Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Registrant Name | PERKINELMER INC | |
Entity Central Index Key | 31791 | |
Current Fiscal Year End Date | -2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 113,193,707 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Sales Revenue, Goods, Net | $359,313 | $365,485 |
Sales Revenue, Services, Net | 167,588 | 165,125 |
Revenue | 526,901 | 530,610 |
Cost of Goods Sold | 184,609 | 189,284 |
Cost of Services | 106,918 | 105,613 |
Cost of sales | 291,527 | 294,897 |
Selling, general and administrative expenses | 145,873 | 152,437 |
Research and development expenses | 32,120 | 29,379 |
Restructuring and lease charges, net | 0 | 2,135 |
Operating income from continuing operations | 57,381 | 51,762 |
Interest and other expense, net | 9,421 | 11,289 |
Income from continuing operations before income taxes | 47,960 | 40,473 |
Provision for income taxes | 7,649 | 5,522 |
Net income from continuing operations | 40,311 | 34,951 |
Loss from discontinued operations before income taxes | -37 | -1,030 |
Gain (Loss) on disposition of discontinued operations before income taxes | -13 | -72 |
(Benefit from) provision for income taxes on discontinued operations and dispositions | -73 | -375 |
Net income (loss) from discontinued operations and dispositions | 23 | -727 |
Net income | $40,334 | $34,224 |
Basic earnings (loss) per share: | ||
Net income from continuing operations (per share) | $0.36 | $0.31 |
Net income (loss) from discontinued operations and dispositions (per share) | $0 | ($0.01) |
Net Income (per share) | $0.36 | $0.30 |
Diluted earnings (loss) per share: | ||
Net income from continuing operations (per share) | $0.36 | $0.31 |
Net income (loss) from discontinued operations and dispositions (per share) | $0 | ($0.01) |
Net income (per share) | $0.36 | $0.30 |
Weighted average shares of common stock outstanding: | ||
Basic (in shares) | 112,641 | 112,553 |
Diluted (in shares) | 113,439 | 113,777 |
Cash dividends per common share | $0.07 | $0.07 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Net income | $40,334 | $34,224 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -23,697 | 634 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -29 | -32 |
Other Comprehensive Income (Loss), Net of Tax | -23,726 | 602 |
Comprehensive Income, Net of Tax, Attributable to Parent | $16,608 | $34,826 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $168,924 | $174,821 |
Accounts receivable, net | 415,378 | 470,563 |
Inventories, net | 291,120 | 285,457 |
Other current assets | 147,113 | 137,710 |
Total current assets | 1,022,535 | 1,068,551 |
Property, plant and equipment, net: | ||
At cost | 485,101 | 492,814 |
Accumulated depreciation | -316,602 | -316,620 |
Property, plant and equipment, net | 168,499 | 176,194 |
Marketable securities and investments | 1,598 | 1,568 |
Intangible assets, net | 470,012 | 490,265 |
Goodwill | 2,253,208 | 2,284,077 |
Other assets, net | 112,419 | 113,420 |
Total assets | 4,028,271 | 4,134,075 |
Current liabilities: | ||
Short-term debt | 1,083 | 1,075 |
Accounts payable | 157,471 | 173,953 |
Restructuring Reserve, Current | 13,312 | 17,124 |
Accrued expenses | 376,585 | 403,021 |
Current liabilities of discontinued operations | 2,130 | 2,137 |
Total current liabilities | 550,581 | 597,310 |
Long-term debt | 1,014,666 | 1,051,892 |
Long-term liabilities | 403,139 | 442,771 |
Total liabilities | 1,968,386 | 2,091,973 |
Commitments and contingencies (see Note 18) | ||
Stockholders' equity: | ||
Preferred stock-$1 par value per share, authorized 1,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock-$1 par value per share, authorized 300,000,000 shares; issued and outstanding | 113,190 | 112,481 |
Capital in excess of par value | 102,673 | 94,276 |
Retained earnings | 1,842,948 | 1,810,545 |
Accumulated other comprehensive loss | 1,074 | 24,800 |
Total stockholders' equity | 2,059,885 | 2,042,102 |
Total liabilities and stockholders' equity | $4,028,271 | $4,134,075 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 113,190,000 | 112,481,000 |
Common stock, outstanding | 113,190,000 | 112,481,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Operating activities: | ||
Net income | $40,334 | $34,224 |
Add: net income from discontinued operations and dispositions, net of income taxes | -23 | 727 |
Net income from continuing operations | 40,311 | 34,951 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||
Restructuring and lease charges, net | 0 | 2,135 |
Depreciation and amortization | 28,334 | 29,328 |
Stock-based compensation | 3,987 | 4,516 |
Amortization of deferred debt issuance costs | 312 | 304 |
Amortization of acquired inventory revaluation | 4,850 | 0 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ||
Accounts receivable, net | 37,582 | 26,732 |
Inventories, net | -22,498 | -17,719 |
Accounts payable | -12,335 | 959 |
Accrued expenses and other | -42,895 | -13,093 |
Net cash provided by operating activities of continuing operations | 37,648 | 68,113 |
Net cash (used in) provided by operating activities of discontinued operations | 15 | -402 |
Net cash provided by operating activities | 37,663 | 67,711 |
Investing activities: | ||
Capital expenditures | -4,479 | -6,020 |
Changes in restricted cash balances | -59 | 0 |
Payments for acquisitions and investments, net of cash and cash equivalents acquired | -4,619 | 0 |
Net cash used in investing activities | -9,039 | -6,020 |
Financing activities: | ||
Payments on debt | -98,000 | -95,000 |
Proceeds from borrowings | 61,000 | 90,000 |
Payments of debt issuance costs | 0 | -1,724 |
Payments for (Proceeds from) Hedge, Financing Activities | 15,563 | 0 |
Payments on other credit facilities | -263 | -252 |
Proceeds from stock options exercised | 8,840 | 7,231 |
Purchases of common stock | -3,954 | -3,916 |
Dividends paid | -7,876 | -7,887 |
Net cash (used in) provided by financing activities | -24,690 | -11,548 |
Effect of exchange rate changes on cash and cash equivalents | -9,831 | 728 |
Net (decrease) increase in cash and cash equivalents | -5,897 | 50,871 |
Cash and cash equivalents at beginning of period | 174,821 | 173,242 |
Cash and cash equivalents at end of period | $168,924 | $224,113 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation |
The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), without audit, in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 28, 2014, filed with the SEC (the “2014 Form 10-K”). The balance sheet amounts at December 28, 2014 in this report were derived from the Company’s audited 2014 consolidated financial statements included in the 2014 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 29, 2015 and March 30, 2014, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. The Company has evaluated subsequent events from March 29, 2015 through the date of the issuance of these condensed consolidated financial statements and has determined that no material subsequent events have occurred that would affect the information presented in these condensed consolidated financial statements or would require additional disclosure. | |
The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format. Under this method, certain years will contain 53 weeks. The fiscal year ending January 3, 2016 will include 53 weeks and the extra week will be included in the third quarter. The fiscal year ended December 28, 2014 included 52 weeks. | |
Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s condensed consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. Under this new guidance, an entity should use a five-step process to recognize revenue, which depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The initial provisions of this guidance are effective for interim and annual periods beginning after December 15, 2016. In April 2015, the Financial Accounting Standards Board tentatively decided to defer the effective date of the standard for one year to annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company’s consolidated financial position, results of operations and cash flows. | |
In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. Under this new guidance, an entity with a fiscal year-end that does not coincide with a calendar month-end (for example an entity that has a 52/53 week fiscal year) has the ability, as a practical expedient, to measure its defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year end. An entity that uses this election must disclose it and consistently apply the practical expedient from year to year and to all of its defined benefit plans. The provisions of this guidance are effective for interim and annual periods beginning after December 15, 2015. Prospective application is required, and early adoption is permitted. The Company is evaluating the requirements of this guidance and expects to early adopt this guidance for its current fiscal year ending January 3, 2016 and for any interim period during the current fiscal year. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combinations | Business Combinations | |||||||
Acquisitions in fiscal year 2015 | ||||||||
During the first three months of fiscal year 2015, the Company completed the acquisition of two businesses for total consideration of $4.7 million, in cash. The excess of the purchase prices over the fair values of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and have been allocated to goodwill, of which $0.03 million is tax deductible. The Company reported the operations for these acquisitions within the results of the Company's Human Health and Environmental Health segments from the acquisition dates. As of March 29, 2015, the purchase accounting allocations related to these acquisitions were preliminary. In addition, subsequent to March 29, 2015, the Company completed the acquisition of a business for total consideration of $14.0 million, in cash, as of the closing date. The operations for this acquisition will be reported within the results of the Company's Environmental Health segment. | ||||||||
Acquisitions in fiscal year 2014 | ||||||||
Acquisition of Perten Instruments Group AB. In December 2014, the Company acquired all of the outstanding stock of Perten Instruments Group AB ("Perten"). Perten is a provider of analytical instruments and services for quality control of food, grain, flour and feed. The Company expects this acquisition to enhance its industrial, environmental and safety business by expanding the Company's product offerings to the academic and industrial end markets. The Company paid the shareholders of Perten $269.9 million in cash for the stock of Perten. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company has reported the operations for this acquisition within the results of the Company’s Environmental Health segment from the acquisition date. Identifiable definite-lived intangible assets, such as core technology, customer relationships and trade names, acquired as part of this acquisition had weighted average amortization periods of approximately 5 to 10 years. | ||||||||
Other acquisitions in fiscal year 2014. In addition to the Perten acquisition, the Company completed the acquisition of two businesses in fiscal year 2014 for total consideration of $18.0 million in cash and $4.3 million of assumed debt. The excess of the purchase price over the fair value of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company reported the operations for these acquisitions within the results of the Human Health and Environmental Health segments from the acquisition dates. As of March 29, 2015, the purchase accounting allocations related to acquisitions completed during fiscal year 2014 were preliminary. | ||||||||
The total purchase price for the acquisitions in fiscal year 2014 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: | ||||||||
Perten | 2014 Other | |||||||
(Preliminary) | ||||||||
(In thousands) | ||||||||
Fair value of business combination: | ||||||||
Cash payments | $ | 269,937 | $ | 17,898 | ||||
Working capital and other adjustments | — | 151 | ||||||
Less: cash acquired | (16,732 | ) | (124 | ) | ||||
Total | $ | 253,205 | $ | 17,925 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||||
Current assets | $ | 32,805 | $ | 1,965 | ||||
Property, plant and equipment | 1,485 | 125 | ||||||
Other assets | — | 364 | ||||||
Identifiable intangible assets: | ||||||||
Core technology | 16,000 | 1,705 | ||||||
Trade names | 7,000 | — | ||||||
Customer relationships | 87,000 | 6,800 | ||||||
IPR&D | — | 1,266 | ||||||
Goodwill | 164,164 | 15,981 | ||||||
Deferred taxes | (31,454 | ) | (3,072 | ) | ||||
Deferred revenue | — | (589 | ) | |||||
Liabilities assumed | (16,195 | ) | (2,333 | ) | ||||
Debt assumed | (7,600 | ) | (4,287 | ) | ||||
Total | $ | 253,205 | $ | 17,925 | ||||
The preliminary allocations of the purchase prices for acquisitions completed in fiscal years 2015 and 2014 were based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. Adjustments to the preliminary allocation of the purchase prices during the measurement period require the revision of comparative prior period financial information when reissued in subsequent financial statements. The effect of adjustments to the allocation of the purchase prices made during the measurement periods would be as if the adjustments had been completed on the acquisition dates. The effects of any such adjustments, if material, may cause changes in depreciation, amortization, or other income or expense recognized in prior periods. All changes that do not qualify as adjustments made during the measurement periods are included in current period earnings. | ||||||||
Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds or product development milestones during the earnout period. | ||||||||
The Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $31.4 million as of March 29, 2015. As of March 29, 2015, the Company has recorded contingent consideration obligations relating to the acquisition of Tetra Teknolojik Sistemler Limited Sirketi with an estimated fair value of $0.1 million. The earnout period for acquisitions with open contingency periods does not exceed three years from the respective acquisition date. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional consideration which would be expensed. | ||||||||
Total transaction costs related to acquisition activities for the three months ended March 29, 2015 and March 30, 2014 were $0.2 million and $0.1 million, respectively, which were expensed as incurred and recorded in selling, general and administrative expenses in the Company's condensed consolidated statements of operations. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Discontinued Operations | Discontinued Operations | |||||||
As part of the Company’s continuing efforts to focus on higher growth opportunities, the Company has discontinued certain businesses. The Company has accounted for these businesses as discontinued operations and, accordingly, has presented the results of operations and related cash flows as discontinued operations for all periods presented. Any remaining assets and liabilities of these businesses have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of March 29, 2015 and December 28, 2014. | ||||||||
In May 2014, the Company’s management approved the shutdown of its microarray-based diagnostic testing laboratory in the United States, which had been reported within the Human Health segment. The Company determined that, with the lack of adequate reimbursement from health care payers, the microarray-based diagnostic testing laboratory in the United States would need significant investment in its operations to reduce costs in order to effectively compete in the market. The shutdown of the microarray-based diagnostic testing laboratory in the United States resulted in a $0.1 million net pre-tax loss primarily related to the disposal of fixed assets, which was partially offset by the sale of a building in fiscal year 2014. | ||||||||
During the first three months of each of fiscal years 2015 and 2014, the Company settled various commitments related to the divestiture of other discontinued operations. The Company recognized net pre-tax losses of $0.01 million and $0.1 million for the three months ended March 29, 2015 and March 30, 2014, respectively. These losses were recognized as a loss on disposition of discontinued operations. | ||||||||
Summary pre-tax operating results of discontinued operations, which include the periods prior to disposition, were as follows: | ||||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Sales | $ | 20 | $ | 1,294 | ||||
Costs and expenses | 57 | 2,324 | ||||||
Loss from discontinued operations before income taxes | $ | (37 | ) | $ | (1,030 | ) | ||
The Company recorded tax benefits of $0.1 million and $0.4 million on discontinued operations and dispositions for the three months ended March 29, 2015 and March 30, 2014, respectively. |
Restructuring_and_Lease_Charge
Restructuring and Lease Charges, Net | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring and Lease Charges, Net | Restructuring and Contract Termination Charges, Net | ||||||||||||||||
The Company's management has approved a series of restructuring actions related to the impact of acquisitions and divestitures, the alignment of the Company's operations with its growth strategy, the integration of its business units and productivity initiatives. The current portion of restructuring and contract termination charges is recorded in accrued restructuring and contract termination charges and the long-term portion of restructuring and contract termination charges is recorded in long-term liabilities. The activities associated with these plans have been reported as restructuring and contract termination charges, net, and are included as a component of operating expenses from continuing operations. | |||||||||||||||||
The Company implemented a restructuring plan in the third quarter of fiscal year 2014 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q3 2014 Plan"). The Company implemented restructuring plans in the second and first quarters of fiscal year 2014 consisting of workforce reductions principally intended to focus resources on higher growth end markets (the "Q2 2014 Plan" and "Q1 2014 Plan", respectively). Details of the plans initiated in previous years (“Previous Plans”) are discussed more fully in Note 4 to the audited consolidated financial statements in the 2014 Form 10-K. The Company also has terminated various contractual commitments in connection with certain disposal activities and has recorded charges, to the extent applicable, for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. | |||||||||||||||||
The following table summarizes the number of employees reduced, the initial restructuring or contract termination charges by operating segment, and the dates by which payments were substantially completed, or the expected dates by which payments will be substantially completed, for restructuring actions during fiscal year 2014: | |||||||||||||||||
Initial Restructuring or Contract Termination Charges | Total | Date or Expected Date Payments Substantially Completed by | |||||||||||||||
Headcount Reduction | Human Health | Environmental Health | |||||||||||||||
(In thousands, except headcount data) | |||||||||||||||||
Q3 2014 Plan | 152 | $ | 7,126 | $ | 5,925 | $ | 13,051 | Q3 FY2015 | |||||||||
Q2 2014 Plan | 22 | 545 | 190 | 735 | Q2 FY2015 | ||||||||||||
Q1 2014 Plan | 17 | 370 | 197 | 567 | Q4 FY2014 | ||||||||||||
2014 Contract Termination Charges | — | — | 1,545 | 1,545 | Q4 FY2015 | ||||||||||||
The Company expects to make payments under the Previous Plans for remaining residual lease obligations, with terms varying in length, through fiscal year 2022. | |||||||||||||||||
At March 29, 2015, the Company had $19.2 million recorded for accrued restructuring and contract termination charges, of which $13.3 million was recorded in short-term accrued restructuring and contract termination charges and $5.9 million was recorded in long-term liabilities. At December 28, 2014, the Company had $23.8 million recorded for accrued restructuring and contract termination charges, of which $17.1 million was recorded in short-accrued restructuring and $6.7 million was recorded in long-term liabilities. The following table summarizes the Company's restructuring and contract termination accrual balances and related activity by restructuring plan, as well as contract termination, during the three months ended March 29, 2015: | |||||||||||||||||
Balance at December 28, 2014 | 2015 Amounts Paid | Balance at March 29, 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||
Q3 2014 Plan | $ | 10,059 | $ | (3,139 | ) | $ | 6,920 | ||||||||||
Q2 2014 Plan | 251 | (8 | ) | 243 | |||||||||||||
Q1 2014 Plan | 92 | — | 92 | ||||||||||||||
Previous Plans | 13,124 | (1,427 | ) | 11,697 | |||||||||||||
Restructuring | 23,526 | (4,574 | ) | 18,952 | |||||||||||||
Contract Termination | 304 | (89 | ) | 215 | |||||||||||||
Total Restructuring and Contract Termination | $ | 23,830 | $ | (4,663 | ) | $ | 19,167 | ||||||||||
Interest_and_Other_Expense_Inc
Interest and Other Expense (Income), Net | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Interest and Other Expense (Income), Net | Interest and Other Expense, Net | |||||||
Interest and other expense, net, consisted of the following: | ||||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Interest income | $ | (209 | ) | $ | (94 | ) | ||
Interest expense | 9,388 | 9,219 | ||||||
Other expense, net | 242 | 2,164 | ||||||
Total interest and other expense, net | $ | 9,421 | $ | 11,289 | ||||
Inventories_Net
Inventories, Net | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories, Net | Inventories | |||||||
Inventories as of March 29, 2015 and December 28, 2014 consisted of the following: | ||||||||
March 29, | December 28, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 98,042 | $ | 96,169 | ||||
Work in progress | 20,106 | 18,783 | ||||||
Finished goods | 172,972 | 170,505 | ||||||
Total inventories | $ | 291,120 | $ | 285,457 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. | |
At March 29, 2015, the Company had gross tax effected unrecognized tax benefits of $30.7 million, of which $26.9 million, if recognized, would affect the continuing operations effective tax rate. The remaining amount, if recognized, would affect discontinued operations. | |
The Company believes that it is reasonably possible that approximately $5.2 million of its uncertain tax positions at March 29, 2015, including accrued interest and penalties, and net of tax benefits, may be resolved over the next twelve months as a result of lapses in applicable statutes of limitations and potential settlements. Various tax years after 2007 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as China, Finland, Germany, Italy, Netherlands, Singapore, the United Kingdom and the United States. The tax years under examination vary by jurisdiction. | |
During the first three months of fiscal years 2015 and 2014, the Company recorded net discrete income tax benefits of $1.8 million and $2.0 million, respectively, primarily for reversals of uncertain tax position reserves and resolution of other tax matters. |
Debt
Debt | 3 Months Ended |
Mar. 29, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
Senior Unsecured Revolving Credit Facility. On January 8, 2014, the Company refinanced its debt held under a previous senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility. The Company's senior unsecured revolving credit facility provides for $700.0 million of revolving loans and has an initial maturity of January 8, 2019. As of March 29, 2015, undrawn letters of credit in the aggregate amount of $12.2 million were treated as issued and outstanding under the senior unsecured revolving credit facility. As of March 29, 2015, the Company had $208.8 million available for additional borrowing under the facility. The Company uses the senior unsecured revolving credit facility for general corporate purposes, which may include working capital, refinancing existing indebtedness, capital expenditures, share repurchases, acquisitions and strategic alliances. The interest rates under the senior unsecured revolving credit facility are based on the Eurocurrency rate or the base rate at the time of borrowing, plus a margin. The base rate is the higher of (i) the rate of interest in effect for such day as publicly announced from time to time by JP Morgan Chase Bank, N.A. as its "prime rate," (ii) the Federal Funds rate plus 50 basis points or (iii) one-month Libor plus 1.00%. At March 29, 2015, borrowings under the senior unsecured revolving credit facility were accruing interest primarily based on the Eurocurrency rate. The Eurocurrency margin as of March 29, 2015 was 108 basis points. The weighted average Eurocurrency interest rate as of March 29, 2015 was 0.18%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.26%. At March 29, 2015 and December 28, 2014, the Company had $479.0 million and $516.0 million, respectively, of borrowings in U.S. dollars outstanding under the senior unsecured revolving credit facility. The credit agreement for the facility contains affirmative, negative and financial covenants and events of default similar to those contained in the credit agreement for the Company's previous facility. The financial covenants in the Company's senior unsecured revolving credit facility include a debt-to-capital ratio, and two contingent covenants, a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio, applicable if the Company's credit rating is downgraded below investment grade. | |
5% Senior Unsecured Notes due in 2021. On October 25, 2011, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2021 (the “2021 Notes”) in a registered public offering and received $496.9 million of net proceeds from the issuance. The 2021 Notes were issued at 99.372% of the principal amount, which resulted in a discount of $3.1 million. As of both March 29, 2015 and December 28, 2014, the 2021 Notes had an aggregate carrying value of $497.7 million, net of $2.3 million of unamortized original issue discount. The 2021 Notes mature in November 2021 and bear interest at an annual rate of 5%. Interest on the 2021 Notes is payable semi-annually on May 15th and November 15th each year. Prior to August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2021 Notes being redeemed, discounted on a semi-annual basis, at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest. At any time on or after August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2021 Notes) and a contemporaneous downgrade of the 2021 Notes below investment grade, each holder of 2021 Notes will have the right to require the Company to repurchase such holder's 2021 Notes for 101% of their principal amount, plus accrued and unpaid interest. | |
Financing Lease Obligations. In fiscal year 2012, the Company entered into agreements with the lessors of certain buildings that the Company is currently occupying and leasing to expand those buildings. The Company provided a portion of the funds needed for the construction of the additions to the buildings, and as a result the Company was considered the owner of the buildings during the construction period. At the end of the construction period, the Company was not reimbursed by the lessors for all of the construction costs. The Company is therefore deemed to have continuing involvement and the leases qualify as financing leases under sale-leaseback accounting guidance, representing debt obligations for the Company and non-cash investing and financing activities. As a result, the Company capitalized $29.3 million in property and equipment, net, representing the fair value of the buildings with a corresponding increase to debt. The Company has also capitalized $11.5 million in additional construction costs necessary to complete the renovations to the buildings, which were funded by the lessors, with a corresponding increase to debt. At March 29, 2015, the Company had $39.0 million recorded for these financing lease obligations, of which $1.1 million was recorded as short-term debt and $37.9 million was recorded as long-term debt. At December 28, 2014, the Company had $39.3 million recorded for these financing lease obligations, of which $1.1 million was recorded as short-term debt and $38.2 million was recorded as long-term debt. The buildings are being depreciated on a straight-line basis over the terms of the leases to their estimated residual values, which will equal the remaining financing obligation at the end of the lease term. At the end of the lease term, the remaining balances in property, plant and equipment, net and debt will be reversed against each other. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 29, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share | Earnings Per Share | |||||
Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents, primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations: | ||||||
Three Months Ended | ||||||
March 29, | March 30, | |||||
2015 | 2014 | |||||
(In thousands) | ||||||
Number of common shares—basic | 112,641 | 112,553 | ||||
Effect of dilutive securities: | ||||||
Stock options | 677 | 1,052 | ||||
Restricted stock awards | 121 | 172 | ||||
Number of common shares—diluted | 113,439 | 113,777 | ||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 932 | 459 | ||||
Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future. |
Industry_Segment_Information
Industry Segment Information | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Industry Segment Information | Industry Segment Information | |||||||
The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The Company’s management reviews the results of the Company’s operations by the Human Health and Environmental Health operating segments. The accounting policies of the operating segments are the same as those described in Note 1 to the audited consolidated financial statements in the 2014 Form 10-K. | ||||||||
The Company realigned its organization at the beginning of fiscal year 2015 to enable the Company to both deliver complete solutions targeted towards certain end markets and develop value-added applications and solutions to foster further expansion of those markets. OneSource, the multivendor service offering business that serves the life sciences end market, was moved from the Environmental Health segment into the Human Health segment. The results reported for the three months ended March 29, 2015 reflect this new alignment of the Company's operating segments. Financial information in this report relating to the three months ended March 30, 2014 and the fiscal year ended 2014 have been retrospectively adjusted to reflect the changes to the operating segments. The principal products and services of the Company's two operating segments are: | ||||||||
• | Human Health. Develops diagnostics, tools and applications to help detect diseases earlier and more accurately and to accelerate the discovery and development of critical new therapies. The Human Health segment serves both the diagnostics and research markets. | |||||||
• | Environmental Health. Provides products, services and solutions to facilitate the creation of safer food and consumer products, more secure surroundings and efficient energy resources. The Environmental Health segment serves the environmental, industrial and laboratory services markets. | |||||||
The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments. | ||||||||
Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: | ||||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Human Health | ||||||||
Product revenue | $ | 231,147 | $ | 239,030 | ||||
Service revenue | 94,906 | 91,003 | ||||||
Total revenue | 326,053 | 330,033 | ||||||
Operating income from continuing operations | 55,882 | 43,982 | ||||||
Environmental Health | ||||||||
Product revenue | 128,166 | 126,455 | ||||||
Service revenue | 72,682 | 74,122 | ||||||
Total revenue | 200,848 | 200,577 | ||||||
Operating income from continuing operations | 11,346 | 21,607 | ||||||
Corporate | ||||||||
Operating loss from continuing operations(1) | (9,847 | ) | (13,827 | ) | ||||
Continuing Operations | ||||||||
Product revenue | 359,313 | 365,485 | ||||||
Service revenue | 167,588 | 165,125 | ||||||
Total revenue | 526,901 | 530,610 | ||||||
Operating income from continuing operations | 57,381 | 51,762 | ||||||
Interest and other expense, net (see Note 5) | 9,421 | 11,289 | ||||||
Income from continuing operations before income taxes | $ | 47,960 | $ | 40,473 | ||||
____________________________ | ||||||||
(1) | In 2002, Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, “Enzo”) filed a complaint that alleged that the Company separately and together with other defendants breached distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology. The Company entered into a settlement agreement with Enzo dated June 20, 2014 and during fiscal year 2014 paid $7.0 million into a designated escrow account to resolve this matter, of which $3.7 million had been accrued in previous years and $3.3 million was recorded in the second quarter of fiscal year 2014. In addition, $3.2 million of expenses were incurred and recorded in preparation for the trial during the three months ended March 30, 2014. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||
Comprehensive Income: | ||||||||
The components of accumulated other comprehensive income consisted of the following: | ||||||||
March 29, | December 28, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | (365 | ) | $ | 23,332 | |||
Unrecognized prior service costs, net of income taxes | 1,575 | 1,575 | ||||||
Unrealized net losses on securities, net of income taxes | (136 | ) | (107 | ) | ||||
Accumulated other comprehensive income | $ | 1,074 | $ | 24,800 | ||||
Stock Repurchase Program: | ||||||||
On October 23, 2014, the Board of Directors (the "Board") authorized the Company to repurchase up to 8.0 million shares of common stock under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on October 23, 2016 unless terminated earlier by the Board, and may be suspended or discontinued at any time. During the three months ended March 29, 2015, the Company did not repurchase shares of common stock in the open market, under the Repurchase Program. As of March 29, 2015, 7.4 million shares of the Company’s common stock remained available for repurchase from the 8.0 million shares authorized by the Board under the Repurchase Program. | ||||||||
The Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company's equity incentive plans. During the three months ended March 29, 2015, the Company repurchased 85,739 shares of common stock for this purpose at an aggregate cost of $4.0 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. | ||||||||
Dividends: | ||||||||
The Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2015 and in each quarter of fiscal year 2014. At March 29, 2015, the Company has accrued $7.9 million for dividends declared on January 23, 2015 for the first quarter of fiscal year 2015, payable in May 2015. On April 27, 2015, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2015 that will be payable in August 2015. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources. |
Stock_Plans
Stock Plans | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock Plans | Stock Plans | ||||||||||||
In addition to the Company's Employee Stock Purchase Plan, the Company utilizes one stock-based compensation plan, the 2009 Incentive Plan (the “2009 Plan”). Under the 2009 Plan, 10.0 million shares of the Company's common stock are authorized for stock option grants, restricted stock awards, performance units and stock grants as part of the Company’s compensation programs. In addition to shares of the Company’s common stock originally authorized for issuance under the 2009 Plan, the 2009 Plan includes shares of the Company’s common stock previously granted under the Amended and Restated 2001 Incentive Plan and the 2005 Incentive Plan that were canceled or forfeited without the shares being issued. | |||||||||||||
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s condensed consolidated statements of operations for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||
Three Months Ended | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Cost of product and service revenue | $ | 249 | $ | 333 | |||||||||
Research and development expenses | 159 | 141 | |||||||||||
Selling, general and administrative expenses | 3,579 | 4,042 | |||||||||||
Total stock-based compensation expense | $ | 3,987 | $ | 4,516 | |||||||||
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $1.3 million and $1.6 million for the three months ended March 29, 2015 and March 30, 2014, respectively. Stock-based compensation costs capitalized as part of inventory were $0.4 million and $0.3 million as of March 29, 2015 and March 30, 2014, respectively. | |||||||||||||
Stock Options: The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 1.3 | % | 1.5 | % | |||||||||
Expected dividend yield | 0.6 | % | 0.7 | % | |||||||||
Expected lives | 5 years | 5 years | |||||||||||
Expected stock volatility | 26.5 | % | 30.9 | % | |||||||||
The following table summarizes stock option activity for the three months ended March 29, 2015: | |||||||||||||
Number | Weighted- | Weighted-Average | Total | ||||||||||
of | Average Exercise | Remaining | Intrinsic | ||||||||||
Shares | Price | Contractual Term | Value | ||||||||||
(In thousands) | (In years) | (In millions) | |||||||||||
Outstanding at December 28, 2014 | 2,828 | $ | 26.11 | ||||||||||
Granted | 484 | 46.22 | |||||||||||
Exercised | (573 | ) | 15.43 | ||||||||||
Canceled | (3 | ) | 22 | ||||||||||
Forfeited | (51 | ) | 23.93 | ||||||||||
Outstanding at March 29, 2015 | 2,685 | $ | 32.06 | 4.3 | $ | 37.7 | |||||||
Exercisable at March 29, 2015 | 1,720 | $ | 25.92 | 3.1 | $ | 34.6 | |||||||
Vested and expected to vest in the future | 2,611 | $ | 31.8 | 4.2 | $ | 37.3 | |||||||
The weighted-average per-share grant-date fair value of options granted during the three months ended March 29, 2015 and March 30, 2014 was $10.99 and $11.85, respectively. The total intrinsic value of options exercised during the three months ended March 29, 2015 and March 30, 2014 was $17.7 million and $6.5 million, respectively. Cash received from option exercises for the three months ended March 29, 2015 and March 30, 2014 was $8.8 million and $7.2 million, respectively. | |||||||||||||
The total compensation expense recognized related to the Company’s outstanding options was $0.8 million and $1.5 million for the three months ended March 29, 2015 and March 30, 2014, respectively. | |||||||||||||
There was $9.4 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options granted as of March 29, 2015. This cost is expected to be recognized over a weighted-average period of 2.3 years and will be adjusted for any future changes in estimated forfeitures. | |||||||||||||
Restricted Stock Awards: The following table summarizes restricted stock award activity for the three months ended March 29, 2015: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Nonvested at December 28, 2014 | 558 | $ | 35.51 | ||||||||||
Granted | 208 | 46.32 | |||||||||||
Vested | (221 | ) | 29.99 | ||||||||||
Forfeited | (7 | ) | 37.05 | ||||||||||
Nonvested at March 29, 2015 | 538 | $ | 41.93 | ||||||||||
The weighted-average per-share grant-date fair value of restricted stock awards granted during the three months ended March 29, 2015 and March 30, 2014 was $46.32 and $42.55, respectively. The fair value of restricted stock awards vested during the three months ended March 29, 2015 and March 30, 2014 was $6.6 million and $6.8 million, respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.0 million for each of the three months ended March 29, 2015 and March 30, 2014. | |||||||||||||
As of March 29, 2015, there was $17.2 million of total unrecognized compensation cost, net of forfeitures, related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.9 years. | |||||||||||||
Performance Units: The Company granted 66,509 and 79,463 performance units during the three months ended March 29, 2015 and March 30, 2014, respectively, as part of the Company’s executive incentive program. The weighted-average per-share grant-date fair value of performance units granted during the three months ended March 29, 2015 and March 30, 2014 was $46.83 and $42.84, respectively. The total compensation expense recognized related to performance units was $1.1 million and $1.0 million for the three months ended March 29, 2015 and March 30, 2014, respectively. As of March 29, 2015, there were 210,275 performance units outstanding and subject to forfeiture, with a corresponding liability of $3.3 million recorded in accrued expenses and other current liabilities. | |||||||||||||
Stock Awards: The Company generally grants stock awards only to non-employee members of the Board. The Company granted 544 shares to a new non-employee member of the Board during the three months ended March 29, 2015. The weighted-average per-share grant-date fair value of the stock award granted during the three months ended March 29, 2015 was $45.98. The total compensation expense recognized related to this stock award was $0.03 million during the three months ended March 29, 2015. | |||||||||||||
Employee Stock Purchase Plan: During the three months ended March 29, 2015, the Company issued 29,565 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $41.54 per share. During the three months ended March 30, 2014, the Company issued 31,854 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $39.17 per share. At March 29, 2015, an aggregate of 1.0 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net | |||||||||||
The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets. | ||||||||||||
The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of a two-step process. The first step is the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. The second step measures the amount of an impairment loss, and is only performed if the carrying value exceeds the fair value of the reporting unit. The Company performed its annual impairment testing for its reporting units as of January 1, 2015, its annual impairment date for fiscal year 2015. The Company concluded based on the first step of the process that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20.0% for each reporting unit. The long-term terminal growth rates for the Company’s reporting units ranged from 4.0% to 6.5% for the fiscal year 2015 impairment analysis. The range for the discount rates for the reporting units was 9.5% to 12.5%. Keeping all other variables constant, a 10.0% change in any one of the input assumptions for the various reporting units would still allow the Company to conclude, based on the first step of the process, that there was no impairment of goodwill. | ||||||||||||
Subsequent to the 2015 annual impairment test, the Company realigned its organization, as discussed in Note 10. While the realignment did not have a significant impact on the fair values of the reporting units as discussed above, the realignment did result in a change in the composition of the Company's reportable segments. OneSource, the multivendor service offering business that serves the life sciences end market, was moved from the Environmental Health segment into the Human Health segment. As a result of the new alignment, the Company will reallocate goodwill from the Environmental Health segment to the Human Health segment based on the relative fair value, determined using the income approach, of the business. The change resulted in a preliminary goodwill reallocation of $27.0 million from the Environmental Health segment into the Human Health segment as of March 29, 2015. | ||||||||||||
The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach. | ||||||||||||
The Company has consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible assets. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized. In addition, the Company evaluates the remaining useful lives of its non-amortizing intangible assets at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful lives of non-amortizing intangible assets are no longer indefinite, the assets will be tested for impairment. These intangible assets will then be amortized prospectively over their estimated remaining useful lives and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 1, 2015, and concluded that there was no impairment of non-amortizing intangible assets. An assessment of the recoverability of amortizing intangible assets takes place when events have occurred that may give rise to an impairment. No such events occurred during the first three months of fiscal year 2015. | ||||||||||||
The changes in the carrying amount of goodwill for the period ended March 29, 2015 from December 28, 2014 were as follows: | ||||||||||||
Human | Environmental | Consolidated | ||||||||||
Health | Health | |||||||||||
(In thousands) | ||||||||||||
Balance at December 28, 2014 | $ | 1,648,590 | $ | 635,487 | $ | 2,284,077 | ||||||
Foreign currency translation | (23,024 | ) | (9,407 | ) | (32,431 | ) | ||||||
Acquisitions and other | 33 | 1,529 | 1,562 | |||||||||
Balance at March 29, 2015 | $ | 1,625,599 | $ | 627,609 | $ | 2,253,208 | ||||||
Identifiable intangible asset balances at March 29, 2015 and December 28, 2014 by category were as follows: | ||||||||||||
March 29, | December 28, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Patents | $ | 39,913 | $ | 39,953 | ||||||||
Less: Accumulated amortization | (27,816 | ) | (27,200 | ) | ||||||||
Net patents | 12,097 | 12,753 | ||||||||||
Trade names and trademarks | 39,957 | 40,069 | ||||||||||
Less: Accumulated amortization | (17,793 | ) | (16,936 | ) | ||||||||
Net trade names and trademarks | 22,164 | 23,133 | ||||||||||
Licenses | 59,183 | 59,631 | ||||||||||
Less: Accumulated amortization | (42,439 | ) | (41,792 | ) | ||||||||
Net licenses | 16,744 | 17,839 | ||||||||||
Core technology | 296,665 | 298,491 | ||||||||||
Less: Accumulated amortization | (190,519 | ) | (184,697 | ) | ||||||||
Net core technology | 106,146 | 113,794 | ||||||||||
Customer relationships | 400,510 | 402,185 | ||||||||||
Less: Accumulated amortization | (164,551 | ) | (156,994 | ) | ||||||||
Net customer relationships | 235,959 | 245,191 | ||||||||||
IPR&D | 9,583 | 10,103 | ||||||||||
Less: Accumulated amortization | (3,265 | ) | (3,132 | ) | ||||||||
Net IPR&D | 6,318 | 6,971 | ||||||||||
Net amortizable intangible assets | 399,428 | 419,681 | ||||||||||
Non-amortizing intangible assets: | ||||||||||||
Trade names and trademarks | 70,584 | 70,584 | ||||||||||
Total | $ | 470,012 | $ | 490,265 | ||||||||
Total amortization expense related to definite-lived intangible assets was $19.8 million and $20.7 million for the three months ended March 29, 2015 and March 30, 2014, respectively. Estimated amortization expense related to definite-lived intangible assets for each of the next five years is $60.9 million for the remainder of fiscal year 2015, $71.9 million for fiscal year 2016, $62.3 million for fiscal year 2017, $49.2 million for fiscal year 2018, and $37.7 million for fiscal year 2019. |
Warranty_Reserves
Warranty Reserves | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Warranty Reserves | Warranty Reserves | |||||||
The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets. | ||||||||
A summary of warranty reserve activity for the three months ended March 29, 2015 and March 30, 2014 is as follows: | ||||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Balance beginning of period | $ | 10,783 | $ | 10,534 | ||||
Provision charged to income | 4,158 | 4,077 | ||||||
Payments | (3,762 | ) | (3,967 | ) | ||||
Adjustments to previously provided warranties, net | 79 | (297 | ) | |||||
Foreign currency translation and acquisitions | (387 | ) | 10 | |||||
Balance end of period | $ | 10,871 | $ | 10,357 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Employee Benefit Plans | Employee Postretirement Benefit Plans | |||||||||||||||
The following table summarizes the components of net periodic (credit) benefit cost for the Company’s various defined benefit employee pension and postretirement plans for the three months ended March 29, 2015 and March 30, 2014: | ||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 1,106 | $ | 1,030 | $ | 27 | $ | 24 | ||||||||
Interest cost | 5,250 | 5,916 | 36 | 39 | ||||||||||||
Expected return on plan assets | (6,512 | ) | (6,263 | ) | (266 | ) | (241 | ) | ||||||||
Amortization of prior service costs | (64 | ) | (71 | ) | — | — | ||||||||||
Net periodic (credit) benefit cost | $ | (220 | ) | $ | 612 | $ | (203 | ) | $ | (178 | ) | |||||
During the three months ended March 29, 2015 and March 30, 2014, the Company contributed $4.9 million and $0.9 million, respectively, in the aggregate, to pension plans outside of the United States. During the three months ended March 29, 2015, the Company contributed $20.0 million to its defined benefit pension plan in the United States. | ||||||||||||||||
In the third quarter of fiscal year 2014, the Company notified employees of its intention to terminate their employment as part of the Q3 2014 restructuring plan. The removal of these participants will decrease the expected future service lives in excess of the curtailment limit for one of the Company's pension plans, which will result in a curtailment gain. When the curtailment occurs, the curtailment will be measured and recorded when the notified employees are separated from the Company. As part of a curtailment, the Company is required to remeasure the assets and liabilities of the plan that has the curtailment based upon current discount rates and the fair value of the pension plan's assets as of the curtailment date, which may result in an additional gain or loss in addition to the curtailment gain. Employee separation is expected to be completed during the first half of fiscal year 2015. | ||||||||||||||||
The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in operating results in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1 of the Company's audited consolidated financial statements and notes included in its 2014 Form 10-K. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. |
Derivatives_And_Hedging_Activi
Derivatives And Hedging Activities | 3 Months Ended |
Mar. 29, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities |
The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. The fluctuations in foreign currency can increase the costs of financing, investing and operating the business. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. | |
In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in earnings, included in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows. | |
Principal hedged currencies include the British Pound, Euro, Japanese Yen and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $108.2 million, $95.0 million and $95.0 million at March 29, 2015, December 28, 2014 and March 30, 2014, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the three months ended March 29, 2015 and March 30, 2014. | |
In addition, in connection with certain intercompany loan agreements the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in earnings, included in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s condensed consolidated statement of cash flows. | |
The combined Euro denominated notional amounts of these hedges was €273.7 million and €238.2 million as of March 29, 2015 and December 28, 2014, respectively. During the three months ended March 29, 2015, the Company settled one of these forward exchange contracts and entered into two more contracts that will also settle in fiscal year 2015. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for the three months ending March 29, 2015. The Company received $15.6 million as a result of the settlement of these hedges in the three months ended March 29, 2015. | |
The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive income into interest and other expense, net within the next twelve months. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable. The Company believes it had no significant concentrations of credit risk as of March 29, 2015. | ||||||||||||||||
The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the three months ended March 29, 2015. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value. | ||||||||||||||||
Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. | ||||||||||||||||
The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of March 29, 2015 and December 28, 2014 classified in one of the three classifications described above: | ||||||||||||||||
Fair Value Measurements at March 29, 2015 Using: | ||||||||||||||||
Total Carrying Value at March 29, 2015 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,598 | $ | 1,598 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 6,629 | — | 6,629 | — | ||||||||||||
Foreign exchange derivative liabilities | (575 | ) | — | (575 | ) | — | ||||||||||
Contingent consideration | (81 | ) | — | — | (81 | ) | ||||||||||
Fair Value Measurements at December 28, 2014 Using: | ||||||||||||||||
Total Carrying Value at December 28, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,568 | $ | 1,568 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 3,205 | — | 3,205 | — | ||||||||||||
Foreign exchange derivative liabilities | (302 | ) | — | (302 | ) | — | ||||||||||
Contingent consideration | (91 | ) | — | — | (91 | ) | ||||||||||
Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities. | ||||||||||||||||
Marketable securities: Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date. | ||||||||||||||||
Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's consolidated balance sheet on a net basis and are recorded in other assets. As of both March 29, 2015 and December 28, 2014, none of the master netting arrangements involved collateral. | ||||||||||||||||
Level 3 Valuation Techniques: The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities. | ||||||||||||||||
Contingent consideration: The Company has classified its net liabilities for contingent consideration relating to its acquisitions within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which included probability weighted cash flows. A description of the significant acquisitions is included within Note 2 to the Company's audited consolidated financial statements filed with the 2014 Form 10-K. Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds or product development milestones during the earnout period. The Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $31.4 million as of March 29, 2015. As of March 29, 2015, the Company has recorded contingent consideration obligations relating to the acquisition of Tetra Teknolojik Sistemler Limited Sirketi with an estimated fair value of $0.1 million. The earnout period for acquisitions with open contingency periods does not exceed three years from the respective acquisition date, and the remaining weighted average earnout period at March 29, 2015 was six months. | ||||||||||||||||
A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance beginning of period | $ | (91 | ) | $ | (4,926 | ) | ||||||||||
Amounts paid and foreign currency translation | 10 | — | ||||||||||||||
Change in fair value (included within selling, general and administrative expenses) | — | (55 | ) | |||||||||||||
Balance end of period | $ | (81 | ) | $ | (4,981 | ) | ||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1. | ||||||||||||||||
The Company’s senior unsecured revolving credit facility, which provides for $700.0 million of revolving loans, had amounts outstanding, excluding letters of credit, of $479.0 million and $516.0 million as of March 29, 2015 and December 28, 2014, respectively. The interest rate on the Company’s senior unsecured revolving credit facility is reset at least monthly to correspond to variable rates that reflect currently available terms and conditions for similar debt. The Company had no change in credit standing during the first three months of fiscal year 2015. Consequently, the carrying value of the current year and prior year credit facilities approximate fair value and would be classified as Level 2. | ||||||||||||||||
The Company's 2021 Notes, with a face value of $500.0 million, had an aggregate carrying value of $497.7 million, net of $2.3 million of unamortized original issue discount, and a fair value of $548.1 million as of March 29, 2015. The 2021 Notes had an aggregate carrying value of $497.7 million, net of $2.3 million of unamortized original issue discount, and a fair value of $542.7 million as of December 28, 2014. The fair value of the 2021 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company's financing lease obligations had an aggregate carrying value of $39.0 million and $39.3 million as of March 29, 2015 and December 28, 2014, respectively. The carrying values of the Company's financing lease obligations approximated their fair value as there has been minimal change in the Company's incremental borrowing rate. As of March 29, 2015, the 2021 Notes and financing lease obligations were classified as Level 2. | ||||||||||||||||
As of March 29, 2015, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on the evaluation of its counterparties’ credit risks. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
The Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $12.0 million and $12.3 million as of March 29, 2015 and December 28, 2014, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters, and does not include any potential liability for related personal injury or property damage claims. The Company's environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. | |
The Company is subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at March 29, 2015 should not have a material adverse effect on the Company’s condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s condensed consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. Under this new guidance, an entity should use a five-step process to recognize revenue, which depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The initial provisions of this guidance are effective for interim and annual periods beginning after December 15, 2016. In April 2015, the Financial Accounting Standards Board tentatively decided to defer the effective date of the standard for one year to annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company’s consolidated financial position, results of operations and cash flows. | |
In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. Under this new guidance, an entity with a fiscal year-end that does not coincide with a calendar month-end (for example an entity that has a 52/53 week fiscal year) has the ability, as a practical expedient, to measure its defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year end. An entity that uses this election must disclose it and consistently apply the practical expedient from year to year and to all of its defined benefit plans. The provisions of this guidance are effective for interim and annual periods beginning after December 15, 2015. Prospective application is required, and early adoption is permitted. The Company is evaluating the requirements of this guidance and expects to early adopt this guidance for its current fiscal year ending January 3, 2016 and for any interim period during the current fiscal year. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The total purchase price for the acquisitions in fiscal year 2014 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: | |||||||
Perten | 2014 Other | |||||||
(Preliminary) | ||||||||
(In thousands) | ||||||||
Fair value of business combination: | ||||||||
Cash payments | $ | 269,937 | $ | 17,898 | ||||
Working capital and other adjustments | — | 151 | ||||||
Less: cash acquired | (16,732 | ) | (124 | ) | ||||
Total | $ | 253,205 | $ | 17,925 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||||
Current assets | $ | 32,805 | $ | 1,965 | ||||
Property, plant and equipment | 1,485 | 125 | ||||||
Other assets | — | 364 | ||||||
Identifiable intangible assets: | ||||||||
Core technology | 16,000 | 1,705 | ||||||
Trade names | 7,000 | — | ||||||
Customer relationships | 87,000 | 6,800 | ||||||
IPR&D | — | 1,266 | ||||||
Goodwill | 164,164 | 15,981 | ||||||
Deferred taxes | (31,454 | ) | (3,072 | ) | ||||
Deferred revenue | — | (589 | ) | |||||
Liabilities assumed | (16,195 | ) | (2,333 | ) | ||||
Debt assumed | (7,600 | ) | (4,287 | ) | ||||
Total | $ | 253,205 | $ | 17,925 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Summary pre-tax operating results of discontinued operations, which include the periods prior to disposition, were as follows: | |||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Sales | $ | 20 | $ | 1,294 | ||||
Costs and expenses | 57 | 2,324 | ||||||
Loss from discontinued operations before income taxes | $ | (37 | ) | $ | (1,030 | ) |
Restructuring_and_Lease_Charge1
Restructuring and Lease Charges, Net (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the number of employees reduced, the initial restructuring or contract termination charges by operating segment, and the dates by which payments were substantially completed, or the expected dates by which payments will be substantially completed, for restructuring actions during fiscal year 2014: | ||||||||||||||||
Initial Restructuring or Contract Termination Charges | Total | Date or Expected Date Payments Substantially Completed by | |||||||||||||||
Headcount Reduction | Human Health | Environmental Health | |||||||||||||||
(In thousands, except headcount data) | |||||||||||||||||
Q3 2014 Plan | 152 | $ | 7,126 | $ | 5,925 | $ | 13,051 | Q3 FY2015 | |||||||||
Q2 2014 Plan | 22 | 545 | 190 | 735 | Q2 FY2015 | ||||||||||||
Q1 2014 Plan | 17 | 370 | 197 | 567 | Q4 FY2014 | ||||||||||||
2014 Contract Termination Charges | — | — | 1,545 | 1,545 | Q4 FY2015 | ||||||||||||
Schedule of Restructuring Plan Activity [Table Text Block] | The following table summarizes the Company's restructuring and contract termination accrual balances and related activity by restructuring plan, as well as contract termination, during the three months ended March 29, 2015: | ||||||||||||||||
Balance at December 28, 2014 | 2015 Amounts Paid | Balance at March 29, 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||
Q3 2014 Plan | $ | 10,059 | $ | (3,139 | ) | $ | 6,920 | ||||||||||
Q2 2014 Plan | 251 | (8 | ) | 243 | |||||||||||||
Q1 2014 Plan | 92 | — | 92 | ||||||||||||||
Previous Plans | 13,124 | (1,427 | ) | 11,697 | |||||||||||||
Restructuring | 23,526 | (4,574 | ) | 18,952 | |||||||||||||
Contract Termination | 304 | (89 | ) | 215 | |||||||||||||
Total Restructuring and Contract Termination | $ | 23,830 | $ | (4,663 | ) | $ | 19,167 | ||||||||||
Interest_and_Other_Expense_Inc1
Interest and Other Expense (Income), Net (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Interest and Other Expense (Income), Net | Interest and other expense, net, consisted of the following: | |||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Interest income | $ | (209 | ) | $ | (94 | ) | ||
Interest expense | 9,388 | 9,219 | ||||||
Other expense, net | 242 | 2,164 | ||||||
Total interest and other expense, net | $ | 9,421 | $ | 11,289 | ||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Net Inventories | Inventories as of March 29, 2015 and December 28, 2014 consisted of the following: | |||||||
March 29, | December 28, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 98,042 | $ | 96,169 | ||||
Work in progress | 20,106 | 18,783 | ||||||
Finished goods | 172,972 | 170,505 | ||||||
Total inventories | $ | 291,120 | $ | 285,457 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 29, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations | The following table reconciles the number of shares utilized in the earnings per share calculations: | |||||
Three Months Ended | ||||||
March 29, | March 30, | |||||
2015 | 2014 | |||||
(In thousands) | ||||||
Number of common shares—basic | 112,641 | 112,553 | ||||
Effect of dilutive securities: | ||||||
Stock options | 677 | 1,052 | ||||
Restricted stock awards | 121 | 172 | ||||
Number of common shares—diluted | 113,439 | 113,777 | ||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 932 | 459 | ||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations | Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: | |||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Human Health | ||||||||
Product revenue | $ | 231,147 | $ | 239,030 | ||||
Service revenue | 94,906 | 91,003 | ||||||
Total revenue | 326,053 | 330,033 | ||||||
Operating income from continuing operations | 55,882 | 43,982 | ||||||
Environmental Health | ||||||||
Product revenue | 128,166 | 126,455 | ||||||
Service revenue | 72,682 | 74,122 | ||||||
Total revenue | 200,848 | 200,577 | ||||||
Operating income from continuing operations | 11,346 | 21,607 | ||||||
Corporate | ||||||||
Operating loss from continuing operations(1) | (9,847 | ) | (13,827 | ) | ||||
Continuing Operations | ||||||||
Product revenue | 359,313 | 365,485 | ||||||
Service revenue | 167,588 | 165,125 | ||||||
Total revenue | 526,901 | 530,610 | ||||||
Operating income from continuing operations | 57,381 | 51,762 | ||||||
Interest and other expense, net (see Note 5) | 9,421 | 11,289 | ||||||
Income from continuing operations before income taxes | $ | 47,960 | $ | 40,473 | ||||
____________________________ | ||||||||
(1) | In 2002, Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, “Enzo”) filed a complaint that alleged that the Company separately and together with other defendants breached distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology. The Company entered into a settlement agreement with Enzo dated June 20, 2014 and during fiscal year 2014 paid $7.0 million into a designated escrow account to resolve this matter, of which $3.7 million had been accrued in previous years and $3.3 million was recorded in the second quarter of fiscal year 2014. In addition, $3.2 million of expenses were incurred and recorded in preparation for the trial during the three months ended March 30, 2014 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income consisted of the following: | |||||||
March 29, | December 28, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | (365 | ) | $ | 23,332 | |||
Unrecognized prior service costs, net of income taxes | 1,575 | 1,575 | ||||||
Unrealized net losses on securities, net of income taxes | (136 | ) | (107 | ) | ||||
Accumulated other comprehensive income | $ | 1,074 | $ | 24,800 | ||||
Stock_Plans_Tables
Stock Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Total Compensation Recognized Related to Outstanding Equity Awards | The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s condensed consolidated statements of operations for the three months ended March 29, 2015 and March 30, 2014: | ||||||||||||
Three Months Ended | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Cost of product and service revenue | $ | 249 | $ | 333 | |||||||||
Research and development expenses | 159 | 141 | |||||||||||
Selling, general and administrative expenses | 3,579 | 4,042 | |||||||||||
Total stock-based compensation expense | $ | 3,987 | $ | 4,516 | |||||||||
Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model | The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: | ||||||||||||
Three Months Ended | |||||||||||||
March 29, | March 30, | ||||||||||||
2015 | 2014 | ||||||||||||
Risk-free interest rate | 1.3 | % | 1.5 | % | |||||||||
Expected dividend yield | 0.6 | % | 0.7 | % | |||||||||
Expected lives | 5 years | 5 years | |||||||||||
Expected stock volatility | 26.5 | % | 30.9 | % | |||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 29, 2015: | ||||||||||||
Number | Weighted- | Weighted-Average | Total | ||||||||||
of | Average Exercise | Remaining | Intrinsic | ||||||||||
Shares | Price | Contractual Term | Value | ||||||||||
(In thousands) | (In years) | (In millions) | |||||||||||
Outstanding at December 28, 2014 | 2,828 | $ | 26.11 | ||||||||||
Granted | 484 | 46.22 | |||||||||||
Exercised | (573 | ) | 15.43 | ||||||||||
Canceled | (3 | ) | 22 | ||||||||||
Forfeited | (51 | ) | 23.93 | ||||||||||
Outstanding at March 29, 2015 | 2,685 | $ | 32.06 | 4.3 | $ | 37.7 | |||||||
Exercisable at March 29, 2015 | 1,720 | $ | 25.92 | 3.1 | $ | 34.6 | |||||||
Vested and expected to vest in the future | 2,611 | $ | 31.8 | 4.2 | $ | 37.3 | |||||||
Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the three months ended March 29, 2015: | ||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Nonvested at December 28, 2014 | 558 | $ | 35.51 | ||||||||||
Granted | 208 | 46.32 | |||||||||||
Vested | (221 | ) | 29.99 | ||||||||||
Forfeited | (7 | ) | 37.05 | ||||||||||
Nonvested at March 29, 2015 | 538 | $ | 41.93 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the period ended March 29, 2015 from December 28, 2014 were as follows: | |||||||||||
Human | Environmental | Consolidated | ||||||||||
Health | Health | |||||||||||
(In thousands) | ||||||||||||
Balance at December 28, 2014 | $ | 1,648,590 | $ | 635,487 | $ | 2,284,077 | ||||||
Foreign currency translation | (23,024 | ) | (9,407 | ) | (32,431 | ) | ||||||
Acquisitions and other | 33 | 1,529 | 1,562 | |||||||||
Balance at March 29, 2015 | $ | 1,625,599 | $ | 627,609 | $ | 2,253,208 | ||||||
Identifiable Intangible Asset Balances | Identifiable intangible asset balances at March 29, 2015 and December 28, 2014 by category were as follows: | |||||||||||
March 29, | December 28, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Patents | $ | 39,913 | $ | 39,953 | ||||||||
Less: Accumulated amortization | (27,816 | ) | (27,200 | ) | ||||||||
Net patents | 12,097 | 12,753 | ||||||||||
Trade names and trademarks | 39,957 | 40,069 | ||||||||||
Less: Accumulated amortization | (17,793 | ) | (16,936 | ) | ||||||||
Net trade names and trademarks | 22,164 | 23,133 | ||||||||||
Licenses | 59,183 | 59,631 | ||||||||||
Less: Accumulated amortization | (42,439 | ) | (41,792 | ) | ||||||||
Net licenses | 16,744 | 17,839 | ||||||||||
Core technology | 296,665 | 298,491 | ||||||||||
Less: Accumulated amortization | (190,519 | ) | (184,697 | ) | ||||||||
Net core technology | 106,146 | 113,794 | ||||||||||
Customer relationships | 400,510 | 402,185 | ||||||||||
Less: Accumulated amortization | (164,551 | ) | (156,994 | ) | ||||||||
Net customer relationships | 235,959 | 245,191 | ||||||||||
IPR&D | 9,583 | 10,103 | ||||||||||
Less: Accumulated amortization | (3,265 | ) | (3,132 | ) | ||||||||
Net IPR&D | 6,318 | 6,971 | ||||||||||
Net amortizable intangible assets | 399,428 | 419,681 | ||||||||||
Non-amortizing intangible assets: | ||||||||||||
Trade names and trademarks | 70,584 | 70,584 | ||||||||||
Total | $ | 470,012 | $ | 490,265 | ||||||||
Warranty_Reserves_Tables
Warranty Reserves (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Warranty Reserve Activity | A summary of warranty reserve activity for the three months ended March 29, 2015 and March 30, 2014 is as follows: | |||||||
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Balance beginning of period | $ | 10,783 | $ | 10,534 | ||||
Provision charged to income | 4,158 | 4,077 | ||||||
Payments | (3,762 | ) | (3,967 | ) | ||||
Adjustments to previously provided warranties, net | 79 | (297 | ) | |||||
Foreign currency translation and acquisitions | (387 | ) | 10 | |||||
Balance end of period | $ | 10,871 | $ | 10,357 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic (credit) benefit cost for the Company’s various defined benefit employee pension and postretirement plans for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 1,106 | $ | 1,030 | $ | 27 | $ | 24 | ||||||||
Interest cost | 5,250 | 5,916 | 36 | 39 | ||||||||||||
Expected return on plan assets | (6,512 | ) | (6,263 | ) | (266 | ) | (241 | ) | ||||||||
Amortization of prior service costs | (64 | ) | (71 | ) | — | — | ||||||||||
Net periodic (credit) benefit cost | $ | (220 | ) | $ | 612 | $ | (203 | ) | $ | (178 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of March 29, 2015 and December 28, 2014 classified in one of the three classifications described above: | |||||||||||||||
Fair Value Measurements at March 29, 2015 Using: | ||||||||||||||||
Total Carrying Value at March 29, 2015 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,598 | $ | 1,598 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 6,629 | — | 6,629 | — | ||||||||||||
Foreign exchange derivative liabilities | (575 | ) | — | (575 | ) | — | ||||||||||
Contingent consideration | (81 | ) | — | — | (81 | ) | ||||||||||
Fair Value Measurements at December 28, 2014 Using: | ||||||||||||||||
Total Carrying Value at December 28, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,568 | $ | 1,568 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 3,205 | — | 3,205 | — | ||||||||||||
Foreign exchange derivative liabilities | (302 | ) | — | (302 | ) | — | ||||||||||
Contingent consideration | (91 | ) | — | — | (91 | ) | ||||||||||
Reconciliation of Beginning and Ending Level 3 Net Liabilities | A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, | March 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance beginning of period | $ | (91 | ) | $ | (4,926 | ) | ||||||||||
Amounts paid and foreign currency translation | 10 | — | ||||||||||||||
Change in fair value (included within selling, general and administrative expenses) | — | (55 | ) | |||||||||||||
Balance end of period | $ | (81 | ) | $ | (4,981 | ) |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) | 12 Months Ended | |
Dec. 28, 2014 | Jan. 03, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Cycle | 52 | |
Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Cycle | 53 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Jun. 28, 2015 | Dec. 29, 2013 | Dec. 05, 2014 | Oct. 21, 2014 | |
Business Acquisition [Line Items] | ||||||||
Total transaction costs | $200,000 | $100,000 | ||||||
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions | 1 year | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 31,400,000 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 81,000 | 4,981,000 | 91,000 | 91,000 | 4,926,000 | |||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 3 years | |||||||
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. | |||||||
Fiscal Year 2015 Acquisitions [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 30,000 | |||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 4,700,000 | |||||||
Perten Instruments Group AB [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash paid to the shareholders | 17,898,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -4,287,000 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 18,000,000 | |||||||
Environmental Health [Member] | Perten Instruments Group AB [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash paid to the shareholders | 269,937,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -7,600,000 | |||||||
Environmental Health [Member] | Minimum [Member] | Perten Instruments Group AB [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||
Environmental Health [Member] | Maximum [Member] | Perten Instruments Group AB [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||
Subsequent Event [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash paid to the shareholders | $14,000,000 |
Business_Combinations_Fair_Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 28, 2014 | Mar. 29, 2015 | Oct. 21, 2014 | Dec. 05, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $2,284,077 | $2,284,077 | $2,253,208 | ||
Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 17,898 | ||||
Goodwill | 15,981 | ||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | -151 | ||||
Cash Acquired | -124 | ||||
Business Combination, Consideration Transferred | 17,925 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,965 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 125 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 364 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | 3,072 | ||||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Deferred Revenue | -589 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,333 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 4,287 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 17,925 | ||||
Core Technology [Member] | Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,705 | ||||
Customer Relationships [Member] | Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,800 | ||||
In-process Research and Development [Member] | Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,266 | ||||
Trade Names [Member] | Fiscal Year 2014 Acquisitions (excluding Perten) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||
Human Health [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 1,648,590 | 1,648,590 | 1,625,599 | ||
Environmental Health [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 635,487 | 635,487 | 627,609 | ||
Environmental Health [Member] | Perten Instruments Group AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 269,937 | ||||
Goodwill | 164,164 | ||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | 0 | ||||
Cash Acquired | -16,732 | ||||
Business Combination, Consideration Transferred | 253,205 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 32,805 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,485 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | 31,454 | ||||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Deferred Revenue | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 16,195 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 7,600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 253,205 | ||||
Environmental Health [Member] | Core Technology [Member] | Perten Instruments Group AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 16,000 | ||||
Environmental Health [Member] | Customer Relationships [Member] | Perten Instruments Group AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 87,000 | ||||
Environmental Health [Member] | In-process Research and Development [Member] | Perten Instruments Group AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||
Environmental Health [Member] | Trade Names [Member] | Perten Instruments Group AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $7,000 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax gain (loss) on disposal of business unit | ($13) | ($72) | |
(Benefit from) provision for income taxes on discontinued operations and dispositions | -73 | -375 | |
Other Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax gain (loss) on disposal of business unit | -10 | -100 | |
Microarray-based diagnostic testing laboratory in the United States [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax gain (loss) on disposal of business unit | ($100) |
Discontinued_Operations_Operat
Discontinued Operations (Operating Results of Discontinued Operations Prior to Disposition) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Revenue | $20 | $1,294 |
Disposal Group, Including Discontinued Operations, Costs and Expenses | 57 | 2,324 |
Loss from discontinued operations before income taxes | ($37) | ($1,030) |
Restructuring_and_Lease_Charge2
Restructuring and Lease Charges, Net (Narrative) (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
Restructuring and Related Activities [Abstract] | ||
Accrued restructuring and integration costs | $19,167,000 | $23,830,000 |
Restructuring Reserve, Current | 13,312,000 | 17,124,000 |
Restructuring Reserve, Noncurrent | $5,900,000 | $6,700,000 |
Restructuring_and_Lease_Charge3
Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Dec. 28, 2014 |
employees | employees | ||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | $0 | $2,135 | |||
Q3 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 152 | ||||
Restructuring and lease charges, net | 13,051 | ||||
Q2 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 22 | ||||
Restructuring and lease charges, net | 735 | ||||
Q1 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 17 | ||||
Restructuring and lease charges, net | 567 | ||||
2014 Contract Termination Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 1,545 | ||||
Human Health [Member] | Employee Severance [Member] | Q3 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 7,126 | ||||
Human Health [Member] | Employee Severance [Member] | Q2 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 545 | ||||
Human Health [Member] | Employee Severance [Member] | Q1 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 370 | ||||
Environmental Health [Member] | Employee Severance [Member] | Q3 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 5,925 | ||||
Environmental Health [Member] | Employee Severance [Member] | Q2 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 190 | ||||
Environmental Health [Member] | Employee Severance [Member] | Q1 2014 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | 197 | ||||
Environmental Health [Member] | Contract Termination [Member] | 2014 Contract Termination Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and lease charges, net | $1,545 |
Restructuring_and_Lease_Charge4
Restructuring and Lease Charges, Net (Schedule of Restructuring Plan Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Dec. 28, 2014 |
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | $23,830 | ||||
Restructuring and lease charges, net | 0 | 2,135 | |||
Restructuring reserve Settled with Cash and Translation Adjustment | 4,663 | ||||
Balance at end of period | 19,167 | ||||
Employee Severance and Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 23,526 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 4,574 | ||||
Balance at end of period | 18,952 | ||||
Contract Termination [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 304 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 89 | ||||
Balance at end of period | 215 | ||||
Q3 2014 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 13,051 | ||||
Q3 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 10,059 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 3,139 | ||||
Balance at end of period | 6,920 | ||||
Q2 2014 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 735 | ||||
Q2 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 251 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 8 | ||||
Balance at end of period | 243 | ||||
Q1 2014 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 567 | ||||
Q1 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 92 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 0 | ||||
Balance at end of period | 92 | ||||
2014 Contract Termination Charges [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 1,545 | ||||
Previous restructuring and integration plans [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 13,124 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 1,427 | ||||
Balance at end of period | 11,697 | ||||
Human Health [Member] | Q3 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 7,126 | ||||
Human Health [Member] | Q2 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 545 | ||||
Human Health [Member] | Q1 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 370 | ||||
Environmental Health [Member] | Q3 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 5,925 | ||||
Environmental Health [Member] | Q2 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 190 | ||||
Environmental Health [Member] | Q1 2014 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | 197 | ||||
Environmental Health [Member] | 2014 Contract Termination Charges [Member] | Contract Termination [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and lease charges, net | $1,545 |
Interest_and_Other_Expense_Inc2
Interest and Other Expense (Income), Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Other Income and Expenses [Abstract] | ||
Interest income | ($209) | ($94) |
Interest expense | 9,388 | 9,219 |
Other expense, net | 242 | 2,164 |
Total interest and other expense, net | $9,421 | $11,289 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $98,042 | $96,169 |
Work in progress | 20,106 | 18,783 |
Finished goods | 172,972 | 170,505 |
Total inventories, net | $291,120 | $285,457 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits, gross | $30.70 | |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 26.9 | |
Uncertain tax positions including accrued interest, net of tax benefits and penalties, to be resolved within the next year | 5.2 | |
Open Tax Years by Major Tax Jurisdiction, Begin Date | 2007 | |
Tax Adjustments, Settlements, and Unusual Provisions | ($1.80) | ($2) |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Oct. 25, 2011 | Dec. 30, 2012 | Dec. 28, 2014 |
Line of Credit, Maturing January 8, 2019 [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $700 | |||
Unsecured revolving credit facility, expiry date | 8-Jan-19 | |||
Letters of credit issued and outstanding | 12.2 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 208.8 | |||
Aggregate borrowings under the amended facility | 479 | 516 | ||
2021 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Unsecured senior notes, face value | 500 | 500 | ||
Gross proceeds from the issuance of debt instrument | 496.9 | |||
Senior unsecured notes issuance as percentage of principal amount | 99.37% | |||
Debt Instrument, Unamortized Discount | 2.3 | 3.1 | 2.3 | |
Long-term Debt, Gross | 497.7 | 497.7 | ||
Debt instrument maturity date | 25-Nov-21 | |||
Percentage of redemption of senior notes on or after August 15, 2021 | 100.00% | |||
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes | 101.00% | |||
2021 Notes [Member] | Treasury Rate [Member] | ||||
Basis spread on variable rate | 0.45% | |||
Financing Lease Obligations [Member] | ||||
Initial Fair Value of Other Long-term Debt Related to Financing Lease Obligations | 29.3 | |||
Other Long-term Debt | 39 | 39.3 | ||
Other Long-term Debt, Current | 1.1 | 1.1 | ||
Other Long-term Debt, Noncurrent | 37.9 | 38.2 | ||
Additional Financing Lease Obligations, funded by lessors | $11.50 | |||
Unsecured Revolving Credit Facility [Member] | Base Rate Option Two [Member] | ||||
Description of variable rate basis | Federal Funds | |||
Unsecured Revolving Credit Facility [Member] | Eurocurrency Rate [Member] | ||||
Description of variable rate basis | Eurocurrency | |||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing January 8, 2019 [Member] | ||||
Interest rate terms under amended senior unsecured revolving credit facility | The interest rates under the senior unsecured revolving credit facility are based on the Eurocurrency rate or the base rate at the time of borrowing, plus a margin. The base rate is the higher of (i)B the rate of interest in effect for such day as publicly announced from time to time by JP Morgan Chase Bank, N.A. as its "prime rate," (ii)B the Federal Funds rate plus 50 basis points or (iii) one-month Libor plus 1.00%. | |||
Weighted average interest rates under amended senior unsecured revolving credit facility | The Eurocurrency margin as of March 29, 2015 was 108 basis points. The weighted average Eurocurrency interest rate as of March 29, 2015 was 0.18%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.26%. | |||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Base Rate Option Three [Member] | ||||
Basis spread on variable rate | 1.00% | |||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Base Rate Option Two [Member] | ||||
Basis spread on variable rate | 0.50% | |||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Eurocurrency Rate [Member] | ||||
Basis spread on variable rate | 1.08% | |||
Weighted average Eurocurrency interest rate | 0.18% | |||
Weighted average effective Eurocurrency rate, including the margin | 1.26% |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Earnings Per Share [Abstract] | ||
Number of common shares-basic | 112,641 | 112,553 |
Effect of dilutive securities, Stock options | 677 | 1,052 |
Effect of dilutive securities, Restricted stock | 121 | 172 |
Number of common shares-diluted | 113,439 | 113,777 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 932 | 459 |
Industry_Segment_Information_I
Industry Segment Information Industry Segment Information Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 |
segments | ||||
Segment Reporting Information [Line Items] | ||||
Payments for Legal Settlements | $7 | |||
Loss Contingency Accrual | 3.7 | |||
Number of Operating Segment | 2 | |||
Enzo Biochem, Inc. Complaint [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss Contingency Accrual, Period Increase (Decrease) | $3.30 |
Industry_Segment_Information_S
Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) (USD $) | 3 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $526,901,000 | $530,610,000 | ||
Operating income (loss) from continuing operations | 57,381,000 | 51,762,000 | ||
Interest and other expense, net | 9,421,000 | 11,289,000 | ||
Income from continuing operations before income taxes | 47,960,000 | 40,473,000 | ||
Sales Revenue, Goods, Net | 359,313,000 | 365,485,000 | ||
Sales Revenue, Services, Net | 167,588,000 | 165,125,000 | ||
Human Health [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 326,053,000 | 330,033,000 | ||
Operating income (loss) from continuing operations | 55,882,000 | 43,982,000 | ||
Sales Revenue, Goods, Net | 231,147,000 | 239,030,000 | ||
Sales Revenue, Services, Net | 94,906,000 | 91,003,000 | ||
Environmental Health [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 200,848,000 | 200,577,000 | ||
Operating income (loss) from continuing operations | 11,346,000 | 21,607,000 | ||
Sales Revenue, Goods, Net | 128,166,000 | 126,455,000 | ||
Sales Revenue, Services, Net | 72,682,000 | 74,122,000 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) from continuing operations | -9,847,000 | [1] | -13,827,000 | [1] |
Enzo Biochem, Inc. Complaint [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Litigation Settlement, Expense | $3,200,000 | |||
[1] | In 2002, Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, bEnzob) filed a complaint that alleged that the Company separately and together with other defendants breached distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology. The Company entered into a settlement agreement with Enzo dated June 20, 2014 and during fiscal year 2014 paid $7.0 million into a designated escrow account to resolve this matter, of which $3.7 million had been accrued in previous years and $3.3 million was recorded in the second quarter of fiscal year 2014. In addition, $3.2 million of expenses were incurred and recorded in preparation for the trial during the three months ended March 30, 2014. |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jun. 28, 2015 | Oct. 23, 2014 |
Schedule of Shareholders' Equity [Line Items] | |||||||
Stock repurchase program, number of shares authorized to be repurchased | 8,000,000 | ||||||
Number of common stock repurchased in open market | 0 | ||||||
Stock repurchase program, number of shares remained available for repurchase | 7,400,000 | ||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 85,739 | ||||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $4 | ||||||
Cash dividends (per share) | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | ||
Dividends Payable, Amount | $7.90 | ||||||
Subsequent Event [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Cash dividends (per share) | $0.07 |
Stockholders_Equity_Components
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments, net of income taxes | ($365) | $23,332 |
Unrecognized losses and prior service costs, net of income taxes | 1,575 | 1,575 |
Unrealized net losses on securities, net of income taxes | -136 | -107 |
Accumulated other comprehensive loss | $1,074 | $24,800 |
Stock_Plans_Narrative_Details
Stock Plans (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Former Stock-based Compensation Plans | 1 | ||
Total income tax benefit recognized for stock-based compensation | $1,300,000 | $1,600,000 | |
Stock-based compensation costs capitalized as part of inventory | 400,000 | 300,000 | |
Total pre-tax stock-based compensation expense | 3,987,000 | 4,516,000 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | 5,000,000 | ||
Number of Shares, Granted | 29,565 | 31,854 | |
Weighted-average grant-date fair value of stock granted (per share) | $41.54 | $39.17 | |
Shares available for grant under employee stock purchase plan | 1,000,000 | ||
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 544 | ||
Weighted-average grant-date fair value of stock granted (per share) | $45.98 | ||
Total pre-tax stock-based compensation expense | 30,000 | ||
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 66,509 | 79,463 | |
Weighted-average grant-date fair value of stock granted (per share) | $46.83 | $42.84 | |
Total pre-tax stock-based compensation expense | 1,100,000 | 1,000,000 | |
Awards/units outstanding | 210,275 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 3,300,000 | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 208,000 | ||
Weighted-average grant-date fair value of stock granted (per share) | $46.32 | $42.55 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 7,000 | ||
Fair value of restricted stock awards vested | 6,600,000 | 6,800,000 | |
Total pre-tax stock-based compensation expense | 2,000,000 | 2,000,000 | |
Awards/units outstanding | 538,000 | 558,000 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | 17,200,000 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 1 year 11 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options | $10.99 | $11.85 | |
Total intrinsic value of options exercised | 17,700,000 | 6,500,000 | |
Cash received from option exercises | 8,800,000 | 7,200,000 | |
Total pre-tax stock-based compensation expense | 800,000 | 1,500,000 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $9,400,000 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 2 years 3 months | ||
2009 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | 10,000,000 |
Stock_Plans_Summary_of_Total_C
Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | $3,987 | $4,516 |
Cost of sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 249 | 333 |
Research and development expenses [Member ] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 159 | 141 |
Selling, general and administrative and other expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | $3,579 | $4,042 |
Stock_Plans_WeightedAverage_As
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.30% | 1.50% |
Expected dividend yield | 0.60% | 0.70% |
Expected lives, years | 5 years | 5 years |
Expected stock volatility | 26.50% | 30.90% |
Stock_Plans_Summary_of_Stock_O
Stock Plans (Summary of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 29, 2015 |
Stock option activity | |
Number of Shares, Outstanding at beginning of period | 2,828 |
Number of Shares, Granted | 484 |
Number of Shares, Exercised | -573 |
Number of Shares, Canceled | -3 |
Number of Shares, Forfeited | -51 |
Number of Shares, Outstanding at end of period | 2,685 |
Number of Shares, Exercisable at end of period | 1,720 |
Number of Shares, Vested and expected to vest in the future | 2,611 |
Weighted-Average Price, Outstanding at beginning of period | $26.11 |
Weighted-Average Price, Granted | $46.22 |
Weighted-Average Price, Exercised | $15.43 |
Weighted-Average Price, Canceled | $22 |
Weighted-Average Price, Forfeited | $23.93 |
Weighted-Average Price, Outstanding at end of period | $32.06 |
Weighted-Average Price, Exercisable at end of period | $25.92 |
Weighted-Average Price, Vested and expected to vest in the future | $31.80 |
Weighted-Average Remaining Contractual Term in Years, Outstanding at end of period | 4 years 3 months |
Weighted-Average Remaining Contractual Term in Years, Exercisable at end of period | 3 years 1 month |
Weighted-Average Remaining Contractual Term in Years, Vested and expected to vest in the future | 4 years 2 months |
Total Intrinsic Value, Outstanding at end of period | $37.70 |
Total Intrinsic Value, Exercisable at end of period | 34.6 |
Total Intrinsic Value, Vested and expected to vest in the future | $37.30 |
Stock_Plans_Summary_of_Restric
Stock Plans (Summary of Restricted Stock Award Activity) (Details) (Restricted Stock Awards [Member], USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Restricted Stock Awards [Member] | ||
Restricted stock award activity | ||
Number of Shares, Nonvested at beginning of period | 558,000 | |
Number of Shares, Granted | 208,000 | |
Number of Shares, Vested | -221,000 | |
Number of Shares, Forfeited | -7,000 | |
Number of Shares, Nonvested at end of period | 538,000 | |
Weighted-Average Grant-Date Fair Value, Nonvested at beginning of period | $35.51 | |
Weighted-Average Grant-Date Fair Value, Granted | $46.32 | $42.55 |
Weighted-Average Grant-Date Fair Value, Vested | $29.99 | |
Weighted-Average Grant-Date Fair Value, Forfeited | $37.05 | |
Weighted-Average Grant-Date Fair Value, Nonvested at end of period | $41.93 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Jan. 01, 2015 | Dec. 28, 2014 | |
Goodwill and Intangible Assets Net [Line Items] | ||||
Reallocation of Goodwill Resulting from Realignment Within Operating Segments | $27,000,000 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | |||
Goodwill | 2,253,208,000 | 2,284,077,000 | ||
Change in any one of the input assumptions for the various reporting units | 10.00% | |||
Total amortization expense related to finite-lived intangible assets | 19,800,000 | 20,700,000 | ||
Future Amortization Expense, Year One | 60,900,000 | |||
Future Amortization Expense, Year Two | 71,900,000 | |||
Future Amortization Expense, Year Three | 62,300,000 | |||
Future Amortization Expense, Year Four | 49,200,000 | |||
Future Amortization Expense, Year Five | 37,700,000 | |||
Finite-Lived Intangible Assets, Net | $399,428,000 | $419,681,000 | ||
Minimum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Long-term terminal growth rates for reporting units | 4.00% | |||
Discount rates for reporting units | 9.50% | |||
Maximum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Long-term terminal growth rates for reporting units | 6.50% | |||
Discount rates for reporting units | 12.50% |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | $2,284,077 |
Foreign currency translation | -32,431 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 1,562 |
Balance at end of period | 2,253,208 |
Human Health [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,648,590 |
Foreign currency translation | -23,024 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 33 |
Balance at end of period | 1,625,599 |
Environmental Health [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 635,487 |
Foreign currency translation | -9,407 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 1,529 |
Balance at end of period | $627,609 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) (USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $399,428 | $419,681 |
Totals | 470,012 | 490,265 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 39,913 | 39,953 |
Less: Accumulated amortization | -27,816 | -27,200 |
Net amortizable intangible assets | 12,097 | 12,753 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 39,957 | 40,069 |
Less: Accumulated amortization | -17,793 | -16,936 |
Net amortizable intangible assets | 22,164 | 23,133 |
Non-amortizing intangible assets | 70,584 | 70,584 |
Licensing Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 59,183 | 59,631 |
Less: Accumulated amortization | -42,439 | -41,792 |
Net amortizable intangible assets | 16,744 | 17,839 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 296,665 | 298,491 |
Less: Accumulated amortization | -190,519 | -184,697 |
Net amortizable intangible assets | 106,146 | 113,794 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 400,510 | 402,185 |
Less: Accumulated amortization | -164,551 | -156,994 |
Net amortizable intangible assets | 235,959 | 245,191 |
In-process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 9,583 | 10,103 |
Less: Accumulated amortization | -3,265 | -3,132 |
Net amortizable intangible assets | $6,318 | $6,971 |
Warranty_Reserves_Details
Warranty Reserves (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Warranty reserve activity | ||
Balance beginning of period | $10,783 | $10,534 |
Provision charged to income | 4,158 | 4,077 |
Payments | -3,762 | -3,967 |
Adjustments to previously provided warranties, net | 79 | -297 |
Foreign currency translation and acquisitions | -387 | 10 |
Balance end of period | $10,871 | $10,357 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost (Credit)) (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Defined Benefit Pension Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | $1,106,000 | $1,030,000 |
Interest cost | 5,250,000 | 5,916,000 |
Expected return on plan assets | -6,512,000 | -6,263,000 |
Amortization of prior service | -64,000 | -71,000 |
Net periodic benefit cost (credit) | -220,000 | 612,000 |
Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 4,900,000 | 900,000 |
Postretirement Medical Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | 27,000 | 24,000 |
Interest cost | 36,000 | 39,000 |
Expected return on plan assets | -266,000 | -241,000 |
Amortization of prior service | 0 | 0 |
Net periodic benefit cost (credit) | -203,000 | -178,000 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $20,000,000 |
Derivatives_And_Hedging_Activi1
Derivatives And Hedging Activities (Details) | 3 Months Ended | ||||||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Mar. 29, 2015 | Dec. 28, 2014 | |
USD ($) | USD ($) | European And Asian Currencies [Member] | European And Asian Currencies [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | |||||
Derivative [Line Items] | |||||||||
Maximum maturity period for foreign exchange contracts, in months | 12 months | ||||||||
Notional Amount of Cash Flow Hedge Instruments | $108,200,000 | $95,000,000 | $95,000,000 | € 273,700,000 | € 238,200,000 | ||||
Payments for (Proceeds from) Hedge, Financing Activities | -15,563,000 | 0 | |||||||
Duration of foreign currency derivative contract, days | 30 days | 30 days | |||||||
Company's business conducted outside United States | 60.00% | ||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||||
Mar. 29, 2015 | Dec. 28, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Oct. 25, 2011 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $31,400,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 81,000 | 91,000 | 4,981,000 | 4,926,000 | |
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. | ||||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 3 years | ||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 0 years 6 months | ||||
Line of Credit, Maturing January 8, 2019 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000,000 | ||||
Revolving credit facility outstanding balance | 479,000,000 | 516,000,000 | |||
2021 Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unsecured senior notes, face value | 500,000,000 | 500,000,000 | |||
Long-term Debt, Gross | 497,700,000 | 497,700,000 | |||
Debt Instrument, Unamortized Discount | 2,300,000 | 2,300,000 | 3,100,000 | ||
Unsecured senior notes, fair value | 548,100,000 | 542,700,000 | |||
Financing Lease Obligations [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unsecured senior notes, fair value | $39,000,000 | $39,300,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 29, 2015 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Of Contingent Consideration Measured On Recurring Basis | ($81) | ($91) |
Foreign exchange derivative liabilities, net | -575 | -302 |
Marketable securities | 1,598 | 1,568 |
Foreign exchange derivative assets, net | -6,629 | -3,205 |
Quoted Prices In Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Of Contingent Consideration Measured On Recurring Basis | 0 | 0 |
Foreign exchange derivative liabilities, net | 0 | 0 |
Marketable securities | 1,598 | 1,568 |
Foreign exchange derivative assets, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Of Contingent Consideration Measured On Recurring Basis | 0 | 0 |
Foreign exchange derivative liabilities, net | -575 | -302 |
Marketable securities | 0 | 0 |
Foreign exchange derivative assets, net | -6,629 | -3,205 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Of Contingent Consideration Measured On Recurring Basis | -81 | -91 |
Foreign exchange derivative liabilities, net | 0 | 0 |
Marketable securities | 0 | 0 |
Foreign exchange derivative assets, net | $0 | $0 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Fair Value Disclosures [Abstract] | ||
Balance beginning of period | ($91) | ($4,926) |
Payments | 10 | 0 |
Change in fair value (included within selling, general and administrative expenses) | 0 | -55 |
Balance end of period | ($81) | ($4,981) |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Dec. 28, 2014 |
years | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition | $12 | $12.30 |
Number of years over which estimated environmental cost will be paid | 10 |