses in Hong Kong, Luxembourg and the Netherlands, capital losses in the U.S. and Canada, and fixed assets in the U.K. The valuation allowance decreased by $1.2 million from $7.1 million at December 28, 2013 to $5.9 million at December 27, 2014. | ||||||||||||
A reconciliation of the Company's beginning and ending unrecognized income tax benefits is as follows: | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 18,475 | $ | 30,996 | $ | 27,976 | ||||||
Additions to tax positions for current year | 1,700 | 2,009 | 1,907 | |||||||||
Additions to tax positions for prior years | 18,502 | 1,709 | 4,196 | |||||||||
Reductions to tax positions for current year | — | — | — | |||||||||
Reductions to tax positions for prior years | (3,722 | ) | (732 | ) | (28 | ) | ||||||
Settlements | (308 | ) | (15,246 | ) | (3,055 | ) | ||||||
Expiration of statute of limitations | (20 | ) | (261 | ) | — | |||||||
Ending balance | $ | 34,627 | $ | 18,475 | $ | 30,996 | ||||||
The $16.2 million increase in unrecognized income tax benefits during the fiscal year 2014 is primarily attributable to pre-acquisition tax positions taken by the newly acquired Early Discovery businesses. | ||||||||||||
The amount of unrecognized income tax benefits that, if recognized, would favorably impact the effective tax rate was $32.3 million as of December 27, 2014 and $17.0 million as of December 28, 2013. The $15.3 million increase is primarily attributable to pre-acquisition tax positions taken by the newly acquired Early Discovery businesses. It is reasonably possible as of December 27, 2014 that the liability for unrecognized tax benefits for the uncertain tax position associated with forgiveness of debt will decrease by $10.7 million due to the expiration of statute of limitations and by $0.6 million due to the settlement of German and French tax audits. The Company continues to recognize interest and penalties related to unrecognized income tax benefits in income tax expense. The total amount of accrued interest related to unrecognized income tax benefits as of December 27, 2014 and December 28, 2013 was $1.4 million and $0.7 million, respectively. | ||||||||||||
The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits on a regular basis including, but not limited to, such major jurisdictions as the U.S., the U.K., France, Japan, Germany and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2010. | ||||||||||||
The Company and certain of its subsidiaries are currently under audit by various tax authorities in Canada, Germany and France. The Company does not anticipate resolution of these audits will have a material impact on its financial statements. | ||||||||||||
In the first quarter of 2014, the Company settled with the Canadian Revenue Authority (CRA) for tax years 2006 through 2009 related to transfer pricing in our Safety Assessment operations in Montreal. In the fourth quarter of 2014, the Company received an assessment from the CRA related to transfer pricing in our Safety Assessment operations in Montreal. The CRA has disallowed certain deductions related to headquarter service charges for the years 2010 through 2012. The Company intends to apply with the Internal Revenue Service (IRS) and CRA for relief pursuant to the competent authority procedure provided in the tax treaty between the U.S. and Canada for the tax years 2008 through 2012. The Company believes that the controversy will likely be ultimately settled via the competent authority process and accordingly have recorded both a Canadian liability and a US receivable. The actual amounts of the liability for Canadian taxes and the asset for the correlative relief in the U.S. could be different based upon the agreement reached between the IRS and the CRA. | ||||||||||||
On December 2, 2014, the Quebec government released Information Bulletin 2014-11, which elaborated on a proposed law change on its SR&ED credit that, if passed, would provide a one-time retroactive benefit to operating income in the year of enactment and would provide a corresponding increase to the Company’s effective income tax rate. If passed as proposed, the tax law change would also provide an ongoing reduction in benefit to operating income and an additional corresponding increase to the Company's effective income tax rate in the year of enactment and beyond. | ||||||||||||
In accordance with the Company's policy, the undistributed earnings of the Company's non-U.S. subsidiaries remain indefinitely reinvested as of the end of 2014 as they are required to fund needs outside the U.S. and cannot be repatriated in a manner that is substantially tax free. As of December 27, 2014, the earnings of non-U.S. subsidiaries considered to be indefinitely reinvested totaled $271.0 million. No provision for U.S. income taxes has been provided herein. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because of the complexities with the hypothetical calculation. Additionally, the amount of liability is dependent on circumstances existing if and when remittance occurs. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 27, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Employee Benefits | 10. EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||||||||
Charles River Laboratories Employee Savings Plan | ||||||||||||||||||||||||||||||||
The Charles River Laboratories Employee Savings Plan is a defined contribution plan in the form of a qualified 401(k) plan in which substantially all U.S. employees are eligible to participate upon employment. The plan contains a provision whereby the Company matches a percentage of employee contributions. During the fiscal years 2014, 2013 and 2012, the costs associated with this defined contribution plan totaled $4.9 million, $4.7 million and $4.4 million, respectively. | ||||||||||||||||||||||||||||||||
Charles River Laboratories Deferred Compensation Plan and Executive Supplemental Life Insurance Retirement Plan | ||||||||||||||||||||||||||||||||
The Company maintains a non-qualified deferred compensation plan, known as the Charles River Laboratories Deferred Compensation Plan (DCP), which allows a select group of eligible employees to defer a portion of their compensation. At the present time, no contributions are credited to the DCP, except as set forth below. Participants must specify the distribution date for deferred amounts at the time of deferral, in accordance with applicable IRS regulations. Generally, amounts may be paid in lump sum or installments upon retirement or termination of employment, or later if the employee terminates employment after age 55 and before age 65. Amounts may also be distributed during employment, subject to a minimum deferral requirement of three years. | ||||||||||||||||||||||||||||||||
The Company provides certain active employees an annual contribution into their DCP account of 10% of the employee's base salary plus the lesser of their target annual bonus or actual annual bonus. | ||||||||||||||||||||||||||||||||
In addition to the DCP, certain officers and key employees also participate, or in the past participated, in the Company's Executive Supplemental Life Insurance Retirement Plan (ESLIRP), which is a non-funded, non-qualified arrangement. Annual benefits under this plan will equal a percentage of the highest five consecutive years of compensation, offset by amounts payable under the Charles River Laboratories, Inc. Pension Plan (CRL Pension Plan) and Social Security. | ||||||||||||||||||||||||||||||||
The costs associated with these plans, including the ESLIRP, for the fiscal years 2014, 2013 and 2012 totaled $3.3 million, $3.3 million and $2.9 million, respectively. | ||||||||||||||||||||||||||||||||
The Company has invested in several corporate-owned key-person life insurance policies as well as mutual funds and U.S. Treasury Securities with the intention of using these investments to fund the ESLIRP and the DCP. Participants have no interest in any such investments. At December 27, 2014 and December 28, 2013, the cash surrender value of these life insurance policies were $27.6 million and $26.5 million, respectively. | ||||||||||||||||||||||||||||||||
Post-Retirement Health and Life Insurance Plans | ||||||||||||||||||||||||||||||||
The Company's Montreal location offers post-retirement life insurance benefits to its employees and post-retirement medical and dental insurance coverage to certain executives. The plan is non-contributory and unfunded. As of December 27, 2014 and December 28, 2013, the accumulated benefit obligation related to the plan was $1.2 million and $1.1 million, respectively. The amounts included in other accumulated comprehensive income as well as expenses related to the plan were insignificant in the fiscal years 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||
The CRL Pension Plan is a qualified, non-contributory defined benefit plan covering certain U.S. employees. Effective 2002, the plan was amended to exclude new participants from joining and in 2008 the accrual of benefits was frozen. | ||||||||||||||||||||||||||||||||
The Charles River Pension Plan is a defined contribution and defined benefit pension plan covering certain U.K. employees. Benefits are based on participants' final pensionable salary and years of service. Participants' rights vest immediately. Effective December 31, 2002, the plan was amended to exclude new participants from joining the defined benefit section of the plan and a defined contribution section was established for new entrants. Contributions under the defined contribution plan are determined as a percentage of gross salary. | ||||||||||||||||||||||||||||||||
In addition, the Company has several defined benefit plans in certain other countries in which it maintains an operating presence, including Japan, Canada and France. | ||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of benefit obligations and plan assets of the Company's pension plans and supplemental post-retirement benefit plans: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Change in projected benefit obligations: | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 286,212 | $ | 283,063 | $ | 29,498 | $ | 27,372 | ||||||||||||||||||||||||
Service cost | 3,397 | 3,368 | 758 | 643 | ||||||||||||||||||||||||||||
Interest cost | 12,822 | 11,273 | 1,009 | 708 | ||||||||||||||||||||||||||||
Benefit payments | (9,002 | ) | (8,300 | ) | (722 | ) | (726 | ) | ||||||||||||||||||||||||
Actuarial loss (gain) | 50,550 | (4,276 | ) | 1,703 | 1,501 | |||||||||||||||||||||||||||
Administrative expenses paid | (459 | ) | (308 | ) | — | — | ||||||||||||||||||||||||||
Effect of foreign exchange | (16,636 | ) | 1,392 | — | — | |||||||||||||||||||||||||||
Benefit obligation at end of year | 326,884 | 286,212 | 32,246 | 29,498 | ||||||||||||||||||||||||||||
Change in fair value of plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 272,659 | 238,672 | — | — | ||||||||||||||||||||||||||||
Actual return on plan assets | 25,630 | 30,820 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 6,874 | 9,570 | 722 | 726 | ||||||||||||||||||||||||||||
Benefit payments | (9,002 | ) | (8,300 | ) | (722 | ) | (726 | ) | ||||||||||||||||||||||||
Premiums paid | (459 | ) | (308 | ) | — | — | ||||||||||||||||||||||||||
Effect of foreign exchange | (14,412 | ) | 2,205 | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 281,290 | $ | 272,659 | $ | — | $ | — | ||||||||||||||||||||||||
Net balance sheet liability | $ | 45,594 | $ | 13,553 | $ | 32,246 | $ | 29,498 | ||||||||||||||||||||||||
Amounts recognized in balance sheet: | ||||||||||||||||||||||||||||||||
Non-current assets | $ | 61 | $ | 2,738 | $ | — | $ | — | ||||||||||||||||||||||||
Current liabilities | 169 | 72 | 744 | 789 | ||||||||||||||||||||||||||||
Non-current liabilities | 45,486 | 16,219 | 31,502 | 28,709 | ||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 73,433 | $ | 35,481 | $ | 5,761 | $ | 4,307 | ||||||||||||||||||||||||
Net prior service cost (credit) | (5,388 | ) | (6,338 | ) | — | 660 | ||||||||||||||||||||||||||
Net amount recognized | $ | 68,045 | $ | 29,143 | $ | 5,761 | $ | 4,967 | ||||||||||||||||||||||||
The accumulated benefit obligation and fair value of plan assets for the Company plans with accumulated benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 299,127 | $ | 81,117 | $ | 29,994 | $ | 27,938 | ||||||||||||||||||||||||
Fair value of plan assets | 267,026 | 68,430 | — | — | ||||||||||||||||||||||||||||
The projected benefit obligation and fair value of plan assets for the Company plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 326,731 | $ | 99,671 | $ | 32,246 | $ | 29,498 | ||||||||||||||||||||||||
Fair value of plan assets | 281,075 | 83,379 | — | — | ||||||||||||||||||||||||||||
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows: | ||||||||||||||||||||||||||||||||
Pension | Supplemental | |||||||||||||||||||||||||||||||
Benefits | Retirement | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | $ | 3,227 | $ | 269 | ||||||||||||||||||||||||||||
Amortization of net prior service credit | (602 | ) | — | |||||||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | 27-Dec-14 | 28-Dec-13 | 29-Dec-12 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 3,397 | $ | 3,368 | $ | 3,729 | $ | 758 | $ | 643 | $ | 640 | ||||||||||||||||||||
Interest cost | 12,822 | 11,273 | 11,289 | 1,009 | 708 | 892 | ||||||||||||||||||||||||||
Expected return on plan assets | (17,444 | ) | (14,672 | ) | (13,799 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service cost (credit) | 961 | 2,711 | 2,461 | 250 | 249 | 260 | ||||||||||||||||||||||||||
Amortization of net loss (gain) | (637 | ) | (603 | ) | (609 | ) | 660 | 660 | 660 | |||||||||||||||||||||||
Net periodic cost (benefit) | $ | (901 | ) | $ | 2,077 | $ | 3,071 | $ | 2,677 | $ | 2,260 | $ | 2,452 | |||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine projected benefit obligations: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 27-Dec-14 | 28-Dec-13 | |||||||||||||||||||||||||||||
Discount rate | 3.79 | % | 4.54 | % | 3.34 | % | 3.47 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.19 | % | 3.39 | % | 3 | % | 3 | % | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | |||||||||||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | 27-Dec-14 | 28-Dec-13 | 29-Dec-12 | |||||||||||||||||||||||||||
Discount rate | 4.54 | % | 4.13 | % | 4.47 | % | 3.47 | % | 2.63 | % | 3.42 | % | ||||||||||||||||||||
Expected long-term return on plan assets | 6.41 | % | 6.27 | % | 6.55 | % | — | — | — | |||||||||||||||||||||||
Rate of compensation increase | 3.39 | % | 3.04 | % | 3.12 | % | 3 | % | 2.5 | % | 2.5 | % | ||||||||||||||||||||
A 0.5% decrease in the expected rate of return would increase annual pension expense by $1.4 million. | ||||||||||||||||||||||||||||||||
Plan assets | ||||||||||||||||||||||||||||||||
The Company invests its pension assets with the objective of achieving a total long-term rate of return sufficient to fund future pension obligations and to minimize future pension contributions. The Company is willing to tolerate a commensurate level of risk to achieve this objective. The Company controls its risk by maintaining a diversified portfolio of assets classes. Plan assets did not include any of the Company's common stock at December 27, 2014 or December 28, 2013. The weighted-average target asset allocations are approximately 49.7% to equity securities, approximately 31.2% to fixed income securities and approximately 19.1% to other securities. | ||||||||||||||||||||||||||||||||
The fair value of the Company's pension plan assets by asset category are as follows: | ||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | |||||||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Cash | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1,004 | $ | — | $ | — | $ | 1,004 | ||||||||||||||||
Equity securities(a) | 80,692 | 5,126 | — | 85,818 | 97,857 | 5,059 | — | 102,916 | ||||||||||||||||||||||||
Debt securities(b) | 69,716 | 3,232 | — | 72,948 | 62,717 | 3,487 | — | 66,204 | ||||||||||||||||||||||||
Mutual funds(c) | 67,079 | 53,330 | — | 120,409 | 65,152 | 35,610 | — | 100,762 | ||||||||||||||||||||||||
Other | 297 | 46 | 1,771 | 2,114 | 299 | 48 | 1,426 | 1,773 | ||||||||||||||||||||||||
Total | $ | 217,785 | $ | 61,734 | $ | 1,771 | $ | 281,290 | $ | 227,029 | $ | 44,204 | $ | 1,426 | $ | 272,659 | ||||||||||||||||
(a) | This category comprises equity securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end. | |||||||||||||||||||||||||||||||
(b) | This category comprises debt securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end. | |||||||||||||||||||||||||||||||
(c) | This category comprises mutual funds valued at the net asset value of shares held at year end. | |||||||||||||||||||||||||||||||
The activity within the Level 3 pension plan assets was insignificant during the periods presented. | ||||||||||||||||||||||||||||||||
During the fiscal year ended 2014, the Company contributed $6.4 million to the pension plans and expects to contribute $6.1 million to its pension plan in 2015. | ||||||||||||||||||||||||||||||||
Expected benefit payments are estimated using the same assumptions used in determining the Company’s benefit obligation at December 27, 2014. Benefit payments will depend on future employment and compensation levels, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the fiscal years thereafter, are as follows: | ||||||||||||||||||||||||||||||||
Pension | Supplemental | |||||||||||||||||||||||||||||||
Benefits | Retirement Benefits | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 6,811 | $ | 759 | ||||||||||||||||||||||||||||
2016 | 6,832 | 13,090 | ||||||||||||||||||||||||||||||
2017 | 7,194 | 740 | ||||||||||||||||||||||||||||||
2018 | 8,384 | 727 | ||||||||||||||||||||||||||||||
2019 | 8,700 | 7,147 | ||||||||||||||||||||||||||||||
2020-2024 | 57,116 | 11,286 | ||||||||||||||||||||||||||||||
Stock_Plans_and_Stock_Based_Co
Stock Plans and Stock Based Compensation | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock Plans and Stock Based Compensation | 11. STOCK PLANS AND STOCK BASED COMPENSATION | ||||||||||||
The Company has stock-based compensation plans under which employees and non-employee directors may be granted stock-based awards such as stock options, restricted stock and PSUs. | |||||||||||||
During 2014, 2013 and 2012, the primary share-based awards and their general terms and conditions are as follows: | |||||||||||||
• | Stock options, which entitle the holder to purchase a specified number of shares of common stock at an exercise price equal to the closing market price of common stock on the date of grant; vest incrementally, typically over 3 to 4 years; and generally expire 7 to 10 years from date of grant. | ||||||||||||
• | Restricted stock, which entitle the holder to receive at no cost, a specified number of shares of common stock that vests incrementally, typically over 3 to 4 years. With respect to restricted stock units, recipients are entitled to cash dividends and to vote their respective shares upon grant. | ||||||||||||
• | PSUs, which entitle the holder to receive at no cost, a specified number of shares of common stock within a range of shares from zero to a specified maximum. Payout of this award is contingent upon achievement of certain performance and market conditions. | ||||||||||||
In May 2007, the Company's shareholders approved the 2007 Incentive Plan, which was amended in 2009, 2011 and 2013 (2007 Plan). The 2007 Plan provided no further awards to be granted under preexisting stock option and incentive plans; provided, however, that any shares that have been forfeited or canceled in accordance with the terms of the applicable award under a preexisting plan may be subsequently awarded in accordance with the terms of the preexisting plan. The 2007 Plan allows a maximum of 18.7 million shares to be awarded, of which restricted stock grants and performance based stock awards count as 2.3 shares and stock options count as 1.0 share. Any stock options and other share-based awards that were granted under prior plans and were outstanding in May 2007, continue in accordance with the terms of the respective plans. | |||||||||||||
At December 27, 2014, approximately 19.9 million shares were authorized for future grants under the Company's share-based compensation plans. The Company settles employee share-based compensation awards with newly issued shares. The following table provides the financial statement line items in which stock-based compensation is reflected: | |||||||||||||
Fiscal Year Ended | |||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | |||||||||||
(in thousands) | |||||||||||||
Stock-based compensation expense included in: | |||||||||||||
Cost of revenue | $ | 5,382 | $ | 5,381 | $ | 5,470 | |||||||
Selling, general and administrative | 25,653 | 19,161 | 16,385 | ||||||||||
Stock-based compensation expense, before income taxes | 31,035 | 24,542 | 21,855 | ||||||||||
Provision for income taxes | (11,006 | ) | (8,658 | ) | (7,793 | ) | |||||||
After-tax effect of stock-based compensation expense | $ | 20,029 | $ | 15,884 | $ | 14,062 | |||||||
The Company capitalized no stock-based compensation related costs for the fiscal years 2014, 2013 and 2012. | |||||||||||||
The Company's pool of excess tax benefits, which is computed in accordance with the long form method, was $10.8 million as of December 27, 2014, $7.3 million as of December 28, 2013 and $9.6 million as of December 29, 2012. During the fiscal year 2014, the Company recorded a tax benefit of $4.3 million to additional paid-in capital related to the exercise of stock options and vesting of restricted shares and restricted stock units, compared to a tax benefit of $1.1 million in 2013. Additionally, in the fiscal year 2014, the windfall tax benefit was reduced by $1.6 million due to the utilization of foreign tax credits. | |||||||||||||
Stock Options | |||||||||||||
The following table summarizes stock option activities under the Company's stock-based compensation plans: | |||||||||||||
Number of shares | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual Life | Value | ||||||||||||
(in years) | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Options outstanding as of December 28, 2013 | 3,768,733 | $ | 40.81 | ||||||||||
Options granted | 568,615 | $ | 57.82 | ||||||||||
Options exercised | (1,733,293 | ) | $ | 42.46 | |||||||||
Options canceled | (50,820 | ) | $ | 45.03 | |||||||||
Options outstanding as of December 27, 2014 | 2,553,235 | $ | 43.39 | 3.9 | $ | 53,383 | |||||||
Options exercisable as of December 27, 2014 | 1,149,763 | $ | 39.92 | 2.3 | $ | 28,034 | |||||||
Options expected to vest as of December 27, 2014 | 1,200,470 | $ | 45.95 | 5.1 | $ | 22,016 | |||||||
The fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | |||||||||||
Expected life (in years) | 4.2 | 4.2 | 4.5 | ||||||||||
Expected volatility | 30 | % | 33 | % | 35 | % | |||||||
Risk-free interest rate | 1.55 | % | 0.8 | % | 0.84 | % | |||||||
Expected dividend yield | — | — | — | ||||||||||
The weighted-average grant date fair value of stock options granted was $15.19, $11.17 and $10.94 for the fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
As of December 27, 2014, the unrecognized compensation cost related to unvested stock options expected to vest was $11.5 million. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.4 years. | |||||||||||||
The total intrinsic value of options exercised during the fiscal years ending December 27, 2014, December 28, 2013 and December 29, 2012 was $30.5 million, $24.7 million and $5.1 million, respectively, with intrinsic value defined as the difference between the market price on the date of exercise and the grant date price. | |||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
The following table summarizes the restricted stock activity for the fiscal year 2014: | |||||||||||||
Restricted Stock | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(in thousands) | |||||||||||||
28-Dec-13 | 1,096,550 | $ | 36.44 | ||||||||||
Granted | 479,104 | 58.87 | |||||||||||
Vested | (362,770 | ) | 38.21 | ||||||||||
Canceled | (25,034 | ) | 41.51 | ||||||||||
27-Dec-14 | 1,187,850 | $ | 46.83 | ||||||||||
As of December 27, 2014, the unrecognized compensation cost related to shares of unvested restricted stock and restricted stock units expected to vest was $40.0 million, which is expected to be recognized over an estimated weighted-average amortization period of 2.2 years. The total fair value of restricted stock and restricted stock unit grants that vested during the fiscal years 2014, 2013 and 2012 was $13.9 million, $15.1 million and $10.4 million, respectively. | |||||||||||||
Performance Based Stock Award Program | |||||||||||||
In the fiscal years 2014 and 2013, the Company issued PSUs to certain corporate officers. The number of shares of common stock issued for each PSU is adjusted based on a performance condition linked to the Company's financial performance. Certain awards are further adjusted based on a market condition, which is calculated based on the Company's stock performance relative to a peer group over the three-year vesting period. The fair value of the market condition is reflected in the fair value of the award at grant date. | |||||||||||||
The Company utilizes a Monte Carlo simulation valuation model to value these awards. Information pertaining to the Company’s PSUs and the related estimated weighted-average assumptions used to calculate their fair value were as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 27, 2014 | 28-Dec-13 | ||||||||||||
PSUs granted | 214,823 | 163,847 | |||||||||||
Weighted average per share fair value | $67.82 | $44.47 | |||||||||||
Key Assumptions: | |||||||||||||
Expected volatility | 29 | % | 32 | % | |||||||||
Risk-free interest rate | 0.63 | % | 0.38 | % | |||||||||
Expected dividend yield | — | % | — | % | |||||||||
20 trading day average stock price on grant date | 13.1 | % | 6.9 | % | |||||||||
In April 2014, the Company also issued 5,800 PSUs using a fair value per share of $61.25. These PSUs vest upon the achievement of certain revenue growth targets. | |||||||||||||
The maximum amount of common shares to be issued upon vesting of these PSUs is approximately 763,000. For the fiscal years 2014 and 2013, the Company recognized stock-based compensation related to these PSUs of $8.5 million and $2.2 million, respectively |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES | |||
Operating Leases | ||||
The Company rents laboratory and office space, land, vehicles and certain equipment under non-cancelable operating leases. These lease agreements contain various clauses for renewal at the Company's option and, in certain cases, rent escalation clauses. Rental expense under these leases amounted to $14.2 million, $16.7 million and $18.2 million in the fiscal years 2014, 2013 and 2012, respectively. In addition to rent, the leases may require the Company to pay additional amounts for taxes, insurance, maintenance and other operating expenses. | ||||
As of December 27, 2014, minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the next five years and total thereafter were as follows: | ||||
Minimum lease payments | ||||
(in thousands) | ||||
2015 | $ | 12,102 | ||
2016 | 9,854 | |||
2017 | 7,331 | |||
2018 | 4,284 | |||
2019 | 3,577 | |||
Thereafter | 7,769 | |||
Total | $ | 44,917 | ||
Insurance | ||||
The Company maintains various insurance policies that maintain large deductibles up to $0.5 million, some with or without stop-loss limits, depending on market availability. Insurance policies at certain locations are based on a percentage of the insured assets, for which deductibles for certain property may exceed $0.5 million in the event of a catastrophic event. | ||||
Litigation | ||||
Various lawsuits, claims and proceedings of a nature considered normal to its business are pending against the Company. While the outcome of any of these proceedings cannot be accurately predicted, the Company does not believe the ultimate resolution of any of these existing matters would have a material adverse effect on the Company’s business or financial condition. | ||||
In May 2013, the Company commenced an investigation into inaccurate billing with respect to certain government contracts. The Company promptly reported these matters to the relevant government contracting officers, the Department of Health and Human Services' Office of the Inspector General, and the Department of Justice, and is cooperating with these agencies to ensure the proper repayment and resolution of this matter. The Company identified approximately $1.5 million in excess amounts billed on these contracts since January 1, 2007 and reserved such amount. Because of the early stage of discussions with the government and complex nature of this matter, the Company believes that it is reasonably possible that additional losses may be incurred. However, it cannot at this time estimate the potential range of loss beyond the current reserve of $1.5 million. | ||||
In July 2012, a Mauritius supplier of large animal models submitted an Application for Arbitration with The Permanent Secretariat, The Permanent Court of Arbitration, The Mauritius Chamber of Commerce and Industry in Port Louis, Mauritius. The supplier asserted that the Company failed to pay certain invoices and the supplier was therefore permitted to terminate the supply agreement. The Company filed a counterclaim asserting that the supplier had failed to meet its contractual obligations under the supply agreement. The arbitration hearing relating to this contract dispute took place in Mauritius from August 2013 and final arguments were presented in March 2014. In May 2014 and August 2014, the arbitrator issued the final rulings, ordering the Company to pay the supplier (1) the sum of $1.2 million and (2) all of the supplier's arbitration costs, in each case with interest. In September 2014, the Company paid the supplier $1.6 million in accordance with the arbitration ruling. | ||||
Guarantees | ||||
The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords, and customers. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions other than guaranties related to the Phase I clinical business. See Note 14, “Discontinued Operations.” As a result, the estimated fair value of these obligations, other than liabilities related to the Phase I clinical business, is minimal. |
Business_Segment_and_Geographi
Business Segment and Geographic Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Business Segment and Geographic Information | 13. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||||||||
The Company revised its reportable segments during 2014 to align with its view of the business following its acquisition of Argenta and BioFocus. See Note 1, "Description of Business and Summary of Significant Accounting Policies." The Company reported segment results on this basis retrospectively for all comparable prior periods. | ||||||||||||||||||||||||
The following table presents revenue and other financial information by reportable segment. | ||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | ||||||||||||||||||||||||
Revenue | $ | 507,327 | $ | 511,350 | $ | 521,633 | ||||||||||||||||||
Gross margin | 190,092 | 179,493 | 198,291 | |||||||||||||||||||||
Operating income | 121,376 | 116,737 | 143,783 | |||||||||||||||||||||
Total assets | 375,415 | 460,594 | 411,874 | |||||||||||||||||||||
Long-lived assets | 138,021 | 161,027 | 172,641 | |||||||||||||||||||||
Depreciation and amortization | 27,512 | 41,837 | 26,725 | |||||||||||||||||||||
Capital expenditures | 18,749 | 16,717 | 27,077 | |||||||||||||||||||||
Discovery and Safety Assessment | ||||||||||||||||||||||||
Revenue | $ | 538,218 | $ | 432,378 | $ | 408,908 | ||||||||||||||||||
Gross margin | 150,970 | 106,766 | 97,908 | |||||||||||||||||||||
Operating income | 69,749 | 47,413 | 35,688 | |||||||||||||||||||||
Total assets | 1,088,171 | 766,243 | 760,370 | |||||||||||||||||||||
Long-lived assets | 408,280 | 394,741 | 414,584 | |||||||||||||||||||||
Depreciation and amortization | 47,138 | 37,720 | 41,001 | |||||||||||||||||||||
Capital expenditures | 19,759 | 12,561 | 10,051 | |||||||||||||||||||||
Manufacturing Support | ||||||||||||||||||||||||
Revenue | $ | 252,117 | $ | 221,800 | $ | 198,989 | ||||||||||||||||||
Gross margin | 131,598 | 108,643 | 95,882 | |||||||||||||||||||||
Operating income | 78,620 | 61,227 | 57,519 | |||||||||||||||||||||
Total assets | 274,952 | 246,467 | 228,804 | |||||||||||||||||||||
Long-lived assets | 71,367 | 66,352 | 64,254 | |||||||||||||||||||||
Depreciation and amortization | 14,092 | 17,079 | 13,549 | |||||||||||||||||||||
Capital expenditures | 15,541 | 9,876 | 10,407 | |||||||||||||||||||||
A reconciliation of segment operating income to consolidated operating income is as follows: | ||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Total segment operating income | $ | 269,745 | $ | 225,377 | $ | 236,990 | ||||||||||||||||||
Unallocated corporate overhead | (92,075 | ) | (73,976 | ) | (71,225 | ) | ||||||||||||||||||
Consolidated operating income | $ | 177,670 | $ | 151,401 | $ | 165,765 | ||||||||||||||||||
Revenue for each significant product or service offering is as follows: | ||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | $ | 507,327 | $ | 511,350 | $ | 521,633 | ||||||||||||||||||
Discovery and Safety Assessment | 538,218 | 432,378 | 408,908 | |||||||||||||||||||||
Endotoxin and Microbial Detection | 132,208 | 112,918 | 93,622 | |||||||||||||||||||||
Other manufacturing support | 119,909 | 108,882 | 105,367 | |||||||||||||||||||||
Manufacturing Support | 252,117 | 221,800 | 198,989 | |||||||||||||||||||||
Total revenue | $ | 1,297,662 | $ | 1,165,528 | $ | 1,129,530 | ||||||||||||||||||
A summary of unallocated corporate overhead consists of the following: | ||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Stock-based compensation expense | $ | 18,474 | $ | 13,411 | $ | 11,724 | ||||||||||||||||||
Salary, bonus and fringe | 30,838 | 23,446 | 20,312 | |||||||||||||||||||||
Consulting, audit and professional services | 13,431 | 8,666 | 7,453 | |||||||||||||||||||||
IT related expenses | 6,528 | 11,646 | 12,622 | |||||||||||||||||||||
Depreciation expense | 7,703 | 6,334 | 6,260 | |||||||||||||||||||||
Costs associated with evaluation and integration of acquisitions | 6,285 | 1,752 | 3,772 | |||||||||||||||||||||
Other general unallocated corporate expenses | 8,816 | 8,721 | 9,082 | |||||||||||||||||||||
Total unallocated corporate overhead costs | $ | 92,075 | $ | 73,976 | $ | 71,225 | ||||||||||||||||||
Other general unallocated corporate expenses consist of various departmental costs including those associated with departments such as senior executives, corporate accounting, legal, tax, human resources, treasury and investor relations. | ||||||||||||||||||||||||
The following table presents revenues and other financial information by geographic locations of our businesses. Included in the other non-U.S. category below are operations located in China, Korea, Australia, Singapore and India. Revenues represent sales originating in entities physically located in the identified geographic area. Long-lived assets include property, plant and equipment and other long-lived assets. | ||||||||||||||||||||||||
U.S. | Europe | Canada | Japan | Other Non-U.S. | Consolidated | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 588,531 | $ | 446,263 | $ | 163,490 | $ | 49,921 | $ | 49,457 | $ | 1,297,662 | ||||||||||||
Long lived assets | 386,624 | 153,203 | 95,272 | 23,896 | 17,802 | 676,797 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 551,340 | $ | 353,688 | $ | 162,404 | $ | 59,370 | $ | 38,726 | $ | 1,165,528 | ||||||||||||
Long lived assets | 447,829 | 130,855 | 109,811 | 30,589 | 19,062 | 738,146 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenue | $ | 534,817 | $ | 341,550 | $ | 160,004 | $ | 77,707 | $ | 15,452 | $ | 1,129,530 | ||||||||||||
Long lived assets | 476,927 | 122,351 | 124,302 | 39,642 | 2,457 | 765,679 | ||||||||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | 14. DISCONTINUED OPERATIONS | |||||||||||
In 2011, the Company disposed of its Phase I clinical business, though the Company remained the guarantor of a facility lease with a term through January 2021. The Company recorded a liability for the Company's obligation under the lease, net of estimated sublease income, and reflected the liability on the consolidated balance sheet as discontinued operations. In 2012, due to an increased probability that the Company would be required to make future lease payments as guarantor, the Company recorded an additional contingent loss of $7.2 million. In 2013, the buyer of the Company's Phase I clinical business filed for Chapter 11 bankruptcy, resulting in an additional charge of $1.3 million. Effective July 2013, the Company assumed control of the leased property and assumed obligations under the lease consistent with the guarantee. As of December 27, 2014, the remaining lease payments amounted to $10.0 million. | ||||||||||||
Operating results from discontinued operations are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Loss from operations of discontinued businesses, before income taxes | $ | (2,712 | ) | $ | (2,035 | ) | $ | (6,986 | ) | |||
Benefit for income taxes | (986 | ) | (770 | ) | (2,734 | ) | ||||||
Loss from operations of discontinued businesses, net of income taxes | $ | (1,726 | ) | $ | (1,265 | ) | $ | (4,252 | ) |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Notes) | 12 Months Ended | |||||||||||||||
Dec. 27, 2014 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data Disclosure [Text Block] | 15. SELECTED QUARTERLY FINANCIAL DATA (unaudited) | |||||||||||||||
The following table contains quarterly financial information for fiscal years 2014 and 2013. The operating results for any quarter are not necessarily indicative of future period results. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal Year Ended December 27, 2014 | (in thousands) | |||||||||||||||
Total revenue | $ | 299,368 | $ | 341,179 | $ | 327,567 | $ | 329,548 | ||||||||
Gross profit | 108,813 | 125,634 | 118,268 | 119,945 | ||||||||||||
Operating income | 39,706 | 51,025 | 46,172 | 40,767 | ||||||||||||
Income from continuing operations, net of income tax | 32,628 | 36,460 | 32,300 | 28,536 | ||||||||||||
Income (loss) from discontinued operations, net of income tax | (270 | ) | (644 | ) | 52 | (864 | ) | |||||||||
Net income attributable to common shareholders | 32,232 | 35,264 | 32,036 | $ | 27,166 | |||||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.69 | $ | 0.76 | $ | 0.7 | $ | 0.6 | ||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | |||||||||
Net income attributable to common shareholders | $ | 0.68 | $ | 0.75 | $ | 0.7 | $ | 0.58 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.67 | $ | 0.75 | $ | 0.68 | $ | 0.59 | ||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | |||||||||
Net income attributable to common shareholders | $ | 0.67 | $ | 0.74 | $ | 0.68 | $ | 0.57 | ||||||||
Fiscal Year Ended December 28, 2013 | ||||||||||||||||
Total revenue | $ | 291,238 | $ | 292,933 | $ | 292,129 | $ | 289,228 | ||||||||
Gross profit | 104,211 | 102,570 | 99,926 | 88,195 | ||||||||||||
Operating income | 42,763 | 43,188 | 40,843 | 24,607 | ||||||||||||
Income from continuing operations, net of income tax | 25,926 | 28,628 | 31,336 | 19,526 | ||||||||||||
Loss from discontinued operations, net of income tax | (155 | ) | (915 | ) | (113 | ) | (82 | ) | ||||||||
Net income attributable to common shareholders | $ | 25,578 | $ | 27,284 | $ | 30,867 | $ | 19,099 | ||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.54 | $ | 0.58 | $ | 0.65 | $ | 0.41 | ||||||||
Discontinued operations | — | (0.02 | ) | — | — | |||||||||||
Net income attributable to common shareholders | $ | 0.54 | $ | 0.57 | $ | 0.64 | $ | 0.41 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.53 | $ | 0.58 | $ | 0.64 | $ | 0.4 | ||||||||
Discontinued operations | — | (0.02 | ) | — | — | |||||||||||
Net income attributable to common shareholders | $ | 0.53 | $ | 0.56 | $ | 0.64 | $ | 0.4 | ||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 27, 2014 | |||
Description of Business and Summary of Significant Accounting Policies [Abstract] | |||
Principles of Consolidation | Principles of Consolidation | ||
The Company's consolidated financial statements reflect its financial statements and those of its wholly-owned and majority-owned subsidiaries. For consolidated entities in which the Company owns or is exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interests in its consolidated statements of income equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. Intercompany balances and transactions are eliminated in consolidation. | |||
The Company's fiscal year is the twelve-month period ending the last Saturday in December. | |||
Reclassifications | Reclassifications | ||
Certain reclassifications have been made to prior year statements to conform to the current year presentation. These reclassifications have no impact on period reported net income or cash flow. | |||
Segment Reporting, Policy | Segment Reporting | ||
During the quarter ended June 28, 2014, following its acquisition of the CRO services division of Galapagos N.V. (Argenta and BioFocus), the Company revised its reportable segments to ensure alignment with the Company's view of the business. The Company reviewed the new and existing markets addressed by the business, the recently revised go-to-market strategy, long-term operating margins, and the discrete financial information available to its Chief Operating Decision Maker, and considered how its businesses aggregate based on these qualitative and quantitative factors. Based on this review, the Company identified three reportable segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA) and Manufacturing Support (Manufacturing). The Company reported segment results on this basis for the current period and retrospectively for all comparable prior periods. | |||
The revised reportable segments are as follows: | |||
Research Models and Services | Discovery and Safety Assessment | Manufacturing Support | |
Research Models | Discovery Services (2) | Endotoxin and Microbial Detection (EMD) | |
Research Model Services (1) | Safety Assessment | Avian Vaccine Services | |
Biologics Testing Solutions | |||
(1) Research Model Services includes Genetically Engineered Models and Services (GEMS), Research Animal Diagnostic Services (RADS), and Insourcing Solutions (IS). | |||
(2) Discovery Services includes both the In Vivo Discovery business, and the Early Discovery business. Early Discovery includes Argenta and BioFocus, which were acquired in April 2014, and ChanTest Corporation (ChanTest), which was acquired in October 2014. | |||
Prior to recasting the reportable segments, the businesses were reported in two segments as follows: | |||
Research Models and Services | Preclinical Services | ||
Research Models (3) | Discovery Services | ||
Research Model Services (4) | Safety Assessment | ||
Endotoxin and Microbial Detection | Biologics Testing Solutions | ||
(3) Research Models included Avian Vaccine Services. | |||
(4) Research Model Services included GEMS, RADS, IS and Discovery Research Services. As part of the segment revisions, the former Discovery Research Services was folded into the Company’s Discovery Services business, previously located under the Preclinical Services segment. | |||
Use of Estimates | Use of Estimates | ||
The preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) requires that the Company makes estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash equivalents include money market funds and time deposits with remaining maturities at the purchase date of three months or less. | |||
Trade Receivables | Trade Receivables, Net | ||
The Company records trade receivables net of an allowance for doubtful accounts. An allowance for doubtful accounts is established based on historical collection information, a review of major client accounts receivable balances and current economic conditions in the geographies in which it operates. Amounts determined to be uncollectible are charged or written off against the allowance. | |||
Concentration of Credit Risk | Concentrations of Credit Risk | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments and trade receivables. The Company places cash and cash equivalents and investments in various financial institutions with high credit rating and limits the amount of credit exposure to any one financial institution. Trade receivables are primarily from clients in the pharmaceutical and biotechnology industries, as well as academic and government institutions. Concentrations of credit risk with respect to trade receivables, which are typically unsecured, are limited due to the wide variety of customers using the Company's products and services as well as their dispersion across many geographic areas. No single client accounted for more than 5% of revenue or trade receivables for any period presented. | |||
Fair Value Measurement, Policy | Fair Value Measurements | ||
The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires detailed disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy: | |||
• | Level 1 - Fair values are determined utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; | ||
• | Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; | ||
• | Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||
The fair value hierarchy level is determined by asset or liability class based on the lowest level of significant input. The observability of inputs may change for certain assets or liabilities. This condition could cause an asset or liability to be reclassified between levels. | |||
Valuation methodologies used for assets and liabilities measured or disclosed at fair value are as follows: | |||
• | Cash equivalents- Valued at quoted market prices determined through third party pricing services. | ||
• | Life insurance policies- Valued at cash surrender value based on fair value of underlying investments. | ||
• | Redeemable noncontrolling interest- Valued primarily using the income approach based on estimated future cash flows of the underlying business based on the Company's projected financial data discounted by a weighted average cost of capital. | ||
• | Contingent consideration- Valued based on a probability-weighting of the future cash flows associated with the potential outcomes. | ||
Inventories | Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined on the average cost method for the small model business and first-in-first-out for the Company's large model and EMD businesses. For the small model business, cost includes direct materials such as feed and bedding, costs of personnel directly involved in the care of the models, and an allocation of facility overhead. For the large model business, cost is primarily the external cost paid to acquire the model. Certain businesses value inventory based on standard costs, which are periodically compared to and adjusted to actual costs. Inventory costs are charged to cost of revenue in the period the products are sold to an external party. The Company analyzes its inventory levels on a quarterly basis and writes down inventory that is determined to be damaged, obsolete or otherwise unmarketable, with a corresponding charge to cost of products sold. | |||
Property, Plant and Equipment | Property, Plant and Equipment, Net | ||
Property, plant and equipment, including improvements that significantly add to productive capacity or extend useful life, are carried at cost and are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The cost of normal, recurring, or periodic repairs and maintenance activities related to property, plant and equipment is expensed as incurred. In addition, the Company capitalizes certain internal use computer software development costs. | |||
Interest costs incurred during the construction of major capital projects are capitalized until the underlying asset is ready for its intended use, at which point the interest costs are amortized as depreciation expense over the life of the underlying asset. | |||
The Company generally depreciates the cost of its property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets as follows: | |||
Estimated | |||
useful lives | |||
(in years) | |||
Land | Indefinite | ||
Buildings | 20 - 40 | ||
Machinery and equipment | 20-Mar | ||
Furniture and fixtures | 10-May | ||
Computer hardware and software | 8-Mar | ||
Vehicles | 5-Mar | ||
Leasehold improvements | Lesser of useful life or lease term | ||
When the Company disposes of property, plant and equipment, it removes the associated cost and accumulated depreciation from the related accounts on its consolidated balance sheet and includes any resulting gain or loss in its consolidated statement of income. | |||
Business Combinations Policy [Policy Text Block] | Business Combinations | ||
The Company accounts for acquisitions as business combinations under the acquisition method of accounting. The Company allocates the amounts that it pays for each acquisition to the assets it acquires and liabilities it assumes based on their fair values at the dates of acquisition, including identifiable intangible assets. The Company bases the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and which consider management's best estimates of inputs and assumptions that a market participant would use. | |||
Contingent Consideration | |||
The consideration for the Company’s acquisitions often includes future payments that are contingent upon the occurrence of a particular event. The Company records an obligation for such contingent payments at fair value on the acquisition date. The Company estimates the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments. The Company revalues these contingent consideration obligations each reporting period. Changes in the fair value of the contingent consideration obligations are recognized within our consolidated statements of income as a component of selling, general and administrative expenses. Changes in the fair value of the contingent consideration obligations can result from changes to one or multiple inputs, including adjustments to the discount rates and changed in the assumed probabilities of successful achievement of certain financial targets. | |||
Discount rates in the Company’s valuation models represent a measure of the credit risk associated with settling the liability. The period over which the Company discounts its contingent obligations is typically based on when the contingent payments would be triggered. These fair value measurements are based on significant inputs not observable in the market. See Note 5, "Fair Value," in the accompanying notes to consolidated financial statements for additional information. | |||
Valuation and Impairment of Goodiwll and Other Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets | ||
Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets when accounted for using the purchase method of accounting. Goodwill is not amortized, but reviewed for impairment on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the Company's reporting units below their carrying amounts. | |||
The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step impairment test. If the Company elects this option and believes, as a result of the qualitative assessment, that it is more-likely-than-not that the carrying value of goodwill is not recoverable, the quantitative two-step impairment test is required; otherwise, no further testing is required. Alternatively, the Company may elect to not first assess qualitative factors and immediately perform the quantitative two-step impairment test. In the first step, the Company compares the fair value of its reporting units to their carrying values. If the carrying values of the net assets assigned to the reporting units exceed the fair values of the reporting units, then the second step of the impairment test is performed in order to determine the implied fair value of the Company’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. | |||
Valuation and Impairment of Long-Lived Assets | Long-Lived Assets | ||
Long-lived assets to be held and used, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. | |||
Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their fair values. | |||
Long-lived assets to be disposed of are carried at fair value less costs to sell. | |||
Interest in Unincorporated Joint Ventures or Partnerships, Policy | Limited Partnerships | ||
The Company invests in several venture capital limited partnerships that invest in start-up companies primarily in the life sciences industry. Our ownership interest in these limited partnerships ranges from 3.8% to 12.0%. As of December 27, 2014, the total commitment to these entities was $65.0 million, of which $19.6 million has been funded. Due to the percentage of ownership, the Company accounts for such investments under the equity method of accounting, whereby its portion of the investment gains and losses, as reported in the fund's financial statements on a quarterly lag each reporting period, is recorded in other income, net. In addition, the Company adjusts the carrying value of these investments to reflect its estimate of changes to fair value since the fund's financial statements based information from the fund's management team, market prices of known public holdings of the fund and other information. During the fiscal years 2014, 2013 and 2012, the Company recognized gains (losses) related to these investments of $9.3 million, $5.9 million, $(0.6) million, respectively. The Company received distributions of $7.4 million in 2014. No distributions were made to the Company in 2013 or 2012. | |||
Accounting for Investment in Life Insurance Contracts | Life Insurance Contracts | ||
Investments in life insurance contracts are recorded at cash surrender value. The initial investment at the transaction price is recognized and remeasured based on fair value of underlying investments or contractual value each reporting period. Investments in and redemptions of these life insurance contracts are reported as cash flows from investing activities in the consolidated statement of cash flows. At December 27, 2014 and December 28, 2013, the Company held 40 and 30 contracts, respectively, with a face value of $68.2 million and $67.5 million, respectively. | |||
Restructuring and Contract Termination Costs | Restructuring and Contract Termination Costs | ||
The Company makes estimates and judgments regarding the amount and timing of our restructuring expense and liability, including current and future period termination benefits, lease termination costs, and other exit costs to be incurred when related actions take place. The Company also assesses the recoverability of certain long-lived assets employed in the business and, in certain instances, shortens the expected useful life of the assets based on changes in their expected use. When the Company determines that the useful lives of assets are shorter than we had originally estimated, it records additional depreciation to reflect the assets’ new shorter useful lives. Severance and other related costs and asset-related charges are reflected within the Company’s consolidated statement of income as a component of cost of revenue or selling, general and administrative expenses. | |||
Stock-Based Compensation Plans | Stock-Based Compensation | ||
The Company grants stock options, restricted stock, restricted stock units and performance share units (PSUs) to employees and stock options and restricted stock to non-employee directors under stock-based compensation plans. Stock-based compensation is recognized as an expense in the consolidated financial statements based on the grant date fair value, adjusted for estimated forfeitures, over the requisite service period. | |||
For stock options, restricted stock and restricted stock units that vest based on service conditions, the Company uses the straight-line method to allocate compensation expense to reporting periods. The Company records the expense for PSU grants subject to performance and/or market conditions using the accelerated attribution method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date. | |||
The fair value of stock options granted is calculated using the Black-Scholes option-pricing model and the fair value of PSUs is estimated using a lattice model with a Monte Carlo simulation, both of which require the use of subjective assumptions including volatility and expected term, among others. The expected volatility assumption is typically determined using the historical volatility of the Company's common stock over the expected life of the stock-based award. The expected term is determined using historical option exercise activity. The fair value of restricted stock and restricted stock units is based on the market value of the Company’s common stock on the date of grant. | |||
Revenue Recognition | Revenue Recognition | ||
The Company recognizes revenue when all of the following conditions are satisfied: persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the price to the customer is fixed or determinable, and collectibility is reasonably assured. | |||
Service revenue is generally evidenced by client contracts, which range in duration from a few weeks to a few years and typically take the form of an agreed upon rate per unit or fixed fee arrangements. Such contracts typically do not contain acceptance provisions based upon the achievement of certain study or laboratory testing results. Revenue of agreed upon rate per unit contracts is recognized as services are performed, based upon rates specified in the contract. In cases where performance spans reporting periods, revenue of fixed fee contracts is recognized as services are performed, measured on the ratio of outputs or performance obligations completed to the total contractual outputs or performance obligations to be provided. Changes in estimated effort to complete the fixed fee contract are reflected in the period in which the change becomes known. Changes in scope of work are common, especially under long-term contracts, and generally result in a change in contract value. Once the client has agreed to the changes in scope and renegotiated pricing terms, the contract value is amended and revenue is typically recognized as described above. | |||
Billing schedules and payment terms are generally negotiated on a contract-by-contract basis. Payments received in excess of revenue recognized are recorded as deferred revenue. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of revenue recognized during the period. In other cases, services may be provided and revenue is recognized before the client is invoiced. In these cases, revenue recognized will exceed amounts billed and the difference, representing amounts which are currently unbillable to the customer pursuant to contractual terms, is recorded as an unbilled receivable. Once the client is invoiced, the unbilled receivable is reduced for the amount billed, and a corresponding trade receivable is recorded. | |||
Most contracts are terminable by the client, either immediately or upon notice. These contracts often require payment to the Company of expenses to wind down the project, fees earned to date or, in some cases, a termination fee. Such payments are included in revenues when earned. | |||
The Company recognizes product revenue net of allowances for estimated returns, rebates and discounts when title and risk of loss pass to customers. When the Company sells equipment with specified acceptance criteria, it assesses its ability to meet the acceptance criteria in order to determine the timing of revenue recognition. The Company would defer revenue until completion of customer acceptance testing if it is not able to demonstrate the ability to meet such acceptance criteria. | |||
Advertising Costs | Advertising Costs | ||
Advertising costs are expensed as incurred. For the fiscal years 2014, 2013 and 2012, advertising costs totaled $1.3 million, $1.1 million and $0.9 million, respectively. | |||
Income Taxes | Income Taxes | ||
The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statements carrying amounts and their respective tax basis. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to be in effect when the temporary differences are expected to be settled. The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. | |||
The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in process audit activities and changes in facts or circumstances related to a tax position. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense. | |||
Foreign Currency Translation | Translation of Foreign Currencies | ||
The functional currency for each foreign subsidiary is their local currency. For the Company’s non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign exchange rates for the period. Adjustments resulting from the translation of the financial statements of our foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of equity. | |||
Pension Plans | Pension and Other Retiree Benefit Plans | ||
The Company recognizes the funded status of its defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The Company measures plan assets and benefit obligations as of the date of its fiscal year end. | |||
The key assumptions used to calculate benefit obligations and related pension costs include expected long-term rate of return on plan assets, discount rate, and expected future rate of compensation increases. In addition, the Company's actuaries utilize other assumptions such as withdrawal and mortality rates. Assumptions are determined based on the Company's data and appropriate market indicators, and evaluated each year as of the plan's measurement date. | |||
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. | |||
The discount rate reflects the rate the Company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. In the fiscal year 2014, the Company selected the discount rate based on a cash-flow matching analysis using Towers Watson’s proprietary Bond:Link tool. Prior to the fiscal year 2014, the Company employed a cash-flow matching methodology, which used the spot yield curve underlying the Citigroup Index. The refined estimation technique permits the Company to more closely match cash flows to the expected payments to participants than would be possible with the previously used yield curve model. This refinement reduced the Company's benefit obligations as of December 27, 2014 by $5.5 million. | |||
The rate of compensation increase reflects the expected annual salary increases for the plan participants based on historical experience and the current employee compensation strategy. | |||
The Company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and prior service costs or credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. | |||
In the fiscal year 2014, for the U.S. plans, the Company adopted new mortality tables (RP-2014) and a new mortality improvement scale (MP-2014), which increased the Company’s benefit obligations by $6.0 million as of December 27, 2014. The Company previously used the RP-2000 mortality tables with mortality improvements projected using Scale AA to 2021 for annuitants and to 2029 for non-annuitants. In addition, for the U.K. plans, the mortality table was updated to S2 Series (SAPS) using the CMI 2013 core projection with a 1.25% per annum long-term mortality improvement. This update increased the Company’s benefit obligations by $1.9 million as of December 27, 2014. Prior to the fiscal year 2014, the Company used the S1 Series (SAPS) mortality table and the CMI 2009 core projection with a 1.25% per annum long-term improvement. The new mortality information reflects improved life expectancies and an expectation that the trend will continue. | |||
Earnings (Loss) Per Share | Earnings Per Share | ||
Basic earnings per share are calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share is computed using the treasury stock method, assuming the exercise of stock options and the vesting of restricted stock awards, restricted stock units, or PSUs, as well as their related income tax effects. | |||
New Accounting Pronouncements, Policy | New Accounting Pronouncements | ||
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Losses Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The ASU requires an entity to present an unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss, or similar loss or tax credit carryforward, as opposed to a liability, unless certain circumstances exist. The ASU became effective during the Company’s first fiscal quarter of 2014 and the Company adopted its provisions retrospectively. The adoption of the ASU decreased net non-current deferred tax assets and decreased the associated long-term tax liabilities related to unrecognized tax benefits by $16.2 million and $11.9 million as of December 27, 2014 and December 28, 2013, respectively. | |||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The ASU is effective for annual and interim periods beginning after December 15, 2014. The Company does not expect the impact of the adoption of this standard to be material to its consolidated financial statements. | |||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company has not yet selected a transition method and is evaluating the impact the adoption will have on its consolidated financial statements and related disclosures. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 27, 2014 | ||
Description of Business and Summary of Significant Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Lives [Table Text Block] | The Company generally depreciates the cost of its property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets as follows: | |
Estimated | ||
useful lives | ||
(in years) | ||
Land | Indefinite | |
Buildings | 20 - 40 | |
Machinery and equipment | 20-Mar | |
Furniture and fixtures | 10-May | |
Computer hardware and software | 8-Mar | |
Vehicles | 5-Mar | |
Leasehold improvements | Lesser of useful life or lease term |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 27, 2014 | ||||||
ChanTest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The preliminary purchase price allocation of $52.1 million, net of $7.2 million in cash acquired, is as follows: | |||||
29-Oct-14 | ||||||
(in thousands) | ||||||
Current assets (excluding cash) | 4,648 | |||||
Property, plant and equipment | 1,579 | |||||
Definite-lived intangible assets | 23,920 | |||||
Goodwill | 34,927 | |||||
Current liabilities | (3,515 | ) | ||||
Long-term liabilities | (9,486 | ) | ||||
Total purchase price allocation | $ | 52,073 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The breakout of definite-lived intangible assets acquired is as follows: | |||||
29-Oct-14 | Weighted average amortization life | |||||
(in thousands) | (in years) | |||||
Client relationships | $ | 19,000 | 13 | |||
Other intangible assets | 4,920 | 9 | ||||
Total definite-lived intangible assets | $ | 23,920 | ||||
Early Discovery UK [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The preliminary purchase price allocation of $183.1 million, net of $8.2 million of cash acquired, was as follows: | |||||
1-Apr-14 | ||||||
(in thousands) | ||||||
Current assets (excluding cash) | $ | 31,257 | ||||
Property, plant and equipment | 21,008 | |||||
Other long-term assets | 11,549 | |||||
Definite-lived intangible assets | 104,270 | |||||
Goodwill | 66,330 | |||||
Current liabilities | (14,299 | ) | ||||
Long-term liabilities | (36,973 | ) | ||||
Total purchase price allocation | $ | 183,142 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The breakout of definite-lived intangible assets acquired was as follows: | |||||
1-Apr-14 | Weighted average | |||||
amortization life | ||||||
(in thousands) | (in years) | |||||
Client relationships | $ | 94,000 | 18 | |||
Backlog | 5,700 | 1 | ||||
Trademark and trade names | 1,170 | 3 | ||||
Leasehold interests | 1,000 | 13 | ||||
Other intangible assets | 2,400 | 19 | ||||
Total definite-lived intangible assets | $ | 104,270 | ||||
EMD [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The breakout of definite-lived intangible assets acquired is as follows: | |||||
4-Oct-13 | Weighted average | |||||
amortization life | ||||||
(in thousands) | (in years) | |||||
Client relationships | $ | 1,870 | 8 | |||
Other intangible assets | 15 | 2 | ||||
Total definite-lived intangible assets | $ | 1,885 | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | EMD Singapore | |||||
In October 2013, the Company acquired 100% of an EMD products and service provider located in Singapore for $4.9 million in cash. The financial results of the acquired entity are included in the Manufacturing reportable segment as part of the Company's EMD business. | ||||||
The purchase price allocation is as follows: | ||||||
4-Oct-13 | ||||||
(in thousands) | ||||||
Current assets (excluding cash) | $ | 300 | ||||
Property, plant and equipment | 154 | |||||
Definite-lived intangible assets | 1,885 | |||||
Goodwill | 2,659 | |||||
Current liabilities | (64 | ) | ||||
Total purchase price allocation | $ | 4,934 | ||||
Vital River [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The breakout of definite-lived intangible assets acquired is as follows: | |||||
4-Jan-13 | Weighted average | |||||
amortization life | ||||||
(in thousands) | (in years) | |||||
Client relationships | $ | 14,741 | 12 | |||
Reacquired rights | 2,053 | 1 | ||||
Other intangible assets | 160 | 3 | ||||
Total definite-lived intangible assets | $ | 16,954 | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Vital River | |||||
In January 2013, the Company acquired a 75% ownership interest of Vital River, a commercial provider of research models and related services in China, for $24.2 million, net of $2.7 million of cash acquired. Vital River's financial results are included in the RMS reportable segment. | ||||||
The purchase price allocation is as follows: | ||||||
4-Jan-13 | ||||||
(in thousands) | ||||||
Current assets (excluding cash) | $ | 3,092 | ||||
Property, plant and equipment | 10,468 | |||||
Other long-term assets | 2,242 | |||||
Definite-lived intangible assets | 16,954 | |||||
Goodwill | 16,989 | |||||
Current liabilities | (11,303 | ) | ||||
Long-term liabilities | (5,260 | ) | ||||
Redeemable noncontrolling interest | (8,963 | ) | ||||
Total purchase price allocation | $ | 24,219 | ||||
Accugenix [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The definite-lived intangible assets acquired are as follows: | |||||
24-Aug-12 | Weighted average | |||||
amortization life | ||||||
(in thousands) | (in years) | |||||
Client relationships | $ | 1,500 | 13 | |||
Propriety database | 4,100 | 11 | ||||
Standard operating procedures | 2,500 | 4 | ||||
Trademarks | 300 | 12 | ||||
Total definite-lived intangible assets | $ | 8,400 | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The purchase price allocation of $16.9 million, net of $1.5 million of cash acquired is as follows: | |||||
24-Aug-12 | ||||||
(in thousands) | ||||||
Current assets (excluding cash) | $ | 2,162 | ||||
Property, plant and equipment | 549 | |||||
Definite-lived intangible assets | 8,400 | |||||
Goodwill | 10,361 | |||||
Current liabilities | (911 | ) | ||||
Long-term liabilities | (3,700 | ) | ||||
Total purchase price allocation | $ | 16,861 | ||||
Business_Acquisitions_Pro_Form
Business Acquisitions Pro Forma Disclosure (Tables) (Early Discovery UK [Member]) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Early Discovery UK [Member] | ||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following selected pro forma consolidated results of operations are presented as if the Argenta and BioFocus acquisition had occurred as of the beginning of the period immediately preceding the period of acquisition after giving effect to certain adjustments, including amortization of intangible assets and depreciation of fixed assets of $3.7 million and other one-time costs. These pro forma consolidated results of operations are for informational purposes only and do not necessarily reflect the results of operations had the companies operated as one entity during the periods reported. No effect has been given for synergies, if any, that may have been realized through the acquisition. | |||||||||||
Fiscal Year Ended | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Revenue | $ | 1,322,771 | $ | 1,249,649 | $ | 1,215,263 | ||||||
Net income | $ | 128,195 | 98,508 | 85,902 | ||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 2.75 | $ | 2.06 | $ | 1.79 | ||||||
Diluted | $ | 2.7 | $ | 2.03 | $ | 1.77 | ||||||
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairments Restructuring and Asset Impairments (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Impairment of Long Lived Assets Disclosure [Abstract] | ||||||||||||
Restructuring and Related Activities Disclosure | 3. RESTRUCTURING AND ASSET IMPAIRMENTS | |||||||||||
Facilities | ||||||||||||
In the fiscal year 2014, the Company committed to plans to consolidate certain research model operations in the U.S., Japan, and Europe. As a result, the Company recorded $2.2 million of asset impairments and other charges and $4.3 million of accelerated depreciation related to certain facilities impacted by the consolidation plans. Also, in the fiscal year 2014, the Company recorded a gain of $1.0 million on the sale of a European facility. | ||||||||||||
In the fiscal year 2013, due to changes in real estate values in surrounding properties, the Company performed an impairment test on long-lived assets classified as held-for-use, which resulted in an asset impairment charge of $3.8 million, included in cost of revenue. The Company also implemented a plan to consolidate production in its U.S. research model facilities. As a result, the Company revised the useful lives of a research model building that was abandoned and recorded accelerated deprecation to cost of revenue of $13.5 million. The Company also implemented a plan to consolidate operations within a Biologics leased facility in the U.S. As a result, the Company revised the useful lives of certain leasehold improvements that were abandoned and recorded accelerated deprecation to cost of revenue of $1.9 million. | ||||||||||||
In the fiscal year 2012, the Company commenced a consolidation of certain research model operations in Europe. As a result, it recorded an impairment charge of $3.5 million to cost of revenue for the disposition of certain facilities. The Company continues to utilize some of the operations in a limited capacity. As a result, during the fiscal years 2014 and 2013, the Company recorded asset impairments of $0.3 million and $0.4 million, respectively, to cost of revenue related to the consolidation of the European operations. | ||||||||||||
Staff Reductions | ||||||||||||
The following table rolls forward the Company's severance and retention cost liability: | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Balance, beginning of period | $ | 2,782 | $ | 3,636 | $ | 3,374 | ||||||
Expense | 7,792 | 3,223 | 2,576 | |||||||||
Payments/Utilization | (7,908 | ) | (4,077 | ) | (2,314 | ) | ||||||
Balance, end of period | $ | 2,666 | $ | 2,782 | $ | 3,636 | ||||||
The following table presents severance and retention costs by classification on the income statement: | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Severance charges included in cost of sales | $ | 3,342 | $ | 1,477 | $ | 1,203 | ||||||
Severance charges included in selling, general and administrative | 4,450 | 1,746 | 1,373 | |||||||||
Total expense | $ | 7,792 | $ | 3,223 | $ | 2,576 | ||||||
As of December 27, 2014 and December 28, 2013, $2.2 million and $1.5 million of severance and retention costs liability, respectively, was included in accrued compensation and $0.5 million and $1.3 million, respectively, was included in other long-term liabilities on the Company's consolidated balance sheets. | ||||||||||||
The following table presents severance and retention cost by reportable segment: | ||||||||||||
Fiscal Year Ended | ||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||
(in thousands) | ||||||||||||
Research models and services | $ | 4,593 | $ | 1,429 | $ | 1,015 | ||||||
Discovery and safety assessment | 2,912 | 1,625 | 1,494 | |||||||||
Manufacturing support | 166 | 169 | 67 | |||||||||
Corporate | 121 | — | — | |||||||||
Total expense | $ | 7,792 | $ | 3,223 | $ | 2,576 | ||||||
Supplemental_Balance_Sheet_Tab
Supplemental Balance Sheet (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ||||||||
Composition of Trade Receivables | The composition of trade receivables, net is as follows: | |||||||
27-Dec-14 | 28-Dec-13 | |||||||
(in thousands) | ||||||||
Client receivables | $ | 219,118 | $ | 190,423 | ||||
Unbilled revenue | 43,780 | 35,184 | ||||||
Total | 262,898 | 225,607 | ||||||
Less: Allowance for doubtful accounts | (4,907 | ) | (4,977 | ) | ||||
Trade receivables, net | $ | 257,991 | $ | 220,630 | ||||
Composition of Other Assets | The composition of other assets is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 5,401 | $ | 7,126 | ||||
Cash surrender value of life insurance policies | 27,603 | 26,507 | ||||||
Investment in limited partnerships | 27,047 | 17,911 | ||||||
Other assets | 18,301 | 10,420 | ||||||
Other assets | $ | 78,352 | $ | 61,964 | ||||
Schedule of Inventory, Current | The composition of inventories is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Raw materials and supplies | $ | 15,416 | $ | 15,028 | ||||
Work in process | 11,802 | 11,715 | ||||||
Finished products | 61,825 | 62,653 | ||||||
Inventories | $ | 89,043 | $ | 89,396 | ||||
Composition of Other Current Assets | The composition of other current assets is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Prepaid assets | $ | 26,900 | $ | 20,058 | ||||
Deferred tax asset | 27,644 | 29,889 | ||||||
Time deposits | 16,167 | 11,158 | ||||||
Prepaid income tax | 26,287 | 25,247 | ||||||
Restricted cash | 2,552 | 245 | ||||||
Other | 291 | — | ||||||
Other current assets | $ | 99,841 | $ | 86,597 | ||||
Composition of Net Property, Plant and Equipment | The composition of property, plant and equipment, net is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 40,314 | $ | 40,157 | ||||
Buildings | 682,495 | 694,074 | ||||||
Machinery and equipment | 384,713 | 367,244 | ||||||
Leasehold improvements | 37,270 | 37,959 | ||||||
Furniture and fixtures | 22,577 | 24,013 | ||||||
Vehicles | 3,967 | 3,859 | ||||||
Computer hardware and software | 119,474 | 112,328 | ||||||
Construction in progress (1) | 40,970 | 42,075 | ||||||
Total | 1,331,780 | 1,321,709 | ||||||
Less: Accumulated depreciation | (654,983 | ) | (645,527 | ) | ||||
Property, plant and equipment, net | $ | 676,797 | $ | 676,182 | ||||
Composition of Other Current Liabilities | The composition of other current liabilities is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Accrued income taxes | $ | 9,362 | $ | 18,773 | ||||
Current deferred tax liability | 1,484 | 1,960 | ||||||
Accrued interest and other | 233 | 1,813 | ||||||
Other current liabilities | $ | 11,079 | $ | 22,546 | ||||
Schedule of Other Liabilities, Noncurrent | The composition of other long-term liabilities is as follows: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Deferred tax liability | $ | 30,816 | $ | 14,988 | ||||
Long-term pension liability | 45,135 | 16,219 | ||||||
Accrued Executive Supplemental Life Insurance Retirement Plan and Deferred Compensation Plan | 33,007 | 28,708 | ||||||
Other long-term liabilities | 21,403 | 10,717 | ||||||
Other long-term liabilities | $ | 130,361 | $ | 70,632 | ||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 27, 2014 | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||
27-Dec-14 | ||||||||||||||||
Level 1 | Total | |||||||||||||||
Level 2 | Level 3 | |||||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 1,934 | $ | — | $ | 1,934 | ||||||||
Life insurance policies | — | 20,520 | — | 20,520 | ||||||||||||
Total assets measured at fair value | — | 22,454 | — | 22,454 | ||||||||||||
Redeemable noncontrolling interest | — | — | 28,419 | 28,419 | ||||||||||||
Contingent consideration | — | — | 2,828 | 2,828 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 31,247 | $ | 31,247 | ||||||||
28-Dec-13 | ||||||||||||||||
Level 2 | Level 3 | Total | ||||||||||||||
Level 1 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 1,851 | $ | — | $ | 1,851 | ||||||||
Life insurance policies | — | 19,534 | — | 19,534 | ||||||||||||
Total assets measured at fair value | — | 21,385 | — | 21,385 | ||||||||||||
Redeemable noncontrolling interest | — | — | 20,581 | 20,581 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 20,581 | $ | 20,581 | ||||||||
During the fiscal years 2014 and 2013, there were no transfers between fair value levels. | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Redeemable Noncontrolling Interest | |||||||||||||||
The following table provides a rollforward of the fair value of the Company's redeemable noncontrolling interest related to the acquisition of Vital River in January 2013. See Note 2, "Business Acquisitions." | ||||||||||||||||
December 27, 2014 | December 28, 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 20,581 | $ | — | ||||||||||||
Additions | — | 8,963 | ||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Net income attributable to noncontrolling interest | 855 | 687 | ||||||||||||||
Foreign currency translation | (442 | ) | 367 | |||||||||||||
Change in fair value included in additional paid-in capital | 7,425 | 10,564 | ||||||||||||||
Ending balance | $ | 28,419 | $ | 20,581 | ||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s redeemable noncontrolling interest are the estimated future cash flows based on projected financial data and discount rate of 18.5%. Significant changes in the timing or amounts of the estimated future cash flows would result in a significantly higher or lower fair value measurement. Significant increases or decreases in the discount rate would result in a significantly lower or higher fair value measurement, respectively. | ||||||||||||||||
Contingent Consideration | ||||||||||||||||
The following table provides a rollforward of the contingent consideration related to the acquisition of Argenta, BioFocus, VivoPath and ChanTest. See Note 2, "Business Acquisitions." | ||||||||||||||||
December 27, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | — | ||||||||||||||
Additions | 2,678 | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Change in fair value | 150 | |||||||||||||||
Ending balance | $ | 2,828 | ||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill | ||||||||||||||||||||||||||||
The changes in the gross carrying amount and accumulated impairment loss are as follows: | |||||||||||||||||||||||||||||
Adjustments to Goodwill | Adjustments to Goodwill | ||||||||||||||||||||||||||||
29-Dec-12 | Acquisitions | Foreign Exchange | 28-Dec-13 | Acquisitions | Transfers | Foreign Exchange | 27-Dec-14 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Research Models and Services | |||||||||||||||||||||||||||||
Gross carrying amount | $ | 63,139 | $ | 19,647 | $ | 765 | $ | 83,551 | $ | — | (23,172 | ) | (1,183 | ) | 59,196 | ||||||||||||||
Discovery and Safety Assessment | |||||||||||||||||||||||||||||
Gross carrying amount | 1,150,470 | — | 1,680 | 1,152,150 | 102,171 | (9,196 | ) | (10,823 | ) | 1,234,302 | |||||||||||||||||||
Accumulated impairment loss | (1,005,000 | ) | — | — | (1,005,000 | ) | — | — | — | (1,005,000 | ) | ||||||||||||||||||
Manufacturing Support | |||||||||||||||||||||||||||||
Gross carrying amount | — | — | — | — | 32,368 | 211 | 32,579 | ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Gross carrying amount | 1,213,609 | 1,235,701 | 1,326,077 | ||||||||||||||||||||||||||
Accumulated impairment loss | (1,005,000 | ) | (1,005,000 | ) | (1,005,000 | ) | |||||||||||||||||||||||
Goodwill | $ | 208,609 | $ | 230,701 | 321,077 | ||||||||||||||||||||||||
Schedule of finite-lived intangible assets by major class | The following table displays the gross carrying amount and accumulated amortization of definite-lived intangible assets by major class: | ||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||
Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Backlog | $ | 8,728 | $ | (6,636 | ) | $ | 2,092 | $ | 2,916 | $ | (2,507 | ) | $ | 409 | |||||||||||||||
Client relationships | 379,339 | (217,938 | ) | 161,401 | 311,507 | (238,002 | ) | 73,505 | |||||||||||||||||||||
Trademarks and trade names | 6,603 | (5,314 | ) | 1,289 | 5,399 | (4,997 | ) | 402 | |||||||||||||||||||||
Standard operating procedures | 2,309 | (1,642 | ) | 667 | 2,754 | (1,498 | ) | 1,256 | |||||||||||||||||||||
Other identifiable intangible assets | 16,334 | (6,346 | ) | 9,988 | 10,432 | (4,905 | ) | 5,527 | |||||||||||||||||||||
Total definite-lived intangible assets | $ | 413,313 | $ | (237,876 | ) | $ | 175,437 | $ | 333,008 | $ | (251,909 | ) | $ | 81,099 | |||||||||||||||
Schedule of estimated amortization expense | Estimated amortization expense for intangible assets for each of the next five fiscal years is expected to be as follows: | ||||||||||||||||||||||||||||
Fiscal Year | Amortization Expense | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
2015 | $ | 21,116 | |||||||||||||||||||||||||||
2016 | 20,355 | ||||||||||||||||||||||||||||
2017 | 18,501 | ||||||||||||||||||||||||||||
2018 | 17,312 | ||||||||||||||||||||||||||||
2019 | 14,306 | ||||||||||||||||||||||||||||
LongTerm_Debt_and_Capital_Leas1
Long-Term Debt and Capital Lease Obligations (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Components of long-term debt | Long-term debt consists of the following: | |||||||
December 27, 2014 | December 28, 2013 | |||||||
(in thousands) | ||||||||
Term loans | $ | 378,000 | $ | 409,500 | ||||
Revolving credit facility | 375,536 | 253,308 | ||||||
Other long-term debt | 214 | 241 | ||||||
Total debt | 753,750 | 663,049 | ||||||
Less: current portion of long-term debt | (31,714 | ) | (21,241 | ) | ||||
Long-term debt | $ | 722,036 | $ | 641,808 | ||||
Schedule of principal maturities of existing debt excluding unamortized debt discount | ||||||||
Fiscal Year | Principal | |||||||
(in thousands) | ||||||||
2015 | $ | 31,714 | ||||||
2016 | 47,250 | |||||||
2017 | 68,250 | |||||||
2018 | 606,536 | |||||||
Total | $ | 753,750 | ||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Reconciliation of the numerator and denominator in the computations of the basic and diluted earnings per share | Earnings Per Share | |||||||||||
The following table illustrates the numerator and denominator in the computations of the basic and diluted earnings per share: | ||||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 128,424 | $ | 104,093 | $ | 101,547 | ||||||
Loss from discontinued businesses, net of income taxes | (1,726 | ) | (1,265 | ) | (4,252 | ) | ||||||
Net income attributable to common shareholders | $ | 126,698 | $ | 102,828 | $ | 97,295 | ||||||
Denominator: | ||||||||||||
Weighted-average shares outstanding—Basic | 46,627 | 47,740 | 47,912 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and contingently issued restricted stock | 931 | 749 | 494 | |||||||||
Weighted-average shares outstanding—Diluted | 47,558 | 48,489 | 48,406 | |||||||||
Schedule of composition of accumulated other comprehensive income | Changes to each component of accumulated other comprehensive income (loss), net of income tax, are as follows: | |||||||||||
Translation | Pension Gains(Losses) | Total | ||||||||||
Adjustment | and Prior Service | |||||||||||
(Cost) Credit Not Yet | ||||||||||||
Recognized as | ||||||||||||
Components of Net | ||||||||||||
Periodic Benefit Costs | ||||||||||||
(in thousands) | ||||||||||||
29-Dec-12 | $ | 44,057 | $ | (37,454 | ) | $ | 6,603 | |||||
Other comprehensive income (loss) before reclassifications | (15,751 | ) | 19,293 | 3,542 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3,017 | 3,017 | |||||||||
Net current period other comprehensive income (loss) | (15,751 | ) | 22,310 | 6,559 | ||||||||
Income tax benefit (expense) | 197 | (8,002 | ) | (7,805 | ) | |||||||
28-Dec-13 | 28,503 | (23,146 | ) | 5,357 | ||||||||
Other comprehensive loss before reclassifications | (48,499 | ) | (42,236 | ) | (90,735 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,234 | 1,234 | |||||||||
Net current period other comprehensive loss | (48,499 | ) | (41,002 | ) | (89,501 | ) | ||||||
Income tax benefit | 105 | 9,792 | 9,897 | |||||||||
27-Dec-14 | $ | (19,891 | ) | $ | (54,356 | ) | $ | (74,247 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Analysis of the components of income (loss) from continuing operations before income taxes and the related provision for income taxes | The components of income from continuing operations before income taxes and the related provision for income taxes are presented below: | |||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Income from continuing operations before income taxes: | ||||||||||||
U.S. | $ | 71,002 | $ | 39,900 | $ | 35,504 | ||||||
Non-U.S. | 106,593 | 98,427 | 94,242 | |||||||||
177,595 | 138,327 | 129,746 | ||||||||||
Income tax provision: | ||||||||||||
Current: | ||||||||||||
Federal | 13,733 | 10,832 | (1,447 | ) | ||||||||
Foreign | 20,364 | 18,370 | 26,411 | |||||||||
State | 4,746 | 4,240 | 1,353 | |||||||||
Total current | 38,843 | 33,442 | 26,317 | |||||||||
Deferred: | ||||||||||||
Federal | 12,982 | 5,468 | 13,132 | |||||||||
Foreign | (4,672 | ) | (6,431 | ) | (12,683 | ) | ||||||
State | 518 | 432 | 862 | |||||||||
Total deferred | 8,828 | (531 | ) | 1,311 | ||||||||
$ | 47,671 | $ | 32,911 | $ | 27,628 | |||||||
Schedule of net deferred taxes | The components of deferred tax assets and liabilities are as follows: | |||||||||||
December 27, 2014 | December 28, 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Compensation | $ | 49,702 | $ | 38,836 | ||||||||
Accruals and reserves | 7,061 | 2,356 | ||||||||||
Inventory reserves and valuations | 1,940 | 1,696 | ||||||||||
Financing related | 993 | 1,594 | ||||||||||
Net operating loss and credit carryforwards | 39,927 | 47,026 | ||||||||||
Other | 4,426 | 2,262 | ||||||||||
Valuation allowance | (5,866 | ) | (7,071 | ) | ||||||||
Total deferred tax assets: | 98,183 | 86,699 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Goodwill and other intangibles | (52,029 | ) | (21,826 | ) | ||||||||
Depreciation related | (23,549 | ) | (22,389 | ) | ||||||||
Investments in limited partnerships | (4,067 | ) | (2,720 | ) | ||||||||
Total deferred tax liabilities: | (79,645 | ) | (46,935 | ) | ||||||||
Net deferred taxes | $ | 18,538 | $ | 39,764 | ||||||||
Reconciliation of statutory U.S. Federal income tax rate to effective tax rates | Reconciliations of the statutory U.S. Federal income tax rate to effective tax rates are as follows: | |||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
U.S. statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign tax rate differences | (9.4 | )% | (8.0 | )% | (8.0 | )% | ||||||
State income taxes, net of Federal tax benefit | 1.9 | % | 1.6 | % | 1.5 | % | ||||||
Unbenefitted losses and changes in valuation allowance | 0.1 | % | 0.4 | % | 0.8 | % | ||||||
Research tax credits and enhanced deductions | (4.1 | )% | (6.6 | )% | (8.2 | )% | ||||||
Enacted tax rate changes | — | % | (0.4 | )% | (0.2 | )% | ||||||
Impact of tax uncertainties | (0.7 | )% | 1 | % | (1.2 | )% | ||||||
Impact of acquisitions and restructuring | 1.6 | % | 0.2 | % | 0.1 | % | ||||||
Other | 2.4 | % | 0.6 | % | 1.5 | % | ||||||
26.8 | % | 23.8 | % | 21.3 | % | |||||||
Reconciliation of unrecognized income tax benefits | A reconciliation of the Company's beginning and ending unrecognized income tax benefits is as follows: | |||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 18,475 | $ | 30,996 | $ | 27,976 | ||||||
Additions to tax positions for current year | 1,700 | 2,009 | 1,907 | |||||||||
Additions to tax positions for prior years | 18,502 | 1,709 | 4,196 | |||||||||
Reductions to tax positions for current year | — | — | — | |||||||||
Reductions to tax positions for prior years | (3,722 | ) | (732 | ) | (28 | ) | ||||||
Settlements | (308 | ) | (15,246 | ) | (3,055 | ) | ||||||
Expiration of statute of limitations | (20 | ) | (261 | ) | — | |||||||
Ending balance | $ | 34,627 | $ | 18,475 | $ | 30,996 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 27, 2014 | Dec. 28, 2013 | ||||||||||||||||||||||||||||||||
Employee benefits | |||||||||||||||||||||||||||||||||
Schedule of obligations and funded status | The following tables provide a reconciliation of benefit obligations and plan assets of the Company's pension plans and supplemental post-retirement benefit plans: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Change in projected benefit obligations: | |||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 286,212 | $ | 283,063 | $ | 29,498 | $ | 27,372 | |||||||||||||||||||||||||
Service cost | 3,397 | 3,368 | 758 | 643 | |||||||||||||||||||||||||||||
Interest cost | 12,822 | 11,273 | 1,009 | 708 | |||||||||||||||||||||||||||||
Benefit payments | (9,002 | ) | (8,300 | ) | (722 | ) | (726 | ) | |||||||||||||||||||||||||
Actuarial loss (gain) | 50,550 | (4,276 | ) | 1,703 | 1,501 | ||||||||||||||||||||||||||||
Administrative expenses paid | (459 | ) | (308 | ) | — | — | |||||||||||||||||||||||||||
Effect of foreign exchange | (16,636 | ) | 1,392 | — | — | ||||||||||||||||||||||||||||
Benefit obligation at end of year | 326,884 | 286,212 | 32,246 | 29,498 | |||||||||||||||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 272,659 | 238,672 | — | — | |||||||||||||||||||||||||||||
Actual return on plan assets | 25,630 | 30,820 | — | — | |||||||||||||||||||||||||||||
Employer contributions | 6,874 | 9,570 | 722 | 726 | |||||||||||||||||||||||||||||
Benefit payments | (9,002 | ) | (8,300 | ) | (722 | ) | (726 | ) | |||||||||||||||||||||||||
Premiums paid | (459 | ) | (308 | ) | — | — | |||||||||||||||||||||||||||
Effect of foreign exchange | (14,412 | ) | 2,205 | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 281,290 | $ | 272,659 | $ | — | $ | — | |||||||||||||||||||||||||
Net balance sheet liability | $ | 45,594 | $ | 13,553 | $ | 32,246 | $ | 29,498 | |||||||||||||||||||||||||
Amounts recognized in balance sheet: | |||||||||||||||||||||||||||||||||
Non-current assets | $ | 61 | $ | 2,738 | $ | — | $ | — | |||||||||||||||||||||||||
Current liabilities | 169 | 72 | 744 | 789 | |||||||||||||||||||||||||||||
Non-current liabilities | 45,486 | 16,219 | 31,502 | 28,709 | |||||||||||||||||||||||||||||
Schedule of amounts recognized as part of accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 73,433 | $ | 35,481 | $ | 5,761 | $ | 4,307 | |||||||||||||||||||||||||
Net prior service cost (credit) | (5,388 | ) | (6,338 | ) | — | 660 | |||||||||||||||||||||||||||
Net amount recognized | $ | 68,045 | $ | 29,143 | $ | 5,761 | $ | 4,967 | |||||||||||||||||||||||||
Schedule of defined benefit plans with accumulated benefit obligation in excess of plan assets | The accumulated benefit obligation and fair value of plan assets for the Company plans with accumulated benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 299,127 | $ | 81,117 | $ | 29,994 | $ | 27,938 | |||||||||||||||||||||||||
Fair value of plan assets | 267,026 | 68,430 | — | — | |||||||||||||||||||||||||||||
Schedule of defined benefit plans with projected benefit obligations in excess of plan assets | The projected benefit obligation and fair value of plan assets for the Company plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 27, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 326,731 | $ | 99,671 | $ | 32,246 | $ | 29,498 | |||||||||||||||||||||||||
Fair value of plan assets | 281,075 | 83,379 | — | — | |||||||||||||||||||||||||||||
Schedule of amounts in AOCI expected to be recognized as components of net periodic benefit cost over the next fiscal year | The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows: | ||||||||||||||||||||||||||||||||
Pension | Supplemental | ||||||||||||||||||||||||||||||||
Benefits | Retirement | ||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | $ | 3,227 | $ | 269 | |||||||||||||||||||||||||||||
Amortization of net prior service credit | (602 | ) | — | ||||||||||||||||||||||||||||||
Components of net periodic benefit cost for defined benefit plans | Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | 27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Service cost | $ | 3,397 | $ | 3,368 | $ | 3,729 | $ | 758 | $ | 643 | $ | 640 | |||||||||||||||||||||
Interest cost | 12,822 | 11,273 | 11,289 | 1,009 | 708 | 892 | |||||||||||||||||||||||||||
Expected return on plan assets | (17,444 | ) | (14,672 | ) | (13,799 | ) | — | — | — | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | 961 | 2,711 | 2,461 | 250 | 249 | 260 | |||||||||||||||||||||||||||
Amortization of net loss (gain) | (637 | ) | (603 | ) | (609 | ) | 660 | 660 | 660 | ||||||||||||||||||||||||
Net periodic cost (benefit) | $ | (901 | ) | $ | 2,077 | $ | 3,071 | $ | 2,677 | $ | 2,260 | $ | 2,452 | ||||||||||||||||||||
Schedule of weighted-average assumptions | Weighted-average assumptions used to determine projected benefit obligations: | ||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 27-Dec-14 | 28-Dec-13 | ||||||||||||||||||||||||||||||
Discount rate | 3.79 | % | 4.54 | % | 3.34 | % | 3.47 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3.19 | % | 3.39 | % | 3 | % | 3 | % | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Pension Benefits | Supplemental | ||||||||||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | 27-Dec-14 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||||||||
Discount rate | 4.54 | % | 4.13 | % | 4.47 | % | 3.47 | % | 2.63 | % | 3.42 | % | |||||||||||||||||||||
Expected long-term return on plan assets | 6.41 | % | 6.27 | % | 6.55 | % | — | — | — | ||||||||||||||||||||||||
Rate of compensation increase | 3.39 | % | 3.04 | % | 3.12 | % | 3 | % | 2.5 | % | 2.5 | % | |||||||||||||||||||||
Defined Benefit Plan, Additional Disclosures about Plan Assets | The fair value of the Company's pension plan assets by asset category are as follows: | ||||||||||||||||||||||||||||||||
27-Dec-14 | 28-Dec-13 | ||||||||||||||||||||||||||||||||
Total | Total | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Cash | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1,004 | $ | — | $ | — | $ | 1,004 | |||||||||||||||||
Equity securities(a) | 80,692 | 5,126 | — | 85,818 | 97,857 | 5,059 | — | 102,916 | |||||||||||||||||||||||||
Debt securities(b) | 69,716 | 3,232 | — | 72,948 | 62,717 | 3,487 | — | 66,204 | |||||||||||||||||||||||||
Mutual funds(c) | 67,079 | 53,330 | — | 120,409 | 65,152 | 35,610 | — | 100,762 | |||||||||||||||||||||||||
Other | 297 | 46 | 1,771 | 2,114 | 299 | 48 | 1,426 | 1,773 | |||||||||||||||||||||||||
Total | $ | 217,785 | $ | 61,734 | $ | 1,771 | $ | 281,290 | $ | 227,029 | $ | 44,204 | $ | 1,426 | $ | 272,659 | |||||||||||||||||
(a) | This category comprises equity securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end. | ||||||||||||||||||||||||||||||||
(b) | This category comprises debt securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end. | ||||||||||||||||||||||||||||||||
(c) | This category comprises mutual funds valued at the net asset value of shares held at year end. | ||||||||||||||||||||||||||||||||
Schedule of Level 3 plan asset rollforward | |||||||||||||||||||||||||||||||||
Schedule of estimated future benefit payments | |||||||||||||||||||||||||||||||||
Pension | Supplemental | ||||||||||||||||||||||||||||||||
Benefits | Retirement Benefits | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
2015 | $ | 6,811 | $ | 759 | |||||||||||||||||||||||||||||
2016 | 6,832 | 13,090 | |||||||||||||||||||||||||||||||
2017 | 7,194 | 740 | |||||||||||||||||||||||||||||||
2018 | 8,384 | 727 | |||||||||||||||||||||||||||||||
2019 | 8,700 | 7,147 | |||||||||||||||||||||||||||||||
2020-2024 | 57,116 | 11,286 | |||||||||||||||||||||||||||||||
Stock_Plans_and_Stock_Based_Co1
Stock Plans and Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of stock-based compensation expense | The following table provides the financial statement line items in which stock-based compensation is reflected: | ||||||||||||
Fiscal Year Ended | |||||||||||||
27-Dec-14 | 28-Dec-13 | 29-Dec-12 | |||||||||||
(in thousands) | |||||||||||||
Stock-based compensation expense included in: | |||||||||||||
Cost of revenue | $ | 5,382 | $ | 5,381 | $ | 5,470 | |||||||
Selling, general and administrative | 25,653 | 19,161 | 16,385 | ||||||||||
Stock-based compensation expense, before income taxes | 31,035 | 24,542 | 21,855 | ||||||||||
Provision for income taxes | (11,006 | ) | (8,658 | ) | (7,793 | ) | |||||||
After-tax effect of stock-based compensation expense | $ | 20,029 | $ | 15,884 | $ | 14,062 | |||||||
Summary of stock option activity in equity incentive plans | The following table summarizes stock option activities under the Company's stock-based compensation plans: | ||||||||||||
Number of shares | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual Life | Value | ||||||||||||
(in years) | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Options outstanding as of December 28, 2013 | 3,768,733 | $ | 40.81 | ||||||||||
Options granted | 568,615 | $ | 57.82 | ||||||||||
Options exercised | (1,733,293 | ) | $ | 42.46 | |||||||||
Options canceled | (50,820 | ) | $ | 45.03 | |||||||||
Options outstanding as of December 27, 2014 | 2,553,235 | $ | 43.39 | 3.9 | $ | 53,383 | |||||||
Options exercisable as of December 27, 2014 | 1,149,763 | $ | 39.92 | 2.3 | $ | 28,034 | |||||||
Options expected to vest as of December 27, 2014 | 1,200,470 | $ | 45.95 | 5.1 | $ | 22,016 | |||||||
Schedule of weighted-average assumptions | The fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | |||||||||||
Expected life (in years) | 4.2 | 4.2 | 4.5 | ||||||||||
Expected volatility | 30 | % | 33 | % | 35 | % | |||||||
Risk-free interest rate | 1.55 | % | 0.8 | % | 0.84 | % | |||||||
Expected dividend yield | — | — | — | ||||||||||
Summary of restricted stock activity | The following table summarizes the restricted stock activity for the fiscal year 2014: | ||||||||||||
Restricted Stock | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(in thousands) | |||||||||||||
28-Dec-13 | 1,096,550 | $ | 36.44 | ||||||||||
Granted | 479,104 | 58.87 | |||||||||||
Vested | (362,770 | ) | 38.21 | ||||||||||
Canceled | (25,034 | ) | 41.51 | ||||||||||
27-Dec-14 | 1,187,850 | $ | 46.83 | ||||||||||
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The Company utilizes a Monte Carlo simulation valuation model to value these awards. Information pertaining to the Company’s PSUs and the related estimated weighted-average assumptions used to calculate their fair value were as follows: | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 27, 2014 | 28-Dec-13 | ||||||||||||
PSUs granted | 214,823 | 163,847 | |||||||||||
Weighted average per share fair value | $67.82 | $44.47 | |||||||||||
Key Assumptions: | |||||||||||||
Expected volatility | 29 | % | 32 | % | |||||||||
Risk-free interest rate | 0.63 | % | 0.38 | % | |||||||||
Expected dividend yield | — | % | — | % | |||||||||
20 trading day average stock price on grant date | 13.1 | % | 6.9 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of future minimum payments under noncancellable operating leases | As of December 27, 2014, minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the next five years and total thereafter were as follows: | |||
Minimum lease payments | ||||
(in thousands) | ||||
2015 | $ | 12,102 | ||
2016 | 9,854 | |||
2017 | 7,331 | |||
2018 | 4,284 | |||
2019 | 3,577 | |||
Thereafter | 7,769 | |||
Total | $ | 44,917 | ||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of sales and other financial information by business segment | The following table presents revenue and other financial information by reportable segment. | |||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | ||||||||||||||||||||||||
Revenue | $ | 507,327 | $ | 511,350 | $ | 521,633 | ||||||||||||||||||
Gross margin | 190,092 | 179,493 | 198,291 | |||||||||||||||||||||
Operating income | 121,376 | 116,737 | 143,783 | |||||||||||||||||||||
Total assets | 375,415 | 460,594 | 411,874 | |||||||||||||||||||||
Long-lived assets | 138,021 | 161,027 | 172,641 | |||||||||||||||||||||
Depreciation and amortization | 27,512 | 41,837 | 26,725 | |||||||||||||||||||||
Capital expenditures | 18,749 | 16,717 | 27,077 | |||||||||||||||||||||
Discovery and Safety Assessment | ||||||||||||||||||||||||
Revenue | $ | 538,218 | $ | 432,378 | $ | 408,908 | ||||||||||||||||||
Gross margin | 150,970 | 106,766 | 97,908 | |||||||||||||||||||||
Operating income | 69,749 | 47,413 | 35,688 | |||||||||||||||||||||
Total assets | 1,088,171 | 766,243 | 760,370 | |||||||||||||||||||||
Long-lived assets | 408,280 | 394,741 | 414,584 | |||||||||||||||||||||
Depreciation and amortization | 47,138 | 37,720 | 41,001 | |||||||||||||||||||||
Capital expenditures | 19,759 | 12,561 | 10,051 | |||||||||||||||||||||
Manufacturing Support | ||||||||||||||||||||||||
Revenue | $ | 252,117 | $ | 221,800 | $ | 198,989 | ||||||||||||||||||
Gross margin | 131,598 | 108,643 | 95,882 | |||||||||||||||||||||
Operating income | 78,620 | 61,227 | 57,519 | |||||||||||||||||||||
Total assets | 274,952 | 246,467 | 228,804 | |||||||||||||||||||||
Long-lived assets | 71,367 | 66,352 | 64,254 | |||||||||||||||||||||
Depreciation and amortization | 14,092 | 17,079 | 13,549 | |||||||||||||||||||||
Capital expenditures | 15,541 | 9,876 | 10,407 | |||||||||||||||||||||
Reconciliation of segment operating income to consolidated operating income | A reconciliation of segment operating income to consolidated operating income is as follows: | |||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Total segment operating income | $ | 269,745 | $ | 225,377 | $ | 236,990 | ||||||||||||||||||
Unallocated corporate overhead | (92,075 | ) | (73,976 | ) | (71,225 | ) | ||||||||||||||||||
Consolidated operating income | $ | 177,670 | $ | 151,401 | $ | 165,765 | ||||||||||||||||||
Schedule of net sales for each significant service area | Revenue for each significant product or service offering is as follows: | |||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | $ | 507,327 | $ | 511,350 | $ | 521,633 | ||||||||||||||||||
Discovery and Safety Assessment | 538,218 | 432,378 | 408,908 | |||||||||||||||||||||
Endotoxin and Microbial Detection | 132,208 | 112,918 | 93,622 | |||||||||||||||||||||
Other manufacturing support | 119,909 | 108,882 | 105,367 | |||||||||||||||||||||
Manufacturing Support | 252,117 | 221,800 | 198,989 | |||||||||||||||||||||
Total revenue | $ | 1,297,662 | $ | 1,165,528 | $ | 1,129,530 | ||||||||||||||||||
Summary of unallocated corporate overhead | A summary of unallocated corporate overhead consists of the following: | |||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Stock-based compensation expense | $ | 18,474 | $ | 13,411 | $ | 11,724 | ||||||||||||||||||
Salary, bonus and fringe | 30,838 | 23,446 | 20,312 | |||||||||||||||||||||
Consulting, audit and professional services | 13,431 | 8,666 | 7,453 | |||||||||||||||||||||
IT related expenses | 6,528 | 11,646 | 12,622 | |||||||||||||||||||||
Depreciation expense | 7,703 | 6,334 | 6,260 | |||||||||||||||||||||
Costs associated with evaluation and integration of acquisitions | 6,285 | 1,752 | 3,772 | |||||||||||||||||||||
Other general unallocated corporate expenses | 8,816 | 8,721 | 9,082 | |||||||||||||||||||||
Total unallocated corporate overhead costs | $ | 92,075 | $ | 73,976 | $ | 71,225 | ||||||||||||||||||
Schedule of sales and other financial information by geographic regions | The following table presents revenues and other financial information by geographic locations of our businesses. Included in the other non-U.S. category below are operations located in China, Korea, Australia, Singapore and India. Revenues represent sales originating in entities physically located in the identified geographic area. Long-lived assets include property, plant and equipment and other long-lived assets. | |||||||||||||||||||||||
U.S. | Europe | Canada | Japan | Other Non-U.S. | Consolidated | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 588,531 | $ | 446,263 | $ | 163,490 | $ | 49,921 | $ | 49,457 | $ | 1,297,662 | ||||||||||||
Long lived assets | 386,624 | 153,203 | 95,272 | 23,896 | 17,802 | 676,797 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 551,340 | $ | 353,688 | $ | 162,404 | $ | 59,370 | $ | 38,726 | $ | 1,165,528 | ||||||||||||
Long lived assets | 447,829 | 130,855 | 109,811 | 30,589 | 19,062 | 738,146 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenue | $ | 534,817 | $ | 341,550 | $ | 160,004 | $ | 77,707 | $ | 15,452 | $ | 1,129,530 | ||||||||||||
Long lived assets | 476,927 | 122,351 | 124,302 | 39,642 | 2,457 | 765,679 | ||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Schedule of operating results from discontinued operations | Operating results from discontinued operations are as follows: | |||||||||||
Fiscal Year Ended | ||||||||||||
December 27, 2014 | December 28, 2013 | December 29, 2012 | ||||||||||
(in thousands) | ||||||||||||
Loss from operations of discontinued businesses, before income taxes | $ | (2,712 | ) | $ | (2,035 | ) | $ | (6,986 | ) | |||
Benefit for income taxes | (986 | ) | (770 | ) | (2,734 | ) | ||||||
Loss from operations of discontinued businesses, net of income taxes | $ | (1,726 | ) | $ | (1,265 | ) | $ | (4,252 | ) |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 27, 2014 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data [Table Text Block] | The following table contains quarterly financial information for fiscal years 2014 and 2013. The operating results for any quarter are not necessarily indicative of future period results. | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal Year Ended December 27, 2014 | (in thousands) | |||||||||||||||
Total revenue | $ | 299,368 | $ | 341,179 | $ | 327,567 | $ | 329,548 | ||||||||
Gross profit | 108,813 | 125,634 | 118,268 | 119,945 | ||||||||||||
Operating income | 39,706 | 51,025 | 46,172 | 40,767 | ||||||||||||
Income from continuing operations, net of income tax | 32,628 | 36,460 | 32,300 | 28,536 | ||||||||||||
Income (loss) from discontinued operations, net of income tax | (270 | ) | (644 | ) | 52 | (864 | ) | |||||||||
Net income attributable to common shareholders | 32,232 | 35,264 | 32,036 | $ | 27,166 | |||||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.69 | $ | 0.76 | $ | 0.7 | $ | 0.6 | ||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | |||||||||
Net income attributable to common shareholders | $ | 0.68 | $ | 0.75 | $ | 0.7 | $ | 0.58 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.67 | $ | 0.75 | $ | 0.68 | $ | 0.59 | ||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | |||||||||
Net income attributable to common shareholders | $ | 0.67 | $ | 0.74 | $ | 0.68 | $ | 0.57 | ||||||||
Fiscal Year Ended December 28, 2013 | ||||||||||||||||
Total revenue | $ | 291,238 | $ | 292,933 | $ | 292,129 | $ | 289,228 | ||||||||
Gross profit | 104,211 | 102,570 | 99,926 | 88,195 | ||||||||||||
Operating income | 42,763 | 43,188 | 40,843 | 24,607 | ||||||||||||
Income from continuing operations, net of income tax | 25,926 | 28,628 | 31,336 | 19,526 | ||||||||||||
Loss from discontinued operations, net of income tax | (155 | ) | (915 | ) | (113 | ) | (82 | ) | ||||||||
Net income attributable to common shareholders | $ | 25,578 | $ | 27,284 | $ | 30,867 | $ | 19,099 | ||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.54 | $ | 0.58 | $ | 0.65 | $ | 0.41 | ||||||||
Discontinued operations | — | (0.02 | ) | — | — | |||||||||||
Net income attributable to common shareholders | $ | 0.54 | $ | 0.57 | $ | 0.64 | $ | 0.41 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations attributable to common shareholders | $ | 0.53 | $ | 0.58 | $ | 0.64 | $ | 0.4 | ||||||||
Discontinued operations | — | (0.02 | ) | — | — | |||||||||||
Net income attributable to common shareholders | $ | 0.53 | $ | 0.56 | $ | 0.64 | $ | 0.4 | ||||||||
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Cash and Cash Equivalents, Trade Receivables and Concentrations of Credit Risk) (Details) (Client Concentration Risk [Member]) | 12 Months Ended |
Dec. 27, 2014 | |
customers | |
Client Concentration Risk [Member] | |
Composition of trade receivables | |
Number of clients representing large percentage of sales or trade receivables | 0 |
Max percentage, clients representing large percentage of sales or trade receivables | 5.00% |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies (Equity Method Affiliates) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Income (Loss) from Equity Method Investments | $9,301 | $5,864 | ($618) |
Biotechnology and Medical Device Companies [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Distribution Made to Limited Partner, Unit Distribution | 7.4 | ||
Equity method investments, limited partnership, total committed contribution | 65,000 | ||
Equity method investments, limited partnership, committed contribution | 19,647 | ||
Income (Loss) from Equity Method Investments | $9,301 | $5,864 | ($618) |
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 3.80% | ||
Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 12.00% |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 27, 2014 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | 20 - 40 |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | 20-Mar |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | 10-May |
Computer Hardware and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | 8-Mar |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | 5-Mar |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Additional Disclosures | Lesser of useful life or lease term |
Description_of_Business_and_Su6
Description of Business and Summary of Significant Accounting Policies (Life Insurance Contracts) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | units | units |
Investments, All Other Investments [Abstract] | ||
Life Settlement Contracts, Investment Method, Face Value | $68.20 | $67.50 |
Life Settlement Contracts, Investment Method, Number of Contracts | 40 | 30 |
Description_of_Business_and_Su7
Description of Business and Summary of Significant Accounting Policies Advertising Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Advertising Costs [Abstract] | |||
Advertising Expense | $1.30 | $1.10 | $0.90 |
Description_of_Business_and_Su8
Description of Business and Summary of Significant Accounting Policies Pension Plans (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 27, 2014 |
Change in Discount Rate Methodology [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Increase (Decrease) in Pension and Postretirement Obligations | $5.50 |
Change in Mortality Tables [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Increase (Decrease) in Pension and Postretirement Obligations | 6 |
Change in Core Projection [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Increase (Decrease) in Pension and Postretirement Obligations | $1.90 |
Description_of_Business_and_Su9
Description of Business and Summary of Significant Accounting Policies (Income Taxes) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Effect on Unrecognized Tax Benefits of adoption of ASU 2013-11 | $16,200 | $11,900 |
Business_Acquisitions_Purchase
Business Acquisitions Purchase Price Allocation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
Sep. 27, 2014 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 27, 2014 | Sep. 29, 2012 | Jun. 16, 2014 | Apr. 01, 2014 | ||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent Consideration Local Currency | $5,000,000 | $5,000,000 | |||||||||||
Contingent Consideration USD | 6,100,000 | 6,100,000 | |||||||||||
Acquisition of businesses and assets, net of cash acquired | 234,267,000 | 29,218,000 | 16,861,000 | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | |||||||||||
Redeemable noncontrolling interest percentage to acquire | 25.00% | 25.00% | |||||||||||
Goodwill | 321,077,000 | 230,701,000 | 208,609,000 | 321,077,000 | |||||||||
Transaction Costs | 5,300,000 | ||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment | 3651 | ||||||||||||
Vital River [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The breakout of definite-lived intangible assets acquired is as follows: | ||||||||||||
4-Jan-13 | Weighted average | ||||||||||||
amortization life | |||||||||||||
(in thousands) | (in years) | ||||||||||||
Client relationships | $ | 14,741 | 12 | ||||||||||
Reacquired rights | 2,053 | 1 | |||||||||||
Other intangible assets | 160 | 3 | |||||||||||
Total definite-lived intangible assets | $ | 16,954 | |||||||||||
Cash Acquired from Acquisition | 2,671,000 | ||||||||||||
Purchase price allocation, current assets | 3,092,000 | 3,092,000 | |||||||||||
Purchase price allocation, property, plant, and equipment | 10,468,000 | 10,468,000 | |||||||||||
Purchase price allocation, other noncurrent assets | 2,242,000 | 2,242,000 | |||||||||||
Goodwill | 16,989,000 | 16,989,000 | |||||||||||
Purchase price allocation, current liabilities | -11,303,000 | -11,303,000 | |||||||||||
Purchase price allocation, noncurrent liabilities | -5,260,000 | -5,260,000 | |||||||||||
Purchase price allocation, redeemable noncontrolling interest | -8,963,000 | -8,963,000 | |||||||||||
Purchase price allocation, total | 24,219,000 | 24,219,000 | |||||||||||
Definite-lived intangible assets | 16,954,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 16,954,000 | 16,954,000 | |||||||||||
Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Contingent Consideration, Liability | 300,000 | 300,000 | |||||||||||
Contingent Consideration USD | 2,000,000 | 2,000,000 | |||||||||||
Acquisition of businesses and assets, net of cash acquired | 52,100,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 52,073,000 | 52,073,000 | |||||||||||
Payments to Acquire Businesses, Gross | 59,300,000 | ||||||||||||
Cash Acquired from Acquisition | 7,200,000 | ||||||||||||
Purchase price allocation, current assets | 4,648,000 | 4,648,000 | |||||||||||
Purchase price allocation, property, plant, and equipment | 1,579,000 | 1,579,000 | |||||||||||
Goodwill | 34,927,000 | 34,927,000 | |||||||||||
Purchase price allocation, current liabilities | -3,515,000 | -3,515,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -9,486,000 | -9,486,000 | |||||||||||
Definite-lived intangible assets | 23,920,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,920,000 | 23,920,000 | |||||||||||
Transaction Costs | 1,100,000 | ||||||||||||
EMD Singapore [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 4,934,000 | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Purchase price allocation, current assets | 300,000 | 300,000 | |||||||||||
Purchase price allocation, property, plant, and equipment | 154,000 | 154,000 | |||||||||||
Goodwill | 2,659,000 | 2,659,000 | |||||||||||
Purchase price allocation, current liabilities | -64,000 | -64,000 | |||||||||||
Purchase price allocation, total | 4,934,000 | 4,934,000 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,885,000 | 1,885,000 | |||||||||||
Accugenix [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The definite-lived intangible assets acquired are as follows: | ||||||||||||
24-Aug-12 | Weighted average | ||||||||||||
amortization life | |||||||||||||
(in thousands) | (in years) | ||||||||||||
Client relationships | $ | 1,500 | 13 | ||||||||||
Propriety database | 4,100 | 11 | |||||||||||
Standard operating procedures | 2,500 | 4 | |||||||||||
Trademarks | 300 | 12 | |||||||||||
Total definite-lived intangible assets | $ | 8,400 | |||||||||||
Acquisition of businesses and assets, net of cash acquired | 16,861,000 | ||||||||||||
Payments to Acquire Businesses, Gross | 18,408,000 | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Cash Acquired from Acquisition | 1,547,000 | ||||||||||||
Purchase price allocation, current assets | 2,162,000 | 2,162,000 | |||||||||||
Purchase price allocation, property, plant, and equipment | 549,000 | 549,000 | |||||||||||
Goodwill | 10,361,000 | 10,361,000 | |||||||||||
Purchase price allocation, current liabilities | -911,000 | -911,000 | |||||||||||
Purchase price allocation, noncurrent liabilities | -3,700,000 | -3,700,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,400,000 | 8,400,000 | |||||||||||
VivoPath [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Contingent Consideration, Liability | 1,567,000 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,400,000 | ||||||||||||
Payments to Acquire Businesses, Gross | 2,267,000 | ||||||||||||
Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 31,257,000 | 31,257,000 | |||||||||||
Business Combination, Contingent Consideration, Liability | 1,000,000 | ||||||||||||
Acquisition of businesses and assets, net of cash acquired | 183,100,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 183,142,000 | 183,142,000 | |||||||||||
Payments to Acquire Businesses, Gross | 191,349,000 | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||
Cash Acquired from Acquisition | 8,200,000 | ||||||||||||
Purchase price allocation, property, plant, and equipment | 21,008,000 | 21,008,000 | |||||||||||
Purchase price allocation, other noncurrent assets | 11,549,000 | 11,549,000 | |||||||||||
Goodwill | 66,330,000 | 66,330,000 | |||||||||||
Purchase price allocation, current liabilities | -14,299,000 | -14,299,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -36,973,000 | -36,973,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 104,270,000 | 104,270,000 | |||||||||||
Client relationships | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||||||||||
Client relationships | Vital River [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 14,741,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||||||||
Client relationships | Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 19,000,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||||||||||
Client relationships | EMD Singapore [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 1,870,000 | ||||||||||||
Client relationships | Accugenix [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 1,500,000 | ||||||||||||
Client relationships | Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 94,000,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | ||||||||||||
Other Intangible Assets [Member] | Vital River [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 160,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||||||||
Other Intangible Assets [Member] | Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 4,920,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||||||||||||
Other Intangible Assets [Member] | EMD Singapore [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | 15,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||||||||
Other Intangible Assets [Member] | Early Discovery UK [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Definite-lived intangible assets | $2,400,000 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years |
Business_Acquisitions_Finiteli
Business Acquisitions Finite-lived intangible assets (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
Databases [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years |
Standard operating procedures | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years |
ChanTest [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 23,920 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,920 |
ChanTest [Member] | Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 19,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
ChanTest [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 4,920 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Early Discovery UK [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 104,270 |
Early Discovery UK [Member] | Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 94,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years |
Early Discovery UK [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 2,400 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years |
Early Discovery UK [Member] | Order or Production Backlog [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 5,700 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Early Discovery UK [Member] | Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 1,170 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Early Discovery UK [Member] | Above Market Leases [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 1,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
Vital River [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 16,954 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 16,954 |
Vital River [Member] | Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 14,741 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years |
Vital River [Member] | Distribution Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 2,053 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Vital River [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 160 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
EMD Singapore [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,885 |
EMD Singapore [Member] | Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 1,870 |
EMD Singapore [Member] | Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 15 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Accugenix [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,400 |
Accugenix [Member] | Client relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 1,500 |
Accugenix [Member] | Databases [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 4,100 |
Accugenix [Member] | Standard operating procedures | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 2,500 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years |
Accugenix [Member] | Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Asset, Amount | 300 |
Business_Acquisitions_Pro_Form1
Business Acquisitions Pro Forma Disclosure (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Business Combinations [Abstract] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $71,400,000 | ||
Business Combination, Pro Forma Information, Operating Income of Acquiree since Acquisition Date, Actual | 1820 | ||
Business Acquisition, Pro Forma Revenue | 1,322,771,000 | 1,249,649,000 | 1,215,263,000 |
Business Acquisition, Pro Forma Net Income (Loss) | $128,195,000 | $98,508,000 | $85,902,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2,750 | $2,060 | $1,790 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $2,700 | $2,030 | $1,770 |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairments (Details) (USD $) | 12 Months Ended | |||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Asset impairments | $2,200,000 | |||
Severance Costs | 7,792,000 | 3,223,000 | 2,576,000 | |
Restructuring Reserve | 2,666,000 | 2,782,000 | 3,636,000 | 3,374,000 |
Long-lived assets impairment charges | 3,800,000 | 3,500,000 | ||
Restructuring and Related Cost, Accelerated Depreciation | 4,286,000 | |||
Restructuring Charges | 7,792,000 | 3,223,000 | 2,576,000 | |
Payments for Restructuring | -7,908,000 | -4,077,000 | -2,314,000 | |
U.S. Biologics [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | 1,864,000 | |||
Hollister, CA facility [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | 13,531,000 | |||
Research Models and Services | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 4,593,000 | 1,429,000 | 1,015,000 | |
Long-lived assets impairment charges | 449,000 | |||
Discovery and Safety Assessment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 2,912,000 | 1,625,000 | 1,494,000 | |
Manufacturing Support [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 166,000 | 169,000 | 67,000 | |
Unallocated corporate overhead | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 121,000 | 0 | 0 | |
Europe | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Long-lived assets impairment charges | 312,000 | |||
Gain (Loss) on Sale of Properties | 965,000 | |||
General and Administrative Expense [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 4,450,000 | 1,746,000 | 1,373,000 | |
Cost of sales | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance Costs | 3,342,000 | 1,477,000 | 1,203,000 | |
Accrued Compensation [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance and retention costs, current | 2,202,000 | 1,500,000 | ||
Other Long-Term Liabilities [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Severance and retention costs, noncurrent | $464,000 | $1,307,000 |
Supplemental_Balance_Sheet_Det
Supplemental Balance Sheet (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Other Assets, Current [Line Items] | |||
Provision for Doubtful Accounts | $512 | $1,332 | $947 |
Prepaid assets | 26,900 | 20,058 | |
Other Assets, Miscellaneous, Current | 291 | 0 | |
Deferred tax asset | 27,644 | 29,889 | |
Prepaid income tax | 26,287 | 25,247 | |
Restricted cash | 2,552 | 245 | |
Other current assets | 99,841 | 86,597 | |
Bank Time Deposits [Member] | |||
Other Assets, Current [Line Items] | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $16,167 | $11,158 |
Supplemental_Balance_Sheet_Pro
Supplemental Balance Sheet Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Other Assets, Current [Line Items] | |||
Depreciation | $70,488 | $78,830 | $63,207 |
Gross property, plant and equipment | 1,331,780 | 1,321,709 | |
Less accumulated depreciation | -654,983 | -645,527 | |
Property, plant and equipment, net | 676,797 | 676,182 | |
Building [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 682,495 | 694,074 | |
Machinery and Equipment [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 384,713 | 367,244 | |
Leasehold Improvements [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 37,270 | 37,959 | |
Furniture and Fixtures [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 22,577 | 24,013 | |
Vehicles [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 3,967 | 3,859 | |
Computer Hardware and Software [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 119,474 | 112,328 | |
Construction in Progress [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | 40,970 | 42,075 | |
Land [Member] | |||
Other Assets, Current [Line Items] | |||
Gross property, plant and equipment | $40,314 | $40,157 |
Supplemental_Balance_Sheet_Oth
Supplemental Balance Sheet Other Assets, Noncurrent (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Noncurrent [Abstract] | ||
Deferred financing costs | $5,401 | $7,126 |
Cash surrender value of life insurance policies | 27,603 | 26,507 |
Marketable Securities, Noncurrent | 27,047 | 17,911 |
Equity Method Investments | 18,301 | 10,420 |
Other assets | $78,352 | $61,964 |
Supplemental_Balance_Sheet_Oth1
Supplemental Balance Sheet Other Liabilities, Current (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ||
Accrued income taxes | $9,362 | $18,773 |
Deferred Tax Liabilities, Net, Current | 1,484 | 1,960 |
Accrued Interest and Other Liabilities, Current | 233 | 1,813 |
Other current liabilities | $11,079 | $22,546 |
Supplemental_Balance_Sheet_Oth2
Supplemental Balance Sheet Other Liabilities, Noncurrent (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Deferred tax liability | $30,816 | $14,988 |
Long-term pension liability | 45,135 | 16,219 |
Accrued Executive Supplemental Life Insurance Retirement Plan and Deferred Compensation Plan | 33,007 | 28,708 |
Other long-term liabilities | 21,403 | 10,717 |
Other long-term liabilities | $130,361 | $70,632 |
Supplemental_Balance_Sheet_Oth3
Supplemental Balance Sheet Other Assets, Current (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Other Assets, Current [Line Items] | |||
Provision for Doubtful Accounts | $512 | $1,332 | $947 |
Other current assets | 99,841 | 86,597 | |
Prepaid assets | 26,900 | 20,058 | |
Deferred tax asset | 27,644 | 29,889 | |
Prepaid income tax | 26,287 | 25,247 | |
Restricted cash | 2,552 | 245 | |
Bank Time Deposits [Member] | |||
Other Assets, Current [Line Items] | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $16,167 | $11,158 |
Supplemental_Balance_Sheet_Tra
Supplemental Balance Sheet Trade Receivables, Net (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Trade Receivables, Net [Abstract] | ||
Trade Receivables from Customers | $219,118 | $190,423 |
Unbilled Receivables, Current | 43,780 | 35,184 |
Accounts Receivable, Gross, Current | 262,898 | 225,607 |
Allowance for Doubtful Accounts Receivable, Current | 4,907 | 4,977 |
Trade receivables, net | $257,991 | $220,630 |
Supplemental_Balance_Sheet_Inv
Supplemental Balance Sheet Inventories (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Equity Method Investments [Abstract] | ||
Inventory, Raw Materials and Supplies, Net of Reserves | $15,416 | $15,028 |
Inventory, Work in Process, Net of Reserves | 11,802 | 11,715 |
Inventory, Finished Goods, Net of Reserves | 61,825 | 62,653 |
Inventories | $89,043 | $89,396 |
Fair_Value_Details
Fair Value (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Assets measured at fair value on a recurring basis | |||
Fair Value Inputs, Discount Rate | 18.50% | ||
Cash Surrender Value, Fair Value Disclosure | $20,520 | $19,534 | |
Assets, Fair Value Disclosure | 22,454 | 21,385 | |
Redeemable noncontrolling interest | 28,419 | 20,581 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 31,247 | 20,581 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 2,828 | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Redeemable noncontrolling interest | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | ||
Significant Other Observable Inputs Level 2 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Cash Surrender Value, Fair Value Disclosure | 20,520 | 19,534 | |
Assets, Fair Value Disclosure | 22,454 | 21,385 | |
Redeemable noncontrolling interest | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | ||
Significant Unobservable Inputs Level 3 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Redeemable noncontrolling interest | 28,419 | 20,581 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 31,247 | 20,581 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 2,828 | ||
Bank Time Deposits [Member] | |||
Assets measured at fair value on a recurring basis | |||
Fair value, marketable securities | 1,934 | 1,851 | |
Bank Time Deposits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Fair value, marketable securities | 0 | 0 | |
Bank Time Deposits [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Fair value, marketable securities | 1,934 | 1,851 | |
Bank Time Deposits [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Assets measured at fair value on a recurring basis | |||
Fair value, marketable securities | 0 | 0 | |
Noncontrolling Interest [Member] | |||
Assets measured at fair value on a recurring basis | |||
Noncontrolling Interest, Change in Redemption Value | 7,425 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 28,419 | 20,581 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 855 | 687 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | -442 | 367 | |
Contingent Consideration [Member] | |||
Assets measured at fair value on a recurring basis | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2,828 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 2,678 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $150 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | $413,313 | $333,008 |
Finite-lived intangible assets, accumulated amortization | 237,876 | 251,909 |
Finite-Lived Intangible Assets, Net | 175,437 | 81,099 |
Backlog | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | 8,728 | 2,916 |
Finite-lived intangible assets, accumulated amortization | 6,636 | 2,507 |
Finite-Lived Intangible Assets, Net | 2,092 | 409 |
Client relationships | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | 379,339 | 311,507 |
Finite-lived intangible assets, accumulated amortization | 217,938 | 238,002 |
Finite-Lived Intangible Assets, Net | 161,401 | 73,505 |
Trademarks and trade names | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | 6,603 | 5,399 |
Finite-lived intangible assets, accumulated amortization | 5,314 | 4,997 |
Finite-Lived Intangible Assets, Net | 1,289 | 402 |
Standard operating procedures | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | 2,309 | 2,754 |
Finite-lived intangible assets, accumulated amortization | 1,642 | 1,498 |
Finite-Lived Intangible Assets, Net | 667 | 1,256 |
Other identifiable intangible assets | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, Gross Carrying Amount | 16,334 | 10,432 |
Finite-lived intangible assets, accumulated amortization | 6,346 | 4,905 |
Finite-Lived Intangible Assets, Net | $9,988 | $5,527 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Indefinite-lived intangible assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Other Indefinite-lived Intangible Assets | $3,438 | $3,438 | |
Amortization of intangible assets | $25,957 | $17,806 | $18,068 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Gross Carrying Amount and Accumulated Amortization of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | |||
Goodwill, Gross | $1,326,077 | $1,235,701 | $1,213,609 |
Goodwill | 321,077 | 230,701 | 208,609 |
Research Models and Services | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 59,196 | 83,551 | 63,139 |
Goodwill, Transfers | -23,172 | ||
Goodwill, Acquired During Period | 0 | 19,647 | |
Goodwill, Other Changes | -1,183 | 765 | |
Discovery and Safety Assessment | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 1,234,302 | 1,152,150 | 1,150,470 |
Goodwill, Impaired, Accumulated Impairment Loss | -1,005,000 | -1,005,000 | -1,005,000 |
Goodwill, Transfers | -9,196 | ||
Goodwill, Acquired During Period | 102,171 | 0 | |
Goodwill, Other Changes | -10,823 | 1,680 | |
Manufacturing Support [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 32,579 | 0 | 0 |
Goodwill, Transfers | 32,368 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Other Changes | $211 | $0 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $14,306 | ||
Amortization of intangible assets | 25,957 | 17,806 | 18,068 |
Estimated amortization expense for each of the next five fiscal years | |||
Estimated amortization expense, 2014 | 21,116 | ||
Estimated amortization expense, 2016 | 20,355 | ||
Estimated amortization expense, 2017 | 18,501 | ||
Estimated amortization expense, 2018 | $17,312 |
LongTerm_Debt_and_Capital_Leas2
Long-Term Debt and Capital Lease Obligations (Long-Term Debt) (Details) (USD $) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
Debt Instrument | ||
Long-term Debt | 753,750,000 | $663,049,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 606,536,000 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 31,714,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 47,250,000 | |
Principal | 753,750,000 | |
Line of Credit Facility Borrowing Capacity Available Increase | 350,000,000 | |
Less: current portion of long-term debt | -31,714,000 | -21,241,000 |
Capital Lease Obligations | 988,000 | 740,000 |
Long-term Debt, Excluding Current Maturities | 722,036,000 | 641,808,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument | ||
Maximum borrowing capacity | 550,000,000 | |
Credit Agreement [Member] | ||
Debt Instrument | ||
Total debt | 970,000,000 | |
U.S. Term Loan [Member] | ||
Debt Instrument | ||
Debt Instrument, Face Amount | 420,000,000 | |
Other long-term debt | ||
Debt Instrument | ||
Long-term Debt | 214,000 | 241,000 |
Revolving credit facility | ||
Debt Instrument | ||
Long-term Debt | 375,536,000 | 253,308,000 |
Term loan facilities | ||
Debt Instrument | ||
Long-term Debt | 378,000,000 | 409,500,000 |
Letter of Credit [Member] | ||
Debt Instrument | ||
Letters of Credit Outstanding, Amount | 5,009,000 | $4,900,000 |
LIBOR [Member] | Credit Agreement [Member] | ||
Debt Instrument | ||
Debt Instrument, Basis Spread on Variable Rate | 1.42% |
LongTerm_Debt_and_Capital_Leas3
Long-Term Debt and Capital Lease Obligations (Additional Disclosures) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Debt Instrument [Line Items] | |||
Build-To-Suit Leases, Costs Incurred | $23,100,000 | ||
Build-to-suit Lease Commitments in Next Twelve Months | 2,031,000 | ||
Long-term Debt and Capital Lease Obligations | 68,621,000 | ||
Interest Expense | 11,950,000 | 20,969,000 | 33,342,000 |
Long-term Debt | 753,750,000 | 663,049,000 | |
Capital lease obligations | 988,000 | 740,000 | |
Principal maturities of existing debt excluding unamortized debt discount | |||
2014 | 31,714,000 | ||
2015 | 47,250,000 | ||
2016 | 68,250,000 | ||
2017 | 606,536,000 | ||
Total | 753,750,000 | ||
Build-To-Suit Commitments, Year 2 | 2,707,000 | ||
Build-To-Suit Commitments, Year 3 | 2,707,000 | ||
Build-To-Suit Commitments, Year 4 | 2,707,000 | ||
Build-To-Suit Commitments, Year 5 | 2,707,000 | ||
Build-To-Suit Commitments, Thereafter | 55,762,000 | ||
Credit agreement | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 1.42% | ||
Term loan facilities | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 378,000,000 | 409,500,000 | |
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 375,536,000 | 253,308,000 | |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding under letters of credit | $5,009,000 | $4,900,000 |
Equity_Earnings_Per_Share_Deta
Equity (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Numerator: | ||||||||||||
Income (loss) from continuing operations for purposes of calculating earnings per share | $128,424 | $104,093 | $101,547 | |||||||||
Loss from discontinued operations, net of income taxes | -864 | 52 | -644 | -270 | -82 | -113 | -915 | -155 | -1,726 | -1,265 | -4,252 | |
Denominator: | ||||||||||||
Weighted average shares outstanding-Basic (in shares) | 46,626,997 | 47,740,167 | 47,912,135 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and contingently issued restricted stock (in shares) | 47,557,705 | 48,489,322 | 48,406,320 | |||||||||
Basic earnings (loss) per share from continuing operations attributable to common shareowners (in dollars per share) | $0.60 | $0.70 | $0.76 | $0.69 | $0.41 | $0.65 | $0.58 | $0.54 | $2.76 | $2.18 | $2.12 | |
Basic earnings (loss) per share from discontinued operations attributable to common shareowners (in dollars per share) | ($0.02) | $0 | ($0.01) | ($0.01) | $0 | $0 | ($0.02) | $0 | ($0.04) | ($0.03) | ($0.09) | |
Diluted earnings (loss) per share from continuing operations attributable to common shareowners (in dollars per share) | $0.59 | $0.68 | $0.75 | $0.67 | $0.40 | $0.64 | $0.58 | $0.53 | $2.70 | $2.15 | $2.10 | |
Diluted earnings (loss) per share from discontinued operations attributable to common shareowners (in dollars per share) | ($0.02) | $0 | ($0.01) | ($0.01) | $0 | $0 | ($0.02) | $0 | ($0.04) | ($0.03) | ($0.09) | |
Net Income (Loss) Available to Common Stockholders, Basic | 27,166 | 32,036 | 35,264 | 32,232 | 19,099 | 30,867 | 27,284 | 25,578 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest | 128,198 | 104,151 | 97,866 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $675,927 | $644,077 | $675,927 | $644,077 | $603,200 | $527,363 | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 931,000 | 749,000 | 494,185 | |||||||||
Stock options | ||||||||||||
Antidilutive securities excluded from computation of earnings per share amount | ||||||||||||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 645,000 | 2,289,000 | 4,591,000 | |||||||||
Effect of dilutive securities: | ||||||||||||
Weighted average shares outstanding-Diluted (in shares) | 1,188,000 | 1,097,000 | 935,000 |
Equity_Treasury_Stock_Details
Equity (Treasury Stock) (Details) (USD $) | 12 Months Ended | 53 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 27, 2014 | |
Treasury Shares and Accelerated Stock Repurchase Program (ASR) | ||||
Redeemable noncontrolling interest | $28,419,000 | $20,581,000 | $28,419,000 | |
Authorized amount of stock repurchase | 1,200,000,000 | |||
Stock Repurchase Program, Authorized Amount Increase (Decrease) | 250,000,000 | 500,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 178,453,000 | |||
Purchase of treasury stock and Accelerated Stock Repurchase Program | 122,018,000 | 165,932,000 | 64,189,000 | |
Number of shares of common stock repurchased (in shares) | 2,207,000 | 3,581,000 | 1,790,000 | |
Fair market value of treasury shares purchased | -117,380,000 | -170,271,000 | -64,489,000 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 3,724,000 | 3,093,000 | 3,724,000 | |
Open market repurchases | ||||
Treasury Shares and Accelerated Stock Repurchase Program (ASR) | ||||
Number of shares of common stock repurchased (in shares) | 2,093,000 | 3,468,000 | 1,706,000 | |
Total cost of repurchase of treasury shares | $110,646,000 | $165,717,000 | $61,442,000 |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Stockholders' Equity Note [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, OCI Before Reclassifications | ($48,499) | ($15,751) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, OCI Before Reclassifications | -42,236 | 19,293 |
Accumulated Other Comprehensive Income (Loss), OCI Before Reclassifications | -90,735 | 3,542 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Reclassifications | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Reclassifications | 1,234 | 3,017 |
Accumulated Other Comprehensive Income (Loss), Reclassifications | 1,234 | 3,017 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Beginning Balance | 28,503 | 44,057 |
Accumulated Other Comprehensive Income (Loss), Pension Gains/(Losses) and Prior Service (Cost)/Credit Not Yet Recognized as Components of Net Periodic Benefit Costs, Beginning Balance | -23,146 | -37,454 |
Accumulated other comprehensive income (loss) | 5,357 | 6,603 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Period Change | -48,499 | -15,751 |
Other Comprehensive Income (Loss), Pension Gains/(Losses) and Prior Service (Cost)/Credit Not Yet Recognized as Components of Net Periodic Benefit Costs, Period change | -41,002 | 22,310 |
Other Comprehensive Income (Loss), Net of Tax | -89,501 | 6,559 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 105 | 197 |
Other Comprehensive Income (Loss), Pension Gains/(Losses) and Prior Service (Cost)/Credit Not Yet Recognized as Components of Net Periodic Benefit Costs, Tax | 9,792 | -8,002 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Ending Balance | -19,891 | 28,503 |
Accumulated Other Comprehensive Income (Loss), Pension Gains/(Losses) and Prior Service (Cost)/Credit Not Yet Recognized as Components of Net Periodic Benefit Costs, Ending Balance | -54,356 | -23,146 |
Accumulated other comprehensive income (loss) | -74,247 | 5,357 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | $9,897 | ($7,805) |
Equity_Warrants_Details
Equity (Warrants) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
increments | ||
Class of Warrant or Right [Line Items] | ||
Warrants | 59.63 | |
Warrants and Rights Outstanding | $1,271 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 3,724 | $3,093 |
Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants issued (in shares) | 7,200,000 | |
Number of equal increments over which the warrants will expire between September 13, 2013 and January 22, 2014 | 90 |
Equity_Noncontrolling_Interest
Equity (Noncontrolling Interests) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | |
Redeemable noncontrolling interest percentage to acquire | 25.00% | |
Redeemable noncontrolling interest | $28,419 | $20,581 |
Stockholders' Equity Attributable to Noncontrolling Interest | $3,724 | $3,093 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income from Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income from continuing operations before income taxes | |||
U.S. | $71,002 | $39,900 | $35,504 |
Non-U.S. | 106,593 | 98,427 | 94,242 |
Income from continuing operations, before income taxes | 177,595 | 138,327 | 129,746 |
Current: | |||
Federal | 13,733 | 10,832 | -1,447 |
Foreign | 20,364 | 18,370 | 26,411 |
State and local | 4,746 | 4,240 | 1,353 |
Total current | 38,843 | 33,442 | 26,317 |
Deferred: | |||
Federal | 12,982 | 5,468 | 13,132 |
Foreign | -4,672 | -6,431 | -12,683 |
State and local | 518 | 432 | 862 |
Total deferred | 8,828 | -531 | 1,311 |
Provision for income taxes | $47,671 | $32,911 | $27,628 |
Income_Taxes_Deferred_Taxes_an
Income Taxes (Deferred Taxes and Effective Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Compensation | $49,702 | $38,836 | |
Accruals and reserves | 7,061 | 2,356 | |
Deferred Tax Assets, Inventory | 1,940 | 1,696 | |
Financing related | 993 | 1,594 | |
Goodwill and other intangibles | -52,029 | -21,826 | |
Net operating loss and credit carryforwards | 39,927 | 47,026 | |
Deferred Tax Assets, Other | 4,426 | 2,262 | |
Depreciation related | -23,549 | -22,389 | |
Deferred Tax Assets, Equity Method Investments | -4,067 | -2,720 | |
Deferred Tax Assets, Gross | -79,645 | -46,935 | |
Deferred Tax Liabilities, Net | 18,538 | 39,764 | |
Valuation allowance | -5,866 | -7,071 | |
Total deferred taxes | $98,183 | $86,699 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
U.S. statutory income tax rate | 35.00% | 35.00% | 35.00% |
Foreign tax rate differences | -9.40% | -8.00% | -8.00% |
State income taxes, net of Federal tax benefit | 1.90% | 1.60% | 1.50% |
Unbenefitted losses and valuation allowances | 0.10% | 0.40% | 0.80% |
Research tax credits and enhanced deductions | -4.10% | -6.60% | -8.20% |
Enacted tax rate changes | 0.00% | -0.40% | -0.20% |
Impact of tax uncertainties | -0.70% | 1.00% | -1.20% |
Effective Income Tax Rate Reconciliation, Impact of Acquisitions | 1.60% | 0.20% | 0.10% |
Other | 2.40% | 0.60% | 1.50% |
Effective tax rate | 26.80% | 23.80% | 21.30% |
Income_Taxes_Operating_Loss_Ca
Income Taxes (Operating Loss Carryforwards) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,205 | |
Deferred Tax Assets, Valuation Allowance | 5,866 | 7,071 |
Foreign Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 39,800 | 36,900 |
Net Operating Loss Carryforward, Expiring in 2014 [Member] | Foreign Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 24,300 | |
Carried Forward Indefinitely [Member] | Foreign Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 15,500 | |
Tax Credit Carryforwards, Expiring in 2019 [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforwards | $10,500 | $21,733 |
Income_Taxes_Tax_Credit_Carryf
Income Taxes (Tax Credit Carryforwards) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Tax Credit Carryforward [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,205 | |
Deferred Tax Assets, Valuation Allowance | 5,866 | 7,071 |
Tax Credit Carryforwards, Expiring in 2019 [Member] | Internal Revenue Service (IRS) [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforwards | 10,500 | 21,733 |
Tax Credit Carryforwards, Expiring 2029 to 2033 [Member] | Canada | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforwards | $24,600 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits | ($16,200,000) | ||
Unrecognized tax benefits that would impact effective tax rate favorably, if recognized | 32,300,000 | 17,012,000 | |
Decrease in unrecognized tax benefits, that if recognized would impact the effective tax rate | 15,288,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 10,700,000 | ||
unrecognized tax benefit (settlement of audit) | 600,000 | ||
Reconciliation of unrecognized tax benefits | |||
Beginning balance | 18,475,000 | 30,996,000 | 27,976,000 |
Additions, Tax positions for current year | 1,700,000 | 2,009,000 | 1,907,000 |
Additions, Tax positions for prior years | 18,502,000 | 1,709,000 | 4,196,000 |
Reductions, Tax positions for current year | 0 | 0 | 0 |
Reductions, Tax positions for prior years | 3,722,000 | -732,000 | -28,000 |
Reductions, Settlements | 308,000 | -15,246,000 | -3,055,000 |
Reductions, Expiration of statute of limitations | 20,000 | -261,000 | 0 |
Ending balance | 34,627,000 | 18,475,000 | 30,996,000 |
Unrecognized tax benefits, income tax interest accrued | |||
Interest related to unrecognized income tax benefits | $1,400,000 | $691,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Income Tax Contingency [Line Items] | |||
Other assets | $78,352,000 | $61,964,000 | |
Pool of excess tax benefits | 10,800,000 | 7,300,000 | 9,600,000 |
Tax benefit recorded to additional pain-in-capital related to exercise of stock options and vesting of restricted shares | 4,300,000 | 1,100,000 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,205,000 | ||
Deferred Tax Assets, Valuation Allowance | 5,866,000 | 7,071,000 | |
Earnings of non-U.S. subsidiaries considered indefinitely reinvested | $271,000,000 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Contribution and Deferred Compensaion Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Contribution Plans Disclosure [Line Items] | |||
Cash surrender value of life insurance policies | $27,603 | $26,507 | |
401(k) [Member] | |||
Defined Contribution Plans Disclosure [Line Items] | |||
Costs associated with defined contribution plan | 4,867 | 4,718 | 4,364 |
Deferred Compensation Plan [Member] | |||
Defined Contribution Plans Disclosure [Line Items] | |||
Costs associated with defined contribution plan | $3,303 | $3,322 | $2,930 |
Employee_Benefit_Plans_Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $1,176,000 | $1,100,000 | |
Change in plan assets | |||
Employer contributions | 6,411,000 | ||
Pension Benefits [Member] | |||
Change in benefit obligations | |||
Benefit obligation at beginning of year | 286,212,000 | 283,063,000 | |
Service cost | 3,397,000 | 3,368,000 | 3,729,000 |
Interest cost | 12,822,000 | 11,273,000 | 11,289,000 |
Benefit payments | -9,002,000 | -8,300,000 | |
Actuarial loss (gain) | 50,550,000 | -4,276,000 | |
Administrative expenses paid | -459,000 | -308,000 | |
Effect of foreign exchange | -16,636,000 | 1,392,000 | |
Benefit obligation at end of year | 326,884,000 | 286,212,000 | 283,063,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 272,659,000 | 238,672,000 | |
Actual return on plan assets | 25,630,000 | 30,820,000 | |
Employer contributions | 6,874,000 | 9,570,000 | |
Premiums paid | -459,000 | -308,000 | |
Effect of foreign exchange | -14,412,000 | 2,205,000 | |
Fair value of plan assets at end of year | 281,290,000 | 272,659,000 | 238,672,000 |
Funded status | |||
Net balance sheet liability | 45,594,000 | 13,553,000 | |
Non-current assets | 61,000 | 2,738,000 | |
Current liabilities | 169,000 | 72,000 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 45,486,000 | 16,219,000 | |
Supplemental Retirement Benefits [Member] | |||
Change in benefit obligations | |||
Benefit obligation at beginning of year | 29,498,000 | 27,372,000 | |
Service cost | 758,000 | 643,000 | 640,000 |
Interest cost | 1,009,000 | 708,000 | 892,000 |
Benefit payments | -722,000 | -726,000 | |
Actuarial loss (gain) | 1,703,000 | 1,501,000 | |
Administrative expenses paid | 0 | 0 | |
Effect of foreign exchange | 0 | 0 | |
Benefit obligation at end of year | 32,246,000 | 29,498,000 | 27,372,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 722,000 | 726,000 | |
Premiums paid | 0 | 0 | |
Effect of foreign exchange | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | |||
Net balance sheet liability | 32,246,000 | 29,498,000 | |
Non-current assets | 0 | 0 | |
Current liabilities | 744,000 | 789,000 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $31,502,000 | $28,709,000 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Amortization of net gain (loss) | ($1,234) | ($3,017) | ($2,772) |
Pension Benefits [Member] | |||
Amounts recognized in statement of financial position as part of accumulated other comprehensive income | |||
Net actuarial (gain)/loss | 73,433 | 35,481 | |
Net prior service cost/(credit) | -5,388 | -6,338 | |
Total | 68,045 | ||
Amounts in AOCI expected to be recognized as components of net periodic benefit cost over the next fiscal year | |||
Amortization of net actuarial (gain)/loss | 3,227 | ||
Amortization of net prior service cost/(credit) | -602 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | 29,143 | ||
Amortization of prior service cost | 45,486 | 16,219 | |
Ending balance | 68,045 | ||
Supplemental Retirement Benefits [Member] | |||
Amounts recognized in statement of financial position as part of accumulated other comprehensive income | |||
Net actuarial (gain)/loss | 5,761 | 4,307 | |
Net prior service cost/(credit) | 0 | 660 | |
Total | 5,761 | ||
Amounts in AOCI expected to be recognized as components of net periodic benefit cost over the next fiscal year | |||
Amortization of net actuarial (gain)/loss | 269 | ||
Amortization of net prior service cost/(credit) | 0 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | 4,967 | ||
Amortization of prior service cost | 31,502 | 28,709 | |
Ending balance | $5,761 |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans (Benefit Plan Obligations Compared to Plan Assets) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ||
Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $299,127 | $81,117 |
Fair value of plan assets | 267,026 | 68,430 |
Plans with Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | 326,731 | 99,671 |
Fair value of plan assets | 281,075 | 83,379 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||
Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | 29,994 | 27,938 |
Fair value of plan assets | 0 | 0 |
Plans with Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | 32,246 | 29,498 |
Fair value of plan assets | $0 | $0 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Period Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Employee benefits | |||
Employer contributions | $6,411 | ||
Expected contributions during the current fiscal year | 6,090 | ||
Pension Benefits [Member] | |||
Employee benefits | |||
Service cost | 3,397 | 3,368 | 3,729 |
Interest cost | 12,822 | 11,273 | 11,289 |
Expected return on plan assets | -17,444 | -14,672 | -13,799 |
Amortization of prior service cost (credit) | 961 | 2,711 | 2,461 |
Amortization of net loss (gain) | -637 | -603 | -609 |
Net periodic benefit cost | -901 | 2,077 | 3,071 |
Employer contributions | 6,874 | 9,570 | |
Supplemental Retirement Benefits [Member] | |||
Employee benefits | |||
Service cost | 758 | 643 | 640 |
Interest cost | 1,009 | 708 | 892 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 250 | 249 | 260 |
Amortization of net loss (gain) | 660 | 660 | 660 |
Net periodic benefit cost | 2,677 | 2,260 | 2,452 |
Employer contributions | $722 | $726 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans (Assumptions) (Details) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Pension Benefits [Member] | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 3.79% | 4.54% | |
Rate of compensation increase | 3.19% | 3.39% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.54% | 4.13% | 4.47% |
Expected long-term return on plan assets | 6.41% | 6.27% | 6.55% |
Rate of compensation increase | 3.39% | 3.04% | 3.12% |
Supplemental Retirement Benefits [Member] | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 3.34% | 3.47% | |
Rate of compensation increase | 3.00% | 3.00% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 3.47% | 2.63% | 3.42% |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.00% | 2.50% | 2.50% |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans (Plan Assets) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $6,411,000 | ||
Common Stock [Member] | |||
Target Allocations | |||
Target Allocation, Total | 49.70% | ||
Debt Securities [Member] | |||
Target Allocations | |||
Target Allocation, Total | 31.20% | ||
Other Plan Asset Categories [Member] | |||
Target Allocations | |||
Target Allocation, Total | 19.10% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 6,874,000 | 9,570,000 | |
Target Allocations | |||
Fair value of plan assets | 281,290,000 | 272,659,000 | 238,672,000 |
Pension Benefits [Member] | Cash [Member] | |||
Target Allocations | |||
Fair value of plan assets | 1,000 | 1,004,000 | |
Pension Benefits [Member] | Common Stock [Member] | |||
Target Allocations | |||
Fair value of plan assets | 85,818,000 | 102,916,000 | |
Pension Benefits [Member] | Debt Securities [Member] | |||
Target Allocations | |||
Fair value of plan assets | 72,948,000 | 66,204,000 | |
Pension Benefits [Member] | Mutual Funds [Member] | |||
Target Allocations | |||
Fair value of plan assets | 120,409,000 | 100,762,000 | |
Pension Benefits [Member] | Other Plan Asset Categories [Member] | |||
Target Allocations | |||
Fair value of plan assets | 2,114,000 | 1,773,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Target Allocations | |||
Fair value of plan assets | 217,785,000 | 227,029,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Cash [Member] | |||
Target Allocations | |||
Fair value of plan assets | 1,000 | 1,004,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Common Stock [Member] | |||
Target Allocations | |||
Fair value of plan assets | 80,692,000 | 97,857,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Debt Securities [Member] | |||
Target Allocations | |||
Fair value of plan assets | 69,716,000 | 62,717,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Mutual Funds [Member] | |||
Target Allocations | |||
Fair value of plan assets | 67,079,000 | 65,152,000 | |
Pension Benefits [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Other Plan Asset Categories [Member] | |||
Target Allocations | |||
Fair value of plan assets | 297,000 | 299,000 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Target Allocations | |||
Fair value of plan assets | 61,734,000 | 44,204,000 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | Cash [Member] | |||
Target Allocations | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | Common Stock [Member] | |||
Target Allocations | |||
Fair value of plan assets | 5,126,000 | 5,059,000 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | Debt Securities [Member] | |||
Target Allocations | |||
Fair value of plan assets | 3,232,000 | 3,487,000 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | Mutual Funds [Member] | |||
Target Allocations | |||
Fair value of plan assets | 53,330,000 | 35,610,000 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | Other Plan Asset Categories [Member] | |||
Target Allocations | |||
Fair value of plan assets | 46,000 | 48,000 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Target Allocations | |||
Fair value of plan assets | 1,771,000 | 1,426,000 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | Cash [Member] | |||
Target Allocations | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | Common Stock [Member] | |||
Target Allocations | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | Debt Securities [Member] | |||
Target Allocations | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | Mutual Funds [Member] | |||
Target Allocations | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | Other Plan Asset Categories [Member] | |||
Target Allocations | |||
Fair value of plan assets | $1,771,000 | $1,426,000 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change in Level 3 Plan Assets) (Details) (USD $) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $6,411,000 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 6,874,000 | 9,570,000 |
Change in Level 3 plan assets | ||
Fair value of plan assets at beginning of year | 272,659,000 | 238,672,000 |
Fair value of plan assets at end of year | 281,290,000 | 272,659,000 |
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Change in Level 3 plan assets | ||
Fair value of plan assets at end of year | $1,771,000 | $1,426,000 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $6,090 |
Pension Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Expected future benefit payments, 2013 | 6,811 |
Expected future benefit payments, 2014 | 6,832 |
Expected future benefit payments, 2015 | 7,194 |
Expected future benefit payments, 2016 | 8,384 |
Expected future benefit payments, 2017 | 8,700 |
Expected future benefit payments, 2018-2022 | 57,116 |
Supplemental Retirement Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Expected future benefit payments, 2013 | 759 |
Expected future benefit payments, 2014 | 13,090 |
Expected future benefit payments, 2015 | 740 |
Expected future benefit payments, 2016 | 727 |
Expected future benefit payments, 2017 | 7,147 |
Expected future benefit payments, 2018-2022 | $11,286 |
Employee_Benefit_Plans_PostRet
Employee Benefit Plans (Post-Retirement Health and Life Insurance Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash Surrender Value of Life Insurance | $27,603 | $26,507 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 1,176 | 1,100 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 54,356 | 23,146 | 37,454 |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $3,303 | $3,322 | $2,930 |
Stock_Plans_and_Stock_Based_Co2
Stock Plans and Stock Based Compensation (Stock Based Compensation Expense) (Details) (USD $) | 12 Months Ended | |||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Stock-based compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.19 | $11.17 | $10.94 | |
Expected life (in years) | 4 years 2 months | 4 years 2 months 12 days | 4 years 6 months | |
Stock options, shares equivalent | 1 | |||
Stock-based compensation | $31,035,000 | $24,542,000 | $21,855,000 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 675,927,000 | 644,077,000 | 603,200,000 | 527,363,000 |
Provision for income taxes | -11,006,000 | -8,658,000 | -7,793,000 | |
Net income attributable to common shareowners | 20,029,000 | 15,884,000 | 14,062,000 | |
Capitalized stock-based compensation related costs | 0 | |||
Expected volatility (as a percent) | 30.00% | 33.00% | 35.00% | |
Risk-free interest rate (as a percent) | 1.55% | 0.80% | 0.84% | |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | |
Pool of excess tax benefits | 10,800,000 | 7,300,000 | 9,600,000 | |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 4,300,000 | 1,100,000 | ||
Windfall Tax Benefit | 1,600,000 | |||
Cost of sales | ||||
Stock-based compensation | ||||
Stock-based compensation | 5,382,000 | 5,381,000 | 5,470,000 | |
Selling and administration | ||||
Stock-based compensation | ||||
Stock-based compensation | 25,653,000 | 19,161,000 | 16,385,000 | |
Employee Stock Option [Member] | ||||
Stock-based compensation | ||||
Intrinsic value of options exercised | 30,469,000 | 24,737,000 | 5,135,000 | |
Performance Shares [Member] | ||||
Stock-based compensation | ||||
Stock-based compensation | $8,461,000 | $2,171,000 | ||
Expected volatility (as a percent) | 29.00% | 32.00% | ||
Risk-free interest rate (as a percent) | 0.63% | 0.38% | ||
Expected dividend yield (as a percent) | 0.00% | 0.00% |
Stock_Plans_and_Stock_Based_Co3
Stock Plans and Stock Based Compensation (Stock Options and Restricted Stock Grants) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Jun. 28, 2014 |
Stock-Based Compensation | ||||
Maximum shares to be awarded under plan | 19,900,000 | |||
Stock options, shares equivalent | 1 | |||
Stock-based compensation weighted-average assumptions | ||||
Expected life (in years) | 4 years 2 months | 4 years 2 months 12 days | 4 years 6 months | |
Expected volatility (as a percent) | 30.00% | 33.00% | 35.00% | |
Risk-free interest rate (as a percent) | 1.55% | 0.80% | 0.84% | |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | |
Restricted stock activity, restricted stock | ||||
Vested (in shares) | -362,770 | |||
Canceled (in shares) | -25,034 | |||
Restricted Stock [Member] | ||||
Stock-Based Compensation | ||||
Stock options, shares equivalent | 2.3 | |||
Unrecognized compensation expense | ||||
Unrecognized compensation cost | 40,043 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition in Years | 2 years 2 months | |||
Restricted stock activity, restricted stock | ||||
Balance at the beginning of the period (in shares) | 1,096,550 | |||
Granted (in shares) | 479,104 | |||
Balance at the end of the period (in shares) | 1,187,850 | 1,096,550 | ||
Restricted stock activity, weighted-average grant date fair value | ||||
Balance at the beginning of the period (in dollars per share) | 36.44 | |||
Granted (in dollars per share) | 58.87 | |||
Vested (in dollars per share) | 38.21 | |||
Canceled (in dollars per share) | 41.51 | |||
Balance at the end of the period (in dollars per share) | 46.83 | 36.44 | ||
Restricted stock activity, additional disclosures | ||||
Fair value of restricted stock grants that vested | 13,861 | 15,095 | 10,385 | |
2014 PSU [Member] | ||||
Restricted stock activity, restricted stock | ||||
Granted (in shares) | 5,800 | |||
Restricted stock activity, weighted-average grant date fair value | ||||
Granted (in dollars per share) | $60 | |||
Employee Stock Option [Member] | ||||
Stock-Based Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months | |||
Options Outstanding, Aggregate Intrinsic Value | 53,383 | |||
In-the-money, options exercisable | 28,034 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,200,470 | |||
Stock option activity, shares | ||||
Options outstanding, balance at the beginning of the period (in shares) | 3,768,733 | |||
Options granted (in shares) | 568,615 | |||
Options exercised (in shares) | -1,733,293 | |||
Options canceled (in shares) | -50,820 | |||
Options outstanding, balance at the end of the period (in shares) | 2,553,235 | 3,768,733 | ||
Options exercisable, balance at the end of the period (in shares) | 1,149,763 | |||
Stock option activity, weighted-average exercise price | ||||
Options outstanding, balance at the beginning of the period (in dollars per share) | 40.81 | |||
Options granted (in dollars per share) | 57.82 | |||
Options exercised (in dollars per share) | 42.46 | |||
Options canceled (in dollars per share) | 45.03 | |||
Options outstanding, balance at the end of the period (in dollars per share) | 43.39 | 40.81 | ||
Options exercisable, balance at the end of the period (in dollars per share) | 39.92 | |||
Stock option activity, weighted-average remaining contractual life | ||||
Options exercisable, balance at the end of the period (in years) | 2 years 4 months | |||
Unrecognized compensation expense | ||||
Number of unvested awards related to unrecognized compensation cost (in shares) | 11,492,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition in Years | 2 years 5 months | |||
Stock option activity, additional disclosures | ||||
Intrinsic value of options exercised | 30,469 | 24,737 | 5,135 | |
Non-vested stock option activity, shares | ||||
Options granted (in shares) | 568,615 | |||
Non-vested stock option acitvity, weighted-average exercise price | ||||
Options granted (in dollars per share) | 57.82 | |||
Restricted stock activity, additional disclosures | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 45.95 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 22,016 | |||
Performance Shares [Member] | ||||
Stock-Based Compensation | ||||
Max PSU Shares | 763,000 | |||
Stock-based compensation weighted-average assumptions | ||||
Expected volatility (as a percent) | 29.00% | 32.00% | ||
Risk-free interest rate (as a percent) | 0.63% | 0.38% | ||
Expected dividend yield (as a percent) | 0.00% | 0.00% | ||
Stock option activity, weighted-average exercise price | ||||
Options granted (in dollars per share) | 0.131 | 0.069 | ||
Non-vested stock option acitvity, weighted-average exercise price | ||||
Options granted (in dollars per share) | 0.131 | 0.069 | ||
Restricted stock activity, restricted stock | ||||
Granted (in shares) | 214,823,000 | 163,847,000 | ||
Restricted stock activity, weighted-average grant date fair value | ||||
Granted (in dollars per share) | 67.82 | 44.47 | ||
Minimum [Member] | Restricted Stock [Member] | ||||
Stock-Based Compensation | ||||
Vesting period, min | 3 years | |||
Minimum [Member] | Employee Stock Option [Member] | ||||
Stock-Based Compensation | ||||
Vesting period, min | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Maximum [Member] | ||||
Stock-Based Compensation | ||||
Maximum shares to be awarded under plan | 18,700,000 | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Stock-Based Compensation | ||||
Vesting period, min | 4 years | |||
Maximum [Member] | Employee Stock Option [Member] | ||||
Stock-Based Compensation | ||||
Vesting period, min | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Stock_Plans_and_Stock_Based_Co4
Stock Plans and Stock Based Compensation (Stock Options by Range of Exercise Prices) (Details) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Expected volatility (as a percent) | 30.00% | 33.00% | 35.00% |
Risk-free interest rate (as a percent) | 1.55% | 0.80% | 0.84% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Performance Shares [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Granted (in shares) | 214,823,000 | 163,847,000 | |
Granted (in dollars per share) | 67.82 | 44.47 | |
Expected volatility (as a percent) | 29.00% | 32.00% | |
Risk-free interest rate (as a percent) | 0.63% | 0.38% | |
Expected dividend yield (as a percent) | 0.00% | 0.00% | |
Options granted (in dollars per share) | 0.131 | 0.069 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | |
Litigation [Line Items] | ||||
Operating Leases, Future Minimum Payments Due | $44,917,000 | |||
Loss Contingency, Estimate of Possible Loss | 1,500,000 | |||
Rent expense from operating leases | 14,216,000 | 16,731,000 | 18,200,000 | |
Maximum insurance deductibles | 500,000 | |||
Future minimum payments under noncancellable operating leases | ||||
2014 | 12,102,000 | |||
2015 | 9,854,000 | |||
2016 | 7,331,000 | |||
2017 | 4,284,000 | |||
2018 | 3,577,000 | |||
Thereafter | 7,769,000 | |||
Supplier arbitration [Member] | ||||
Litigation [Line Items] | ||||
Loss Contingency, Settlement Agreement, Terms | 1600 | |||
Loss Contingency, Estimate of Possible Loss | $1,200,000 |
Business_Segment_and_Geographi2
Business Segment and Geographic Information (Business Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Business segment information | |||||||||||
Total revenue | $329,548 | $327,567 | $341,179 | $299,368 | $289,228 | $292,129 | $292,933 | $291,238 | $1,297,662 | $1,165,528 | $1,129,530 |
Gross margin | 119,945 | 118,268 | 125,634 | 108,813 | 88,195 | 99,926 | 102,570 | 104,211 | |||
Operating income | 40,767 | 46,172 | 51,025 | 39,706 | 24,607 | 40,843 | 43,188 | 42,763 | 177,670 | 151,401 | 165,765 |
Total assets | 1,885,192 | 1,632,756 | 1,885,192 | 1,632,756 | |||||||
Long-lived assets | 676,797 | 738,146 | 676,797 | 738,146 | 765,679 | ||||||
Depreciation and amortization | 96,445 | 96,636 | 81,275 | ||||||||
Capital expenditures | 56,925 | 39,154 | 47,534 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | 40,767 | 46,172 | 51,025 | 39,706 | 24,607 | 40,843 | 43,188 | 42,763 | 177,670 | 151,401 | 165,765 |
Unallocated corporate overhead | |||||||||||
Stock-based compensation | 31,035 | 24,542 | 21,855 | ||||||||
Depreciation | 70,488 | 78,830 | 63,207 | ||||||||
Transaction (acquisition/disposition) costs | 5,300 | ||||||||||
Total | |||||||||||
Business segment information | |||||||||||
Operating income | 269,745 | 225,377 | 236,990 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | 269,745 | 225,377 | 236,990 | ||||||||
Research Models and Services | |||||||||||
Business segment information | |||||||||||
Total revenue | 507,327 | 511,350 | 521,633 | ||||||||
Gross margin | 190,092 | 179,493 | 198,291 | ||||||||
Operating income | 121,376 | 116,737 | 143,783 | ||||||||
Total assets | 375,415 | 460,594 | 375,415 | 460,594 | 411,874 | ||||||
Long-lived assets | 138,021 | 161,027 | 138,021 | 161,027 | 172,641 | ||||||
Depreciation and amortization | 28 | 41,837 | 26,725 | ||||||||
Capital expenditures | 18,749 | 16,717 | 27,077 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | 121,376 | 116,737 | 143,783 | ||||||||
Discovery and Safety Assessment | |||||||||||
Business segment information | |||||||||||
Total revenue | 538,218 | 432,378 | 408,908 | ||||||||
Gross margin | 150,970 | 106,766 | 97,908 | ||||||||
Operating income | 69,749 | 47,413 | 35,688 | ||||||||
Total assets | 1,088,171 | 766,243 | 1,088,171 | 766,243 | 760,370 | ||||||
Long-lived assets | 408,280 | 394,741 | 408,280 | 394,741 | 414,584 | ||||||
Depreciation and amortization | 47 | 37,720 | 41,001 | ||||||||
Capital expenditures | 19,759 | 12,561 | 10,051 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | 69,749 | 47,413 | 35,688 | ||||||||
EMD [Member] | |||||||||||
Business segment information | |||||||||||
Total revenue | 132,208 | 112,918 | 93,622 | ||||||||
Other manufacturing support [Member] | |||||||||||
Business segment information | |||||||||||
Total revenue | 119,909 | 108,882 | 105,367 | ||||||||
Manufacturing Support [Member] | |||||||||||
Business segment information | |||||||||||
Total revenue | 252,117 | 221,800 | 198,989 | ||||||||
Gross margin | 131,598 | 108,643 | 95,882 | ||||||||
Operating income | 78,620 | 61,227 | 57,519 | ||||||||
Total assets | 274,952 | 246,467 | 274,952 | 246,467 | 228,804 | ||||||
Long-lived assets | 71,367 | 66,352 | 71,367 | 66,352 | 64,254 | ||||||
Depreciation and amortization | 14 | 17,079 | 13,549 | ||||||||
Capital expenditures | 15,541 | 9,876 | 10,407 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | 78,620 | 61,227 | 57,519 | ||||||||
Unallocated corporate overhead | |||||||||||
Business segment information | |||||||||||
Operating income | -92,075 | -73,976 | -71,225 | ||||||||
Reconciliation of segment operating income to consolidated operating income | |||||||||||
Operating income | -92,075 | -73,976 | -71,225 | ||||||||
Unallocated corporate overhead | |||||||||||
Stock-based compensation | 18,474 | 13,411 | 11,724 | ||||||||
Audit, tax and related expenses | 13,431 | 8,666 | 7,453 | ||||||||
Salary and bonus | 30,838 | 23,446 | 20,312 | ||||||||
Global IT | 6,528 | 11,646 | 12,622 | ||||||||
Depreciation | 7,703 | 6,334 | 6,260 | ||||||||
Transaction (acquisition/disposition) costs | 6,285 | 1,752 | 3,772 | ||||||||
Other general unallocated corporate expenses | 8,816 | 8,721 | 9,082 | ||||||||
Total unallocated corporate overhead costs | $92,075 | $73,976 | $71,225 |
Business_Segment_and_Geographi3
Business Segment and Geographic Information (Geographic Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | $1,297,662 | $1,165,528 | $1,129,530 |
Long-lived assets | 676,797 | 738,146 | 765,679 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | 588,531 | 551,340 | 534,817 |
Long-lived assets | 386,624 | 447,829 | 476,927 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | 446,263 | 353,688 | 341,550 |
Long-lived assets | 153,203 | 130,855 | 122,351 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | 163,490 | 162,404 | 160,004 |
Long-lived assets | 95,272 | 109,811 | 124,302 |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | 49,921 | 59,370 | 77,707 |
Long-lived assets | 23,896 | 30,589 | 39,642 |
Other Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Sales to unaffiliated clients | 49,457 | 38,726 | 15,452 |
Long-lived assets | $17,802 | $19,062 | $2,457 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Operating results from discontinued operations | |||||||||||
Income (loss) from operatoins of discontinued businesses, before income taxes | ($2,712) | ($2,035) | ($6,986) | ||||||||
Provision (benefit) for income taxes | -986 | -770 | -2,734 | ||||||||
Income (loss) from discontinued operations, net of taxes | -864 | 52 | -644 | -270 | -82 | -113 | -915 | -155 | -1,726 | -1,265 | -4,252 |
Assets and liabilities of discontinued operations | |||||||||||
Current liabilities | 2,299 | 1,931 | 2,299 | 1,931 | |||||||
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | 1,316 | 7,158 | |||||||||
Operating Leases, Future Minimum Payments Due | $44,917 | $44,917 | |||||||||
Discontinued Operations, Minimum Future Lease Payments | 9965313.32 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $329,548 | $327,567 | $341,179 | $299,368 | $289,228 | $292,129 | $292,933 | $291,238 | $1,297,662 | $1,165,528 | $1,129,530 |
Gross margin | 119,945 | 118,268 | 125,634 | 108,813 | 88,195 | 99,926 | 102,570 | 104,211 | |||
Operating income | 40,767 | 46,172 | 51,025 | 39,706 | 24,607 | 40,843 | 43,188 | 42,763 | 177,670 | 151,401 | 165,765 |
Income from continuing operations | 28,536 | 32,300 | 36,460 | 32,628 | 19,526 | 31,336 | 28,628 | 25,926 | 129,924 | 105,416 | 102,118 |
Loss from discontinued operations, net of income taxes | -864 | 52 | -644 | -270 | -82 | -113 | -915 | -155 | -1,726 | -1,265 | -4,252 |
Net Income (Loss) Available to Common Stockholders, Basic | $27,166 | $32,036 | $35,264 | $32,232 | $19,099 | $30,867 | $27,284 | $25,578 | |||
Continuing operations attributable to common shareowners (in dollars per share) | $0.60 | $0.70 | $0.76 | $0.69 | $0.41 | $0.65 | $0.58 | $0.54 | $2.76 | $2.18 | $2.12 |
Discontinued operations (in dollars per share) | ($0.02) | $0 | ($0.01) | ($0.01) | $0 | $0 | ($0.02) | $0 | ($0.04) | ($0.03) | ($0.09) |
Earnings Per Share, Basic | $0.58 | $0.70 | $0.75 | $0.68 | $0.41 | $0.64 | $0.57 | $0.54 | $2.72 | $2.15 | $2.03 |
Continuing operations attributable to common shareowners (in dollars per share) | $0.59 | $0.68 | $0.75 | $0.67 | $0.40 | $0.64 | $0.58 | $0.53 | $2.70 | $2.15 | $2.10 |
Diluted earnings (loss) per share from discontinued operations attributable to common shareowners (in dollars per share) | ($0.02) | $0 | ($0.01) | ($0.01) | $0 | $0 | ($0.02) | $0 | ($0.04) | ($0.03) | ($0.09) |
Net income (loss) attributable to common shareowners (in dollars per share) | $0.57 | $0.68 | $0.74 | $0.67 | $0.40 | $0.64 | $0.56 | $0.53 | $2.66 | $2.12 | $2.01 |