Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Polypore International, Inc. | ' | ' |
Entity Central Index Key | '0001292556 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,384,748,000 |
Entity Common Stock, Shares Outstanding | ' | 44,982,070 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $163,423 | $44,873 |
Accounts receivable, net | 113,506 | 122,056 |
Inventories | 113,860 | 115,462 |
Deferred income taxes | ' | 21,671 |
Prepaid and other | 18,118 | 22,769 |
Assets of discontinued operations | ' | 92,261 |
Total current assets | 408,907 | 419,092 |
Property, plant and equipment, net | 595,375 | 607,466 |
Goodwill | 444,512 | 444,512 |
Intangibles and loan acquisition costs, net | 93,792 | 107,006 |
Other | 7,627 | 7,996 |
Total assets | 1,550,213 | 1,586,072 |
Current liabilities: | ' | ' |
Accounts payable | 31,764 | 30,083 |
Accrued liabilities | 49,266 | 44,039 |
Income taxes payable | 4,055 | 1,603 |
Current portion of debt | 16,875 | 50,000 |
Liabilities of discontinued operations | ' | 19,576 |
Total current liabilities | 101,960 | 145,301 |
Debt, less current portion | 629,375 | 646,250 |
Pension obligations, less current portion | 102,821 | 103,491 |
Deferred income taxes | 70,332 | 84,719 |
Other | 26,149 | 23,474 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock - 15,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, $.01 par value - 200,000,000 shares authorized, 46,926,205 issued and 44,916,570 outstanding at December 28, 2013 and 46,627,064 issued and outstanding at December 29, 2012 | 469 | 466 |
Paid-in capital | 569,362 | 545,196 |
Retained earnings | 137,379 | 55,768 |
Accumulated other comprehensive loss | -12,865 | -22,353 |
Treasury stock, at cost - 2,009,635 shares at December 28, 2013 and no shares at December 29, 2012 | -80,668 | ' |
Total Polypore shareholders' equity | 613,677 | 579,077 |
Noncontrolling interest | 5,899 | 3,760 |
Total shareholders' equity | 619,576 | 582,837 |
Total liabilities and shareholders' equity | $1,550,213 | $1,586,072 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
Consolidated balance sheets | ' | ' |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,926,205 | 46,627,064 |
Common stock, shares outstanding | 44,916,570 | 46,627,064 |
Treasury stock, shares | 2,009,635 | 0 |
Consolidated_statements_of_inc
Consolidated statements of income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated statements of income | ' | ' | ' |
Net sales | $636,282 | $648,699 | $685,725 |
Cost of goods sold | 415,553 | 403,490 | 386,230 |
Gross profit | 220,729 | 245,209 | 299,495 |
Selling, general and administrative expenses | 132,792 | 121,454 | 129,840 |
Operating income | 87,937 | 123,755 | 169,655 |
Other (income) expense: | ' | ' | ' |
Interest expense, net | 39,473 | 36,049 | 34,384 |
Foreign currency and other | 721 | -113 | -1,950 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | 2,478 | ' |
Other (income) expense total | 40,194 | 38,414 | 32,434 |
Income from continuing operations before income taxes | 47,743 | 85,341 | 137,221 |
Income taxes | 14,289 | 25,267 | 46,058 |
Income from continuing operations | 33,454 | 60,074 | 91,163 |
Income from discontinued operations, net of income taxes | 12,302 | 10,877 | 14,077 |
Gain on sale of discontinued operations, net of income taxes | 35,855 | ' | ' |
Income from discontinued operations | 48,157 | 10,877 | 14,077 |
Net income | $81,611 | $70,951 | $105,240 |
Net income per share - basic: | ' | ' | ' |
Continuing operations (in dollars per share) | $0.73 | $1.29 | $1.97 |
Discontinued operations (in dollars per share) | $1.06 | $0.23 | $0.31 |
Net income per share (in dollars per share) | $1.79 | $1.52 | $2.28 |
Net income per share - diluted: | ' | ' | ' |
Continuing operations (in dollars per share) | $0.72 | $1.27 | $1.93 |
Discontinued operations (in dollars per share) | $1.04 | $0.23 | $0.30 |
Net income per share (in dollars per share) | $1.76 | $1.50 | $2.23 |
Weighted average shares outstanding: | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 45,610,270 | 46,540,385 | 46,182,204 |
Weighted average shares outstanding - diluted (in shares) | 46,239,796 | 47,229,595 | 47,119,997 |
Consolidated_statements_of_com
Consolidated statements of comprehensive income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated statements of comprehensive income | ' | ' | ' |
Net income | $81,611 | $70,951 | $105,240 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustment | 3,566 | 10,058 | -13,479 |
Change in net actuarial loss and prior service credit | 10,207 | -20,883 | -6,999 |
Income taxes related to other comprehensive income (loss) | -4,285 | 5,599 | 3,082 |
Other comprehensive income (loss) | 9,488 | -5,226 | -17,396 |
Comprehensive income | $91,099 | $65,725 | $87,844 |
Consolidated_statements_of_sha
Consolidated statements of shareholders' equity (USD $) | Total | Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance at Jan. 01, 2011 | $378,050,000 | $456,000 | ' | $497,160,000 | ($120,423,000) | $269,000 | $588,000 |
Balance (in shares) at Jan. 01, 2011 | ' | 45,582,557 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 105,240,000 | ' | ' | ' | 105,240,000 | ' | ' |
Stock-based compensation | 9,298,000 | ' | ' | 9,298,000 | ' | ' | ' |
Stock option exercises | 6,658,000 | 9,000 | ' | 6,649,000 | ' | ' | ' |
Stock option exercises (in shares) | ' | 912,243 | ' | ' | ' | ' | ' |
Excess tax benefit from stock-based compensation | 14,136,000 | ' | ' | 14,136,000 | ' | ' | ' |
Restricted stock grants (in shares) | ' | 4,380 | ' | ' | ' | ' | ' |
Noncontrolling interest | 3,350,000 | ' | ' | ' | ' | ' | 3,350,000 |
Change in net actuarial loss and prior service credit, net of income tax (expense) benefit of $(3,647), $5,848 and $2,187 for the years ended December 28, 2013, December 29, 2012 and ,December 31, 2011, respectively | -4,812,000 | ' | ' | ' | ' | -4,812,000 | ' |
Foreign currency translation adjustment, net of income tax expense (benefit) of $638, $249 and ($895) for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively | -12,527,000 | ' | ' | ' | ' | -12,584,000 | 57,000 |
Balance at Dec. 31, 2011 | 499,393,000 | 465,000 | ' | 527,243,000 | -15,183,000 | -17,127,000 | 3,995,000 |
Balance (in shares) at Dec. 31, 2011 | ' | 46,499,180 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 70,951,000 | ' | ' | ' | 70,951,000 | ' | ' |
Stock-based compensation | 16,278,000 | ' | ' | 16,278,000 | ' | ' | ' |
Stock option exercises | 1,338,000 | 1,000 | ' | 1,337,000 | ' | ' | ' |
Stock option exercises (in shares) | ' | 116,183 | ' | ' | ' | ' | ' |
Excess tax benefit from stock-based compensation | 338,000 | ' | ' | 338,000 | ' | ' | ' |
Restricted stock grants (in shares) | ' | 11,701 | ' | ' | ' | ' | ' |
Noncontrolling interest | -242,000 | ' | ' | ' | ' | ' | -242,000 |
Change in net actuarial loss and prior service credit, net of income tax (expense) benefit of $(3,647), $5,848 and $2,187 for the years ended December 28, 2013, December 29, 2012 and ,December 31, 2011, respectively | -15,035,000 | ' | ' | ' | ' | -15,035,000 | ' |
Foreign currency translation adjustment, net of income tax expense (benefit) of $638, $249 and ($895) for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively | 9,816,000 | ' | ' | ' | ' | 9,809,000 | 7,000 |
Balance at Dec. 29, 2012 | 582,837,000 | 466,000 | ' | 545,196,000 | 55,768,000 | -22,353,000 | 3,760,000 |
Balance (in shares) at Dec. 29, 2012 | 46,627,064 | 46,627,064 | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 81,611,000 | ' | ' | ' | 81,611,000 | ' | ' |
Stock-based compensation | 20,687,000 | ' | ' | 20,687,000 | ' | ' | ' |
Stock option exercises | 2,319,000 | 2,000 | ' | 2,317,000 | ' | ' | ' |
Stock option exercises (in shares) | ' | 209,237 | ' | ' | ' | ' | ' |
Excess tax benefit from stock-based compensation | 1,163,000 | ' | ' | 1,163,000 | ' | ' | ' |
Restricted stock grants | ' | 1,000 | ' | -1,000 | ' | ' | ' |
Restricted stock grants (in shares) | ' | 89,904 | ' | ' | ' | ' | ' |
Restricted stock forfeitures (in shares) | ' | -1,374 | 1,374 | ' | ' | ' | ' |
Repurchases of common stock | -80,668,000 | ' | -80,668,000 | ' | ' | ' | ' |
Repurchases of common stock (in shares) | ' | -2,008,261 | 2,008,261 | ' | ' | ' | ' |
Noncontrolling interest | 1,960,000 | ' | ' | ' | ' | ' | 1,960,000 |
Change in net actuarial loss and prior service credit, net of income tax (expense) benefit of $(3,647), $5,848 and $2,187 for the years ended December 28, 2013, December 29, 2012 and ,December 31, 2011, respectively | 6,560,000 | ' | ' | ' | ' | 6,560,000 | ' |
Foreign currency translation adjustment, net of income tax expense (benefit) of $638, $249 and ($895) for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively | 3,107,000 | ' | ' | ' | ' | 2,928,000 | 179,000 |
Balance at Dec. 28, 2013 | $619,576,000 | $469,000 | ($80,668,000) | $569,362,000 | $137,379,000 | ($12,865,000) | $5,899,000 |
Balance (in shares) at Dec. 28, 2013 | 46,926,205 | 44,916,570 | 2,009,635 | ' | ' | ' | ' |
Consolidated_statements_of_sha1
Consolidated statements of shareholders' equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated statements of shareholders' equity | ' | ' | ' |
Change in net actuarial loss and prior service credit, net of income tax (expense) benefit | ($3,647) | $5,848 | $2,187 |
Foreign currency translation adjustment, income tax expense (benefit) | $638 | $249 | ($895) |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $81,611 | $70,951 | $105,240 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation expense | 44,812 | 42,320 | 34,812 |
Amortization expense | 11,491 | 13,347 | 16,530 |
Amortization of loan acquisition costs | 2,474 | 2,471 | 2,454 |
Gain on sale of discontinued operations, net of income taxes | -35,855 | ' | ' |
Stock-based compensation | 20,687 | 16,278 | 9,298 |
Loss on disposal of property, plant and equipment | 1,161 | 971 | 375 |
Foreign currency (gain) loss | -60 | 729 | -2,065 |
Excess tax benefit from stock-based compensation | -1,163 | -338 | -14,136 |
Deferred income taxes | -4,038 | 9,822 | 28,640 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | 2,478 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 9,795 | -2,810 | -18,795 |
Inventories | 2,117 | -28,304 | -15,614 |
Prepaid and other current assets | 6,224 | 3,603 | -2,046 |
Accounts payable and accrued liabilities | 4,105 | -23,003 | -661 |
Income taxes payable | 3,173 | -4,098 | 245 |
Other, net | 7,926 | 369 | 556 |
Net cash provided by operating activities | 154,460 | 104,786 | 144,833 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment, net | -28,235 | -137,111 | -156,330 |
Net proceeds from the sale of discontinued operations | 116,613 | ' | ' |
Net cash provided by (used in) investing activities | 88,378 | -137,111 | -156,330 |
Financing activities: | ' | ' | ' |
Principal payments on debt | -15,000 | -4,674 | -4,519 |
Payments on revolving credit facility | -89,200 | -15,000 | ' |
Proceeds from revolving credit facility | 54,200 | ' | ' |
Repurchases of common stock | -80,668 | ' | ' |
Proceeds from stock option exercises | 2,319 | 1,338 | 6,658 |
Excess tax benefit from stock-based compensation | 1,163 | 338 | 14,136 |
Noncontrolling interest | 1,960 | -242 | 1,936 |
Proceeds from new senior credit agreement | ' | 350,000 | ' |
Principal payments in connection with refinancing of senior credit agreement | ' | -342,291 | ' |
Loan acquisition costs | ' | -6,228 | -627 |
Net cash provided by (used in) financing activities | -125,226 | -16,759 | 17,584 |
Effect of exchange rate changes on cash and cash equivalents | 938 | 1,383 | -3,468 |
Net increase (decrease) in cash and cash equivalents | 118,550 | -47,701 | 2,619 |
Cash and cash equivalents at beginning of period | 44,873 | 92,574 | 89,955 |
Cash and cash equivalents at end of period | 163,423 | 44,873 | 92,574 |
Supplemental cash flow information | ' | ' | ' |
Cash paid for interest, net of capitalized interest | 36,973 | 33,284 | 32,174 |
Cash paid for income taxes, net of refunds | $22,006 | $24,837 | $22,975 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 28, 2013 | |
Description of Business | ' |
Description of Business | ' |
1. Description of Business | |
Polypore International, Inc. (the "Company") is a leading global high-technology filtration company that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes. The Company has a global presence in the major geographic markets of North America, South America, Europe and Asia. | |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accounting Policies | ' | |||||||
Accounting Policies | ' | |||||||
2. Accounting Policies | ||||||||
Basis of Presentation and Use of Estimates | ||||||||
The accompanying consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries after elimination of intercompany accounts and transactions. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
On December 19, 2013, the Company completed the sale of its Microporous business. The operating results and assets and liabilities of this business have been presented as discontinued operations. All disclosures and amounts in the notes to the consolidated financial statements relate to the Company's continuing operations, unless otherwise indicated. | ||||||||
Accounting Period | ||||||||
The Company's fiscal year is the 52- or 53-week period ending the Saturday nearest to December 31. The fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 included 52 weeks. | ||||||||
Revenue Recognition | ||||||||
Revenue from product sales is recognized when a firm sales agreement is in place, delivery of the product has occurred and collectibility of the fixed and determinable sales price is reasonably assured. Amounts billed to customers for shipping and handling are recorded in "Net sales" in the accompanying consolidated statements of income. Shipping and handling costs incurred by the Company for the delivery of goods to customers are included in "Cost of goods sold" in the accompanying consolidated statements of income. Estimates for sales returns and allowances and product returns are recognized in the period in which the revenue is recorded. Product returns and warranty expenses were not material for all periods presented. | ||||||||
Cash Equivalents | ||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||
Accounts Receivable and Concentrations of Credit Risk | ||||||||
Accounts receivable potentially expose the Company to concentrations of credit risk. The Company provides credit in the normal course of business and performs ongoing credit evaluations on certain of its customers' financial condition, but generally does not require collateral to support such receivables. Accounts receivable, net of allowance for doubtful accounts, are carried at cost which approximates fair value. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The allowance for doubtful accounts was $3,262,000 and $2,995,000 at December 28, 2013 and December 29, 2012, respectively. The Company believes that the allowance for doubtful accounts is adequate to provide for potential losses resulting from uncollectible accounts. The Company charges accounts receivables off against the allowance for doubtful accounts when it deems them to be uncollectible on a specific identification basis. | ||||||||
Inventories | ||||||||
Inventories are carried at the lower of cost or market using the first-in, first-out method of accounting and consist of: | ||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Raw materials | $ | 39,357 | $ | 42,113 | ||||
Work-in-process | 22,079 | 27,608 | ||||||
Finished goods | 52,424 | 45,741 | ||||||
| | | | | | | | |
$ | 113,860 | $ | 115,462 | |||||
| | | | | | | | |
| | | | | | | | |
Property, Plant and Equipment | ||||||||
Property, plant and equipment are stated at cost. Depreciation commences when the asset is substantially complete and ready for its intended use. Depreciation is computed for financial reporting purposes on the straight-line method over the estimated useful lives of the related assets. The estimated useful lives for buildings and land improvements range from 20 to 40 years and the estimated useful lives for machinery and equipment range from 5 to 15 years. Costs of the construction of certain long-term assets include capitalized interest which is amortized over the estimated useful life of the related asset. The Company capitalized interest of $2,638,000 and $3,344,000 in 2012 and 2011, respectively. Repair and maintenance costs, which include indirect labor and employee benefits associated with maintenance personnel and utility, maintenance and repair costs for equipment and facilities utilized in the manufacturing process, are treated as inventoriable costs. Major planned maintenance activities outside of the normal production process are capitalized as property, plant and equipment if the costs are expected to provide future benefits by increasing the service potential of the asset to which the repair or maintenance applies. | ||||||||
Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. | ||||||||
Goodwill, Intangible Assets and Loan Acquisition Costs | ||||||||
Goodwill and indefinite-lived intangible assets are not amortized, but are subject to annual impairment testing unless circumstances dictate more frequent assessments. The Company performs its annual impairment assessment as of the first day of the fourth quarter of each fiscal year and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than the carrying amount. The Company's reporting units are at the operating segment level. | ||||||||
The Company tests for goodwill impairment using the quantitative two-step goodwill impairment test. Step one of the goodwill impairment test compares the fair value of the Company's reporting units to their carrying amount. The fair value of the reporting unit is determined using the income approach, corroborated by comparison to market capitalization and key multiples of comparable companies. Under the income approach, the Company determines fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit's carrying amount exceeds its fair value, the second step must be completed to measure the amount of impairment, if any. Step two calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit as calculated in step one. In this step, the fair value of the reporting unit is allocated to all of the reporting unit's assets and liabilities in a hypothetical purchase price allocation as if the reporting unit had been acquired on that date. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to the excess. | ||||||||
Intangible assets with finite lives are amortized over their respective estimated useful lives using the straight-line method. The useful life of customer relationships is based upon historical customer attrition rates and represents the estimated economic life of those relationships. Loan acquisition costs are amortized over the term of the related debt. Amortization expense for loan acquisition costs is classified as interest expense. Intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset, a loss is recognized for the difference between the fair value and carrying value of the intangible asset. | ||||||||
Income Taxes | ||||||||
Deferred tax assets and liabilities are based on temporary differences between the basis of certain assets and liabilities for income tax and financial reporting purposes. A valuation allowance is recognized if it is more likely than not that a portion of the deferred tax assets will not be realized in the future. The tax effects from unrecognized tax benefits are recognized in the financial statements if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. | ||||||||
Stock-Based Compensation | ||||||||
The Company records stock-based compensation based on the fair value of the award at the grant date. Stock-based compensation expense is recorded over the requisite service period using the straight-line method for service-based awards and in the service period corresponding to the performance target for performance-based awards. Excess tax benefits from employee stock option exercises are recorded as an increase to additional paid-in capital if an incremental tax benefit is realized following the ordering provisions of the tax law. Excess tax benefits are reported as a financing cash inflow rather than as a reduction of income taxes paid in the statement of cash flows. | ||||||||
Research and Development | ||||||||
The cost of research and development is charged to expense as incurred and is included in "Selling, general and administrative expenses" in the accompanying consolidated statements of income. Research and development expense was $17,184,000, $18,487,000 and $17,555,000 in 2013, 2012 and 2011, respectively. | ||||||||
Government Grants | ||||||||
Grant awards are recognized when there is reasonable assurance that the Company will receive the grant and comply with the conditions attached to the grant. For capital expenditures, the Company deducts grant awards from the cost of the related asset. For expense reimbursements, the Company deducts grant awards from the related expenses. The Company was awarded a $49,264,000 grant from the U.S. Department of Energy ("DOE") to help fund an expansion of its U.S. lithium battery separator production capacity. As of December 29, 2012, the Company had recognized and received the entire amount of the DOE grant. The Company has also been awarded state and local grants in connection with certain of its U.S. expansions. | ||||||||
The Company recognized grant awards for capital expenditures of $1,670,000 and $23,550,000 in 2012 and 2011, respectively. The Company recognized grant awards for expenses of $1,739,000, $2,566,000 and $4,715,000 in 2013, 2012 and 2011, respectively. | ||||||||
Net Income Per Share | ||||||||
Basic net income per common share is based on the weighted-average number of common shares outstanding in each year. Diluted net income per common share considers the impact of dilution from stock options and unvested restricted stock shares as measured under the treasury stock method. Potential common shares that would increase net income per share amounts or decrease net loss per share amounts are antidilutive and excluded from the diluted net income per common share computation. | ||||||||
Foreign Currency Translation | ||||||||
The local currencies of the Company's foreign subsidiaries are the functional currencies. Assets and liabilities of the Company's foreign subsidiaries are translated into United States dollars at current exchange rates and resulting translation adjustments are reported in "Accumulated other comprehensive income (loss)." Income statement amounts are translated at weighted average exchange rates prevailing during the period. Transaction gains and losses are included in the determination of net income. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates their fair value due to the short-term maturities of these assets and liabilities. The carrying amount of borrowings under the senior secured credit agreement approximates fair value because the interest rates adjust to market interest rates. The fair value of the 7.5% senior notes, based on a quoted market price and classified as level one in the fair value hierarchy, was $385,988,000 at December 28, 2013. | ||||||||
Fair Value Measurements | ||||||||
Authoritative guidance establishes the following hierarchy that prioritizes the inputs to valuation methodologies used to measure fair value: | ||||||||
• | ||||||||
Level one: observable inputs such as quoted market prices in active markets; | ||||||||
• | ||||||||
Level two: inputs other than the quoted prices in active markets that are observable either directly or indirectly; | ||||||||
• | ||||||||
Level three: unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions. | ||||||||
As of December 28, 2013, the Company did not have any financial assets and liabilities required to be measured at fair value on a recurring basis. See Note 9 for pension assets measured at fair value on a recurring basis. | ||||||||
Recent Accounting Pronouncements | ||||||||
In February 2013, the FASB issued guidance requiring companies to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. The guidance is effective for annual and interim periods beginning after December 15, 2012. The adoption of this guidance in the Company's fiscal 2013 consolidated financial statements only affected presentation and did not have an impact on the Company's financial condition or results of operations. | ||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ' | |||||||
3. Property, Plant and Equipment | ||||||||
Property, plant and equipment consist of: | ||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Land | $ | 24,184 | $ | 23,675 | ||||
Buildings and land improvements | 157,928 | 153,934 | ||||||
Machinery and equipment | 559,865 | 520,548 | ||||||
Construction in progress | 139,344 | 150,840 | ||||||
| | | | | | | | |
881,321 | 848,997 | |||||||
Less accumulated depreciation | 285,946 | 241,531 | ||||||
| | | | | | | | |
$ | 595,375 | $ | 607,466 | |||||
| | | | | | | | |
| | | | | | | | |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Goodwill | ' | |||||||||||||
Goodwill | ' | |||||||||||||
4. Goodwill | ||||||||||||||
There were no changes in the carrying amount of goodwill for the years ended December 28, 2013 and December 29, 2012, and the carrying amount of goodwill at those dates was as follows: | ||||||||||||||
(in thousands) | Transportation | Electronics | Separations | Total | ||||||||||
and Industrial | and EDVs | Media | ||||||||||||
Goodwill | $ | 327,347 | $ | 36,336 | $ | 212,279 | $ | 575,962 | ||||||
Accumulated impairment charges | (131,450 | ) | — | — | (131,450 | ) | ||||||||
| | | | | | | | | | | | | | |
$ | 195,897 | $ | 36,336 | $ | 212,279 | $ | 444,512 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Intangibles_Loan_Acquisition_a
Intangibles, Loan Acquisition and Other Costs | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Intangibles, Loan Acquisition and Other Costs | ' | |||||||||||||||
Intangibles, Loan Acquisition and Other Costs | ' | |||||||||||||||
5. Intangibles, Loan Acquisition and Other Costs | ||||||||||||||||
Intangibles, loan acquisition and other costs consist of: | ||||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||
(in thousands) | Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||
Average | Carrying | Amortization | Carrying | Amortization | ||||||||||||
Life (years) | Amount | Amount | ||||||||||||||
Intangible and other assets subject to amortization: | ||||||||||||||||
Customer relationships | 17 | $ | 181,464 | $ | 107,554 | $ | 181,066 | $ | 96,180 | |||||||
Loan acquisition costs | 6 | 14,808 | 5,645 | 14,808 | 3,171 | |||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||
Trade names | Indefinite | 10,719 | — | 10,483 | — | |||||||||||
| | | | | | | | | | | | | | | | |
$ | 206,991 | $ | 113,199 | $ | 206,357 | $ | 99,351 | |||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Amortization expense, including amortization of loan acquisition costs classified as interest expense, was $13,595,000, $15,078,000 and $18,244,000 in 2013, 2012 and 2011, respectively. The Company's estimate of amortization expense for the next five years is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2014 | $ | 13,605 | ||||||||||||||
2015 | 13,605 | |||||||||||||||
2016 | 13,605 | |||||||||||||||
2017 | 12,871 | |||||||||||||||
2018 | 9,983 |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ' | |||||||
6. Accrued Liabilities | ||||||||
Accrued liabilities consist of: | ||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Compensation expense and other fringe benefits | $ | 18,421 | $ | 11,240 | ||||
Current portion of environmental reserve | 2,882 | 11,079 | ||||||
Other | 27,963 | 21,720 | ||||||
| | | | | | | | |
$ | 49,266 | $ | 44,039 | |||||
| | | | | | | | |
| | | | | | | | |
Debt
Debt | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt | ' | |||||||
Debt | ' | |||||||
7. Debt | ||||||||
Debt, in order of priority, consists of: | ||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | — | $ | 35,000 | ||||
Term loan facility | 281,250 | 296,250 | ||||||
| | | | | | | | |
281,250 | 331,250 | |||||||
7.5% senior notes | 365,000 | 365,000 | ||||||
| | | | | | | | |
646,250 | 696,250 | |||||||
Less current portion | 16,875 | 50,000 | ||||||
| | | | | | | | |
Long-term debt | $ | 629,375 | $ | 646,250 | ||||
| | | | | | | | |
| | | | | | | | |
On June 29, 2012, the Company refinanced its previous senior secured credit agreement with a new senior secured credit agreement. The credit agreement provides for a $150,000,000 revolving credit facility ($50,000,000 of which was borrowed in connection with the refinancing) and a $300,000,000 term loan facility. The proceeds from the credit agreement were used to pay outstanding principal and interest under the previous credit agreement and loan acquisition costs of $6,228,000, which were capitalized and are being amortized over the life of the credit agreement. In connection with the refinancing, the Company wrote-off unamortized loan acquisition costs of $2,478,000 associated with the previous credit agreement. Interest rates under the credit agreement are, at the Company's option, equal to either an alternate base rate or the Eurocurrency base rate, plus a specified margin. | ||||||||
The Company's domestic subsidiaries guarantee indebtedness under the credit agreement. Substantially all assets of the Company and its domestic subsidiaries and a first priority pledge of 66% of the voting capital stock of its foreign subsidiaries secure indebtedness under the credit agreement. The Company's ability to pay dividends on its common stock is limited under the terms of the credit agreement. The Company is also subject to certain financial covenants, including a maximum senior leverage ratio and a minimum interest coverage ratio. The Company was in compliance with all covenants as of December 28, 2013. | ||||||||
At December 28, 2013, no amounts were outstanding under the revolving credit facility and the entire amount was available for borrowing. The revolving credit facility matures in June 2017. | ||||||||
The term loan matures in June 2017. Minimum scheduled principal repayments of the term loan are as follows: | ||||||||
(in thousands) | ||||||||
2014 | $ | 16,875 | ||||||
2015 | 24,375 | |||||||
2016 | 33,750 | |||||||
2017 | 206,250 | |||||||
| | | | | ||||
$ | 281,250 | |||||||
| | | | | ||||
| | | | | ||||
In 2010, the Company issued $365,000,000 aggregate principal amount of 7.5% senior notes due 2017. Interest on the notes is payable semi-annually on May 15 and November 15. The notes are effectively subordinated to all of the Company's existing and future secured debt and will rank senior to any of the Company's existing and future senior subordinated debt. The Company's domestic subsidiaries, subject to certain exceptions, guarantee the notes. The Company may redeem some or all of the notes at redemption prices specified in the indenture governing the notes. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
8. Income Taxes | |||||||||||
Significant components of deferred tax assets and liabilities consist of: | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Deferred tax assets: | |||||||||||
Pension obligations | $ | 29,683 | $ | 30,892 | |||||||
Net operating loss carryforwards | 5,552 | 17,689 | |||||||||
Other | 27,036 | 22,576 | |||||||||
| | | | | | | | ||||
Total deferred tax assets | 62,271 | 71,157 | |||||||||
Valuation allowance | (2,225 | ) | (3,797 | ) | |||||||
| | | | | | | | ||||
Net deferred tax assets | 60,046 | 67,360 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | (85,952 | ) | (91,251 | ) | |||||||
Goodwill and intangibles | (28,351 | ) | (31,708 | ) | |||||||
Other | (16,160 | ) | (7,449 | ) | |||||||
| | | | | | | | ||||
Total deferred tax liabilities | (130,463 | ) | (130,408 | ) | |||||||
| | | | | | | | ||||
Net deferred taxes | $ | (70,417 | ) | $ | (63,048 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
The valuation allowance decreased by $1,572,000 during 2013 primarily due to adjustments to state tax positions. | |||||||||||
Deferred taxes are reflected in the consolidated balance sheet as follows: | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Current deferred tax asset | $ | — | $ | 21,671 | |||||||
Accrued liabilities | (85 | ) | — | ||||||||
Non-current deferred tax liability | (70,332 | ) | (84,719 | ) | |||||||
| | | | | | | | ||||
Net deferred taxes | $ | (70,417 | ) | $ | (63,048 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Balance at beginning of year | $ | 9,435 | $ | 9,373 | $ | 8,103 | |||||
Increase related to current year positions | 980 | — | — | ||||||||
Increase related to prior year positions | 160 | 62 | 1,270 | ||||||||
Settlements with tax authorities | (138 | ) | — | — | |||||||
| | | | | | | | | | | |
Balance at end of year | $ | 10,437 | $ | 9,435 | $ | 9,373 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The amount of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate is $9,183,000, $8,168,000 and $8,045,000 as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense and were $362,000, $399,000 and $362,000 at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||
The Company has operations in North America, Europe and Asia and files tax returns in numerous tax jurisdictions. The Company is not subject to income tax adjustments in the U.S. for tax years prior to 2005 and in foreign jurisdictions for tax years prior to 2004. Tax audits are currently being conducted on a French subsidiary for the tax years 2006 through 2008. Although the outcome of tax audits is uncertain, management believes that adequate provisions have been made for potential liabilities resulting from such audits. Because audit outcomes and the timing of audit settlements are subject to significant uncertainty, the Company cannot make a reasonable estimate of the impact on earnings in the next twelve months from these audits. Management is not aware of any issues for open tax years that upon final resolution will have a material adverse effect on the Company's consolidated financial position, cash flows or operating results. | |||||||||||
At December 28, 2013, the Company has net operating loss carryforwards in the U.S. of $22,716,000 that expire beginning in 2027. The Company expects to utilize the U.S. net operating loss carryforwards during the next twelve months and has classified these amounts as current in the accompanying December 28, 2013 consolidated balance sheet. The Company also has foreign net operating losses of $714,000 that expire at various dates beginning in 2015. The Company utilized approximately $28,617,000 of net operating loss carryfowards during 2013. | |||||||||||
Income before income taxes includes the following components: | |||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
United States | $ | (2,762 | ) | $ | 18,062 | $ | 72,993 | ||||
Foreign | 50,505 | 67,279 | 64,228 | ||||||||
| | | | | | | | | | | |
$ | 47,743 | $ | 85,341 | $ | 137,221 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income tax expense consists of: | |||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Current: | |||||||||||
U.S. taxes on domestic income | $ | 806 | $ | 658 | $ | 570 | |||||
Foreign taxes | 19,913 | 18,303 | 21,666 | ||||||||
| | | | | | | | | | | |
Total current | 20,719 | 18,961 | 22,236 | ||||||||
Deferred: | |||||||||||
U.S. taxes on domestic income | (2,739 | ) | 7,859 | 26,900 | |||||||
Foreign taxes | (3,691 | ) | (1,553 | ) | (3,078 | ) | |||||
| | | | | | | | | | | |
Total deferred | (6,430 | ) | 6,306 | 23,822 | |||||||
| | | | | | | | | | | |
$ | 14,289 | $ | 25,267 | $ | 46,058 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income taxes at the Company's effective tax rate differed from income taxes at the statutory rate as follows: | |||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Computed income taxes at the expected statutory rate | $ | 16,710 | $ | 29,869 | $ | 48,027 | |||||
State and local taxes | 2 | 321 | 1,418 | ||||||||
Foreign taxes | (1,749 | ) | (7,154 | ) | (5,127 | ) | |||||
Valuation allowances | (1,572 | ) | — | — | |||||||
Uncertain tax positions | 1,037 | — | — | ||||||||
Other | (139 | ) | 2,231 | 1,740 | |||||||
| | | | | | | | | | | |
Income tax expense | $ | 14,289 | $ | 25,267 | $ | 46,058 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Taxes have been provided on earnings distributed and expected to be distributed by the Company's foreign subsidiaries. In addition, there are discrete foreign earnings of $55,065,000 related to the sale of the Microporous business which the Company plans to repatriate. During 2013, the Company provided $8,336,000 of U.S. taxes on such earnings in discontinued operations. All other foreign earnings are undistributed and considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes has been provided thereon. The Company has not provided additional U.S. federal and state income taxes on an estimated $237,000,000 of undistributed earnings of consolidated foreign subsidiaries. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes and withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with this hypothetical calculation. | |||||||||||
The Company has entered into an agreement with the Board of Investment in Thailand under which, subject to certain limitations, 100% of the Company's income from manufacturing activities in Thailand was tax-free through 2010 and portions of income will be tax-free through 2019. The income tax benefits recognized from this tax holiday were $1,293,000, $1,821,000 and $2,300,000 in 2013, 2012 and 2011, respectively. The Company has entered into an agreement with the Ministry of Strategy and Finance in South Korea which, subject to certain limitations, effectively exempts 100% of the Company's income in South Korea from income taxes through 2016. The Company recognized an income tax benefit from this tax holiday of $1,379,000 in 2012. | |||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Employee Benefit Plans | ' | ||||||||||
Employee Benefit Plans | ' | ||||||||||
9. Employee Benefit Plans | |||||||||||
Pension Plans | |||||||||||
The Company and its subsidiaries sponsor multiple defined benefit pension plans based in subsidiaries located outside of the United States. The following table sets forth the funded status of the defined benefit pension plans: | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Change in benefit obligation | |||||||||||
Benefit obligation at beginning of year | $ | (123,825 | ) | $ | (97,667 | ) | |||||
Service cost | (2,255 | ) | (1,658 | ) | |||||||
Interest cost | (4,532 | ) | (4,739 | ) | |||||||
Plan amendments | 1,084 | — | |||||||||
Actuarial gain (loss) | 7,218 | (20,890 | ) | ||||||||
Benefit payments | 3,576 | 3,778 | |||||||||
Foreign currency translation and other | (4,640 | ) | (2,649 | ) | |||||||
| | | | | | | | ||||
Benefit obligation at end of year | (123,374 | ) | (123,825 | ) | |||||||
Change in plan assets | |||||||||||
Fair value of plan assets at beginning of year | 18,529 | 17,895 | |||||||||
Actual return on plan assets | 816 | 1,794 | |||||||||
Company contributions | 2,002 | 2,230 | |||||||||
Benefit payments | (3,576 | ) | (3,778 | ) | |||||||
Foreign currency translation and other | 722 | 388 | |||||||||
| | | | | | | | ||||
Fair value of plan assets at end of year | 18,493 | 18,529 | |||||||||
| | | | | | | | ||||
Funded status at end of year | $ | (104,881 | ) | $ | (105,296 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts recognized in the consolidated balance sheet consist of: | |||||||||||
Accrued liabilities | $ | (2,060 | ) | $ | (1,805 | ) | |||||
Pension obligations | (102,821 | ) | (103,491 | ) | |||||||
| | | | | | | | ||||
Net amount recognized | $ | (104,881 | ) | $ | (105,296 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts recognized in accumulated other comprehensive income (loss), pre-tax, consist of: | |||||||||||
Net actuarial loss | $ | 28,110 | $ | 35,987 | |||||||
Prior service credit | (1,259 | ) | (182 | ) | |||||||
| | | | | | | | ||||
Net amount recognized | $ | 26,851 | $ | 35,805 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
The funded status of the Company's pension plans is dependent upon many factors, including returns on invested assets and the level of market interest rates. | |||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $113,092,000 and $114,425,000 at December 28, 2013 and December 29, 2012, respectively. Each of the Company's defined benefit pension plans had accumulated benefit obligations in excess of plan assets at December 28, 2013. | |||||||||||
The following table provides the components of net periodic benefit cost: | |||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Service cost | $ | 2,255 | $ | 1,658 | $ | 1,552 | |||||
Interest cost | 4,532 | 4,739 | 5,021 | ||||||||
Expected return on plan assets | (768 | ) | (844 | ) | (910 | ) | |||||
Amortization of prior service credit | (52 | ) | (50 | ) | (54 | ) | |||||
Recognized net actuarial loss | 1,739 | 472 | 69 | ||||||||
| | | | | | | | | | | |
Net periodic benefit cost | $ | 7,706 | $ | 5,975 | $ | 5,678 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The amount of prior service credit and net actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit cost in 2014 is $951,000. | |||||||||||
Weighted average assumptions used to determine the benefit obligation and net periodic benefit costs consist of: | |||||||||||
Weighted average assumptions as of the end of the year | December 28, 2013 | December 29, 2012 | |||||||||
Discount rate used to determine the benefit obligation | 3.7 | % | 3.6 | % | |||||||
Discount rate used to determine the net periodic benefit costs | 3.6 | % | 4.9 | % | |||||||
Expected return on plan assets | 3.51 | % | 4 | % | |||||||
Rate of compensation increase | 2.53 | % | 2.52 | % | |||||||
The Company's pension plan assets are invested to obtain a reasonable long-term rate of return at an acceptable level of investment risk. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. Investment risk is measured and monitored on an ongoing basis through periodic investment portfolio reviews, liability measurements and asset/liability studies. The Company's expected return on plan assets is based on historical market data for each asset class and expected market conditions. Except for certain pension plans funded by insurance contracts, the assets in the pension plans are diversified across fixed income and equity investments. The investment portfolio has target allocations of approximately 77% fixed income and 23% equity. The actual portfolio allocation was 84% fixed income and 16% equity at December 28, 2013 and was 81% fixed income and 19% equity at December 29, 2012. The fixed income investments, which are primarily investment grade European bonds and insurance contracts, are level two securities in the fair value hierarchy. The equity securities are considered level one securities and primarily include investments in European companies. | |||||||||||
In 2014, the Company expects to contribute $2,060,000 to its pension plans. The estimated future benefit payments expected to be paid for each of the next five years and the sum of payments expected for the next five years thereafter are: | |||||||||||
(in thousands) | |||||||||||
2014 | $ | 3,891 | |||||||||
2015 | 4,045 | ||||||||||
2016 | 4,169 | ||||||||||
2017 | 4,403 | ||||||||||
2018 | 4,828 | ||||||||||
2019 - 2023 | 29,468 | ||||||||||
401(k) Plans | |||||||||||
The Company sponsors a 401(k) plan for U.S. salaried employees. Salaried employees are eligible to participate in the plan on January 1, April 1, July 1 or October 1 after their date of employment. Under the plan, employer contributions are defined as 5.00% of a participant's base salary plus a matching of employee contributions allowing for a maximum matching contribution of 3.00% of a participant's earnings. The cost of the plan recognized as expense was $3,551,000, $4,224,000 and $3,484,000 in 2013, 2012 and 2011, respectively. | |||||||||||
The Company sponsors a 401(k) plan for U.S. hourly employees subject to collective bargaining agreements. Depending on the applicable collective bargaining agreement, employer basic contributions are defined as 3.00% or 3.50% of a participant's base earnings plus a company matching contribution, limited to certain maximum percentage contributions. The Company also makes a separate contribution for employees who were hired prior to January 1, 2000 and who are not eligible for certain other benefit plans. The cost of the plan recognized as expense was $631,000, $650,000 and $664,000 in 2013, 2012 and 2011, respectively | |||||||||||
Environmental_Matters
Environmental Matters | 12 Months Ended |
Dec. 28, 2013 | |
Environmental Matters | ' |
Environmental Matters | ' |
10. Environmental Matters | |
Environmental obligations are accrued when such expenditures are probable and reasonably estimable. The amount of liability recorded is based on currently available information, including the progress of remedial investigations, current status of discussions with regulatory authorities regarding the method and extent of remediation, presently enacted laws and existing technology. Accruals for estimated losses from environmental obligations are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental obligations are not discounted to their present value. The Company does not currently anticipate any material loss in excess of the amounts accrued. However, the Company's future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations and the availability and application of technology. The Company does not expect the resolution of such uncertainties to have a material adverse effect on its consolidated financial position or liquidity. Recoveries of environmental costs from other parties are recognized as assets when receipt is deemed probable. | |
In connection with the acquisition of Membrana GmbH ("Membrana") in 2002, the Company recorded a reserve for environmental obligations. The reserve provides for costs to remediate known environmental issues and operational upgrades which are required in order for the Company to remain in compliance with local regulations. The initial estimate and subsequent finalization of the reserve was included in the allocation of purchase price at the date of acquisition. The environmental reserve for the Membrana facility, which is denominated in euros, was $2,882,000 and $11,079,000 at December 28, 2013 and December 29, 2012, respectively. The Company anticipates the expenditures associated with the reserve will be made in the next twelve months. The reserve is included in "Accrued liabilities" in the accompanying consolidated balance sheets. | |
The Company had indemnification agreements with the prior owners of Membrana for a substantial portion of these costs. During the third quarter of 2013, the Company received $10,304,000 as final payment of amounts outstanding under the indemnification agreements. At December 29, 2012, the indemnification receivable, which was denominated in euros, was $11,542,000 and included in "Prepaid and other" in the accompanying consolidated balance sheet. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
11. Commitments and Contingencies | |||||
Leases | |||||
The Company leases certain equipment and facilities under operating leases. Rent expense under operating leases was $3,376,000, $3,416,000 and $2,523,000 in 2013, 2012 and 2011, respectively. | |||||
Future minimum operating lease payments at December 28, 2013 are: | |||||
(in thousands) | |||||
2014 | $ | 3,072 | |||
2015 | 2,144 | ||||
2016 | 1,437 | ||||
2017 | 1,182 | ||||
2018 | 875 | ||||
Thereafter | 469 | ||||
| | | | | |
$ | 9,179 | ||||
| | | | | |
| | | | | |
Raw Materials | |||||
The Company employs a global purchasing strategy to achieve pricing leverage on its purchases of major raw materials. Accordingly, the Company purchases the majority of each type of raw material from one primary supplier with additional suppliers having been qualified to supply the Company if an interruption in supply were to occur. The Company believes that alternative sources of raw materials are readily available and the loss of any particular supplier would not have a material impact on the results of operations. However, the loss of raw material supply sources could, in the short term, adversely affect the Company's business until alternative supply arrangements were secured. | |||||
Collective Bargaining Agreements | |||||
On December 28, 2013, approximately 33% of the Company's employees were represented under collective bargaining agreements. A majority of those employees are located in Germany and France and are represented under industry-wide agreements that are subject to national and local government regulations. Labor unions also represent the Company's employees in Owensboro, Kentucky, and Corydon, Indiana. The collective bargaining agreement at the Selestat, France facility, covering approximately 5% of the Company's workers, expires in June 2014. | |||||
Other | |||||
The Company is from time to time subject to various claims and other matters arising out of the normal conduct of business. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company believes that based on present information, it is unlikely that a liability, if any, exists that would have a material adverse effect on the consolidated operating results, financial position or cash flows of the Company. | |||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Stock-Based Compensation Plans | ' | |||||||||||||
Stock-Based Compensation Plans | ' | |||||||||||||
12. Stock-Based Compensation Plans | ||||||||||||||
The Company offers stock-based compensation plans to attract, retain, motivate and reward key officers, non-employee directors and employees. Stock-based compensation expense includes costs associated with stock options and restricted stock and is classified as "Selling, general and administrative expenses" in the accompanying consolidated statements of income. | ||||||||||||||
The 2007 Stock Incentive Plan ("2007 Plan") allows for the grant of stock options, restricted stock and other instruments for up to a total of 4,751,963 shares of common stock. Stock options granted under the 2007 Plan have 10-year terms and are issued with an exercise price not less than the fair market value of the Company's stock on the grant date. Stock options granted under the 2007 Plan may vest based on satisfaction of certain annual performance criteria or may vest over time. | ||||||||||||||
A summary of outstanding stock options is as follows: | ||||||||||||||
Stock Options | Weighted- | Weighted | Aggregate | |||||||||||
average | average | intrinsic | ||||||||||||
exercise | remaining | value | ||||||||||||
price | contractual | (in thousands) | ||||||||||||
term (years) | ||||||||||||||
Outstanding at December 29, 2012 | 3,121,639 | $ | 37.73 | |||||||||||
Granted | 348,208 | 36.84 | ||||||||||||
Exercised | (209,237 | ) | 11.08 | |||||||||||
Forfeited | (30,269 | ) | 51.14 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding at December 28, 2013 | 3,230,341 | 39.23 | 7 | $ | — | |||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Vested and exercisable at December 28, 2013 | 2,255,902 | 35.05 | 6.5 | 6,666 | ||||||||||
Expected to vest | 969,582 | 48.92 | 8.2 | — | ||||||||||
Stock option expense was $19,080,000, $16,100,000 and $9,206,000 in 2013, 2012 and 2011, respectively. The income tax benefit related to stock option expense was $6,773,000, $5,724,000 and $3,242,000 in 2013, 2012 and 2011, respectively. As of December 28, 2013, the Company had $18,177,000 of total pre-tax unrecognized stock option expense, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.2 years. | ||||||||||||||
Exercise prices for options outstanding at December 28, 2013 ranged from $5.24 to $56.98. The intrinsic value is based on the Company's closing stock price of $38.01 at December 28, 2013, which would have been received by the option holder had the options been exercised at that date. The total intrinsic value of options exercised during 2013, 2012 and 2011 amounted to $6,402,000, $3,116,000 and $48,063,000, respectively. | ||||||||||||||
The Company is required to estimate the fair value of stock options on the grant date using an option-pricing model. The weighted average grant-date fair value of options granted during 2013, 2012 and 2011 amounted to $18.92, $18.97 and $26.73 per share, respectively. The fair value of each stock option granted was estimated on the date of grant based on the Black-Scholes option pricing model with the following weighted-average assumptions: | ||||||||||||||
Weighted average | ||||||||||||||
assumptions | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected term (years) | 5.6 | 5.3 | 4.8 | |||||||||||
Risk-free interest rate | 0.96 | % | 0.86 | % | 0.9 | % | ||||||||
Expected volatility | 57.3 | % | 56 | % | 56.1 | % | ||||||||
Dividend yield | — | — | — | |||||||||||
The potential expected term of the stock options ranges from the vesting period of the options (three years) to the contractual term of the options (ten years). The Company determines the expected term of the options based on historical experience, vesting periods, structure of the option plans and contractual term of the options. The Company's risk-free interest rate is based on the interest rate of U.S. Treasury bills with a term approximating the expected term of the options and is measured at the date of the stock option grant. Expected volatility is estimated based on the Company's historical stock prices and implied volatility from traded options. The Company does not anticipate paying dividends. | ||||||||||||||
A summary of stock options that are expected to vest is as follows: | ||||||||||||||
Stock Options | Weighted- | |||||||||||||
average | ||||||||||||||
grant-date | ||||||||||||||
fair value | ||||||||||||||
December 29, 2012 | 1,297,773 | $ | 25.97 | |||||||||||
Granted | 346,147 | 18.92 | ||||||||||||
Vested | (645,736 | ) | 25.58 | |||||||||||
Forfeited | (28,602 | ) | 50.8 | |||||||||||
| | | | | | | | |||||||
December 28, 2013 | 969,582 | 22.98 | ||||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
The total fair value of options vested during 2013, 2012 and 2011 was $16,518,000, $17,945,000 and $4,014,000, respectively. | ||||||||||||||
On February 25, 2013, the Company modified the terms of stock options granted on August 23, 2011. For participants that meet certain criteria upon retirement, the modification extends the exercise period for vested options from 90 days after retirement to the earlier of the option expiration date or three years after retirement and also allows unvested options to continue to vest for up to three years after retirement as if the participant had remained in the service of the Company. The total incremental stock option expense associated with the modification, net of estimated forfeitures, was $2,500,000, of which $1,580,000 has been recognized as of December 28, 2013, and the remainder of which will be recognized over the remaining vesting period of 0.9 years. | ||||||||||||||
Under the 2007 Plan, the Company granted restricted shares of 89,904, 11,701 and 4,380 in 2013, 2012 and 2011, respectively. A summary of the status of unvested restricted stock is as follows: | ||||||||||||||
Restricted | Weighted- | |||||||||||||
stock | average | |||||||||||||
grant-date | ||||||||||||||
fair value | ||||||||||||||
Unvested at December 29, 2012 | 15,761 | $ | 38.4 | |||||||||||
Granted | 89,904 | 36.78 | ||||||||||||
Vested | (6,500 | ) | 39.25 | |||||||||||
Withheld and repurchased | (8,261 | ) | 36.42 | |||||||||||
Forfeited | (1,374 | ) | 36.42 | |||||||||||
| | | | | | | | |||||||
Unvested at December 28, 2013 | 89,530 | 36.93 | ||||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
The expense associated with these restricted stock grants, which vest over three years, was $1,607,000, $178,000 and $92,000 in 2013, 2012 and 2011, respectively. | ||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
13. Accumulated Other Comprehensive Income (Loss) | |||||||||||
The changes in accumulated other comprehensive income (loss), net of income taxes, for the year ended December 28, 2013 were as follows: | |||||||||||
(in thousands) | Pension | Foreign | Total | ||||||||
Plans | Currency | Accumulated Other | |||||||||
Translation | Comprehensive | ||||||||||
Adjustment | Income (Loss) | ||||||||||
Balance at December 29, 2012 | $ | (26,102 | ) | $ | 3,749 | $ | (22,353 | ) | |||
Other comprehensive income before reclassifications | 5,375 | 2,989 | 8,364 | ||||||||
Amortization of net actuarial loss and prior service credit for defined benefit pension plans and related income tax expense of $563 | 1,185 | (61 | ) | 1,124 | |||||||
| | | | | | | | | | | |
Other comprehensive income for the year ended December 28, 2013 | 6,560 | 2,928 | 9,488 | ||||||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | (19,542 | ) | $ | 6,677 | $ | (12,865 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
See Note 9, "Employee Benefit Plans", for additional details on the amortization of net actuarial loss and prior service credit, which are included in the computation of net periodic benefit cost. | |||||||||||
Treasury_Stock
Treasury Stock | 12 Months Ended |
Dec. 28, 2013 | |
Treasury Stock | ' |
Treasury Stock | ' |
14. Treasury Stock | |
On February 19, 2013, the Board of Directors authorized the repurchase of up to 4,000,000 shares of the Company's common stock. During 2013, the Company repurchased 2,000,000 shares of common stock for $80,343,000 and the authorization expired on December 31, 2013. During fiscal 2013, the Company withheld and repurchased 8,261 shares of common stock for $325,000 to satisfy certain employees' withholding tax liabilities related to restricted stock grants. Additionally, during fiscal 2013, 1,374 shares of unvested restricted stock were forfeited and included in treasury stock. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
15. Related Party Transactions | |
The Company's German subsidiary has a 33% equity investment in a patent and trademark service provider and a 25% equity investment in a research company. The investments are accounted for under the equity method of accounting and were $676,000 and $650,000 at December 28, 2013 and December 29, 2012, respectively. Charges from the affiliates for work performed were $1,628,000, $1,801,000 and $979,000 in 2013, 2012 and 2011, respectively. Amounts due to the affiliates were $254,000 and $239,000 at December 28, 2013 and December 29, 2012, respectively. | |
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 28, 2013 | |
Noncontrolling Interest | ' |
Noncontrolling Interest | ' |
16. Noncontrolling Interest | |
In 2010, the Company formed a joint venture with Camel Group Co., Ltd ("Camel"), a leading battery manufacturer in China, to produce lead-acid battery separators primarily for Camel's use. The joint venture, Daramic Xiangyang Battery Separator Co., Ltd. ("Daramic Xiangyang"), is located at Camel's facility and owned 65% by the Company and 35% by Camel. During fiscal 2013, the Company and Camel made equity contributions of $2,470,000 and $1,330,000, respectively, to fund capital expenditures. | |
In exchange for notes payable, Daramic Xiangyang purchased from Camel a building and from the Company certain production equipment that was previously located at the Company's former facility in Potenza, Italy. The notes payable and related interest will be paid by Daramic Xiangyang using available free cash flow, as defined in the joint venture agreement. The building note payable to Camel has a principal balance of $5,910,000 at December 28, 2013 and December 29, 2012 and is included in "Other" non-current liabilities in the accompanying consolidated balance sheets, and the equipment note payable to the Company eliminates in consolidation. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Segment Information | ' | ||||||||||
17. Segment Information | |||||||||||
The Company's operations are principally managed on a products basis and are comprised of three reportable segments for financial reporting purposes. The Company's three reportable segments are presented in the context of its two primary businesses—energy storage and separations media. | |||||||||||
The energy storage business produces and markets membranes that provide the critical function of separating the cathode and anode in a variety of battery markets and is comprised of the following reportable segments: | |||||||||||
• | |||||||||||
Electronics and EDVs—produces and markets membranes for lithium batteries that are used in portable electronic devices, cordless power tools, electric drive vehicles ("EDVs") and energy storage systems ("ESS"). | |||||||||||
• | |||||||||||
Transportation and industrial—produces and markets membranes for lead-acid batteries that are used in automobiles, other motor vehicles, forklifts and uninterruptible power supply systems. | |||||||||||
The separations media business is a reportable segment and produces and markets membranes and membrane modules used as the high-technology filtration element in various medical and industrial applications. | |||||||||||
The Company evaluates the performance of segments and allocates resources to segments based on operating income before depreciation and amortization. In addition, it evaluates business segment performance before stock-based compensation and certain non-recurring and other costs. | |||||||||||
Financial information relating to the reportable segments is presented below: | |||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales to external customers (by major product group): | |||||||||||
Electronics and EDVs | $ | 130,301 | $ | 167,370 | $ | 200,991 | |||||
Transportation and industrial | 311,859 | 299,010 | 294,498 | ||||||||
| | | | | | | | | | | |
Energy storage | 442,160 | 466,380 | 495,489 | ||||||||
Healthcare | 124,169 | 114,778 | 120,387 | ||||||||
Filtration and specialty | 69,953 | 67,541 | 69,849 | ||||||||
| | | | | | | | | | | |
Separations media | 194,122 | 182,319 | 190,236 | ||||||||
| | | | | | | | | | | |
Net sales | $ | 636,282 | $ | 648,699 | $ | 685,725 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Operating income: | |||||||||||
Electronics and EDVs | $ | 17,371 | $ | 47,195 | $ | 91,130 | |||||
Transportation and industrial | 69,997 | 66,061 | 75,508 | ||||||||
| | | | | | | | | | | |
Energy storage | 87,368 | 113,256 | 166,638 | ||||||||
Separations media | 54,077 | 52,479 | 54,680 | ||||||||
Corporate and other | (30,702 | ) | (24,078 | ) | (41,707 | ) | |||||
| | | | | | | | | | | |
Segment operating income | 110,743 | 141,657 | 179,611 | ||||||||
Stock-based compensation | 20,687 | 16,278 | 9,298 | ||||||||
Non-recurring and other costs | 2,119 | 1,624 | 658 | ||||||||
| | | | | | | | | | | |
Total operating income | 87,937 | 123,755 | 169,655 | ||||||||
Reconciling items: | |||||||||||
Interest expense, net | 39,473 | 36,049 | 34,384 | ||||||||
Foreign currency and other | 721 | (113 | ) | (1,950 | ) | ||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | 2,478 | — | ||||||||
| | | | | | | | | | | |
Income from continuing operations before income taxes | $ | 47,743 | $ | 85,341 | $ | 137,221 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Depreciation and amortization: | |||||||||||
Electronics and EDVs | $ | 17,607 | $ | 16,137 | $ | 9,395 | |||||
Transportation and industrial | 11,366 | 9,708 | 8,855 | ||||||||
| | | | | | | | | | | |
Energy storage | 28,973 | 25,845 | 18,250 | ||||||||
Separations media | 14,224 | 13,437 | 13,360 | ||||||||
Corporate and other | 11,326 | 12,795 | 16,060 | ||||||||
Discontinued operations | 1,780 | 3,590 | 3,672 | ||||||||
| | | | | | | | | | | |
$ | 56,303 | $ | 55,667 | $ | 51,342 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Capital expenditures: | |||||||||||
Electronics and EDVs | $ | 4,138 | $ | 115,845 | $ | 116,208 | |||||
Transportation and industrial | 13,658 | 12,200 | 16,623 | ||||||||
| | | | | | | | | | | |
Energy storage | 17,796 | 128,045 | 132,831 | ||||||||
Separations media | 9,674 | 8,282 | 22,451 | ||||||||
Discontinued operations | 765 | 784 | 1,048 | ||||||||
| | | | | | | | | | | |
$ | 28,235 | $ | 137,111 | $ | 156,330 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Assets: | |||||||||||
Electronics and EDVs | $ | 374,323 | $ | 397,973 | $ | 291,451 | |||||
Transportation and industrial | 291,483 | 262,174 | 230,457 | ||||||||
| | | | | | | | | | | |
Energy storage | 665,806 | 660,147 | 521,908 | ||||||||
Separations media | 266,133 | 244,978 | 273,631 | ||||||||
Corporate and other | 618,274 | 588,686 | 593,235 | ||||||||
Assets of discontinued operations | — | 92,261 | 93,105 | ||||||||
| | | | | | | | | | | |
Total assets | $ | 1,550,213 | $ | 1,586,072 | $ | 1,481,879 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net sales by geographic location, based on the country from which the product is shipped, were as follows: | |||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales to unaffiliated customers: | |||||||||||
United States | $ | 232,402 | $ | 207,169 | $ | 251,864 | |||||
Germany | 177,928 | 164,896 | 170,103 | ||||||||
France | 75,854 | 70,903 | 81,719 | ||||||||
China | 67,545 | 86,627 | 82,861 | ||||||||
Other | 82,553 | 119,104 | 99,178 | ||||||||
| | | | | | | | | | | |
Total | $ | 636,282 | $ | 648,699 | $ | 685,725 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Property, plant and equipment by geographic location were as follows: | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
United States | $ | 303,888 | $ | 316,128 | $ | 216,665 | |||||
Germany | 153,913 | 152,943 | 154,586 | ||||||||
Other | 137,574 | 138,395 | 123,224 | ||||||||
| | | | | | | | | | | |
Total | $ | 595,375 | $ | 607,466 | $ | 494,475 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Discontinued Operations | ' | ||||||||||
Discontinued Operations | ' | ||||||||||
18. Discontinued Operations | |||||||||||
On December 19, 2013, as required by the divestiture provisions of the Federal Trade Commission's order, the Company completed the sale of its Microporous business, which consisted of the production facilities in Piney Flats, Tennessee, and Feistritz, Austria, for $120,000,000. The Company recognized a gain of $35,855,000 on the sale, net of direct transaction costs and income taxes. The sales price and resulting gain are subject to adjustment in subsequent periods upon finalization of working capital. | |||||||||||
Microporous was previously included in the transportation and industrial segment. The assets and liabilities of Microporous reported as discontinued operations in the accompanying consolidated balance sheet as of December 29, 2012 were as follows: | |||||||||||
(in thousands) | December 29, 2012 | ||||||||||
Assets | |||||||||||
Accounts receivable, net | $ | 15,259 | |||||||||
Inventories | 4,447 | ||||||||||
Prepaid and other | 759 | ||||||||||
Property, plant and equipment, net | 31,335 | ||||||||||
Goodwill and intangibles, net | 39,530 | ||||||||||
Other | 931 | ||||||||||
| | | | | |||||||
Assets of discontinued operations | $ | 92,261 | |||||||||
| | | | | |||||||
| | | | | |||||||
Liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | 4,066 | |||||||||
Deferred income taxes | 13,948 | ||||||||||
Other | 1,562 | ||||||||||
| | | | | |||||||
Liabilities of discontinued operations | $ | 19,576 | |||||||||
| | | | | |||||||
| | | | | |||||||
The results of operations of Microporous are classified as discontinued operations and are presented separately in the accompanying consolidated statements of income for all periods presented. Summarized results of operations reported as discontinued operations are as follows: | |||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales | $ | 71,441 | $ | 68,674 | $ | 77,349 | |||||
Income from discontinued operations before income taxes | 19,525 | 16,171 | 19,878 | ||||||||
Income from discontinued operations, net of income taxes | 12,302 | 10,877 | 14,077 |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
19. Quarterly Results of Operations (Unaudited) | ||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Fiscal year ended December 28, 2013: | ||||||||||||||
Net sales | $ | 145,941 | $ | 168,897 | $ | 152,020 | $ | 169,424 | ||||||
Gross profit | 49,195 | 60,426 | 47,631 | 63,477 | ||||||||||
Income from continuing operations | 5,657 | 12,496 | 4,505 | 10,796 | ||||||||||
Income from discontinued operations, net of income taxes | 3,364 | 2,944 | 2,514 | 3,480 | ||||||||||
Gain on sale of discontinued operations, net of income taxes | — | — | — | 35,855 | ||||||||||
| | | | | | | | | | | | | | |
Income from discontinued operations | 3,364 | 2,944 | 2,514 | 39,335 | ||||||||||
| | | | | | | | | | | | | | |
Net income | $ | 9,021 | $ | 15,440 | $ | 7,019 | $ | 50,131 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—basic | ||||||||||||||
Continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.1 | $ | 0.24 | ||||||
Discontinued operations | 0.07 | 0.06 | 0.06 | 0.88 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.19 | $ | 0.33 | $ | 0.16 | $ | 1.12 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—diluted | ||||||||||||||
Continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.1 | $ | 0.24 | ||||||
Discontinued operations | 0.07 | 0.06 | 0.05 | 0.86 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.19 | $ | 0.33 | $ | 0.15 | $ | 1.1 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fiscal year ended December 29, 2012: | ||||||||||||||
Net sales | $ | 157,603 | $ | 167,607 | $ | 161,353 | $ | 162,136 | ||||||
Gross profit | 66,135 | 65,382 | 55,750 | 57,942 | ||||||||||
Income from continuing operations | 15,831 | 17,655 | 12,433 | 14,155 | ||||||||||
Income from discontinued operations, net of income taxes | 2,942 | 2,826 | 1,799 | 3,310 | ||||||||||
| | | | | | | | | | | | | | |
Net income | $ | 18,773 | $ | 20,481 | $ | 14,232 | $ | 17,465 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—basic | ||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.38 | $ | 0.27 | $ | 0.3 | ||||||
Discontinued operations | 0.06 | 0.06 | 0.04 | 0.07 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.4 | $ | 0.44 | $ | 0.31 | $ | 0.37 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—diluted | ||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.37 | $ | 0.26 | $ | 0.3 | ||||||
Discontinued operations | 0.06 | 0.06 | 0.04 | 0.07 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.4 | $ | 0.43 | $ | 0.3 | $ | 0.37 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Financial_Statements_of_Guaran
Financial Statements of Guarantors | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
20. Financial Statements of Guarantors | |||||||||||||||||
The Company's senior notes are unconditionally guaranteed, jointly and severally, on a senior basis by certain of the Company's 100% owned subsidiaries ("Guarantors"). Management has determined that separate complete financial statements of the Guarantors would not be material to users of the financial statements. | |||||||||||||||||
The following sets forth condensed consolidating financial statements of the Guarantors and non-Guarantor subsidiaries. | |||||||||||||||||
Condensed consolidating balance sheet | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,082 | $ | 76,341 | $ | — | $ | 163,423 | |||||||
Accounts receivable, net | 32,860 | 80,646 | — | — | 113,506 | ||||||||||||
Inventories | 38,974 | 74,886 | — | — | 113,860 | ||||||||||||
Prepaid and other | 7,541 | 8,503 | 2,074 | — | 18,118 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 79,375 | 251,117 | 78,415 | — | 408,907 | ||||||||||||
Due from affiliates | 551,141 | 903,815 | 467,441 | (1,922,397 | ) | — | |||||||||||
Investment in subsidiaries | 129,588 | 577,878 | 755,626 | (1,463,092 | ) | — | |||||||||||
Property, plant and equipment, net | 303,888 | 291,487 | — | — | 595,375 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 93,792 | — | 93,792 | ||||||||||||
Other | 727 | 6,755 | 145 | — | 7,627 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 1,064,719 | $ | 2,031,052 | $ | 1,839,931 | $ | (3,385,489 | ) | $ | 1,550,213 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 26,865 | $ | 40,916 | $ | 13,249 | $ | — | $ | 81,030 | |||||||
Income taxes payable | — | 3,873 | 182 | — | 4,055 | ||||||||||||
Current portion of debt | — | — | 16,875 | — | 16,875 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 26,865 | 44,789 | 30,306 | — | 101,960 | ||||||||||||
Due to affiliates | 510,356 | 851,659 | 560,382 | (1,922,397 | ) | — | |||||||||||
Debt, less current portion | — | — | 629,375 | — | 629,375 | ||||||||||||
Pension obligations, less current portion | — | 102,821 | — | — | 102,821 | ||||||||||||
Deferred income taxes and other | 51,401 | 44,788 | 292 | — | 96,481 | ||||||||||||
Shareholders' equity | 476,097 | 986,995 | 619,576 | (1,463,092 | ) | 619,576 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and shareholders' equity | $ | 1,064,719 | $ | 2,031,052 | $ | 1,839,931 | $ | (3,385,489 | ) | $ | 1,550,213 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating balance sheet | |||||||||||||||||
December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
Accounts receivable, net | 36,980 | 85,076 | — | — | 122,056 | ||||||||||||
Inventories | 41,616 | 73,846 | — | — | 115,462 | ||||||||||||
Prepaid and other | 24,656 | 19,246 | 538 | — | 44,440 | ||||||||||||
Assets of discontinued operations | 27,566 | 25,165 | 39,530 | — | 92,261 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 130,818 | 231,431 | 56,843 | — | 419,092 | ||||||||||||
Due from affiliates | 554,190 | 330,148 | 482,869 | (1,367,207 | ) | — | |||||||||||
Investment in subsidiaries | 123,765 | 381,295 | 636,860 | (1,141,920 | ) | — | |||||||||||
Property, plant and equipment, net | 316,128 | 291,338 | — | — | 607,466 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 107,006 | — | 107,006 | ||||||||||||
Other | 727 | 7,269 | — | — | 7,996 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 24,279 | $ | 45,286 | $ | 4,557 | $ | — | $ | 74,122 | |||||||
Income taxes payable | — | 723 | 880 | — | 1,603 | ||||||||||||
Current portion of debt | — | — | 50,000 | — | 50,000 | ||||||||||||
Liabilities of discontinued operations | 15,222 | 4,354 | — | — | 19,576 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 39,501 | 50,363 | 55,437 | — | 145,301 | ||||||||||||
Due to affiliates | 579,388 | 344,398 | 443,421 | (1,367,207 | ) | — | |||||||||||
Debt, less current portion | — | — | 646,250 | — | 646,250 | ||||||||||||
Pension obligations, less current portion | — | 103,491 | — | — | 103,491 | ||||||||||||
Deferred income taxes and other | 65,367 | 42,681 | 145 | — | 108,193 | ||||||||||||
Shareholders' equity | 441,372 | 700,548 | 582,837 | (1,141,920 | ) | 582,837 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and shareholders' equity | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 186,767 | $ | 449,515 | $ | — | $ | — | $ | 636,282 | |||||||
Cost of goods sold | 79,026 | 336,527 | — | — | 415,553 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 107,741 | 112,988 | — | — | 220,729 | ||||||||||||
Selling, general and administrative expenses | 61,179 | 47,959 | 23,654 | — | 132,792 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 46,562 | 65,029 | (23,654 | ) | — | 87,937 | |||||||||||
Interest expense and other | (7,282 | ) | 7,895 | 39,581 | — | 40,194 | |||||||||||
Equity in earnings of subsidiaries | — | — | (116,699 | ) | 116,699 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 53,844 | 57,134 | 53,464 | (116,699 | ) | 47,743 | |||||||||||
Income taxes | 25,979 | 16,827 | (28,517 | ) | — | 14,289 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 27,865 | 40,307 | 81,981 | (116,699 | ) | 33,454 | |||||||||||
Income from discontinued operations, net of income taxes | 5,561 | 7,111 | (370 | ) | — | 12,302 | |||||||||||
Gain on sale of discontinued operations, net of income taxes | 1,565 | 34,290 | — | — | 35,855 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Income from discontinued operations | 7,126 | 41,401 | (370 | ) | — | 48,157 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 34,991 | $ | 81,708 | $ | 81,611 | $ | (116,699 | ) | $ | 81,611 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 165,051 | $ | 483,648 | $ | — | $ | — | $ | 648,699 | |||||||
Cost of goods sold | 44,029 | 359,461 | — | — | 403,490 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 121,022 | 124,187 | — | — | 245,209 | ||||||||||||
Selling, general and administrative expenses | 61,152 | 47,156 | 13,146 | — | 121,454 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 59,870 | 77,031 | (13,146 | ) | — | 123,755 | |||||||||||
Interest expense and other | (9,404 | ) | 7,311 | 38,029 | — | 35,936 | |||||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | 2,478 | — | 2,478 | ||||||||||||
Equity in earnings of subsidiaries | — | — | (100,859 | ) | 100,859 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 69,274 | 69,720 | 47,206 | (100,859 | ) | 85,341 | |||||||||||
Income taxes | 32,917 | 16,835 | (24,485 | ) | — | 25,267 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 36,357 | 52,885 | 71,691 | (100,859 | ) | 60,074 | |||||||||||
Income from discontinued operations, net of income taxes | 4,481 | 7,136 | (740 | ) | — | 10,877 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 40,838 | $ | 60,021 | $ | 70,951 | $ | (100,859 | ) | $ | 70,951 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 224,462 | $ | 461,263 | $ | — | $ | — | $ | 685,725 | |||||||
Cost of goods sold | 47,578 | 338,652 | — | — | 386,230 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 176,884 | 122,611 | — | — | 299,495 | ||||||||||||
Selling, general and administrative expenses | 71,936 | 51,737 | 6,167 | — | 129,840 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 104,948 | 70,874 | (6,167 | ) | — | 169,655 | |||||||||||
Interest expense and other | (8,936 | ) | 5,603 | 35,767 | — | 32,434 | |||||||||||
Equity in earnings of subsidiaries | — | — | (123,890 | ) | 123,890 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 113,884 | 65,271 | 81,956 | (123,890 | ) | 137,221 | |||||||||||
Income taxes | 51,484 | 18,598 | (24,024 | ) | — | 46,058 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 62,400 | 46,673 | 105,980 | (123,890 | ) | 91,163 | |||||||||||
Income from discontinued operations, net of income taxes | 5,861 | 8,956 | (740 | ) | — | 14,077 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 68,261 | $ | 55,629 | $ | 105,240 | $ | (123,890 | ) | $ | 105,240 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 34,991 | $ | 81,708 | $ | 81,611 | $ | (116,699 | ) | $ | 81,611 | ||||||
Foreign currency translation adjustment, net of income tax expense of $638 | — | 7,515 | (859 | ) | (3,728 | ) | 2,928 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax expense of $3,647 | 569 | 5,991 | — | — | 6,560 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 10,347 | (10,347 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 35,560 | $ | 95,214 | $ | 91,099 | $ | (130,774 | ) | $ | 91,099 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 40,838 | $ | 60,021 | $ | 70,951 | $ | (100,859 | ) | $ | 70,951 | ||||||
Foreign currency translation adjustment, net of income tax expense of $249 | — | 10,313 | (332 | ) | (172 | ) | 9,809 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $5,848 | (306 | ) | (14,729 | ) | — | — | (15,035 | ) | |||||||||
Equity in earnings of subsidiaries | — | — | (4,894 | ) | 4,894 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 40,532 | $ | 55,605 | $ | 65,725 | $ | (96,137 | ) | $ | 65,725 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 68,261 | $ | 55,629 | $ | 105,240 | $ | (123,890 | ) | $ | 105,240 | ||||||
Foreign currency translation adjustment, net of income tax benefit of $895 | — | (12,706 | ) | 116 | 6 | (12,584 | ) | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $2,187 | (111 | ) | (4,701 | ) | — | — | (4,812 | ) | |||||||||
Equity in earnings of subsidiaries | — | — | (17,512 | ) | 17,512 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 68,150 | $ | 38,222 | $ | 87,844 | $ | (106,372 | ) | $ | 87,844 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 94,473 | $ | 65,345 | $ | (27,658 | ) | $ | 22,300 | $ | 154,460 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (4,838 | ) | (23,397 | ) | — | — | (28,235 | ) | |||||||||
Net proceeds from the sale of discontinued operations | — | 55,108 | 61,505 | — | 116,613 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | (4,838 | ) | 31,711 | 61,505 | — | 88,378 | |||||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Payments on revolving credit facility | — | — | (89,200 | ) | — | (89,200 | ) | ||||||||||
Proceeds from revolving credit facility | — | — | 54,200 | — | 54,200 | ||||||||||||
Repurchases of common stock | — | — | (80,668 | ) | — | (80,668 | ) | ||||||||||
Proceeds from stock option exercises | — | — | 2,319 | — | 2,319 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 1,163 | — | 1,163 | ||||||||||||
Noncontrolling interest | — | — | 1,960 | — | 1,960 | ||||||||||||
Intercompany transactions, net | (89,635 | ) | (39,010 | ) | 150,945 | (22,300 | ) | — | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (89,635 | ) | (39,010 | ) | 25,719 | (22,300 | ) | (125,226 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 938 | — | — | 938 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | — | 58,984 | 59,566 | — | 118,550 | ||||||||||||
Cash and cash equivalents at beginning of year | — | 28,098 | 16,775 | — | 44,873 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 87,082 | $ | 76,341 | $ | — | $ | 163,423 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 92,466 | $ | 51,826 | $ | (34,012 | ) | $ | (5,494 | ) | $ | 104,786 | |||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (115,663 | ) | (21,448 | ) | — | — | (137,111 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | (115,663 | ) | (21,448 | ) | — | — | (137,111 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (117 | ) | (4,557 | ) | — | (4,674 | ) | |||||||||
Payments on revolving credit facility | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Proceeds from stock option exercises | — | — | 1,338 | — | 1,338 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 338 | — | 338 | ||||||||||||
Noncontrolling interest | — | — | (242 | ) | — | (242 | ) | ||||||||||
Proceeds from new senior credit agreement | — | — | 350,000 | — | 350,000 | ||||||||||||
Principal payments in connection with refinancing of senior credit agreement | — | (41,865 | ) | (300,426 | ) | — | (342,291 | ) | |||||||||
Loan acquisition costs | — | — | (6,228 | ) | — | (6,228 | ) | ||||||||||
Intercompany transactions, net | 23,197 | (27,176 | ) | (1,515 | ) | 5,494 | — | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | 23,197 | (69,158 | ) | 23,708 | 5,494 | (16,759 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 1,383 | — | — | 1,383 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net decrease in cash and cash equivalents | — | (37,397 | ) | (10,304 | ) | — | (47,701 | ) | |||||||||
Cash and cash equivalents at beginning of year | — | 65,495 | 27,079 | — | 92,574 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 145,862 | $ | 50,084 | $ | (53,039 | ) | $ | 1,926 | $ | 144,833 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (113,648 | ) | (42,682 | ) | — | — | (156,330 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | (113,648 | ) | (42,682 | ) | — | — | (156,330 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (485 | ) | (4,034 | ) | — | (4,519 | ) | |||||||||
Proceeds from stock option exercises | — | — | 6,658 | — | 6,658 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 14,136 | — | 14,136 | ||||||||||||
Noncontrolling interest | — | — | 1,936 | — | 1,936 | ||||||||||||
Loan acquisition costs | — | — | (627 | ) | — | (627 | ) | ||||||||||
Intercompany transactions, net | (32,214 | ) | 3,874 | 30,266 | (1,926 | ) | — | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (32,214 | ) | 3,389 | 48,335 | (1,926 | ) | 17,584 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (3,468 | ) | — | — | (3,468 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | — | 7,323 | (4,704 | ) | — | 2,619 | |||||||||||
Cash and cash equivalents at beginning of year | — | 58,172 | 31,783 | — | 89,955 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 65,495 | $ | 27,079 | $ | — | $ | 92,574 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule_II_Financial_statemen
Schedule II - Financial statement schedule-Valuation and qualifying accounts | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Schedule II - Financial statement schedule-Valuation and qualifying accounts | ' | ||||||||||||||||
Schedule II - Financial statement schedule-Valuation and qualifying accounts | ' | ||||||||||||||||
Polypore International, Inc. | |||||||||||||||||
Financial statement schedule—Valuation and qualifying accounts | |||||||||||||||||
For the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||||||
Additions | |||||||||||||||||
(in thousands) | Balance at | Charged to | Charged to | Deductions | Balance at | ||||||||||||
beginning | costs and | other | end of year | ||||||||||||||
of year | expenses | accounts | |||||||||||||||
Year ended December 28, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | 2,995 | $ | 732 | $ | 47 | -1 | $ | -512 | -2 | $ | 3,262 | |||||
Valuation allowance for deferred tax asset | 3,797 | (1,572 | ) | — | — | 2,225 | |||||||||||
| | | | | | | | | | | | | | | | | |
$ | 6,792 | $ | (840 | ) | $ | 47 | $ | (512 | ) | $ | 5,487 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Year ended December 29, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | 2,648 | $ | 565 | $ | 79 | -1 | $ | -297 | -2 | $ | 2,995 | |||||
Valuation allowance for deferred tax asset | 9,580 | (158 | ) | -5,625 | -3 | — | 3,797 | ||||||||||
| | | | | | | | | | | | | | | | | |
$ | 12,228 | $ | 407 | $ | (5,546 | ) | $ | (297 | ) | $ | 6,792 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Year ended December 31, 2011: | |||||||||||||||||
Allowance for doubtful accounts | $ | 2,482 | $ | 290 | $ | -57 | -1 | $ | -67 | -2 | $ | 2,648 | |||||
Valuation allowance for deferred tax asset | 8,613 | 967 | — | — | 9,580 | ||||||||||||
| | | | | | | | | | | | | | | | | |
$ | 11,095 | $ | 1,257 | $ | (57 | ) | $ | (67 | ) | $ | 12,228 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||
Foreign currency translation adjustment. | |||||||||||||||||
-2 | |||||||||||||||||
Charge-offs net of recoveries. | |||||||||||||||||
-3 | |||||||||||||||||
Reduction in valuation allowance as the benefit of certain net operating loss carryforwards that were previously fully offset by a valuation allowance will not be realized. | |||||||||||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accounting Policies | ' | |||||||
Basis of Presentation and Use of Estimates | ' | |||||||
Basis of Presentation and Use of Estimates | ||||||||
The accompanying consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries after elimination of intercompany accounts and transactions. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
On December 19, 2013, the Company completed the sale of its Microporous business. The operating results and assets and liabilities of this business have been presented as discontinued operations. All disclosures and amounts in the notes to the consolidated financial statements relate to the Company's continuing operations, unless otherwise indicated. | ||||||||
Accounting Period | ' | |||||||
Accounting Period | ||||||||
The Company's fiscal year is the 52- or 53-week period ending the Saturday nearest to December 31. The fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 included 52 weeks. | ||||||||
Revenue Recognition | ' | |||||||
Revenue Recognition | ||||||||
Revenue from product sales is recognized when a firm sales agreement is in place, delivery of the product has occurred and collectibility of the fixed and determinable sales price is reasonably assured. Amounts billed to customers for shipping and handling are recorded in "Net sales" in the accompanying consolidated statements of income. Shipping and handling costs incurred by the Company for the delivery of goods to customers are included in "Cost of goods sold" in the accompanying consolidated statements of income. Estimates for sales returns and allowances and product returns are recognized in the period in which the revenue is recorded. Product returns and warranty expenses were not material for all periods presented. | ||||||||
Cash Equivalents | ' | |||||||
Cash Equivalents | ||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||
Accounts Receivable and Concentrations of Credit Risk | ' | |||||||
Accounts Receivable and Concentrations of Credit Risk | ||||||||
Accounts receivable potentially expose the Company to concentrations of credit risk. The Company provides credit in the normal course of business and performs ongoing credit evaluations on certain of its customers' financial condition, but generally does not require collateral to support such receivables. Accounts receivable, net of allowance for doubtful accounts, are carried at cost which approximates fair value. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The allowance for doubtful accounts was $3,262,000 and $2,995,000 at December 28, 2013 and December 29, 2012, respectively. The Company believes that the allowance for doubtful accounts is adequate to provide for potential losses resulting from uncollectible accounts. The Company charges accounts receivables off against the allowance for doubtful accounts when it deems them to be uncollectible on a specific identification basis. | ||||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are carried at the lower of cost or market using the first-in, first-out method of accounting and consist of: | ||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Raw materials | $ | 39,357 | $ | 42,113 | ||||
Work-in-process | 22,079 | 27,608 | ||||||
Finished goods | 52,424 | 45,741 | ||||||
| | | | | | | | |
$ | 113,860 | $ | 115,462 | |||||
| | | | | | | | |
| | | | | | | | |
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment are stated at cost. Depreciation commences when the asset is substantially complete and ready for its intended use. Depreciation is computed for financial reporting purposes on the straight-line method over the estimated useful lives of the related assets. The estimated useful lives for buildings and land improvements range from 20 to 40 years and the estimated useful lives for machinery and equipment range from 5 to 15 years. Costs of the construction of certain long-term assets include capitalized interest which is amortized over the estimated useful life of the related asset. The Company capitalized interest of $2,638,000 and $3,344,000 in 2012 and 2011, respectively. Repair and maintenance costs, which include indirect labor and employee benefits associated with maintenance personnel and utility, maintenance and repair costs for equipment and facilities utilized in the manufacturing process, are treated as inventoriable costs. Major planned maintenance activities outside of the normal production process are capitalized as property, plant and equipment if the costs are expected to provide future benefits by increasing the service potential of the asset to which the repair or maintenance applies. | ||||||||
Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. | ||||||||
Goodwill, Intangible Assets and Loan Acquisition Costs | ' | |||||||
Goodwill, Intangible Assets and Loan Acquisition Costs | ||||||||
Goodwill and indefinite-lived intangible assets are not amortized, but are subject to annual impairment testing unless circumstances dictate more frequent assessments. The Company performs its annual impairment assessment as of the first day of the fourth quarter of each fiscal year and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than the carrying amount. The Company's reporting units are at the operating segment level. | ||||||||
The Company tests for goodwill impairment using the quantitative two-step goodwill impairment test. Step one of the goodwill impairment test compares the fair value of the Company's reporting units to their carrying amount. The fair value of the reporting unit is determined using the income approach, corroborated by comparison to market capitalization and key multiples of comparable companies. Under the income approach, the Company determines fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit's carrying amount exceeds its fair value, the second step must be completed to measure the amount of impairment, if any. Step two calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit as calculated in step one. In this step, the fair value of the reporting unit is allocated to all of the reporting unit's assets and liabilities in a hypothetical purchase price allocation as if the reporting unit had been acquired on that date. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to the excess. | ||||||||
Intangible assets with finite lives are amortized over their respective estimated useful lives using the straight-line method. The useful life of customer relationships is based upon historical customer attrition rates and represents the estimated economic life of those relationships. Loan acquisition costs are amortized over the term of the related debt. Amortization expense for loan acquisition costs is classified as interest expense. Intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset, a loss is recognized for the difference between the fair value and carrying value of the intangible asset. | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Deferred tax assets and liabilities are based on temporary differences between the basis of certain assets and liabilities for income tax and financial reporting purposes. A valuation allowance is recognized if it is more likely than not that a portion of the deferred tax assets will not be realized in the future. The tax effects from unrecognized tax benefits are recognized in the financial statements if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
The Company records stock-based compensation based on the fair value of the award at the grant date. Stock-based compensation expense is recorded over the requisite service period using the straight-line method for service-based awards and in the service period corresponding to the performance target for performance-based awards. Excess tax benefits from employee stock option exercises are recorded as an increase to additional paid-in capital if an incremental tax benefit is realized following the ordering provisions of the tax law. Excess tax benefits are reported as a financing cash inflow rather than as a reduction of income taxes paid in the statement of cash flows. | ||||||||
Research and Development | ' | |||||||
Research and Development | ||||||||
The cost of research and development is charged to expense as incurred and is included in "Selling, general and administrative expenses" in the accompanying consolidated statements of income. Research and development expense was $17,184,000, $18,487,000 and $17,555,000 in 2013, 2012 and 2011, respectively. | ||||||||
Government Grants | ' | |||||||
Government Grants | ||||||||
Grant awards are recognized when there is reasonable assurance that the Company will receive the grant and comply with the conditions attached to the grant. For capital expenditures, the Company deducts grant awards from the cost of the related asset. For expense reimbursements, the Company deducts grant awards from the related expenses. The Company was awarded a $49,264,000 grant from the U.S. Department of Energy ("DOE") to help fund an expansion of its U.S. lithium battery separator production capacity. As of December 29, 2012, the Company had recognized and received the entire amount of the DOE grant. The Company has also been awarded state and local grants in connection with certain of its U.S. expansions. | ||||||||
The Company recognized grant awards for capital expenditures of $1,670,000 and $23,550,000 in 2012 and 2011, respectively. The Company recognized grant awards for expenses of $1,739,000, $2,566,000 and $4,715,000 in 2013, 2012 and 2011, respectively. | ||||||||
Net Income Per Share | ' | |||||||
Net Income Per Share | ||||||||
Basic net income per common share is based on the weighted-average number of common shares outstanding in each year. Diluted net income per common share considers the impact of dilution from stock options and unvested restricted stock shares as measured under the treasury stock method. Potential common shares that would increase net income per share amounts or decrease net loss per share amounts are antidilutive and excluded from the diluted net income per common share computation. | ||||||||
Foreign Currency Translation | ' | |||||||
Foreign Currency Translation | ||||||||
The local currencies of the Company's foreign subsidiaries are the functional currencies. Assets and liabilities of the Company's foreign subsidiaries are translated into United States dollars at current exchange rates and resulting translation adjustments are reported in "Accumulated other comprehensive income (loss)." Income statement amounts are translated at weighted average exchange rates prevailing during the period. Transaction gains and losses are included in the determination of net income. | ||||||||
Fair Value of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates their fair value due to the short-term maturities of these assets and liabilities. The carrying amount of borrowings under the senior secured credit agreement approximates fair value because the interest rates adjust to market interest rates. The fair value of the 7.5% senior notes, based on a quoted market price and classified as level one in the fair value hierarchy, was $385,988,000 at December 28, 2013. | ||||||||
Fair Value Measurements | ' | |||||||
Fair Value Measurements | ||||||||
Authoritative guidance establishes the following hierarchy that prioritizes the inputs to valuation methodologies used to measure fair value: | ||||||||
• | ||||||||
Level one: observable inputs such as quoted market prices in active markets; | ||||||||
• | ||||||||
Level two: inputs other than the quoted prices in active markets that are observable either directly or indirectly; | ||||||||
• | ||||||||
Level three: unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions. | ||||||||
As of December 28, 2013, the Company did not have any financial assets and liabilities required to be measured at fair value on a recurring basis. See Note 9 for pension assets measured at fair value on a recurring basis. | ||||||||
Recent Accounting Pronouncements | ' | |||||||
Recent Accounting Pronouncements | ||||||||
In February 2013, the FASB issued guidance requiring companies to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. The guidance is effective for annual and interim periods beginning after December 15, 2012. The adoption of this guidance in the Company's fiscal 2013 consolidated financial statements only affected presentation and did not have an impact on the Company's financial condition or results of operations. | ||||||||
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accounting Policies | ' | |||||||
Schedule of inventories | ' | |||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Raw materials | $ | 39,357 | $ | 42,113 | ||||
Work-in-process | 22,079 | 27,608 | ||||||
Finished goods | 52,424 | 45,741 | ||||||
| | | | | | | | |
$ | 113,860 | $ | 115,462 | |||||
| | | | | | | | |
| | | | | | | | |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Land | $ | 24,184 | $ | 23,675 | ||||
Buildings and land improvements | 157,928 | 153,934 | ||||||
Machinery and equipment | 559,865 | 520,548 | ||||||
Construction in progress | 139,344 | 150,840 | ||||||
| | | | | | | | |
881,321 | 848,997 | |||||||
Less accumulated depreciation | 285,946 | 241,531 | ||||||
| | | | | | | | |
$ | 595,375 | $ | 607,466 | |||||
| | | | | | | | |
| | | | | | | | |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Goodwill | ' | |||||||||||||
Schedule of carrying amount of goodwill | ' | |||||||||||||
(in thousands) | Transportation | Electronics | Separations | Total | ||||||||||
and Industrial | and EDVs | Media | ||||||||||||
Goodwill | $ | 327,347 | $ | 36,336 | $ | 212,279 | $ | 575,962 | ||||||
Accumulated impairment charges | (131,450 | ) | — | — | (131,450 | ) | ||||||||
| | | | | | | | | | | | | | |
$ | 195,897 | $ | 36,336 | $ | 212,279 | $ | 444,512 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Intangibles_Loan_Acquisition_a1
Intangibles, Loan Acquisition and Other Costs (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Intangibles, Loan Acquisition and Other Costs | ' | |||||||||||||||
Schedule of intangibles, loan acquisition and other costs | ' | |||||||||||||||
December 28, 2013 | December 29, 2012 | |||||||||||||||
(in thousands) | Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||
Average | Carrying | Amortization | Carrying | Amortization | ||||||||||||
Life (years) | Amount | Amount | ||||||||||||||
Intangible and other assets subject to amortization: | ||||||||||||||||
Customer relationships | 17 | $ | 181,464 | $ | 107,554 | $ | 181,066 | $ | 96,180 | |||||||
Loan acquisition costs | 6 | 14,808 | 5,645 | 14,808 | 3,171 | |||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||
Trade names | Indefinite | 10,719 | — | 10,483 | — | |||||||||||
| | | | | | | | | | | | | | | | |
$ | 206,991 | $ | 113,199 | $ | 206,357 | $ | 99,351 | |||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Schedule of estimate of amortization expense for the next five years | ' | |||||||||||||||
(in thousands) | ||||||||||||||||
2014 | $ | 13,605 | ||||||||||||||
2015 | 13,605 | |||||||||||||||
2016 | 13,605 | |||||||||||||||
2017 | 12,871 | |||||||||||||||
2018 | 9,983 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Schedule of accrued liabilities | ' | |||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Compensation expense and other fringe benefits | $ | 18,421 | $ | 11,240 | ||||
Current portion of environmental reserve | 2,882 | 11,079 | ||||||
Other | 27,963 | 21,720 | ||||||
| | | | | | | | |
$ | 49,266 | $ | 44,039 | |||||
| | | | | | | | |
| | | | | | | | |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt | ' | |||||||
Schedule of debt | ' | |||||||
(in thousands) | December 28, 2013 | December 29, 2012 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | — | $ | 35,000 | ||||
Term loan facility | 281,250 | 296,250 | ||||||
| | | | | | | | |
281,250 | 331,250 | |||||||
7.5% senior notes | 365,000 | 365,000 | ||||||
| | | | | | | | |
646,250 | 696,250 | |||||||
Less current portion | 16,875 | 50,000 | ||||||
| | | | | | | | |
Long-term debt | $ | 629,375 | $ | 646,250 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of minimum scheduled principal repayments of the term loan | ' | |||||||
(in thousands) | ||||||||
2014 | $ | 16,875 | ||||||
2015 | 24,375 | |||||||
2016 | 33,750 | |||||||
2017 | 206,250 | |||||||
| | | | | ||||
$ | 281,250 | |||||||
| | | | | ||||
| | | | | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of deferred tax assets and liabilities | ' | ||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Deferred tax assets: | |||||||||||
Pension obligations | $ | 29,683 | $ | 30,892 | |||||||
Net operating loss carryforwards | 5,552 | 17,689 | |||||||||
Other | 27,036 | 22,576 | |||||||||
| | | | | | | | ||||
Total deferred tax assets | 62,271 | 71,157 | |||||||||
Valuation allowance | (2,225 | ) | (3,797 | ) | |||||||
| | | | | | | | ||||
Net deferred tax assets | 60,046 | 67,360 | |||||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | (85,952 | ) | (91,251 | ) | |||||||
Goodwill and intangibles | (28,351 | ) | (31,708 | ) | |||||||
Other | (16,160 | ) | (7,449 | ) | |||||||
| | | | | | | | ||||
Total deferred tax liabilities | (130,463 | ) | (130,408 | ) | |||||||
| | | | | | | | ||||
Net deferred taxes | $ | (70,417 | ) | $ | (63,048 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of deferred taxes reflected in the consolidated balance sheet | ' | ||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Current deferred tax asset | $ | — | $ | 21,671 | |||||||
Accrued liabilities | (85 | ) | — | ||||||||
Non-current deferred tax liability | (70,332 | ) | (84,719 | ) | |||||||
| | | | | | | | ||||
Net deferred taxes | $ | (70,417 | ) | $ | (63,048 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of unrecognized tax benefits | ' | ||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Balance at beginning of year | $ | 9,435 | $ | 9,373 | $ | 8,103 | |||||
Increase related to current year positions | 980 | — | — | ||||||||
Increase related to prior year positions | 160 | 62 | 1,270 | ||||||||
Settlements with tax authorities | (138 | ) | — | — | |||||||
| | | | | | | | | | | |
Balance at end of year | $ | 10,437 | $ | 9,435 | $ | 9,373 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of income before income taxes | ' | ||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
United States | $ | (2,762 | ) | $ | 18,062 | $ | 72,993 | ||||
Foreign | 50,505 | 67,279 | 64,228 | ||||||||
| | | | | | | | | | | |
$ | 47,743 | $ | 85,341 | $ | 137,221 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of income tax expense | ' | ||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Current: | |||||||||||
U.S. taxes on domestic income | $ | 806 | $ | 658 | $ | 570 | |||||
Foreign taxes | 19,913 | 18,303 | 21,666 | ||||||||
| | | | | | | | | | | |
Total current | 20,719 | 18,961 | 22,236 | ||||||||
Deferred: | |||||||||||
U.S. taxes on domestic income | (2,739 | ) | 7,859 | 26,900 | |||||||
Foreign taxes | (3,691 | ) | (1,553 | ) | (3,078 | ) | |||||
| | | | | | | | | | | |
Total deferred | (6,430 | ) | 6,306 | 23,822 | |||||||
| | | | | | | | | | | |
$ | 14,289 | $ | 25,267 | $ | 46,058 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of differences in income taxes between effective tax rate and statutory rate | ' | ||||||||||
Year Ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Computed income taxes at the expected statutory rate | $ | 16,710 | $ | 29,869 | $ | 48,027 | |||||
State and local taxes | 2 | 321 | 1,418 | ||||||||
Foreign taxes | (1,749 | ) | (7,154 | ) | (5,127 | ) | |||||
Valuation allowances | (1,572 | ) | — | — | |||||||
Uncertain tax positions | 1,037 | — | — | ||||||||
Other | (139 | ) | 2,231 | 1,740 | |||||||
| | | | | | | | | | | |
Income tax expense | $ | 14,289 | $ | 25,267 | $ | 46,058 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Employee Benefit Plans | ' | ||||||||||
Schedule of funded status of defined benefit pension plans | ' | ||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | |||||||||
Change in benefit obligation | |||||||||||
Benefit obligation at beginning of year | $ | (123,825 | ) | $ | (97,667 | ) | |||||
Service cost | (2,255 | ) | (1,658 | ) | |||||||
Interest cost | (4,532 | ) | (4,739 | ) | |||||||
Plan amendments | 1,084 | — | |||||||||
Actuarial gain (loss) | 7,218 | (20,890 | ) | ||||||||
Benefit payments | 3,576 | 3,778 | |||||||||
Foreign currency translation and other | (4,640 | ) | (2,649 | ) | |||||||
| | | | | | | | ||||
Benefit obligation at end of year | (123,374 | ) | (123,825 | ) | |||||||
Change in plan assets | |||||||||||
Fair value of plan assets at beginning of year | 18,529 | 17,895 | |||||||||
Actual return on plan assets | 816 | 1,794 | |||||||||
Company contributions | 2,002 | 2,230 | |||||||||
Benefit payments | (3,576 | ) | (3,778 | ) | |||||||
Foreign currency translation and other | 722 | 388 | |||||||||
| | | | | | | | ||||
Fair value of plan assets at end of year | 18,493 | 18,529 | |||||||||
| | | | | | | | ||||
Funded status at end of year | $ | (104,881 | ) | $ | (105,296 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts recognized in the consolidated balance sheet consist of: | |||||||||||
Accrued liabilities | $ | (2,060 | ) | $ | (1,805 | ) | |||||
Pension obligations | (102,821 | ) | (103,491 | ) | |||||||
| | | | | | | | ||||
Net amount recognized | $ | (104,881 | ) | $ | (105,296 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts recognized in accumulated other comprehensive income (loss), pre-tax, consist of: | |||||||||||
Net actuarial loss | $ | 28,110 | $ | 35,987 | |||||||
Prior service credit | (1,259 | ) | (182 | ) | |||||||
| | | | | | | | ||||
Net amount recognized | $ | 26,851 | $ | 35,805 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of components of net periodic benefit cost | ' | ||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Service cost | $ | 2,255 | $ | 1,658 | $ | 1,552 | |||||
Interest cost | 4,532 | 4,739 | 5,021 | ||||||||
Expected return on plan assets | (768 | ) | (844 | ) | (910 | ) | |||||
Amortization of prior service credit | (52 | ) | (50 | ) | (54 | ) | |||||
Recognized net actuarial loss | 1,739 | 472 | 69 | ||||||||
| | | | | | | | | | | |
Net periodic benefit cost | $ | 7,706 | $ | 5,975 | $ | 5,678 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of weighted average assumptions used to determine the benefit obligation and net periodic benefit costs | ' | ||||||||||
Weighted average assumptions as of the end of the year | December 28, 2013 | December 29, 2012 | |||||||||
Discount rate used to determine the benefit obligation | 3.7 | % | 3.6 | % | |||||||
Discount rate used to determine the net periodic benefit costs | 3.6 | % | 4.9 | % | |||||||
Expected return on plan assets | 3.51 | % | 4 | % | |||||||
Rate of compensation increase | 2.53 | % | 2.52 | % | |||||||
Schedule of estimated future benefit payments | ' | ||||||||||
(in thousands) | |||||||||||
2014 | $ | 3,891 | |||||||||
2015 | 4,045 | ||||||||||
2016 | 4,169 | ||||||||||
2017 | 4,403 | ||||||||||
2018 | 4,828 | ||||||||||
2019 - 2023 | 29,468 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of future minimum operating lease payments | ' | ||||
(in thousands) | |||||
2014 | $ | 3,072 | |||
2015 | 2,144 | ||||
2016 | 1,437 | ||||
2017 | 1,182 | ||||
2018 | 875 | ||||
Thereafter | 469 | ||||
| | | | | |
$ | 9,179 | ||||
| | | | | |
| | | | | |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Stock-Based Compensation Plans | ' | |||||||||||||
Schedule of outstanding stock options | ' | |||||||||||||
Stock Options | Weighted- | Weighted | Aggregate | |||||||||||
average | average | intrinsic | ||||||||||||
exercise | remaining | value | ||||||||||||
price | contractual | (in thousands) | ||||||||||||
term (years) | ||||||||||||||
Outstanding at December 29, 2012 | 3,121,639 | $ | 37.73 | |||||||||||
Granted | 348,208 | 36.84 | ||||||||||||
Exercised | (209,237 | ) | 11.08 | |||||||||||
Forfeited | (30,269 | ) | 51.14 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding at December 28, 2013 | 3,230,341 | 39.23 | 7 | $ | — | |||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Vested and exercisable at December 28, 2013 | 2,255,902 | 35.05 | 6.5 | 6,666 | ||||||||||
Expected to vest | 969,582 | 48.92 | 8.2 | — | ||||||||||
Schedule of assumptions for stock option grants | ' | |||||||||||||
Weighted average | ||||||||||||||
assumptions | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected term (years) | 5.6 | 5.3 | 4.8 | |||||||||||
Risk-free interest rate | 0.96 | % | 0.86 | % | 0.9 | % | ||||||||
Expected volatility | 57.3 | % | 56 | % | 56.1 | % | ||||||||
Dividend yield | — | — | — | |||||||||||
Schedule of expected to vest stock options | ' | |||||||||||||
Stock Options | Weighted- | |||||||||||||
average | ||||||||||||||
grant-date | ||||||||||||||
fair value | ||||||||||||||
December 29, 2012 | 1,297,773 | $ | 25.97 | |||||||||||
Granted | 346,147 | 18.92 | ||||||||||||
Vested | (645,736 | ) | 25.58 | |||||||||||
Forfeited | (28,602 | ) | 50.8 | |||||||||||
| | | | | | | | |||||||
December 28, 2013 | 969,582 | 22.98 | ||||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of unvested restricted stock | ' | |||||||||||||
Restricted | Weighted- | |||||||||||||
stock | average | |||||||||||||
grant-date | ||||||||||||||
fair value | ||||||||||||||
Unvested at December 29, 2012 | 15,761 | $ | 38.4 | |||||||||||
Granted | 89,904 | 36.78 | ||||||||||||
Vested | (6,500 | ) | 39.25 | |||||||||||
Withheld and repurchased | (8,261 | ) | 36.42 | |||||||||||
Forfeited | (1,374 | ) | 36.42 | |||||||||||
| | | | | | | | |||||||
Unvested at December 28, 2013 | 89,530 | 36.93 | ||||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
Schedule of changes in accumulated other comprehensive income (loss), net of income taxes | ' | ||||||||||
(in thousands) | Pension | Foreign | Total | ||||||||
Plans | Currency | Accumulated Other | |||||||||
Translation | Comprehensive | ||||||||||
Adjustment | Income (Loss) | ||||||||||
Balance at December 29, 2012 | $ | (26,102 | ) | $ | 3,749 | $ | (22,353 | ) | |||
Other comprehensive income before reclassifications | 5,375 | 2,989 | 8,364 | ||||||||
Amortization of net actuarial loss and prior service credit for defined benefit pension plans and related income tax expense of $563 | 1,185 | (61 | ) | 1,124 | |||||||
| | | | | | | | | | | |
Other comprehensive income for the year ended December 28, 2013 | 6,560 | 2,928 | 9,488 | ||||||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | (19,542 | ) | $ | 6,677 | $ | (12,865 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Schedule of financial information relating to the reportable segments | ' | ||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales to external customers (by major product group): | |||||||||||
Electronics and EDVs | $ | 130,301 | $ | 167,370 | $ | 200,991 | |||||
Transportation and industrial | 311,859 | 299,010 | 294,498 | ||||||||
| | | | | | | | | | | |
Energy storage | 442,160 | 466,380 | 495,489 | ||||||||
Healthcare | 124,169 | 114,778 | 120,387 | ||||||||
Filtration and specialty | 69,953 | 67,541 | 69,849 | ||||||||
| | | | | | | | | | | |
Separations media | 194,122 | 182,319 | 190,236 | ||||||||
| | | | | | | | | | | |
Net sales | $ | 636,282 | $ | 648,699 | $ | 685,725 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Operating income: | |||||||||||
Electronics and EDVs | $ | 17,371 | $ | 47,195 | $ | 91,130 | |||||
Transportation and industrial | 69,997 | 66,061 | 75,508 | ||||||||
| | | | | | | | | | | |
Energy storage | 87,368 | 113,256 | 166,638 | ||||||||
Separations media | 54,077 | 52,479 | 54,680 | ||||||||
Corporate and other | (30,702 | ) | (24,078 | ) | (41,707 | ) | |||||
| | | | | | | | | | | |
Segment operating income | 110,743 | 141,657 | 179,611 | ||||||||
Stock-based compensation | 20,687 | 16,278 | 9,298 | ||||||||
Non-recurring and other costs | 2,119 | 1,624 | 658 | ||||||||
| | | | | | | | | | | |
Total operating income | 87,937 | 123,755 | 169,655 | ||||||||
Reconciling items: | |||||||||||
Interest expense, net | 39,473 | 36,049 | 34,384 | ||||||||
Foreign currency and other | 721 | (113 | ) | (1,950 | ) | ||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | 2,478 | — | ||||||||
| | | | | | | | | | | |
Income from continuing operations before income taxes | $ | 47,743 | $ | 85,341 | $ | 137,221 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Depreciation and amortization: | |||||||||||
Electronics and EDVs | $ | 17,607 | $ | 16,137 | $ | 9,395 | |||||
Transportation and industrial | 11,366 | 9,708 | 8,855 | ||||||||
| | | | | | | | | | | |
Energy storage | 28,973 | 25,845 | 18,250 | ||||||||
Separations media | 14,224 | 13,437 | 13,360 | ||||||||
Corporate and other | 11,326 | 12,795 | 16,060 | ||||||||
Discontinued operations | 1,780 | 3,590 | 3,672 | ||||||||
| | | | | | | | | | | |
$ | 56,303 | $ | 55,667 | $ | 51,342 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Capital expenditures: | |||||||||||
Electronics and EDVs | $ | 4,138 | $ | 115,845 | $ | 116,208 | |||||
Transportation and industrial | 13,658 | 12,200 | 16,623 | ||||||||
| | | | | | | | | | | |
Energy storage | 17,796 | 128,045 | 132,831 | ||||||||
Separations media | 9,674 | 8,282 | 22,451 | ||||||||
Discontinued operations | 765 | 784 | 1,048 | ||||||||
| | | | | | | | | | | |
$ | 28,235 | $ | 137,111 | $ | 156,330 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Assets: | |||||||||||
Electronics and EDVs | $ | 374,323 | $ | 397,973 | $ | 291,451 | |||||
Transportation and industrial | 291,483 | 262,174 | 230,457 | ||||||||
| | | | | | | | | | | |
Energy storage | 665,806 | 660,147 | 521,908 | ||||||||
Separations media | 266,133 | 244,978 | 273,631 | ||||||||
Corporate and other | 618,274 | 588,686 | 593,235 | ||||||||
Assets of discontinued operations | — | 92,261 | 93,105 | ||||||||
| | | | | | | | | | | |
Total assets | $ | 1,550,213 | $ | 1,586,072 | $ | 1,481,879 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of net sales by geographic location | ' | ||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales to unaffiliated customers: | |||||||||||
United States | $ | 232,402 | $ | 207,169 | $ | 251,864 | |||||
Germany | 177,928 | 164,896 | 170,103 | ||||||||
France | 75,854 | 70,903 | 81,719 | ||||||||
China | 67,545 | 86,627 | 82,861 | ||||||||
Other | 82,553 | 119,104 | 99,178 | ||||||||
| | | | | | | | | | | |
Total | $ | 636,282 | $ | 648,699 | $ | 685,725 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of property, plant and equipment by geographic location | ' | ||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
United States | $ | 303,888 | $ | 316,128 | $ | 216,665 | |||||
Germany | 153,913 | 152,943 | 154,586 | ||||||||
Other | 137,574 | 138,395 | 123,224 | ||||||||
| | | | | | | | | | | |
Total | $ | 595,375 | $ | 607,466 | $ | 494,475 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Discontinued Operations | ' | ||||||||||
Schedule of assets and liabilities reported as discontinued operations | ' | ||||||||||
(in thousands) | December 29, 2012 | ||||||||||
Assets | |||||||||||
Accounts receivable, net | $ | 15,259 | |||||||||
Inventories | 4,447 | ||||||||||
Prepaid and other | 759 | ||||||||||
Property, plant and equipment, net | 31,335 | ||||||||||
Goodwill and intangibles, net | 39,530 | ||||||||||
Other | 931 | ||||||||||
| | | | | |||||||
Assets of discontinued operations | $ | 92,261 | |||||||||
| | | | | |||||||
| | | | | |||||||
Liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | 4,066 | |||||||||
Deferred income taxes | 13,948 | ||||||||||
Other | 1,562 | ||||||||||
| | | | | |||||||
Liabilities of discontinued operations | $ | 19,576 | |||||||||
| | | | | |||||||
| | | | | |||||||
Summary of results of operations reported as discontinued operations | ' | ||||||||||
Year ended | |||||||||||
(in thousands) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||
Net sales | $ | 71,441 | $ | 68,674 | $ | 77,349 | |||||
Income from discontinued operations before income taxes | 19,525 | 16,171 | 19,878 | ||||||||
Income from discontinued operations, net of income taxes | 12,302 | 10,877 | 14,077 |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||
Schedule of quarterly results of operations | ' | |||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Fiscal year ended December 28, 2013: | ||||||||||||||
Net sales | $ | 145,941 | $ | 168,897 | $ | 152,020 | $ | 169,424 | ||||||
Gross profit | 49,195 | 60,426 | 47,631 | 63,477 | ||||||||||
Income from continuing operations | 5,657 | 12,496 | 4,505 | 10,796 | ||||||||||
Income from discontinued operations, net of income taxes | 3,364 | 2,944 | 2,514 | 3,480 | ||||||||||
Gain on sale of discontinued operations, net of income taxes | — | — | — | 35,855 | ||||||||||
| | | | | | | | | | | | | | |
Income from discontinued operations | 3,364 | 2,944 | 2,514 | 39,335 | ||||||||||
| | | | | | | | | | | | | | |
Net income | $ | 9,021 | $ | 15,440 | $ | 7,019 | $ | 50,131 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—basic | ||||||||||||||
Continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.1 | $ | 0.24 | ||||||
Discontinued operations | 0.07 | 0.06 | 0.06 | 0.88 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.19 | $ | 0.33 | $ | 0.16 | $ | 1.12 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—diluted | ||||||||||||||
Continuing operations | $ | 0.12 | $ | 0.27 | $ | 0.1 | $ | 0.24 | ||||||
Discontinued operations | 0.07 | 0.06 | 0.05 | 0.86 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.19 | $ | 0.33 | $ | 0.15 | $ | 1.1 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fiscal year ended December 29, 2012: | ||||||||||||||
Net sales | $ | 157,603 | $ | 167,607 | $ | 161,353 | $ | 162,136 | ||||||
Gross profit | 66,135 | 65,382 | 55,750 | 57,942 | ||||||||||
Income from continuing operations | 15,831 | 17,655 | 12,433 | 14,155 | ||||||||||
Income from discontinued operations, net of income taxes | 2,942 | 2,826 | 1,799 | 3,310 | ||||||||||
| | | | | | | | | | | | | | |
Net income | $ | 18,773 | $ | 20,481 | $ | 14,232 | $ | 17,465 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—basic | ||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.38 | $ | 0.27 | $ | 0.3 | ||||||
Discontinued operations | 0.06 | 0.06 | 0.04 | 0.07 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.4 | $ | 0.44 | $ | 0.31 | $ | 0.37 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Net income per share—diluted | ||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.37 | $ | 0.26 | $ | 0.3 | ||||||
Discontinued operations | 0.06 | 0.06 | 0.04 | 0.07 | ||||||||||
| | | | | | | | | | | | | | |
Net income per share | $ | 0.4 | $ | 0.43 | $ | 0.3 | $ | 0.37 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Financial_Statements_of_Guaran1
Financial Statements of Guarantors (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
Condensed consolidating balance sheet | ' | ||||||||||||||||
Condensed consolidating balance sheet | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,082 | $ | 76,341 | $ | — | $ | 163,423 | |||||||
Accounts receivable, net | 32,860 | 80,646 | — | — | 113,506 | ||||||||||||
Inventories | 38,974 | 74,886 | — | — | 113,860 | ||||||||||||
Prepaid and other | 7,541 | 8,503 | 2,074 | — | 18,118 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 79,375 | 251,117 | 78,415 | — | 408,907 | ||||||||||||
Due from affiliates | 551,141 | 903,815 | 467,441 | (1,922,397 | ) | — | |||||||||||
Investment in subsidiaries | 129,588 | 577,878 | 755,626 | (1,463,092 | ) | — | |||||||||||
Property, plant and equipment, net | 303,888 | 291,487 | — | — | 595,375 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 93,792 | — | 93,792 | ||||||||||||
Other | 727 | 6,755 | 145 | — | 7,627 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 1,064,719 | $ | 2,031,052 | $ | 1,839,931 | $ | (3,385,489 | ) | $ | 1,550,213 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 26,865 | $ | 40,916 | $ | 13,249 | $ | — | $ | 81,030 | |||||||
Income taxes payable | — | 3,873 | 182 | — | 4,055 | ||||||||||||
Current portion of debt | — | — | 16,875 | — | 16,875 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 26,865 | 44,789 | 30,306 | — | 101,960 | ||||||||||||
Due to affiliates | 510,356 | 851,659 | 560,382 | (1,922,397 | ) | — | |||||||||||
Debt, less current portion | — | — | 629,375 | — | 629,375 | ||||||||||||
Pension obligations, less current portion | — | 102,821 | — | — | 102,821 | ||||||||||||
Deferred income taxes and other | 51,401 | 44,788 | 292 | — | 96,481 | ||||||||||||
Shareholders' equity | 476,097 | 986,995 | 619,576 | (1,463,092 | ) | 619,576 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and shareholders' equity | $ | 1,064,719 | $ | 2,031,052 | $ | 1,839,931 | $ | (3,385,489 | ) | $ | 1,550,213 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating balance sheet | |||||||||||||||||
December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
Accounts receivable, net | 36,980 | 85,076 | — | — | 122,056 | ||||||||||||
Inventories | 41,616 | 73,846 | — | — | 115,462 | ||||||||||||
Prepaid and other | 24,656 | 19,246 | 538 | — | 44,440 | ||||||||||||
Assets of discontinued operations | 27,566 | 25,165 | 39,530 | — | 92,261 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 130,818 | 231,431 | 56,843 | — | 419,092 | ||||||||||||
Due from affiliates | 554,190 | 330,148 | 482,869 | (1,367,207 | ) | — | |||||||||||
Investment in subsidiaries | 123,765 | 381,295 | 636,860 | (1,141,920 | ) | — | |||||||||||
Property, plant and equipment, net | 316,128 | 291,338 | — | — | 607,466 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 107,006 | — | 107,006 | ||||||||||||
Other | 727 | 7,269 | — | — | 7,996 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Liabilities and shareholders' equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 24,279 | $ | 45,286 | $ | 4,557 | $ | — | $ | 74,122 | |||||||
Income taxes payable | — | 723 | 880 | — | 1,603 | ||||||||||||
Current portion of debt | — | — | 50,000 | — | 50,000 | ||||||||||||
Liabilities of discontinued operations | 15,222 | 4,354 | — | — | 19,576 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 39,501 | 50,363 | 55,437 | — | 145,301 | ||||||||||||
Due to affiliates | 579,388 | 344,398 | 443,421 | (1,367,207 | ) | — | |||||||||||
Debt, less current portion | — | — | 646,250 | — | 646,250 | ||||||||||||
Pension obligations, less current portion | — | 103,491 | — | — | 103,491 | ||||||||||||
Deferred income taxes and other | 65,367 | 42,681 | 145 | — | 108,193 | ||||||||||||
Shareholders' equity | 441,372 | 700,548 | 582,837 | (1,141,920 | ) | 582,837 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and shareholders' equity | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | ' | ||||||||||||||||
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 186,767 | $ | 449,515 | $ | — | $ | — | $ | 636,282 | |||||||
Cost of goods sold | 79,026 | 336,527 | — | — | 415,553 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 107,741 | 112,988 | — | — | 220,729 | ||||||||||||
Selling, general and administrative expenses | 61,179 | 47,959 | 23,654 | — | 132,792 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 46,562 | 65,029 | (23,654 | ) | — | 87,937 | |||||||||||
Interest expense and other | (7,282 | ) | 7,895 | 39,581 | — | 40,194 | |||||||||||
Equity in earnings of subsidiaries | — | — | (116,699 | ) | 116,699 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 53,844 | 57,134 | 53,464 | (116,699 | ) | 47,743 | |||||||||||
Income taxes | 25,979 | 16,827 | (28,517 | ) | — | 14,289 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 27,865 | 40,307 | 81,981 | (116,699 | ) | 33,454 | |||||||||||
Income from discontinued operations, net of income taxes | 5,561 | 7,111 | (370 | ) | — | 12,302 | |||||||||||
Gain on sale of discontinued operations, net of income taxes | 1,565 | 34,290 | — | — | 35,855 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Income from discontinued operations | 7,126 | 41,401 | (370 | ) | — | 48,157 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 34,991 | $ | 81,708 | $ | 81,611 | $ | (116,699 | ) | $ | 81,611 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 165,051 | $ | 483,648 | $ | — | $ | — | $ | 648,699 | |||||||
Cost of goods sold | 44,029 | 359,461 | — | — | 403,490 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 121,022 | 124,187 | — | — | 245,209 | ||||||||||||
Selling, general and administrative expenses | 61,152 | 47,156 | 13,146 | — | 121,454 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 59,870 | 77,031 | (13,146 | ) | — | 123,755 | |||||||||||
Interest expense and other | (9,404 | ) | 7,311 | 38,029 | — | 35,936 | |||||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | 2,478 | — | 2,478 | ||||||||||||
Equity in earnings of subsidiaries | — | — | (100,859 | ) | 100,859 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 69,274 | 69,720 | 47,206 | (100,859 | ) | 85,341 | |||||||||||
Income taxes | 32,917 | 16,835 | (24,485 | ) | — | 25,267 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 36,357 | 52,885 | 71,691 | (100,859 | ) | 60,074 | |||||||||||
Income from discontinued operations, net of income taxes | 4,481 | 7,136 | (740 | ) | — | 10,877 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 40,838 | $ | 60,021 | $ | 70,951 | $ | (100,859 | ) | $ | 70,951 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of income | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 224,462 | $ | 461,263 | $ | — | $ | — | $ | 685,725 | |||||||
Cost of goods sold | 47,578 | 338,652 | — | — | 386,230 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit | 176,884 | 122,611 | — | — | 299,495 | ||||||||||||
Selling, general and administrative expenses | 71,936 | 51,737 | 6,167 | — | 129,840 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 104,948 | 70,874 | (6,167 | ) | — | 169,655 | |||||||||||
Interest expense and other | (8,936 | ) | 5,603 | 35,767 | — | 32,434 | |||||||||||
Equity in earnings of subsidiaries | — | — | (123,890 | ) | 123,890 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | 113,884 | 65,271 | 81,956 | (123,890 | ) | 137,221 | |||||||||||
Income taxes | 51,484 | 18,598 | (24,024 | ) | — | 46,058 | |||||||||||
| | | | | | | | | | | | | | | | | |
Income from continuing operations | 62,400 | 46,673 | 105,980 | (123,890 | ) | 91,163 | |||||||||||
Income from discontinued operations, net of income taxes | 5,861 | 8,956 | (740 | ) | — | 14,077 | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 68,261 | $ | 55,629 | $ | 105,240 | $ | (123,890 | ) | $ | 105,240 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | ' | ||||||||||||||||
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 34,991 | $ | 81,708 | $ | 81,611 | $ | (116,699 | ) | $ | 81,611 | ||||||
Foreign currency translation adjustment, net of income tax expense of $638 | — | 7,515 | (859 | ) | (3,728 | ) | 2,928 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax expense of $3,647 | 569 | 5,991 | — | — | 6,560 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 10,347 | (10,347 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 35,560 | $ | 95,214 | $ | 91,099 | $ | (130,774 | ) | $ | 91,099 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 40,838 | $ | 60,021 | $ | 70,951 | $ | (100,859 | ) | $ | 70,951 | ||||||
Foreign currency translation adjustment, net of income tax expense of $249 | — | 10,313 | (332 | ) | (172 | ) | 9,809 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $5,848 | (306 | ) | (14,729 | ) | — | — | (15,035 | ) | |||||||||
Equity in earnings of subsidiaries | — | — | (4,894 | ) | 4,894 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 40,532 | $ | 55,605 | $ | 65,725 | $ | (96,137 | ) | $ | 65,725 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of comprehensive income | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 68,261 | $ | 55,629 | $ | 105,240 | $ | (123,890 | ) | $ | 105,240 | ||||||
Foreign currency translation adjustment, net of income tax benefit of $895 | — | (12,706 | ) | 116 | 6 | (12,584 | ) | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $2,187 | (111 | ) | (4,701 | ) | — | — | (4,812 | ) | |||||||||
Equity in earnings of subsidiaries | — | — | (17,512 | ) | 17,512 | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Comprehensive income | $ | 68,150 | $ | 38,222 | $ | 87,844 | $ | (106,372 | ) | $ | 87,844 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | ' | ||||||||||||||||
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 94,473 | $ | 65,345 | $ | (27,658 | ) | $ | 22,300 | $ | 154,460 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (4,838 | ) | (23,397 | ) | — | — | (28,235 | ) | |||||||||
Net proceeds from the sale of discontinued operations | — | 55,108 | 61,505 | — | 116,613 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | (4,838 | ) | 31,711 | 61,505 | — | 88,378 | |||||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Payments on revolving credit facility | — | — | (89,200 | ) | — | (89,200 | ) | ||||||||||
Proceeds from revolving credit facility | — | — | 54,200 | — | 54,200 | ||||||||||||
Repurchases of common stock | — | — | (80,668 | ) | — | (80,668 | ) | ||||||||||
Proceeds from stock option exercises | — | — | 2,319 | — | 2,319 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 1,163 | — | 1,163 | ||||||||||||
Noncontrolling interest | — | — | 1,960 | — | 1,960 | ||||||||||||
Intercompany transactions, net | (89,635 | ) | (39,010 | ) | 150,945 | (22,300 | ) | — | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (89,635 | ) | (39,010 | ) | 25,719 | (22,300 | ) | (125,226 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 938 | — | — | 938 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | — | 58,984 | 59,566 | — | 118,550 | ||||||||||||
Cash and cash equivalents at beginning of year | — | 28,098 | 16,775 | — | 44,873 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 87,082 | $ | 76,341 | $ | — | $ | 163,423 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 92,466 | $ | 51,826 | $ | (34,012 | ) | $ | (5,494 | ) | $ | 104,786 | |||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (115,663 | ) | (21,448 | ) | — | — | (137,111 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | (115,663 | ) | (21,448 | ) | — | — | (137,111 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (117 | ) | (4,557 | ) | — | (4,674 | ) | |||||||||
Payments on revolving credit facility | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Proceeds from stock option exercises | — | — | 1,338 | — | 1,338 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 338 | — | 338 | ||||||||||||
Noncontrolling interest | — | — | (242 | ) | — | (242 | ) | ||||||||||
Proceeds from new senior credit agreement | — | — | 350,000 | — | 350,000 | ||||||||||||
Principal payments in connection with refinancing of senior credit agreement | — | (41,865 | ) | (300,426 | ) | — | (342,291 | ) | |||||||||
Loan acquisition costs | — | — | (6,228 | ) | — | (6,228 | ) | ||||||||||
Intercompany transactions, net | 23,197 | (27,176 | ) | (1,515 | ) | 5,494 | — | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | 23,197 | (69,158 | ) | 23,708 | 5,494 | (16,759 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 1,383 | — | — | 1,383 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net decrease in cash and cash equivalents | — | (37,397 | ) | (10,304 | ) | — | (47,701 | ) | |||||||||
Cash and cash equivalents at beginning of year | — | 65,495 | 27,079 | — | 92,574 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed consolidating statement of cash flows | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 145,862 | $ | 50,084 | $ | (53,039 | ) | $ | 1,926 | $ | 144,833 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (113,648 | ) | (42,682 | ) | — | — | (156,330 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Net cash used in investing activities | (113,648 | ) | (42,682 | ) | — | — | (156,330 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (485 | ) | (4,034 | ) | — | (4,519 | ) | |||||||||
Proceeds from stock option exercises | — | — | 6,658 | — | 6,658 | ||||||||||||
Excess tax benefit from stock-based compensation | — | — | 14,136 | — | 14,136 | ||||||||||||
Noncontrolling interest | — | — | 1,936 | — | 1,936 | ||||||||||||
Loan acquisition costs | — | — | (627 | ) | — | (627 | ) | ||||||||||
Intercompany transactions, net | (32,214 | ) | 3,874 | 30,266 | (1,926 | ) | — | ||||||||||
| | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | (32,214 | ) | 3,389 | 48,335 | (1,926 | ) | 17,584 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (3,468 | ) | — | — | (3,468 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | — | 7,323 | (4,704 | ) | — | 2,619 | |||||||||||
Cash and cash equivalents at beginning of year | — | 58,172 | 31,783 | — | 89,955 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of year | $ | — | $ | 65,495 | $ | 27,079 | $ | — | $ | 92,574 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
WK | WK | WK | |
Accounting Period | ' | ' | ' |
Actual number of weeks in a fiscal year | 52 | 52 | 52 |
Accounts Receivable and Concentrations of Credit Risk | ' | ' | ' |
Allowances for doubtful accounts | $3,262,000 | $2,995,000 | ' |
Inventories | ' | ' | ' |
Raw materials | 39,357,000 | 42,113,000 | ' |
Work-in-process | 22,079,000 | 27,608,000 | ' |
Finished goods | 52,424,000 | 45,741,000 | ' |
Inventories | $113,860,000 | $115,462,000 | ' |
Minimum | ' | ' | ' |
Accounting Period | ' | ' | ' |
Possible number of weeks in a fiscal year | 52 | ' | ' |
Maximum | ' | ' | ' |
Accounting Period | ' | ' | ' |
Possible number of weeks in a fiscal year | 53 | ' | ' |
Cash Equivalents | ' | ' | ' |
Original maturity to classify instruments as cash equivalents | '3 months | ' | ' |
Accounting_Policies_Details_2
Accounting Policies (Details 2) (USD $) | 12 Months Ended | |||||
Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Buildings and land improvements | Buildings and land improvements | Machinery and equipment | Machinery and equipment | |||
Minimum | Maximum | Minimum | Maximum | |||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | '20 years | '40 years | '5 years | '15 years |
Capitalized interest | $2,638,000 | $3,344,000 | ' | ' | ' | ' |
Accounting_Policies_Details_3
Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Research and Development | ' | ' | ' |
Research and development expenses | $17,184,000 | $18,487,000 | $17,555,000 |
Government Grants | ' | ' | ' |
Grant awarded by DOE | ' | 49,264,000 | ' |
Grant offset to property, plant and equipment | ' | 1,670,000 | 23,550,000 |
Grant offset to operating expenses | $1,739,000 | $2,566,000 | $4,715,000 |
Accounting_Policies_Details_4
Accounting Policies (Details 4) (7.5% senior notes, USD $) | Dec. 28, 2013 | Jan. 01, 2011 |
Fair Value of Financial Instruments | ' | ' |
Debt instrument, interest rate (as a percent) | 7.50% | 7.50% |
Level 1 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt instrument, interest rate (as a percent) | 7.50% | ' |
Fair value of 7.5% senior notes | 385,988,000 | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | $881,321 | $848,997 | ' |
Accumulated Depreciation | 285,946 | 241,531 | ' |
Property, plant and equipment, net | 595,375 | 607,466 | 494,475 |
Land | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 24,184 | 23,675 | ' |
Buildings and land improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 157,928 | 153,934 | ' |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 559,865 | 520,548 | ' |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | $139,344 | $150,840 | ' |
Goodwill_Details
Goodwill (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure of carrying amount of goodwill | ' | ' |
Goodwill, gross | $575,962 | $575,962 |
Accumulated impairment charges | -131,450 | -131,450 |
Goodwill, net | 444,512 | 444,512 |
Transportation and industrial | ' | ' |
Disclosure of carrying amount of goodwill | ' | ' |
Goodwill, gross | 327,347 | 327,347 |
Accumulated impairment charges | -131,450 | -131,450 |
Goodwill, net | 195,897 | 195,897 |
Electronics and EDVs | ' | ' |
Disclosure of carrying amount of goodwill | ' | ' |
Goodwill, gross | 36,336 | 36,336 |
Goodwill, net | 36,336 | 36,336 |
Separations Media | ' | ' |
Disclosure of carrying amount of goodwill | ' | ' |
Goodwill, gross | 212,279 | 212,279 |
Goodwill, net | $212,279 | $212,279 |
Intangibles_Loan_Acquisition_a2
Intangibles, Loan Acquisition and Other Costs (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Intangibles, loan acquisition and other costs | ' | ' | ' |
Intangibles, loan acquisition and other costs, gross carrying amount | $206,991,000 | $206,357,000 | ' |
Accumulated amortization | 113,199,000 | 99,351,000 | ' |
Amortization expense | 13,595,000 | 15,078,000 | 18,244,000 |
Estimate of amortization expense for the next five years | ' | ' | ' |
2014 | 13,605,000 | ' | ' |
2015 | 13,605,000 | ' | ' |
2016 | 13,605,000 | ' | ' |
2017 | 12,871,000 | ' | ' |
2018 | 9,983,000 | ' | ' |
Indefinite-lived Trade names | ' | ' | ' |
Intangibles, loan acquisition and other costs | ' | ' | ' |
Intangible assets not subject to amortization, gross carrying amount | 10,719,000 | 10,483,000 | ' |
Customer relationships | ' | ' | ' |
Intangibles, loan acquisition and other costs | ' | ' | ' |
Weighted average life | '17 years | ' | ' |
Intangible and other assets subject to amortization, gross carrying amount | 181,464,000 | 181,066,000 | ' |
Accumulated amortization | 107,554,000 | 96,180,000 | ' |
Loan acquisition costs | ' | ' | ' |
Intangibles, loan acquisition and other costs | ' | ' | ' |
Weighted average life | '6 years | ' | ' |
Intangible and other assets subject to amortization, gross carrying amount | 14,808,000 | 14,808,000 | ' |
Accumulated amortization | $5,645,000 | $3,171,000 | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities | ' | ' |
Compensation expense and other fringe benefits | $18,421 | $11,240 |
Current portion of environmental reserve | 2,882 | 11,079 |
Other | 27,963 | 21,720 |
Total accrued liabilities | $49,266 | $44,039 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Jun. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | |
Senior credit agreement | Senior credit agreement | Revolving credit facility | Revolving credit facility | Term loan facility | Term loan facility | 7.5% senior notes | 7.5% senior notes | 7.5% senior notes | ||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' |
Long-term debt including current maturities | 646,250,000 | 696,250,000 | ' | 281,250,000 | 331,250,000 | ' | ' | 281,250,000 | 296,250,000 | ' | 365,000,000 | 365,000,000 |
Less current maturities | 16,875,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 629,375,000 | 646,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.50% | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Amount borrowed during the period | 54,200,000 | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Amount issued during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' |
Loan acquisition costs | ' | 6,228,000 | 627,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized loan acquisition costs | ' | $2,478,000 | ' | $2,478,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting capital stock of foreign subsidiaries pledged as collateral for borrowing under senior credit agreement (as a percent) | ' | ' | ' | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Minimum scheduled principal repayments of the term loan | ' | ' |
Long-term debt including current maturities | $646,250 | $696,250 |
Term loan facility | ' | ' |
Minimum scheduled principal repayments of the term loan | ' | ' |
2014 | 16,875 | ' |
2015 | 24,375 | ' |
2016 | 33,750 | ' |
2017 | 206,250 | ' |
Long-term debt including current maturities | $281,250 | $296,250 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension obligations | $29,683 | $30,892 |
Net operating loss carryforwards | 5,552 | 17,689 |
Other | 27,036 | 22,576 |
Total deferred tax assets | 62,271 | 71,157 |
Valuation allowance | -2,225 | -3,797 |
Net deferred tax assets | 60,046 | 67,360 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | -85,952 | -91,251 |
Goodwill and intangibles | -28,351 | -31,708 |
Other | -16,160 | -7,449 |
Total deferred tax liabilities | -130,463 | -130,408 |
Net deferred taxes | ($70,417) | ($63,048) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Unrecognized tax benefits | ' | ' | ' |
Balance at beginning of year | $9,435,000 | $9,373,000 | $8,103,000 |
Increase related to current year positions | 980,000 | ' | ' |
Increase related to prior year positions | 160,000 | 62,000 | 1,270,000 |
Settlements with tax authorities | -138,000 | ' | ' |
Balance at end of year | 10,437,000 | 9,435,000 | 9,373,000 |
Accrual for potential payment of penalties and interest | 362,000 | 399,000 | 362,000 |
Amount of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate | 9,183,000 | 8,168,000 | 8,045,000 |
Valuation allowance | ' | ' | ' |
Decrease in valuation allowance | $1,572,000 | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Net operating loss carryforwards | ' | ' | ' |
Net operating loss carryfowards utilized | $28,617,000 | ' | ' |
Deferred taxes reflected in the consolidated balance sheet | ' | ' | ' |
Current deferred tax asset | ' | 21,671,000 | ' |
Accrued liabilities | -85,000 | ' | ' |
Non-current deferred tax liability | -70,332,000 | -84,719,000 | ' |
Net deferred taxes | -70,417,000 | -63,048,000 | ' |
Components of income before income taxes | ' | ' | ' |
United States | -2,762,000 | 18,062,000 | 72,993,000 |
Foreign | 50,505,000 | 67,279,000 | 64,228,000 |
Income from continuing operations before income taxes | 47,743,000 | 85,341,000 | 137,221,000 |
Income tax expense, Current: | ' | ' | ' |
U.S. taxes on domestic income | 806,000 | 658,000 | 570,000 |
Foreign taxes | 19,913,000 | 18,303,000 | 21,666,000 |
Total current | 20,719,000 | 18,961,000 | 22,236,000 |
Income tax expense, Deferred: | ' | ' | ' |
U.S. taxes on domestic income | -2,739,000 | 7,859,000 | 26,900,000 |
Foreign taxes | -3,691,000 | -1,553,000 | -3,078,000 |
Total deferred | -6,430,000 | 6,306,000 | 23,822,000 |
Income tax expense | 14,289,000 | 25,267,000 | 46,058,000 |
Differences in income taxes between effective tax rate and statutory rate | ' | ' | ' |
Computed income taxes at the expected statutory rate | 16,710,000 | 29,869,000 | 48,027,000 |
State and local taxes | 2,000 | 321,000 | 1,418,000 |
Foreign taxes | -1,749,000 | -7,154,000 | -5,127,000 |
Valuation allowances | -1,572,000 | ' | ' |
Uncertain tax positions | 1,037,000 | ' | ' |
Other | -139,000 | 2,231,000 | 1,740,000 |
Income tax expense | 14,289,000 | 25,267,000 | 46,058,000 |
United States | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' |
Net operating loss carryforwards | 22,716,000 | ' | ' |
Net operating loss carryforwards, number of months expected to be utilized | '12 months | ' | ' |
Foreign | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' |
Net operating loss carryforwards | $714,000 | ' | ' |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Undistributed Earnings disclosure | ' |
Undistributed earnings of consolidated foreign subsidiaries | $237,000,000 |
Microporous | ' |
Undistributed Earnings disclosure | ' |
Discrete foreign earnings which the entity plans to repatriate | 55,065,000 |
Domestic taxes provided for foreign earnings of a discontinued operation | $8,336,000 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Thailand | ' | ' | ' |
Tax-free income | ' | ' | ' |
Percentage of income that was tax-free or tax-exempt | 100.00% | ' | ' |
Income tax benefits recognized from tax holiday | $1,293,000 | $1,821,000 | $2,300,000 |
South Korea | ' | ' | ' |
Tax-free income | ' | ' | ' |
Percentage of income that was tax-free or tax-exempt | 100.00% | ' | ' |
Income tax benefits recognized from tax holiday | ' | $1,379,000 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Amounts recognized in the consolidated balance sheet consist of: | ' | ' | ' |
Pension obligations | ($102,821,000) | ($103,491,000) | ' |
Pension Plans | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | -123,825,000 | -97,667,000 | ' |
Service cost | -2,255,000 | -1,658,000 | -1,552,000 |
Interest cost | -4,532,000 | -4,739,000 | -5,021,000 |
Plan amendments | 1,084,000 | ' | ' |
Actuarial gain (loss) | 7,218,000 | -20,890,000 | ' |
Benefit payments | 3,576,000 | 3,778,000 | ' |
Foreign currency translation and other | -4,640,000 | -2,649,000 | ' |
Benefit obligation at end of year | -123,374,000 | -123,825,000 | -97,667,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 18,529,000 | 17,895,000 | ' |
Actual return on plan assets | 816,000 | 1,794,000 | ' |
Company contributions | 2,002,000 | 2,230,000 | ' |
Benefit payments | -3,576,000 | -3,778,000 | ' |
Foreign currency translation and other | 722,000 | 388,000 | ' |
Fair value of plan assets at end of year | 18,493,000 | 18,529,000 | 17,895,000 |
Funded status at end of year | -104,881,000 | -105,296,000 | ' |
Amounts recognized in the consolidated balance sheet consist of: | ' | ' | ' |
Accrued liabilities | -2,060,000 | -1,805,000 | ' |
Pension obligations | -102,821,000 | -103,491,000 | ' |
Net amount recognized | -104,881,000 | -105,296,000 | ' |
Amounts recognized in accumulated other comprehensive income (loss), pre-tax, consist of: | ' | ' | ' |
Net actuarial loss | 28,110,000 | 35,987,000 | ' |
Prior service credit | -1,259,000 | -182,000 | ' |
Net amount recognized | 26,851,000 | 35,805,000 | ' |
Plans with Benefit Obligations in Excess of Plan Assets | ' | ' | ' |
Accumulated benefit obligation | 113,092,000 | 114,425,000 | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 2,255,000 | 1,658,000 | 1,552,000 |
Interest cost | 4,532,000 | 4,739,000 | 5,021,000 |
Expected return on plan assets | -768,000 | -844,000 | -910,000 |
Amortization of prior service credit | -52,000 | -50,000 | -54,000 |
Recognized net actuarial loss | 1,739,000 | 472,000 | 69,000 |
Net periodic benefit cost | 7,706,000 | 5,975,000 | 5,678,000 |
Amount of prior service credit and net actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit cost in 2014 | 951,000 | ' | ' |
Weighted average assumptions used to determine the benefit obligation and net periodic benefit costs | ' | ' | ' |
Discount rate used to determine the benefit obligation (as a percent) | 3.70% | 3.60% | ' |
Discount rate used to determine the net periodic benefit costs (as a percent) | 3.60% | 4.90% | ' |
Expected return on plan assets (as a percent) | 3.51% | 4.00% | ' |
Rate of compensation increase (as a percent) | 2.53% | 2.52% | ' |
Estimated future pension contributions: | ' | ' | ' |
Expected employer contributions in next fiscal year | 2,060,000 | ' | ' |
Estimated future benefit payments | ' | ' | ' |
2014 | 3,891,000 | ' | ' |
2015 | 4,045,000 | ' | ' |
2016 | 4,169,000 | ' | ' |
2017 | 4,403,000 | ' | ' |
2018 | 4,828,000 | ' | ' |
2019-2023 | $29,468,000 | ' | ' |
Pension Plans | Equity securities | ' | ' | ' |
Pension plan target and actual investment allocation: | ' | ' | ' |
Target allocation percentage of investments (as a percent) | 23.00% | ' | ' |
Actual allocation percentage of investments (as a percent) | 16.00% | 19.00% | ' |
Pension Plans | Debt securities | ' | ' | ' |
Pension plan target and actual investment allocation: | ' | ' | ' |
Target allocation percentage of investments (as a percent) | 77.00% | ' | ' |
Actual allocation percentage of investments (as a percent) | 84.00% | 81.00% | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
U.S. salaried employees | ' | ' | ' |
401 (k) Plans | ' | ' | ' |
Employer's contribution as a percentage of participant's base salary | 5.00% | ' | ' |
Maximum percentage of employee compensation match by employer to defined contribution plan (as a percent) | 3.00% | ' | ' |
Costs related to defined contribution retirement plan | $3,551,000 | $4,224,000 | $3,484,000 |
U.S. hourly employees | ' | ' | ' |
401 (k) Plans | ' | ' | ' |
Costs related to defined contribution retirement plan | $631,000 | $650,000 | $664,000 |
Employer's contribution as a percentage of participant's base salary depending upon the applicable collective bargaining agreement | 3.00% | ' | ' |
Employer's contribution as a percentage of participant's base salary depending upon the applicable collective bargaining agreement | 3.50% | ' | ' |
Environmental_Matters_Details
Environmental Matters (Details) (Membrana GmbH, USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | |
Membrana GmbH | ' | ' | ' |
Environmental Matters | ' | ' | ' |
Environmental reserve | $2,882,000 | ' | $11,079,000 |
Period over which expenditures will be made | '12 months | ' | ' |
Indemnification received | ' | 10,304,000 | ' |
Indemnification receivable | ' | ' | $11,542,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies | ' | ' | ' |
Rent expense under operating leases | $3,376,000 | $3,416,000 | $2,523,000 |
Future minimum operating lease payments | ' | ' | ' |
2014 | 3,072,000 | ' | ' |
2015 | 2,144,000 | ' | ' |
2016 | 1,437,000 | ' | ' |
2017 | 1,182,000 | ' | ' |
2018 | 875,000 | ' | ' |
Thereafter | 469,000 | ' | ' |
Total future minimum operating lease payments | $9,179,000 | ' | ' |
Total Number of Employees | Employees represented under collective bargaining agreements | ' | ' | ' |
Collective Bargaining Agreements | ' | ' | ' |
Concentration risk (as a percent) | 33.00% | ' | ' |
Total Number of Employees | Employees represented under collective bargaining agreements | Corydon, Indiana | ' | ' | ' |
Collective Bargaining Agreements | ' | ' | ' |
Concentration risk (as a percent) | 5.00% | ' | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 25, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Stock option | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' |
Stock-based compensation | ' | $19,080,000 | $16,100,000 | $9,206,000 |
Income tax benefit related to stock-based compensation expense | ' | 6,773,000 | 5,724,000 | 3,242,000 |
Total pre-tax unrecognized stock option expense, net of estimated forfeitures | ' | 18,177,000 | ' | ' |
Weighted-average period of recognition of unrecognized stock option expense | ' | '1 year 2 months 12 days | ' | ' |
Number of options | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | 3,121,639 | ' | ' |
Granted (in shares) | ' | 348,208 | ' | ' |
Exercised (in shares) | ' | -209,237 | ' | ' |
Forfeited (in shares) | ' | -30,269 | ' | ' |
Outstanding at the end of the period (in shares) | ' | 3,230,341 | 3,121,639 | ' |
Vested and exercisable at the end of the period (in shares) | ' | 2,255,902 | ' | ' |
Expected to vest at the end of the period (in shares) | ' | 969,582 | 1,297,773 | ' |
Weighted-average exercise price | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | $37.73 | ' | ' |
Granted (in dollars per share) | ' | $36.84 | ' | ' |
Exercised (in dollars per share) | ' | $11.08 | ' | ' |
Forfeited (in dollars per share) | ' | $51.14 | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | $39.23 | $37.73 | ' |
Vested and exercisable at the end of the period (in dollars per share) | ' | $35.05 | ' | ' |
Expected to vest at the end of the period (in dollars per share) | ' | $48.92 | ' | ' |
Weighted average remaining contractual term (years) | ' | ' | ' | ' |
Outstanding at the end of the period | ' | '7 years | ' | ' |
Vested and exercisable at the end of the period | ' | '6 years 6 months | ' | ' |
Expected to vest at the end of the period | ' | '8 years 2 months 12 days | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' |
Vested and exercisable at the end of the period | ' | 6,666,000 | ' | ' |
Additional disclosure for options | ' | ' | ' | ' |
Exercise price for outstanding options, low end of range (in dollars per share) | ' | $5.24 | ' | ' |
Exercise price for outstanding options, high end of range (in dollars per share) | ' | $56.98 | ' | ' |
Closing stock price | ' | $38.01 | ' | ' |
Total intrinsic value of options exercised | ' | 6,402,000 | 3,116,000 | 48,063,000 |
Weighted average grant-date fair value of options granted (in dollars per share) | ' | $18.92 | $18.97 | $26.73 |
Assumptions used in estimation of grant date fair value of options based on the Black Scholes option pricing model | ' | ' | ' | ' |
Expected term | ' | '5 years 7 months 6 days | '5 years 3 months 18 days | '4 years 9 months 18 days |
Risk-free interest rate (as a percent) | ' | 0.96% | 0.86% | 0.90% |
Expected volatility (as a percent) | ' | 57.30% | 56.00% | 56.10% |
Stock Options, expected to vest | ' | ' | ' | ' |
Expected to vest at the beginning of the period (in shares) | ' | 1,297,773 | ' | ' |
Granted (in shares) | ' | 346,147 | ' | ' |
Vested (in shares) | ' | -645,736 | ' | ' |
Forfeited (in shares) | ' | -28,602 | ' | ' |
Expected to vest at the end of the period (in shares) | ' | 969,582 | 1,297,773 | ' |
Weighted-average grant date fair value, expected to vest | ' | ' | ' | ' |
Beginning of period (in dollars per share) | ' | $25.97 | ' | ' |
Granted (in dollars per share) | ' | $18.92 | ' | ' |
Vested (in dollars per share) | ' | $25.58 | ' | ' |
Forfeited (in dollars per share) | ' | $50.80 | ' | ' |
End of period (in dollars per share) | ' | $22.98 | $25.97 | ' |
Vesting period | ' | '3 years | ' | ' |
Total fair value of options vested | ' | 16,518,000 | 17,945,000 | 4,014,000 |
Stock Based Compensation Plans | ' | ' | ' | ' |
Exercise period after retirement for vested options before modification | '90 days | ' | ' | ' |
Incremental stock option expense associated with the modification, net of estimated forfeitures | 2,500,000 | ' | ' | ' |
Recognized amount of incremental stock option expense associated with the modification, net of estimated forfeitures | ' | 1,580,000 | ' | ' |
Remaining vesting term for recognizing remaining incremental stock option expense associated with the modification | ' | '10 months 24 days | ' | ' |
Stock option | Maximum | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' |
Exercise period after retirement for vested options after modification | '3 years | ' | ' | ' |
Vesting period after retirement for unvested options after modification | '3 years | ' | ' | ' |
2007 Stock Incentive Plan | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' |
Number of shares authorized for grant under 2007 plan | ' | 4,751,963 | ' | ' |
2007 Stock Incentive Plan | Stock option | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' |
Term of Options granted under the plan | ' | '10 years | ' | ' |
2007 Stock Incentive Plan | Restricted Stock | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' |
Stock-based compensation | ' | $1,607,000 | $178,000 | $92,000 |
Restricted stock | ' | ' | ' | ' |
Unvested at the beginning of the period (in shares) | ' | 15,761 | ' | ' |
Granted (in shares) | ' | 89,904 | 11,701 | 4,380 |
Vested (in shares) | ' | -6,500 | ' | ' |
Withheld and repurchased (in shares) | ' | -8,261 | ' | ' |
Forfeited (in shares) | ' | -1,374 | ' | ' |
Unvested at the end of the period (in shares) | ' | 89,530 | 15,761 | ' |
Weighted-average grant date fair value | ' | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | ' | $38.40 | ' | ' |
Granted (in dollars per share) | ' | $36.78 | ' | ' |
Vested (in dollars per share) | ' | $39.25 | ' | ' |
Withheld and repurchased (in dollars per share) | ' | $36.42 | ' | ' |
Forfeited (in dollars per share) | ' | $36.42 | ' | ' |
Unvested at the end of the period (in dollars per share) | ' | $36.93 | $38.40 | ' |
Weighted-average grant date fair value, expected to vest | ' | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) | ' |
Balance at the beginning of the period | ($22,353) |
Other comprehensive income before reclassifications | 8,364 |
Amortization of net actuarial loss and prior service credit for defined benefit pension plans and related income tax expense of $563 | 1,124 |
Other comprehensive income | 9,488 |
Balance at the end of the period | -12,865 |
Income tax expense related to amortization of net actuarial loss and prior service credit for defined benefit pension plans | 563 |
Pension Plans | ' |
Accumulated Other Comprehensive Income (Loss) | ' |
Balance at the beginning of the period | -26,102 |
Other comprehensive income before reclassifications | 5,375 |
Amortization of net actuarial loss and prior service credit for defined benefit pension plans and related income tax expense of $563 | 1,185 |
Other comprehensive income | 6,560 |
Balance at the end of the period | -19,542 |
Foreign Currency Translation Adjustment | ' |
Accumulated Other Comprehensive Income (Loss) | ' |
Balance at the beginning of the period | 3,749 |
Other comprehensive income before reclassifications | 2,989 |
Amortization of net actuarial loss and prior service credit for defined benefit pension plans and related income tax expense of $563 | -61 |
Other comprehensive income | 2,928 |
Balance at the end of the period | $6,677 |
Treasury_Stock_Details
Treasury Stock (Details) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Feb. 19, 2013 | |
Treasury Stock disclosures | ' | ' |
Amount at which shares of common stock were repurchased | $80,668,000 | ' |
Common Stock | ' | ' |
Treasury Stock disclosures | ' | ' |
Shares of common stock repurchased | 2,008,261 | ' |
Shares of unvested restricted stock forfeited and included in treasury stock | 1,374 | ' |
Common Stock | February 2013 Share Repurchase Program | ' | ' |
Treasury Stock disclosures | ' | ' |
Maximum number of shares authorized to be repurchased | ' | 4,000,000 |
Shares of common stock repurchased | 2,000,000 | ' |
Amount at which shares of common stock were repurchased | 80,343,000 | ' |
Common Stock | Repurchases related to restricted stock grants | ' | ' |
Treasury Stock disclosures | ' | ' |
Shares of common stock withheld and repurchased to satisfy certain employees' withholding tax liabilities related to restricted stock grants | 8,261 | ' |
Amount at which shares of common stock were withheld and repurchased to satisfy certain employees' withholding tax liabilities related to restricted stock grants | $325,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Related party transactions | ' | ' | ' |
Ownership percentage in related party | 100.00% | ' | ' |
German Subsidiary | All related parties | ' | ' | ' |
Related party transactions | ' | ' | ' |
Equity method investment | $676,000 | $650,000 | ' |
Charges from the affiliates for work performed | 1,628,000 | 1,801,000 | 979,000 |
Amounts due to the affiliates | $254,000 | $239,000 | ' |
German Subsidiary | Patent and trademark service provider | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage in related party | 33.00% | ' | ' |
German Subsidiary | Research company | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage in related party | 25.00% | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (Daramic Xiangyang, USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Noncontrolling Interest | ' | ' |
Ownership percentage of joint venture | 65.00% | ' |
Contributions to joint venture | $2,470,000 | ' |
Principal balance of building note payable | 5,910,000 | 5,910,000 |
Camel Group Co., Ltd, Co-Venturer | ' | ' |
Noncontrolling Interest | ' | ' |
Ownership percentage of joint venture | 35.00% | ' |
Contributions to joint venture | $1,330,000 | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
segment | |||||||||||
business | |||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Number of primary businesses | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $169,424,000 | $152,020,000 | $168,897,000 | $145,941,000 | $162,136,000 | $161,353,000 | $167,607,000 | $157,603,000 | $636,282,000 | $648,699,000 | $685,725,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 87,937,000 | 123,755,000 | 169,655,000 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 39,473,000 | 36,049,000 | 34,384,000 |
Foreign currency and other | ' | ' | ' | ' | ' | ' | ' | ' | 721,000 | -113,000 | -1,950,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,478,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 47,743,000 | 85,341,000 | 137,221,000 |
Energy storage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 442,160,000 | 466,380,000 | 495,489,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 87,368,000 | 113,256,000 | 166,638,000 |
Operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 636,282,000 | 648,699,000 | 685,725,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 110,743,000 | 141,657,000 | 179,611,000 |
Operating segments | Electronics and EDVs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 130,301,000 | 167,370,000 | 200,991,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 17,371,000 | 47,195,000 | 91,130,000 |
Operating segments | Transportation and industrial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 311,859,000 | 299,010,000 | 294,498,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 69,997,000 | 66,061,000 | 75,508,000 |
Operating segments | Separations Media | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 194,122,000 | 182,319,000 | 190,236,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 54,077,000 | 52,479,000 | 54,680,000 |
Operating segments | Separations Media | Healthcare | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 124,169,000 | 114,778,000 | 120,387,000 |
Operating segments | Separations Media | Filtration and specialty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 69,953,000 | 67,541,000 | 69,849,000 |
Material reconciling items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 20,687,000 | 16,278,000 | 9,298,000 |
Non-recurring and other costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,119,000 | 1,624,000 | 658,000 |
Corporate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ($30,702,000) | ($24,078,000) | ($41,707,000) |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | $56,303 | $55,667 | $51,342 |
Capital expenditures: | 28,235 | 137,111 | 156,330 |
Assets of discontinued operations | ' | 92,261 | 93,105 |
Assets | 1,550,213 | 1,586,072 | 1,481,879 |
Discontinued operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | 1,780 | 3,590 | 3,672 |
Capital expenditures: | 765 | 784 | 1,048 |
Energy storage | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Assets | 665,806 | 660,147 | 521,908 |
Energy storage | Continuing operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | 28,973 | 25,845 | 18,250 |
Capital expenditures: | 17,796 | 128,045 | 132,831 |
Operating segments | Electronics and EDVs | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Assets | 374,323 | 397,973 | 291,451 |
Operating segments | Electronics and EDVs | Continuing operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | 17,607 | 16,137 | 9,395 |
Capital expenditures: | 4,138 | 115,845 | 116,208 |
Operating segments | Transportation and industrial | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Assets | 291,483 | 262,174 | 230,457 |
Operating segments | Transportation and industrial | Continuing operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | 11,366 | 9,708 | 8,855 |
Capital expenditures: | 13,658 | 12,200 | 16,623 |
Operating segments | Separations Media | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Assets | 266,133 | 244,978 | 273,631 |
Operating segments | Separations Media | Continuing operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | 14,224 | 13,437 | 13,360 |
Capital expenditures: | 9,674 | 8,282 | 22,451 |
Corporate and other | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Assets | 618,274 | 588,686 | 593,235 |
Corporate and other | Continuing operations | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' |
Depreciation and amortization: | $11,326 | $12,795 | $16,060 |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $169,424 | $152,020 | $168,897 | $145,941 | $162,136 | $161,353 | $167,607 | $157,603 | $636,282 | $648,699 | $685,725 |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 595,375 | ' | ' | ' | 607,466 | ' | ' | ' | 595,375 | 607,466 | 494,475 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 232,402 | 207,169 | 251,864 |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 303,888 | ' | ' | ' | 316,128 | ' | ' | ' | 303,888 | 316,128 | 216,665 |
Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 177,928 | 164,896 | 170,103 |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 153,913 | ' | ' | ' | 152,943 | ' | ' | ' | 153,913 | 152,943 | 154,586 |
France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 75,854 | 70,903 | 81,719 |
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 67,545 | 86,627 | 82,861 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 82,553 | 119,104 | 99,178 |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $137,574 | ' | ' | ' | $138,395 | ' | ' | ' | $137,574 | $138,395 | $123,224 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 19, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Microporous | Microporous | Microporous | Microporous | ||||||||||||
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price of assets to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | ' | ' | ' |
Gain on sale of discontinued operations, net of income taxes | 35,855,000 | ' | ' | ' | ' | ' | ' | ' | 35,855,000 | ' | ' | ' | 35,855,000 | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,259,000 | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,447,000 | ' |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 759,000 | ' |
Property, plant and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,335,000 | ' |
Goodwill and intangibles, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,530,000 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 931,000 | ' |
Assets of discontinued operations | ' | ' | ' | ' | 92,261,000 | ' | ' | ' | ' | 92,261,000 | 93,105,000 | ' | ' | 92,261,000 | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,066,000 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,948,000 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,562,000 | ' |
Liabilities of discontinued operations | ' | ' | ' | ' | 19,576,000 | ' | ' | ' | ' | 19,576,000 | ' | ' | ' | 19,576,000 | ' |
Results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,441,000 | 68,674,000 | 77,349,000 |
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,525,000 | 16,171,000 | 19,878,000 |
Income from discontinued operations, net of income taxes | $3,480,000 | $2,514,000 | $2,944,000 | $3,364,000 | $3,310,000 | $1,799,000 | $2,826,000 | $2,942,000 | $12,302,000 | $10,877,000 | $14,077,000 | ' | $12,302,000 | $10,877,000 | $14,077,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Quarterly Results of Operations (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $169,424 | $152,020 | $168,897 | $145,941 | $162,136 | $161,353 | $167,607 | $157,603 | $636,282 | $648,699 | $685,725 |
Gross profit | 63,477 | 47,631 | 60,426 | 49,195 | 57,942 | 55,750 | 65,382 | 66,135 | 220,729 | 245,209 | 299,495 |
Income from continuing operations | 10,796 | 4,505 | 12,496 | 5,657 | 14,155 | 12,433 | 17,655 | 15,831 | 33,454 | 60,074 | 91,163 |
Income from discontinued operations, net of income taxes | 3,480 | 2,514 | 2,944 | 3,364 | 3,310 | 1,799 | 2,826 | 2,942 | 12,302 | 10,877 | 14,077 |
Gain on sale of discontinued operations, net of income taxes | 35,855 | ' | ' | ' | ' | ' | ' | ' | 35,855 | ' | ' |
Income from discontinued operations | 39,335 | 2,514 | 2,944 | 3,364 | ' | ' | ' | ' | 48,157 | 10,877 | 14,077 |
Net income | $50,131 | $7,019 | $15,440 | $9,021 | $17,465 | $14,232 | $20,481 | $18,773 | $81,611 | $70,951 | $105,240 |
Net income per share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.24 | $0.10 | $0.27 | $0.12 | $0.30 | $0.27 | $0.38 | $0.34 | $0.73 | $1.29 | $1.97 |
Discontinued operations (in dollars per share) | $0.88 | $0.06 | $0.06 | $0.07 | $0.07 | $0.04 | $0.06 | $0.06 | $1.06 | $0.23 | $0.31 |
Net income per share (in dollars per share) | $1.12 | $0.16 | $0.33 | $0.19 | $0.37 | $0.31 | $0.44 | $0.40 | $1.79 | $1.52 | $2.28 |
Net income per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.24 | $0.10 | $0.27 | $0.12 | $0.30 | $0.26 | $0.37 | $0.34 | $0.72 | $1.27 | $1.93 |
Discontinued operations (in dollars per share) | $0.86 | $0.05 | $0.06 | $0.07 | $0.07 | $0.04 | $0.06 | $0.06 | $1.04 | $0.23 | $0.30 |
Net income per share (in dollars per share) | $1.10 | $0.15 | $0.33 | $0.19 | $0.37 | $0.30 | $0.43 | $0.40 | $1.76 | $1.50 | $2.23 |
Financial_Statements_of_Guaran2
Financial Statements of Guarantors (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Statements of Guarantors | ' | ' | ' | ' |
Ownership percentage in domestic subsidiaries | 100.00% | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $163,423 | $44,873 | $92,574 | $89,955 |
Accounts receivable, net | 113,506 | 122,056 | ' | ' |
Inventories | 113,860 | 115,462 | ' | ' |
Prepaid and other | 18,118 | 44,440 | ' | ' |
Assets of discontinued operations | ' | 92,261 | 93,105 | ' |
Total current assets | 408,907 | 419,092 | ' | ' |
Property, plant and equipment, net | 595,375 | 607,466 | 494,475 | ' |
Goodwill | 444,512 | 444,512 | ' | ' |
Intangibles and loan acquisition costs, net | 93,792 | 107,006 | ' | ' |
Other | 7,627 | 7,996 | ' | ' |
Total assets | 1,550,213 | 1,586,072 | 1,481,879 | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 81,030 | 74,122 | ' | ' |
Income taxes payable | 4,055 | 1,603 | ' | ' |
Current portion of debt | 16,875 | 50,000 | ' | ' |
Liabilities of discontinued operations | ' | 19,576 | ' | ' |
Total current liabilities | 101,960 | 145,301 | ' | ' |
Debt, less current portion | 629,375 | 646,250 | ' | ' |
Pension obligations, less current portion | 102,821 | 103,491 | ' | ' |
Deferred income taxes and other | 96,481 | 108,193 | ' | ' |
Shareholders' equity | 619,576 | 582,837 | 499,393 | 378,050 |
Total liabilities and shareholders' equity | 1,550,213 | 1,586,072 | ' | ' |
Reportable legal entities | Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Accounts receivable, net | 32,860 | 36,980 | ' | ' |
Inventories | 38,974 | 41,616 | ' | ' |
Prepaid and other | 7,541 | 24,656 | ' | ' |
Assets of discontinued operations | ' | 27,566 | ' | ' |
Total current assets | 79,375 | 130,818 | ' | ' |
Due from affiliates | 551,141 | 554,190 | ' | ' |
Investment in subsidiaries | 129,588 | 123,765 | ' | ' |
Property, plant and equipment, net | 303,888 | 316,128 | ' | ' |
Other | 727 | 727 | ' | ' |
Total assets | 1,064,719 | 1,125,628 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 26,865 | 24,279 | ' | ' |
Liabilities of discontinued operations | ' | 15,222 | ' | ' |
Total current liabilities | 26,865 | 39,501 | ' | ' |
Due to affiliates | 510,356 | 579,388 | ' | ' |
Deferred income taxes and other | 51,401 | 65,367 | ' | ' |
Shareholders' equity | 476,097 | 441,372 | ' | ' |
Total liabilities and shareholders' equity | 1,064,719 | 1,125,628 | ' | ' |
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 87,082 | 28,098 | 65,495 | 58,172 |
Accounts receivable, net | 80,646 | 85,076 | ' | ' |
Inventories | 74,886 | 73,846 | ' | ' |
Prepaid and other | 8,503 | 19,246 | ' | ' |
Assets of discontinued operations | ' | 25,165 | ' | ' |
Total current assets | 251,117 | 231,431 | ' | ' |
Due from affiliates | 903,815 | 330,148 | ' | ' |
Investment in subsidiaries | 577,878 | 381,295 | ' | ' |
Property, plant and equipment, net | 291,487 | 291,338 | ' | ' |
Other | 6,755 | 7,269 | ' | ' |
Total assets | 2,031,052 | 1,241,481 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 40,916 | 45,286 | ' | ' |
Income taxes payable | 3,873 | 723 | ' | ' |
Liabilities of discontinued operations | ' | 4,354 | ' | ' |
Total current liabilities | 44,789 | 50,363 | ' | ' |
Due to affiliates | 851,659 | 344,398 | ' | ' |
Pension obligations, less current portion | 102,821 | 103,491 | ' | ' |
Deferred income taxes and other | 44,788 | 42,681 | ' | ' |
Shareholders' equity | 986,995 | 700,548 | ' | ' |
Total liabilities and shareholders' equity | 2,031,052 | 1,241,481 | ' | ' |
Reportable legal entities | The Company | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 76,341 | 16,775 | 27,079 | 31,783 |
Prepaid and other | 2,074 | 538 | ' | ' |
Assets of discontinued operations | ' | 39,530 | ' | ' |
Total current assets | 78,415 | 56,843 | ' | ' |
Due from affiliates | 467,441 | 482,869 | ' | ' |
Investment in subsidiaries | 755,626 | 636,860 | ' | ' |
Goodwill | 444,512 | 444,512 | ' | ' |
Intangibles and loan acquisition costs, net | 93,792 | 107,006 | ' | ' |
Other | 145 | ' | ' | ' |
Total assets | 1,839,931 | 1,728,090 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 13,249 | 4,557 | ' | ' |
Income taxes payable | 182 | 880 | ' | ' |
Current portion of debt | 16,875 | 50,000 | ' | ' |
Total current liabilities | 30,306 | 55,437 | ' | ' |
Due to affiliates | 560,382 | 443,421 | ' | ' |
Debt, less current portion | 629,375 | 646,250 | ' | ' |
Deferred income taxes and other | 292 | 145 | ' | ' |
Shareholders' equity | 619,576 | 582,837 | ' | ' |
Total liabilities and shareholders' equity | 1,839,931 | 1,728,090 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Due from affiliates | -1,922,397 | -1,367,207 | ' | ' |
Investment in subsidiaries | -1,463,092 | -1,141,920 | ' | ' |
Total assets | -3,385,489 | -2,509,127 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Due to affiliates | -1,922,397 | -1,367,207 | ' | ' |
Shareholders' equity | -1,463,092 | -1,141,920 | ' | ' |
Total liabilities and shareholders' equity | ($3,385,489) | ($2,509,127) | ' | ' |
Financial_Statements_of_Guaran3
Financial Statements of Guarantors (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Condensed consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $169,424,000 | $152,020,000 | $168,897,000 | $145,941,000 | $162,136,000 | $161,353,000 | $167,607,000 | $157,603,000 | $636,282,000 | $648,699,000 | $685,725,000 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 415,553,000 | 403,490,000 | 386,230,000 |
Gross profit | 63,477,000 | 47,631,000 | 60,426,000 | 49,195,000 | 57,942,000 | 55,750,000 | 65,382,000 | 66,135,000 | 220,729,000 | 245,209,000 | 299,495,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 132,792,000 | 121,454,000 | 129,840,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 87,937,000 | 123,755,000 | 169,655,000 |
Interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | 40,194,000 | 35,936,000 | 32,434,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,478,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 47,743,000 | 85,341,000 | 137,221,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 14,289,000 | 25,267,000 | 46,058,000 |
Income from continuing operations | 10,796,000 | 4,505,000 | 12,496,000 | 5,657,000 | 14,155,000 | 12,433,000 | 17,655,000 | 15,831,000 | 33,454,000 | 60,074,000 | 91,163,000 |
Income from discontinued operations, net of income taxes | 3,480,000 | 2,514,000 | 2,944,000 | 3,364,000 | 3,310,000 | 1,799,000 | 2,826,000 | 2,942,000 | 12,302,000 | 10,877,000 | 14,077,000 |
Gain on sale of discontinued operations, net of income taxes | 35,855,000 | ' | ' | ' | ' | ' | ' | ' | 35,855,000 | ' | ' |
Income from discontinued operations | 39,335,000 | 2,514,000 | 2,944,000 | 3,364,000 | ' | ' | ' | ' | 48,157,000 | 10,877,000 | 14,077,000 |
Net income | 50,131,000 | 7,019,000 | 15,440,000 | 9,021,000 | 17,465,000 | 14,232,000 | 20,481,000 | 18,773,000 | 81,611,000 | 70,951,000 | 105,240,000 |
Reportable legal entities | Combined Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 186,767,000 | 165,051,000 | 224,462,000 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 79,026,000 | 44,029,000 | 47,578,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 107,741,000 | 121,022,000 | 176,884,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 61,179,000 | 61,152,000 | 71,936,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 46,562,000 | 59,870,000 | 104,948,000 |
Interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | -7,282,000 | -9,404,000 | -8,936,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 53,844,000 | 69,274,000 | 113,884,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 25,979,000 | 32,917,000 | 51,484,000 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 27,865,000 | 36,357,000 | 62,400,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,561,000 | 4,481,000 | 5,861,000 |
Gain on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,565,000 | ' | ' |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 7,126,000 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34,991,000 | 40,838,000 | 68,261,000 |
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 449,515,000 | 483,648,000 | 461,263,000 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 336,527,000 | 359,461,000 | 338,652,000 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 112,988,000 | 124,187,000 | 122,611,000 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 47,959,000 | 47,156,000 | 51,737,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 65,029,000 | 77,031,000 | 70,874,000 |
Interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | 7,895,000 | 7,311,000 | 5,603,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 57,134,000 | 69,720,000 | 65,271,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 16,827,000 | 16,835,000 | 18,598,000 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 40,307,000 | 52,885,000 | 46,673,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,111,000 | 7,136,000 | 8,956,000 |
Gain on sale of discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 34,290,000 | ' | ' |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 41,401,000 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 81,708,000 | 60,021,000 | 55,629,000 |
Reportable legal entities | The Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23,654,000 | 13,146,000 | 6,167,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -23,654,000 | -13,146,000 | -6,167,000 |
Interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | 39,581,000 | 38,029,000 | 35,767,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,478,000 | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -116,699,000 | -100,859,000 | -123,890,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 53,464,000 | 47,206,000 | 81,956,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -28,517,000 | -24,485,000 | -24,024,000 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 81,981,000 | 71,691,000 | 105,980,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -370,000 | -740,000 | -740,000 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -370,000 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 81,611,000 | 70,951,000 | 105,240,000 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 116,699,000 | 100,859,000 | 123,890,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -116,699,000 | -100,859,000 | -123,890,000 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -116,699,000 | -100,859,000 | -123,890,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($116,699,000) | ($100,859,000) | ($123,890,000) |
Financial_Statements_of_Guaran4
Financial Statements of Guarantors (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Condensed consolidating statement of comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $50,131 | $7,019 | $15,440 | $9,021 | $17,465 | $14,232 | $20,481 | $18,773 | $81,611 | $70,951 | $105,240 |
Foreign currency translation adjustment, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,928 | 9,809 | -12,584 |
Foreign currency translation adjustment, income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 638 | 249 | -895 |
Change in net actuarial loss and prior service credit, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | 6,560 | -15,035 | -4,812 |
Change in net actuarial loss and prior service credit, income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,647 | 5,848 | 2,187 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 91,099 | 65,725 | 87,844 |
Reportable legal entities | Combined Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34,991 | 40,838 | 68,261 |
Change in net actuarial loss and prior service credit, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | 569 | -306 | -111 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 35,560 | 40,532 | 68,150 |
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 81,708 | 60,021 | 55,629 |
Foreign currency translation adjustment, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,515 | 10,313 | -12,706 |
Change in net actuarial loss and prior service credit, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | 5,991 | -14,729 | -4,701 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 95,214 | 55,605 | 38,222 |
Reportable legal entities | The Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 81,611 | 70,951 | 105,240 |
Foreign currency translation adjustment, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | -859 | -332 | 116 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 10,347 | -4,894 | -17,512 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 91,099 | 65,725 | 87,844 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed consolidating statement of comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -116,699 | -100,859 | -123,890 |
Foreign currency translation adjustment, net of income tax | ' | ' | ' | ' | ' | ' | ' | ' | -3,728 | -172 | 6 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -10,347 | 4,894 | 17,512 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($130,774) | ($96,137) | ($106,372) |
Financial_Statements_of_Guaran5
Financial Statements of Guarantors (Details 4) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | $154,460,000 | $104,786,000 | $144,833,000 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment, net | -28,235,000 | -137,111,000 | -156,330,000 |
Net proceeds from the sale of discontinued operations | 116,613,000 | ' | ' |
Net cash provided by (used in) investing activities | 88,378,000 | -137,111,000 | -156,330,000 |
Financing activities: | ' | ' | ' |
Principal payments on debt | -15,000,000 | -4,674,000 | -4,519,000 |
Payments on revolving credit facility | -89,200,000 | -15,000,000 | ' |
Proceeds from revolving credit facility | 54,200,000 | ' | ' |
Repurchases of common stock | -80,668,000 | ' | ' |
Proceeds from stock option exercises | 2,319,000 | 1,338,000 | 6,658,000 |
Excess tax benefit from stock-based compensation | 1,163,000 | 338,000 | 14,136,000 |
Noncontrolling interest | 1,960,000 | -242,000 | 1,936,000 |
Proceeds from new senior credit agreement | ' | 350,000,000 | ' |
Principal payments in connection with refinancing of senior credit agreement | ' | -342,291,000 | ' |
Loan acquisition costs | ' | -6,228,000 | -627,000 |
Net cash provided by (used in) financing activities | -125,226,000 | -16,759,000 | 17,584,000 |
Effect of exchange rate changes on cash and cash equivalents | 938,000 | 1,383,000 | -3,468,000 |
Net increase (decrease) in cash and cash equivalents | 118,550,000 | -47,701,000 | 2,619,000 |
Cash and cash equivalents at beginning of period | 44,873,000 | 92,574,000 | 89,955,000 |
Cash and cash equivalents at end of period | 163,423,000 | 44,873,000 | 92,574,000 |
Reportable legal entities | Combined Guarantor Subsidiaries | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 94,473,000 | 92,466,000 | 145,862,000 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment, net | -4,838,000 | -115,663,000 | -113,648,000 |
Net cash provided by (used in) investing activities | -4,838,000 | -115,663,000 | -113,648,000 |
Financing activities: | ' | ' | ' |
Intercompany transactions, net | -89,635,000 | 23,197,000 | -32,214,000 |
Net cash provided by (used in) financing activities | -89,635,000 | 23,197,000 | -32,214,000 |
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 65,345,000 | 51,826,000 | 50,084,000 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment, net | -23,397,000 | -21,448,000 | -42,682,000 |
Net proceeds from the sale of discontinued operations | 55,108,000 | ' | ' |
Net cash provided by (used in) investing activities | 31,711,000 | -21,448,000 | -42,682,000 |
Financing activities: | ' | ' | ' |
Principal payments on debt | ' | -117,000 | -485,000 |
Principal payments in connection with refinancing of senior credit agreement | ' | -41,865,000 | ' |
Intercompany transactions, net | -39,010,000 | -27,176,000 | 3,874,000 |
Net cash provided by (used in) financing activities | -39,010,000 | -69,158,000 | 3,389,000 |
Effect of exchange rate changes on cash and cash equivalents | 938,000 | 1,383,000 | -3,468,000 |
Net increase (decrease) in cash and cash equivalents | 58,984,000 | -37,397,000 | 7,323,000 |
Cash and cash equivalents at beginning of period | 28,098,000 | 65,495,000 | 58,172,000 |
Cash and cash equivalents at end of period | 87,082,000 | 28,098,000 | 65,495,000 |
Reportable legal entities | The Company | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | -27,658,000 | -34,012,000 | -53,039,000 |
Investing activities: | ' | ' | ' |
Net proceeds from the sale of discontinued operations | 61,505,000 | ' | ' |
Net cash provided by (used in) investing activities | 61,505,000 | ' | ' |
Financing activities: | ' | ' | ' |
Principal payments on debt | -15,000,000 | -4,557,000 | -4,034,000 |
Payments on revolving credit facility | -89,200,000 | -15,000,000 | ' |
Proceeds from revolving credit facility | 54,200,000 | ' | ' |
Repurchases of common stock | -80,668,000 | ' | ' |
Proceeds from stock option exercises | 2,319,000 | 1,338,000 | 6,658,000 |
Excess tax benefit from stock-based compensation | 1,163,000 | 338,000 | 14,136,000 |
Noncontrolling interest | 1,960,000 | -242,000 | 1,936,000 |
Proceeds from new senior credit agreement | ' | 350,000,000 | ' |
Principal payments in connection with refinancing of senior credit agreement | ' | -300,426,000 | ' |
Loan acquisition costs | ' | -6,228,000 | -627,000 |
Intercompany transactions, net | 150,945,000 | -1,515,000 | 30,266,000 |
Net cash provided by (used in) financing activities | 25,719,000 | 23,708,000 | 48,335,000 |
Net increase (decrease) in cash and cash equivalents | 59,566,000 | -10,304,000 | -4,704,000 |
Cash and cash equivalents at beginning of period | 16,775,000 | 27,079,000 | 31,783,000 |
Cash and cash equivalents at end of period | 76,341,000 | 16,775,000 | 27,079,000 |
Eliminations | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities | 22,300,000 | -5,494,000 | 1,926,000 |
Financing activities: | ' | ' | ' |
Intercompany transactions, net | -22,300,000 | 5,494,000 | -1,926,000 |
Net cash provided by (used in) financing activities | ($22,300,000) | $5,494,000 | ($1,926,000) |
Schedule_II_Financial_statemen1
Schedule II - Financial statement schedule-Valuation and qualifying accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Changes in valuation and qualifying accounts during the period | ' | ' | ' |
Balance at the beginning of the year | $6,792 | $12,228 | $11,095 |
Charged to costs and expenses | -840 | 407 | 1,257 |
Charged to other accounts | 47 | -5,546 | -57 |
Deductions | -512 | -297 | -67 |
Balance at the end of the year | 5,487 | 6,792 | 12,228 |
Allowance for doubtful accounts | ' | ' | ' |
Changes in valuation and qualifying accounts during the period | ' | ' | ' |
Balance at the beginning of the year | 2,995 | 2,648 | 2,482 |
Charged to costs and expenses | 732 | 565 | 290 |
Charged to other accounts | 47 | 79 | -57 |
Deductions | -512 | -297 | -67 |
Balance at the end of the year | 3,262 | 2,995 | 2,648 |
Valuation allowance for deferred tax asset | ' | ' | ' |
Changes in valuation and qualifying accounts during the period | ' | ' | ' |
Balance at the beginning of the year | 3,797 | 9,580 | 8,613 |
Charged to costs and expenses | -1,572 | -158 | 967 |
Charged to other accounts | ' | -5,625 | ' |
Balance at the end of the year | $2,225 | $3,797 | $9,580 |