Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 15, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CHARLES RIVER LABORATORIES INTERNATIONAL INC | |
Entity Central Index Key | 1100682 | |
Current Fiscal Year End Date | -14 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 47,359,734 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Service revenue | $196,780 | $172,345 |
Product revenue | 123,634 | 127,023 |
Total revenue | 320,414 | 299,368 |
Costs and expenses: | ||
Cost of services provided | 136,306 | 123,969 |
Cost of products sold | 64,448 | 66,586 |
Selling, general and administrative | 71,397 | 64,767 |
Amortization of intangible assets | 5,258 | 4,340 |
Operating income | 43,005 | 39,706 |
Other income (expense): | ||
Interest income | 284 | 205 |
Interest expense | -3,024 | -2,801 |
Other income (expense), net | -8,313 | 5,876 |
Income from continuing operations, before income taxes | 31,952 | 42,986 |
Provision for income taxes | 331 | 10,358 |
Income from continuing operations, net of income taxes | 31,621 | 32,628 |
Loss from discontinued operations, net of income taxes | -7 | -270 |
Net income | 31,614 | 32,358 |
Less: Net income attributable to noncontrolling interests | -73 | -126 |
Net income attributable to common shareholders | $31,541 | $32,232 |
Basic: | ||
Continuing operations attributable to common shareowners (in dollars per share) | $0.67 | $0.69 |
Discontinued operations (in dollars per share) | $0 | ($0.01) |
Net income attributable to common shareowners (in dollars per share) | $0.67 | $0.68 |
Diluted: | ||
Continuing operations attributable to common shareowners (in dollars per share) | $0.66 | $0.67 |
Discontinued operations (in dollars per share) | $0 | ($0.01) |
Net income attributable to common shareowners (in dollars per share) | $0.66 | $0.67 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $31,614 | $32,358 |
Foreign currency translation adjustment and other | -32,669 | -4,543 |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,341 | 0 |
Pension and other post-retirement benefit plans: | ||
Amortization of net loss and prior service benefit included in net periodic pension cost | 729 | 289 |
Comprehensive income (loss), before income taxes | -2,667 | 28,104 |
Income tax expense related to items of other comprehensive income (Note 10) | 217 | 19 |
Comprehensive income (loss), net of income taxes | -2,884 | 28,085 |
Less: Comprehensive income related to noncontrolling interests | 73 | 126 |
Comprehensive income (loss) attributable to common shareholders | ($2,957) | $27,959 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $151,919 | $160,023 |
Trade receivables, net | 265,426 | 257,991 |
Inventories | 86,055 | 89,043 |
Other current assets | 110,742 | 99,841 |
Total current assets | 614,142 | 606,898 |
Property, plant and equipment, net | 657,601 | 676,797 |
Goodwill | 313,159 | 321,077 |
Other intangible assets, net | 169,242 | 178,875 |
Deferred tax asset | 22,399 | 23,193 |
Other assets | 70,686 | 78,352 |
Total assets | 1,847,229 | 1,885,192 |
Current liabilities: | ||
Current portion of long-term debt and capital leases | 31,880 | 31,904 |
Accounts payable | 34,904 | 33,815 |
Accrued compensation | 52,219 | 71,569 |
Deferred revenue | 76,658 | 78,124 |
Accrued liabilities | 64,580 | 67,380 |
Other current liabilities | 7,839 | 11,079 |
Current liabilities of discontinued operations | 2,409 | 2,299 |
Total current liabilities | 270,489 | 296,170 |
Long-term debt and capital leases | 754,533 | 745,958 |
Other long-term liabilities | 117,255 | 130,361 |
Long-term liabilities of discontinued operations | 7,937 | 8,357 |
Total liabilities | 1,150,214 | 1,180,846 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 29,453 | 28,419 |
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; 85,328 shares issued and 47,355 shares outstanding at March 28, 2015 and 84,503 shares issued and 47,327 shares outstanding at December 27, 2014 | 853 | 845 |
Additional paid-in capital | 2,360,731 | 2,307,640 |
Accumulated deficit | -107,234 | -138,775 |
Treasury stock, at cost, 37,973 shares and 37,176 shares at March 28, 2015 and December 27, 2014, respectively | -1,481,892 | -1,423,260 |
Accumulated other comprehensive loss | -108,745 | -74,247 |
Total equity attributable to common shareholders | 663,713 | 672,203 |
Noncontrolling interests | 3,849 | 3,724 |
Total equity and redeemable noncontrolling interest | 697,015 | 704,346 |
Total liabilities, equity and redeemable noncontrolling interest | $1,847,229 | $1,885,192 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 85,328,000 | 84,503,000 |
Common stock, shares outstanding (in shares) | 47,355,000 | 47,327,000 |
Treasury stock (in shares) | 37,973,000 | 37,176,000 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows relating to operating activities | ||
Net income | $31,614 | $32,358 |
Less: Loss from discontinued operations | -7 | -270 |
Income from continuing operations | 31,621 | 32,628 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization | 22,368 | 20,050 |
Amortization of debt issuance costs | 423 | 435 |
Stock-based compensation | 9,674 | 6,659 |
Deferred income taxes | 9,474 | 13,064 |
Gain on investments in limited partnerships | -1,271 | -6,104 |
Other, net | -917 | 1,380 |
Changes in assets and liabilities: | ||
Trade receivables, net | -18,302 | -20,224 |
Inventories | 431 | -2,294 |
Other assets | -5,448 | -5,991 |
Accounts payable | 3,038 | 6,310 |
Accrued compensation | -17,252 | -5,839 |
Deferred revenue | 1,321 | 615 |
Accrued liabilities | -2,742 | 6,933 |
Taxes payable and prepaid taxes | -20,639 | -16,497 |
Other liabilities | -527 | -2,662 |
Net cash provided by operating activities | 11,252 | 28,463 |
Cash flows relating to investing activities | ||
Acquisition of businesses and assets, net of cash acquired | -893 | 0 |
Capital expenditures | -10,648 | -11,190 |
Purchases of investments | -9,724 | -6,705 |
Proceeds from sale of investments and distributions from investments in limited partnerships | 8,288 | 11,066 |
Other, net | 684 | 318 |
Net cash used in investing activities | -12,293 | -6,511 |
Cash flows relating to financing activities | ||
Proceeds from long-term debt and revolving credit agreement | 39,828 | 49,352 |
Proceeds from exercises of stock options | 34,136 | 34,841 |
Payments on long-term debt, capital lease obligations and revolving credit agreement | -23,678 | -72,589 |
Purchase of treasury stock | -58,632 | -20,812 |
Other, net | 10,280 | 3,064 |
Net cash provided by (used in) financing activities | 1,934 | -6,144 |
Discontinued operations | ||
Net cash used in operating activities from discontinued operations | -316 | -664 |
Effect of exchange rate changes on cash and cash equivalents | -8,681 | -1,221 |
Net change in cash and cash equivalents | -8,104 | 13,923 |
Cash and cash equivalents, beginning of period | 160,023 | 155,927 |
Cash and cash equivalents, end of period | $151,919 | $169,850 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
The accompanying condensed consolidated financial statements are unaudited and have been prepared by Charles River Laboratories International, Inc. (the Company) in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to Rule 10-01 of Regulation S-X. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 27, 2014. The condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of our financial position and results of operations. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company’s fiscal year is the twelve-month period ending the last Saturday in December. | |
Segment Reporting | |
During the three months ended June 28, 2014, following its acquisition of the contract research organization (CRO) services division of Galapagos N.V. (Argenta and BioFocus), the Company increased the number of its reportable segments to ensure alignment with the Company’s view of the business. The change in the Company’s reporting segments is described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” in the 2014 Annual Report on Form 10-K. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in accordance with 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. | |
Consolidation | |
The Company’s consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest. 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. | |
Summary of Significant Accounting Policies | |
The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies,” in the 2014 Annual Report on Form 10-K. | |
New Accounting Pronouncements | |
In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, “Amendments to the Consolidation Analysis,” which amends existing consolidation requirements. The guidance affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the guidance amends (i) the identification of variable interests (fees paid to a decision maker or service provider), (ii) the variable interest entity characteristics for a limited partnership or similar entity and (iii) the primary beneficiary determination. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this standard is not expected to have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of debt discounts or premiums. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this standard is not expected to have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, FASB issued ASU 2015-04 “Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets” to provide a practical expedient related to the measurement date of the defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not coincide with a calendar month end to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year end. The standard requires entities which elect the practical expedient to adjust the measurement of benefit plan assets and obligations for contributions or significant events between the month-end measurement date and the entity fiscal year end. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is still evaluating the impact the election of the practical expedient would have on its consolidated financial statements and related disclosures. | |
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. The ASU is effective for annual and interim periods beginning after December 15, 2016. On April 1, 2015, the FASB voted on to propose a deferral of the effective date of the ASU by one year, but to permit entities to adopt one year earlier if they choose. The proposed deferral is not a final decision and is still subject to the FASB’s due process requirement, which includes a period for public comments. 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 | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Business Combinations [Abstract] | ||||||
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS | |||||
ChanTest | ||||||
In October 2014, the Company acquired ChanTest Corporation (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 Discovery and Safety Assessment (DSA) reportable segment. | ||||||
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 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 three months ended March 28, 2015, the Company recorded measurement period adjustments related to the ChanTest 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 is as follows: | ||||||
October 29, 2014 | 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. | ||||||
VivoPath | ||||||
In June 2014, the Company acquired substantially all of the assets of VivoPath LLC (VivoPath), a discovery services 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 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. | ||||||
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 purchase price of the acquisition was $191.8 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 included payment for estimated working capital, which was 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. | ||||||
The contingent consideration earn-out period ended on April 1, 2015. As a result, the related contingent consideration liability was reversed and a gain of $0.8 million was recorded in selling, general, and administrative expenses during the three months ended March 28, 2015 as no payments are expected to be made. The contingent consideration was a one-time payment that could have become payable in the second quarter of 2015 based on the achievement of a certain revenue target for the twelve-month period following the acquisition. The aggregate, undiscounted amount of contingent consideration that the Company could have paid was €5.0 million ($5.4 million as of March 28, 2015). The Company estimated the fair value of this contingent consideration based on a probability-weighted set of outcomes. | ||||||
The purchase price allocation of $183.6 million, net of $8.2 million of cash acquired, was as follows (in thousands): | ||||||
Current assets (excluding cash) | $ | 31,682 | ||||
Property, plant and equipment | 21,008 | |||||
Other long term assets | 11,140 | |||||
Definite-lived intangible assets | 104,470 | |||||
Goodwill | 65,235 | |||||
Current liabilities | (13,139 | ) | ||||
Long term liabilities | (36,802 | ) | ||||
Total purchase price allocation | $ | 183,594 | ||||
The breakout of definite-lived intangible assets acquired was as follows: | ||||||
Definite-Lived Intangible Assets | Weighted Average Amortization Life | |||||
(in thousands) | (in years) | |||||
Client relationships | $ | 94,000 | 18 | |||
Backlog | 5,900 | 1 | ||||
Trademark and trade names | 1,170 | 3 | ||||
Leasehold interests | 1,000 | 13 | ||||
Other intangible assets | 2,400 | 19 | ||||
Total definite-lived intangible assets | $ | 104,470 | ||||
The goodwill resulting from the transaction is primarily attributed to the potential growth of the Company’s DSA businesses from clients 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 less than $0.1 million and $3.3 million during the three months ended March 28, 2015 and March 29, 2014, respectively, which were included in selling, general and administrative expenses. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
RESTRUCTURING | RESTRUCTURING | |||||||||||||||
The Company periodically implements staffing reductions to improve operating efficiency at various sites. | ||||||||||||||||
The following table rolls forward the Company’s severance and retention cost liability: | ||||||||||||||||
December 27, 2014 | Expense | Payments and Adjustments | 28-Mar-15 | |||||||||||||
(in thousands) | ||||||||||||||||
Severance and retention cost liability | $ | 2,666 | $ | 1,130 | $ | (1,621 | ) | $ | 2,175 | |||||||
Total | $ | 2,666 | $ | 1,130 | $ | (1,621 | ) | $ | 2,175 | |||||||
As of March 28, 2015 and December 27, 2014, $1.8 million and $2.2 million of severance and retention costs liabilities, respectively, were included in accrued compensation and $0.4 million and $0.5 million, respectively, were included in other long-term liabilities on the Company’s consolidated balance sheets. | ||||||||||||||||
The following table presents severance and retention costs by classification on the income statement: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Severance charges included in cost of revenue | $ | 530 | $ | 1,682 | ||||||||||||
Severance charges included in selling, general and administrative | 600 | 218 | ||||||||||||||
Total expense | $ | 1,130 | $ | 1,900 | ||||||||||||
The following table presents severance and retention cost by reportable segment: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Research models and services | $ | 919 | $ | 1,584 | ||||||||||||
Discovery and safety assessment | 19 | 195 | ||||||||||||||
Manufacturing support | 177 | — | ||||||||||||||
Corporate | 15 | 121 | ||||||||||||||
Total expense | $ | 1,130 | $ | 1,900 | ||||||||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | SUPPLEMENTAL BALANCE SHEET INFORMATION | |||||||
The composition of trade receivables, net is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Client receivables | $ | 227,891 | $ | 219,118 | ||||
Unbilled revenue | 42,717 | 43,780 | ||||||
Total | 270,608 | 262,898 | ||||||
Less: Allowance for doubtful accounts | (5,182 | ) | (4,907 | ) | ||||
Trade receivables, net | $ | 265,426 | $ | 257,991 | ||||
The composition of inventories is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Raw materials and supplies | $ | 14,823 | $ | 15,416 | ||||
Work in process | 9,583 | 11,802 | ||||||
Finished products | 61,649 | 61,825 | ||||||
Inventories | $ | 86,055 | $ | 89,043 | ||||
The composition of other current assets is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Prepaid assets | $ | 31,432 | $ | 26,900 | ||||
Deferred tax asset | 20,469 | 27,644 | ||||||
Investments | 14,906 | 16,167 | ||||||
Prepaid income tax | 41,785 | 26,287 | ||||||
Restricted cash | 1,859 | 2,552 | ||||||
Other | $ | 291 | $ | 291 | ||||
Other current assets | $ | 110,742 | $ | 99,841 | ||||
The composition of property, plant and equipment, net is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Land | $ | 39,775 | $ | 40,314 | ||||
Buildings | 668,309 | 682,495 | ||||||
Machinery and equipment | 373,419 | 384,713 | ||||||
Leasehold improvements | 36,953 | 37,270 | ||||||
Furniture and fixtures | 21,548 | 22,577 | ||||||
Vehicles | 3,796 | 3,967 | ||||||
Computer hardware and software | 118,946 | 119,474 | ||||||
Construction in progress (1) | 46,683 | 40,970 | ||||||
Total | 1,309,429 | 1,331,780 | ||||||
Less: Accumulated depreciation | (651,828 | ) | (654,983 | ) | ||||
Property, plant and equipment, net | $ | 657,601 | $ | 676,797 | ||||
(1) Includes the leased facility under construction. See Note 8, “Long-Term Debt and Capital Lease Obligations.” | ||||||||
Depreciation expense for the three months ended March 28, 2015 and March 29, 2014 was $17.1 million and $15.7 million, respectively. | ||||||||
The composition of other assets is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 4,979 | $ | 5,401 | ||||
Life insurance policies | 27,848 | 27,603 | ||||||
Investments in limited partnerships | 30,703 | 27,047 | ||||||
Other assets | 7,156 | 18,301 | ||||||
Other assets | $ | 70,686 | $ | 78,352 | ||||
The composition of other current liabilities is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Accrued income taxes | $ | 6,410 | $ | 9,362 | ||||
Current deferred tax liability | 1,244 | 1,484 | ||||||
Accrued interest and other | 185 | 233 | ||||||
Other current liabilities | $ | 7,839 | $ | 11,079 | ||||
The composition of other long-term liabilities is as follows: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Deferred tax liability | $ | 31,685 | $ | 30,816 | ||||
Long-term pension liability | 41,879 | 45,135 | ||||||
Accrued executive supplemental life insurance retirement plan and deferred compensation plan | 33,061 | 33,007 | ||||||
Other long-term liabilities | 10,630 | 21,403 | ||||||
Other long-term liabilities | $ | 117,255 | $ | 130,361 | ||||
Investments_in_Limited_Partner
Investments in Limited Partnerships and Marketable Securities | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Marketable Securities and Equity-Method Affiliates [Abstract] | ||||||||||||||||
INVESTMENTS IN LIMITED PARTNERSHIPS AND MARKETABLE SECURITIES | INVESTMENTS IN LIMITED PARTNERSHIPS AND MARKETABLE SECURITIES | |||||||||||||||
Investments in Limited Partnerships | ||||||||||||||||
The Company invests in several venture capital limited partnerships that invest in start-up companies primarily in the life sciences industry. The Company’s ownership interest in these limited partnerships ranges from 3.8% to 12.0%. Due to the percentage of ownership, the Company accounts for such investments under the equity method of accounting. The Company’s total commitment to these entities as of March 28, 2015 is $65.0 million, of which the Company has funded $22.0 million through March 28, 2015. During the three months ended March 29, 2014, the Company received dividends in cash and securities totaling $6.5 million. No dividends were received during the three months ended March 28, 2015. The Company recognized gains related to these investments of $1.3 million and $6.1 million for the three months ended March 28, 2015 and March 29, 2014, respectively. | ||||||||||||||||
Marketable Securities | ||||||||||||||||
The following is a summary of the Company's marketable securities, all of which are classified as available-for-sale: | ||||||||||||||||
28-Mar-15 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Mutual fund | $ | 4,650 | $ | 16 | $ | — | $ | 4,666 | ||||||||
Total | $ | 4,650 | $ | 16 | $ | — | $ | 4,666 | ||||||||
There were no sales of available-for-sale securities during the three months ended March 28, 2015 or March 29, 2014. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||
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 and 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. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each quarter. During the three months ended March 28, 2015 and March 29, 2014, there were no transfers 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. | |||||||||||||||
• | Mutual funds - Valued at the unadjusted quoted net asset value of shares held by the Company. | |||||||||||||||
• | Investments in 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. | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
March 28, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 103 | $ | — | $ | 103 | ||||||||
Marketable securities | 4,666 | — | — | 4,666 | ||||||||||||
Life insurance policies | — | 20,827 | — | 20,827 | ||||||||||||
Total assets measured at fair value | $ | 4,666 | $ | 20,930 | $ | — | $ | 25,596 | ||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 29,453 | $ | 29,453 | ||||||||
Contingent consideration | — | — | 2,786 | 2,786 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 32,239 | $ | 32,239 | ||||||||
December 27, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(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 | ||||||||
Redeemable Noncontrolling Interest | ||||||||||||||||
The Company’s redeemable noncontrolling interest resulted from the acquisition of a 75% ownership interest in Vital River. Concurrent with the acquisition, the Company entered into a joint venture agreement with the noncontrolling interest holders that provides 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 following table provides a rollforward of the fair value of the Company’s redeemable noncontrolling interest: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 28,419 | $ | 20,581 | ||||||||||||
Additions | — | — | ||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (130 | ) | 1 | |||||||||||||
Foreign currency translation | 78 | (476 | ) | |||||||||||||
Change in fair value, included in additional paid-in capital | 1,086 | 1,473 | ||||||||||||||
Ending balance | $ | 29,453 | $ | 21,579 | ||||||||||||
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 a 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 acquisitions of Argenta, BioFocus, VivoPath and ChanTest. See Note 2, “Business Acquisitions.” | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 28, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 2,828 | ||||||||||||||
Additions | 675 | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Reversal of previously recorded contingent liability and change in fair value | (717 | ) | ||||||||||||||
Ending balance | $ | 2,786 | ||||||||||||||
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 | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table provides a rollforward of the Company’s goodwill: | ||||||||||||||||||||||||
Adjustments to Goodwill | ||||||||||||||||||||||||
December 27, 2014 | Acquisitions | Foreign Exchange | March 28, 2015 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | $ | 59,196 | $ | — | $ | (411 | ) | $ | 58,785 | |||||||||||||||
Discovery and Safety Assessment | 229,302 | (624 | ) | (5,547 | ) | 223,131 | ||||||||||||||||||
Manufacturing Support | 32,579 | 187 | (1,523 | ) | 31,243 | |||||||||||||||||||
Total | $ | 321,077 | $ | (437 | ) | $ | (7,481 | ) | $ | 313,159 | ||||||||||||||
Other Intangible Assets, net | ||||||||||||||||||||||||
The following table displays other intangible assets, net by major class: | ||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Backlog | $ | 8,574 | $ | (8,027 | ) | $ | 547 | $ | 8,728 | $ | (6,636 | ) | $ | 2,092 | ||||||||||
Client relationships | 361,287 | (208,866 | ) | 152,421 | 379,339 | (217,938 | ) | 161,401 | ||||||||||||||||
Trademarks and trade names | 6,533 | (5,396 | ) | 1,137 | 6,603 | (5,314 | ) | 1,289 | ||||||||||||||||
Standard operating procedures | 2,302 | (1,738 | ) | 564 | 2,309 | (1,642 | ) | 667 | ||||||||||||||||
Other identifiable intangible assets | 16,061 | (4,926 | ) | 11,135 | 16,334 | (6,346 | ) | 9,988 | ||||||||||||||||
Total definite-lived intangible assets | 394,757 | (228,953 | ) | 165,804 | 413,313 | (237,876 | ) | 175,437 | ||||||||||||||||
Indefinite-lived intangibles assets | 3,438 | 3,438 | ||||||||||||||||||||||
Total other intangibles assets, net | $ | 169,242 | $ | 178,875 | ||||||||||||||||||||
LongTerm_Debt_and_Capital_Leas
Long-Term Debt and Capital Lease Obligations | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following: | ||||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Term loans | $ | 367,500 | $ | 378,000 | ||||
Revolving credit facility | 392,426 | 375,536 | ||||||
Other long-term debt | 214 | 214 | ||||||
Total debt | 760,140 | 753,750 | ||||||
Less: current portion of long-term debt | (31,696 | ) | (31,714 | ) | ||||
Long-term debt | $ | 728,444 | $ | 722,036 | ||||
In 2013, the Company amended and restated its credit agreement creating a $970.0 million agreement ($970M Credit Facility) that provides for a $420.0 million U.S. term loan facility and a $550.0 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 $350.0 million in the aggregate. | ||||||||
The $420.0 million U.S. term loan facility matures in quarterly installments through maturity on May 29, 2018. The $550.0 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 March 28, 2015 and December 27, 2014, 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 March 28, 2015, the Company was compliant with all covenants. | ||||||||
At both March 28, 2015 and December 27, 2014, the Company had $5.0 million in outstanding letters of credit. | ||||||||
Capital Lease Obligations, including 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 and 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 March 28, 2015 and December 27, 2014, the remaining financing obligation totaled $25.3 million and $23.1 million, respectively. | ||||||||
Other capital lease obligations amounted to $1.0 million at both March 28, 2015 and December 27, 2014. |
Equity
Equity | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
EQUITY | EQUITY | |||||||||||
The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share: | ||||||||||||
Three Months Ended | ||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||
(in thousands) | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 31,548 | $ | 32,502 | ||||||||
Loss from discontinued operations, net of income taxes | (7 | ) | (270 | ) | ||||||||
Net income attributable to common shareholders | $ | 31,541 | $ | 32,232 | ||||||||
Denominator: | ||||||||||||
Weighted-average shares outstanding—Basic | 46,772 | 47,091 | ||||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, restricted stock units, performance stock units and contingently issuable restricted stock | 1,096 | 1,060 | ||||||||||
Weighted-average shares outstanding—Diluted | 47,868 | 48,151 | ||||||||||
Earnings Per Share | ||||||||||||
Options to purchase approximately 0.6 million shares were outstanding at both March 28, 2015 and March 29, 2014, 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 both the three months ended March 28, 2015 and March 29, 2014 excluded the weighted average impact of approximately 1.2 million shares of non-vested restricted stock and restricted stock units. | ||||||||||||
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 $150.0 million in 2014 for an aggregate authorization of $1,150.0 million. The Company repurchased approximately 0.7 million shares for $50.0 million and approximately 0.2 million shares for $9.8 million in the three months ended March 28, 2015 and March 29, 2014, respectively. As of March 28, 2015, the Company had $128.5 million remaining on the authorized stock repurchase program. The Company’s 2007 Incentive Plan permits the netting of common stock upon vesting of restricted stock and restricted stock units in order to satisfy individual minimum statutory tax withholding requirements. During the three months ended March 28, 2015 and March 29, 2014, the Company acquired approximately 0.1 million shares for $8.6 million and approximately 0.1 million shares for $6.7 million, respectively. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Changes to each component of accumulated other comprehensive income (loss), net of income tax, are as follows: | ||||||||||||
Foreign Currency Translation | Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||
and Other | ||||||||||||
(in thousands) | ||||||||||||
27-Dec-14 | $ | (19,891 | ) | $ | (54,356 | ) | $ | (74,247 | ) | |||
Other comprehensive loss before reclassifications | (32,669 | ) | — | (32,669 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,341 | ) | 729 | (1,612 | ) | |||||||
Net current period other comprehensive income (loss) | (35,010 | ) | 729 | (34,281 | ) | |||||||
Income tax expense | — | 217 | 217 | |||||||||
28-Mar-15 | $ | (54,901 | ) | $ | (53,844 | ) | $ | (108,745 | ) | |||
Foreign currency translation and other includes an insignificant amount of unrealized gains (losses) on available-for-sale marketable securities. | ||||||||||||
Nonredeemable 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. The activity within the nonredeemable noncontrolling interests was insignificant during the three months ended March 28, 2015 or March 29, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
INCOME TAXES | INCOME TAXES | |||||||
The Company’s overall effective tax rate was 1.0% for the three months ended March 28, 2015 and 24.1% for the three months ended March 29, 2014. The decrease was primarily attributable to a reduction in unrecognized tax benefits and related interest of $10.4 million due to the expiration of the statute of limitations associated with pre-acquisition tax positions on forgiveness of debt. | ||||||||
During the three months ended March 28, 2015, the Company’s unrecognized tax benefits decreased by $11.5 million to $23.1 million primarily due to the expiration of the statute of limitations associated with pre-acquisition tax positions on forgiveness of debt. The amount of unrecognized income tax benefits that would impact the effective tax rate decreased by $11.8 million, to $20.5 million. The amount of accrued interest on unrecognized tax benefits was $0.9 million at March 28, 2015. The Company believes that it is reasonably possible that the Company’s unrecognized tax benefits will decrease by up to $2.9 million, over the next twelve-month period, as a result of the settlement of audits and realized capital gains. | ||||||||
The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits in jurisdictions including the U.S., U.K., Japan, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2011. | ||||||||
The Company and certain of its subsidiaries are currently under audit by various tax authorities in the U.S., Canada, U.K., and France. The Company does not believe that resolution of these controversies will have a material impact on its financial position or results of operations. | ||||||||
On December 2, 2014, the Quebec government released Information Bulletin 2014-11, which elaborated on a proposed law change to 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 remaining undistributed earnings of its non-U.S. subsidiaries remain indefinitely reinvested as of the end of the three months ended March 28, 2015 as they are required to fund needs outside the U.S. and cannot be repatriated in a manner that is substantially tax free. | ||||||||
The income tax expense (benefit) related to items of other comprehensive income are as follows: | ||||||||
Three Months Ended | ||||||||
March 28, 2015 | March 29, 2014 | |||||||
(in thousands) | ||||||||
Income tax benefit related to foreign currency translation adjustment | $ | — | $ | (105 | ) | |||
Income tax expense related to change in unrecognized pension gains, losses and prior service costs | 217 | 124 | ||||||
Income tax expense related to items of other comprehensive income | $ | 217 | $ | 19 | ||||
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Plans | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | |||||||||||||||
The following table provides the components of net periodic cost (benefit) for the Company’s pension and other post-retirement benefit plans: | ||||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | |||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Service cost | $ | 935 | $ | 842 | $ | 214 | $ | 189 | ||||||||
Interest cost | 3,070 | 3,211 | 265 | 252 | ||||||||||||
Expected return on plan assets | (4,382 | ) | (4,278 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | (151 | ) | (159 | ) | — | 165 | ||||||||||
Amortization of net loss | 812 | 223 | 68 | 63 | ||||||||||||
Net periodic cost (benefit) | $ | 284 | $ | (161 | ) | $ | 547 | $ | 669 | |||||||
Stock_Plans_and_StockBased_Com
Stock Plans and Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
STOCK-BASED COMPENSATION | 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, restricted stock units and performance share units (PSUs). | ||||||||
The following table provides the financial statement line items in which stock-based compensation is reflected: | ||||||||
Three Months Ended | ||||||||
March 28, 2015 | March 29, 2014 | |||||||
(in thousands) | ||||||||
Cost of revenue | $ | 1,501 | $ | 1,353 | ||||
Selling, general and administrative | 8,173 | 5,306 | ||||||
Stock-based compensation, before income taxes | 9,674 | 6,659 | ||||||
Provision for income taxes | (3,385 | ) | (2,364 | ) | ||||
Stock-based compensation, net of income tax | $ | 6,289 | $ | 4,295 | ||||
During the three months ended March 28, 2015, the Company issued approximately 0.2 million restricted stock units with a per share weighted average grant date fair value of $76.67, approximately 0.4 million stock options with a per share weighted average grant date fair value of $17.41, and approximately 0.2 million PSUs with a per share weighted average grant date fair value of $87.50. The maximum number of common shares to be issued upon vesting of PSUs granted during the three months ended March 28, 2015 is approximately 0.3 million. | ||||||||
During the three months ended March 28, 2015, the Company modified certain stock-based awards granted in previous years as part of executive retirement transitions. For the stock-based awards granted in the three months ended March 28, 2015, the Company introduced a new retirement provision, which allows for continued vesting of such awards after the employee’s retirement if certain eligibility conditions are met. The introduction of the new retirement provision and stock-based award modifications increased the Company’s stock-based compensation expense for the three months ended March 28, 2015 by $1.4 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
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 the Company is cooperating with these agencies to ensure the proper repayment and resolution of this matter. The Company identified approximately $1.5 million of excess amounts billed on these contracts since January 1, 2007 and reserved such amount. Because of the ongoing 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, the Company cannot at this time estimate the potential range of loss beyond the current reserve of $1.5 million. | |
Operating Leases | |
During the three months ended March 28, 2015, the Company entered into a real property lease agreement and exercised options to extend the lease terms for several other real property leases. As a result, the Company’s operating lease obligations through April 2020 increased by $6.9 million. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||||||||||
The Company reports its financial performance in three segments: Research Models and Services, Discovery and Safety Assessment and Manufacturing Support. | ||||||||||||||||||||||||
The following table presents revenue and other financial information by reportable segment: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | ||||||||||||||||||||||||
Revenue | $ | 120,011 | $ | 132,495 | ||||||||||||||||||||
Gross margin | 45,804 | 51,647 | ||||||||||||||||||||||
Operating income | 28,845 | 35,444 | ||||||||||||||||||||||
Depreciation and amortization | 6,045 | 6,441 | ||||||||||||||||||||||
Capital expenditures | 2,733 | 4,099 | ||||||||||||||||||||||
Discovery and Safety Assessment | ||||||||||||||||||||||||
Revenue | $ | 140,012 | $ | 105,138 | ||||||||||||||||||||
Gross margin | 43,683 | 25,659 | ||||||||||||||||||||||
Operating income | 23,516 | 11,713 | ||||||||||||||||||||||
Depreciation and amortization | 11,139 | 8,142 | ||||||||||||||||||||||
Capital expenditures | 5,378 | 4,036 | ||||||||||||||||||||||
Manufacturing Support | ||||||||||||||||||||||||
Revenue | $ | 60,391 | $ | 61,735 | ||||||||||||||||||||
Gross margin | 30,173 | 31,507 | ||||||||||||||||||||||
Operating income | 16,798 | 18,416 | ||||||||||||||||||||||
Depreciation and amortization | 3,286 | 3,628 | ||||||||||||||||||||||
Capital expenditures | 1,566 | 2,264 | ||||||||||||||||||||||
A reconciliation of segment operating income, depreciation and amortization, and capital expenditures to the respective consolidated amounts is as follows: | ||||||||||||||||||||||||
Operating Income | Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Total reportable segments | $ | 69,159 | $ | 65,573 | $ | 20,470 | $ | 18,211 | $ | 9,677 | $ | 10,399 | ||||||||||||
Unallocated corporate | (26,154 | ) | (25,867 | ) | 1,898 | 1,839 | 971 | 791 | ||||||||||||||||
Total consolidated | $ | 43,005 | $ | 39,706 | $ | 22,368 | $ | 20,050 | $ | 10,648 | $ | 11,190 | ||||||||||||
Revenue for each significant product or service area is as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research models and services | $ | 120,011 | $ | 132,495 | ||||||||||||||||||||
Discovery and safety assessment | 140,012 | 105,138 | ||||||||||||||||||||||
Endotoxin and Microbial Detection | 32,826 | 32,465 | ||||||||||||||||||||||
Other manufacturing support | 27,565 | 29,270 | ||||||||||||||||||||||
Manufacturing support | 60,391 | 61,735 | ||||||||||||||||||||||
Total revenue | $ | 320,414 | $ | 299,368 | ||||||||||||||||||||
A summary of unallocated corporate overhead consists of the following: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Stock-based compensation expense | $ | 6,280 | $ | 3,702 | ||||||||||||||||||||
Salary, bonus and fringe | 10,696 | 10,267 | ||||||||||||||||||||||
Consulting, audit and professional services | 3,641 | 3,231 | ||||||||||||||||||||||
IT related expenses | 1,864 | 1,577 | ||||||||||||||||||||||
Depreciation expense | 1,898 | 1,839 | ||||||||||||||||||||||
Acquisition related adjustments | (362 | ) | 3,305 | |||||||||||||||||||||
Other general unallocated corporate expenses | 2,137 | 1,946 | ||||||||||||||||||||||
Total unallocated corporate overhead costs | $ | 26,154 | $ | 25,867 | ||||||||||||||||||||
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. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 28, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On April 22, 2015, the Company amended and restated the $970M Credit Facility creating a $1.3 billion facility that provides for approximately $400.0 million term loan facility and a $900.0 million multi-currency revolving facility. The term loan facility matures in 20 quarterly installments with the last installment due April 22, 2020. The revolving facility matures on April 22, 2020 and requires no scheduled payment before that date. The interest rates applicable to term loans and revolving loans under the credit agreement are, at the Company’s option, equal to either the base rate (which is the higher of (1) the prime rate, (2) the federal funds rate plus 0.50% or (3) the one-month adjusted LIBOR rate) or the adjusted LIBOR rate plus an interest rate margin based upon the Company’s leverage ratio. |
Basis_of_Presentation_Signific
Basis of Presentation - Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates |
The preparation of condensed consolidated financial statements in accordance with 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. | |
Consolidation | Consolidation |
The Company’s consolidated financial statements reflect its financial statements and those of its subsidiaries in which the Company holds a controlling financial interest. 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. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, “Amendments to the Consolidation Analysis,” which amends existing consolidation requirements. The guidance affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the guidance amends (i) the identification of variable interests (fees paid to a decision maker or service provider), (ii) the variable interest entity characteristics for a limited partnership or similar entity and (iii) the primary beneficiary determination. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this standard is not expected to have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of debt discounts or premiums. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this standard is not expected to have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, FASB issued ASU 2015-04 “Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets” to provide a practical expedient related to the measurement date of the defined benefit plan assets and obligations. The practical expedient allows employers with fiscal year-end dates that do not coincide with a calendar month end to measure pension and post-retirement benefit plan assets and obligations as of the calendar month-end date closest to the fiscal year end. The standard requires entities which elect the practical expedient to adjust the measurement of benefit plan assets and obligations for contributions or significant events between the month-end measurement date and the entity fiscal year end. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is still evaluating the impact the election of the practical expedient would have on its consolidated financial statements and related disclosures. | |
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. The ASU is effective for annual and interim periods beginning after December 15, 2016. On April 1, 2015, the FASB voted on to propose a deferral of the effective date of the ASU by one year, but to permit entities to adopt one year earlier if they choose. The proposed deferral is not a final decision and is still subject to the FASB’s due process requirement, which includes a period for public comments. 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_Tables
Business Acquisitions (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Business Combinations [Abstract] | ||||||
Schedule of Business Acquisitions, by Acquisition | 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 | ||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The breakout of definite-lived intangible assets acquired is as follows: | |||||
October 29, 2014 | 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 | ||||
Schedule of Assets and Liabilities Acquired | The purchase price allocation of $183.6 million, net of $8.2 million of cash acquired, was as follows (in thousands): | |||||
Current assets (excluding cash) | $ | 31,682 | ||||
Property, plant and equipment | 21,008 | |||||
Other long term assets | 11,140 | |||||
Definite-lived intangible assets | 104,470 | |||||
Goodwill | 65,235 | |||||
Current liabilities | (13,139 | ) | ||||
Long term liabilities | (36,802 | ) | ||||
Total purchase price allocation | $ | 183,594 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The breakout of definite-lived intangible assets acquired was as follows: | |||||
Definite-Lived Intangible Assets | Weighted Average Amortization Life | |||||
(in thousands) | (in years) | |||||
Client relationships | $ | 94,000 | 18 | |||
Backlog | 5,900 | 1 | ||||
Trademark and trade names | 1,170 | 3 | ||||
Leasehold interests | 1,000 | 13 | ||||
Other intangible assets | 2,400 | 19 | ||||
Total definite-lived intangible assets | $ | 104,470 | ||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Severance Costs, Liability | The following table rolls forward the Company’s severance and retention cost liability: | |||||||||||||||
December 27, 2014 | Expense | Payments and Adjustments | 28-Mar-15 | |||||||||||||
(in thousands) | ||||||||||||||||
Severance and retention cost liability | $ | 2,666 | $ | 1,130 | $ | (1,621 | ) | $ | 2,175 | |||||||
Total | $ | 2,666 | $ | 1,130 | $ | (1,621 | ) | $ | 2,175 | |||||||
Severance Costs, By Classification | The following table presents severance and retention costs by classification on the income statement: | |||||||||||||||
Three Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Severance charges included in cost of revenue | $ | 530 | $ | 1,682 | ||||||||||||
Severance charges included in selling, general and administrative | 600 | 218 | ||||||||||||||
Total expense | $ | 1,130 | $ | 1,900 | ||||||||||||
Severance Costs, By Segment | The following table presents severance and retention cost by reportable segment: | |||||||||||||||
Three Months Ended | ||||||||||||||||
28-Mar-15 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Research models and services | $ | 919 | $ | 1,584 | ||||||||||||
Discovery and safety assessment | 19 | 195 | ||||||||||||||
Manufacturing support | 177 | — | ||||||||||||||
Corporate | 15 | 121 | ||||||||||||||
Total expense | $ | 1,130 | $ | 1,900 | ||||||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ||||||||
Composition of Net Trade Receivables | The composition of trade receivables, net is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Client receivables | $ | 227,891 | $ | 219,118 | ||||
Unbilled revenue | 42,717 | 43,780 | ||||||
Total | 270,608 | 262,898 | ||||||
Less: Allowance for doubtful accounts | (5,182 | ) | (4,907 | ) | ||||
Trade receivables, net | $ | 265,426 | $ | 257,991 | ||||
Composition of Inventories | The composition of inventories is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Raw materials and supplies | $ | 14,823 | $ | 15,416 | ||||
Work in process | 9,583 | 11,802 | ||||||
Finished products | 61,649 | 61,825 | ||||||
Inventories | $ | 86,055 | $ | 89,043 | ||||
Composition of Other Current Assets | The composition of other current assets is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Prepaid assets | $ | 31,432 | $ | 26,900 | ||||
Deferred tax asset | 20,469 | 27,644 | ||||||
Investments | 14,906 | 16,167 | ||||||
Prepaid income tax | 41,785 | 26,287 | ||||||
Restricted cash | 1,859 | 2,552 | ||||||
Other | $ | 291 | $ | 291 | ||||
Other current assets | $ | 110,742 | $ | 99,841 | ||||
Composition of Net Property, Plant and Equipment | The composition of property, plant and equipment, net is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Land | $ | 39,775 | $ | 40,314 | ||||
Buildings | 668,309 | 682,495 | ||||||
Machinery and equipment | 373,419 | 384,713 | ||||||
Leasehold improvements | 36,953 | 37,270 | ||||||
Furniture and fixtures | 21,548 | 22,577 | ||||||
Vehicles | 3,796 | 3,967 | ||||||
Computer hardware and software | 118,946 | 119,474 | ||||||
Construction in progress (1) | 46,683 | 40,970 | ||||||
Total | 1,309,429 | 1,331,780 | ||||||
Less: Accumulated depreciation | (651,828 | ) | (654,983 | ) | ||||
Property, plant and equipment, net | $ | 657,601 | $ | 676,797 | ||||
(1) Includes the leased facility under construction. See Note 8, “Long-Term Debt and Capital Lease Obligations.” | ||||||||
Composition of Other Assets | The composition of other assets is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 4,979 | $ | 5,401 | ||||
Life insurance policies | 27,848 | 27,603 | ||||||
Investments in limited partnerships | 30,703 | 27,047 | ||||||
Other assets | 7,156 | 18,301 | ||||||
Other assets | $ | 70,686 | $ | 78,352 | ||||
Composition of Current Liabilities | The composition of other current liabilities is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Accrued income taxes | $ | 6,410 | $ | 9,362 | ||||
Current deferred tax liability | 1,244 | 1,484 | ||||||
Accrued interest and other | 185 | 233 | ||||||
Other current liabilities | $ | 7,839 | $ | 11,079 | ||||
Composition of Other Long-Term Liabilities | The composition of other long-term liabilities is as follows: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Deferred tax liability | $ | 31,685 | $ | 30,816 | ||||
Long-term pension liability | 41,879 | 45,135 | ||||||
Accrued executive supplemental life insurance retirement plan and deferred compensation plan | 33,061 | 33,007 | ||||||
Other long-term liabilities | 10,630 | 21,403 | ||||||
Other long-term liabilities | $ | 117,255 | $ | 130,361 | ||||
Investments_in_Limited_Partner1
Investments in Limited Partnerships and Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Marketable Securities and Equity-Method Affiliates [Abstract] | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of the Company's marketable securities, all of which are classified as available-for-sale: | |||||||||||||||
28-Mar-15 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Mutual fund | $ | 4,650 | $ | 16 | $ | — | $ | 4,666 | ||||||||
Total | $ | 4,650 | $ | 16 | $ | — | $ | 4,666 | ||||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||
March 28, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | — | $ | 103 | $ | — | $ | 103 | ||||||||
Marketable securities | 4,666 | — | — | 4,666 | ||||||||||||
Life insurance policies | — | 20,827 | — | 20,827 | ||||||||||||
Total assets measured at fair value | $ | 4,666 | $ | 20,930 | $ | — | $ | 25,596 | ||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 29,453 | $ | 29,453 | ||||||||
Contingent consideration | — | — | 2,786 | 2,786 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 32,239 | $ | 32,239 | ||||||||
December 27, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(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 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a rollforward of the fair value of the Company’s redeemable noncontrolling interest: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 28,419 | $ | 20,581 | ||||||||||||
Additions | — | — | ||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (130 | ) | 1 | |||||||||||||
Foreign currency translation | 78 | (476 | ) | |||||||||||||
Change in fair value, included in additional paid-in capital | 1,086 | 1,473 | ||||||||||||||
Ending balance | $ | 29,453 | $ | 21,579 | ||||||||||||
Fair Value, Contingent Consideration | The following table provides a rollforward of the contingent consideration related to the acquisitions of Argenta, BioFocus, VivoPath and ChanTest. See Note 2, “Business Acquisitions.” | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 28, 2015 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 2,828 | ||||||||||||||
Additions | 675 | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Reversal of previously recorded contingent liability and change in fair value | (717 | ) | ||||||||||||||
Ending balance | $ | 2,786 | ||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Changes in the Gross Carrying Amount and Accumulated Amortization of Goodwill | The following table provides a rollforward of the Company’s goodwill: | |||||||||||||||||||||||
Adjustments to Goodwill | ||||||||||||||||||||||||
December 27, 2014 | Acquisitions | Foreign Exchange | March 28, 2015 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | $ | 59,196 | $ | — | $ | (411 | ) | $ | 58,785 | |||||||||||||||
Discovery and Safety Assessment | 229,302 | (624 | ) | (5,547 | ) | 223,131 | ||||||||||||||||||
Manufacturing Support | 32,579 | 187 | (1,523 | ) | 31,243 | |||||||||||||||||||
Total | $ | 321,077 | $ | (437 | ) | $ | (7,481 | ) | $ | 313,159 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table displays other intangible assets, net by major class: | |||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Backlog | $ | 8,574 | $ | (8,027 | ) | $ | 547 | $ | 8,728 | $ | (6,636 | ) | $ | 2,092 | ||||||||||
Client relationships | 361,287 | (208,866 | ) | 152,421 | 379,339 | (217,938 | ) | 161,401 | ||||||||||||||||
Trademarks and trade names | 6,533 | (5,396 | ) | 1,137 | 6,603 | (5,314 | ) | 1,289 | ||||||||||||||||
Standard operating procedures | 2,302 | (1,738 | ) | 564 | 2,309 | (1,642 | ) | 667 | ||||||||||||||||
Other identifiable intangible assets | 16,061 | (4,926 | ) | 11,135 | 16,334 | (6,346 | ) | 9,988 | ||||||||||||||||
Total definite-lived intangible assets | 394,757 | (228,953 | ) | 165,804 | 413,313 | (237,876 | ) | 175,437 | ||||||||||||||||
Indefinite-lived intangibles assets | 3,438 | 3,438 | ||||||||||||||||||||||
Total other intangibles assets, net | $ | 169,242 | $ | 178,875 | ||||||||||||||||||||
LongTerm_Debt_and_Capital_Leas1
Long-Term Debt and Capital Lease Obligations (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt | Long-term debt consists of the following: | |||||||
March 28, 2015 | December 27, 2014 | |||||||
(in thousands) | ||||||||
Term loans | $ | 367,500 | $ | 378,000 | ||||
Revolving credit facility | 392,426 | 375,536 | ||||||
Other long-term debt | 214 | 214 | ||||||
Total debt | 760,140 | 753,750 | ||||||
Less: current portion of long-term debt | (31,696 | ) | (31,714 | ) | ||||
Long-term debt | $ | 728,444 | $ | 722,036 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Reconciliation of the Numerator and Denominator in the Computations of the Basic and Diluted Earnings Per Share | The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share: | |||||||||||
Three Months Ended | ||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||
(in thousands) | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 31,548 | $ | 32,502 | ||||||||
Loss from discontinued operations, net of income taxes | (7 | ) | (270 | ) | ||||||||
Net income attributable to common shareholders | $ | 31,541 | $ | 32,232 | ||||||||
Denominator: | ||||||||||||
Weighted-average shares outstanding—Basic | 46,772 | 47,091 | ||||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, restricted stock units, performance stock units and contingently issuable restricted stock | 1,096 | 1,060 | ||||||||||
Weighted-average shares outstanding—Diluted | 47,868 | 48,151 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes to each component of accumulated other comprehensive income (loss), net of income tax, are as follows: | |||||||||||
Foreign Currency Translation | Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||
and Other | ||||||||||||
(in thousands) | ||||||||||||
27-Dec-14 | $ | (19,891 | ) | $ | (54,356 | ) | $ | (74,247 | ) | |||
Other comprehensive loss before reclassifications | (32,669 | ) | — | (32,669 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,341 | ) | 729 | (1,612 | ) | |||||||
Net current period other comprehensive income (loss) | (35,010 | ) | 729 | (34,281 | ) | |||||||
Income tax expense | — | 217 | 217 | |||||||||
28-Mar-15 | $ | (54,901 | ) | $ | (53,844 | ) | $ | (108,745 | ) | |||
The income tax expense (benefit) related to items of other comprehensive income are as follows: | ||||||||||||
Three Months Ended | ||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||
(in thousands) | ||||||||||||
Income tax benefit related to foreign currency translation adjustment | $ | — | $ | (105 | ) | |||||||
Income tax expense related to change in unrecognized pension gains, losses and prior service costs | 217 | 124 | ||||||||||
Income tax expense related to items of other comprehensive income | $ | 217 | $ | 19 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||
Mar. 28, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes to each component of accumulated other comprehensive income (loss), net of income tax, are as follows: | |||||||||||
Foreign Currency Translation | Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||
and Other | ||||||||||||
(in thousands) | ||||||||||||
27-Dec-14 | $ | (19,891 | ) | $ | (54,356 | ) | $ | (74,247 | ) | |||
Other comprehensive loss before reclassifications | (32,669 | ) | — | (32,669 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,341 | ) | 729 | (1,612 | ) | |||||||
Net current period other comprehensive income (loss) | (35,010 | ) | 729 | (34,281 | ) | |||||||
Income tax expense | — | 217 | 217 | |||||||||
28-Mar-15 | $ | (54,901 | ) | $ | (53,844 | ) | $ | (108,745 | ) | |||
The income tax expense (benefit) related to items of other comprehensive income are as follows: | ||||||||||||
Three Months Ended | ||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||
(in thousands) | ||||||||||||
Income tax benefit related to foreign currency translation adjustment | $ | — | $ | (105 | ) | |||||||
Income tax expense related to change in unrecognized pension gains, losses and prior service costs | 217 | 124 | ||||||||||
Income tax expense related to items of other comprehensive income | $ | 217 | $ | 19 | ||||||||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefit Plans Employee Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 28, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs | The following table provides the components of net periodic cost (benefit) for the Company’s pension and other post-retirement benefit plans: | |||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | |||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Service cost | $ | 935 | $ | 842 | $ | 214 | $ | 189 | ||||||||
Interest cost | 3,070 | 3,211 | 265 | 252 | ||||||||||||
Expected return on plan assets | (4,382 | ) | (4,278 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | (151 | ) | (159 | ) | — | 165 | ||||||||||
Amortization of net loss | 812 | 223 | 68 | 63 | ||||||||||||
Net periodic cost (benefit) | $ | 284 | $ | (161 | ) | $ | 547 | $ | 669 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
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: | |||||||
Three Months Ended | ||||||||
March 28, 2015 | March 29, 2014 | |||||||
(in thousands) | ||||||||
Cost of revenue | $ | 1,501 | $ | 1,353 | ||||
Selling, general and administrative | 8,173 | 5,306 | ||||||
Stock-based compensation, before income taxes | 9,674 | 6,659 | ||||||
Provision for income taxes | (3,385 | ) | (2,364 | ) | ||||
Stock-based compensation, net of income tax | $ | 6,289 | $ | 4,295 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research Models and Services | ||||||||||||||||||||||||
Revenue | $ | 120,011 | $ | 132,495 | ||||||||||||||||||||
Gross margin | 45,804 | 51,647 | ||||||||||||||||||||||
Operating income | 28,845 | 35,444 | ||||||||||||||||||||||
Depreciation and amortization | 6,045 | 6,441 | ||||||||||||||||||||||
Capital expenditures | 2,733 | 4,099 | ||||||||||||||||||||||
Discovery and Safety Assessment | ||||||||||||||||||||||||
Revenue | $ | 140,012 | $ | 105,138 | ||||||||||||||||||||
Gross margin | 43,683 | 25,659 | ||||||||||||||||||||||
Operating income | 23,516 | 11,713 | ||||||||||||||||||||||
Depreciation and amortization | 11,139 | 8,142 | ||||||||||||||||||||||
Capital expenditures | 5,378 | 4,036 | ||||||||||||||||||||||
Manufacturing Support | ||||||||||||||||||||||||
Revenue | $ | 60,391 | $ | 61,735 | ||||||||||||||||||||
Gross margin | 30,173 | 31,507 | ||||||||||||||||||||||
Operating income | 16,798 | 18,416 | ||||||||||||||||||||||
Depreciation and amortization | 3,286 | 3,628 | ||||||||||||||||||||||
Capital expenditures | 1,566 | 2,264 | ||||||||||||||||||||||
Reconciliation of Segment Operating Income to Consolidated Operating Income | A reconciliation of segment operating income, depreciation and amortization, and capital expenditures to the respective consolidated amounts is as follows: | |||||||||||||||||||||||
Operating Income | Depreciation and Amortization | Capital Expenditures | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | March 28, 2015 | March 29, 2014 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Total reportable segments | $ | 69,159 | $ | 65,573 | $ | 20,470 | $ | 18,211 | $ | 9,677 | $ | 10,399 | ||||||||||||
Unallocated corporate | (26,154 | ) | (25,867 | ) | 1,898 | 1,839 | 971 | 791 | ||||||||||||||||
Total consolidated | $ | 43,005 | $ | 39,706 | $ | 22,368 | $ | 20,050 | $ | 10,648 | $ | 11,190 | ||||||||||||
Schedule of Net Sales for Each Significant Service Area | Revenue for each significant product or service area is as follows: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Research models and services | $ | 120,011 | $ | 132,495 | ||||||||||||||||||||
Discovery and safety assessment | 140,012 | 105,138 | ||||||||||||||||||||||
Endotoxin and Microbial Detection | 32,826 | 32,465 | ||||||||||||||||||||||
Other manufacturing support | 27,565 | 29,270 | ||||||||||||||||||||||
Manufacturing support | 60,391 | 61,735 | ||||||||||||||||||||||
Total revenue | $ | 320,414 | $ | 299,368 | ||||||||||||||||||||
Summary of Unallocated Corporate Overhead | A summary of unallocated corporate overhead consists of the following: | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Stock-based compensation expense | $ | 6,280 | $ | 3,702 | ||||||||||||||||||||
Salary, bonus and fringe | 10,696 | 10,267 | ||||||||||||||||||||||
Consulting, audit and professional services | 3,641 | 3,231 | ||||||||||||||||||||||
IT related expenses | 1,864 | 1,577 | ||||||||||||||||||||||
Depreciation expense | 1,898 | 1,839 | ||||||||||||||||||||||
Acquisition related adjustments | (362 | ) | 3,305 | |||||||||||||||||||||
Other general unallocated corporate expenses | 2,137 | 1,946 | ||||||||||||||||||||||
Total unallocated corporate overhead costs | $ | 26,154 | $ | 25,867 | ||||||||||||||||||||
Business_Acquisitions_ChanTest
Business Acquisitions - ChanTest, Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | Oct. 29, 2014 | |
Business Acquisition [Line Items] | |||
Total purchase price allocation | $893,000 | $0 | |
ChanTest | |||
Business Acquisition [Line Items] | |||
Total purchase price allocation | 52,073,000 | ||
Preliminary purchase price | 59,300,000 | ||
Contingent consideration | 300,000 | ||
Maximum contingent consideration limit | 2,000,000 | ||
Total purchase price allocation | $7,200,000 |
Business_Acquisitions_Chan_Tes
Business Acquisitions - Chan Test Preliminary Purchase Price (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Oct. 29, 2014 | Dec. 27, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill | $313,159 | $321,077 | ||
Total purchase price allocation | 893 | 0 | ||
ChanTest | ||||
Business Acquisition [Line Items] | ||||
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 |
Business_Acquisitions_ChanTest1
Business Acquisitions - ChanTest Breakout of Definite-Lived Intangible Assets Acquired (Details) (ChanTest, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Oct. 29, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total definite-lived intangible assets | $23,920 |
Client Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | 19,000 |
Weighted average amortization life | 13 years |
Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $4,920 |
Weighted average amortization life | 9 years |
Business_Acquisitions_VivoPath
Business Acquisitions - VivoPath (Details) (VivoPath [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
VivoPath [Member] | |
Business Acquisition [Line Items] | |
Acquisition purchase price | $2.30 |
Contingent consideration | 1.6 |
Aggregate undiscounted amount of contingent consideration | $2.40 |
Business_Acquisitions_Early_Di
Business Acquisitions - Early Discovery, Additional Information (Details) | Mar. 28, 2015 | Mar. 28, 2015 | Apr. 01, 2014 | Mar. 28, 2015 |
In Millions, unless otherwise specified | Early Discovery UK [Member] | Early Discovery UK [Member] | Early Discovery UK [Member] | Selling, General and Administrative Expenses [Member] |
USD ($) | EUR (€) | USD ($) | USD ($) | |
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 100.00% | |||
Acquisition purchase price | $191.80 | |||
Contingent consideration | 0.9 | |||
Gain from contingent liability earn-out period | 0.8 | |||
Aggregate undiscounted amount of contingent consideration | 5.4 | 5 | ||
Purchase price allocation, net of cash | 183.6 | |||
Purchase price allocation, cash | $8.20 |
Business_Acquisitions_Early_Di1
Business Acquisitions - Early Discovery Purchase Price Allocation (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Apr. 01, 2014 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $313,159 | $321,077 | |
Early Discovery UK [Member] | |||
Business Acquisition [Line Items] | |||
Current assets (excluding cash) | 31,682 | ||
Property, plant and equipment | 21,008 | ||
Other long term assets | 11,140 | ||
Definite-lived intangible assets | 104,470 | ||
Goodwill | 65,235 | ||
Current liabilities | -13,139 | ||
Long term liabilities | -36,802 | ||
Total purchase price allocation | $183,594 |
Business_Acquisitions_Early_Di2
Business Acquisitions - Early Discovery Breakout of Definite-Lived Intangible Assets Acquired (Details) (Early Discovery UK [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Apr. 01, 2014 |
Definite-Lived Intangible Assets | |||
Client relationships | $94,000 | ||
Backlog | 5,900 | ||
Trademark and trade names | 1,170 | ||
Leasehold interests | 1,000 | ||
Other intangible assets | 2,400 | ||
Total definite-lived intangible assets | 104,470 | ||
Acquisition related adjustments (less than $0.1 million) | $100 | $3,300 | |
Client Relationships [Member] | |||
Definite-Lived Intangible Assets | |||
Weighted average amortization life | 18 years | ||
Backlog [Member] | |||
Definite-Lived Intangible Assets | |||
Weighted average amortization life | 1 year | ||
Trademark and Trade Names [Member] | |||
Definite-Lived Intangible Assets | |||
Weighted average amortization life | 3 years | ||
Leasehold Interests [Member] | |||
Definite-Lived Intangible Assets | |||
Weighted average amortization life | 13 years | ||
Other Intangible Assets [Member] | |||
Definite-Lived Intangible Assets | |||
Weighted average amortization life | 19 years |
Restructuring_Severance_and_Re
Restructuring - Severance and Retention Cost Liability (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Dec. 27, 2014 | |
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | $2,666,000 | |
Expense | 1,130,000 | |
Payments and Adjustments | -1,621,000 | |
Balance, end of period | 2,175,000 | |
Accrued Compensation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and retention costs, current | 1,800,000 | 2,200,000 |
Other Long-Term Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and retention costs, noncurrent | $400,000 | $500,000 |
Restructuring_Severance_and_Re1
Restructuring - Severance and Retention Costs by Classification on the Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Total expense | $1,130 | $1,900 |
Severance charges included in cost of revenue | ||
Restructuring Cost and Reserve [Line Items] | ||
Total expense | 530 | 1,682 |
Severance charges included in selling, general and administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Total expense | $600 | $218 |
Restructuring_Severance_and_Re2
Restructuring - Severance and Retention Cost by Reportable Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | $1,130 | $1,900 |
Research Models and Services | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 919 | 1,584 |
Discovery and Safety Assessment | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 19 | 195 |
Manufacturing Support | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 177 | 0 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | $15 | $121 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Composition of trade receivables | |||
Client receivables | $227,891 | $219,118 | |
Unbilled revenue | 42,717 | 43,780 | |
Total | 270,608 | 262,898 | |
Less: Allowance for doubtful accounts | -5,182 | -4,907 | |
Trade receivables, net | 265,426 | 257,991 | |
Composition of inventories | |||
Raw materials and supplies | 14,823 | 15,416 | |
Work in process | 9,583 | 11,802 | |
Finished products | 61,649 | 61,825 | |
Inventories | 86,055 | 89,043 | |
Composition of other current assets | |||
Prepaid assets | 31,432 | 26,900 | |
Deferred tax asset | 20,469 | 27,644 | |
Investments | 14,906 | 16,167 | |
Prepaid income tax | 41,785 | 26,287 | |
Restricted cash | 1,859 | 2,552 | |
Other | 291 | 291 | |
Other current assets | 110,742 | 99,841 | |
Property, Plant and Equipment [Line Items] | |||
Total | 1,309,429 | 1,331,780 | |
Less: Accumulated depreciation | -651,828 | -654,983 | |
Property, plant and equipment, net | 657,601 | 676,797 | |
Depreciation expense | 17,100 | 15,700 | |
Composition of other assets | |||
Deferred financing costs | 4,979 | 5,401 | |
Life insurance policies | 27,848 | 27,603 | |
Investments in limited partnerships | 30,703 | 27,047 | |
Other assets | 7,156 | 18,301 | |
Other assets | 70,686 | 78,352 | |
Composition of other current liabilities | |||
Accrued income taxes | 6,410 | 9,362 | |
Current deferred tax liability | 1,244 | 1,484 | |
Accrued interest and other | 185 | 233 | |
Other current liabilities | 7,839 | 11,079 | |
Composition of other long-term liabilities | |||
Deferred tax liability | 31,685 | 30,816 | |
Long-term pension liability | 41,879 | 45,135 | |
Accrued executive supplemental life insurance retirement plan and deferred compensation plan | 33,061 | 33,007 | |
Other long-term liabilities | 10,630 | 21,403 | |
Other long-term liabilities | 117,255 | 130,361 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total | 39,775 | 40,314 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total | 668,309 | 682,495 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total | 373,419 | 384,713 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total | 36,953 | 37,270 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total | 21,548 | 22,577 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Total | 3,796 | 3,967 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Total | 118,946 | 119,474 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total | $46,683 | $40,970 |
Investments_in_Limited_Partner2
Investments in Limited Partnerships and Marketable Securities (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Marketable Securities and Equity-Method Affiliates [Abstract] | ||
Ownership percentage, low range | 3.80% | |
Ownership percentage, high range | 12.00% | |
Committed contribution | $65,000,000 | |
Committed contributions funded | 22,000,000 | |
Dividends in cash and securities received | 0 | 6,500,000 |
Income (loss) from investments in limited partnerships | $1,271,000 | $6,104,000 |
Investments_in_Limited_Partner3
Investments in Limited Partnerships and Marketable Securities - Summary of Marketable Securities (Details) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $4,650 |
Gross Unrealized Gains | 16 |
Gross Unrealized Losses | 0 |
Fair Value | 4,666 |
Mutual fund | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 4,650 |
Gross Unrealized Gains | 16 |
Gross Unrealized Losses | 0 |
Fair Value | $4,666 |
Fair_Value_Fair_Value_of_Asset
Fair Value - Fair Value of Assets and Liabilities (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $103 | $1,934 |
Marketable securities | 4,666 | |
Life insurance policies | 20,827 | 20,520 |
Total assets measured at fair value | 25,596 | 22,454 |
Redeemable noncontrolling interest | 29,453 | 28,419 |
Contingent consideration | 2,786 | 2,828 |
Total liabilities measured at fair value | 32,239 | 31,247 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 4,666 | |
Life insurance policies | 0 | 0 |
Total assets measured at fair value | 4,666 | 0 |
Redeemable noncontrolling interest | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 103 | 1,934 |
Marketable securities | 0 | |
Life insurance policies | 20,827 | 20,520 |
Total assets measured at fair value | 20,930 | 22,454 |
Redeemable noncontrolling interest | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | |
Life insurance policies | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Redeemable noncontrolling interest | 29,453 | 28,419 |
Contingent consideration | 2,786 | 2,828 |
Total liabilities measured at fair value | $32,239 | $31,247 |
Fair_Value_Redeemable_Noncontr
Fair Value - Redeemable Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Fair Value Disclosures [Abstract] | ||
Percentage of voting interests acquired | 75.00% | |
Remaining ownership percentage available | 25.00% | |
Total gains or losses (realized/unrealized): | ||
Discount rate | 18.50% | |
Level 3 | Redeemable Noncontrolling Interest [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $28,419 | $20,581 |
Additions | 0 | 0 |
Total gains or losses (realized/unrealized): | ||
Net income (loss) attributable to noncontrolling interest | -130 | 1 |
Foreign currency translation | 78 | -476 |
Change in fair value, included in additional paid-in capital | 1,086 | 1,473 |
Ending balance | $29,453 | $21,579 |
Fair_Value_Contingent_Consider
Fair Value - Contingent Consideration (Details) (Level 3, Contingent Consideration [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Level 3 | Contingent Consideration [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $2,828 |
Additions | 675 |
Total gains or losses (realized/unrealized): | |
Reversal of previously recorded contingent liability and change in fair value | -717 |
Ending balance | $2,786 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 |
Changes in gross carrying amount and accumulated amortization of goodwill | |
Gross carrying amount, balance at the beginning of the period | $321,077 |
Adjustments to Goodwill, Acquisitions | -437 |
Adjustments to Goodwill, Foreign Exchange | -7,481 |
Gross carrying amount, balance at the end of the period | 313,159 |
Research Models and Services | |
Changes in gross carrying amount and accumulated amortization of goodwill | |
Gross carrying amount, balance at the beginning of the period | 59,196 |
Adjustments to Goodwill, Acquisitions | 0 |
Adjustments to Goodwill, Foreign Exchange | -411 |
Gross carrying amount, balance at the end of the period | 58,785 |
Discovery and Safety Assessment | |
Changes in gross carrying amount and accumulated amortization of goodwill | |
Gross carrying amount, balance at the beginning of the period | 229,302 |
Adjustments to Goodwill, Acquisitions | -624 |
Adjustments to Goodwill, Foreign Exchange | -5,547 |
Gross carrying amount, balance at the end of the period | 223,131 |
Manufacturing Support | |
Changes in gross carrying amount and accumulated amortization of goodwill | |
Gross carrying amount, balance at the beginning of the period | 32,579 |
Adjustments to Goodwill, Acquisitions | 187 |
Adjustments to Goodwill, Foreign Exchange | -1,523 |
Gross carrying amount, balance at the end of the period | $31,243 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | $394,757 | $413,313 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -228,953 | -237,876 |
Finite-Lived Intangible Assets, Net | 165,804 | 175,437 |
Indefinite-lived intangibles assets | 3,438 | 3,438 |
Total other intangibles assets, net | 169,242 | 178,875 |
Backlog [Member] | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | 8,574 | 8,728 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -8,027 | -6,636 |
Finite-Lived Intangible Assets, Net | 547 | 2,092 |
Client Relationships [Member] | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | 361,287 | 379,339 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -208,866 | -217,938 |
Finite-Lived Intangible Assets, Net | 152,421 | 161,401 |
Trademark and Trade Names [Member] | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | 6,533 | 6,603 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -5,396 | -5,314 |
Finite-Lived Intangible Assets, Net | 1,137 | 1,289 |
Standard Operating Procedures [Member] | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | 2,302 | 2,309 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -1,738 | -1,642 |
Finite-Lived Intangible Assets, Net | 564 | 667 |
Other Intangible Assets [Member] | ||
Other intangible assets | ||
Other intangible assets subject to amortization, Gross Carrying Amount | 16,061 | 16,334 |
Other intangible assets subject to amortization, Accumulated Amortization & Impairment Loss | -4,926 | -6,346 |
Finite-Lived Intangible Assets, Net | $11,135 | $9,988 |
LongTerm_Debt_and_Capital_Leas2
Long-Term Debt and Capital Lease Obligations - Schedule of Long-Term Debt (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $760,140 | $753,750 |
Less: current portion of long-term debt | -31,696 | -31,714 |
Long-term debt | 728,444 | 722,036 |
Term loan facilities | ||
Debt Instrument [Line Items] | ||
Total debt | 367,500 | 378,000 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | 392,426 | 375,536 |
Other long-term debt | ||
Debt Instrument [Line Items] | ||
Total debt | $214 | $214 |
LongTerm_Debt_and_Capital_Leas3
Long-Term Debt and Capital Lease Obligations - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity, Term Loan and Line of Credit | $970,000,000 | ||
Term loan facility | 420,000,000 | ||
Multi-currency revolving credit facility | 550,000,000 | ||
Revolving credit facility, available increase | 350,000,000 | ||
Weighted-average interest rate | 1.42% | 1.42% | |
Letters of credit outstanding | 5,000,000 | 5,000,000 | |
Financing Obligation [Member] | Early Discovery UK [Member] | |||
Debt Instrument [Line Items] | |||
Other capital lease obligations | 25,300,000 | 23,100,000 | |
Other Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Other capital lease obligations | $1,000,000 | $1,000,000 |
Equity_Earnings_Per_Share_Deta
Equity - Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Numerator: | ||
Net income from continuing operations attributable to common shareholders | $31,548 | $32,502 |
Loss from discontinued operations, net of income taxes | -7 | -270 |
Net income attributable to common shareholders | $31,541 | $32,232 |
Denominator: | ||
Weighted-average shares outstandingbBasic (in shares) | 46,772 | 47,091 |
Effect of dilutive securities: | ||
Stock options, restricted stock units, performance stock units and contingently issuable restricted stock (in shares) | 1,096 | 1,060 |
Weighted-average shares outstandingbDiluted (in shares) | 47,868 | 48,151 |
Equity_Earnings_Per_Share_Addi
Equity - Earnings Per Share, Additional Information (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 0.6 | 0.6 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 1.2 | 1.2 |
Equity_Treasury_Shares_Details
Equity - Treasury Shares (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 25, 2010 | Mar. 28, 2015 | Mar. 29, 2014 | Jul. 31, 2010 |
Treasury Shares | ||||||
Authorized stock repurchase amount | $1,150,000,000 | $500,000,000 | ||||
Authorized increase, stock repurchase | 150,000,000 | 250,000,000 | 250,000,000 | |||
Remaining authorized repurchase amount | 128,500,000 | |||||
Open market repurchases [Member] | ||||||
Treasury Shares | ||||||
Number of shares of common stock repurchased (in shares) | 0.7 | 0.2 | ||||
Total cost of repurchase of treasury shares | 50,000,000 | 9,800,000 | ||||
2007 Incentive Plan [Member] | ||||||
Treasury Shares | ||||||
Number of shares of common stock repurchased (in shares) | 0.1 | 0.1 | ||||
Total cost of repurchase of treasury shares | $8,600,000 | $6,700,000 |
Equity_Accumulated_Other_Compr
Equity - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||
27-Dec-14 | ($74,247) | |
Other comprehensive loss before reclassifications | -32,669 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,612 | |
Net current period other comprehensive income (loss) | -34,281 | |
Income tax expense | 217 | 19 |
28-Mar-15 | -108,745 | |
Foreign Currency Translation and Other | ||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||
27-Dec-14 | -19,891 | |
Other comprehensive loss before reclassifications | -32,669 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,341 | |
Net current period other comprehensive income (loss) | -35,010 | |
Income tax expense | 0 | |
28-Mar-15 | -54,901 | |
Pension and Other Post-Retirement Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||
27-Dec-14 | -54,356 | |
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 729 | |
Net current period other comprehensive income (loss) | 729 | |
Income tax expense | 217 | |
28-Mar-15 | ($53,844) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percentage) | 1.00% | 24.10% |
Reduction in unrecognized tax benefits and related interest | $10.40 | |
Income Tax Uncertainties [Abstract] | ||
Decrease in unrecognized tax benefits | 11.5 | |
Unrecognized tax benefits | 23.1 | |
Decrease in unrecognized tax benefits, that if recognized would impact the effective tax rate | 11.8 | |
Unrecognized tax benefits that would impact effective tax rate favorably, if recognized | 20.5 | |
Interest related to unrecognized income tax benefits | 0.9 | |
Possible decrease of unrecognized tax benefits | $2.90 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) Related to Other Comprensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax benefit related to foreign currency translation adjustment | $0 | ($105) |
Income tax expense related to change in unrecognized pension gains, losses and prior service costs | 217 | 124 |
Income tax expense related to items of other comprehensive income | $217 | $19 |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Pension Plans | ||
Employee benefits | ||
Service cost | $935 | $842 |
Interest cost | 3,070 | 3,211 |
Expected return on plan assets | -4,382 | -4,278 |
Amortization of prior service cost (credit) | -151 | -159 |
Amortization of net loss | 812 | 223 |
Net periodic cost (benefit) | 284 | -161 |
Other Post-Retirement Benefit Plans | ||
Employee benefits | ||
Service cost | 214 | 189 |
Interest cost | 265 | 252 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 0 | 165 |
Amortization of net loss | 68 | 63 |
Net periodic cost (benefit) | $547 | $669 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Stock-based compensation expense | ||
Stock-based compensation, before income taxes | $9,674 | $6,659 |
Provision for income taxes | -3,385 | -2,364 |
Stock-based compensation, net of income tax | 6,289 | 4,295 |
Cost of revenue | ||
Stock-based compensation expense | ||
Stock-based compensation, before income taxes | 1,501 | 1,353 |
Selling, general and administrative | ||
Stock-based compensation expense | ||
Stock-based compensation, before income taxes | $8,173 | $5,306 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Increase in stock-based compensation expense | $1.40 |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 0.2 |
Weighted-average grant date fair value (in dollars per share) | $76.67 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted (in shares) | 0.4 |
Stock options weighted average grant date fair value (in dollars per share) | $17.41 |
Performance Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 0.2 |
Weighted-average grant date fair value (in dollars per share) | $87.50 |
Maximum shares to be awarded under plan | 0.3 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2015 |
Loss Contingencies [Line Items] | |
Increase in lease obligations | $6.90 |
Government billing [Member] | |
Loss Contingencies [Line Items] | |
Reserve for estimated possible loss | $1.50 |
Segment_Information_Revenue_an
Segment Information - Revenue and Other Financial Information by Reportable Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $320,414 | $299,368 |
Operating income | 43,005 | 39,706 |
Depreciation and amortization | 22,368 | 20,050 |
Capital expenditures | 10,648 | 11,190 |
Research Models and Services | ||
Segment Reporting Information [Line Items] | ||
Revenue | 120,011 | 132,495 |
Gross margin | 45,804 | 51,647 |
Operating income | 28,845 | 35,444 |
Depreciation and amortization | 6,045 | 6,441 |
Capital expenditures | 2,733 | 4,099 |
Discovery and Safety Assessment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 140,012 | 105,138 |
Gross margin | 43,683 | 25,659 |
Operating income | 23,516 | 11,713 |
Depreciation and amortization | 11,139 | 8,142 |
Capital expenditures | 5,378 | 4,036 |
Manufacturing Support | ||
Segment Reporting Information [Line Items] | ||
Revenue | 60,391 | 61,735 |
Gross margin | 30,173 | 31,507 |
Operating income | 16,798 | 18,416 |
Depreciation and amortization | 3,286 | 3,628 |
Capital expenditures | $1,566 | $2,264 |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Segment Operating Income, Depreciation and Amortization, and Capital Expenditures (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Operating Income | $43,005 | $39,706 |
Depreciation and amortization | 22,368 | 20,050 |
Capital expenditures | 10,648 | 11,190 |
Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 69,159 | 65,573 |
Depreciation and amortization | 20,470 | 18,211 |
Capital expenditures | 9,677 | 10,399 |
Unallocated corporate | ||
Segment Reporting Information [Line Items] | ||
Operating Income | -26,154 | -25,867 |
Depreciation and amortization | 1,898 | 1,839 |
Capital expenditures | $971 | $791 |
Segment_Information_Revenue_Pe
Segment Information - Revenue Per Significant Product or Service (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $320,414 | $299,368 |
Research Models and Services | ||
Segment Reporting Information [Line Items] | ||
Revenue | 120,011 | 132,495 |
Discovery and Safety Assessment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 140,012 | 105,138 |
Endotoxin and Microbial Detection | ||
Segment Reporting Information [Line Items] | ||
Revenue | 32,826 | 32,465 |
Other manufacturing support | ||
Segment Reporting Information [Line Items] | ||
Revenue | 27,565 | 29,270 |
Manufacturing Support | ||
Segment Reporting Information [Line Items] | ||
Revenue | $60,391 | $61,735 |
Segment_Information_Summary_of
Segment Information - Summary of Unallocated Corporate Overhead (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Stock-based compensation expense | $9,674 | $6,659 |
Depreciation expense | 17,100 | 15,700 |
Unallocated corporate | ||
Segment Reporting Information [Line Items] | ||
Stock-based compensation expense | 6,280 | 3,702 |
Salary, bonus and fringe | 10,696 | 10,267 |
Consulting, audit and professional services | 3,641 | 3,231 |
IT related expenses | 1,864 | 1,577 |
Depreciation expense | 1,898 | 1,839 |
Acquisition related adjustments | -362 | 3,305 |
Other general unallocated corporate expenses | 2,137 | 1,946 |
Unallocated Corporate Overhead | $26,154 | $25,867 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 28, 2015 | Dec. 27, 2014 | Apr. 22, 2015 | Dec. 28, 2013 | |
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity, Term Loan and Line of Credit | $970,000,000 | |||
Term loan facility | 420,000,000 | |||
Multi-currency revolving credit facility | 550,000,000 | |||
Interest rate in addition to federal funds rate | 1.42% | 1.42% | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity, Term Loan and Line of Credit | 1,300,000,000 | |||
Term loan facility | 400,000,000 | |||
Multi-currency revolving credit facility | 900,000,000 | |||
Number of quarterly installment payments | 20 | |||
Federal Funds Effective Swap Rate [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate in addition to federal funds rate | 0.50% |