Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'PERKINELMER INC | ' |
Entity Central Index Key | '0000031791 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 113,219,986 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Sales Revenue, Goods, Net | $365,485 | $346,619 |
Sales Revenue, Services, Net | 166,419 | 158,759 |
Revenue | 531,904 | 505,378 |
Cost of Goods Sold | 189,021 | 181,130 |
Cost of Services | 107,363 | 99,363 |
Cost of sales | 296,384 | 280,493 |
Selling, general and administrative expenses | 153,204 | 151,497 |
Research and development expenses | 29,449 | 34,177 |
Restructuring and lease charges, net | 2,135 | 3,310 |
Operating income from continuing operations | 50,732 | 35,901 |
Interest and other expense, net | 11,289 | 12,040 |
Income from continuing operations before income taxes | 39,443 | 23,861 |
Provision for income taxes | 5,124 | -8,428 |
Net income from continuing operations | 34,319 | 32,289 |
Gain (Loss) on disposition of discontinued operations before income taxes | -72 | -92 |
(Benefit from) provision for income taxes on discontinued operations and dispositions | 23 | -19 |
Net income (loss) from discontinued operations and dispositions | -95 | -73 |
Net income | $34,224 | $32,216 |
Basic earnings (loss) per share: | ' | ' |
Net income from continuing operations (per share) | $0.30 | $0.28 |
Net income (loss) from discontinued operations and dispositions (per share) | $0 | $0 |
Net Income (per share) | $0.30 | $0.28 |
Diluted earnings (loss) per share: | ' | ' |
Net income from continuing operations (per share) | $0.30 | $0.28 |
Net income (loss) from discontinued operations and dispositions (per share) | $0 | $0 |
Net income (per share) | $0.30 | $0.28 |
Weighted average shares of common stock outstanding: | ' | ' |
Basic (in shares) | 112,553 | 113,454 |
Diluted (in shares) | 113,777 | 114,716 |
Cash dividends per common share | $0.07 | $0.07 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Net income | $34,224 | $32,216 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 634 | -13,503 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -32 | 11 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0 | 299 |
Other Comprehensive Income (Loss), Net of Tax | 602 | -13,193 |
Comprehensive Income, Net of Tax, Attributable to Parent | $34,826 | $19,023 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $224,113 | $173,242 |
Accounts receivable, net | 442,976 | 470,028 |
Inventories, net | 279,031 | 261,036 |
Other current assets | 151,462 | 140,532 |
Total current assets | 1,097,582 | 1,044,838 |
Property, plant and equipment, net: | ' | ' |
At cost | 507,465 | 504,184 |
Accumulated depreciation | -324,797 | -318,811 |
Property, plant and equipment, net | 182,668 | 185,373 |
Marketable securities and investments | 1,300 | 1,319 |
Intangible assets, net | 437,882 | 460,430 |
Goodwill | 2,142,475 | 2,143,120 |
Other assets, net | 109,171 | 111,632 |
Total assets | 3,971,078 | 3,946,712 |
Current liabilities: | ' | ' |
Short-term debt | 2,626 | 2,624 |
Accounts payable | 168,039 | 167,196 |
Accrued restructuring and integration costs | 19,410 | 26,374 |
Accrued expenses | 412,962 | 404,064 |
Current liabilities of discontinued operations | 2,425 | 2,538 |
Total current liabilities | 605,462 | 602,796 |
Long-term debt | 926,897 | 932,104 |
Long-term liabilities | 409,283 | 417,325 |
Total liabilities | 1,941,642 | 1,952,225 |
Commitments and contingencies (see Note 18) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock-$1 par value per share, authorized 1,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock-$1 par value per share, authorized 300,000,000 shares; issued and outstanding | 113,104 | 112,626 |
Capital in excess of par value | 127,472 | 119,906 |
Retained earnings | 1,710,667 | 1,684,364 |
Accumulated other comprehensive loss | 78,193 | 77,591 |
Total stockholders' equity | 2,029,436 | 1,994,487 |
Total liabilities and stockholders' equity | $3,971,078 | $3,946,712 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 113,104,000 | 112,626,000 |
Common stock, outstanding | 113,104,000 | 112,626,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income | $34,224 | $32,216 |
Add: net income from discontinued operations and dispositions, net of income taxes | 95 | 73 |
Net income from continuing operations | 34,319 | 32,289 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ' | ' |
Restructuring and lease charges, net | 2,135 | 3,310 |
Depreciation and amortization | 29,443 | 30,571 |
Stock-based compensation | 4,516 | 4,416 |
Amortization of deferred debt issuance costs | 304 | 813 |
Amortization of acquired inventory revaluation | 0 | 129 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ' | ' |
Accounts receivable, net | 27,023 | 40,227 |
Inventories, net | -17,689 | -16,187 |
Accounts payable | 904 | 4,941 |
Accrued expenses and other | -13,036 | -89,391 |
Net cash provided by operating activities of continuing operations | 67,919 | 11,118 |
Net cash (used in) provided by operating activities of discontinued operations | -208 | -187 |
Net cash provided by operating activities | 67,711 | 10,931 |
Investing activities: | ' | ' |
Capital expenditures | -6,020 | -11,829 |
Payments for acquisitions and investments, net of cash and cash equivalents acquired | 0 | 1,400 |
Net cash used in investing activities of continuing operations | -6,020 | -10,429 |
Net cash provided by investing activities of discontinued operations | 0 | 123 |
Net cash used in investing activities | -6,020 | -10,306 |
Financing activities: | ' | ' |
Payments on debt | -95,000 | -135,000 |
Proceeds from borrowings | 90,000 | 213,000 |
Payments of debt issuance costs | -1,724 | 0 |
Payments for (Proceeds from) Hedge, Financing Activities | 0 | 840 |
Payments on other credit facilities | -252 | 8,022 |
Excess tax benefit from exercise of equity grants | 0 | 0 |
Proceeds from stock options exercised | 7,231 | 5,462 |
Purchases of common stock | -3,916 | -126,858 |
Dividends paid | -7,887 | -8,060 |
Net cash (used in) provided by financing activities | -11,548 | -42,594 |
Effect of exchange rate changes on cash and cash equivalents | 728 | -3,604 |
Net (decrease) increase in cash and cash equivalents | 50,871 | -45,573 |
Cash and cash equivalents at beginning of period | 173,242 | 171,444 |
Cash and cash equivalents at end of period | $224,113 | $125,871 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Basis of Presentation | |
The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), without audit, in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 29, 2013, filed with the SEC (the “2013 Form 10-K”). The balance sheet amounts at December 29, 2013 in this report were derived from the Company’s audited 2013 consolidated financial statements included in the 2013 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 30, 2014 and March 31, 2013, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. The Company has evaluated subsequent events from March 30, 2014 through the date of the issuance of these condensed consolidated financial statements and has determined that no material subsequent events have occurred that would affect the information presented in these condensed consolidated financial statements or would require additional disclosure. | |
Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s condensed consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this new guidance, only disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results will be presented as discontinued operations. The standard also requires new disclosures related to individually significant disposals that do not meet the definition of a discontinued operation. The provisions of this guidance are effective for interim and annual periods beginning after December 15, 2014. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company’s condensed consolidated financial position, results of operations and cash flows. |
Business_Combinations
Business Combinations | 3 Months Ended |
Mar. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combinations | ' |
Business Combinations | |
During fiscal year 2013, the Company completed the acquisition of four businesses for total consideration of $11.4 million, in cash. As of the closing date, the Company potentially had to pay additional contingent consideration for one of the acquired businesses of up to $2.2 million, which at closing had an estimated fair value of $1.1 million. The excess of the purchase prices over the fair values of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and have been allocated to goodwill, none of which is tax deductible. The Company reported the operations for these acquisitions within the results of the Company's operations from the acquisition dates. As of March 30, 2014, the purchase accounting allocations related to these acquisitions were preliminary, with the exception of the acquisition completed during the first quarter of fiscal year 2013. | |
The preliminary allocations of the purchase prices for these acquisitions were based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete our valuations within the measurement periods, which are up to one year from the acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. Adjustments to the preliminary allocations of the purchase prices during the measurement periods require the revision of comparative prior period financial information when reissued in subsequent financial statements. The effect of adjustments to the allocations of the purchase prices made during the measurement periods would be as if the adjustments had been completed on the acquisition dates. The effects of any such adjustments, if material, may cause changes in depreciation, amortization, or other income or expense recognized in prior periods. All changes that do not qualify as adjustments made during the measurement periods are included in current period earnings. | |
Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds or product development milestones during the earnout period. The Company may have to pay contingent consideration, related to all acquisitions with open contingency periods, of up to $31.4 million as of March 30, 2014. As of March 30, 2014, the Company has recorded contingent consideration obligations relating to its acquisitions of Dexela Limited, Haoyuan Biotech Co. and Tetra Teknolojik Sistemler Limited Sirketi, with an estimated fair value of $5.0 million. The earnout period for each of these acquisitions does not exceed three years from the respective acquisition date. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional consideration which would be expensed. | |
Total transaction costs related to acquisition activities were $0.1 million for both the three months ended March 30, 2014 and March 31, 2013. These transaction costs were expensed as incurred and recorded in selling, general and administrative expenses in the Company's condensed consolidated statements of operations. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 the assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of March 30, 2014 and December 29, 2013. | ||||||||
The Company recorded the following pre-tax gains and losses, which have been reported as a net loss on disposition of discontinued operations: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Gain on disposition of Photoflash business | $ | — | $ | 124 | ||||
Loss on disposition of other discontinued operations | (72 | ) | (216 | ) | ||||
Loss on disposition of discontinued operations before income taxes | $ | (72 | ) | $ | (92 | ) | ||
In June 2010, the Company sold its Photoflash business, which was included in the Company's Environmental Health segment, for $13.5 million, including an adjustment for net working capital, plus potential additional contingent consideration. During the three months ended March 31, 2013, the Company recognized a pre-tax gain of $0.1 million for contingent consideration related to this sale. This gain was recognized as a gain on disposition of discontinued operations. | ||||||||
During the first three months of both fiscal years 2014 and 2013, the Company settled various commitments related to the divestiture of other discontinued operations. The Company recognized pre-tax losses in the first three months of both fiscal years 2014 and 2013. These losses were recognized as a loss on disposition of discontinued operations. | ||||||||
The Company recorded a tax provision of $0.02 million and a tax benefit of $0.02 million on disposition of discontinued operations for the three months ended March 30, 2014 and March 31, 2013, respectively. |
Restructuring_and_Lease_Charge
Restructuring and Lease Charges, Net | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
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, alignment with the Company’s growth strategy and the integration of its business units. The current portion of restructuring and contract termination charges is recorded in accrued restructuring and contract termination charges and the long-term portion of restructuring and contract termination charges is recorded in long-term liabilities. The activities associated with these plans have been reported as restructuring and contract termination charges, net, and are included as a component of operating expenses from continuing operations. | ||||||||||||
A description of the restructuring plans and the activity recorded for the three months ended March 30, 2014 is listed below. Details of the plans initiated in previous years, particularly those listed under “Previous Restructuring and Integration Plans,” are discussed more fully in Note 4 to the audited consolidated financial statements in the 2013 Form 10-K. | ||||||||||||
The restructuring plans for the first quarter of fiscal year 2014 and the first quarter of fiscal year 2013 were principally intended to focus resources on higher growth end markets. The restructuring plans for the fourth and third quarters of fiscal year 2013 were principally intended to shift certain of the Company's research and development resources into a newly opened Center for Innovation. The restructuring plan for the second quarter of fiscal year 2013 was principally intended to shift certain of the Company's operations into a newly established shared service center as well as realign operations, research and development resources and production resources as a result of previous acquisitions. | ||||||||||||
A description of the restructuring plans and the activity recorded are as follows: | ||||||||||||
Q1 2014 Restructuring Plan | ||||||||||||
During the first quarter of fiscal year 2014, the Company’s management approved a plan principally intended to focus resources on higher growth end markets (the “Q1 2014 Plan”). As a result of the Q1 2014 Plan, the Company recognized a $0.4 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and recognized a $0.2 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities. As part of the Q1 2014 Plan, the Company reduced headcount by 17 employees. All employees were notified of termination under the Q1 2014 Plan by March 30, 2014. | ||||||||||||
The following table summarizes the Q1 2014 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Provision | $ | 567 | ||||||||||
Amounts paid and foreign currency translation | (120 | ) | ||||||||||
Balance at March 30, 2014 | $ | 447 | ||||||||||
The Company anticipates that the remaining severance payments of $0.4 million for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2015. | ||||||||||||
Q4 2013 Restructuring Plan | ||||||||||||
During the fourth quarter of fiscal year 2013, the Company’s management approved a plan principally intended to shift certain of the Company's research and development resources into a newly opened Center for Innovation (the “Q4 2013 Plan”). As a result of the Q4 2013 Plan, the Company recognized an $8.2 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space and recognized a $3.0 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities. As part of the Q4 2013 Plan, the Company reduced headcount by 74 employees. All employees were notified of termination under the Q4 2013 Plan by December 29, 2013. | ||||||||||||
The following table summarizes the Q4 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | Closure of | Total | ||||||||||
Excess Facility | ||||||||||||
Space | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 1,988 | $ | 6,854 | $ | 8,842 | ||||||
Amounts paid and foreign currency translation | (995 | ) | (249 | ) | (1,244 | ) | ||||||
Balance at March 30, 2014 | $ | 993 | $ | 6,605 | $ | 7,598 | ||||||
The Company anticipates that the remaining severance payments of $1.0 million for workforce reductions will be substantially completed by the end of the second quarter of fiscal year 2014. The Company also anticipates that the remaining payments of $6.6 million, net of estimated sublease income, for the closure of the excess facility space will be paid through fiscal year 2019, in accordance with the terms of the applicable leases. | ||||||||||||
Q3 2013 Restructuring Plan | ||||||||||||
During the third quarter of fiscal year 2013, the Company’s management approved a plan principally intended to shift certain of the Company's research and development resources into a newly opened Center for Innovation (the “Q3 2013 Plan”). As a result of the Q3 2013 Plan, the Company recognized a $0.5 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space. As part of the Q3 2013 Plan, the Company reduced headcount by 30 employees. All employees were notified of termination under the Q3 2013 Plan by September 29, 2013. | ||||||||||||
The following table summarizes the Q3 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 137 | ||||||||||
Amounts paid and foreign currency translation | (113 | ) | ||||||||||
Balance at March 30, 2014 | $ | 24 | ||||||||||
The Company anticipates that the remaining severance payments of $0.02 million for workforce reductions will be substantially completed by the end of the second quarter of fiscal year 2014. | ||||||||||||
Q2 2013 Restructuring Plan | ||||||||||||
During the second quarter of fiscal year 2013, the Company’s management approved a plan principally intended to shift certain of the Company's operations into a newly established shared service center as well as realign operations, research and development resources, and production resources as a result of previous acquisitions (the “Q2 2013 Plan”). As a result of the Q2 2013 Plan, the Company initially recognized a $9.9 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space, and recognized a $8.8 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space. Subsequent to the initial charge, during fiscal year 2013, the Company recorded an additional $0.6 million pre-tax restructuring charge in the Human Health segment for services that were provided for one-time benefits in which the employee was required to render service beyond the legal notification period. During the three months ended March 30, 2014, the Company recorded additional pre-tax restructuring charges of $0.1 million in each of the Human Health and Environmental Health segments due to higher than expected costs associated with the closure of the excess facility space. As part of the Q2 2013 Plan, the Company reduced headcount by 265 employees. All employees were notified of termination under the Q2 2013 Plan by June 30, 2013. | ||||||||||||
The following table summarizes the Q2 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | Closure of | Total | ||||||||||
Excess Facility | ||||||||||||
Space | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 12,750 | $ | — | $ | 12,750 | ||||||
Change in estimates | — | 184 | 184 | |||||||||
Amounts paid and foreign currency translation | (3,981 | ) | (38 | ) | (4,019 | ) | ||||||
Balance at March 30, 2014 | $ | 8,769 | $ | 146 | $ | 8,915 | ||||||
The Company anticipates that the remaining severance payments of $8.8 million for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2014, as local law requires some severance to be paid in monthly installments through the fourth quarter of fiscal year 2014. The Company also anticipates that the remaining payments of $0.1 million for the closure of the excess facility space will be paid through the third quarter of 2014, in accordance with the terms of the applicable lease. | ||||||||||||
Q1 2013 Restructuring Plan | ||||||||||||
During the first quarter of fiscal year 2013, the Company’s management approved a plan to focus resources on higher growth end markets (the “Q1 2013 Plan”). As a result of the Q1 2013 Plan, the Company recognized a $2.3 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and recognized a $0.2 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities. As part of the Q1 2013 Plan, the Company reduced headcount by 62 employees. All employees were notified of termination under the Q1 2013 Plan by March 31, 2013. | ||||||||||||
The following table summarizes the Q1 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 208 | ||||||||||
Amounts paid and foreign currency translation | — | |||||||||||
Balance at March 30, 2014 | $ | 208 | ||||||||||
The Company anticipates that the remaining severance payments of $0.2 million for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2014. | ||||||||||||
Previous Restructuring and Integration Plans | ||||||||||||
The principal actions of the restructuring and integration plans from fiscal year 2001 through fiscal year 2012 were workforce reductions and the closure of excess facility space related to the integration of the Company’s businesses in order to realign operations, reduce costs, achieve operational efficiencies and shift resources into geographic regions and end markets that are more consistent with the Company’s growth strategy. During the three months ended March 30, 2014, the Company paid $3.0 million related to these plans. As of March 30, 2014, the Company had $10.3 million of remaining liabilities associated with these restructuring and integration plans, primarily for residual lease obligations related to closed facilities and remaining severance payments for workforce reductions in both the Human Health and Environmental Health segments. The Company expects to make payments for these leases, the terms of which vary in length, through fiscal year 2022. The Company anticipates the remaining severance payments for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2014, as local law requires some severance to be paid in monthly installments through the fourth quarter of fiscal year 2014. | ||||||||||||
Contract Termination Charges | ||||||||||||
The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges, to the extent applicable, for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded an additional pre-tax charge of $1.4 million, primarily as a result of terminating various contractual commitments in the Environmental Health segment. The Company made payments for these obligations of $1.1 million in the first three months of fiscal year 2014. The remaining balance of these accruals as of March 30, 2014 was $0.6 million. |
Interest_and_Other_Expense_Inc
Interest and Other Expense (Income), Net | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Interest and Other Expense (Income), Net | ' | |||||||
Interest and Other Expense, Net | ||||||||
Interest and other expense, net, consisted of the following: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Interest income | $ | (94 | ) | $ | (105 | ) | ||
Interest expense | 9,219 | 11,693 | ||||||
Other expense, net | 2,164 | 452 | ||||||
Total interest and other expense, net | $ | 11,289 | $ | 12,040 | ||||
Inventories_Net
Inventories, Net | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories, Net | ' | |||||||
Inventories, Net | ||||||||
Inventories as of March 30, 2014 and December 29, 2013 consisted of the following: | ||||||||
March 30, | December 29, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 97,819 | $ | 92,891 | ||||
Work in progress | 18,190 | 15,505 | ||||||
Finished goods | 163,022 | 152,640 | ||||||
Total inventories, net | $ | 279,031 | $ | 261,036 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. | |
At March 30, 2014, the Company had gross tax effected unrecognized tax benefits of $36.0 million, of which $30.7 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 $1.9 million of its uncertain tax positions at March 30, 2014, 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 2006 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as China, Finland, Germany, Italy, Netherlands, Singapore, the United Kingdom and the United States. The tax years under examination vary by jurisdiction. | |
During the first three months of fiscal years 2014 and 2013, the Company recorded net discrete income tax benefits of $2.0 million and $12.5 million, respectively, primarily for reversals of uncertain tax position reserves and resolution of other tax matters. |
Debt
Debt | 3 Months Ended |
Mar. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
Senior Unsecured Revolving Credit Facility. On January 8, 2014, the Company refinanced its debt held under the senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility. The new senior unsecured revolving credit facility provides for $700.0 million of revolving loans and has an initial maturity of January 8, 2019. As of March 30, 2014, undrawn letters of credit in the aggregate amount of $12.0 million were treated as issued and outstanding under the new senior unsecured revolving credit facility. As of March 30, 2014, the Company had $296.0 million available for additional borrowing under the new facility. The Company uses the new 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 at the time of borrowing plus a margin, or the base rate from time to time. 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%. The Eurocurrency margin as of March 30, 2014 was 107 basis points. The weighted average Eurocurrency interest rate as of March 30, 2014 was 0.19%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.26%, which is the interest applicable to borrowings outstanding under the Eurocurrency rate as of March 30, 2014. At March 30, 2014, the Company had $392.0 million of borrowings in U.S. Dollars outstanding under the senior unsecured revolving credit facility with interest based on the above described Eurocurrency rate. The credit agreement for the facility contains affirmative, negative and financial covenants and events of default similar to those contained in the Company's credit agreement for its previous facility. The financial covenants in the Company's senior unsecured revolving credit facility include a debt-to-capital ratio, and two contingent covenants, a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio, applicable if the Company's credit rating is downgraded below investment grade. During the three months ended March 30, 2014, the Company capitalized $1.8 million of debt issuance costs for the refinancing of debt held under its previous senior unsecured revolving credit facility. These debt issuance costs are being amortized into interest and other expense, net, on a straight-line basis, over the term of the new senior unsecured revolving credit facility. | |
The Company's previous senior unsecured revolving credit facility provided for $700.0 million of revolving loans and had an initial maturity of December 16, 2016. At December 29, 2013, the Company had $397.0 million of borrowings in U.S. Dollars outstanding under the previous senior unsecured revolving credit facility. The credit agreement for the previous facility contained affirmative, negative and financial covenants and events of default similar to those contained in the Company's new credit facility. | |
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 March 30, 2014, the 2021 Notes had an aggregate carrying value of $497.5 million, net of $2.5 million of unamortized original issue discount. As of December 29, 2013, the 2021 Notes had an aggregate carrying value of $497.4 million, net of $2.6 million of unamortized original issue discount. The 2021 Notes mature in November 2021 and bear interest at an annual rate of 5%. Interest on the 2021 Notes is payable semi-annually on May 15th and November 15th each year. Prior to August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2021 Notes being redeemed, discounted on a semi-annual basis, at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest. At any time on or after August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2021 Notes ) and a contemporaneous downgrade of the 2021 Notes below investment grade, each holder of 2021 Notes will have the right to require the Company to repurchase such holder's 2021 Notes for 101% of their principal amount, plus accrued and unpaid interest. | |
Financing Lease Obligations. In September 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, which resulted in the Company being considered the owner of the buildings during the construction period. At the end of the construction period, the Company was not reimbursed by the lessors for all of the construction costs. The Company is therefore deemed to have continuing involvement and the leases qualify as financing leases under sale-leaseback accounting guidance, representing debt obligations for the Company and non-cash investing and financing activities. As a result, the Company capitalized $29.3 million in property and equipment, net, representing the fair value of the buildings with a corresponding increase to debt. The Company has also capitalized $11.5 million in additional construction costs necessary to complete the renovations to the buildings, which were funded by the lessors, with a corresponding increase to debt. At March 30, 2014, the Company had $40.0 million recorded for these financing lease obligations, of which $2.6 million was recorded as short-term debt and $37.4 million was recorded as long-term debt. At December 29, 2013, the Company had $40.3 million recorded for these financing lease obligations, of which $2.6 million was recorded as short-term debt and $37.7 million was recorded as long-term debt. The buildings are being depreciated on a straight-line basis over the terms of the leases to their estimated residual values, which will equal the remaining financing obligation at the end of the lease term. At the end of the lease term, the remaining balances in property, plant and equipment, net and debt will be reversed against each other. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Earnings Per Share | ' | |||||
Earnings Per Share | ||||||
Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents, primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations: | ||||||
Three Months Ended | ||||||
March 30, | March 31, | |||||
2014 | 2013 | |||||
(In thousands) | ||||||
Number of common shares—basic | 112,553 | 113,454 | ||||
Effect of dilutive securities: | ||||||
Stock options | 1,052 | 1,050 | ||||
Restricted stock awards | 172 | 212 | ||||
Number of common shares—diluted | 113,777 | 114,716 | ||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 459 | 479 | ||||
Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future. |
Industry_Segment_Information
Industry Segment Information | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
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 2013 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) by operating segment, excluding discontinued operations, are shown in the table below: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Human Health | ||||||||
Product revenue | $ | 239,030 | $ | 219,073 | ||||
Service revenue | 60,453 | 62,256 | ||||||
Total revenue | 299,483 | 281,329 | ||||||
Operating income from continuing operations | 43,060 | 25,020 | ||||||
Environmental Health | ||||||||
Product revenue | 126,455 | 127,546 | ||||||
Service revenue | 105,966 | 96,503 | ||||||
Total revenue | 232,421 | 224,049 | ||||||
Operating income from continuing operations | 21,499 | 20,728 | ||||||
Corporate | ||||||||
Operating loss from continuing operations(1) | (13,827 | ) | (9,847 | ) | ||||
Continuing Operations | ||||||||
Product revenue | 365,485 | 346,619 | ||||||
Service revenue | 166,419 | 158,759 | ||||||
Total revenue | 531,904 | 505,378 | ||||||
Operating income from continuing operations | 50,732 | 35,901 | ||||||
Interest and other expense, net (see Note 5) | 11,289 | 12,040 | ||||||
Income from continuing operations before income taxes | $ | 39,443 | $ | 23,861 | ||||
____________________________ | ||||||||
(1) | Activity related to the mark-to-market adjustment on postretirement benefit plans have been included in the Corporate operating loss from continuing operations, and together constituted a pre-tax gain of $0.1 million for both the three months ended March 30, 2014 and March 31, 2013. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Stockholders' Equity | ' | |||||||
Stockholders’ Equity | ||||||||
Comprehensive Income: | ||||||||
The components of accumulated other comprehensive income consisted of the following: | ||||||||
March 30, | December 29, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | 76,917 | $ | 76,283 | ||||
Unrecognized prior service costs, net of income taxes | 1,429 | 1,429 | ||||||
Unrealized net losses on securities, net of income taxes | (153 | ) | (121 | ) | ||||
Accumulated other comprehensive income | $ | 78,193 | $ | 77,591 | ||||
In December 2013, the Company redeemed all of its 6% senior unsecured notes due in 2015 and wrote-off the remaining unamortized derivative losses for previously settled cash flow hedges. During the three months ended March 31, 2013, pre-tax losses of $0.5 million were reclassified from accumulated other comprehensive income into interest and other expense, net related to previously settled cash flow hedges. The Company recognized a tax provision of $0.2 million related to these amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2013. | ||||||||
Stock Repurchase Program: | ||||||||
On October 24, 2012, the Board of Directors ("the Board") authorized the Company to repurchase up to 6.0 million shares of common stock under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on October 24, 2014 unless terminated earlier by the Board, and may be suspended or discontinued at any time. During the three months ended March 30, 2014, the Company did not repurchase any shares of common stock in the open market under the Repurchase Program. As of March 30, 2014, 2.4 million shares of the Company’s common stock remained available for repurchase from the 6.0 million shares authorized by the Board under the Repurchase Program. | ||||||||
The Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans. During the three months ended March 30, 2014, the Company repurchased 90,230 shares of common stock for this purpose at an aggregate cost of $3.9 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 in the first quarter of fiscal year 2014 and in each quarter of fiscal year 2013. At March 30, 2014, the Company has accrued $7.9 million for dividends declared on January 24, 2014 for the first quarter of fiscal year 2014, payable in May 2014. On April 22, 2014, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2014 that will be payable in August 2014. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources. |
Stock_Plans
Stock Plans | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Plans | ' | ||||||||||||
Stock Plans | |||||||||||||
In addition to the Company's Employee Stock Purchase Plan, the Company utilizes one stock-based compensation plan, the 2009 Incentive Plan (the “2009 Plan”). Under the 2009 Plan, 10.0 million shares of the Company's common stock are authorized for stock option grants, restricted stock awards, performance units and stock grants as part of the Company’s compensation programs. In addition to shares of the Company’s common stock originally authorized for issuance under the 2009 Plan, the 2009 Plan includes shares of the Company’s common stock previously granted under the Amended and Restated 2001 Incentive Plan and the 2005 Incentive Plan that were canceled or forfeited without the shares being issued. | |||||||||||||
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s condensed consolidated statements of operations for the three months ended March 30, 2014 and March 31, 2013: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Cost of product and service revenue | $ | 333 | $ | 313 | |||||||||
Research and development expenses | 141 | 216 | |||||||||||
Selling, general and administrative expenses | 4,042 | 3,887 | |||||||||||
Total stock-based compensation expense | $ | 4,516 | $ | 4,416 | |||||||||
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $1.6 million and $1.4 million for the three months ended March 30, 2014 and March 31, 2013, respectively. Stock-based compensation costs capitalized as part of inventory were $0.3 million as of both March 30, 2014 and March 31, 2013. The excess tax benefit recognized from stock compensation, classified as a financing cash activity, was zero for both the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||
Stock Options: The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | |||||||||
Expected dividend yield | 0.7 | % | 0.8 | % | |||||||||
Expected lives | 5 years | 5 years | |||||||||||
Expected stock volatility | 30.9 | % | 38.5 | % | |||||||||
The following table summarizes stock option activity for the three months ended March 30, 2014: | |||||||||||||
Number | Weighted- | Weighted-Average | Total | ||||||||||
of | Average | Remaining | Intrinsic | ||||||||||
Shares | Price | Contractual Term | Value | ||||||||||
(In thousands) | (In years) | (In millions) | |||||||||||
Outstanding at December 29, 2013 | 3,494 | $ | 23.34 | ||||||||||
Granted | 446 | 43.08 | |||||||||||
Exercised | (310 | ) | 23.3 | ||||||||||
Canceled | (4 | ) | 20.97 | ||||||||||
Forfeited | (16 | ) | 29.58 | ||||||||||
Outstanding at March 30, 2014 | 3,610 | $ | 25.75 | 3.8 | $ | 65.1 | |||||||
Exercisable at March 30, 2014 | 2,567 | $ | 21.83 | 2.9 | $ | 56.4 | |||||||
Vested and expected to vest in the future | 3,565 | $ | 25.66 | 3.8 | $ | 64.6 | |||||||
The weighted-average per-share grant-date fair value of options granted was $11.85 and $10.90 for the three months ended March 30, 2014 and March 31, 2013, respectively. The total intrinsic value of options exercised was $6.5 million and $3.1 million for the three months ended March 30, 2014 and March 31, 2013, respectively. Cash received from option exercises was $7.2 million and $5.5 million for the three months ended March 30, 2014 and March 31, 2013, respectively. | |||||||||||||
The total compensation expense recognized related to the Company’s outstanding options was $1.5 million and $1.3 million for the three months ended March 30, 2014 and March 31, 2013, respectively. | |||||||||||||
There was $9.5 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options granted as of March 30, 2014. This cost is expected to be recognized over a weighted-average period of 2.2 years and will be adjusted for any future changes in estimated forfeitures. | |||||||||||||
Restricted Stock Awards: The following table summarizes restricted stock award activity for the three months ended March 30, 2014: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Nonvested at December 29, 2013 | 649 | $ | 29.24 | ||||||||||
Granted | 216 | 42.55 | |||||||||||
Vested | (246 | ) | 27.7 | ||||||||||
Forfeited | (21 | ) | 32 | ||||||||||
Nonvested at March 30, 2014 | 598 | $ | 34.59 | ||||||||||
The weighted-average per-share grant-date fair value of restricted stock awards granted was $42.55 and $34.06 during the three months ended March 30, 2014 and March 31, 2013, respectively. The fair value of restricted stock awards vested was $6.8 million and $6.9 million for the three months ended March 30, 2014 and March 31, 2013, respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.0 million and $2.1 million for the three months ended March 30, 2014 and March 31, 2013, respectively. | |||||||||||||
As of March 30, 2014, there was $15.7 million of total unrecognized compensation cost, net of forfeitures, related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||||
Performance Units: The Company granted 79,463 and 98,056 performance units during the three months ended March 30, 2014 and March 31, 2013, respectively, as part of the Company’s executive incentive program. The weighted-average per-share grant-date fair value of performance units granted during the three months ended March 30, 2014 and March 31, 2013 was $42.84 and $34.06, respectively. The total compensation expense recognized related to these performance units was $1.0 million for both the three months ended March 30, 2014 and March 31, 2013. As of March 30, 2014, there were 271,679 performance units outstanding and subject to forfeiture, with a corresponding liability of $3.7 million recorded in accrued expenses and other current liabilities. | |||||||||||||
Stock Awards: The Company generally grants stock awards only to non-employee members of the Board. The Company did not grant any stock awards during either the three months ended March 30, 2014 or March 31, 2013. | |||||||||||||
Employee Stock Purchase Plan: During the three months ended March 30, 2014, the Company issued 31,854 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $39.17 per share. During the three months ended March 31, 2013, the Company issued 45,762 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $30.15 per share. At March 30, 2014, an aggregate of 1.1 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets, Net | ' | |||||||||||
Goodwill and Intangible Assets, Net | ||||||||||||
The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets. | ||||||||||||
The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of a two-step process. The first step is the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. The second step measures the amount of an impairment loss, and is only performed if the carrying value exceeds the fair value of the reporting unit. The Company performed its annual impairment testing for its reporting units as of January 1, 2014, its annual impairment date for fiscal year 2014. 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 90.0% for each reporting unit, with the exception of one reporting unit where the fair value exceeded the carrying value by approximately 11.0%. The carrying value of the goodwill for this one reporting unit was $796.3 million, at the annual impairment date for fiscal year 2014. | ||||||||||||
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 rate 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 long-term terminal growth rates for the Company’s reporting units ranged from 3.0% to 6.0% for the fiscal year 2014 impairment analysis. The range for the discount rates for the reporting units was approximately 10.0% to 11.5%. Keeping all other variables constant, a 10.0% change in any one of the input assumptions for the various reporting units would still allow the Company to conclude, based on the first step of the process, that there was no impairment of goodwill. | ||||||||||||
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 currently evaluates the remaining useful life of its non-amortizing intangible assets at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful lives of non-amortizing intangible assets are no longer indefinite, the assets will be tested for impairment. These intangible assets will then be amortized prospectively over their estimated remaining useful lives and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 1, 2014, 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 2014. | ||||||||||||
The changes in the carrying amount of goodwill for the period ended March 30, 2014 from December 29, 2013 were as follows: | ||||||||||||
Human | Environmental | Consolidated | ||||||||||
Health | Health | |||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 1,648,332 | $ | 494,788 | $ | 2,143,120 | ||||||
Foreign currency translation | (502 | ) | (143 | ) | (645 | ) | ||||||
Balance at March 30, 2014 | $ | 1,647,830 | $ | 494,645 | $ | 2,142,475 | ||||||
Identifiable intangible asset balances at March 30, 2014 and December 29, 2013 by category were as follows: | ||||||||||||
March 30, | December 29, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Patents | $ | 39,591 | $ | 39,591 | ||||||||
Less: Accumulated amortization | (24,864 | ) | (24,207 | ) | ||||||||
Net patents | 14,727 | 15,384 | ||||||||||
Trade names and trademarks | 36,057 | 36,058 | ||||||||||
Less: Accumulated amortization | (17,310 | ) | (16,457 | ) | ||||||||
Net trade names and trademarks | 18,747 | 19,601 | ||||||||||
Licenses | 79,098 | 79,180 | ||||||||||
Less: Accumulated amortization | (54,938 | ) | (52,930 | ) | ||||||||
Net licenses | 24,160 | 26,250 | ||||||||||
Core technology | 302,011 | 302,070 | ||||||||||
Less: Accumulated amortization | (178,908 | ) | (169,326 | ) | ||||||||
Net core technology | 123,103 | 132,744 | ||||||||||
Customer relationships | 321,421 | 321,395 | ||||||||||
Less: Accumulated amortization | (141,901 | ) | (132,833 | ) | ||||||||
Net customer relationships | 179,520 | 188,562 | ||||||||||
IPR&D | 9,470 | 9,483 | ||||||||||
Less: Accumulated amortization | (2,429 | ) | (2,178 | ) | ||||||||
Net IPR&D | 7,041 | 7,305 | ||||||||||
Net amortizable intangible assets | 367,298 | 389,846 | ||||||||||
Non-amortizing intangible assets: | ||||||||||||
Trade names and trademarks | 70,584 | 70,584 | ||||||||||
Total | $ | 437,882 | $ | 460,430 | ||||||||
Total amortization expense related to definite-lived intangible assets was $20.7 million and $22.5 million for the three months ended March 30, 2014 and March 31, 2013, respectively. Estimated amortization expense related to definite-lived intangible assets for each of the next five years is $62.5 million for the remainder of fiscal year 2014, $69.2 million in fiscal year 2015, $60.2 million in fiscal year 2016, $50.7 million in fiscal year 2017, and $39.1 million in fiscal year 2018. | ||||||||||||
The Company entered into a strategic agreement in fiscal year 2012 under which it acquired certain intangible assets and received a license to certain core technology for an analytics and data discovery platform, as well as the exclusive right to distribute the platform in certain scientific research and development markets. During fiscal year 2012, the Company paid $6.8 million for net intangible assets and $25.0 million for prepaid royalties. During the third quarter of fiscal year 2013, the Company extended the existing agreement for an additional year. In addition, the Company entered into a new agreement to expand the distribution rights to the clinical and other related markets and acquired additional intangible assets. During fiscal year 2013, the Company paid $7.0 million for net intangible assets and $40.3 million for prepaid royalties. The prepaid royalties have been recorded primarily as other long-term assets. The Company does not expect to pay any additional prepaid royalties within the next twelve months. The Company expenses royalties as revenue is recognized. These intangible assets are being amortized over their estimated useful lives. The Company has reported the amortization of these intangible assets within the results of the Company's Human Health segment from the execution date. |
Warranty_Reserves
Warranty Reserves | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Warranty Reserves | ' | |||||||
Warranty Reserves | ||||||||
The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets. | ||||||||
A summary of warranty reserve activity for the three months ended March 30, 2014 and March 31, 2013 is as follows: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance beginning of period | $ | 10,534 | $ | 11,003 | ||||
Provision charged to income | 4,077 | 4,340 | ||||||
Payments | (3,967 | ) | (4,824 | ) | ||||
Adjustments to previously provided warranties, net | (297 | ) | 365 | |||||
Foreign currency translation and acquisitions | 10 | (57 | ) | |||||
Balance end of period | $ | 10,357 | $ | 10,827 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Postretirement Benefit Plans | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost (credit) for the Company’s various defined benefit employee pension and postretirement plans for the three months ended March 30, 2014 and March 31, 2013: | ||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 1,030 | $ | 925 | $ | 24 | $ | 28 | ||||||||
Interest cost | 5,916 | 5,315 | 39 | 36 | ||||||||||||
Expected return on plan assets | (6,263 | ) | (6,264 | ) | (241 | ) | (241 | ) | ||||||||
Amortization of prior service costs | (71 | ) | (67 | ) | — | — | ||||||||||
Net periodic benefit cost (credit) | $ | 612 | $ | (91 | ) | $ | (178 | ) | $ | (177 | ) | |||||
During the first three months of fiscal year 2014, the Company contributed $0.9 million, in the aggregate, to plans outside of the United States. |
Derivatives_And_Hedging_Activi
Derivatives And Hedging Activities | 3 Months Ended |
Mar. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives and Hedging Activities | ' |
Derivatives and Hedging Activities | |
The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. The fluctuations in foreign currency can increase the costs of financing, investing and operating the business. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. | |
In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. Unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in earnings for hedges designated as fair value and, for hedges designated as cash flow, the related unrealized gains or losses are deferred as a component of other comprehensive income in the accompanying condensed consolidated balance sheets. Deferred gains and losses are recognized in income in the period in which the underlying anticipated transaction occurs and impacts earnings. | |
Principal hedged currencies include the British Pound, Euro, Japanese Yen and Singapore Dollar. The Company held forward foreign exchange contracts, designated as fair value hedges, with U.S. equivalent notional amounts totaling $95.0 million, $138.4 million and $77.4 million at March 30, 2014, December 29, 2013 and March 31, 2013, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during both fiscal years 2014 and 2013. | |
In December 2012, the Company entered into two forward foreign exchange contracts with settlement dates in fiscal year 2013 and combined Euro denominated notional amounts of €50.0 million, designated as cash flow hedges. In March 2013, the Company settled one such forward foreign exchange contract with a notional amount of €25.0 million. The fair value of the remaining outstanding currency derivative contract at March 31, 2013 was $0.9 million. As of March 31, 2013, the net unrealized gain for the remaining outstanding currency derivative was included in foreign currency translation adjustments within accumulated other comprehensive income. The derivative gains were amortized into interest and other expense, net, when the hedged exposures affected interest and other expense, net. Such amounts were not material for the three months ended March 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable. The Company believes it had no significant concentrations of credit risk as of March 30, 2014. | ||||||||||||||||
The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the three months ended March 30, 2014. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value. | ||||||||||||||||
Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. | ||||||||||||||||
The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of March 30, 2014 and December 29, 2013 classified in one of the three classifications described above: | ||||||||||||||||
Fair Value Measurements at March 30, 2014 Using: | ||||||||||||||||
Total Carrying Value at March 30, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,300 | $ | 1,300 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 216 | — | 216 | — | ||||||||||||
Foreign exchange derivative liabilities | (238 | ) | — | (238 | ) | — | ||||||||||
Contingent consideration | (4,981 | ) | — | — | (4,981 | ) | ||||||||||
Fair Value Measurements at December 29, 2013 Using: | ||||||||||||||||
Total Carrying Value at December 29, 2013 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,319 | $ | 1,319 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 293 | — | 293 | — | ||||||||||||
Foreign exchange derivative liabilities | (396 | ) | — | (396 | ) | — | ||||||||||
Contingent consideration | (4,926 | ) | — | — | (4,926 | ) | ||||||||||
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 at the reporting date. | ||||||||||||||||
Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's consolidated balance sheet on a net basis and are recorded in other assets. As of both March 30, 2014 and December 29, 2013, none of the master netting arrangements involved collateral. | ||||||||||||||||
Level 3 Valuation Techniques: The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities. | ||||||||||||||||
Contingent consideration: The Company has classified its net liabilities for contingent consideration relating to its acquisitions within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which included probability weighted cash flows. A description of the significant acquisitions is included within Note 2 to the Company's audited consolidated financial statements filed with the 2013 Form 10-K. Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds or product development milestones during the earnout period. The Company may have to pay contingent consideration, related to all acquisitions with open contingency periods, of up to $31.4 million as of March 30, 2014. As of March 30, 2014, the Company has recorded contingent consideration obligations relating to its acquisitions of Dexela Limited, Haoyuan Biotech Co. and Tetra Teknolojik Sistemler Limited Sirketi, with an estimated fair value of $5.0 million at March 30, 2014. The earnout period for each of these acquisitions does not exceed three years from the respective acquisition date, and the remaining weighted average earnout period at March 30, 2014 was one year. | ||||||||||||||||
A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 30, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance beginning of period | $ | (4,926 | ) | $ | (3,017 | ) | ||||||||||
Amounts paid and foreign currency translation | — | 64 | ||||||||||||||
Change in fair value (included within selling, general and administrative expenses) | (55 | ) | 226 | |||||||||||||
Balance end of period | $ | (4,981 | ) | $ | (2,727 | ) | ||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1. | ||||||||||||||||
The Company’s new senior unsecured revolving credit facility, which provides for $700.0 million of revolving loans, had amounts outstanding, excluding letters of credit, of $392.0 million as of March 30, 2014. The Company’s previous senior unsecured revolving credit facility had amounts outstanding, excluding letters of credit, of $397.0 million as of December 29, 2013. 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 2014. Consequently, the carrying value of the current year and prior year credit facilities approximate fair value and would be classified as Level 2. | ||||||||||||||||
The Company's 2021 Notes, with a face value of $500.0 million, had an aggregate carrying value of $497.5 million, net of $2.5 million of unamortized original issue discount, and a fair value of $524.2 million as of March 30, 2014. The 2021 Notes had an aggregate carrying value of $497.4 million, net of $2.6 million of unamortized original issue discount, and a fair value of $513.0 million as of December 29, 2013. 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 $40.0 million and $40.3 million as of March 30, 2014 and December 29, 2013, respectively, which approximated their fair value as there has been minimal change in the Company's incremental borrowing rate. As of March 30, 2014, the 2021 Notes and financing lease obligations were classified as Level 2. | ||||||||||||||||
As of March 30, 2014, 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. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2014 | |
Leases [Abstract] | ' |
Leases of Lessee Disclosure [Text Block] | ' |
Leases | |
On August 22, 2013, the Company sold one of its facilities located in Boston, Massachusetts for net proceeds of $47.6 million. Simultaneously with the closing of the sale of the property, the Company entered into a lease agreement to lease back the property for its continued use. The lease has an initial term of 15 years and the Company has the right to extend the term of the lease for two additional periods of ten years each. The lease is accounted for as an operating lease and at the transaction date the Company had deferred $26.5 million of gains which are being amortized in operating expenses over the initial lease term of 15 years. During the first quarter of fiscal year 2014, the Company amortized $0.4 million of deferred gains related to the lease. At March 30, 2014, $25.4 million of these deferred gains remained to be amortized, which were recorded in long-term liabilities. At December 29, 2013, $25.9 million of deferred gains remained to be amortized, which were recorded in long-term liabilities. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 30, 2014 | |
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 $13.7 million as of March 30, 2014, which represents 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. This amount is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. These 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. | |
Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, “Enzo”) filed a complaint dated October 23, 2002 in the United States District Court for the Southern District of New York, Civil Action No. 02-8448, seeking injunctive and monetary relief against Amersham plc, Amersham BioSciences, PerkinElmer, Inc., PerkinElmer Life Sciences, Inc., Sigma-Aldrich Corporation, Sigma Chemical Company, Inc., Molecular Probes, Inc., and Orchid BioSciences, Inc. The complaint alleges that the Company breached its distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology, separately and together with the other defendants. The Company filed an answer and a counterclaim alleging that Enzo's patents are invalid. In 2007, after the court issued a decision in 2006 regarding the construction of the claims in Enzo's patents that effectively limited the coverage of certain of those claims and, the Company believes, excluded certain of the Company's products from the coverage of Enzo's patents, summary judgment motions were filed by the defendants. The case was assigned to a new district court judge in January 2009 and in March 2009, the new judge denied the pending summary judgment motions without prejudice and ordered a stay of the case until the federal appellate court decided Enzo's appeal of the judgment of the United States District Court for the District of Connecticut in Enzo Biochem vs. Applera Corp. and Tropix, Inc. (the “Connecticut Case”), which involved a number of the same patents and which could materially affect the scope of Enzo's case against the Company. In March 2010, the United States Court of Appeals for the Federal Circuit affirmed-in-part and reversed-in-part the judgment in the Connecticut Case. The district court permitted the Company and the other defendants to jointly file a motion for summary judgment on certain patent and other issues common to all of the defendants. On September 12, 2012, the court granted in part and denied in part the Company's motion for summary judgment of non-infringement. On December 21, 2012, the Company filed a second motion for summary judgment on claims that were not addressed in the first motion, which the court also granted in part and denied in part. As disclosed in the Company’s Annual Report on Form 10-K for fiscal year 2013, the Company expected this case to go to trial in March 2014, and incurred $3.2 million of expenses in preparation for the trial during the first three months of fiscal year 2014. The trial date was delayed, however the Company continues to expect the case to go to trial in 2014. | |
The Company believes it has meritorious defenses to the matter described above, and it is contesting the action vigorously. While this matter is subject to uncertainty, in the opinion of the Company’s management, based on its review of the information available at this time, the resolution of this matter will not have a material adverse effect on the Company’s condensed consolidated financial statements. | |
The Company is also subject to various other 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 other contingencies at March 30, 2014 should not have a material adverse effect on the Company’s condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s condensed consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this new guidance, only disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results will be presented as discontinued operations. The standard also requires new disclosures related to individually significant disposals that do not meet the definition of a discontinued operation. The provisions of this guidance are effective for interim and annual periods beginning after December 15, 2014. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company’s condensed consolidated financial position, results of operations and cash flows. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Gains and Losses on Disposition of Discontinued Operations | ' | |||||||
The Company recorded the following pre-tax gains and losses, which have been reported as a net loss on disposition of discontinued operations: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Gain on disposition of Photoflash business | $ | — | $ | 124 | ||||
Loss on disposition of other discontinued operations | (72 | ) | (216 | ) | ||||
Loss on disposition of discontinued operations before income taxes | $ | (72 | ) | $ | (92 | ) |
Restructuring_and_Lease_Charge1
Restructuring and Lease Charges, Net (Tables) | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
Q1 2014 Restructuring Plan [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring Plan Activity | ' | |||||||||||
The following table summarizes the Q1 2014 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Provision | $ | 567 | ||||||||||
Amounts paid and foreign currency translation | (120 | ) | ||||||||||
Balance at March 30, 2014 | $ | 447 | ||||||||||
Q4 2013 Restructuring Plan [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring Plan Activity | ' | |||||||||||
The following table summarizes the Q4 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | Closure of | Total | ||||||||||
Excess Facility | ||||||||||||
Space | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 1,988 | $ | 6,854 | $ | 8,842 | ||||||
Amounts paid and foreign currency translation | (995 | ) | (249 | ) | (1,244 | ) | ||||||
Balance at March 30, 2014 | $ | 993 | $ | 6,605 | $ | 7,598 | ||||||
Q3 2013 Restructuring Plan [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring Plan Activity | ' | |||||||||||
The following table summarizes the Q3 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 137 | ||||||||||
Amounts paid and foreign currency translation | (113 | ) | ||||||||||
Balance at March 30, 2014 | $ | 24 | ||||||||||
Q2 2013 Restructuring Plan [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring Plan Activity | ' | |||||||||||
The following table summarizes the Q2 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | Closure of | Total | ||||||||||
Excess Facility | ||||||||||||
Space | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 12,750 | $ | — | $ | 12,750 | ||||||
Change in estimates | — | 184 | 184 | |||||||||
Amounts paid and foreign currency translation | (3,981 | ) | (38 | ) | (4,019 | ) | ||||||
Balance at March 30, 2014 | $ | 8,769 | $ | 146 | $ | 8,915 | ||||||
Q1 2013 Restructuring Plan [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring Plan Activity | ' | |||||||||||
The following table summarizes the Q1 2013 Plan activity for the three months ended March 30, 2014: | ||||||||||||
Severance | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 208 | ||||||||||
Amounts paid and foreign currency translation | — | |||||||||||
Balance at March 30, 2014 | $ | 208 | ||||||||||
Interest_and_Other_Expense_Inc1
Interest and Other Expense (Income), Net (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Interest and Other Expense (Income), Net | ' | |||||||
Interest and other expense, net, consisted of the following: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Interest income | $ | (94 | ) | $ | (105 | ) | ||
Interest expense | 9,219 | 11,693 | ||||||
Other expense, net | 2,164 | 452 | ||||||
Total interest and other expense, net | $ | 11,289 | $ | 12,040 | ||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Net Inventories | ' | |||||||
Inventories as of March 30, 2014 and December 29, 2013 consisted of the following: | ||||||||
March 30, | December 29, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 97,819 | $ | 92,891 | ||||
Work in progress | 18,190 | 15,505 | ||||||
Finished goods | 163,022 | 152,640 | ||||||
Total inventories, net | $ | 279,031 | $ | 261,036 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations | ' | |||||
The following table reconciles the number of shares utilized in the earnings per share calculations: | ||||||
Three Months Ended | ||||||
March 30, | March 31, | |||||
2014 | 2013 | |||||
(In thousands) | ||||||
Number of common shares—basic | 112,553 | 113,454 | ||||
Effect of dilutive securities: | ||||||
Stock options | 1,052 | 1,050 | ||||
Restricted stock awards | 172 | 212 | ||||
Number of common shares—diluted | 113,777 | 114,716 | ||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 459 | 479 | ||||
Industry_Segment_Information_T
Industry Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations | ' | |||||||
Revenue and operating income (loss) by operating segment, excluding discontinued operations, are shown in the table below: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Human Health | ||||||||
Product revenue | $ | 239,030 | $ | 219,073 | ||||
Service revenue | 60,453 | 62,256 | ||||||
Total revenue | 299,483 | 281,329 | ||||||
Operating income from continuing operations | 43,060 | 25,020 | ||||||
Environmental Health | ||||||||
Product revenue | 126,455 | 127,546 | ||||||
Service revenue | 105,966 | 96,503 | ||||||
Total revenue | 232,421 | 224,049 | ||||||
Operating income from continuing operations | 21,499 | 20,728 | ||||||
Corporate | ||||||||
Operating loss from continuing operations(1) | (13,827 | ) | (9,847 | ) | ||||
Continuing Operations | ||||||||
Product revenue | 365,485 | 346,619 | ||||||
Service revenue | 166,419 | 158,759 | ||||||
Total revenue | 531,904 | 505,378 | ||||||
Operating income from continuing operations | 50,732 | 35,901 | ||||||
Interest and other expense, net (see Note 5) | 11,289 | 12,040 | ||||||
Income from continuing operations before income taxes | $ | 39,443 | $ | 23,861 | ||||
____________________________ | ||||||||
(1) | Activity related to the mark-to-market adjustment on postretirement benefit plans have been included in the Corporate operating loss from continuing operations, and together constituted a pre-tax gain of $0.1 million for both the three months ended March 30, 2014 and March 31, 2013. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||
The components of accumulated other comprehensive income consisted of the following: | ||||||||
March 30, | December 29, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | 76,917 | $ | 76,283 | ||||
Unrecognized prior service costs, net of income taxes | 1,429 | 1,429 | ||||||
Unrealized net losses on securities, net of income taxes | (153 | ) | (121 | ) | ||||
Accumulated other comprehensive income | $ | 78,193 | $ | 77,591 | ||||
Stock_Plans_Tables
Stock Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Total Compensation Recognized Related to Outstanding Equity Awards | ' | ||||||||||||
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s condensed consolidated statements of operations for the three months ended March 30, 2014 and March 31, 2013: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Cost of product and service revenue | $ | 333 | $ | 313 | |||||||||
Research and development expenses | 141 | 216 | |||||||||||
Selling, general and administrative expenses | 4,042 | 3,887 | |||||||||||
Total stock-based compensation expense | $ | 4,516 | $ | 4,416 | |||||||||
Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model | ' | ||||||||||||
The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | |||||||||
Expected dividend yield | 0.7 | % | 0.8 | % | |||||||||
Expected lives | 5 years | 5 years | |||||||||||
Expected stock volatility | 30.9 | % | 38.5 | % | |||||||||
Summary of Stock Option Activity | ' | ||||||||||||
The following table summarizes stock option activity for the three months ended March 30, 2014: | |||||||||||||
Number | Weighted- | Weighted-Average | Total | ||||||||||
of | Average | Remaining | Intrinsic | ||||||||||
Shares | Price | Contractual Term | Value | ||||||||||
(In thousands) | (In years) | (In millions) | |||||||||||
Outstanding at December 29, 2013 | 3,494 | $ | 23.34 | ||||||||||
Granted | 446 | 43.08 | |||||||||||
Exercised | (310 | ) | 23.3 | ||||||||||
Canceled | (4 | ) | 20.97 | ||||||||||
Forfeited | (16 | ) | 29.58 | ||||||||||
Outstanding at March 30, 2014 | 3,610 | $ | 25.75 | 3.8 | $ | 65.1 | |||||||
Exercisable at March 30, 2014 | 2,567 | $ | 21.83 | 2.9 | $ | 56.4 | |||||||
Vested and expected to vest in the future | 3,565 | $ | 25.66 | 3.8 | $ | 64.6 | |||||||
Summary of Restricted Stock Award Activity | ' | ||||||||||||
The following table summarizes restricted stock award activity for the three months ended March 30, 2014: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Nonvested at December 29, 2013 | 649 | $ | 29.24 | ||||||||||
Granted | 216 | 42.55 | |||||||||||
Vested | (246 | ) | 27.7 | ||||||||||
Forfeited | (21 | ) | 32 | ||||||||||
Nonvested at March 30, 2014 | 598 | $ | 34.59 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Changes in the Carrying Amount of Goodwill | ' | |||||||||||
The changes in the carrying amount of goodwill for the period ended March 30, 2014 from December 29, 2013 were as follows: | ||||||||||||
Human | Environmental | Consolidated | ||||||||||
Health | Health | |||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2013 | $ | 1,648,332 | $ | 494,788 | $ | 2,143,120 | ||||||
Foreign currency translation | (502 | ) | (143 | ) | (645 | ) | ||||||
Balance at March 30, 2014 | $ | 1,647,830 | $ | 494,645 | $ | 2,142,475 | ||||||
Identifiable Intangible Asset Balances | ' | |||||||||||
Identifiable intangible asset balances at March 30, 2014 and December 29, 2013 by category were as follows: | ||||||||||||
March 30, | December 29, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Patents | $ | 39,591 | $ | 39,591 | ||||||||
Less: Accumulated amortization | (24,864 | ) | (24,207 | ) | ||||||||
Net patents | 14,727 | 15,384 | ||||||||||
Trade names and trademarks | 36,057 | 36,058 | ||||||||||
Less: Accumulated amortization | (17,310 | ) | (16,457 | ) | ||||||||
Net trade names and trademarks | 18,747 | 19,601 | ||||||||||
Licenses | 79,098 | 79,180 | ||||||||||
Less: Accumulated amortization | (54,938 | ) | (52,930 | ) | ||||||||
Net licenses | 24,160 | 26,250 | ||||||||||
Core technology | 302,011 | 302,070 | ||||||||||
Less: Accumulated amortization | (178,908 | ) | (169,326 | ) | ||||||||
Net core technology | 123,103 | 132,744 | ||||||||||
Customer relationships | 321,421 | 321,395 | ||||||||||
Less: Accumulated amortization | (141,901 | ) | (132,833 | ) | ||||||||
Net customer relationships | 179,520 | 188,562 | ||||||||||
IPR&D | 9,470 | 9,483 | ||||||||||
Less: Accumulated amortization | (2,429 | ) | (2,178 | ) | ||||||||
Net IPR&D | 7,041 | 7,305 | ||||||||||
Net amortizable intangible assets | 367,298 | 389,846 | ||||||||||
Non-amortizing intangible assets: | ||||||||||||
Trade names and trademarks | 70,584 | 70,584 | ||||||||||
Total | $ | 437,882 | $ | 460,430 | ||||||||
Warranty_Reserves_Tables
Warranty Reserves (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Warranty Reserve Activity | ' | |||||||
A summary of warranty reserve activity for the three months ended March 30, 2014 and March 31, 2013 is as follows: | ||||||||
Three Months Ended | ||||||||
March 30, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance beginning of period | $ | 10,534 | $ | 11,003 | ||||
Provision charged to income | 4,077 | 4,340 | ||||||
Payments | (3,967 | ) | (4,824 | ) | ||||
Adjustments to previously provided warranties, net | (297 | ) | 365 | |||||
Foreign currency translation and acquisitions | 10 | (57 | ) | |||||
Balance end of period | $ | 10,357 | $ | 10,827 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | ' | |||||||||||||||
The following table summarizes the components of net periodic benefit cost (credit) for the Company’s various defined benefit employee pension and postretirement plans for the three months ended March 30, 2014 and March 31, 2013: | ||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||
Pension Benefits | Medical Benefits | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 1,030 | $ | 925 | $ | 24 | $ | 28 | ||||||||
Interest cost | 5,916 | 5,315 | 39 | 36 | ||||||||||||
Expected return on plan assets | (6,263 | ) | (6,264 | ) | (241 | ) | (241 | ) | ||||||||
Amortization of prior service costs | (71 | ) | (67 | ) | — | — | ||||||||||
Net periodic benefit cost (credit) | $ | 612 | $ | (91 | ) | $ | (178 | ) | $ | (177 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | ' | |||||||||||||||
The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of March 30, 2014 and December 29, 2013 classified in one of the three classifications described above: | ||||||||||||||||
Fair Value Measurements at March 30, 2014 Using: | ||||||||||||||||
Total Carrying Value at March 30, 2014 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,300 | $ | 1,300 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 216 | — | 216 | — | ||||||||||||
Foreign exchange derivative liabilities | (238 | ) | — | (238 | ) | — | ||||||||||
Contingent consideration | (4,981 | ) | — | — | (4,981 | ) | ||||||||||
Fair Value Measurements at December 29, 2013 Using: | ||||||||||||||||
Total Carrying Value at December 29, 2013 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Marketable securities | $ | 1,319 | $ | 1,319 | $ | — | $ | — | ||||||||
Foreign exchange derivative assets | 293 | — | 293 | — | ||||||||||||
Foreign exchange derivative liabilities | (396 | ) | — | (396 | ) | — | ||||||||||
Contingent consideration | (4,926 | ) | — | — | (4,926 | ) | ||||||||||
Reconciliation of Beginning and Ending Level 3 Net Liabilities | ' | |||||||||||||||
A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 30, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance beginning of period | $ | (4,926 | ) | $ | (3,017 | ) | ||||||||||
Amounts paid and foreign currency translation | — | 64 | ||||||||||||||
Change in fair value (included within selling, general and administrative expenses) | (55 | ) | 226 | |||||||||||||
Balance end of period | $ | (4,981 | ) | $ | (2,727 | ) |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | |
Fiscal Year 2013 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash paid to the shareholders | ' | ' | ' | ' | $11,400,000 |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | ' | ' | ' | ' | 1,100,000 |
Total transaction costs | 100,000 | 100,000 | ' | ' | ' |
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions | '1 year | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 31,400,000 | ' | ' | ' | 2,200,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $4,981,000 | $2,727,000 | $4,926,000 | $3,017,000 | ' |
Business Combination, Contingent Consideration Arrangements, Maximum Period | '3 years | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Description | 'Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. | ' | ' | ' | ' |
Business_Combinations_Fair_Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $2,142,475 | $2,143,120 |
Human Health [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | 1,647,830 | 1,648,332 |
Environmental Health [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | $494,645 | $494,788 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2010 | Mar. 30, 2014 | Mar. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Pre-tax gain (loss) on disposal of business unit | ' | ($72,000) | ($92,000) |
(Benefit from) provision for income taxes on discontinued operations and dispositions | ' | 23,000 | -19,000 |
Photoflash Business [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceed from business divestiture | 13,500,000 | ' | ' |
Pre-tax gain (loss) on disposal of business unit | ' | 0 | 124,000 |
Other Discontinued Operations [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Pre-tax gain (loss) on disposal of business unit | ' | ($72,000) | ($216,000) |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Gains and Losses on Disposition of Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net gain (loss) on disposition of discontinued operations before income taxes | ($72) | ($92) |
Photoflash Business [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net gain (loss) on disposition of discontinued operations before income taxes | 0 | 124 |
Other Discontinued Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net gain (loss) on disposition of discontinued operations before income taxes | ($72) | ($216) |
Restructuring_and_Lease_Charge2
Restructuring and Lease Charges, Net (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 30, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | |
Q1 2014 Restructuring Plan [Member] | Q1 2014 Restructuring Plan [Member] | Q1 2014 Restructuring Plan [Member] | Q1 2014 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Previous restructuring and integration plans [Member] | Contract Termination [Member] | ||||
Human Health [Member] | Environmental Health [Member] | Severance [Member] | Human Health [Member] | Environmental Health [Member] | Severance [Member] | Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Human Health [Member] | Severance [Member] | Severance [Member] | Human Health [Member] | Human Health [Member] | Environmental Health [Member] | Severance [Member] | Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Human Health [Member] | Environmental Health [Member] | Severance [Member] | Severance [Member] | ||||||||||||||
Human Health [Member] | Environmental Health [Member] | |||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees reduced | ' | ' | ' | 17 | ' | ' | ' | ' | 74 | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | 265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Settled with Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000 |
Restructuring and lease charges, net | 2,135,000 | 3,310,000 | ' | ' | 400,000 | 200,000 | 567,000 | ' | ' | 8,200,000 | 3,000,000 | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 9,900,000 | 600,000 | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 200,000 | ' | ' | ' | 1,400,000 |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,000 | ' | ' | ' | ' | ' | 0 | ' | 184,000 | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | ' | ' | ' | ' | 120,000 | 1,244,000 | ' | ' | ' | 995,000 | ' | 249,000 | ' | ' | ' | 113,000 | ' | 4,019,000 | ' | ' | ' | ' | ' | 3,981,000 | ' | 38,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 3,000,000 | ' |
Remaining payments | $19,410,000 | ' | $26,374,000 | ' | ' | ' | $447,000 | $7,598,000 | $8,842,000 | ' | ' | $993,000 | $1,988,000 | $6,605,000 | $6,854,000 | ' | ' | $24,000 | $137,000 | $8,915,000 | ' | $12,750,000 | ' | ' | ' | $8,769,000 | $12,750,000 | $146,000 | $0 | ' | ' | ' | ' | ' | $208,000 | $208,000 | $10,300,000 | $600,000 |
Restructuring_and_Lease_Charge3
Restructuring and Lease Charges, Net (Schedule of Restructuring Plan Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Jun. 30, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Q1 2014 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Previous restructuring and integration plans [Member] | Human Health [Member] | Human Health [Member] | Human Health [Member] | Human Health [Member] | Human Health [Member] | Human Health [Member] | Human Health [Member] | Environmental Health [Member] | Environmental Health [Member] | Environmental Health [Member] | Environmental Health [Member] | Environmental Health [Member] | |||
Severance [Member] | Severance [Member] | Facility Closing [Member] | Severance [Member] | Severance [Member] | Facility Closing [Member] | Severance [Member] | Q1 2014 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q3 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | Q1 2014 Restructuring Plan [Member] | Q4 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q2 2013 Restructuring Plan [Member] | Q1 2013 Restructuring Plan [Member] | ||||||
Facility Closing [Member] | Facility Closing [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and lease charges, net | $2,135 | $3,310 | $567 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | $8,200 | $500 | $9,900 | $600 | ' | $2,300 | $200 | $3,000 | $8,800 | ' | $200 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 26,374 | ' | ' | 8,842 | 1,988 | 6,854 | 137 | 12,750 | 12,750 | 0 | 208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | -184 | 0 | -184 | ' | ' | ' | ' | ' | ' | ' | -100 | ' | ' | ' | ' | -100 | ' |
Amounts paid and foreign currency translation | ' | ' | -120 | -1,244 | -995 | -249 | -113 | -4,019 | -3,981 | -38 | 0 | -3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period | $19,410 | ' | $447 | $7,598 | $993 | $6,605 | $24 | $8,915 | $8,769 | $146 | $208 | $10,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest_and_Other_Expense_Inc2
Interest and Other Expense (Income), Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Interest income | ($94) | ($105) |
Interest expense | 9,219 | 11,693 |
Other expense, net | 2,164 | 452 |
Total interest and other expense, net | $11,289 | $12,040 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $97,819 | $92,891 |
Work in progress | 18,190 | 15,505 |
Finished goods | 163,022 | 152,640 |
Total inventories, net | $279,031 | $261,036 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized tax benefits, gross | $36 | ' |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 30.7 | ' |
Uncertain tax positions including accrued interest, net of tax benefits and penalties, to be resolved within the next year | 1.9 | ' |
Open Tax Years by Major Tax Jurisdiction, Begin Date | '2006 | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ($2) | ($12.50) |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Oct. 25, 2011 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Sep. 30, 2012 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 |
Line of Credit, Maturing January 8, 2019 [Member] | Line of Credit, Maturing December 16, 2016 [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | Financing Lease Obligations [Member] | Financing Lease Obligations [Member] | Financing Lease Obligations [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | |
Treasury Rate [Member] | Base Rate Option Two [Member] | Eurocurrency Rate [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Line of Credit, Maturing January 8, 2019 [Member] | Line of Credit, Maturing January 8, 2019 [Member] | |||||||||
Base Rate Option Three [Member] | Base Rate Option Two [Member] | Eurocurrency Rate [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $700 | $700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility, expiry date | 8-Jan-19 | 16-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued and outstanding | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 296 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 at the time of borrowing plus a margin, or the base rate from time to time. The base rate is the higher of (i)B the rate of interest in effect for such day as publicly announced from time to time by JP Morgan Chase Bank, N.A. as its "prime rate," (ii)B the Federal Funds rate plus 50 basis points or (iii) one-month Libor plus 1.00%. | ' | ' | ' |
Weighted average interest rates under amended senior unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Eurocurrency margin as of MarchB 30, 2014 was 107 basis points. The weighted average Eurocurrency interest rate as of MarchB 30, 2014 was 0.19%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.26%, which is the interest applicable to borrowings outstanding under the Eurocurrency rate as of MarchB 30, 2014. | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Federal Funds (DO NOT LINK) | 'Eurocurrency (DO NOT LINK) | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | 1.07% |
Weighted average Eurocurrency interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.19% |
Weighted average effective Eurocurrency rate, including the margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.26% |
Aggregate borrowings under the amended facility | 392 | 397 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes, face value | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from the issuance of debt instrument | ' | ' | 496.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes issuance as percentage of principal amount | ' | ' | 99.37% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | 3.1 | 2.5 | 2.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | 497.5 | 497.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | 25-Nov-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption of senior notes on or after August 15, 2021 | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Fair Value of Other Long-term Debt Related to Financing Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | 29.3 | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | 40.3 | 40 | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt, Current | ' | ' | ' | ' | ' | ' | 2.6 | 2.6 | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt, Noncurrent | ' | ' | ' | ' | ' | ' | 37.7 | 37.4 | ' | ' | ' | ' | ' | ' | ' |
Additional Financing Lease Obligations, funded by lessors | ' | ' | ' | ' | ' | ' | $11.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Number of common shares-basic | 112,553 | 113,454 |
Effect of dilutive securities, Stock options | 1,052 | 1,050 |
Effect of dilutive securities, Restricted stock | 172 | 212 |
Number of common shares-diluted | 113,777 | 114,716 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 459 | 479 |
Industry_Segment_Information_I
Industry Segment Information Industry Segment Information Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
segments | ||
Industry Segment Information Narrative [Abstract] | ' | ' |
Defined Benefit Plan, Recognized Net (Gain) Loss on Mark-to-Market | ($0.10) | ($0.10) |
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 $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Segment Reporting [Abstract] | ' | ' |
Defined Benefit Plan, Recognized Net (Gain) Loss on Mark-to-Market | ($100,000) | ($100,000) |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 531,904,000 | 505,378,000 |
Operating income (loss) from continuing operations | 50,732,000 | 35,901,000 |
Interest and other expense, net | 11,289,000 | 12,040,000 |
Income from continuing operations before income taxes | 39,443,000 | 23,861,000 |
Sales Revenue, Goods, Net | 365,485,000 | 346,619,000 |
Sales Revenue, Services, Net | 166,419,000 | 158,759,000 |
Human Health [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 299,483,000 | 281,329,000 |
Operating income (loss) from continuing operations | 43,060,000 | 25,020,000 |
Sales Revenue, Goods, Net | 239,030,000 | 219,073,000 |
Sales Revenue, Services, Net | 60,453,000 | 62,256,000 |
Environmental Health [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 232,421,000 | 224,049,000 |
Operating income (loss) from continuing operations | 21,499,000 | 20,728,000 |
Sales Revenue, Goods, Net | 126,455,000 | 127,546,000 |
Sales Revenue, Services, Net | 105,966,000 | 96,503,000 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income (loss) from continuing operations | ($13,827,000) | ($9,847,000) |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Oct. 24, 2012 | Jun. 29, 2014 |
Subsequent Event [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | ' | ' | ' | ' | ($0.50) | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | ' | ' | ' | ' | 0.2 | ' | ' |
Stock repurchase program, number of shares authorized to be repurchased | ' | ' | ' | ' | ' | 6,000,000 | ' |
Number of common stock repurchased in open market | 0 | ' | ' | ' | ' | ' | ' |
Stock repurchase program, number of shares remained available for repurchase | 2,400,000 | ' | ' | ' | ' | ' | ' |
Repurchased shares of common stock to satisfy statutory tax withholding obligation requirements | 90,230 | ' | ' | ' | ' | ' | ' |
Aggregate cost of repurchased common stock to satisfy statutory tax withholding obligation requirements | 3.9 | ' | ' | ' | ' | ' | ' |
Cash dividends (per share) | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | ' | $0.07 |
Dividends Payable, Amount | $7.90 | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Components
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ' | ' |
Foreign currency translation adjustments, net of income taxes | $76,917 | $76,283 |
Unrecognized losses and prior service costs, net of income taxes | 1,429 | 1,429 |
Unrealized net losses on securities, net of income taxes | -153 | -121 |
Accumulated other comprehensive loss | $78,193 | $77,591 |
Stock_Plans_Narrative_Details
Stock Plans (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Former Stock-based Compensation Plans | 1 | ' | ' |
Total income tax benefit recognized for stock-based compensation | $1,600,000 | $1,400,000 | ' |
Stock-based compensation costs capitalized as part of inventory | 300,000 | 300,000 | ' |
Options related excess tax benefit, classified as a financing cash activity | 0 | 0 | ' |
Total pre-tax stock-based compensation expense | 4,516,000 | 4,416,000 | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized under plan | 5,000,000 | ' | ' |
Shares/units granted | 31,854 | 45,762 | ' |
Weighted-average grant-date fair value of stock granted (per share) | $39.17 | $30.15 | ' |
Shares available for grant under employee stock purchase plan | 1,100,000 | ' | ' |
Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares/units granted | 0 | 0 | ' |
Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares/units granted | 79,463 | 98,056 | ' |
Weighted-average grant-date fair value of stock granted (per share) | $42.84 | $34.06 | ' |
Total pre-tax stock-based compensation expense | 1,000,000 | 1,000,000 | ' |
Awards/units outstanding | 271,679 | ' | ' |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 3,700,000 | ' | ' |
Restricted Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares/units granted | 216,000 | ' | ' |
Weighted-average grant-date fair value of stock granted (per share) | $42.55 | $34.06 | ' |
Fair value of restricted stock awards vested | 6,800,000 | 6,900,000 | ' |
Total pre-tax stock-based compensation expense | 2,000,000 | 2,100,000 | ' |
Awards/units outstanding | 598,000 | ' | 649,000 |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | 15,700,000 | ' | ' |
Weighted-average period for recognition of unrecognized compensation cost, years | '1 year 10 months | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant-date fair value of options | $11.85 | $10.90 | ' |
Total intrinsic value of options exercised | 6,500,000 | 3,100,000 | ' |
Cash received from option exercises | 7,200,000 | 5,500,000 | ' |
Total pre-tax stock-based compensation expense | 1,500,000 | 1,300,000 | ' |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $9,500,000 | ' | ' |
Weighted-average period for recognition of unrecognized compensation cost, years | '2 years 2 months | ' | ' |
2009 Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized under plan | 10,000,000 | ' | ' |
Stock_Plans_Summary_of_Total_C
Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total pre-tax stock-based compensation expense | $4,516 | $4,416 |
Cost of sales [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total pre-tax stock-based compensation expense | 333 | 313 |
Research and development expenses [Member ] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total pre-tax stock-based compensation expense | 141 | 216 |
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 | $4,042 | $3,887 |
Stock_Plans_WeightedAverage_As
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Risk-free interest rate | 1.50% | 0.90% |
Expected dividend yield | 0.70% | 0.80% |
Expected lives, years | '5 years | '5 years |
Expected stock volatility | 30.90% | 38.50% |
Stock_Plans_Summary_of_Stock_O
Stock Plans (Summary of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 30, 2014 |
Stock option activity | ' |
Number of Shares, Outstanding at beginning of period | 3,494 |
Number of Shares, Granted | 446 |
Number of Shares, Exercised | -310 |
Number of Shares, Canceled | -4 |
Number of Shares, Forfeited | -16 |
Number of Shares, Outstanding at end of period | 3,610 |
Number of Shares, Exercisable at end of period | 2,567 |
Number of Shares, Vested and expected to vest in the future | 3,565 |
Weighted-Average Price, Outstanding at beginning of period | $23.34 |
Weighted-Average Price, Granted | $43.08 |
Weighted-Average Price, Exercised | $23.30 |
Weighted-Average Price, Canceled | $20.97 |
Weighted-Average Price, Forfeited | $29.58 |
Weighted-Average Price, Outstanding at end of period | $25.75 |
Weighted-Average Price, Exercisable at end of period | $21.83 |
Weighted-Average Price, Vested and expected to vest in the future | $25.66 |
Weighted-Average Remaining Contractual Term in Years, Outstanding at end of period | '3 years 9 months |
Weighted-Average Remaining Contractual Term in Years, Exercisable at end of period | '2 years 11 months |
Weighted-Average Remaining Contractual Term in Years, Vested and expected to vest in the future | '3 years 9 months |
Total Intrinsic Value, Outstanding at end of period | $65.10 |
Total Intrinsic Value, Exercisable at end of period | 56.4 |
Total Intrinsic Value, Vested and expected to vest in the future | $64.60 |
Stock_Plans_Summary_of_Restric
Stock Plans (Summary of Restricted Stock Award Activity) (Details) (Restricted Stock Awards [Member], USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Restricted Stock Awards [Member] | ' | ' |
Restricted stock award activity | ' | ' |
Number of Shares, Nonvested at beginning of period | 649,000 | ' |
Number of Shares, Granted | 216,000 | ' |
Number of Shares, Vested | -246,000 | ' |
Number of Shares, Forfeited | -21,000 | ' |
Number of Shares, Nonvested at end of period | 598,000 | ' |
Weighted-Average Grant-Date Fair Value, Nonvested at beginning of period | $29.24 | ' |
Weighted-Average Grant-Date Fair Value, Granted | $42.55 | $34.06 |
Weighted-Average Grant-Date Fair Value, Vested | $27.70 | ' |
Weighted-Average Grant-Date Fair Value, Forfeited | $32 | ' |
Weighted-Average Grant-Date Fair Value, Nonvested at end of period | $34.59 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 30, 2014 | Mar. 30, 2014 | |
Minimum [Member] | Maximum [Member] | Other Asset Acquisitions [Member] | Other Asset Acquisitions [Member] | Other Asset Acquisitions [Member] | Reporting units where FV exceeded CV by more than 90% [Domain] | Reporting Unit FV exceed CV by approximately 11% [Domain] | ||||
Goodwill and Intangible Assets Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | 11.00% |
Goodwill | $2,142,475,000 | ' | $2,143,120,000 | ' | ' | ' | ' | ' | ' | $796,300,000 |
Long-term terminal growth rates for reporting units | ' | ' | ' | 3.00% | 6.00% | ' | ' | ' | ' | ' |
Discount rates for reporting units | ' | ' | ' | 10.00% | 11.50% | ' | ' | ' | ' | ' |
Change in any one of the input assumptions for the various reporting units | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization expense related to finite-lived intangible assets | 20,700,000 | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future Amortization Expense, Year One | 62,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future Amortization Expense, Year Two | 69,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future Amortization Expense, Year Three | 60,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future Amortization Expense, Year Four | 50,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future Amortization Expense, Year Five | 39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | 367,298,000 | ' | 389,846,000 | ' | ' | ' | 7,000,000 | 6,800,000 | ' | ' |
Prepaid Royalties | ' | ' | ' | ' | ' | ' | 40,300,000 | 25,000,000 | ' | ' |
Prepaid Royalties To Be Paid Within One Year | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Changes in the carrying amount of goodwill | ' |
Balance at beginning of period | $2,143,120 |
Foreign currency translation | -645 |
Balance at end of period | 2,142,475 |
Human Health [Member] | ' |
Changes in the carrying amount of goodwill | ' |
Balance at beginning of period | 1,648,332 |
Foreign currency translation | -502 |
Balance at end of period | 1,647,830 |
Environmental Health [Member] | ' |
Changes in the carrying amount of goodwill | ' |
Balance at beginning of period | 494,788 |
Foreign currency translation | -143 |
Balance at end of period | $494,645 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Net amortizable intangible assets | $367,298 | $389,846 |
Totals | 437,882 | 460,430 |
Patents [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 39,591 | 39,591 |
Less: Accumulated amortization | -24,864 | -24,207 |
Net amortizable intangible assets | 14,727 | 15,384 |
Trade Names And Trademarks [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 36,057 | 36,058 |
Less: Accumulated amortization | -17,310 | -16,457 |
Net amortizable intangible assets | 18,747 | 19,601 |
Non-amortizing intangible assets | 70,584 | 70,584 |
Licensing Agreements [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 79,098 | 79,180 |
Less: Accumulated amortization | -54,938 | -52,930 |
Net amortizable intangible assets | 24,160 | 26,250 |
Core Technology [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 302,011 | 302,070 |
Less: Accumulated amortization | -178,908 | -169,326 |
Net amortizable intangible assets | 123,103 | 132,744 |
Customer Relationships [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 321,421 | 321,395 |
Less: Accumulated amortization | -141,901 | -132,833 |
Net amortizable intangible assets | 179,520 | 188,562 |
In-process Research and Development [Member] | ' | ' |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ' | ' |
Gross amortizable intangible assets | 9,470 | 9,483 |
Less: Accumulated amortization | -2,429 | -2,178 |
Net amortizable intangible assets | $7,041 | $7,305 |
Warranty_Reserves_Details
Warranty Reserves (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Warranty reserve activity | ' | ' |
Balance beginning of period | $10,534 | $11,003 |
Provision charged to income | 4,077 | 4,340 |
Payments | -3,967 | -4,824 |
Adjustments to previously provided warranties, net | -297 | 365 |
Foreign currency translation and acquisitions | 10 | -57 |
Balance end of period | $10,357 | $10,827 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost (Credit)) (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Defined Benefit Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost (credit) | ' | ' |
Service cost | $1,030,000 | $925,000 |
Interest cost | 5,916,000 | 5,315,000 |
Expected return on plan assets | -6,263,000 | -6,264,000 |
Amortization of prior service | -71,000 | -67,000 |
Net periodic benefit cost (credit) | 612,000 | -91,000 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Contributions by Employer | 900,000 | ' |
Postretirement Medical Benefits [Member] | ' | ' |
Components of net periodic benefit cost (credit) | ' | ' |
Service cost | 24,000 | 28,000 |
Interest cost | 39,000 | 36,000 |
Expected return on plan assets | -241,000 | -241,000 |
Amortization of prior service | 0 | 0 |
Net periodic benefit cost (credit) | ($178,000) | ($177,000) |
Derivatives_And_Hedging_Activi1
Derivatives And Hedging Activities (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | |
European And Asian Currencies [Member] | European And Asian Currencies [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | Cash Flow Hedging [Member] | |||||||||
USD ($) | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum maturity period for foreign exchange contracts, in months | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Cash Flow Hedge Instruments | ' | ' | ' | $95,000,000 | $138,400,000 | $77,400,000 | € 25,000,000 | € 50,000,000 | ' | ' | ' | ' | ' |
Duration of foreign currency derivative contract, days | ' | '30 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | $216,000 | $293,000 | $216,000 | $293,000 | $900,000 |
Company's business conducted outside United States | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Oct. 25, 2011 | Mar. 30, 2014 | Dec. 29, 2013 | |
Line of Credit, Maturing January 8, 2019 [Member] | Line of Credit, Maturing December 16, 2016 [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | Financing Lease Obligations [Member] | Financing Lease Obligations [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $700,000,000 | $700,000,000 | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 31,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 4,981,000 | 4,926,000 | 2,727,000 | 3,017,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Description | 'Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Maximum Period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes, face value | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 500,000,000 | ' | ' |
Revolving credit facility outstanding balance | ' | ' | ' | ' | 392,000,000 | 397,000,000 | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | 497,500,000 | 497,400,000 | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | 2,500,000 | 2,600,000 | 3,100,000 | ' | ' |
Unsecured senior notes, fair value | ' | ' | ' | ' | ' | ' | $524,200,000 | $513,000,000 | ' | $40,000,000 | $40,300,000 |
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Of Contingent Consideration Measured On Recurring Basis | ($4,981) | ($4,926) |
Foreign exchange derivative liabilities, net | -238 | -396 |
Marketable securities | 1,300 | 1,319 |
Foreign exchange derivative assets, net | -216 | -293 |
Quoted Prices In Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Of Contingent Consideration Measured On Recurring Basis | 0 | 0 |
Foreign exchange derivative liabilities, net | 0 | 0 |
Marketable securities | 1,300 | 1,319 |
Foreign exchange derivative assets, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Of Contingent Consideration Measured On Recurring Basis | 0 | 0 |
Foreign exchange derivative liabilities, net | -238 | -396 |
Marketable securities | 0 | 0 |
Foreign exchange derivative assets, net | -216 | -293 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Of Contingent Consideration Measured On Recurring Basis | -4,981 | -4,926 |
Foreign exchange derivative liabilities, net | 0 | 0 |
Marketable securities | 0 | 0 |
Foreign exchange derivative assets, net | $0 | $0 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Balance beginning of period | ($4,926) | ($3,017) |
Payments | 0 | 64 |
Change in fair value (included within selling, general and administrative expenses) | -55 | 226 |
Balance end of period | ($4,981) | ($2,727) |
Leases_Details
Leases (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 30, 2014 | Sep. 29, 2013 | Dec. 29, 2013 | Aug. 22, 2013 |
Leases [Abstract] | ' | ' | ' | ' |
Sale Leaseback Transaction, Date | ' | '8/22/2013 | ' | ' |
Sale Leaseback Transaction, Gross Proceeds | ' | $47.60 | ' | ' |
Sale Leaseback Transaction, Lease Terms | ' | 'P15Y | ' | ' |
Sale Leaseback Transaction, Description of Accounting for Leaseback | ' | 'The lease is accounted for as an operating lease and the excess of the net proceeds over the net carrying amount of the property are being amortized on a straight-line basis over the initial lease term of 15 years. | ' | ' |
Sale Leaseback Transaction, Deferred Gain, Gross | ' | ' | ' | 26.5 |
Sale Leaseback Transaction, Cumulative Gain Recognized | 0.4 | ' | ' | ' |
Sale Leaseback Transaction, Deferred Gain, Net | $25.40 | ' | $25.90 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
years | |
Loss Contingencies [Line Items] | ' |
Management's estimate of total cost of ultimate disposition | $13.70 |
Number of years over which estimated environmental cost will be paid | 10 |
Enzo Biochem, Inc. Complaint [Member] | ' |
Loss Contingencies [Line Items] | ' |
Legal Fees | $3.20 |