Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 29, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Polypore International, Inc. | ' |
Entity Central Index Key | '0001292556 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 44,653,367 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_consolidated_balance
Condensed consolidated balance sheets (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $35,111 | $163,423 |
Accounts receivable, net | 118,297 | 113,506 |
Inventories | 105,276 | 113,860 |
Prepaid and other | 22,367 | 18,118 |
Total current assets | 281,051 | 408,907 |
Property, plant and equipment, net | 567,703 | 595,375 |
Goodwill | 444,512 | 444,512 |
Intangibles and loan acquisition costs, net | 81,868 | 93,792 |
Other | 8,001 | 7,627 |
Total assets | 1,383,135 | 1,550,213 |
Current liabilities: | ' | ' |
Accounts payable | 23,614 | 31,764 |
Accrued liabilities | 43,551 | 49,266 |
Income taxes payable | 3,888 | 4,055 |
Current portion of debt | 31,000 | 16,875 |
Total current liabilities | 102,053 | 101,960 |
Debt, less current portion | 468,750 | 629,375 |
Pension obligations, less current portion | 98,440 | 102,821 |
Deferred income taxes | 71,275 | 70,332 |
Other | 22,141 | 26,149 |
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, 47,123,985 issued and 44,653,618 outstanding at September 27, 2014 and 46,926,205 issued and 44,916,570 outstanding at December 28, 2013 | 471 | 469 |
Paid-in capital | 587,826 | 569,362 |
Retained earnings | 153,580 | 137,379 |
Accumulated other comprehensive loss | -27,224 | -12,865 |
Treasury stock, at cost - 2,470,367 shares at September 27, 2014 and 2,009,635 shares at December 28, 2013 | -100,995 | -80,668 |
Total Polypore shareholders' equity | 613,658 | 613,677 |
Noncontrolling interest | 6,818 | 5,899 |
Total shareholders' equity | 620,476 | 619,576 |
Total liabilities and shareholders' equity | $1,383,135 | $1,550,213 |
Condensed_consolidated_balance1
Condensed consolidated balance sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
Condensed 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 | 47,123,985 | 46,926,205 |
Common stock, shares outstanding | 44,653,618 | 44,916,570 |
Treasury stock, shares | 2,470,367 | 2,009,635 |
Condensed_consolidated_stateme
Condensed consolidated statements of income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed consolidated statements of income | ' | ' | ' | ' |
Net sales | $165,539 | $152,020 | $493,162 | $466,858 |
Cost of goods sold | 112,036 | 104,389 | 322,505 | 309,606 |
Gross profit | 53,503 | 47,631 | 170,657 | 157,252 |
Selling, general, and administrative expenses | 34,999 | 33,260 | 109,362 | 96,390 |
Operating income | 18,504 | 14,371 | 61,295 | 60,862 |
Other (income) expense: | ' | ' | ' | ' |
Interest expense, net | 3,328 | 9,919 | 18,561 | 29,631 |
Foreign currency and other | -4,406 | 601 | -5,568 | 902 |
Costs related to purchase of 7.5% senior notes | ' | ' | 24,937 | ' |
Write-off of loan acquisition costs and other expenses associated with refinancing of senior credit agreement | ' | ' | 1,148 | ' |
Other (income) expense total | -1,078 | 10,520 | 39,078 | 30,533 |
Income from continuing operations before income taxes | 19,582 | 3,851 | 22,217 | 30,329 |
Income taxes | 6,157 | -894 | 4,399 | 7,030 |
Income from continuing operations | 13,425 | 4,745 | 17,818 | 23,299 |
Income (loss) from discontinued operations, net of income taxes | -327 | 2,514 | -655 | 8,822 |
Net income | 13,098 | 7,259 | 17,163 | 32,121 |
Less: Net income attributable to noncontrolling interest | 409 | 240 | 962 | 641 |
Net income attributable to Polypore International, Inc. | 12,689 | 7,019 | 16,201 | 31,480 |
Net income attributable to Polypore International, Inc.: | ' | ' | ' | ' |
Income from continuing operations | 13,016 | 4,505 | 16,856 | 22,658 |
Income (loss) from discontinued operations | -327 | 2,514 | -655 | 8,822 |
Net income attributable to Polypore International, Inc. | $12,689 | $7,019 | $16,201 | $31,480 |
Net income attributable to Polypore International, Inc. per share - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.29 | $0.10 | $0.38 | $0.50 |
Discontinued operations (in dollars per share) | ($0.01) | $0.06 | ($0.02) | $0.19 |
Net income attributable to Polypore International, Inc. per share | $0.28 | $0.16 | $0.36 | $0.69 |
Net income attributable to Polypore International, Inc. per share - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.29 | $0.10 | $0.37 | $0.49 |
Discontinued operations (in dollars per share) | ($0.01) | $0.05 | ($0.01) | $0.19 |
Net income attributable to Polypore International, Inc. per share | $0.28 | $0.15 | $0.36 | $0.68 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 44,688,921 | 44,748,071 | 44,819,952 | 45,877,092 |
Weighted average shares outstanding - diluted (in shares) | 45,337,707 | 45,386,263 | 45,420,185 | 46,526,755 |
Condensed_consolidated_stateme1
Condensed consolidated statements of income (Parenthetical) (7.5% senior notes) | Sep. 27, 2014 |
7.5% senior notes | ' |
Debt instrument, interest rate (as a percent) | 7.50% |
Condensed_consolidated_stateme2
Condensed consolidated statements of comprehensive income (loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed consolidated statements of comprehensive income (loss) | ' | ' | ' | ' |
Net income | $13,098 | $7,259 | $17,163 | $32,121 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | -16,193 | 8,631 | -16,578 | 2,922 |
Change in net actuarial loss and prior service credit | 1,215 | -712 | 1,397 | -73 |
Unrealized gain on interest rate swap | 958 | ' | 958 | ' |
Income taxes related to other comprehensive income (loss) | -351 | -415 | -179 | 77 |
Other comprehensive income (loss) | -14,371 | 7,504 | -14,402 | 2,926 |
Comprehensive income (loss) | -1,273 | 14,763 | 2,761 | 35,047 |
Less: Comprehensive income attributable to noncontrolling interest | 411 | 262 | 919 | 787 |
Comprehensive income (loss) attributable to Polypore International, Inc. | ($1,684) | $14,501 | $1,842 | $34,260 |
Condensed_consolidated_stateme3
Condensed consolidated statements of cash flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Operating activities: | ' | ' |
Net income | $17,163 | $32,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 33,155 | 34,350 |
Amortization expense | 8,345 | 8,892 |
Amortization of loan acquisition costs | 1,419 | 1,855 |
Stock-based compensation | 17,431 | 14,194 |
Loss on disposal of property, plant and equipment | 141 | 948 |
Foreign currency (gain) loss | -3,096 | 1,076 |
Deferred income taxes | -9,800 | -3,201 |
Costs related to purchase of 7.5% senior notes | 24,937 | ' |
Write-off of loan acquisition costs and other expenses associated with refinancing of senior credit agreement | 1,148 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -7,713 | 18,154 |
Inventories | 4,780 | 1,867 |
Prepaid and other current assets | 1,631 | 10,672 |
Accounts payable and accrued liabilities | -11,766 | 4,839 |
Income taxes payable | 103 | -446 |
Other, net | 5,160 | 2,332 |
Net cash provided by operating activities | 83,038 | 127,653 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment, net | -17,520 | -19,778 |
Net cash used in investing activities | -17,520 | -19,778 |
Financing activities: | ' | ' |
Proceeds from new senior credit agreement | 500,000 | ' |
Principal payments in connection with refinancing of senior credit agreement | -273,750 | ' |
Purchase of 7.5% senior notes | -385,542 | ' |
Loan acquisition costs | -4,080 | ' |
Principal payments on debt | -13,750 | -15,000 |
Proceeds from revolving credit facility | 114,000 | 54,200 |
Payments on revolving credit facility | -108,000 | -89,200 |
Repurchases of common stock | -20,327 | -80,668 |
Proceeds from stock option exercises | 1,035 | 2,039 |
Contributions from noncontrolling interest | ' | 1,330 |
Net cash used in financing activities | -190,414 | -127,299 |
Effect of exchange rate changes on cash and cash equivalents | -3,416 | 1,464 |
Net decrease in cash and cash equivalents | -128,312 | -17,960 |
Cash and cash equivalents at beginning of period | 163,423 | 44,873 |
Cash and cash equivalents at end of period | $35,111 | $26,913 |
Condensed_consolidated_stateme4
Condensed consolidated statements of cash flows (Parenthetical) (7.5% senior notes) | Sep. 27, 2014 |
7.5% senior notes | ' |
Debt instrument, interest rate (as a percent) | 7.50% |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | ' |
1. Description of Business and Basis of Presentation | |
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. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries after elimination of intercompany accounts and transactions. The unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, the unaudited condensed consolidated financial statements and notes do not contain certain information included in the Company’s annual financial statements. In the opinion of management, all normal and recurring adjustments that are necessary for a fair presentation have been made. Certain amounts previously presented in the condensed consolidated financial statements for prior periods have been reclassified to conform to current classifications. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2013. Operating results for the three and nine months ended September 27, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending January 3, 2015. | |
On December 19, 2013, the Company completed the sale of its Microporous business. The results of operations from this business have been presented as discontinued operations. All disclosures and amounts in the notes to the condensed consolidated financial statements relate to the Company’s continuing operations, unless otherwise indicated. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2014 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
2. Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
3. 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) | September 27, 2014 | December 28, 2013 | ||||||
Raw materials | $ | 37,606 | $ | 39,357 | ||||
Work-in-process | 16,037 | 22,079 | ||||||
Finished goods | 51,633 | 52,424 | ||||||
$ | 105,276 | $ | 113,860 |
Debt
Debt | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Debt | ' | |||||||
Debt | ' | |||||||
4. Debt | ||||||||
Debt, in order of priority, consists of: | ||||||||
(in thousands) | September 27, 2014 | December 28, 2013 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | 6,000 | $ | — | ||||
Term loan facility | 493,750 | 281,250 | ||||||
499,750 | 281,250 | |||||||
7.5% senior notes | — | 365,000 | ||||||
499,750 | 646,250 | |||||||
Less current portion | 31,000 | 16,875 | ||||||
Long-term debt | $ | 468,750 | $ | 629,375 | ||||
On April 8, 2014, the Company entered into a new senior secured credit agreement that provides for a $150,000,000 revolving credit facility and a $500,000,000 term loan facility. At that date, the Company used cash on hand, proceeds from the initial draw of $100,000,000 under the new term loan facility and borrowings of $33,000,000 under the new revolving credit facility to pay all outstanding principal and interest under the previous senior secured credit agreement and loan acquisition costs. The Company incurred loan acquisition costs of approximately $4,080,000, of which $3,944,000 was capitalized and will be amortized over the life of the new credit agreement. The Company wrote off unamortized loan acquisition costs of $1,012,000 associated with the previous credit agreement. | ||||||||
On May 8, 2014, the Company borrowed the remaining $400,000,000 available under the new term loan facility and used the proceeds to purchase and retire all of the previously outstanding 7.5% senior notes. The total purchase price for the notes was $385,542,000, consisting of principal of $365,000,000, redemption premiums of $20,531,000 and other expenses associated with the transaction. In connection with the purchase, the Company incurred a $24,937,000 charge to income, comprised of the redemption premiums, write-off of unamortized loan acquisition costs of $4,395,000 and other expenses. | ||||||||
The new credit agreement matures in April 2019, is guaranteed by the Company’s domestic subsidiaries and is secured by substantially all assets of the Company and its domestic subsidiaries and a first priority pledge of 65% of the voting capital stock of its foreign subsidiaries. Interest rates are equal to, at the Company’s option, either an alternate base rate or the Eurocurrency base rate, plus a specified margin. 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 leverage ratio and a minimum interest coverage ratio, each of which the Company was in compliance with as of September 27, 2014. | ||||||||
At September 27, 2014, the Company had $6,000,000 outstanding under the revolving credit facility and $144,000,000 available for borrowing. The revolving credit facility matures in April 2019. The Company intends to pay back outstanding borrowings under the revolving credit facility within the next twelve months and, accordingly, has included these borrowings in “Current portion of debt” in the accompanying condensed consolidated balance sheets. | ||||||||
Remaining minimum scheduled principal repayments of the term loan facility are as follows: | ||||||||
(in thousands) | ||||||||
2014 | $ | 6,250 | ||||||
2015 | 25,000 | |||||||
2016 | 31,250 | |||||||
2017 | 43,750 | |||||||
2018 | 62,500 | |||||||
2019 | 325,000 | |||||||
$ | 493,750 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 27, 2014 | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | ' |
5. Fair Value of Financial Instruments | |
The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, long-term debt and an interest rate swap. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term maturities of these assets and liabilities. The carrying amount of borrowings under the senior credit agreement approximates fair value because the interest rates adjust to market interest rates. The Company measures the fair value of the interest rate swap on a recurring basis. See Note 6, “Derivative Instruments and Hedging Activities,” for related interest rate swap disclosures. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
6. Derivative Instruments and Hedging Activities | ||||||||||||||
The Company may use certain derivative instruments to manage interest rate risk. Its principal objective is to reduce significant, unanticipated earnings fluctuations and cash flow variability that may arise from volatility in interest rates. In August 2014, the Company entered into a forward-starting interest rate swap to pay a fixed interest rate of 1.9% and receive one-month LIBOR on a notional amount of $250,000,000 from its effective date of July 31, 2015 through its expiration on April 8, 2019. The interest rate swap economically converts a portion of the Company’s LIBOR-based, variable-rate debt into fixed-rate debt. Under the contract, the Company agrees with a counterparty to exchange, at specified intervals, the difference between floating- and fixed-rate interest payments on the notional amount. The interest rate swap has been designated as a cash flow hedge and is recorded at fair value in the accompanying condensed consolidated balance sheets with changes in fair value, net of income taxes, recorded in accumulated other comprehensive income (loss) to the extent that the hedge is effective. The Company will record pre-tax gains or losses reclassified from accumulated other comprehensive income (loss) into earnings as an adjustment to interest expense in the periods when the hedged interest payments occur. | ||||||||||||||
The interest rate swap is recorded in the condensed consolidated balance sheets as follows: | ||||||||||||||
(in thousands) | Balance Sheet Location | September 27, 2014 | December 28, 2013 | |||||||||||
Interest rate swap (current portion) | Accrued liabilities | $ | (621 | ) | $ | — | ||||||||
Interest rate swap (non-current portion) | Other assets | 1,579 | — | |||||||||||
Total fair value of interest rate swap | $ | 958 | $ | — | ||||||||||
The fair value of the interest rate swap is determined using inputs other than the quoted prices in active markets that are observable either directly or indirectly (level two in the fair value hierarchy). The Company’s calculation is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve, taking into consideration the risk of nonperformance, including counterparty credit risk. | ||||||||||||||
Cash flow hedge activity, net of income taxes, within accumulated other comprehensive income (loss) included: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | ||||||
Hedging gain before reclassifications | 607 | — | 607 | — | ||||||||||
Amount reclassified into earnings | — | — | — | — | ||||||||||
Other comprehensive income | 607 | — | 607 | — | ||||||||||
Ending balance | $ | 607 | $ | — | $ | 607 | $ | — | ||||||
The estimated loss, net of income taxes, expected to be reclassified out of accumulated other comprehensive income (loss) into earnings during the next twelve months is approximately $393,000. | ||||||||||||||
In order to qualify for hedge accounting, a specified level of hedge effectiveness between the derivative instrument and the item being hedged must exist at inception and throughout the hedged period. The Company must also formally document the nature of and relationship between the derivative instrument and the hedged item, as well as its risk management objective and strategy for undertaking the hedge transaction, and the method of assessing hedge effectiveness. For a hedge of a forecasted transaction, the significant characteristics and expected term of the forecasted transaction must be specifically identified, and it must be probable that the forecasted transaction will occur. If it is no longer probable that the hedged forecasted transaction will occur, the Company would recognize the gain or loss related to the derivative instrument in earnings. No derivative gains or losses, related to either ineffectiveness or to amounts excluded from effectiveness testing, were recognized in net income during the periods presented. | ||||||||||||||
When the Company uses derivative instruments, it is exposed to credit and market risks. Credit risk exists when a counterparty to a derivative contract might fail to fulfill its performance obligations under the contract. The Company minimizes its credit risk by entering into transactions with counterparties with high quality, investment-grade credit ratings, as well as limiting the amount of exposure with each counterparty and regularly monitoring its financial condition. The Company’s interest rate swap is governed by a standard International Swaps and Derivatives Association master agreement. Market risk exists when the value of a derivative instrument might be adversely affected by changes in market conditions and interest rates. The Company manages market risk by limiting the type of derivative instruments and strategies it uses and the degree of market risk that it plans to hedge through the use of derivative instruments. As a matter of policy, the Company does not use derivative instruments for trading or speculative purposes. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
7. Income Taxes | |
The income tax provision for the interim periods presented is computed at the effective rate expected to be applicable in each respective full year using the statutory rates on a country-by-country basis. Income taxes recorded in the financial statements differ from the federal statutory income tax rate due to a variety of factors, including state income taxes, the mix of income between U.S. and foreign jurisdictions taxed at varying rates and changes in estimates of permanent differences and valuation allowances. During the nine months ended September 27, 2014, the Company’s income tax provision was also impacted by a $9,569,000 tax benefit in the second quarter related to expenses associated with the refinancing of its senior credit agreement and purchase of its 7.5% senior notes. During the nine months ended September 28, 2013, the Company’s income tax provision was impacted by a net tax benefit in the third quarter due to the reversal of a $1,697,000 reserve related to the completion of a tax audit. These were both considered discrete events for interim income tax provision purposes. |
Pension_Plans
Pension Plans | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Pension Plans | ' | |||||||||||||
Pension Plans | ' | |||||||||||||
8. 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 provides the components of net periodic benefit cost: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Service cost | $ | 509 | $ | 562 | $ | 1,558 | $ | 1,680 | ||||||
Interest cost | 1,046 | 1,130 | 3,206 | 3,371 | ||||||||||
Expected return on plan assets | (106 | ) | (192 | ) | (324 | ) | (572 | ) | ||||||
Amortization of prior service credit | (31 | ) | (13 | ) | (95 | ) | (39 | ) | ||||||
Recognized net actuarial loss | 260 | 434 | 798 | 1,293 | ||||||||||
Net periodic benefit cost | $ | 1,678 | $ | 1,921 | $ | 5,143 | $ | 5,733 |
Environmental_Matters
Environmental Matters | 9 Months Ended |
Sep. 27, 2014 | |
Environmental Matters | ' |
Environmental Matters | ' |
9. 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 were 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 $1,062,000 and $2,882,000 at September 27, 2014 and December 28, 2013, 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 condensed consolidated balance sheets. |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 27, 2014 | |
Treasury Stock | ' |
Treasury Stock | ' |
10. Treasury Stock | |
In May 2014, the Board of Directors authorized the repurchase of up to 4,500,000 shares of the Company’s common stock. The share repurchase program has no expiration date. During the nine months ended September 27, 2014, the Company repurchased 450,000 shares of common stock for $20,004,000. In 2013, the Board of Directors authorized the repurchase of up to 4,000,000 shares of the Company’s common stock by December 31, 2013. The Company repurchased 2,000,000 shares of common stock under this authorization, all of which were purchased for $80,343,000 in the nine months ended September 28, 2013. | |
The Company repurchased shares of common stock to satisfy certain employees’ statutory withholding tax liabilities for $323,000 and $325,000 during the nine months ended September 27, 2014 and September 28, 2013, respectively, related to restricted stock grants. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 27, 2014 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
11. 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 $626,000 and $676,000 at September 27, 2014 and December 28, 2013, respectively. Charges from the affiliates for work performed were $880,000 and $1,665,000 for the three and nine months ended September 27, 2014, respectively. Charges from the affiliates for work performed were $384,000 and $1,043,000 for the three and nine months ended September 28, 2013, respectively. Amounts due to the affiliates were $173,000 and $254,000 at September 27, 2014 and December 28, 2013, respectively. |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 27, 2014 | |
Noncontrolling Interest | ' |
Noncontrolling Interest | ' |
12. 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 the nine months ended September 28, 2013, the Company and Camel made equity contributions of $2,470,000 and $1,330,000, respectively, to fund capital expenditures. | |
Daramic Xiangyang has notes payable to Camel and the Company for the purchase of certain assets. 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 note payable to Camel had a principal balance of $10,348,000 and $5,910,000 at September 27, 2014 and December 28, 2013, respectively, and is included in “Other” non-current liabilities in the accompanying condensed consolidated balance sheets. The note payable to the Company eliminates in consolidation. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Stock-Based Compensation Plans | ' | |||
Stock-Based Compensation Plans | ' | |||
13. 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 was $5,921,000 and $17,431,000 for the three and nine months ended September 27, 2014, respectively, and $4,897,000 and $14,194,000 for the three and nine months ended September 28, 2013, respectively. The income tax benefit related to stock-based compensation expense was $2,114,000 and $6,223,000 for the three and nine months ended September 27, 2014, respectively, and $1,740,000 and $5,044,000 for the three and nine months ended September 28, 2013, respectively. 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 condensed 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 6,251,963 shares of common stock. On February 27, 2014, the Company granted 369,745 stock options and 104,474 shares of restricted stock under the 2007 Plan with an aggregate grant-date fair value of $9,973,000, to be recognized over the vesting period for each award. The stock options are time-vested options that vest annually in equal one-third installments and have 10-year terms and an exercise price of $34.98, the fair market value of the Company’s stock on the grant date. | ||||
The fair value of the options granted was estimated on the date of grant based on the Black-Scholes option pricing model with the following assumptions: | ||||
February 27, 2014 | ||||
Grant Assumptions | ||||
Expected term (years) | 5.4 | |||
Risk-free interest rate | 1.6 | % | ||
Expected volatility | 53.7 | % | ||
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. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment Information | ' | |||||||||||||
14. 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: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Net sales to external customers (by major product group): | ||||||||||||||
Electronics and EDVs | $ | 32,876 | $ | 27,769 | $ | 94,634 | $ | 94,358 | ||||||
Transportation and industrial | 81,216 | 76,453 | 242,980 | 232,906 | ||||||||||
Energy storage | 114,092 | 104,222 | 337,614 | 327,264 | ||||||||||
Healthcare | 32,480 | 29,141 | 97,436 | 88,684 | ||||||||||
Filtration and specialty | 18,967 | 18,657 | 58,112 | 50,910 | ||||||||||
Separations media | 51,447 | 47,798 | 155,548 | 139,594 | ||||||||||
Net sales | $ | 165,539 | $ | 152,020 | $ | 493,162 | $ | 466,858 | ||||||
Operating income: | ||||||||||||||
Electronics and EDVs | $ | 4,632 | $ | 2,792 | $ | 11,506 | $ | 11,929 | ||||||
Transportation and industrial | 18,224 | 16,223 | 52,539 | 49,264 | ||||||||||
Energy storage | 22,856 | 19,015 | 64,045 | 61,193 | ||||||||||
Separations media | 10,448 | 9,587 | 44,616 | 38,932 | ||||||||||
Corporate and other | (7,515 | ) | (8,443 | ) | (24,402 | ) | (21,888 | ) | ||||||
Segment operating income | 25,789 | 20,159 | 84,259 | 78,237 | ||||||||||
Stock-based compensation | 5,921 | 4,897 | 17,431 | 14,194 | ||||||||||
Non-recurring and other costs | 1,364 | 891 | 5,533 | 3,181 | ||||||||||
Total operating income | 18,504 | 14,371 | 61,295 | 60,862 | ||||||||||
Reconciling items: | ||||||||||||||
Interest expense, net | 3,328 | 9,919 | 18,561 | 29,631 | ||||||||||
Foreign currency and other | (4,406 | ) | 601 | (5,568 | ) | 902 | ||||||||
Costs related to purchase of 7.5% senior notes | — | — | 24,937 | — | ||||||||||
Write-off of loan acquisition costs and other expenses associated with refinancing of senior credit agreement | — | — | 1,148 | — | ||||||||||
Income from continuing operations before income taxes | $ | 19,582 | $ | 3,851 | $ | 22,217 | $ | 30,329 | ||||||
Depreciation and amortization: | ||||||||||||||
Electronics and EDVs | $ | 4,390 | $ | 4,415 | $ | 13,093 | $ | 13,211 | ||||||
Transportation and industrial | 2,955 | 2,799 | 8,742 | 8,469 | ||||||||||
Energy storage | 7,345 | 7,214 | 21,835 | 21,680 | ||||||||||
Separations media | 3,658 | 3,492 | 11,119 | 10,419 | ||||||||||
Corporate and other | 2,844 | 2,815 | 8,546 | 8,451 | ||||||||||
Discontinued operations | — | 911 | — | 2,692 | ||||||||||
$ | 13,847 | $ | 14,432 | $ | 41,500 | $ | 43,242 |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Discontinued Operations | ' | |||||||||||||
Discontinued Operations | ' | |||||||||||||
15. Discontinued Operations | ||||||||||||||
On December 19, 2013, 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 on sale of $35,200,000, net of direct transaction costs and income taxes, of which $35,855,000 was recognized in the fourth quarter of 2013. The initial gain was subsequently reduced by $328,000 in the second quarter of 2014, as a result of the finalization of the working capital adjustment, and by $327,000 in the third quarter of 2014, related to the finalization of income taxes associated with the sale. Microporous was previously included in the transportation and industrial segment. The results of operations from this business are classified as discontinued operations and are presented separately in the accompanying condensed consolidated statements of operations for all periods presented, summarized as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Net sales | $ | — | $ | 18,560 | $ | — | $ | 54,505 | ||||||
Income (loss) from discontinued operations before income taxes | — | 4,159 | (518 | ) | 13,954 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (327 | ) | 2,514 | (655 | ) | 8,822 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
(in thousands) | September 27, 2014 | December 28, 2013 | ||||||
Raw materials | $ | 37,606 | $ | 39,357 | ||||
Work-in-process | 16,037 | 22,079 | ||||||
Finished goods | 51,633 | 52,424 | ||||||
$ | 105,276 | $ | 113,860 |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Debt | ' | |||||||
Schedule of debt | ' | |||||||
(in thousands) | September 27, 2014 | December 28, 2013 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | 6,000 | $ | — | ||||
Term loan facility | 493,750 | 281,250 | ||||||
499,750 | 281,250 | |||||||
7.5% senior notes | — | 365,000 | ||||||
499,750 | 646,250 | |||||||
Less current portion | 31,000 | 16,875 | ||||||
Long-term debt | $ | 468,750 | $ | 629,375 | ||||
Schedule of remaining minimum scheduled principal repayments of the term loan | ' | |||||||
(in thousands) | ||||||||
2014 | $ | 6,250 | ||||||
2015 | 25,000 | |||||||
2016 | 31,250 | |||||||
2017 | 43,750 | |||||||
2018 | 62,500 | |||||||
2019 | 325,000 | |||||||
$ | 493,750 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||
Schedule of interest rate swap recorded in the condensed consolidated balance sheets | ' | |||||||||||||
(in thousands) | Balance Sheet Location | September 27, 2014 | December 28, 2013 | |||||||||||
Interest rate swap (current portion) | Accrued liabilities | $ | (621 | ) | $ | — | ||||||||
Interest rate swap (non-current portion) | Other assets | 1,579 | — | |||||||||||
Total fair value of interest rate swap | $ | 958 | $ | — | ||||||||||
Schedule of cash flow hedge activity, net of income taxes, within accumulated other comprehensive income (loss) included | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | ||||||
Hedging gain before reclassifications | 607 | — | 607 | — | ||||||||||
Amount reclassified into earnings | — | — | — | — | ||||||||||
Other comprehensive income | 607 | — | 607 | — | ||||||||||
Ending balance | $ | 607 | $ | — | $ | 607 | $ | — |
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Pension Plans | ' | |||||||||||||
Schedule of components of net periodic benefit cost | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Service cost | $ | 509 | $ | 562 | $ | 1,558 | $ | 1,680 | ||||||
Interest cost | 1,046 | 1,130 | 3,206 | 3,371 | ||||||||||
Expected return on plan assets | (106 | ) | (192 | ) | (324 | ) | (572 | ) | ||||||
Amortization of prior service credit | (31 | ) | (13 | ) | (95 | ) | (39 | ) | ||||||
Recognized net actuarial loss | 260 | 434 | 798 | 1,293 | ||||||||||
Net periodic benefit cost | $ | 1,678 | $ | 1,921 | $ | 5,143 | $ | 5,733 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Stock-Based Compensation Plans | ' | |||
Schedule of assumptions for stock option grants | ' | |||
February 27, 2014 | ||||
Grant Assumptions | ||||
Expected term (years) | 5.4 | |||
Risk-free interest rate | 1.6 | % | ||
Expected volatility | 53.7 | % | ||
Dividend yield | — |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Segment Information | ' | |||||||||||||
Schedule of financial information relating to the reportable segments | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Net sales to external customers (by major product group): | ||||||||||||||
Electronics and EDVs | $ | 32,876 | $ | 27,769 | $ | 94,634 | $ | 94,358 | ||||||
Transportation and industrial | 81,216 | 76,453 | 242,980 | 232,906 | ||||||||||
Energy storage | 114,092 | 104,222 | 337,614 | 327,264 | ||||||||||
Healthcare | 32,480 | 29,141 | 97,436 | 88,684 | ||||||||||
Filtration and specialty | 18,967 | 18,657 | 58,112 | 50,910 | ||||||||||
Separations media | 51,447 | 47,798 | 155,548 | 139,594 | ||||||||||
Net sales | $ | 165,539 | $ | 152,020 | $ | 493,162 | $ | 466,858 | ||||||
Operating income: | ||||||||||||||
Electronics and EDVs | $ | 4,632 | $ | 2,792 | $ | 11,506 | $ | 11,929 | ||||||
Transportation and industrial | 18,224 | 16,223 | 52,539 | 49,264 | ||||||||||
Energy storage | 22,856 | 19,015 | 64,045 | 61,193 | ||||||||||
Separations media | 10,448 | 9,587 | 44,616 | 38,932 | ||||||||||
Corporate and other | (7,515 | ) | (8,443 | ) | (24,402 | ) | (21,888 | ) | ||||||
Segment operating income | 25,789 | 20,159 | 84,259 | 78,237 | ||||||||||
Stock-based compensation | 5,921 | 4,897 | 17,431 | 14,194 | ||||||||||
Non-recurring and other costs | 1,364 | 891 | 5,533 | 3,181 | ||||||||||
Total operating income | 18,504 | 14,371 | 61,295 | 60,862 | ||||||||||
Reconciling items: | ||||||||||||||
Interest expense, net | 3,328 | 9,919 | 18,561 | 29,631 | ||||||||||
Foreign currency and other | (4,406 | ) | 601 | (5,568 | ) | 902 | ||||||||
Costs related to purchase of 7.5% senior notes | — | — | 24,937 | — | ||||||||||
Write-off of loan acquisition costs and other expenses associated with refinancing of senior credit agreement | — | — | 1,148 | — | ||||||||||
Income from continuing operations before income taxes | $ | 19,582 | $ | 3,851 | $ | 22,217 | $ | 30,329 | ||||||
Depreciation and amortization: | ||||||||||||||
Electronics and EDVs | $ | 4,390 | $ | 4,415 | $ | 13,093 | $ | 13,211 | ||||||
Transportation and industrial | 2,955 | 2,799 | 8,742 | 8,469 | ||||||||||
Energy storage | 7,345 | 7,214 | 21,835 | 21,680 | ||||||||||
Separations media | 3,658 | 3,492 | 11,119 | 10,419 | ||||||||||
Corporate and other | 2,844 | 2,815 | 8,546 | 8,451 | ||||||||||
Discontinued operations | — | 911 | — | 2,692 | ||||||||||
$ | 13,847 | $ | 14,432 | $ | 41,500 | $ | 43,242 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||
Sep. 27, 2014 | ||||||||||||||
Discontinued Operations | ' | |||||||||||||
Summary of results of operations reported as discontinued operations | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||
Net sales | $ | — | $ | 18,560 | $ | — | $ | 54,505 | ||||||
Income (loss) from discontinued operations before income taxes | — | 4,159 | (518 | ) | 13,954 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (327 | ) | 2,514 | (655 | ) | 8,822 | ||||||||
Inventories_Details
Inventories (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $37,606 | $39,357 |
Work-in-process | 16,037 | 22,079 |
Finished goods | 51,633 | 52,424 |
Inventories | $105,276 | $113,860 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Sep. 27, 2014 | Dec. 28, 2013 | 8-May-14 | Sep. 27, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 08, 2014 | Dec. 28, 2013 | Apr. 08, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Apr. 08, 2014 | 8-May-14 | Sep. 27, 2014 | Apr. 08, 2014 | |
7.5% senior notes | 7.5% senior notes | 7.5% senior notes | Previous senior credit agreement | Previous senior credit agreement | Previous senior credit agreement | New senior credit agreement | New senior credit agreement | New senior credit agreement | New senior credit agreement | New senior credit agreement | New senior credit agreement | New senior credit agreement | |||
Term loan facility | Term loan facility | Revolving credit facility | Revolving credit facility | Term loan facility | Term loan facility | Term loan facility | |||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' |
Long-term debt including current maturities | 499,750,000 | 646,250,000 | ' | ' | 365,000,000 | 281,250,000 | ' | 281,250,000 | ' | 499,750,000 | ' | ' | ' | 493,750,000 | ' |
Less current maturities | 31,000,000 | 16,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 468,750,000 | 629,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Repayment of debt using proceeds from new term loan | ' | ' | ' | ' | ' | ' | -100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt using proceeds from new revolving credit facility | ' | ' | ' | ' | ' | ' | -33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan acquisition costs | 4,080,000 | ' | ' | ' | ' | ' | ' | ' | 4,080,000 | ' | ' | ' | ' | ' | ' |
Capitalized loan acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,944,000 | ' | ' | ' | ' | ' | ' |
Unamortized loan acquisition costs written off | 1,148,000 | ' | 4,395,000 | ' | ' | ' | ' | ' | 1,012,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 |
Amount received under new credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' |
Redemption price of notes | 385,542,000 | ' | 385,542,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of redeemed notes | ' | ' | 365,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium on redemption of notes | ' | ' | 20,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount charged to income in connection with the purchase of notes | -24,937,000 | ' | 24,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting capital stock of foreign subsidiaries pledged as collateral for borrowing under senior credit agreement (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $144,000,000 | ' | ' | ' | ' |
Planned repayment period for revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Remaining minimum scheduled principal repayments of the term loan | ' | ' |
Long-term debt including current maturities | $499,750 | $646,250 |
New senior credit agreement | ' | ' |
Remaining minimum scheduled principal repayments of the term loan | ' | ' |
Long-term debt including current maturities | 499,750 | ' |
New senior credit agreement | Term loan facility | ' | ' |
Remaining minimum scheduled principal repayments of the term loan | ' | ' |
2014 | 6,250 | ' |
2015 | 25,000 | ' |
2016 | 31,250 | ' |
2017 | 43,750 | ' |
2018 | 62,500 | ' |
2019 | 325,000 | ' |
Long-term debt including current maturities | $493,750 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Aug. 31, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Aug. 31, 2014 | |
Cash flow hedge | Cash flow hedge | Cash flow hedge | Cash flow hedge | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | |||||
Accrued liabilities | Other assets | LIBOR | |||||||||||
Derivatives and Hedging Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR |
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' |
Interest rate swap (current portion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -621,000 | ' | ' |
Interest rate swap (non-current portion) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,579,000 | ' |
Total fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 958,000 | ' | ' | ' | ' |
Cash flow hedge activity, net of income taxes, within accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | -12,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedging gain before reclassifications | ' | ' | ' | ' | 607,000 | ' | 607,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -14,371,000 | 7,504,000 | -14,402,000 | 2,926,000 | 607,000 | ' | 607,000 | ' | ' | ' | ' | ' | ' |
Ending balance | -27,224,000 | ' | -27,224,000 | ' | 607,000 | ' | 607,000 | ' | ' | ' | ' | ' | ' |
Estimated gain (loss), net of income taxes, expected to be reclassified out of accumulated other comprehensive income (loss) into earnings during the next twelve months | ' | ' | ' | ' | -393,000 | ' | -393,000 | ' | ' | ' | ' | ' | ' |
Derivative gains (losses), related to either ineffectiveness or to amounts excluded from effectiveness testing | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Jun. 28, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | |
7.5% senior notes | |||
Income taxes | ' | ' | ' |
Income tax benefit related to expenses associated with debt refinancing and redemption | $9,569,000 | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | 7.50% |
Amount of reserve reversed during the period related to the completion of a tax audit | ' | $1,697,000 | ' |
Pension_Plans_Details
Pension Plans (Details) (Pension Plans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Pension Plans | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | $509 | $562 | $1,558 | $1,680 |
Interest cost | 1,046 | 1,130 | 3,206 | 3,371 |
Expected return on plan assets | -106 | -192 | -324 | -572 |
Amortization of prior service credit | -31 | -13 | -95 | -39 |
Recognized net actuarial loss | 260 | 434 | 798 | 1,293 |
Net periodic benefit cost | $1,678 | $1,921 | $5,143 | $5,733 |
Environmental_Matters_Details
Environmental Matters (Details) (Membrana GmbH, USD $) | 9 Months Ended | |
Sep. 27, 2014 | Dec. 28, 2013 | |
Membrana GmbH | ' | ' |
Environmental Matters | ' | ' |
Environmental reserve | $1,062,000 | $2,882,000 |
Period over which expenditures will be made | '12 months | ' |
Treasury_Stock_Details
Treasury Stock (Details) (Common Stock, USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | 31-May-14 | Sep. 28, 2013 | Feb. 19, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
May 2014 Share Repurchase Program | May 2014 Share Repurchase Program | 2013 Share Repurchase Program | 2013 Share Repurchase Program | Repurchases related to restricted stock grants | Repurchases related to restricted stock grants | |
Treasury Stock disclosures | ' | ' | ' | ' | ' | ' |
Maximum number of shares authorized to be repurchased | ' | 4,500,000 | ' | 4,000,000 | ' | ' |
Shares of common stock repurchased | 450,000 | ' | 2,000,000 | ' | ' | ' |
Amount at which shares of common stock were repurchased | $20,004,000 | ' | $80,343,000 | ' | ' | ' |
Amount at which shares of common stock were withheld and repurchased to satisfy certain employees' withholding tax liabilities related to restricted stock grants | ' | ' | ' | ' | $323,000 | $325,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (German Subsidiary, USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | |
All related parties | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Equity method investment | $626,000 | ' | $626,000 | ' | $676,000 |
Charges from the affiliates for work performed | 880,000 | 384,000 | 1,665,000 | 1,043,000 | ' |
Amounts due to the affiliates | $173,000 | ' | $173,000 | ' | $254,000 |
Patent and trademark service provider | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Ownership percentage in related party | 33.00% | ' | 33.00% | ' | ' |
Research company | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Ownership percentage in related party | 25.00% | ' | 25.00% | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (Daramic Xiangyang, USD $) | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 27, 2014 | Dec. 28, 2013 | |
Noncontrolling Interest | ' | ' | ' |
Ownership percentage of joint venture | ' | 65.00% | ' |
Contributions to joint venture | $2,470,000 | ' | ' |
Principal balance of note payable | ' | 10,348,000 | 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 | ' | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Feb. 27, 2014 | Sep. 27, 2014 | Feb. 27, 2014 | Sep. 27, 2014 | Feb. 27, 2014 | |
2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | |||||
Stock option | Stock option | Restricted Stock | |||||||
Stock Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | $5,921,000 | $4,897,000 | $17,431,000 | $14,194,000 | ' | ' | ' | ' | ' |
Income tax benefit related to stock-based compensation expense | 2,114,000 | 1,740,000 | 6,223,000 | 5,044,000 | ' | ' | ' | ' | ' |
Number of shares authorized for grant under 2007 plan | ' | ' | ' | ' | ' | 6,251,963 | ' | ' | ' |
Restricted stock grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 104,474 |
Aggregate grant-date fair value of awards granted | ' | ' | ' | ' | $9,973,000 | ' | ' | ' | ' |
Percentage of shares vesting in equal installments | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' |
Term of Options granted under the plan | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $34.98 | ' | ' |
Assumptions used in estimation of grant date fair value of options based on the Black Scholes option pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | '5 years 4 months 24 days | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | ' | 53.70% | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 369,745 | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | 8-May-14 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
segment | 7.5% senior notes | 7.5% senior notes | Energy storage | Energy storage | Energy storage | Energy storage | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Corporate and other | Corporate and other | Corporate and other | Corporate and other | Material reconciling items | Material reconciling items | Material reconciling items | Material reconciling items | ||||
business | Electronics and EDVs | Electronics and EDVs | Electronics and EDVs | Electronics and EDVs | Transportation and industrial | Transportation and industrial | Transportation and industrial | Transportation and industrial | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | Separations Media | ||||||||||||||||||||||
Healthcare | Healthcare | Healthcare | Healthcare | Filtration and specialty | Filtration and specialty | Filtration and specialty | Filtration and specialty | |||||||||||||||||||||||||||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of primary businesses | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $165,539,000 | $152,020,000 | $493,162,000 | $466,858,000 | ' | ' | $114,092,000 | $104,222,000 | $337,614,000 | $327,264,000 | $165,539,000 | $152,020,000 | $493,162,000 | $466,858,000 | $32,876,000 | $27,769,000 | $94,634,000 | $94,358,000 | $81,216,000 | $76,453,000 | $242,980,000 | $232,906,000 | $51,447,000 | $47,798,000 | $155,548,000 | $139,594,000 | $32,480,000 | $29,141,000 | $97,436,000 | $88,684,000 | $18,967,000 | $18,657,000 | $58,112,000 | $50,910,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 18,504,000 | 14,371,000 | 61,295,000 | 60,862,000 | ' | ' | 22,856,000 | 19,015,000 | 64,045,000 | 61,193,000 | 25,789,000 | 20,159,000 | 84,259,000 | 78,237,000 | 4,632,000 | 2,792,000 | 11,506,000 | 11,929,000 | 18,224,000 | 16,223,000 | 52,539,000 | 49,264,000 | 10,448,000 | 9,587,000 | 44,616,000 | 38,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | -7,515,000 | -8,443,000 | -24,402,000 | -21,888,000 | ' | ' | ' | ' |
Stock-based compensation | 5,921,000 | 4,897,000 | 17,431,000 | 14,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,921,000 | 4,897,000 | 17,431,000 | 14,194,000 |
Non-recurring and other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,364,000 | 891,000 | 5,533,000 | 3,181,000 |
Interest expense, net | 3,328,000 | 9,919,000 | 18,561,000 | 29,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency and other | -4,406,000 | 601,000 | -5,568,000 | 902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs related to purchase of 7.5% senior notes | ' | ' | 24,937,000 | ' | -24,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of loan acquisition costs and other expenses associated with refinancing of senior credit agreement | ' | ' | 1,148,000 | ' | 4,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before income taxes | $19,582,000 | $3,851,000 | $22,217,000 | $30,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | $13,847 | $14,432 | $41,500 | $43,242 |
Discontinued operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | ' | 911 | ' | 2,692 |
Energy storage | Continuing operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | 7,345 | 7,214 | 21,835 | 21,680 |
Operating segments | Electronics and EDVs | Continuing operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | 4,390 | 4,415 | 13,093 | 13,211 |
Operating segments | Transportation and industrial | Continuing operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | 2,955 | 2,799 | 8,742 | 8,469 |
Operating segments | Separations Media | Continuing operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | 3,658 | 3,492 | 11,119 | 10,419 |
Corporate and other | Continuing operations | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization: | $2,844 | $2,815 | $8,546 | $8,451 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 19, 2013 | Sep. 27, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | |
Results of operations | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | ' | ($327,000) | ' | ' | $2,514,000 | ($655,000) | $8,822,000 | ' |
Microporous | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price of assets to be sold | 120,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of discontinued operations, net of income taxes | ' | -327,000 | -328,000 | 35,855,000 | ' | ' | ' | 35,200,000 |
Results of operations | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | 18,560,000 | ' | 54,505,000 | ' |
Income (loss) from discontinued operations before income taxes | ' | ' | ' | ' | 4,159,000 | -518,000 | 13,954,000 | ' |
Income (loss) from discontinued operations, net of income taxes | ' | ($327,000) | ' | ' | $2,514,000 | ($655,000) | $8,822,000 | ' |