Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 03, 2016 | May. 05, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PERKINELMER INC | |
Entity Central Index Key | 31,791 | |
Current Fiscal Year End Date | --04-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 3, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 109,030,445 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Product revenue | $ 365,020 | $ 359,313 |
Service revenue | 173,664 | 167,588 |
Total revenue | 538,684 | 526,901 |
Cost of product revenue | 180,579 | 184,609 |
Cost of service revenue | 108,008 | 106,918 |
Total cost of revenue | 288,587 | 291,527 |
Selling, general and administrative expenses | 147,545 | 145,873 |
Research and development expenses | 33,785 | 32,120 |
Operating income from continuing operations | 68,767 | 57,381 |
Interest and other expense, net | 11,086 | 9,421 |
Income from continuing operations before income taxes | 57,681 | 47,960 |
Provision for income taxes | 10,176 | 7,649 |
Income from continuing operations | 47,505 | 40,311 |
Loss from discontinued operations before income taxes | (3) | (37) |
Loss on disposition of discontinued operations before income taxes | 0 | (13) |
Provision for (benefit from) income taxes on discontinued operations | 36 | (73) |
(Loss from) gain on discontinued operations | (39) | 23 |
Net income | $ 47,466 | $ 40,334 |
Basic earnings (loss) per share: | ||
Income (loss) from continuing operations (per share) | $ 0.43 | $ 0.36 |
Gain (loss) on discontinued operations and dispositions (per share) | 0 | 0 |
Net income (per share) | 0.43 | 0.36 |
Diluted earnings (loss) per share: | ||
Income (loss) from continuing operations (per share) | 0.43 | 0.36 |
Gain (loss) on discontinued operations and dispositions (per share) | 0 | 0 |
Net income (per share) | $ 0.43 | $ 0.36 |
Weighted average shares of common stock outstanding: | ||
Basic (in shares) | 110,409 | 112,641 |
Diluted (in shares) | 111,195 | 113,439 |
Cash dividends per common share | $ 0.07 | $ 0.07 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Net income | $ 47,466 | $ 40,334 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustments | 31,567 | (23,697) |
Unrealized gains (losses) on securities, net of tax | 32 | (29) |
Other comprehensive income (loss) | 31,599 | (23,726) |
Comprehensive income | $ 79,065 | $ 16,608 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 210,731 | $ 237,932 |
Accounts receivable, net | 436,755 | 439,015 |
Inventories | 314,060 | 288,028 |
Other current assets | 88,274 | 68,186 |
Total current assets | 1,049,820 | 1,033,161 |
Property, plant and equipment, net: | ||
At cost | 507,774 | 494,956 |
Accumulated depreciation | (339,649) | (327,927) |
Property, plant and equipment, net | 168,125 | 167,029 |
Marketable securities and investments | 1,379 | 1,586 |
Intangible assets, net | 481,598 | 490,811 |
Goodwill | 2,296,146 | 2,276,149 |
Other assets, net | 213,653 | 197,559 |
Total assets | 4,210,721 | 4,166,295 |
Current liabilities: | ||
Current portion of long-term debt | 1,135 | 1,123 |
Accounts payable | 159,480 | 152,726 |
Accrued expenses and other current liabilities | 10,933 | 17,090 |
Accrued expenses and other current liabilities | 380,899 | 388,446 |
Current liabilities of discontinued operations | 2,100 | 2,100 |
Total current liabilities | 554,547 | 561,485 |
Long-term debt | 1,119,830 | 1,011,762 |
Long-term liabilities | 486,864 | 482,607 |
Total liabilities | $ 2,161,241 | $ 2,055,854 |
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 109,015,000 shares and 112,034,000 shares at April 3, 2016 and at January 3, 2016, respectively | 109,015 | 112,034 |
Capital in excess of par value | 0 | 52,932 |
Retained earnings | 1,954,822 | 1,991,431 |
Accumulated other comprehensive loss | (14,357) | (45,956) |
Total stockholders’ equity | 2,049,480 | 2,110,441 |
Total liabilities and stockholders’ equity | $ 4,210,721 | $ 4,166,295 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 03, 2016 | Jan. 03, 2016 |
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 | 109,015,000 | 112,034,000 |
Common stock, outstanding | 109,015,000 | 112,034,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Operating activities: | ||
Net income | $ 47,466 | $ 40,334 |
Loss from (gain on) discontinued operations, net of income taxes | 39 | (23) |
Income from continuing operations | 47,505 | 40,311 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||
Depreciation and amortization | 26,957 | 28,334 |
Stock-based compensation | 3,953 | 3,987 |
Amortization of deferred debt financing costs and accretion of discount | 356 | 312 |
Amortization of acquired inventory revaluation | 131 | 4,850 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ||
Accounts receivable, net | 12,444 | 37,582 |
Inventories | (15,779) | (22,498) |
Accounts payable | 4,217 | (12,335) |
Accrued expenses and other | (47,705) | (42,895) |
Net cash provided by operating activities of continuing operations | 32,079 | 37,648 |
Net cash (used in) provided by operating activities of discontinued operations | (39) | 15 |
Net cash provided by operating activities | 32,040 | 37,663 |
Investing activities: | ||
Capital expenditures | (7,808) | (4,479) |
Proceeds from Divestiture of Businesses | 1,000 | 0 |
Changes in restricted cash balances | 0 | (59) |
Activity related to acquisitions and investments, net of cash and cash equivalents acquired | (10,484) | (4,619) |
Net cash used in investing activities | (17,292) | (9,039) |
Financing activities: | ||
Payments on revolving credit facility | (75,000) | (98,000) |
Proceeds from revolving credit facility | 183,000 | 61,000 |
Settlement of cash flow hedges | 2,630 | 15,563 |
Net payments on other credit facilities | (275) | (263) |
Payments for acquisition-related contingent consideration | (93) | 0 |
Proceeds from issuance of common stock under stock plans | 1,238 | 8,840 |
Purchases of common stock | (151,352) | (3,954) |
Dividends paid | (7,843) | (7,876) |
Net cash used in financing activities | (47,695) | (24,690) |
Effect of exchange rate changes on cash and cash equivalents | 5,746 | (9,831) |
Net increase in cash and cash equivalents | (27,201) | (5,897) |
Cash and cash equivalents at beginning of period | 237,932 | 174,821 |
Cash and cash equivalents at end of period | $ 210,731 | $ 168,924 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 03, 2016 | |
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”), 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 January 3, 2016 , filed with the SEC (the “ 2015 Form 10-K”). The balance sheet amounts at January 3, 2016 in this report were derived from the Company’s audited 2015 consolidated financial statements included in the 2015 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 April 3, 2016 and March 29, 2015 , respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. The Company has evaluated subsequent events from April 3, 2016 through the date of the issuance of these condensed consolidated financial statements and has determined that other than the events the Company has disclosed within the footnotes to the financial statements, 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 and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 1, 2017 (" fiscal year 2016 ") will include 52 weeks, while the fiscal year ended January 3, 2016 (" fiscal year 2015 ") included 53 weeks. The additional week in fiscal year 2015 was reflected in the Company's third quarter, which consisted of 14 weeks as compared to the Company's third quarter of fiscal year 2016, which will consist of 13 weeks. Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") 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 March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The new standard simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the related classification in the statement of cash flows. The new standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefits and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realized through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU No. 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the income statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since they are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU No. 2016-09 at the beginning of the first quarter of fiscal year 2016. The Company recorded a cumulative increase of $14.2 million in the beginning of the first quarter of fiscal year 2016 retained earnings with a corresponding increase in deferred tax assets related to the prior years' unrecognized excess tax benefits. In addition, excess tax benefits related to exercised options and vested restricted stock and restricted stock units during the first quarter of fiscal year 2016 have been recognized in the current period’s income statement. The Company also excluded the excess tax benefits from the calculation of diluted earnings per share for the first quarter of fiscal year 2016. The Company applied the cash flow presentation section of the guidance on a prospective basis, and the prior period statement of cash flows was not adjusted. ASU No. 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earnings as of the date of adoption. The Company has elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases . The new guidance requires lessees to recognize a lease liability and right-of-use asset on the balance sheet for financing and operating leases. The provisions of this guidance are to be applied using a modified retrospective approach and are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. 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 July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory . Under this new guidance, companies that use inventory measurement methods other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The provisions of this guidance are to be applied prospectively and are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In May 2014, the FASB 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, depicting 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. Subsequent to the issuance of the standard, the FASB decided to defer the effective date for one year to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. The standard may be adopted either using a full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of this guidance and has not yet determined the transition method to use or the impact of its adoption on the Company’s consolidated financial position, results of operations and cash flows. The Company does not intend to early adopt this standard. |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 03, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions in fiscal year 2016 During the first three months of fiscal year 2016, the Company completed the acquisition of a business for total consideration of $8.8 million in cash. The excess of the purchase price over the fair value of the acquired business's net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired. As a result of the acquisition, the Company recorded goodwill of $3.7 million , which is not tax deductible, and intangible assets of $2.0 million . 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 and trade name, acquired as part of this acquisition had weighted average amortization periods of 11 years . Acquisitions in fiscal year 2015 During fiscal year 2015, the Company completed the acquisition of five businesses for a total consideration of $77.1 million in cash. The acquired businesses included Vanadis Diagnostics AB (“Vanadis”), which was acquired for total consideration of $35.1 million in cash, as further described in Note 17 below, and other acquisitions for aggregate consideration of $42.0 million in cash. The Company has a potential obligation to pay the shareholders of Vanadis additional contingent consideration of up to $93.0 million , which at closing had an estimated fair value of $56.9 million . The excess of the purchase prices over the fair values of each of the acquired business's 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, of which $9.2 million is tax deductible. The Company has reported the operations for these acquisitions within the results of the Company’s Human Health and Environmental Health segments from the acquisition dates. Identifiable definite-lived intangible assets, such as core technology and trade names, acquired as part of these acquisitions had weighted average amortization periods of nine years . The total purchase price for the acquisitions in fiscal year 2015 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: 2015 Acquisitions (In thousands) Fair value of business combination: Cash payments $ 75,285 Contingent consideration 56,878 Working capital and other adjustments 1,832 Less: cash acquired (3,864 ) Total $ 130,131 Identifiable assets acquired and liabilities assumed: Current assets $ 2,551 Property, plant and equipment 998 Identifiable intangible assets: Core technology 15,759 Trade names 200 Licenses 116 Customer relationships 3,073 In-process research and development ("IPR&D") 75,700 Goodwill 51,356 Deferred taxes (16,772 ) Liabilities assumed (2,850 ) Total $ 130,131 The preliminary allocations of the purchase prices for acquisitions are 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. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also 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, changes in discount rates or product development milestones during the earnout period. As of April 3, 2016 , the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $95.3 million . As of April 3, 2016 , the Company has recorded contingent consideration obligations with an estimated fair value of $58.6 million , of which $9.3 million was recorded in accrued expenses and other current liabilities, and $49.3 million was recorded in long-term liabilities. As of January 3, 2016 , the Company had recorded contingent consideration obligations with an estimated fair value of $57.4 million , of which $9.4 million was recorded in accrued expenses and other current liabilities, and $48.0 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed six years from the respective acquisition dates, and the remaining weighted average expected earnout period at April 3, 2016 was two years . 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 contingent consideration which would be recognized as a component of operating expenses from continuing operations. Total transaction costs related to acquisition activities for the three months ended April 3, 2016 and March 29, 2015 were $0.4 million and $0.2 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 |
Apr. 03, 2016 | |
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 April 3, 2016 and January 3, 2016 . During the first three months of each of fiscal years 2016 and 2015 , the Company settled various commitments related to the divestiture of discontinued operations and recognized a loss of $0.04 million and a gain of $0.02 million , respectively. |
Restructuring and Lease Charges
Restructuring and Lease Charges, Net | 3 Months Ended |
Apr. 03, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Lease Charges, Net | Restructuring and Contract Termination Charges, Net The Company has undertaken 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 its 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, as applicable, and are included as a component of operating expenses from continuing operations. The Company implemented a restructuring plan in the fourth quarter of fiscal year 2015 consisting of workforce reductions principally intended to focus resources on higher growth end markets (the "Q4 2015 Plan"). The Company implemented a restructuring plan in the second quarter of fiscal year 2015 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q2 2015 Plan"). 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 2015 Form 10-K. 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 implemented during fiscal year 2015 : Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Human Health Environmental Health Human Health Environmental Health Severance Excess Facility (In thousands, except headcount data) Q4 2015 Plan 174 $ 2,230 $ 9,065 $ 285 $ — $ 11,580 Q1 FY2017 Q4 FY2017 Q2 2015 Plan 97 1,850 4,160 — — 6,010 Q2 FY2016 — The Company expects to make payments under the Previous Plans for remaining residual lease obligations, with terms varying in length, through fiscal year 2022 . The Company also terminated various contractual commitments in connection with certain disposal activities and 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 Company recorded additional pre-tax charges of $0.1 million during fiscal year 2015 in the Environmental Health segment as a result of these contract terminations. At April 3, 2016 , the Company had $15.3 million recorded for accrued restructuring and contract termination charges, of which $10.9 million was recorded in short-term accrued restructuring and contract termination charges and $4.4 million was recorded in long-term liabilities. At January 3, 2016 , the Company had $22.2 million recorded for accrued restructuring and contract termination charges, of which $17.1 million was recorded in short-term accrued restructuring and contract termination charges and $5.1 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 accrual balances and related activity, during the three months ended April 3, 2016 : Balance at January 3, 2016 2016 Amounts Paid Balance at April 3, 2016 (In thousands) Severance: Q4 2015 Plan $ 10,370 $ (5,337 ) $ 5,033 Q2 2015 Plan 1,149 (232 ) 917 Facility: Q4 2015 Plan 259 (58 ) 201 Previous Plans 10,287 (1,273 ) 9,014 Restructuring 22,065 (6,900 ) 15,165 Contract Termination 132 — 132 Total Restructuring and Contract Termination $ 22,197 $ (6,900 ) $ 15,297 |
Interest and Other Expense (Inc
Interest and Other Expense (Income), Net | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, March 29, (In thousands) Interest income $ (110 ) $ (209 ) Interest expense 9,841 9,388 Other expense, net 1,355 242 Total interest and other expense, net $ 11,086 $ 9,421 Foreign currency transaction losses were $4.2 million and $15.8 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. Net gains from forward currency hedge contracts were $2.8 million and $15.5 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. These amounts were included in other expense, net. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Apr. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories Inventories as of April 3, 2016 and January 3, 2016 consisted of the following: April 3, January 3, (In thousands) Raw materials $ 101,838 $ 98,984 Work in progress 20,194 17,858 Finished goods 192,028 171,186 Total inventories $ 314,060 $ 288,028 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 , the Company had gross tax effected unrecognized tax benefits of $28.2 million , of which $24.4 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 $5.5 million of its uncertain tax positions at April 3, 2016 , 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 2009 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as 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 2016 and 2015 , the Company recorded net discrete income tax benefit s of $0.8 million and $1.8 million , respectively, primarily for reversals of uncertain tax position reserves and resolution of other tax matters. The discrete tax benefit in the first three months of fiscal year 2016 was primarily due to the recognition of excess tax benefits from exercised options and vested restricted stock and restricted stock units during the period, as a result of adopting ASU No. 2016-09. |
Debt
Debt | 3 Months Ended |
Apr. 03, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt 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 April 3, 2016 , undrawn letters of credit in the aggregate amount of $11.5 million were treated as issued and outstanding when calculating the borrowing availability under the senior unsecured revolving credit facility. As of April 3, 2016 , the Company had $98.5 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 April 3, 2016 , borrowings under the senior unsecured revolving credit facility were accruing interest primarily based on the Eurocurrency rate. The Eurocurrency margin as of April 3, 2016 was 108 basis points. The weighted average Eurocurrency interest rate as of April 3, 2016 was 0.47% , resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.55% . As of April 3, 2016 , the senior unsecured revolving credit facility had an aggregate carrying value of $587.8 million , which was net of $2.2 million of unamortized debt issuance costs. As of January 3, 2016 , the senior unsecured revolving credit facility had an aggregate carrying value of $479.6 million , which was net of $2.4 million of unamortized debt issuance costs. The credit agreement for the facility contains affirmative, negative and financial covenants and events of default. 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 April 3, 2016 , the 2021 Notes had an aggregate carrying value of $495.2 million , net of $2.0 million of unamortized original issue discount and $2.8 million of unamortized debt issuance costs. As of January 3, 2016 , the 2021 Notes had an aggregate carrying value of $495.1 million , net of $2.0 million of unamortized original issue discount and $2.9 million of unamortized debt issuance costs. 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, plant 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 April 3, 2016 , the Company had $37.9 million recorded for these financing lease obligations, of which $1.1 million was recorded as short-term debt and $36.8 million was recorded as long-term debt. At January 3, 2016 , the Company had $38.2 million recorded for these financing lease obligations, of which $1.1 million was recorded as short-term debt and $37.1 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 |
Apr. 03, 2016 | |
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 April 3, March 29, (In thousands) Number of common shares—basic 110,409 112,641 Effect of dilutive securities: Stock options 661 677 Restricted stock awards 125 121 Number of common shares—diluted 111,195 113,439 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 1,098 932 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 |
Apr. 03, 2016 | |
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 2015 Form 10-K. 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 April 3, March 29, (In thousands) Human Health Product revenue $ 235,085 $ 231,147 Service revenue 97,357 94,906 Total revenue 332,442 326,053 Operating income from continuing operations 54,727 55,882 Environmental Health Product revenue 129,935 128,166 Service revenue 76,307 72,682 Total revenue 206,242 200,848 Operating income from continuing operations 25,597 11,346 Corporate Operating loss from continuing operations (11,557 ) (9,847 ) Continuing Operations Product revenue 365,020 359,313 Service revenue 173,664 167,588 Total revenue 538,684 526,901 Operating income from continuing operations 68,767 57,381 Interest and other expense, net (see Note 5) 11,086 9,421 Income from continuing operations before income taxes $ 57,681 $ 47,960 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 03, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive loss income consisted of the following: April 3, January 3, (In thousands) Foreign currency translation adjustments $ (15,279 ) $ (46,846 ) Unrecognized prior service costs, net of income taxes 1,259 1,259 Unrealized net losses on securities, net of income taxes (337 ) (369 ) Accumulated other comprehensive loss $ (14,357 ) $ (45,956 ) Stock Repurchases: 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 April 3, 2016 , the Company repurchased 3.2 million shares of common stock in the open market at an aggregate cost of $148.2 million , including commissions, under the Repurchase Program. As of April 3, 2016 , 2.7 million shares remained available for repurchase under the Repurchase Program. In addition, 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 April 3, 2016 , the Company repurchased 66,658 shares of common stock for this purpose at an aggregate cost of $3.1 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 2016 and in each quarter of fiscal year 2015 . At April 3, 2016 , the Company has accrued $7.6 million for dividends declared on January 28, 2016 for the first quarter of fiscal year 2016 that was paid in May 2016 . On April 25, 2016 , the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2016 that will be payable in August 2016 . 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 |
Apr. 03, 2016 | |
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, included in the Company’s condensed consolidated statements of operations for the three months ended April 3, 2016 and March 29, 2015 : Three Months Ended April 3, March 29, (In thousands) Cost of product and service revenue $ 204 $ 249 Research and development expenses 185 159 Selling, general and administrative expenses 3,564 3,579 Total stock-based compensation expense $ 3,953 $ 3,987 The total income tax benefit recognized in the Company's condensed consolidated statements of operations for stock-based compensation was $1.9 million and $1.3 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. Stock-based compensation costs capitalized as part of inventory were $0.3 million and $0.4 million as of April 3, 2016 and March 29, 2015 , 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 April 3, March 29, Risk-free interest rate 1.4 % 1.3 % Expected dividend yield 0.6 % 0.6 % Expected term 5 years 5 years Expected stock volatility 25.2 % 26.5 % The following table summarizes stock option activity for the three months ended April 3, 2016 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Total Intrinsic Value (In thousands) (In years) (In millions) Outstanding at January 3, 2016 2,372 $ 33.12 Granted 579 44.39 Exercised (61 ) 20.37 Canceled (1 ) 12.95 Forfeited (1 ) 46.48 Outstanding at April 3, 2016 2,888 $ 35.65 4.1 $ 35.4 Exercisable at April 3, 2016 1,812 $ 30.30 2.9 $ 31.7 The weighted-average per-share grant-date fair value of options granted during the three months ended April 3, 2016 and March 29, 2015 was $10.10 and $10.99 , respectively. The total intrinsic value of options exercised during the three months ended April 3, 2016 and March 29, 2015 was $1.7 million and $17.7 million , respectively. Cash received from option exercises for the three months ended April 3, 2016 and March 29, 2015 was $1.2 million and $8.8 million , respectively. The total compensation expense recognized related to the Company’s outstanding options was $1.1 million and $0.8 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. There was $10.3 million of total unrecognized compensation cost related to nonvested stock options granted as of April 3, 2016 . This cost is expected to be recognized over a weighted-average period of 2.3 years. Restricted Stock Awards : The following table summarizes restricted stock award activity for the three months ended April 3, 2016 : Number of Shares Weighted- Average Grant- Date Fair Value (In thousands) Nonvested at January 3, 2016 502 $ 42.61 Granted 238 46.21 Vested (182 ) 38.09 Forfeited (6 ) 45.84 Nonvested at April 3, 2016 552 $ 45.62 The fair value of restricted stock awards vested during the three months ended April 3, 2016 and March 29, 2015 was $6.9 million and $6.6 million , respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.3 million for the three months ended April 3, 2016 and $2.0 million for the three months ended March 29, 2015 . As of April 3, 2016 , there was $19.2 million of total unrecognized compensation cost 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 77,453 and 66,509 performance units during the three months ended April 3, 2016 and March 29, 2015 , 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 April 3, 2016 and March 29, 2015 was $42.47 and $46.83 , respectively. During the three months ended April 3, 2016 and March 29, 2015 , no performance units were forfeited. The total compensation expense recognized related to performance units was $0.6 million and $1.1 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. As of April 3, 2016 , there were 208,478 performance units outstanding and subject to forfeiture, with a corresponding liability of $4.1 million recorded in accrued expenses and other current liabilities. Stock Awards : The Company’s stock award program provides non-employee directors an annual equity award. During the three months ended April 3, 2016 , the Company did no t grant any stock awards. 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 for the three months ended March 29, 2015 . Employee Stock Purchase Plan : During the three months ended April 3, 2016 , the Company did no t issue shares of common stock under the Company's 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. At April 3, 2016 , 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 |
Apr. 03, 2016 | |
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 4, 2016 , its annual impairment date for fiscal year 2016 . 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 rate for the Company’s reporting units was 3.0% for the fiscal year 2016 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 these 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. 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 4, 2016 , 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 2016 . The changes in the carrying amount of goodwill for the three months ended April 3, 2016 were as follows: Human Health Environmental Health Consolidated (In thousands) Balance at January 3, 2016 $ 1,672,491 $ 603,658 $ 2,276,149 Foreign currency translation 13,003 4,691 17,694 Acquisitions and other (1,370 ) 3,673 2,303 Balance at April 3, 2016 $ 1,684,124 $ 612,022 $ 2,296,146 Identifiable intangible asset balances at April 3, 2016 and January 3, 2016 by category were as follows: April 3, January 3, (In thousands) Patents $ 39,929 $ 39,911 Less: Accumulated amortization (30,463 ) (29,788 ) Net patents 9,466 10,123 Trade names and trademarks 40,802 40,249 Less: Accumulated amortization (21,666 ) (20,686 ) Net trade names and trademarks 19,136 19,563 Licenses 59,266 58,969 Less: Accumulated amortization (46,489 ) (45,286 ) Net licenses 12,777 13,683 Core technology 312,556 307,242 Less: Accumulated amortization (220,582 ) (211,829 ) Net core technology 91,974 95,413 Customer relationships 395,951 391,566 Less: Accumulated amortization (202,382 ) (191,655 ) Net customer relationships 193,569 199,911 IPR&D 88,554 85,679 Less: Accumulated amortization (4,462 ) (4,145 ) Net IPR&D 84,092 81,534 Net amortizable intangible assets 411,014 420,227 Non-amortizing intangible assets: Trade names 70,584 70,584 Total $ 481,598 $ 490,811 Total amortization expense related to definite-lived intangible assets was $19.0 million and $19.8 million for the three months ended April 3, 2016 and March 29, 2015 , respectively. Estimated amortization expense related to definite-lived intangible assets for each of the next five years is $53.9 million for the remainder of fiscal year 2016 , $63.0 million for fiscal year 2017 , $61.4 million for fiscal year 2018 , $49.5 million for fiscal year 2019 , and $40.8 million for fiscal year 2020 . |
Warranty Reserves
Warranty Reserves | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 and March 29, 2015 is as follows: Three Months Ended April 3, March 29, (In thousands) Balance at beginning of period $ 10,922 $ 10,783 Provision charged to income 3,884 4,158 Payments (4,195 ) (3,762 ) Adjustments to previously provided warranties, net (97 ) 79 Foreign currency translation and acquisitions 262 (387 ) Balance at end of period $ 10,776 $ 10,871 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Apr. 03, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Postretirement Benefit Plans The following table summarizes the components of net periodic credit for the Company’s various defined benefit employee pension and postretirement plans for the three months ended April 3, 2016 and March 29, 2015 : Defined Benefit Pension Benefits Postretirement Medical Benefits Three Months Ended April 3, March 29, April 3, March 29, (In thousands) Service cost $ 1,092 $ 1,106 $ 25 $ 27 Interest cost 4,730 5,250 36 36 Expected return on plan assets (6,188 ) (6,512 ) (259 ) (266 ) Amortization of prior service costs (54 ) (64 ) — — Net periodic benefit credit $ (420 ) $ (220 ) $ (198 ) $ (203 ) During the three months ended April 3, 2016 and March 29, 2015 , the Company contributed $2.3 million and $4.9 million , respectively, in the aggregate, to pension plans outside of the United States. 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 2015 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 Activit
Derivatives And Hedging Activities | 3 Months Ended |
Apr. 03, 2016 | |
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. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. 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. 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. 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 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 $140.2 million , $127.3 million and $108.2 million at April 3, 2016 , January 3, 2016 and March 29, 2015 , 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 April 3, 2016 and March 29, 2015 . In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, 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 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. As of April 3, 2016 , the outstanding forward exchange contracts designated as economic hedges, that were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined Euro notional amounts of €106.7 million and combined U.S. Dollar notional amounts of $9.9 million . The combined Euro denominated notional amounts of these outstanding hedges was €107.4 million and €273.7 million as of January 3, 2016 and March 29, 2015 , respectively. 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 each of the three months ending April 3, 2016 and March 29, 2015 . The Company received $2.6 million and $15.6 million during the three months ended April 3, 2016 and March 29, 2015 , respectively, from the settlement of these hedges. The Company does no t expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 . 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 April 3, 2016 . 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 April 3, 2016 and January 3, 2016 classified in one of the three classifications described above: Fair Value Measurements at April 3, 2016 Using: Total Carrying Value at April 3, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) (In thousands) Marketable securities $ 1,379 $ 1,379 $ — $ — Foreign exchange derivative assets 2,004 — 2,004 — Foreign exchange derivative liabilities (2,429 ) — (2,429 ) — Contingent consideration (58,579 ) — — (58,579 ) Fair Value Measurements at January 3, 2016 Using: Total Carrying Value at January 3, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Marketable securities $ 1,586 $ 1,586 $ — $ — Foreign exchange derivative assets 2,659 — 2,659 — Foreign exchange derivative liabilities (442 ) — (442 ) — Contingent consideration (57,350 ) — — (57,350 ) 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 condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both April 3, 2016 and January 3, 2016 , 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: Contingent consideration is measured at fair value at the acquisition date using projected milestone dates, discount rates, probabilities of success and projected revenues (for revenue-based considerations). Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model. During fiscal year 2015, the Company acquired certain assets and assumed certain liabilities from Vanadis. Under the terms of the acquisition, the initial purchase consideration was $32.0 million , net of cash and the Company will be obligated to make potential future milestone payments, based on completion of a proof of concept, regulatory approvals and product sales, of up to $93.0 million ranging from 2016 to 2019. The fair value of the contingent consideration as of the acquisition date was estimated at $56.9 million . During the first quarter of fiscal year 2016 , the Company updated the fair value of the contingent consideration and recorded a liability of $58.2 million as of April 3, 2016 . The key assumptions used to determine the fair value of the contingent consideration as of April 3, 2016 included projected milestone dates of 2016 to 2019 , discount rates ranging from 2.6% to 10.3% , conditional probabilities of success of each individual milestone ranging from 85% to 95% and cumulative probabilities of success for each individual milestone ranging from 53% to 90% . A significant delay in the product development (including projected regulatory milestone) achievement date in isolation could result in a significantly lower fair value measurement; a significant acceleration in the product development (including projected regulatory milestone) achievement date in isolation would not have a material impact on the fair value measurement; a significant change in the discount rate in isolation would not have a material impact on the fair value measurement; and a significant change in the probabilities of success in isolation could result in a significant change in fair value measurement. The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s regulatory, research and development, operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards completion of a proof of concept, regulatory approvals and product sales as compared to initial projections, the impact of market competition and market landscape shifts from non-invasive prenatal testing products, with the impact of such adjustments being recorded in the Company's consolidated statements of operations. As of April 3, 2016 , the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $95.3 million . The expected maximum earnout period for acquisitions with open contingency periods does not exceed six years from the respective acquisition dates, and the remaining weighted average earnout period at April 3, 2016 was two years . A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: Three Months Ended April 3, March 29, (In thousands) Balance at beginning of period $ (57,350 ) $ (91 ) Amounts paid and foreign currency translation 94 10 Change in fair value (included within selling, general and administrative expenses) (1,323 ) — Balance at end of period $ (58,579 ) $ (81 ) 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. As of April 3, 2016 , the Company’s senior unsecured revolving credit facility, which provides for $700.0 million of revolving loans, had borrowings outstanding of $590.0 million , which excluded $2.2 million of unamortized debt issuance costs and letters of credit. As of January 3, 2016 , the Company's senior unsecured revolving credit facility had $482.0 million of borrowings outstanding, which excluded $2.4 million of unamortized debt issuance costs and letters of credit. 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 2016 . Consequently, the borrowing 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 $495.2 million , net of $2.0 million of unamortized original issue discount and $2.8 million of unamortized debt issuance costs as of April 3, 2016 . The 2021 Notes had an aggregate carrying value of $495.1 million , net of $2.0 million of unamortized original issue discount and $2.9 million of unamortized debt issuance costs as of January 3, 2016 . The 2021 Notes had a fair value of $540.1 million and $518.9 million as of April 3, 2016 and January 3, 2016 , respectively. 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 $37.9 million and $38.2 million as of April 3, 2016 and January 3, 2016 , 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 April 3, 2016 , the 2021 Notes and financing lease obligations were classified as Level 2. As of April 3, 2016 , 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 |
Apr. 03, 2016 | |
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 $11.7 million and $11.8 million as of April 3, 2016 and January 3, 2016 , 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. These amounts were included in accrued expenses and other current liabilities. 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 April 3, 2016 would 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 |
Apr. 03, 2016 | |
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 (the "FASB") 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 March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The new standard simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the related classification in the statement of cash flows. The new standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefits and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realized through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU No. 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the income statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since they are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU No. 2016-09 at the beginning of the first quarter of fiscal year 2016. The Company recorded a cumulative increase of $14.2 million in the beginning of the first quarter of fiscal year 2016 retained earnings with a corresponding increase in deferred tax assets related to the prior years' unrecognized excess tax benefits. In addition, excess tax benefits related to exercised options and vested restricted stock and restricted stock units during the first quarter of fiscal year 2016 have been recognized in the current period’s income statement. The Company also excluded the excess tax benefits from the calculation of diluted earnings per share for the first quarter of fiscal year 2016. The Company applied the cash flow presentation section of the guidance on a prospective basis, and the prior period statement of cash flows was not adjusted. ASU No. 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earnings as of the date of adoption. The Company has elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases . The new guidance requires lessees to recognize a lease liability and right-of-use asset on the balance sheet for financing and operating leases. The provisions of this guidance are to be applied using a modified retrospective approach and are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. 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 July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory . Under this new guidance, companies that use inventory measurement methods other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The provisions of this guidance are to be applied prospectively and are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In May 2014, the FASB 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, depicting 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. Subsequent to the issuance of the standard, the FASB decided to defer the effective date for one year to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. The standard may be adopted either using a full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of this guidance and has not yet determined the transition method to use or the impact of its adoption on the Company’s consolidated financial position, results of operations and cash flows. The Company does not intend to early adopt this standard. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The total purchase price for the acquisitions in fiscal year 2015 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: 2015 Acquisitions (In thousands) Fair value of business combination: Cash payments $ 75,285 Contingent consideration 56,878 Working capital and other adjustments 1,832 Less: cash acquired (3,864 ) Total $ 130,131 Identifiable assets acquired and liabilities assumed: Current assets $ 2,551 Property, plant and equipment 998 Identifiable intangible assets: Core technology 15,759 Trade names 200 Licenses 116 Customer relationships 3,073 In-process research and development ("IPR&D") 75,700 Goodwill 51,356 Deferred taxes (16,772 ) Liabilities assumed (2,850 ) Total $ 130,131 |
Restructuring and Lease Charg27
Restructuring and Lease Charges, Net (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Plan Activity [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 implemented during fiscal year 2015 : Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Human Health Environmental Health Human Health Environmental Health Severance Excess Facility (In thousands, except headcount data) Q4 2015 Plan 174 $ 2,230 $ 9,065 $ 285 $ — $ 11,580 Q1 FY2017 Q4 FY2017 Q2 2015 Plan 97 1,850 4,160 — — 6,010 Q2 FY2016 — |
Schedule of Restructuring Reserve by Type of Cost [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 accrual balances and related activity, during the three months ended April 3, 2016 : Balance at January 3, 2016 2016 Amounts Paid Balance at April 3, 2016 (In thousands) Severance: Q4 2015 Plan $ 10,370 $ (5,337 ) $ 5,033 Q2 2015 Plan 1,149 (232 ) 917 Facility: Q4 2015 Plan 259 (58 ) 201 Previous Plans 10,287 (1,273 ) 9,014 Restructuring 22,065 (6,900 ) 15,165 Contract Termination 132 — 132 Total Restructuring and Contract Termination $ 22,197 $ (6,900 ) $ 15,297 |
Interest and Other Expense (I28
Interest and Other Expense (Income), Net (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense (Income), Net | Interest and other expense, net, consisted of the following: Three Months Ended April 3, March 29, (In thousands) Interest income $ (110 ) $ (209 ) Interest expense 9,841 9,388 Other expense, net 1,355 242 Total interest and other expense, net $ 11,086 $ 9,421 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Net Inventories | Inventories as of April 3, 2016 and January 3, 2016 consisted of the following: April 3, January 3, (In thousands) Raw materials $ 101,838 $ 98,984 Work in progress 20,194 17,858 Finished goods 192,028 171,186 Total inventories $ 314,060 $ 288,028 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, March 29, (In thousands) Number of common shares—basic 110,409 112,641 Effect of dilutive securities: Stock options 661 677 Restricted stock awards 125 121 Number of common shares—diluted 111,195 113,439 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 1,098 932 |
Industry Segment Information (T
Industry Segment Information (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, March 29, (In thousands) Human Health Product revenue $ 235,085 $ 231,147 Service revenue 97,357 94,906 Total revenue 332,442 326,053 Operating income from continuing operations 54,727 55,882 Environmental Health Product revenue 129,935 128,166 Service revenue 76,307 72,682 Total revenue 206,242 200,848 Operating income from continuing operations 25,597 11,346 Corporate Operating loss from continuing operations (11,557 ) (9,847 ) Continuing Operations Product revenue 365,020 359,313 Service revenue 173,664 167,588 Total revenue 538,684 526,901 Operating income from continuing operations 68,767 57,381 Interest and other expense, net (see Note 5) 11,086 9,421 Income from continuing operations before income taxes $ 57,681 $ 47,960 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss income consisted of the following: April 3, January 3, (In thousands) Foreign currency translation adjustments $ (15,279 ) $ (46,846 ) Unrecognized prior service costs, net of income taxes 1,259 1,259 Unrealized net losses on securities, net of income taxes (337 ) (369 ) Accumulated other comprehensive loss $ (14,357 ) $ (45,956 ) |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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, included in the Company’s condensed consolidated statements of operations for the three months ended April 3, 2016 and March 29, 2015 : Three Months Ended April 3, March 29, (In thousands) Cost of product and service revenue $ 204 $ 249 Research and development expenses 185 159 Selling, general and administrative expenses 3,564 3,579 Total stock-based compensation expense $ 3,953 $ 3,987 |
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 April 3, March 29, Risk-free interest rate 1.4 % 1.3 % Expected dividend yield 0.6 % 0.6 % Expected term 5 years 5 years Expected stock volatility 25.2 % 26.5 % |
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended April 3, 2016 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Total Intrinsic Value (In thousands) (In years) (In millions) Outstanding at January 3, 2016 2,372 $ 33.12 Granted 579 44.39 Exercised (61 ) 20.37 Canceled (1 ) 12.95 Forfeited (1 ) 46.48 Outstanding at April 3, 2016 2,888 $ 35.65 4.1 $ 35.4 Exercisable at April 3, 2016 1,812 $ 30.30 2.9 $ 31.7 |
Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the three months ended April 3, 2016 : Number of Shares Weighted- Average Grant- Date Fair Value (In thousands) Nonvested at January 3, 2016 502 $ 42.61 Granted 238 46.21 Vested (182 ) 38.09 Forfeited (6 ) 45.84 Nonvested at April 3, 2016 552 $ 45.62 |
Goodwill and Intangible Asset34
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended April 3, 2016 were as follows: Human Health Environmental Health Consolidated (In thousands) Balance at January 3, 2016 $ 1,672,491 $ 603,658 $ 2,276,149 Foreign currency translation 13,003 4,691 17,694 Acquisitions and other (1,370 ) 3,673 2,303 Balance at April 3, 2016 $ 1,684,124 $ 612,022 $ 2,296,146 |
Identifiable Intangible Asset Balances | Identifiable intangible asset balances at April 3, 2016 and January 3, 2016 by category were as follows: April 3, January 3, (In thousands) Patents $ 39,929 $ 39,911 Less: Accumulated amortization (30,463 ) (29,788 ) Net patents 9,466 10,123 Trade names and trademarks 40,802 40,249 Less: Accumulated amortization (21,666 ) (20,686 ) Net trade names and trademarks 19,136 19,563 Licenses 59,266 58,969 Less: Accumulated amortization (46,489 ) (45,286 ) Net licenses 12,777 13,683 Core technology 312,556 307,242 Less: Accumulated amortization (220,582 ) (211,829 ) Net core technology 91,974 95,413 Customer relationships 395,951 391,566 Less: Accumulated amortization (202,382 ) (191,655 ) Net customer relationships 193,569 199,911 IPR&D 88,554 85,679 Less: Accumulated amortization (4,462 ) (4,145 ) Net IPR&D 84,092 81,534 Net amortizable intangible assets 411,014 420,227 Non-amortizing intangible assets: Trade names 70,584 70,584 Total $ 481,598 $ 490,811 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranty Reserve Activity | A summary of warranty reserve activity for the three months ended April 3, 2016 and March 29, 2015 is as follows: Three Months Ended April 3, March 29, (In thousands) Balance at beginning of period $ 10,922 $ 10,783 Provision charged to income 3,884 4,158 Payments (4,195 ) (3,762 ) Adjustments to previously provided warranties, net (97 ) 79 Foreign currency translation and acquisitions 262 (387 ) Balance at end of period $ 10,776 $ 10,871 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic credit for the Company’s various defined benefit employee pension and postretirement plans for the three months ended April 3, 2016 and March 29, 2015 : Defined Benefit Pension Benefits Postretirement Medical Benefits Three Months Ended April 3, March 29, April 3, March 29, (In thousands) Service cost $ 1,092 $ 1,106 $ 25 $ 27 Interest cost 4,730 5,250 36 36 Expected return on plan assets (6,188 ) (6,512 ) (259 ) (266 ) Amortization of prior service costs (54 ) (64 ) — — Net periodic benefit credit $ (420 ) $ (220 ) $ (198 ) $ (203 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 and January 3, 2016 classified in one of the three classifications described above: Fair Value Measurements at April 3, 2016 Using: Total Carrying Value at April 3, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) (In thousands) Marketable securities $ 1,379 $ 1,379 $ — $ — Foreign exchange derivative assets 2,004 — 2,004 — Foreign exchange derivative liabilities (2,429 ) — (2,429 ) — Contingent consideration (58,579 ) — — (58,579 ) Fair Value Measurements at January 3, 2016 Using: Total Carrying Value at January 3, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Marketable securities $ 1,586 $ 1,586 $ — $ — Foreign exchange derivative assets 2,659 — 2,659 — Foreign exchange derivative liabilities (442 ) — (442 ) — Contingent consideration (57,350 ) — — (57,350 ) |
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 April 3, March 29, (In thousands) Balance at beginning of period $ (57,350 ) $ (91 ) Amounts paid and foreign currency translation 94 10 Change in fair value (included within selling, general and administrative expenses) (1,323 ) — Balance at end of period $ (58,579 ) $ (81 ) |
Basis of Presentation (Basis of
Basis of Presentation (Basis of Presentation) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 02, 2016 | Oct. 04, 2015 | Jan. 01, 2017 | Jan. 03, 2016 | Apr. 03, 2016USD ($) | |
Basis of Presentation [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 14.2 | ||||
Fiscal Period Number of Weeks | 14 | 53 | |||
Scenario, Forecast [Member] | |||||
Basis of Presentation [Line Items] | |||||
Fiscal Period Number of Weeks | 13 | 52 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | Jan. 03, 2016 | Dec. 28, 2014 | |
Business Acquisition [Line Items] | ||||
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 | $ 95,300 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 58,579 | $ 81 | $ 57,350 | $ 91 |
Business Combination, Contingent Consideration Arrangements, Maximum Period | 6 years | |||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 2 years | |||
Total transaction costs | $ 400 | $ 200 | ||
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. | |||
Goodwill | $ 2,296,146 | 2,276,149 | ||
Business Combination, Contingent Consideration, Liability, Current | 9,300 | 9,400 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 49,300 | 48,000 | ||
Fiscal Year 2016 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | $ 8,800 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||
Goodwill | $ 3,700 | |||
Intangible Assets, Gross (Excluding Goodwill) | 2,000 | |||
Fiscal Year 2015 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 77,117 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 9,200 | |||
Cash paid to the shareholders | $ 75,285 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | $ (56,878) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,850 | |||
Goodwill | 51,356 | |||
Vanadis Diagnostics AB [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 35,141 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 93,000 | 93,000 | ||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | (58,200) | (56,878) | ||
2015 Acquisitions (excluding Vanadis) [Domain] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 42,000 | |||
Environmental Health [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 612,022 | 603,658 | ||
Human Health [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,684,124 | 1,672,491 | ||
Core Technology [Member] | Fiscal Year 2015 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,759 | |||
Customer Relationships [Member] | Fiscal Year 2015 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,073 |
Business Combinations (Fair Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Apr. 03, 2016 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 2,276,149 | $ 2,296,146 |
Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 75,285 | |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 56,878 | |
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | 1,832 | |
Cash Acquired | (3,864) | |
Business Combination, Consideration Transferred | 130,131 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 2,551 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 998 | |
Goodwill | 51,356 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (16,772) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (2,850) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 130,131 | |
Core Technology [Member] | Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,759 | |
Trade Names [Member] | Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 200 | |
Licensing Agreements [Member] | Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 116 | |
Customer Relationships [Member] | Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,073 | |
In-process Research and Development [Member] | Fiscal Year 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 75,700 | |
Human Health [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,672,491 | 1,684,124 |
Environmental Health [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 603,658 | $ 612,022 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (39) | $ 23 |
Loss from discontinued operations before income taxes | (3) | (37) |
Pre-tax gain (loss) on disposal of business unit | 0 | (13) |
(Benefit from) provision for income taxes on discontinued operations and dispositions | $ 36 | $ (73) |
Restructuring and Lease Charg42
Restructuring and Lease Charges, Net (Narrative) (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Restructuring Cost and Reserve [Line Items] | ||
Accrued restructuring and integration costs | $ 15,297 | $ 22,197 |
Accrued expenses and other current liabilities | 10,933 | 17,090 |
Restructuring Reserve, Noncurrent | $ 4,400 | $ 5,100 |
Restructuring and Lease Charg43
Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands | 3 Months Ended | |
Jan. 03, 2016USD ($)employees | Jun. 28, 2015USD ($)employees | |
Q2 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 97 | |
Restructuring and contract termination charges, net | $ 6,010 | |
Q4 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 174 | |
Restructuring and contract termination charges, net | $ 11,580 | |
Human Health [Member] | Employee Severance [Member] | Q2 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 1,850 | |
Human Health [Member] | Employee Severance [Member] | Q4 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 2,230 | |
Human Health [Member] | Facility Closing [Member] | Q2 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 0 | |
Human Health [Member] | Facility Closing [Member] | Q4 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 285 | |
Environmental Health [Member] | Employee Severance [Member] | Q2 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 4,160 | |
Environmental Health [Member] | Employee Severance [Member] | Q4 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 9,065 | |
Environmental Health [Member] | Facility Closing [Member] | Q2 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | $ 0 | |
Environmental Health [Member] | Facility Closing [Member] | Q4 2015 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | $ 0 |
Restructuring and Lease Charg44
Restructuring and Lease Charges, Net (Schedule of Restructuring Plan Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 03, 2016 | Jan. 03, 2016 | Jun. 28, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 22,197 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (6,900) | ||
Balance at end of period | 15,297 | $ 22,197 | |
Employee Severance and Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 22,065 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (6,900) | ||
Balance at end of period | 15,165 | 22,065 | |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 132 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | 0 | ||
Balance at end of period | 132 | 132 | |
Q2 2015 Restructuring Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | $ 6,010 | ||
Q2 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 1,149 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (232) | ||
Balance at end of period | 917 | 1,149 | |
Q4 2015 Restructuring Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 11,580 | ||
Q4 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 10,370 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (5,337) | ||
Balance at end of period | 5,033 | 10,370 | |
Q4 2015 Restructuring Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 259 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (58) | ||
Balance at end of period | 201 | 259 | |
Previous restructuring and integration plans [Member] | Employee Severance and Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 10,287 | ||
Restructuring reserve Settled with Cash and Translation Adjustment | (1,273) | ||
Balance at end of period | $ 9,014 | 10,287 | |
Human Health [Member] | Q2 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 1,850 | ||
Human Health [Member] | Q2 2015 Restructuring Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 0 | ||
Human Health [Member] | Q4 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 2,230 | ||
Human Health [Member] | Q4 2015 Restructuring Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 285 | ||
Environmental Health [Member] | Q2 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 4,160 | ||
Environmental Health [Member] | Q2 2015 Restructuring Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | $ 0 | ||
Environmental Health [Member] | Q4 2015 Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | 9,065 | ||
Environmental Health [Member] | Q4 2015 Restructuring Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring and contract termination charges, net | $ 0 |
Interest and Other Expense (I45
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ (110) | $ (209) |
Interest expense | 9,841 | 9,388 |
Other expense, net | 1,355 | 242 |
Total interest and other expense, net | 11,086 | 9,421 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (2,800) | (15,500) |
Foreign Currency Transaction Gain (Loss), before Tax | $ (4,200) | $ (15,800) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 101,838 | $ 98,984 |
Work in progress | 20,194 | 17,858 |
Finished goods | 192,028 | 171,186 |
Total inventories, net | $ 314,060 | $ 288,028 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits, gross | $ 28.2 | |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 24.4 | |
Uncertain tax positions including accrued interest, net of tax benefits and penalties, to be resolved within the next year | $ 5.5 | |
Open Tax Years by Major Tax Jurisdiction, Begin Date | 2,009 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ (0.8) | $ (1.8) |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 25, 2011 | Apr. 03, 2016 | Dec. 30, 2012 | Jan. 03, 2016 | |
Long-term Debt | $ 587.8 | $ 479.6 | ||
Line of Credit, Maturing January 8, 2019 [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | |||
Unsecured revolving credit facility, expiry date | Jan. 8, 2019 | |||
Letters of credit issued and outstanding | $ 11.5 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 98.5 | |||
Aggregate borrowings under the amended facility | 590 | 482 | ||
Unamortized Debt Issuance Expense | 2.2 | 2.4 | ||
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 | 99.372% | |||
Debt Instrument, Unamortized Discount | $ 3.1 | 2 | 2 | |
Long-term Debt, Gross | 495.2 | 495.1 | ||
Debt instrument maturity date | Nov. 25, 2021 | |||
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% | |||
Unamortized Debt Issuance Expense | $ 2.8 | 2.9 | ||
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 | |||
Additional Financing Lease Obligations, funded by lessors | $ 11.5 | |||
Other Long-term Debt | $ 37.9 | 38.2 | ||
Other Long-term Debt, Current | 1.1 | 1.1 | ||
Other Long-term Debt, Noncurrent | $ 36.8 | $ 37.1 | ||
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) 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%. | |||
Weighted average interest rates under amended senior unsecured revolving credit facility | The Eurocurrency margin as of April 3, 2016 was 108 basis points. The weighted average Eurocurrency interest rate as of April 3, 2016 was 0.47%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.55%. | |||
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] | 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] | Eurocurrency Rate [Member] | ||||
Basis spread on variable rate | 1.08% | |||
Weighted average Eurocurrency interest rate | 0.47% | |||
Weighted average effective Eurocurrency rate, including the margin | 1.55% |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Earnings Per Share [Abstract] | ||
Number of common shares-basic | 110,409 | 112,641 |
Effect of dilutive securities, Stock options | 661 | 677 |
Effect of dilutive securities, Restricted stock | 125 | 121 |
Number of common shares-diluted | 111,195 | 113,439 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 1,098 | 932 |
Industry Segment Information In
Industry Segment Information Industry Segment Information Narrative (Details) | 3 Months Ended |
Apr. 03, 2016segments | |
Segment Reporting Information [Line Items] | |
Number of Operating Segment | 2 |
Industry Segment Information (S
Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Segment Reporting Information [Line Items] | ||
Product revenue | $ 365,020 | $ 359,313 |
Service revenue | 173,664 | 167,588 |
Total revenue | 538,684 | 526,901 |
Operating income (loss) from continuing operations | 68,767 | 57,381 |
Interest and other expense, net | 11,086 | 9,421 |
Income from continuing operations before income taxes | 57,681 | 47,960 |
Human Health [Member] | ||
Segment Reporting Information [Line Items] | ||
Product revenue | 235,085 | 231,147 |
Service revenue | 97,357 | 94,906 |
Total revenue | 332,442 | 326,053 |
Operating income (loss) from continuing operations | 54,727 | 55,882 |
Environmental Health [Member] | ||
Segment Reporting Information [Line Items] | ||
Product revenue | 129,935 | 128,166 |
Service revenue | 76,307 | 72,682 |
Total revenue | 206,242 | 200,848 |
Operating income (loss) from continuing operations | 25,597 | 11,346 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) from continuing operations | $ (11,557) | $ (9,847) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Jul. 03, 2016 | Apr. 03, 2016 | Jan. 03, 2016 | Oct. 04, 2015 | Jun. 28, 2015 | Mar. 29, 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 | 3,200,000 | ||||||
Stock Repurchased During Period, Value | $ 148.2 | ||||||
Stock repurchase program, number of shares remained available for repurchase | 2,700,000 | ||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 66,658 | ||||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $ 3.1 | ||||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | ||
Dividends Payable, Amount | $ 7.6 | ||||||
Subsequent Event [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Cash dividends (per share) | $ 0.07 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments, net of income taxes | $ (15,279) | $ (46,846) |
Unrecognized losses and prior service costs, net of income taxes | 1,259 | 1,259 |
Unrealized net losses on securities, net of income taxes | (337) | (369) |
Accumulated other comprehensive loss | $ (14,357) | $ (45,956) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 03, 2016USD ($)plan$ / sharesshares | Mar. 29, 2015USD ($)$ / sharesshares | Jan. 03, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Former Stock-based Compensation Plans | plan | 1 | ||
Total income tax benefit recognized for stock-based compensation | $ 1,900 | $ 1,300 | |
Stock-based compensation costs capitalized as part of inventory | 300 | 400 | |
Total pre-tax stock-based compensation expense | $ 3,953 | $ 3,987 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options | $ / shares | $ 10.10 | $ 10.99 | |
Total intrinsic value of options exercised | $ 1,700 | $ 17,700 | |
Cash received from option exercises | 1,200 | 8,800 | |
Total pre-tax stock-based compensation expense | 1,100 | 800 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 10,300 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 2 years 3 months | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 2,300 | 2,000 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 19,200 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 1 year 11 months | ||
Awards/units outstanding | shares | 552,000 | 502,000 | |
Number of Shares, Granted | shares | 238,000 | ||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 46.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 6,000 | ||
Fair value of restricted stock awards vested | $ 6,900 | 6,600 | |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 600 | $ 1,100 | |
Awards/units outstanding | shares | 208,478 | ||
Number of Shares, Granted | shares | 77,453 | 66,509 | |
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 42.47 | $ 46.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 0 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 4,100 | ||
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 30 | ||
Number of Shares, Granted | shares | 544 | ||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 45.98 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | shares | 5,000,000 | ||
Number of Shares, Granted | shares | 0 | 29,565 | |
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 41.54 | ||
Shares available for grant under employee stock purchase plan | shares | 1,000,000 | ||
2009 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | shares | 10,000,000 |
Stock Plans (Summary of Total C
Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | $ 3,953 | $ 3,987 |
Cost of sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 204 | 249 |
Research and development expenses [Member ] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 185 | 159 |
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 | $ 3,564 | $ 3,579 |
Stock Plans (Weighted-Average A
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.40% | 1.30% |
Expected dividend yield | 0.60% | 0.60% |
Expected lives, years | 5 years | 5 years |
Expected stock volatility | 25.20% | 26.50% |
Stock Plans (Summary of Stock O
Stock Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Apr. 03, 2016USD ($)$ / sharesshares | |
Stock option activity | |
Number of Shares, Outstanding at beginning of period | shares | 2,372 |
Number of Shares, Granted | shares | 579 |
Number of Shares, Exercised | shares | (61) |
Number of Shares, Canceled | shares | (1) |
Number of Shares, Forfeited | shares | (1) |
Number of Shares, Outstanding at end of period | shares | 2,888 |
Number of Shares, Exercisable at end of period | shares | 1,812 |
Weighted-Average Price, Outstanding at beginning of period | $ / shares | $ 33.12 |
Weighted-Average Price, Granted | $ / shares | 44.39 |
Weighted-Average Price, Exercised | $ / shares | 20.37 |
Weighted-Average Price, Canceled | $ / shares | 12.95 |
Weighted-Average Price, Forfeited | $ / shares | 46.48 |
Weighted-Average Price, Outstanding at end of period | $ / shares | 35.65 |
Weighted-Average Price, Exercisable at end of period | $ / shares | $ 30.30 |
Weighted-Average Remaining Contractual Term in Years, Outstanding at end of period | 4 years 1 month |
Weighted-Average Remaining Contractual Term in Years, Exercisable at end of period | 2 years 11 months |
Total Intrinsic Value, Outstanding at end of period | $ | $ 35.4 |
Total Intrinsic Value, Exercisable at end of period | $ | $ 31.7 |
Stock Plans (Summary of Restric
Stock Plans (Summary of Restricted Stock Award Activity) (Details) - Restricted Stock Awards [Member] shares in Thousands | 3 Months Ended |
Apr. 03, 2016$ / sharesshares | |
Restricted stock award activity | |
Number of Shares, Nonvested at beginning of period | shares | 502 |
Number of Shares, Granted | shares | 238 |
Number of Shares, Vested | shares | (182) |
Number of Shares, Forfeited | shares | (6) |
Number of Shares, Nonvested at end of period | shares | 552 |
Weighted-Average Grant-Date Fair Value, Nonvested at beginning of period | $ / shares | $ 42.61 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 46.21 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 38.09 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 45.84 |
Weighted-Average Grant-Date Fair Value, Nonvested at end of period | $ / shares | $ 45.62 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 03, 2016 | Mar. 29, 2015 | Jan. 04, 2016 | Jan. 03, 2016 | |
Goodwill and Intangible Assets Net [Line Items] | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | |||
Long-term terminal growth rates for reporting units | 3.00% | |||
Change in any one of the input assumptions for the various reporting units | 10.00% | |||
Goodwill | $ 2,296,146 | $ 2,276,149 | ||
Total amortization expense related to finite-lived intangible assets | 19,000 | $ 19,800 | ||
Future Amortization Expense, Year One | 53,900 | |||
Future Amortization Expense, Year Two | 63,000 | |||
Future Amortization Expense, Year Three | 61,400 | |||
Future Amortization Expense, Year Four | 49,500 | |||
Future Amortization Expense, Year Five | 40,800 | |||
Finite-Lived Intangible Assets, Net | 411,014 | 420,227 | ||
Intangible assets, net | $ 481,598 | 490,811 | ||
Minimum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Discount rates for reporting units | 9.50% | |||
Maximum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Discount rates for reporting units | 12.50% | |||
Patents [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | $ 39,929 | 39,911 | ||
Less: Accumulated amortization | 30,463 | 29,788 | ||
Finite-Lived Intangible Assets, Net | 9,466 | 10,123 | ||
Trade Names And Trademarks [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 40,802 | 40,249 | ||
Less: Accumulated amortization | 21,666 | 20,686 | ||
Finite-Lived Intangible Assets, Net | 19,136 | 19,563 | ||
Licensing Agreements [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 59,266 | 58,969 | ||
Less: Accumulated amortization | 46,489 | 45,286 | ||
Finite-Lived Intangible Assets, Net | 12,777 | 13,683 | ||
Core Technology [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 312,556 | 307,242 | ||
Less: Accumulated amortization | 220,582 | 211,829 | ||
Finite-Lived Intangible Assets, Net | 91,974 | 95,413 | ||
Customer Relationships [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 395,951 | 391,566 | ||
Less: Accumulated amortization | 202,382 | 191,655 | ||
Finite-Lived Intangible Assets, Net | 193,569 | 199,911 | ||
In-process Research and Development [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 88,554 | 85,679 | ||
Less: Accumulated amortization | 4,462 | 4,145 | ||
Finite-Lived Intangible Assets, Net | $ 84,092 | 81,534 | ||
Fiscal Year 2015 Acquisitions [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Goodwill | $ 51,356 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Apr. 03, 2016USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | $ 2,276,149 |
Foreign currency translation | 17,694 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 2,303 |
Balance at end of period | 2,296,146 |
Human Health [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,672,491 |
Foreign currency translation | 13,003 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | (1,370) |
Balance at end of period | 1,684,124 |
Environmental Health [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 603,658 |
Foreign currency translation | 4,691 |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 3,673 |
Balance at end of period | $ 612,022 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 411,014 | $ 420,227 |
Intangible assets, net | 481,598 | 490,811 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 39,929 | 39,911 |
Less: Accumulated amortization | (30,463) | (29,788) |
Net amortizable intangible assets | 9,466 | 10,123 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 40,802 | 40,249 |
Less: Accumulated amortization | (21,666) | (20,686) |
Net amortizable intangible assets | 19,136 | 19,563 |
Trade names and trademarks | 70,584 | 70,584 |
Licensing Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 59,266 | 58,969 |
Less: Accumulated amortization | (46,489) | (45,286) |
Net amortizable intangible assets | 12,777 | 13,683 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 312,556 | 307,242 |
Less: Accumulated amortization | (220,582) | (211,829) |
Net amortizable intangible assets | 91,974 | 95,413 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 395,951 | 391,566 |
Less: Accumulated amortization | (202,382) | (191,655) |
Net amortizable intangible assets | 193,569 | 199,911 |
In-process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 88,554 | 85,679 |
Less: Accumulated amortization | (4,462) | (4,145) |
Net amortizable intangible assets | $ 84,092 | $ 81,534 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Warranty reserve activity | ||
Balance beginning of period | $ 10,922 | $ 10,783 |
Provision charged to income | 3,884 | 4,158 |
Payments | (4,195) | (3,762) |
Adjustments to previously provided warranties, net | (97) | 79 |
Foreign currency translation and acquisitions | 262 | (387) |
Balance end of period | $ 10,776 | $ 10,871 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost (Credit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 2,300 | $ 4,900 |
Defined Benefit Pension Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | 1,092 | 1,106 |
Interest cost | 4,730 | 5,250 |
Expected return on plan assets | (6,188) | (6,512) |
Amortization of prior service | (54) | (64) |
Net periodic benefit cost (credit) | (420) | (220) |
Postretirement Medical Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | 25 | 27 |
Interest cost | 36 | 36 |
Expected return on plan assets | (259) | (266) |
Amortization of prior service | 0 | 0 |
Net periodic benefit cost (credit) | $ (198) | $ (203) |
Derivatives And Hedging Activ64
Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions | 3 Months Ended | |||||
Apr. 03, 2016USD ($) | Mar. 29, 2015USD ($) | Apr. 03, 2016EUR (€) | Jan. 03, 2016USD ($) | Jan. 03, 2016EUR (€) | Mar. 29, 2015EUR (€) | |
Derivative [Line Items] | ||||||
Company's business conducted outside United States | 60.00% | |||||
Payments for (Proceeds from) Hedge, Financing Activities | $ (2,630) | $ (15,563) | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0 | |||||
European And Asian Currencies [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum maturity period for foreign exchange contracts, in months | 12 months | |||||
Duration of foreign currency derivative contract, days | 30 days | 30 days | ||||
Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Cash Flow Hedge Instruments | $ 140,200 | $ 108,200 | $ 127,300 | |||
Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Cash Flow Hedge Instruments | € | € 107.4 | € 273.7 | ||||
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Cash Flow Hedge Instruments | $ 9,900 | |||||
Notional Amount of Euro Derivatives [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Cash Flow Hedge Instruments | € | € 106.7 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 03, 2016 | Jan. 03, 2016 | Mar. 29, 2015 | Dec. 28, 2014 | Oct. 25, 2011 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 95,300 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 58,579 | $ 57,350 | $ 81 | $ 91 | |
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 | 6 years | ||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 2 years | ||||
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 | ||||
Revolving credit facility outstanding balance | 590,000 | 482,000 | |||
Unamortized Debt Issuance Expense | 2,200 | 2,400 | |||
2021 Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unamortized Debt Issuance Expense | 2,800 | 2,900 | |||
Unsecured senior notes, face value | 500,000 | $ 500,000 | |||
Long-term Debt, Gross | 495,200 | 495,100 | |||
Debt Instrument, Unamortized Discount | (2,000) | (2,000) | $ (3,100) | ||
Unsecured senior notes, fair value | 540,100 | 518,900 | |||
Financing Lease Obligations [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unsecured senior notes, fair value | 37,900 | 38,200 | |||
Vanadis Diagnostics AB [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 32,000 | ||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | (58,200) | (56,878) | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 93,000 | $ 93,000 | |||
Minimum [Member] | Vanadis Diagnostics AB [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Projected milestone date | 2,016 | ||||
Fair Value Inputs, Discount Rate | 2.60% | ||||
Conditional probability of success | 85.00% | ||||
Cumulative probability of success | 53.00% | ||||
Maximum [Member] | Vanadis Diagnostics AB [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Projected milestone date | 2,019 | ||||
Fair Value Inputs, Discount Rate | 10.30% | ||||
Conditional probability of success | 95.00% | ||||
Cumulative probability of success | 90.00% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 | Mar. 29, 2015 | Dec. 28, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 58,579 | $ 57,350 | $ 81 | $ 91 |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 1,379 | 1,586 | ||
Foreign exchange derivative assets, net | (2,004) | (2,659) | ||
Foreign exchange derivative liabilities, net | (2,429) | (442) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 58,579 | 57,350 | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 1,379 | 1,586 | ||
Foreign exchange derivative assets, net | 0 | 0 | ||
Foreign exchange derivative liabilities, net | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Foreign exchange derivative assets, net | (2,004) | (2,659) | ||
Foreign exchange derivative liabilities, net | (2,429) | (442) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Foreign exchange derivative assets, net | 0 | 0 | ||
Foreign exchange derivative liabilities, net | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 58,579 | $ 57,350 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Fair Value Disclosures [Abstract] | ||
Balance beginning of period | $ (57,350) | $ (91) |
Payments | 94 | 10 |
Change in fair value (included within selling, general and administrative expenses) | (1,323) | 0 |
Balance end of period | $ (58,579) | $ (81) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended | |
Apr. 03, 2016USD ($)years | Jan. 03, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition | $ | $ 11.7 | $ 11.8 |
Number of years over which estimated environmental cost will be paid | years | 10 |