Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 18, 2013 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ENTG | |
Entity Registrant Name | ENTEGRIS INC | |
Entity Central Index Key | 1101302 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 138,604,612 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $358,782 | $330,419 |
Short-term investments | 0 | 19,995 |
Trade accounts and notes receivable, net of allowance for doubtful accounts of $1,850 and $2,314 | 106,757 | 94,016 |
Inventories | 97,426 | 99,144 |
Deferred tax assets, deferred tax charges and refundable income taxes | 13,063 | 20,201 |
Assets held for sale | 0 | 5,998 |
Other current assets | 9,878 | 9,551 |
Total current assets | 585,906 | 579,324 |
Property, plant and equipment, net of accumulated depreciation of $278,835 and $263,302 | 179,178 | 157,021 |
Other assets: | ||
Intangible assets, net of accumulated amortization of $107,110 and $119,198 | 45,819 | 47,207 |
Deferred tax assets and other noncurrent tax assets | 15,833 | 17,167 |
Other | 20,923 | 10,825 |
Total assets | 847,659 | 811,544 |
Current liabilities: | ||
Accounts payable | 37,094 | 36,341 |
Accrued payroll and related benefits | 27,774 | 29,376 |
Other accrued liabilities | 20,936 | 21,887 |
Deferred tax liabilities and income taxes payable | 6,733 | 5,659 |
Total current liabilities | 92,537 | 93,263 |
Pension benefit obligations and other liabilities | 15,822 | 17,066 |
Deferred tax liabilities and other noncurrent tax liabilities | 5,214 | 6,416 |
Commitments and contingent liabilities | 0 | 0 |
Equity: | ||
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of September 28, 2013 and December 31, 2012 | 0 | 0 |
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of September 28, 2013 and December 31, 2012: 138,666,839 and 138,457,769 | 1,387 | 1,385 |
Additional paid-in capital | 814,150 | 809,514 |
Retained deficit | -108,866 | -157,038 |
Accumulated other comprehensive income | 27,415 | 40,938 |
Total equity | 734,086 | 694,799 |
Total liabilities and equity | $847,659 | $811,544 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts and notes receivable, allowance for doubtful accounts | $1,850 | $2,314 |
Property, plant and equipment, accumulated depreciation | 278,835 | 263,302 |
Intangible assets, Accumulated amortization | $107,110 | $119,198 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 138,666,839 | 138,457,769 |
Common stock, shares outstanding | 138,666,839 | 138,457,769 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales | $164,585 | $184,449 | $507,199 | $548,085 |
Cost of sales | 94,453 | 102,517 | 292,369 | 307,163 |
Gross profit | 70,132 | 81,932 | 214,830 | 240,922 |
Selling, general and administrative expenses | 31,746 | 39,095 | 99,564 | 110,132 |
Engineering, research and development expenses | 13,947 | 13,314 | 39,547 | 38,029 |
Amortization of intangible assets | 2,343 | 2,389 | 6,989 | 7,259 |
Contingent consideration fair value adjustment | -1,813 | 0 | -1,813 | 0 |
Operating income | 23,909 | 27,134 | 70,543 | 85,502 |
Other expense (income), net | 963 | 1,441 | -1,295 | 636 |
Income before income taxes and equity in net income of affiliates | 22,946 | 25,693 | 71,838 | 84,866 |
Income tax expense | 5,139 | 7,656 | 17,853 | 27,300 |
Equity in net income of affiliates | 0 | 0 | 0 | -3 |
Net income | $17,807 | $18,037 | $53,985 | $57,569 |
Basic net income per common share | $0.13 | $0.13 | $0.39 | $0.42 |
Diluted net income per common share | $0.13 | $0.13 | $0.39 | $0.42 |
Weighted shares outstanding: | ||||
Basic | 138,904 | 137,453 | 139,061 | 137,119 |
Diluted | 139,482 | 138,499 | 139,688 | 138,247 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net income | $17,807 | $18,037 | $53,985 | $57,569 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustments | 2,105 | 7,869 | -14,314 | 3,729 |
Reclassification of cumulative translation adjustment associated with liquidated subsidiary | 739 | 0 | 739 | 0 |
Reclassification of cumulative translation adjustment associated with acquisition of business | 0 | 0 | 0 | -216 |
Pension liability adjustments, net of tax | -5 | -7 | 52 | 8 |
Other comprehensive income (loss) | 2,839 | 7,862 | -13,523 | 3,521 |
Comprehensive income | $20,646 | $25,899 | $40,462 | $61,090 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (USD $) | Total | Common stock | Additional paid-in capital | Retained deficit | Foreign currency translation adjustments [Member] | Defined benefit pension adjustments [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2011 | $608,238 | $1,358 | $788,673 | ($225,766) | $44,737 | ($764) |
Balance (in shares) at Dec. 31, 2011 | 135,821 | |||||
Shares issued under stock plans (in shares) | 1,743 | |||||
Shares issued under stock plans | 4,689 | 18 | 4,671 | 0 | 0 | 0 |
Repurchase and retirement of common stock (shares) | -57 | |||||
Repurchase and retirement of common stock | -427 | -1 | -329 | -97 | 0 | 0 |
Share-based compensation expense | 8,030 | 0 | 8,030 | 0 | 0 | 0 |
Tax benefit associated with stock plans | 1,337 | 0 | 1,337 | 0 | 0 | 0 |
Pension liability adjustments, net of tax | 8 | 0 | 0 | 0 | 0 | 8 |
Reclassification of cumulative translation adjustment associated with liquidated subsidiary | 0 | |||||
Reclassification of foreign currency translation associated with acquisition of business | -216 | 0 | 0 | 0 | -216 | 0 |
Foreign currency translation | 3,729 | 0 | 0 | 0 | 3,729 | 0 |
Net income | 57,569 | 0 | 0 | 57,569 | 0 | 0 |
Balance at Sep. 29, 2012 | 682,957 | 1,375 | 802,382 | -168,294 | 48,250 | -756 |
Balance (in shares) at Sep. 29, 2012 | 137,507 | |||||
Balance at Dec. 31, 2012 | 694,799 | 1,385 | 809,514 | -157,038 | 41,997 | -1,059 |
Balance (in shares) at Dec. 31, 2012 | 138,458 | |||||
Shares issued under stock plans (in shares) | 1,748 | |||||
Shares issued under stock plans | 6,667 | 17 | 6,650 | 0 | 0 | 0 |
Repurchase and retirement of common stock (shares) | -1,539 | |||||
Repurchase and retirement of common stock | -14,826 | -15 | -8,998 | -5,813 | 0 | 0 |
Share-based compensation expense | 5,859 | 0 | 5,859 | 0 | 0 | 0 |
Tax benefit associated with stock plans | 1,125 | 0 | 1,125 | 0 | 0 | 0 |
Pension liability adjustments, net of tax | 52 | 0 | 0 | 0 | 0 | 52 |
Reclassification of cumulative translation adjustment associated with liquidated subsidiary | 739 | 0 | 0 | 0 | 739 | 0 |
Foreign currency translation | -14,314 | 0 | 0 | 0 | -14,314 | 0 |
Net income | 53,985 | 0 | 0 | 53,985 | 0 | |
Balance at Sep. 28, 2013 | $734,086 | $1,387 | $814,150 | ($108,866) | $28,422 | ($1,007) |
Balance (in shares) at Sep. 28, 2013 | 138,667 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities: | ||
Net income | $53,985 | $57,569 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 21,812 | 20,862 |
Amortization | 6,989 | 7,259 |
Share-based compensation expense | 5,859 | 8,030 |
Other | 4,148 | 515 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable and notes receivable | -16,722 | -4,290 |
Inventories | -2,555 | -9,623 |
Accounts payable and accrued liabilities | -970 | 1,528 |
Other current assets | 391 | -1,488 |
Income taxes payable and refundable income taxes | 5,239 | -546 |
Other | -3,483 | -2,995 |
Net cash provided by operating activities | 74,693 | 76,821 |
Investing activities: | ||
Acquisition of property, plant and equipment | -49,030 | -39,116 |
Acquisition of business, net of cash acquired | -13,358 | -2,961 |
Purchase of short-term investments | 0 | -7,996 |
Proceeds from maturities of short-term investments | 20,000 | 0 |
Proceeds from sales of assets held for sale | 6,500 | 0 |
Other | 188 | 184 |
Net cash used in investing activities | -35,700 | -49,889 |
Financing activities: | ||
Issuance of common stock | 6,667 | 4,689 |
Repurchase and retirement of common stock | -14,826 | -427 |
Other | 1,125 | 1,336 |
Net cash (used in) provided by financing activities | -7,034 | 5,598 |
Effect of exchange rate changes on cash and cash equivalents | -3,596 | 1,707 |
Increase in cash and cash equivalents | 28,363 | 34,237 |
Cash and cash equivalents at beginning of period | 330,419 | 273,593 |
Cash and cash equivalents at end of period | 358,782 | 307,830 |
Supplemental Cash Flow Information | ||
Equipment purchases in accounts payable | $1,952 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 28, 2013 | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations Entegris, Inc. (Entegris or the Company) is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the microelectronics and other high-technology industries. | |
Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation. | |
Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, and intangibles, accrued expenses and income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. | |
The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis and consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2012. The results of operations for the nine months ended September 28, 2013 are not necessarily indicative of the results to be expected for the full year. | |
Fair Value of Financial Instruments The carrying value of accounts receivable and accounts payable approximates fair value due to the short maturity of those instruments. | |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies what instruments and transactions are subject to the offsetting disclosure requirements established by ASU No. 2011-11. Derivative instruments accounted for in accordance with Accounting Standards Codification (ASC) 815, are subject to ASU No. 2011-11 disclosure requirements. These amendments are disclosure related and do not have an impact on the Company’s financial position, results of operations, comprehensive income or cash flows. ASU Nos. 2011-11 and 2013-01 are effective for reporting periods beginning after December 15, 2012. Accordingly, the Company adopted ASU Nos. 2011-11 and 2013-01 in the first quarter of fiscal 2013. The disclosures associated with ASU Nos. 2011-11 and 2013-01 are included in note 5 to the Company’s condensed consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income that amended ASU No. 2011-12 and ASU No. 2011-05. ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either in the consolidated statements of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. These amendments are disclosure related and do not have an impact on the Company’s financial position, results of operations, comprehensive income or cash flows. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. Accordingly, the Company adopted ASU 2013-02 in the first quarter of fiscal 2013. The disclosures associated with ASU No. 2013-02 are included in the Company’s condensed consolidated statements of equity. Amounts reclassified out of accumulated other comprehensive income were not significant. | |
Other ASUs issued not effective for the Company until after September 28, 2013 are not expected to have a material effect on the Company’s condensed consolidated financial statements. |
Acquisitions_Acquisitions_Note
Acquisitions Acquisitions (Notes) | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Business Combinations [Abstract] | ||||
Business Combinations Policy [Policy Text Block] | ACQUISITIONS | |||
Jetalon | ||||
On April 1, 2013, the Company acquired substantially all the operating assets and liabilities of Jetalon Solutions, Inc. (Jetalon), a California-based supplier of fluid metrology products. The acquired net assets became part of the Company’s Contamination Control Solutions segment. The transaction was accounted for under the acquisition method of accounting and the results of operations of the entity are included in the Company's condensed consolidated financial statements as of and since April 1, 2013. The acquisition of Jetalon’s assets and liabilities does not constitute a material business combination. | ||||
The purchase price for Jetalon includes cash consideration of $13.4 million, funded from the Company's existing cash on hand, and earnout-based contingent consideration of up to a maximum of $14.5 million based on the operating performance of Jetalon in 2013, 2014 and 2015. Costs associated with the acquisition of Jetalon were not significant and were expensed as incurred. | ||||
Upon acquisition, the Company recorded a contingent consideration obligation of $3.1 million representing the fair value of the earnout-based contingent consideration. This amount was estimated through a valuation model that incorporates probability-adjusted assumptions relating to the achievement of possible operating results and the likelihood of the Company making payments. This fair value measurement is based upon significant inputs not observable in the market and therefore represents a Level 3 measurement. | ||||
Subsequent changes in the fair value of this obligation will be recognized as adjustments to the contingent consideration obligation and reflected within the Company's condensed consolidated statements of operations. During the third quarter of 2013, the Company assessed the contingent consideration based on the valuation methodology described above and recorded a $1.8 million gain that is reflected in the Company's condensed consolidated statements of operations. | ||||
The purchase price of Jetalon consists of the following: | ||||
(In thousands): | Amount | |||
Cash paid at closing | $ | 13,358 | ||
Contingent consideration obligation | 3,094 | |||
Total purchase price | $ | 16,452 | ||
The purchase price of Jetalon, including the Company's valuation of contingent consideration, exceeds the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $10.1 million. Cash flows used to determine the purchase price included strategic and synergistic benefits (investment value) specific to the Company, which resulted in a purchase price in excess of the fair value of identifiable net assets. The purchase price also includes the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value in addition to a going-concern element that represents the Company's ability to earn a higher rate of return on the group of assets than would be expected on the separate assets as determined during the valuation process. This additional investment value resulted in goodwill, which is expected to be deductible for income tax purposes. | ||||
The following table summarizes the allocation of the purchase price to the fair values assigned to the assets and liabilities assumed at the date of acquisition: | ||||
(In thousands): | Amount | |||
Accounts receivable, inventory and other assets | $ | 944 | ||
Identifiable intangible assets | 5,634 | |||
Current liabilities | (216 | ) | ||
Net assets acquired | 6,362 | |||
Goodwill | 10,090 | |||
Total purchase price | $ | 16,452 | ||
As of September 28, 2013, the Company has completed its fair value determinations for all elements of the Jetalon acquisition. Intangible assets, consisting mostly of technology-related intellectual property, will be amortized on a straight-line basis over an estimated useful life of approximately 10 years. | ||||
Entegris Precision Technologies Corporation (EPT) | ||||
On April 2, 2012, the Company acquired the remaining 50% of its EPT joint venture in Taiwan, an equity method investee in which it had previously owned a 50% equity interest. The transaction was accounted for under the acquisition method of accounting and the results of operations of the entity are included in the Company's consolidated financial statements as of and since April 2, 2012. The investee's sales and operating results were not material to the Company's condensed consolidated financial statements. The Company paid $3.4 million in cash for the additional 50% equity interest in the entity. | ||||
The Company remeasured its previously held equity interest in the entity at its April 2, 2012 fair value of $2.9 million. Based on the carrying value of the Company's equity interest in EPT before the business combination, the Company recognized a gain of $1.3 million. In addition, in prior reporting periods the Company recognized changes in the value of its equity interest in EPT related to translation adjustments in other comprehensive income. As required under the acquisition method of accounting, the $0.2 million recognized previously in other comprehensive income was reclassified and added in the calculation of the gain noted above. | ||||
The purchase price was allocated based on the fair values of all of the assets acquired and liabilities assumed. The sum of the purchase price of the additional 50% equity interest and the fair value of the equity interest in the investee held by the Company at the acquisition date exceeded the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed by $1.9 million, resulting in goodwill. EPT is part of the Company’s Contamination Control Solutions segment. | ||||
As described above, the Company acquired businesses in 2013 and 2012. As part of the accounting for these transactions, the Company allocated the purchase price of the acquired entities based on the fair value of all the assets acquired and liabilities assumed. The valuation of the assets acquired and liabilities assumed, as well as the Company's previously held equity interest in the case of EPT, was based on the information that was available as of the acquisition date and the expectations and assumptions that have been deemed reasonable by the Company's management. | ||||
In performing these valuations, the Company used independent appraisals, discounted cash flows and other factors as the best evidence of fair value. The key underlying assumptions of the discounted cash flows were projected revenues, gross margin expectations and operating cost estimates. There are inherent uncertainties and management judgment required in these determinations. No assurance can be given that the underlying assumptions will occur as projected. The fair value measurements of the assets acquired and liabilities assumed were based on valuations involving significant unobservable inputs, or Level 3 in the fair value hierarchy. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | INVENTORIES | |||||||
Inventories consist of the following: | ||||||||
(In thousands) | September 28, 2013 | December 31, 2012 | ||||||
Raw materials | $ | 26,760 | $ | 27,720 | ||||
Work-in process | 13,374 | 10,242 | ||||||
Finished goods(a) | 56,803 | 60,667 | ||||||
Supplies | 489 | 515 | ||||||
Total inventories | $ | 97,426 | $ | 99,144 | ||||
(a) | Includes consignment inventories held by customers for $6.8 million and $5.2 million at September 28, 2013 and December 31, 2012, respectively. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Earnings Per Common Share | EARNINGS PER COMMON SHARE | |||||||||||
The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per common share (EPS): | ||||||||||||
Three months ended | Nine months ended | |||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||
Basic—weighted common shares outstanding | 138,904 | 137,453 | 139,061 | 137,119 | ||||||||
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock | 578 | 1,046 | 627 | 1,128 | ||||||||
Diluted—weighted common shares and common shares equivalent outstanding | 139,482 | 138,499 | 139,688 | 138,247 | ||||||||
The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||
Three months ended | Nine months ended | |||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||
Shares excluded from calculations of diluted EPS | 1,550 | 1,436 | 1,550 | 1,435 | ||||||||
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||||||
Fair Value | FAIR VALUE | |||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The following table presents the Company’s financial assets that are measured at fair value on a recurring basis at September 28, 2013 and December 31, 2012. Level 1 inputs are based on quoted prices in active markets accessible at the reporting date for identical assets and liabilities. Level 2 inputs are based on quoted prices for similar instruments in active markets and quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in a market. Level 3 inputs are based on prices are valuations that require inputs that are significant to the valuation and are unobservable. | ||||||||||||||||||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 59,992 | $ | — | $ | 59,992 | $ | — | $ | 59,980 | $ | — | $ | 59,980 | ||||||||||||||||
Money market fund deposits | 58,076 | — | — | 58,076 | 73,026 | — | — | 73,026 | ||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | — | 19,995 | — | 19,995 | ||||||||||||||||||||||||
Total assets measured and recorded at fair value | $ | 58,076 | $ | 59,992 | $ | — | $ | 118,068 | $ | 73,026 | $ | 79,975 | $ | — | $ | 153,001 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 784 | $ | — | $ | 784 | $ | — | $ | 4,603 | $ | — | $ | 4,603 | ||||||||||||||||
Contingent consideration obligation | — | — | 1,282 | 1,282 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities measured and recorded at fair value | $ | — | $ | 784 | $ | 1,282 | $ | 2,066 | $ | — | $ | 4,603 | $ | — | $ | 4,603 | ||||||||||||||||
The following table provides information about derivative positions held by the Company as of September 28, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Gross | Gross | Net amount | Gross | Gross | Net amount of | ||||||||||||||||||||||||||
amounts of | amounts | of liabilities | amounts | amounts | liabilities in the | |||||||||||||||||||||||||||
recognized | offset in the | in the | of | offset in the | condensed | |||||||||||||||||||||||||||
liabilities | condensed | condensed | recognized | condensed | consolidated | |||||||||||||||||||||||||||
consolidated | consolidated | liabilities | consolidated | balance sheet | ||||||||||||||||||||||||||||
balance | balance | balance | ||||||||||||||||||||||||||||||
sheet | sheet | sheet | ||||||||||||||||||||||||||||||
Derivatives | $ | 1,031 | $ | 247 | $ | 784 | $ | 4,730 | $ | 127 | $ | 4,603 | ||||||||||||||||||||
Gains and losses associated with derivatives are recorded in "Other expense (income), net" in the condensed consolidated statements of operations. (Losses) gains associated with derivative instruments not designated as hedging instruments were as follows: | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||||
(Losses) gains on forward currency contracts | $ | (784 | ) | $ | 1,002 | $ | (5,212 | ) | $ | (1,156 | ) | |||||||||||||||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting | SEGMENT REPORTING | |||||||||||||||
The Company’s financial reporting segments are Contamination Control Solutions (CCS), Microenvironments (ME) and Specialty Materials (SMD), each of which provide unique products and services, are separately managed and have separate financial information evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. | ||||||||||||||||
• | CCS: provides a wide range of products and subsystems that purify, monitor and deliver critical liquids and gases used in the semiconductor manufacturing process. | |||||||||||||||
• | ME: provides products that protect wafers, reticles and electronic components at various stages of transport, processing and storage related to semiconductor manufacturing. | |||||||||||||||
• | SMD: provides specialized graphite components used in semiconductor equipment and offers low-temperature, plasma-enhanced chemical vapor deposition coatings of critical components of semiconductor manufacturing equipment used in various stages of the manufacturing process as well as graphite and silicon carbide for certain critical industrial markets. | |||||||||||||||
Inter-segment sales are not significant. Segment profit is defined as net sales less direct segment operating expenses, excluding certain unallocated expenses, consisting mainly of general and administrative costs for the Company’s human resources, finance and information technology functions as well as interest expense, and amortization of intangible assets. | ||||||||||||||||
Summarized financial information for the Company’s reportable segments is shown in the following table: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Net sales | ||||||||||||||||
CCS | $ | 105,150 | $ | 112,876 | $ | 323,745 | $ | 351,572 | ||||||||
ME | 42,520 | 54,421 | 132,521 | 139,691 | ||||||||||||
SMD | 16,915 | 17,152 | 50,933 | 56,822 | ||||||||||||
Total net sales | $ | 164,585 | $ | 184,449 | $ | 507,199 | $ | 548,085 | ||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Segment profit | ||||||||||||||||
CCS | $ | 25,044 | $ | 27,166 | $ | 75,703 | $ | 93,917 | ||||||||
ME | 8,635 | 16,771 | 27,324 | 30,823 | ||||||||||||
SMD | 2,001 | 2,112 | 6,117 | 11,184 | ||||||||||||
Total segment profit | $ | 35,680 | $ | 46,049 | $ | 109,144 | $ | 135,924 | ||||||||
The following table reconciles total segment profit to operating income: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Total segment profit | $ | 35,680 | $ | 46,049 | $ | 109,144 | $ | 135,924 | ||||||||
Amortization of intangible assets | (2,343 | ) | (2,389 | ) | (6,989 | ) | (7,259 | ) | ||||||||
Contingent consideration fair value adjustment | 1,813 | — | 1,813 | — | ||||||||||||
Unallocated general and administrative expenses | (11,241 | ) | (16,526 | ) | (33,425 | ) | (43,163 | ) | ||||||||
Operating income | 23,909 | 27,134 | 70,543 | 85,502 | ||||||||||||
Other expense (income), net | 963 | 1,441 | (1,295 | ) | 636 | |||||||||||
Income before income taxes and equity in net income of affiliates | $ | 22,946 | $ | 25,693 | $ | 71,838 | $ | 84,866 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 28, 2013 | |
Nature of Operations | Nature of Operations Entegris, Inc. (Entegris or the Company) is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the microelectronics and other high-technology industries. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Intercompany profits, transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, and intangibles, accrued expenses and income taxes and related accounts, and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. |
The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis and consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2012. The results of operations for the nine months ended September 28, 2013 are not necessarily indicative of the results to be expected for the full year. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of accounts receivable and accounts payable approximates fair value due to the short maturity of those instruments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies what instruments and transactions are subject to the offsetting disclosure requirements established by ASU No. 2011-11. Derivative instruments accounted for in accordance with Accounting Standards Codification (ASC) 815, are subject to ASU No. 2011-11 disclosure requirements. These amendments are disclosure related and do not have an impact on the Company’s financial position, results of operations, comprehensive income or cash flows. ASU Nos. 2011-11 and 2013-01 are effective for reporting periods beginning after December 15, 2012. Accordingly, the Company adopted ASU Nos. 2011-11 and 2013-01 in the first quarter of fiscal 2013. The disclosures associated with ASU Nos. 2011-11 and 2013-01 are included in note 5 to the Company’s condensed consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income that amended ASU No. 2011-12 and ASU No. 2011-05. ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either in the consolidated statements of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. These amendments are disclosure related and do not have an impact on the Company’s financial position, results of operations, comprehensive income or cash flows. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012. Accordingly, the Company adopted ASU 2013-02 in the first quarter of fiscal 2013. The disclosures associated with ASU No. 2013-02 are included in the Company’s condensed consolidated statements of equity. Amounts reclassified out of accumulated other comprehensive income were not significant. | |
Other ASUs issued not effective for the Company until after September 28, 2013 are not expected to have a material effect on the Company’s condensed consolidated financial statements. |
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Business Combinations [Abstract] | ||||
Schedule Of Acquisition Purchase Price [Table Text Block] | The purchase price of Jetalon consists of the following: | |||
(In thousands): | Amount | |||
Cash paid at closing | $ | 13,358 | ||
Contingent consideration obligation | 3,094 | |||
Total purchase price | $ | 16,452 | ||
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes the allocation of the purchase price to the fair values assigned to the assets and liabilities assumed at the date of acquisition: | |||
(In thousands): | Amount | |||
Accounts receivable, inventory and other assets | $ | 944 | ||
Identifiable intangible assets | 5,634 | |||
Current liabilities | (216 | ) | ||
Net assets acquired | 6,362 | |||
Goodwill | 10,090 | |||
Total purchase price | $ | 16,452 | ||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | Inventories consist of the following: | |||||||
(In thousands) | September 28, 2013 | December 31, 2012 | ||||||
Raw materials | $ | 26,760 | $ | 27,720 | ||||
Work-in process | 13,374 | 10,242 | ||||||
Finished goods(a) | 56,803 | 60,667 | ||||||
Supplies | 489 | 515 | ||||||
Total inventories | $ | 97,426 | $ | 99,144 | ||||
(a) | Includes consignment inventories held by customers for $6.8 million and $5.2 million at September 28, 2013 and December 31, 2012, respectively. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Reconcilation of Share Amount Used in Computaion of Basic and Diluted Earnings Per Share (EPS) | The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per common share (EPS): | |||||||||||
Three months ended | Nine months ended | |||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||
Basic—weighted common shares outstanding | 138,904 | 137,453 | 139,061 | 137,119 | ||||||||
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock | 578 | 1,046 | 627 | 1,128 | ||||||||
Diluted—weighted common shares and common shares equivalent outstanding | 139,482 | 138,499 | 139,688 | 138,247 | ||||||||
Shares Excluded Underlying Stock Based Awards from Calculations of Diluted EPS | The Company excluded the following shares underlying stock-based awards from the calculations of diluted EPS because their inclusion would have been anti-dilutive for the three and nine months ended September 28, 2013 and September 29, 2012: | |||||||||||
Three months ended | Nine months ended | |||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||
Shares excluded from calculations of diluted EPS | 1,550 | 1,436 | 1,550 | 1,435 | ||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||||||
Financial Assets Measured At Fair Value On Recurring Basis | The following table presents the Company’s financial assets that are measured at fair value on a recurring basis at September 28, 2013 and December 31, 2012. Level 1 inputs are based on quoted prices in active markets accessible at the reporting date for identical assets and liabilities. Level 2 inputs are based on quoted prices for similar instruments in active markets and quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in a market. Level 3 inputs are based on prices are valuations that require inputs that are significant to the valuation and are unobservable. | |||||||||||||||||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 59,992 | $ | — | $ | 59,992 | $ | — | $ | 59,980 | $ | — | $ | 59,980 | ||||||||||||||||
Money market fund deposits | 58,076 | — | — | 58,076 | 73,026 | — | — | 73,026 | ||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Commercial paper | — | — | — | — | — | 19,995 | — | 19,995 | ||||||||||||||||||||||||
Total assets measured and recorded at fair value | $ | 58,076 | $ | 59,992 | $ | — | $ | 118,068 | $ | 73,026 | $ | 79,975 | $ | — | $ | 153,001 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | 784 | $ | — | $ | 784 | $ | — | $ | 4,603 | $ | — | $ | 4,603 | ||||||||||||||||
Contingent consideration obligation | — | — | 1,282 | 1,282 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities measured and recorded at fair value | $ | — | $ | 784 | $ | 1,282 | $ | 2,066 | $ | — | $ | 4,603 | $ | — | $ | 4,603 | ||||||||||||||||
Information about Derivative Positions | The following table provides information about derivative positions held by the Company as of September 28, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Gross | Gross | Net amount | Gross | Gross | Net amount of | ||||||||||||||||||||||||||
amounts of | amounts | of liabilities | amounts | amounts | liabilities in the | |||||||||||||||||||||||||||
recognized | offset in the | in the | of | offset in the | condensed | |||||||||||||||||||||||||||
liabilities | condensed | condensed | recognized | condensed | consolidated | |||||||||||||||||||||||||||
consolidated | consolidated | liabilities | consolidated | balance sheet | ||||||||||||||||||||||||||||
balance | balance | balance | ||||||||||||||||||||||||||||||
sheet | sheet | sheet | ||||||||||||||||||||||||||||||
Derivatives | $ | 1,031 | $ | 247 | $ | 784 | $ | 4,730 | $ | 127 | $ | 4,603 | ||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Gains and losses associated with derivatives are recorded in "Other expense (income), net" in the condensed consolidated statements of operations. (Losses) gains associated with derivative instruments not designated as hedging instruments were as follows: | |||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
(In thousands) | 28-Sep-13 | 29-Sep-12 | 28-Sep-13 | 29-Sep-12 | ||||||||||||||||||||||||||||
(Losses) gains on forward currency contracts | $ | (784 | ) | $ | 1,002 | $ | (5,212 | ) | $ | (1,156 | ) | |||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Summary of Financial Information for Reportable Segments | Summarized financial information for the Company’s reportable segments is shown in the following table: | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Net sales | ||||||||||||||||
CCS | $ | 105,150 | $ | 112,876 | $ | 323,745 | $ | 351,572 | ||||||||
ME | 42,520 | 54,421 | 132,521 | 139,691 | ||||||||||||
SMD | 16,915 | 17,152 | 50,933 | 56,822 | ||||||||||||
Total net sales | $ | 164,585 | $ | 184,449 | $ | 507,199 | $ | 548,085 | ||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Segment profit | ||||||||||||||||
CCS | $ | 25,044 | $ | 27,166 | $ | 75,703 | $ | 93,917 | ||||||||
ME | 8,635 | 16,771 | 27,324 | 30,823 | ||||||||||||
SMD | 2,001 | 2,112 | 6,117 | 11,184 | ||||||||||||
Total segment profit | $ | 35,680 | $ | 46,049 | $ | 109,144 | $ | 135,924 | ||||||||
Reconciliation of Total Segment Profit to Operating Income | The following table reconciles total segment profit to operating income: | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(In thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Total segment profit | $ | 35,680 | $ | 46,049 | $ | 109,144 | $ | 135,924 | ||||||||
Amortization of intangible assets | (2,343 | ) | (2,389 | ) | (6,989 | ) | (7,259 | ) | ||||||||
Contingent consideration fair value adjustment | 1,813 | — | 1,813 | — | ||||||||||||
Unallocated general and administrative expenses | (11,241 | ) | (16,526 | ) | (33,425 | ) | (43,163 | ) | ||||||||
Operating income | 23,909 | 27,134 | 70,543 | 85,502 | ||||||||||||
Other expense (income), net | 963 | 1,441 | (1,295 | ) | 636 | |||||||||||
Income before income taxes and equity in net income of affiliates | $ | 22,946 | $ | 25,693 | $ | 71,838 | $ | 84,866 | ||||||||
Acquisitions_Purchase_Price_De
Acquisitions Purchase Price (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Apr. 01, 2013 |
Purchase Price [Abstract] | ||||
Cash paid at closing | $13,358 | $13,358 | $2,961 | |
Contingent consideration obligation | 3,094 | |||
Total purchase price | $16,452 |
Acquisitions_Purchase_Price_Al
Acquisitions Purchase Price Allocation (Details) (USD $) | Apr. 01, 2013 | Apr. 02, 2012 |
In Thousands, unless otherwise specified | ||
Purchase Price Allocation [Abstract] | ||
Accounts receivable, inventory and other assets | $944 | |
Identifiable intangible assets | 5,634 | |
Current liabilities | -216 | |
Net assets acquired | 6,362 | |
Goodwill | 10,090 | 1,900 |
Total purchase price | $16,452 |
Acquisitions_Additional_inform
Acquisitions Additional information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 28, 2013 | Jun. 29, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Apr. 01, 2013 | Apr. 02, 2012 | Dec. 31, 2011 | |
Acquisitions [Abstract] | |||||||||
Acquired Intangible assets, Weighted Average Useful Life | 10 years | ||||||||
Cash paid at closing | $13,358,000 | $13,358,000 | $2,961,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 14,500,000 | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 2,900,000 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 1,300,000 | ||||||||
Goodwill | 10,090,000 | 1,900,000 | |||||||
Foreign currency transaction gain realized upon acquisition | 200,000 | ||||||||
Total purchase price | 3,400,000 | ||||||||
Contingent consideration obligation | 3,094,000 | ||||||||
Contingent consideration fair value adjustment | ($1,813,000) | $0 | ($1,813,000) | $0 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net | ||
Raw materials | $26,760 | $27,720 |
Work-in process | 13,374 | 10,242 |
Finished goods | 56,803 | 60,667 |
Supplies | 489 | 515 |
Inventory, Net | $97,426 | $99,144 |
Inventories_Parenthetical_Deta
Inventories (Parenthetical) (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Net [Abstract] | ||
Consignment inventories held by customers | $6.80 | $5.20 |
Reconciliation_of_Share_Amount
Reconciliation of Share Amount Used in Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Weighted shares outstanding: | ||||
Basic-weighted common shares outstanding | 138,904 | 137,453 | 139,061 | 137,119 |
Weighted common shares assumed upon exercise of stock options and vesting of restricted common stock | 578 | 1,046 | 627 | 1,128 |
Diluted-weighted common shares and common shares equivalent outstanding | 139,482 | 138,499 | 139,688 | 138,247 |
Shares_Excluded_Underlying_Sto
Shares Excluded Underlying Stock Based Award from Calucations of Diluted EPS (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from calculations of diluted EPS | 1,550 | 1,436 | 1,550 | 1,435 |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 28, 2013 | Apr. 01, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured and recorded at fair value | $118,068 | $153,001 | |
Foreign exchange forward contracts | 784 | 4,603 | |
Contingent consideration obligation | 3,094 | ||
Total liabilities measured and recorded at fair value | 2,066 | 4,603 | |
Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration obligation | 1,282 | 0 | |
Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts | 784 | 4,603 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 19,995 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 59,992 | 59,980 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 58,076 | 73,026 | |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured and recorded at fair value | 58,076 | 73,026 | |
Total liabilities measured and recorded at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration obligation | 0 | 0 | |
Fair Value, Inputs, Level 1 | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts | 0 | 0 | |
Fair Value, Inputs, Level 1 | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | |
Fair Value, Inputs, Level 1 | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Fair Value, Inputs, Level 1 | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 58,076 | 73,026 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured and recorded at fair value | 59,992 | 79,975 | |
Total liabilities measured and recorded at fair value | 784 | 4,603 | |
Fair Value, Inputs, Level 2 | Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration obligation | 0 | 0 | |
Fair Value, Inputs, Level 2 | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts | 784 | 4,603 | |
Fair Value, Inputs, Level 2 | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 19,995 | |
Fair Value, Inputs, Level 2 | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 59,992 | 59,980 | |
Fair Value, Inputs, Level 2 | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured and recorded at fair value | 0 | 0 | |
Total liabilities measured and recorded at fair value | 1,282 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration obligation | 1,282 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | $0 | $0 |
Information_about_Derivative_P
Information about Derivative Positions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Derivative [Line Items] | |||||
(Losses) gains on forward currency contracts | ($784) | $1,002 | ($5,212) | ($1,156) | |
Gross amounts of recognized liabilities | 1,031 | 1,031 | 4,730 | ||
Gross amounts offset in the condensed consolidated balance sheet | 247 | 247 | 127 | ||
Net amount of liabilities in the condensed consolidated balance sheet | $784 | $784 | $4,603 |
Summary_of_Financial_Informati
Summary of Financial Information for Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ||||
Total net sales | $164,585 | $184,449 | $507,199 | $548,085 |
Total Segment Profit | 35,680 | 46,049 | 109,144 | 135,924 |
CCS | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 105,150 | 112,876 | 323,745 | 351,572 |
Total Segment Profit | 25,044 | 27,166 | 75,703 | 93,917 |
ME | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 42,520 | 54,421 | 132,521 | 139,691 |
Total Segment Profit | 8,635 | 16,771 | 27,324 | 30,823 |
SMD | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 16,915 | 17,152 | 50,933 | 56,822 |
Total Segment Profit | $2,001 | $2,112 | $6,117 | $11,184 |
Reconciliation_of_Total_Segmen
Reconciliation of Total Segment Profit to Operating Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total Segment Profit | $35,680 | $46,049 | $109,144 | $135,924 |
Amortization of intangible assets | -2,343 | -2,389 | -6,989 | -7,259 |
Contingent consideration fair value adjustment | 1,813 | 0 | 1,813 | 0 |
Unallocated General And Administrative Expenses | -11,241 | -16,526 | -33,425 | -43,163 |
Operating income | 23,909 | 27,134 | 70,543 | 85,502 |
Other expense (income), net | 963 | 1,441 | -1,295 | 636 |
Income before income taxes and equity in net income of affiliates | $22,946 | $25,693 | $71,838 | $84,866 |