Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DENTSPLY INTERNATIONAL INC /DE/ | |
Entity Central Index Key | 818479 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Trading Symbol | XRAY | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 139,815,027 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $656,320 | $730,114 |
Cost of products sold | 282,952 | 335,909 |
Gross profit | 373,368 | 394,205 |
Selling, general and administrative expenses | 270,233 | 287,842 |
Restructuring and other costs | 5,426 | 793 |
Operating income | 97,709 | 105,570 |
Other income and expenses: | ||
Interest expense | 10,668 | 10,955 |
Interest income | -742 | -1,435 |
Other expense (income), net | 609 | 388 |
Income before income taxes | 87,174 | 95,662 |
Provision for income taxes | 18,853 | 22,452 |
Equity in net loss of unconsolidated affiliated company | -4,367 | -290 |
Net income | 63,954 | 72,920 |
Less: Net (loss) income attributable to noncontrolling interests | -7 | 42 |
Net income attributable to DENTSPLY International | $63,961 | $72,878 |
Earnings per common share: | ||
Basic (in dollars per share) | $0.46 | $0.51 |
Diluted (in dollars per share) | $0.45 | $0.50 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 140,296 | 142,053 |
Diluted (in shares) | 142,804 | 144,453 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $63,954 | $72,920 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | -188,904 | -1,035 |
Net gain on derivative financial instruments | 24,752 | 1,757 |
Net unrealized holding gain (loss) on available-for-sale securities | 30,851 | -2,041 |
Pension liability adjustments | 1,417 | 318 |
Total other comprehensive income (loss), net of tax | -131,884 | -1,001 |
Total comprehensive (loss) income | -67,930 | 71,919 |
Less: Comprehensive income attributable to noncontrolling interests | 540 | 114 |
Net (decrease) increase in other comprehensive income | ($68,470) | $71,805 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $100,619 | $151,639 |
Accounts and notes receivables-trade, net | 409,865 | 426,606 |
Inventories, net | 380,098 | 387,095 |
Prepaid expenses and other current assets, net | 309,500 | 241,630 |
Total Current Assets | 1,200,082 | 1,206,970 |
Property, plant and equipment, net | 556,766 | 588,845 |
Identifiable intangible assets, net | 613,457 | 670,840 |
Goodwill, net | 1,953,271 | 2,089,339 |
Other noncurrent assets, net | 61,254 | 94,271 |
Total Assets | 4,384,830 | 4,650,265 |
Current Liabilities: | ||
Accounts payable | 134,090 | 132,611 |
Accrued liabilities | 240,040 | 379,202 |
Income taxes payable | 40,072 | 28,948 |
Notes payable and current portion of long-term debt | 247,631 | 112,831 |
Total Current Liabilities | 661,833 | 653,592 |
Long-term debt | 1,078,823 | 1,152,882 |
Deferred income taxes | 150,470 | 165,551 |
Other noncurrent liabilities | 319,452 | 356,042 |
Total Liabilities | 2,210,578 | 2,328,067 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $.01 par value; .25 million shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value; 200.0 million shares authorized; 162.8 million shares issued at March 31, 2015 and December 31, 2014 | 1,628 | 1,628 |
Capital in excess of par value | 211,114 | 221,669 |
Retained earnings | 3,434,484 | 3,380,748 |
Accumulated other comprehensive loss | -573,567 | -441,136 |
Treasury stock, at cost, 22.9 million and 21.9 million shares at March 31, 2015 and December 31, 2014, respectively | -900,866 | -841,630 |
Total DENTSPLY International Equity | 2,172,793 | 2,321,279 |
Noncontrolling interests | 1,459 | 919 |
Total Equity | 2,174,252 | 2,322,198 |
Total Liabilities and Equity | $4,384,830 | $4,650,265 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 162,800,000 | 162,800,000 |
Treasury stock, shares | 22,900,000 | 21,900,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $63,954 | $72,920 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 19,311 | 21,370 |
Amortization | 10,906 | 12,569 |
Amortization of deferred financing costs | 1,089 | 1,142 |
Deferred income taxes | 20,172 | -11,505 |
Share-based compensation expense | 4,895 | 5,786 |
Restructuring and other costs - non-cash | 4,832 | 0 |
Stock option income tax benefit | -381 | -69 |
Equity in net loss from unconsolidated affiliates | 4,367 | 290 |
Other non-cash income | -8,005 | -3,405 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts and notes receivable-trade, net | -10,246 | -22,920 |
Inventories, net | -7,431 | -15,180 |
Prepaid expenses and other current assets, net | -5,635 | -5,751 |
Other noncurrent assets, net | -2,511 | 1,465 |
Accounts payable | 5,247 | 8,047 |
Accrued liabilities | -36,258 | -21,901 |
Income taxes | -4,488 | 23,423 |
Other noncurrent liabilities | 5,813 | -1,716 |
Net cash provided by operating activities | 65,631 | 64,565 |
Cash flows from investing activities: | ||
Capital expenditures | -16,243 | -25,322 |
Cash received on derivatives contracts | 8,593 | 864 |
Cash paid on derivatives contracts | 810 | 2,103 |
Expenditures for identifiable intangible assets | -178 | -1,305 |
Purchase of short-term investments | 0 | -1,144 |
Proceeds from sale of property, plant and equipment, net | 91 | 168 |
Net cash used in investing activities | -8,547 | -28,842 |
Cash flows from financing activities: | ||
Increase in short-term borrowings | 160,117 | 64,886 |
Cash paid for treasury stock | -85,009 | -40,395 |
Cash dividends paid | -9,416 | -8,979 |
Cash paid for acquisition of noncontrolling interests of consolidated subsidiary | -80,452 | -33 |
Repayments on long-term borrowings | -100,143 | -75,174 |
Proceeds from exercised stock options | 14,065 | 4,149 |
Excess tax benefits from share-based compensation | 381 | 69 |
Net cash used in financing activities | -100,457 | -55,477 |
Effect of exchange rate changes on cash and cash equivalents | -7,647 | 623 |
Net decrease in cash and cash equivalents | -51,020 | -19,131 |
Cash and cash equivalents at beginning of period | 151,639 | 74,954 |
Cash and cash equivalents at end of period | $100,619 | $55,823 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total DENTSPLY International Equity | Noncontrolling Interests |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2013 | $2,577,974 | $1,628 | $255,272 | $3,095,721 | ($69,062) | ($748,506) | $2,535,053 | $42,921 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 72,920 | 72,878 | 72,878 | 42 | ||||
Other comprehensive loss | -1,001 | -1,073 | -1,073 | 72 | ||||
Acquisition of noncontrolling interest | -87,283 | -40,283 | -5,530 | -45,813 | -41,470 | |||
Exercise of stock options | 4,149 | -533 | 4,682 | 4,149 | ||||
Tax benefit from stock options exercised | 69 | 69 | 69 | |||||
Share based compensation expense | 5,786 | 5,786 | 5,786 | |||||
Funding of Employee Stock Ownership Plan | 5,953 | 1,535 | 4,418 | 5,953 | ||||
Treasury shares purchased | -40,395 | -40,395 | -40,395 | |||||
RSU distributions | -4,180 | -10,461 | 6,281 | -4,180 | ||||
RSU dividends | 82 | -82 | ||||||
Cash dividends ($0.07250 per share) | -9,394 | -9,394 | -9,394 | |||||
Ending Balance at Mar. 31, 2014 | 2,524,598 | 1,628 | 211,467 | 3,159,123 | -75,665 | -773,520 | 2,523,033 | 1,565 |
Beginning Balance at Dec. 31, 2014 | 2,322,198 | 1,628 | 221,669 | 3,380,748 | -441,136 | -841,630 | 2,321,279 | 919 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 63,954 | 63,961 | 63,961 | -7 | ||||
Other comprehensive loss | -131,884 | -132,431 | -132,431 | 547 | ||||
Exercise of stock options | 14,065 | -3,724 | 17,789 | 14,065 | ||||
Tax benefit from stock options exercised | 381 | 381 | 381 | |||||
Share based compensation expense | 4,895 | 4,895 | 4,895 | |||||
Funding of Employee Stock Ownership Plan | 4,727 | 1,077 | 3,650 | 4,727 | ||||
Treasury shares purchased | -88,651 | -88,651 | -88,651 | |||||
RSU distributions | -5,293 | -13,269 | 7,976 | -5,293 | ||||
RSU dividends | 85 | -85 | ||||||
Cash dividends ($0.07250 per share) | -10,140 | -10,140 | -10,140 | |||||
Ending Balance at Mar. 31, 2015 | $2,174,252 | $1,628 | $211,114 | $3,434,484 | ($573,567) | ($900,866) | $2,172,793 | $1,459 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends, per share | $0.07 | $0.07 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES |
The accounting policies of the Company, as applied in the interim consolidated financial statements presented herein are substantially the same as presented in the Company’s Form 10-K for the year ended December 31, 2014, except as may be indicated below: | |
Accounts and Notes Receivable | |
The Company records a provision for doubtful accounts, which is included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. | |
Accounts and notes receivables – trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $8.0 million at March 31, 2015 and $8.8 million at December 31, 2014. | |
Marketable Securities | |
The Company’s marketable securities consist of corporate convertible bonds that are classified as available-for-sale in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets as the instruments mature in December 2015. The Company determined the appropriate classification at the time of purchase and will re-evaluate such designation as of each balance sheet date. In addition, the Company reviews the securities each quarter for indications of possible impairment. If an impairment is identified, the determination of whether the impairment is temporary or other-than-temporary requires significant judgment. The primary factors that the Company considers in making this judgment include the extent and time the fair value of each investment has been below cost and the existence of a credit loss. If a decline in fair value is judged other-than-temporary, the basis of the securities is written down to fair value and the amount of the write-down is included as a realized loss in the Consolidated Statement of Operations. Changes in fair value are reported in accumulated other comprehensive income (“AOCI”). | |
The convertible element of the bonds has not been bifurcated from the underlying bonds as the element does not contain a net-settlement feature, nor would the Company be able to achieve a hypothetical net-settlement that would substantially place the Company in a comparable cash settlement position. As such, the derivative is not accounted for separately from the bond. The cash paid by the Company was equal to the face value of the bonds issued, and therefore, the Company has not recorded any bond premium or discount on acquiring the bonds. The fair value of the bonds was $93.4 million and $57.7 million at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015 and December 31, 2014, a cumulative unrealized holding gain of $39.3 million and $8.5 million, respectively, on available-for-sale securities, net of tax, has been recorded in AOCI. As this investment is held by a euro-denominated subsidiary of the Company, the investment’s value is also impacted by changing foreign currency rates which accounts for the remaining difference between the period end values and the change in cumulative gain. | |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2017. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal has not been ratified. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance | |
In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. | |
In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs ” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carry amount of that debt liability. Retrospective application is required. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. |
STOCK_COMPENSATION
STOCK COMPENSATION | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
STOCK COMPENSATION | STOCK COMPENSATION | |||||||
The following table represents total stock based compensation expense for non-qualified stock options, restricted stock units (“RSU”) and the tax related benefit for the three months ended March 31, 2015 and 2014: | ||||||||
Three Months Ended | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Stock option expense | $ | 1,445 | $ | 1,674 | ||||
RSU expense | 3,136 | 3,719 | ||||||
Total stock based compensation expense | $ | 4,581 | $ | 5,393 | ||||
Total related tax benefit | $ | 1,547 | $ | 1,564 | ||||
For the three months end March 31, 2015 and 2014, stock compensation expense of $4.6 million and $5.4 million, respectively, of which, $4.4 million and $5.2 million, respectively, was recorded in Selling, general and administrative expense and $0.2 million and $0.2 million, respectively, was recorded in Cost of products sold on the Consolidated Statement of Operations. | ||||||||
At March 31, 2015, the remaining unamortized compensation cost related to non-qualified stock options is $14.6 million, which will be expensed over the weighted average remaining vesting period of the options, or approximately 2.0 years. At March 31, 2015, the unamortized compensation cost related to RSU is $29.7 million, which will be expensed over the weighted average remaining restricted period of the RSU, or approximately 1.7 years. |
COMPREHENSIVE_INCOME
COMPREHENSIVE INCOME | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
COMPREHENSIVE INCOME [Abstract] | ||||||||||||||||||||||||
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME | |||||||||||||||||||||||
During the quarter ended March 31, 2015, foreign currency translation adjustments included currency translation losses of $188.6 million and losses on the Company’s loans designated as hedges of net investments of $0.9 million. During the quarter ended March 31, 2014, foreign currency translation adjustments included currency translation gains of $0.8 million and losses of $1.9 million on the Company’s loans designated as hedges of net investments. | ||||||||||||||||||||||||
The cumulative foreign currency translation adjustments included translation losses of $305.6 million and $117.1 million at March 31, 2015 and December 31, 2014, respectively, and losses on loans designated as hedges of net investments of $96.3 million and $95.4 million, respectively. These foreign currency translation adjustments were partially offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives. | ||||||||||||||||||||||||
Changes in AOCI, net of tax, by component for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustments | Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges | Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities | Pension Liability Adjustments | Total | ||||||||||||||||||
Balance at December 31, 2014 | $ | (212,490 | ) | $ | (10,825 | ) | $ | (112,728 | ) | $ | 8,481 | $ | (113,574 | ) | $ | (441,136 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (189,451 | ) | 20,919 | 7,368 | 30,851 | — | (130,313 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (3,535 | ) | — | — | 1,417 | (2,118 | ) | ||||||||||||||||
Net (decrease) increase in other comprehensive income | (189,451 | ) | 17,384 | 7,368 | 30,851 | 1,417 | (132,431 | ) | ||||||||||||||||
Balance at March 31, 2015 | $ | (401,941 | ) | $ | 6,559 | $ | (105,360 | ) | $ | 39,332 | $ | (112,157 | ) | $ | (573,567 | ) | ||||||||
(in thousands) | Foreign Currency Translation Adjustments | Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges | Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities | Pension Liability Adjustments | Total | ||||||||||||||||||
Balance at December 31, 2013 | $ | 140,992 | $ | (21,753 | ) | $ | (151,114 | ) | $ | 12,729 | $ | (49,916 | ) | $ | (69,062 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (1,107 | ) | 642 | (976 | ) | (2,041 | ) | (154 | ) | (3,636 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 2,091 | — | — | 472 | 2,563 | ||||||||||||||||||
Net (decrease) increase in other comprehensive income | (1,107 | ) | 2,733 | (976 | ) | (2,041 | ) | 318 | (1,073 | ) | ||||||||||||||
Foreign currency translation related to acquisition of noncontrolling interests | (5,530 | ) | — | — | — | — | (5,530 | ) | ||||||||||||||||
Balance at March 31, 2014 | $ | 134,355 | $ | (19,020 | ) | $ | (152,090 | ) | $ | 10,688 | $ | (49,598 | ) | $ | (75,665 | ) | ||||||||
Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Details about AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the | ||||||||||||||||||||||
Three Months Ended March 31, | Statements of Operations | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Gains and (losses) on derivative financial instruments: | ||||||||||||||||||||||||
Interest rate swaps | $ | (966 | ) | $ | (926 | ) | Interest expense | |||||||||||||||||
Foreign exchange forward contracts | 3,886 | (1,646 | ) | Cost of products sold | ||||||||||||||||||||
Foreign exchange forward contracts | 162 | (99 | ) | SG&A expenses | ||||||||||||||||||||
Commodity contracts | (129 | ) | (246 | ) | Cost of products sold | |||||||||||||||||||
2,953 | (2,917 | ) | Net loss before tax | |||||||||||||||||||||
582 | 826 | Tax benefit | ||||||||||||||||||||||
$ | 3,535 | $ | (2,091 | ) | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other postemployment benefit items: | ||||||||||||||||||||||||
Amortization of prior service benefits | $ | 34 | $ | 34 | (a) | |||||||||||||||||||
Amortization of net actuarial losses | (2,026 | ) | (719 | ) | (a) | |||||||||||||||||||
(1,992 | ) | (685 | ) | Net loss before tax | ||||||||||||||||||||
575 | 213 | Tax benefit | ||||||||||||||||||||||
$ | (1,417 | ) | $ | (472 | ) | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | 2,118 | $ | (2,563 | ) | |||||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended March 31, 2015 and 2014 (see Note 8, Benefit Plans, for additional details). |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE | |||||||
The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2015 and 2014: | ||||||||
Basic Earnings Per Common Share Computation | Three Months Ended | |||||||
(in thousands, except per share amounts) | 2015 | 2014 | ||||||
Net income attributable to DENTSPLY International | $ | 63,961 | $ | 72,878 | ||||
Weighted average common shares outstanding | 140,296 | 142,053 | ||||||
Earnings per common share - basic | $ | 0.46 | $ | 0.51 | ||||
Diluted Earnings Per Common Share Computation | ||||||||
(in thousands, except per share amounts) | ||||||||
Net income attributable to DENTSPLY International | $ | 63,961 | $ | 72,878 | ||||
Weighted average common shares outstanding | 140,296 | 142,053 | ||||||
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards | 2,508 | 2,400 | ||||||
Total weighted average diluted shares outstanding | 142,804 | 144,453 | ||||||
Earnings per common share - diluted | $ | 0.45 | $ | 0.5 | ||||
The calculation of weighted average diluted shares outstanding excludes options to purchase 1.1 million and 1.5 million shares of common stock that were outstanding during the three months ended March 31, 2015 and 2014, respectively, because their effect would be antidilutive. |
BUSINESS_ACQUISITIONS
BUSINESS ACQUISITIONS | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITIONS | BUSINESS COMBINATIONS |
Effective January 1, 2014, the Company recorded a liability for the contractual purchase of the remaining shares of one variable interest entity. The Company paid this obligation during the first quarter of 2015. |
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | ||||||||
The Company has numerous operating businesses covering a wide range of dental and certain healthcare products and geographic regions, primarily serving the professional dental market. Professional dental products represented approximately 89% and 88% of net sales for the three months ended March 31, 2015 and 2014, respectively. | |||||||||
The operating businesses are combined into operating groups, which generally have overlapping product offerings, geographical presence, customer bases, distribution channels, and regulatory oversight. These operating groups are considered the Company’s reportable segments as the Company’s chief operating decision-maker regularly reviews financial results at the operating group level and uses this information to manage the Company’s operations. The accounting policies of the segments are consistent with those described in the Company’s most recently filed Form 10-K in the summary of significant accounting policies. The Company evaluates performance of the segments based on the groups’ net third party sales, excluding precious metal content, and segment income. The Company defines net third party sales excluding precious metal content as the Company’s net sales excluding the precious metal cost within the products sold, and this is considered a non-US GAAP measure. The Company’s exclusion of precious metal content in the measurement of net third party sales enhances comparability of performance between periods as it excludes the fluctuating market prices of the precious metal content. The Company defines segment income as net operating income after the assignment of certain direct corporate costs and before restructuring and other costs, interest expense, interest income, other expense (income), net and provision for income taxes. A description of the products and services provided within each of the Company’s three reportable segments is provided below. | |||||||||
Significant interdependencies exist among the Company’s operations in certain geographic areas. Inter-segment sales are at prices intended to provide a reasonable profit to the manufacturing unit after recovery of all manufacturing costs and to provide a reasonable profit for purchasing locations after coverage of marketing and general and administrative costs. | |||||||||
During the first quarter of 2015, the Company realigned reporting responsibilities for multiple locations as a result of changes to the management structure. The segment information below reflects the revised structure for all periods shown. | |||||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | |||||||||
This segment includes responsibility for the design and manufacture of the Company’s chairside consumable products. It also has responsibilities for sales and distribution of certain small equipment and chairside consumable products in the United States, Germany and certain other European regions as well as responsibility for the sales and distribution of certain endodontic products in Germany and certain other European regions. In addition, this segment is responsible for the design, manufacture, sales and distribution of most of the Company’s dental laboratory products. This segment is also responsible for the design, manufacture, worldwide distribution and sales of certain non-dental products, excluding urological and surgery-related products | |||||||||
Healthcare, Orthodontic and Implant Businesses | |||||||||
This segment is responsible for the worldwide design, manufacture, sales and distribution of the Company’s healthcare products, primarily urological and surgery-related products, throughout most of the world. This segment also includes responsibility for the design, manufacture, sales and distribution of orthodontic and implant products, in most regions of the world. Additionally, segment is also responsible for the sales and distribution of most of the Company’s other dental products, including most dental consumables within Canada. | |||||||||
Select Developed and Emerging Markets Businesses | |||||||||
This segment has responsibilities for sales and distribution of chairside consumable, endodontic and dental laboratory products within certain European regions, Japan and Australia. This segment also includes the responsibility for the sales and distribution of most of the Company’s dental products, including most dental consumables, sold in Eastern Europe, Middle East, South America, Latin America including Mexico, Asia and Africa. | |||||||||
The following tables set forth information about the Company’s segments for the three months ended March 31, 2015 and 2014: | |||||||||
Third Party Net Sales | |||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 310,316 | $ | 339,281 | |||||
Healthcare, Orthodontic and Implant Businesses | 235,993 | 264,411 | |||||||
Select Developed and Emerging Markets Businesses | 110,011 | 126,422 | |||||||
Total net sales | $ | 656,320 | $ | 730,114 | |||||
Third Party Net Sales, Excluding Precious Metal Content | |||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 292,091 | $ | 305,072 | |||||
Healthcare, Orthodontic and Implant Businesses | 235,810 | 264,204 | |||||||
Select Developed and Emerging Markets Businesses | 103,645 | 119,906 | |||||||
Total net sales, excluding precious metal content | 631,546 | 689,182 | |||||||
Precious metal content of sales | 24,774 | 40,932 | |||||||
Total net sales, including precious metal content | $ | 656,320 | $ | 730,114 | |||||
Inter-segment Net Sales | |||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 83,889 | $ | 89,458 | |||||
Healthcare, Orthodontic and Implant Businesses | 1,774 | 2,461 | |||||||
Select Developed and Emerging Markets Businesses | 2,876 | 3,517 | |||||||
All Other (a) | 53,886 | 60,785 | |||||||
Eliminations | (142,425 | ) | (156,221 | ) | |||||
Total | $ | — | $ | — | |||||
(a) Includes amounts recorded at one distribution warehouse not managed by named segments. | |||||||||
Segment Operating Income (Loss) | |||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 103,407 | $ | 106,769 | |||||
Healthcare, Orthodontic and Implant Businesses | 26,529 | 24,524 | |||||||
Select Developed and Emerging Markets Businesses | (3,886 | ) | (1,292 | ) | |||||
Segment operating income | 126,050 | 130,001 | |||||||
Reconciling Items (income) expense: | |||||||||
All Other (b) | 22,915 | 23,638 | |||||||
Restructuring and other costs | 5,426 | 793 | |||||||
Interest expense | 10,668 | 10,955 | |||||||
Interest income | (742 | ) | (1,435 | ) | |||||
Other expense (income), net | 609 | 388 | |||||||
Income before income taxes | $ | 87,174 | $ | 95,662 | |||||
(b) Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments. | |||||||||
Assets | |||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 1,339,795 | $ | 1,358,018 | |||||
Healthcare, Orthodontic and Implant Businesses | 2,456,208 | 2,655,622 | |||||||
Select Developed and Emerging Markets Businesses | 341,380 | 369,844 | |||||||
All Other (c) | 247,447 | 266,781 | |||||||
Total | $ | 4,384,830 | $ | 4,650,265 | |||||
(c) Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments. |
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
Inventories are stated at the lower of cost or market. The cost of inventories determined by the last-in, first-out (“LIFO”) method at March 31, 2015 and December 31, 2014 were $7.0 million and $6.3 million, respectively. The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods. If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at March 31, 2015 and December 31, 2014 by $6.3 million and $6.1 million, respectively. | ||||||||
Inventories, net of inventory valuation reserves, consist of the following: | ||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Finished goods | $ | 249,800 | $ | 253,333 | ||||
Work-in-process | 59,499 | 58,329 | ||||||
Raw materials and supplies | 70,799 | 75,433 | ||||||
Inventories, net | $ | 380,098 | $ | 387,095 | ||||
The inventory valuation reserves were $34.0 million and $34.1 million at March 31, 2015 and December 31, 2014, respectively. |
BENEFIT_PLANS
BENEFIT PLANS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||
BENEFIT PLANS | BENEFIT PLANS | |||||||
The following sets forth the components of net periodic benefit cost of the Company’s defined benefit plans and for the Company’s other postemployment benefit plans for the three months ended March 31, 2015 and 2014: | ||||||||
Defined Benefit Plans | Three Months Ended | |||||||
(in thousands) | 2015 | 2014 | ||||||
Service cost | $ | 4,348 | $ | 3,552 | ||||
Interest cost | 1,854 | 2,866 | ||||||
Expected return on plan assets | (1,378 | ) | (1,387 | ) | ||||
Amortization of prior service credit | (34 | ) | (34 | ) | ||||
Amortization of net actuarial loss | 1,984 | 707 | ||||||
Net periodic benefit cost | $ | 6,774 | $ | 5,704 | ||||
Other Postemployment Benefit Plans | Three Months Ended | |||||||
(in thousands) | 2015 | 2014 | ||||||
Service cost | $ | 89 | $ | 44 | ||||
Interest cost | 144 | 140 | ||||||
Amortization of net actuarial loss | 42 | 12 | ||||||
Net periodic benefit cost | $ | 275 | $ | 196 | ||||
The following sets forth the information related to the contributions to the Company’s benefit plans for 2015: | ||||||||
(in thousands) | Pension | Other | ||||||
Benefits | Postemployment Benefits | |||||||
Actual contributions through March 31, 2015 | $ | 2,899 | $ | 123 | ||||
Projected contributions for the remainder of the year | 8,405 | 518 | ||||||
Total projected contributions | $ | 11,304 | $ | 641 | ||||
RESTRUCTURING_AND_OTHER_COSTS
RESTRUCTURING AND OTHER COSTS | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
RESTRUCTURING AND OTHER COSTS | RESTRUCTURING AND OTHER COSTS | |||||||||||||||||||
Restructuring Costs | ||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company recorded net restructuring costs and other costs of $5.4 million and $0.8 million, respectively. These costs are recorded in “Restructuring and other costs” in the Consolidated Statements of Operations and the associated liabilities are recorded in “Accrued liabilities” in the Consolidated Balance Sheets. | ||||||||||||||||||||
At March 31, 2015, the Company’s restructuring accruals were as follows: | ||||||||||||||||||||
Severance | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | 2015 Plans | Total | ||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 951 | $ | 5,062 | $ | — | $ | 6,013 | ||||||||||||
Provisions | 84 | 193 | 5,083 | 5,360 | ||||||||||||||||
Amounts applied | (583 | ) | (2,267 | ) | (390 | ) | (3,240 | ) | ||||||||||||
Change in estimates | (76 | ) | (7 | ) | — | (83 | ) | |||||||||||||
Balance at March 31, 2015 | $ | 376 | $ | 2,981 | $ | 4,693 | $ | 8,050 | ||||||||||||
Lease/Contract Terminations | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | Total | |||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 535 | $ | 1,636 | $ | 2,171 | ||||||||||||||
Provisions | — | 4 | 4 | |||||||||||||||||
Amounts applied | (72 | ) | (266 | ) | (338 | ) | ||||||||||||||
Change in estimates | — | (20 | ) | (20 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 463 | $ | 1,354 | $ | 1,817 | ||||||||||||||
Other Restructuring Costs | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | 2015 Plans | Total | ||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 25 | $ | 1,049 | $ | — | $ | 1,074 | ||||||||||||
Provisions | — | 65 | 158 | 223 | ||||||||||||||||
Amounts applied | — | (642 | ) | (53 | ) | (695 | ) | |||||||||||||
Balance at March 31, 2015 | $ | 25 | $ | 472 | $ | 105 | $ | 602 | ||||||||||||
The following table provides the year-to-date changes in the restructuring accruals by segment: | ||||||||||||||||||||
(in thousands) | December 31, | Provisions | Amounts | Change in Estimates | March 31, 2015 | |||||||||||||||
2014 | Applied | |||||||||||||||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 5,272 | $ | 489 | $ | (1,626 | ) | $ | — | $ | 4,135 | |||||||||
Healthcare, Orthodontic and Implant Businesses | 3,828 | 4,850 | (2,558 | ) | (103 | ) | 6,017 | |||||||||||||
Select Developed and Emerging Markets Businesses | 91 | 196 | (17 | ) | — | 270 | ||||||||||||||
All Other | 67 | 52 | (72 | ) | — | 47 | ||||||||||||||
Total | $ | 9,258 | $ | 5,587 | $ | (4,273 | ) | $ | (103 | ) | $ | 10,469 | ||||||||
FINANCIAL_INSTRUMENTS_AND_DERI
FINANCIAL INSTRUMENTS AND DERIVATIVES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Financial Instrument and Derivatives | FINANCIAL INSTRUMENTS AND DERIVATIVES | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
The Company’s activities expose it to a variety of market risks, which primarily include the risks related to the effects of changes in foreign currency exchange rates, interest rates and commodity prices. These financial exposures are monitored and managed by the Company as part of its overall risk management program. The objective of this risk management program is to reduce the volatility that these market risks may have on the Company’s operating results and equity. The Company employs derivative financial instruments to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. Additionally, the Company utilizes interest rate swaps to convert variable rate debt to fixed rate debt and to convert fixed rate debt to variable rate debt, cross currency basis swaps to convert debt denominated in one currency to another currency and commodity swaps to fix certain variable raw material costs. | |||||||||||||||||||||||||
Derivative Instruments Designated as Hedging | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table: | |||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 326,793 | $ | 247,247 | |||||||||||||||||||||
Interest rate swaps | 171,511 | — | |||||||||||||||||||||||
Commodity contracts | 2,203 | 2,203 | |||||||||||||||||||||||
Total derivative instruments designated as cash flow hedges | $ | 500,507 | $ | 249,450 | |||||||||||||||||||||
Foreign Exchange Risk Management | |||||||||||||||||||||||||
The Company uses a layered hedging program to hedge select anticipated foreign currency cash flows to reduce volatility in both cash flows and reported earnings of the consolidated Company. The Company accounts for the designated foreign exchange forward contracts as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the foreign exchange forward contracts. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded on the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Other expense (income), net” on the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities on the Consolidated Statements of Cash Flows. The Company hedges various currencies, with the most significant activity occurring in euros, Swedish kronor, Canadian dollars, and Swiss francs. | |||||||||||||||||||||||||
These foreign exchange forward contracts generally have maturities up to 18 months and the counterparties to the transactions are typically large international financial institutions. | |||||||||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||||||||
The Company uses interest rate swaps to convert a portion of its variable interest rate debt to fixed interest rate debt. At March 31, 2015, the Company has two significant exposures hedged with interest rate contracts. One exposure is hedged with derivative contracts having notional amounts totaling 12.6 billion Japanese yen, which effectively converts the underlying variable interest rate debt facility to a fixed interest rate of 0.9% for a term of five years ending September 2019. Another exposure hedged with derivative contracts has a notional amount of 65.0 million Swiss francs, and effectively converts the underlying variable interest rate of a Swiss franc denominated loan to a fixed interest rate of 0.7% for an initial term of five years, ending in September 2016. | |||||||||||||||||||||||||
The Company enters into interest rate swap contracts infrequently as they are only used to manage interest rate risk on long-term debt instruments and not for speculative purposes. Any cash flows associated with these instruments are included in cash from operating activities on the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||
Commodity Risk Management | |||||||||||||||||||||||||
The Company enters into precious metal commodity swap contracts to effectively fix certain variable raw material costs typically for up to 18 months. These swaps are used to stabilize the cost of components used in the production of certain of the Company’s products. The Company generally accounts for the commodity swaps as cash flow hedges. As a result, the Company records the fair value of the contracts primarily through AOCI based on the tested effectiveness of the commodity swaps. The Company measures the effectiveness of cash flow hedges of anticipated transactions on a spot-to-spot basis rather than on a forward-to-forward basis. Accordingly, the spot-to-spot change in the derivative fair value will be deferred in AOCI and released and recorded on the Consolidated Statements of Operations in the same period that the hedged transaction is recorded. The time value component of the fair value of the derivative is deemed ineffective and is reported currently in “Interest expense” on the Consolidated Statements of Operations in the period which it is applicable. Any cash flows associated with these instruments are included in cash from operating activities on the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||
The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Effective Portion Reclassified from AOCI into Income (Expense) | Ineffective Portion Recognized in Income (Expense) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Interest rate swaps | $ | (1,182 | ) | Interest expense | $ | (966 | ) | $ | — | ||||||||||||||||
Foreign exchange forward contracts | 24,087 | Cost of products sold | 3,886 | — | |||||||||||||||||||||
Foreign exchange forward contracts | 463 | SG&A expenses | 162 | — | |||||||||||||||||||||
Commodity contracts | — | Cost of products sold | (129 | ) | — | ||||||||||||||||||||
Ineffective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | — | Other expense (income), net | — | 327 | |||||||||||||||||||||
Commodity contracts | — | Interest expense | — | (4 | ) | ||||||||||||||||||||
Total in cash flow hedging | $ | 23,368 | $ | 2,953 | $ | 323 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Effective Portion Reclassified from AOCI into Income (Expense) | Ineffective Portion Recognized in Income (Expense) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Interest rate swaps | $ | (387 | ) | Interest expense | $ | (926 | ) | $ | — | ||||||||||||||||
Foreign exchange forward contracts | 1,067 | Cost of products sold | (1,646 | ) | — | ||||||||||||||||||||
Foreign exchange forward contracts | (10 | ) | SG&A expenses | (99 | ) | — | |||||||||||||||||||
Commodity contracts | 101 | Cost of products sold | (246 | ) | — | ||||||||||||||||||||
Ineffective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | — | Other expense (income), net | — | 106 | |||||||||||||||||||||
Commodity contracts | — | Interest expense | — | (13 | ) | ||||||||||||||||||||
Total for cash flow hedging | $ | 771 | $ | (2,917 | ) | $ | 93 | ||||||||||||||||||
Overall, the derivatives designated as cash flow hedges are considered to be highly effective. At March 31, 2015, the Company expects to reclassify $14.9 million of deferred net gains on cash flow hedges recorded in AOCI to the Consolidated Statements of Operations during the next 12 months. This reclassification is primarily due to the sale of inventory that includes hedged purchases and recognized interest expense on interest rate swaps. The term over which the Company is hedging exposures to variability of cash flows (for all forecasted transactions, excluding interest payments on variable interest rate debt) is typically 18 months. | |||||||||||||||||||||||||
For the rollforward of derivative instruments designated as cash flow hedges in AOCI see Note 3, Comprehensive Income. | |||||||||||||||||||||||||
Hedges of Net Investments in Foreign Operations | |||||||||||||||||||||||||
The Company has significant investments in foreign subsidiaries the most significant of which are denominated in euros, Swiss francs, Japanese yen and Swedish kronor. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company employs both derivative and non-derivative financial instruments to hedge a portion of this exposure . The derivative instruments consist of foreign exchange forward contracts and cross currency basis swaps. The non-derivative instruments consist of foreign currency denominated debt held at the parent company level. Translation gains and losses related to the net assets of the foreign subsidiaries are offset by gains and losses in derivative and non-derivative financial instruments designated as hedges of net investments, which are included in AOCI. Any cash flows associated with these instruments are included in investing activities on the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case all cash flows will be classified as financing activities on the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||
The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | |||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 406,194 | $ | 228,340 | |||||||||||||||||||||
The fair value of the cross currency basis swaps and foreign exchange forward contracts is the estimated amount the Company would receive or pay at the reporting date, taking into account the effective interest rates, cross currency swap basis rates and foreign exchange rates. The effective portion of the change in the value of these derivatives is recorded in AOCI, net of tax effects. | |||||||||||||||||||||||||
The following tables summarize the amount of gains (losses) recorded in AOCI on the Consolidated Balance Sheets and other income (expense) on the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 12,499 | Other expense (income), net | $ | (336 | ) | |||||||||||||||||||
Total for net investment hedging | $ | 12,499 | $ | (336 | ) | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Cross currency basis swaps | $ | (4,660 | ) | Interest income | $ | 677 | |||||||||||||||||||
Interest expense | 541 | ||||||||||||||||||||||||
Foreign exchange forward contracts | 3,068 | Other expense (income), net | 248 | ||||||||||||||||||||||
Total for net investment hedging | $ | (1,592 | ) | $ | 1,466 | ||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||
The Company uses interest rate swaps to convert a portion of its fixed interest rate debt to variable interest rate debt. The Company has a group of U.S. dollar denominated interest rate swaps with an initial total notional value of $150.0 million to effectively convert the underlying fixed interest rate of 4.1% on the Company’s $250.0 million Private Placement Notes (“PPN”) to variable rate for an initial term of five years, ending February 2016. The notional value of the swaps will decline proportionately as portions of the PPN mature. These interest rate swaps are designated as fair value hedges of the interest rate risk associated with the hedged portion of the fixed rate PPN. Accordingly, the Company will carry the portion of the hedged debt at fair value, with the change in debt and swaps offsetting each other on the Consolidated Statements of Operations. Any cash flows associated with these instruments are included in operating activities on the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||
The following table summarizes the notional amounts of fair value hedges by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | |||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Interest rate swaps | $ | 45,000 | $ | 45,000 | |||||||||||||||||||||
The following tables summarize the amount of income (expense) recorded on the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Consolidated Statements of Operations Location | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 118 | $ | 87 | ||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | |||||||||||||||||||||||||
The Company enters into derivative instruments with the intent to partially mitigate the foreign exchange revaluation risk associated with recorded assets and liabilities that are denominated in a non-functional currency. The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances and are recorded in “Other expense (income), net” on the Consolidated Statements of Operations. The Company primarily uses foreign exchange forward contracts and cross currency basis swaps to hedge these risks. Any cash flows associated with the foreign exchange forward contracts and interest rate swaps not designated as hedges are included in cash from operating activities on the Consolidated Statements of Cash Flows. Any cash flows associated with the cross currency basis swaps not designated as hedges are included in investing activities on the Consolidated Statements of Cash Flows except for derivative instruments that include an other-than-insignificant financing element, in which case the cash flows will be classified as financing activities on the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||
The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | |||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 460,653 | $ | 460,653 | |||||||||||||||||||||
Interest rate swaps | 2,327 | 776 | |||||||||||||||||||||||
Cross currency basis swaps | 16,853 | 16,853 | |||||||||||||||||||||||
Total for instruments not designated as hedges | $ | 479,833 | $ | 478,282 | |||||||||||||||||||||
The Company maintains Swiss franc denominated cross currency basis swaps to offset an intercompany Swiss franc note receivable at a U.S. dollar functional entity. The hedge declines each quarter to coincide with expected repayments of the note. At March 31, 2015, the remaining notional value of the cross currency swaps was 16.4 million Swiss francs. | |||||||||||||||||||||||||
The following table summarizes the amounts of gains (losses) recorded on the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Consolidated Statements of Operations Location | Gain (Loss) Recognized | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Foreign exchange forward contracts (a) | Other expense (income), net | $ | 8,584 | $ | (4,441 | ) | |||||||||||||||||||
DIO equity option contracts | Other expense (income), net | 5 | (228 | ) | |||||||||||||||||||||
Interest rate swaps | Interest expense | (3 | ) | (11 | ) | ||||||||||||||||||||
Cross currency basis swaps (a) | Other expense (income), net | (1,222 | ) | 825 | |||||||||||||||||||||
Total for instruments not designated as hedges | $ | 7,364 | $ | (3,855 | ) | ||||||||||||||||||||
(a) The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in “Other expense (income), net” on the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Consolidated Balance Sheets Location of Derivative Fair Values | |||||||||||||||||||||||||
The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Prepaid | Other | Accrued | Other | |||||||||||||||||||||
Expenses | Noncurrent | Liabilities | Noncurrent | ||||||||||||||||||||||
and Other | Assets, Net | Liabilities | |||||||||||||||||||||||
Designated as Hedges | Current Assets, Net | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 51,040 | $ | 11,039 | $ | 2,077 | $ | 638 | |||||||||||||||||
Commodity contracts | — | — | 169 | — | |||||||||||||||||||||
Interest rate swaps | 472 | 336 | 1,165 | 1,040 | |||||||||||||||||||||
Total | $ | 51,512 | $ | 11,375 | $ | 3,411 | $ | 1,678 | |||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 10,884 | $ | — | $ | 4,160 | $ | — | |||||||||||||||||
DIO equity option contracts | — | — | — | 97 | |||||||||||||||||||||
Interest rate swaps | — | — | 54 | 94 | |||||||||||||||||||||
Cross currency basis swaps | 700 | — | — | — | |||||||||||||||||||||
Total | $ | 11,584 | $ | — | $ | 4,214 | $ | 191 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Prepaid | Other | Accrued | Other | |||||||||||||||||||||
Expenses | Noncurrent | Liabilities | Noncurrent | ||||||||||||||||||||||
and Other | Assets, Net | Liabilities | |||||||||||||||||||||||
Designated as Hedges | Current Assets, Net | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 28,036 | $ | 12,542 | $ | 2,740 | $ | 1,707 | |||||||||||||||||
Commodity contracts | — | — | 233 | — | |||||||||||||||||||||
Interest rate swaps | 617 | 135 | 575 | 377 | |||||||||||||||||||||
Total | $ | 28,653 | $ | 12,677 | $ | 3,548 | $ | 2,084 | |||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 4,798 | $ | — | $ | 4,764 | $ | — | |||||||||||||||||
DIO equity option contracts | — | — | — | 115 | |||||||||||||||||||||
Interest rate swaps | — | — | 63 | 129 | |||||||||||||||||||||
Cross currency basis swaps | 2,683 | — | — | — | |||||||||||||||||||||
Total | $ | 7,481 | $ | — | $ | 4,827 | $ | 244 | |||||||||||||||||
Balance Sheet Offsetting | |||||||||||||||||||||||||
Substantially all of the Company’s derivative contracts are subject to netting arrangements, whereby the right to offset occurs in the event of default or termination in accordance with the terms of the arrangements with the counterparty. While these contracts contain the enforceable right to offset through netting arrangements with the same counterparty, the Company elects to present them on a gross basis on the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Offsetting of financial assets and liabilities under netting arrangements at March 31, 2015: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 72,963 | $ | — | $ | 72,963 | $ | (8,748 | ) | $ | — | $ | 64,215 | ||||||||||||
Interest rate swaps | 808 | — | 808 | (185 | ) | — | 623 | ||||||||||||||||||
Cross currency basis swaps | 700 | — | 700 | (147 | ) | — | 553 | ||||||||||||||||||
Total Assets | $ | 74,471 | $ | — | $ | 74,471 | $ | (9,080 | ) | $ | — | $ | 65,391 | ||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 6,875 | $ | — | $ | 6,875 | $ | (6,875 | ) | $ | — | $ | — | ||||||||||||
Commodity contracts | 169 | — | 169 | — | — | 169 | |||||||||||||||||||
DIO equity option contracts | 97 | — | 97 | — | — | 97 | |||||||||||||||||||
Interest rate swaps | 2,353 | — | 2,353 | (2,205 | ) | — | 148 | ||||||||||||||||||
Total Liabilities | $ | 9,494 | $ | — | $ | 9,494 | $ | (9,080 | ) | $ | — | $ | 414 | ||||||||||||
Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 45,377 | $ | — | $ | 45,377 | $ | (7,797 | ) | $ | — | $ | 37,580 | ||||||||||||
Interest rate swaps | 751 | — | 751 | (274 | ) | — | 477 | ||||||||||||||||||
Cross currency basis swaps | 2,683 | — | 2,683 | (1,067 | ) | — | 1,616 | ||||||||||||||||||
Total Assets | $ | 48,811 | $ | — | $ | 48,811 | $ | (9,138 | ) | $ | — | $ | 39,673 | ||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 9,208 | $ | — | $ | 9,208 | $ | (8,186 | ) | $ | — | $ | 1,022 | ||||||||||||
Commodity contracts | 235 | — | 235 | — | — | 235 | |||||||||||||||||||
DIO equity option contracts | 115 | — | 115 | — | — | 115 | |||||||||||||||||||
Interest rate swaps | 1,145 | — | 1,145 | (952 | ) | — | 193 | ||||||||||||||||||
Total Liabilities | $ | 10,703 | $ | — | $ | 10,703 | $ | (9,138 | ) | $ | — | $ | 1,565 | ||||||||||||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT | |||||||||||||||
The Company records financial instruments at fair value with unrealized gains and losses related to certain financial instruments reflected in AOCI on the Consolidated Balance Sheets. In addition, the Company recognizes certain liabilities at fair value. The Company applies the market approach for recurring fair value measurements. Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | ||||||||||||||||
The fair value of financial instruments is determined by reference to various market data and other valuation techniques as appropriate. The Company believes the carrying amounts of cash and cash equivalents, accounts receivable (net of allowance for doubtful accounts), prepaid expenses and other current assets, accounts payable, accrued liabilities, income taxes payable and notes payable approximate fair value due to the short-term nature of these instruments. The Company estimated the fair value and carrying value of total long-term debt, including the current portion, was $1,190.8 million and $1,163.6 million, respectively at March 31, 2015. At December 31, 2014, the Company estimated the fair value and carrying value, including the current portion, was $1,290.0 million and $1,262.7 million, respectively. The interest rate on the $450.0 million Senior Notes, the $300.0 million Senior Notes, and the $250.0 million PPN are fixed rates of 4.1%, 2.8% and 4.1%, respectively, and their fair value is based on the interest rates as of March 31, 2015. The interest rates on variable rate term loan debt and commercial paper are consistent with current market conditions, therefore the fair value of these instruments approximates their carrying values. | ||||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2015 and December 31, 2014, which are classified as “Cash and cash equivalents,” “Prepaid expenses and other current assets, net,” “Other noncurrent assets, net,” “Accrued liabilities,” and “Other noncurrent liabilities” in the Consolidated Balance Sheets. Financial assets and liabilities that are recorded at fair value as of the balance sheet date are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Interest rate swaps | $ | 808 | $ | — | $ | 808 | $ | — | ||||||||
Cross currency basis swaps | 700 | — | 700 | — | ||||||||||||
Foreign exchange forward contracts | 72,963 | — | 72,963 | — | ||||||||||||
DIO Corporation convertible bonds | 93,394 | — | — | 93,394 | ||||||||||||
Total assets | $ | 167,865 | $ | — | $ | 74,471 | $ | 93,394 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 2,353 | $ | — | $ | 2,353 | $ | — | ||||||||
Commodity contracts | 169 | — | 169 | — | ||||||||||||
Foreign exchange forward contracts | 6,875 | — | 6,875 | — | ||||||||||||
Long-term debt | 45,474 | — | 45,474 | — | ||||||||||||
DIO equity option contracts | 97 | — | — | 97 | ||||||||||||
Total liabilities | $ | 54,968 | $ | — | $ | 54,871 | $ | 97 | ||||||||
December 31, 2014 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Interest rate swaps | $ | 752 | $ | — | $ | 752 | $ | — | ||||||||
Cross currency basis swaps | 2,683 | — | 2,683 | — | ||||||||||||
Foreign exchange forward contracts | 45,376 | — | 45,376 | — | ||||||||||||
DIO Corporation convertible bonds | 57,698 | — | — | 57,698 | ||||||||||||
Total assets | $ | 106,509 | $ | — | $ | 48,811 | $ | 57,698 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 1,144 | $ | — | $ | 1,144 | $ | — | ||||||||
Commodity contracts | 233 | — | 233 | — | ||||||||||||
Foreign exchange forward contracts | 9,211 | — | 9,211 | — | ||||||||||||
Long-term debt | 106,023 | — | 106,023 | — | ||||||||||||
DIO equity option contracts | 115 | — | — | 115 | ||||||||||||
Total liabilities | $ | 116,726 | $ | — | $ | 116,611 | $ | 115 | ||||||||
Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, future commodities prices and credit risks. As discussed in Note 10, Financial Instruments and Derivatives, commodity contracts, certain interest rate swaps and foreign exchange forward contracts are considered cash flow hedges. In addition, certain cross currency basis swaps and foreign exchange forward contracts are considered hedges of net investments in foreign operations. | ||||||||||||||||
The Company uses the income method valuation technique to estimate the fair value of the DIO Corporation convertible bonds. The significant unobservable inputs for valuing the corporate bonds are both the DIO Corporation’s stock volatility factor of approximately 26% and corporate bond rating which implies approximately a 9.2% discount rate on the valuation model. Significant observable inputs used to value the corporate bonds include foreign exchange rates and DIO Corporation’s period-ending market stock price. | ||||||||||||||||
The Company has valued the DIO equity option contracts using a Monte Carlo simulation which uses several estimates and probability assumptions by management including the future stock price, the stock price as a multiple of DIO earnings and the probability of the sellers to reduce their shares held by selling into the open market. The fair value of equity option contracts are reported in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets and changes in the fair value are reported in “Other expense (income), net” in the Consolidated Statements of Operations. | ||||||||||||||||
The following table presents a rollforward of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs: | ||||||||||||||||
(in thousands) | DIO Corporation | DIO Equity | ||||||||||||||
Convertible | Options | |||||||||||||||
Bonds | Contracts | |||||||||||||||
Balance at December 31, 2014 | $ | 57,698 | $ | (115 | ) | |||||||||||
Unrealized gain: | ||||||||||||||||
Reported in AOCI, pretax | 44,499 | 5 | ||||||||||||||
Effects of exchange rate changes | (8,803 | ) | 13 | |||||||||||||
Balance at March 31, 2015 | $ | 93,394 | $ | (97 | ) | |||||||||||
For the three months ended March 31, 2015, there were no purchases, issuances or transfers of Level 3 financial instruments. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES |
Uncertainties in Income Taxes | |
The Company recognizes in the interim consolidated financial statements, the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. | |
It is reasonably possible that certain amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date of the Company’s interim consolidated financial statements. Final settlement and resolution of outstanding tax matters in various jurisdictions during the next twelve months could include unrecognized tax benefits of approximately $2.3 million. Of this total, approximately $0.9 million represents the amount of unrecognized tax benefits that, if recognized would affect the effective income tax rate. In addition, expiration of statutes of limitation in various jurisdictions during the next 12 months could include unrecognized tax benefits of approximately $0.4 million. | |
Other Tax Matters | |
For the three months ended March 31, 2015, the Company recorded a tax benefit of $0.3 million related to prior year tax matters. For the three months ended March 31, 2014, the Company recorded $1.6 million of tax expense related to prior year tax matters. |
FINANCING_ARRANGEMENTS
FINANCING ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS |
During the quarter ended March 31, 2015, the Company paid the second required payment of $100.0 million under the Private Placement Notes “PPN” by issuing commercial paper. The final required payment of $75.0 million due in February 2016 has been classified as current on the Consolidated Balance Sheets. | |
The second annual installment under the terms of the PNC Term Loan in the amount of $8.8 million will be due in August 2015 and has been classified as current on the Consolidated Balance Sheets. | |
At March 31, 2015, there was $160.0 million in outstanding borrowings, in the form of issued commercial paper, under the current $500.0 million multi-currency revolving credit facility and is classified as current on the Consolidated Balance Sheets. | |
The Company’s revolving credit facility, term loans and PPN contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At March 31, 2015, the Company was in compliance with all debt covenants. | |
At March 31, 2015, the Company had $395.6 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit agreement. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||
A reconciliation of changes in the Company’s goodwill is as follows: | ||||||||||||||||||||||||
(in thousands) | Dental Consumables, Endodontic and Dental Laboratory Businesses | Healthcare, Orthodontic and Implant Businesses | Select Developed and Emerging Markets Businesses | Total | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 565,714 | $ | 1,394,398 | $ | 129,227 | $ | 2,089,339 | ||||||||||||||||
Effects of exchange rate changes | (8,541 | ) | (117,041 | ) | (10,486 | ) | (136,068 | ) | ||||||||||||||||
Balance at March 31, 2015 | $ | 557,173 | $ | 1,277,357 | $ | 118,741 | $ | 1,953,271 | ||||||||||||||||
Identifiable definite-lived and indefinite-lived intangible assets consist of the following: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Patents | $ | 170,790 | $ | (94,380 | ) | $ | 76,410 | $ | 175,186 | $ | (95,526 | ) | $ | 79,660 | ||||||||||
Trademarks | 72,396 | (38,854 | ) | 33,542 | 75,645 | (37,053 | ) | 38,592 | ||||||||||||||||
Licensing agreements | 33,699 | (23,002 | ) | 10,697 | 34,638 | (22,806 | ) | 11,832 | ||||||||||||||||
Customer relationships | 421,806 | (104,586 | ) | 317,220 | 452,882 | (104,703 | ) | 348,179 | ||||||||||||||||
Total definite-lived | $ | 698,691 | $ | (260,822 | ) | $ | 437,869 | $ | 738,351 | $ | (260,088 | ) | $ | 478,263 | ||||||||||
Indefinite-lived Trademarks and In-process R&D | $ | 175,588 | $ | — | $ | 175,588 | $ | 192,577 | $ | — | $ | 192,577 | ||||||||||||
Total identifiable intangible assets | $ | 874,279 | $ | (260,822 | ) | $ | 613,457 | $ | 930,928 | $ | (260,088 | ) | $ | 670,840 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Litigation | |
On June 18, 2004, Marvin Weinstat, DDS and Richard Nathan, DDS filed a class action suit in San Francisco County, California alleging that the Company misrepresented that its Cavitron® ultrasonic scalers are suitable for use in oral surgical procedures. The Complaint seeks a recall of the product and refund of its purchase price to dentists who have purchased it for use in oral surgery. The Court certified the case as a class action in June 2006 with respect to the breach of warranty and unfair business practices claims. The class that was certified is defined as California dental professionals who, at any time during the period beginning June 18, 2000 through September 14, 2012, purchased and used one or more Cavitron® ultrasonic scalers for the performance of oral surgical procedures on their patients, which Cavitrons® were accompanied by Directions for Use that “Indicated” Cavitron® use for “periodontal debridement for all types of periodontal disease.” The case went to trial in September 2013, and on January 22, 2014, the San Francisco Superior Court issued its decision in the Company’s favor, rejecting all of the plaintiffs’ claims. The plaintiffs have appealed the Superior Court’s decision, and the appeal is now pending. The Company is defending against this appeal. | |
On December 12, 2006, a Complaint was filed by Carole Hildebrand, DDS and Robert Jaffin, DDS in the Eastern District of Pennsylvania (the Plaintiffs subsequently added Dr. Mitchell Goldman as a named class representative). The case was filed by the same law firm that filed the Weinstat case in California. The Complaint asserts putative class action claims on behalf of dentists located in New Jersey and Pennsylvania. The Complaint seeks damages and asserts that the Company’s Cavitron® ultrasonic scaler was negligently designed and sold in breach of contract and warranty arising from misrepresentations about the potential uses of the product because it cannot assure the delivery of potable or sterile water. Following grant of a Company Motion and dismissal of the case for lack of jurisdiction, the plaintiffs filed a second complaint under the name of Dr. Hildebrand’s corporate practice, Center City Periodontists, asserting the same allegations (this case is now proceeding under the name “Center City Periodontists”). The plaintiffs moved to have the case certified as a class action, to which the Company has objected and filed its brief. The Court subsequently granted a Motion filed by the Company and dismissed plaintiffs’ New Jersey Consumer Fraud and negligent design claims, leaving only a breach of express warranty claim, in response to which the Company has filed a Motion for Summary Judgment. The Court has rescheduled a hearing to early May 2015 on plaintiffs’ class certification motion. | |
On January 20, 2014, the Company was served with a qui tam complaint filed by two former and one current employee of the Company under the Federal False Claims Act and equivalent state and city laws. The lawsuit was previously under seal in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges, among other things, that the Company engaged in various illegal marketing activities, and thereby caused dental and other healthcare professionals to file false claims for reimbursement with Federal and State governments. The relators seek injunctive relief, fines, treble damages, and attorneys’ fees and costs. On January 27, 2014, the United States filed with the Court a notice that it had elected not to intervene in the qui tam action at this time. The United States’ notice indicated that the named state and city co-plaintiffs had authorized the United States to communicate to the Court that they also had decided not to intervene at this time. These non-intervention decisions do not prevent the qui tam relators from litigating this action, and the United States and/or the named states and/or cities may seek to intervene in the action at a later time. On September 4, 2014, the Company’s motion to dismiss the complaint was granted in part and denied in part. The Company intends to vigorously defend itself in the litigation. | |
The Company does not believe a loss is probable related to the above litigation. Further a reasonable estimate of a possible range of loss cannot be made. In the event that one or more of these matters is unfavorably resolved, it is possible the Company’s results from operations could be materially impacted. | |
In 2012, the Company received subpoenas from the United States Attorney’s Office for the Southern District of Indiana (the “USAO”) and from the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) requesting documents and information related to compliance with export controls and economic sanctions regulations by certain of its subsidiaries. The Company has voluntarily contacted OFAC and the Bureau of Industry and Security of the United States Department of Commerce (“BIS”), in connection with these matters as well as regarding compliance with export controls and economic sanctions regulations by certain other business units of the Company identified in connection with an internal review by the Company. In August 2014, the Company entered into a tolling agreement with OFAC, under which the statute of limitations for any violations by the Company is tolled until September 1, 2015. The Company is cooperating with the USAO, OFAC and BIS with respect to these matters. | |
At this stage of the inquiries, the Company is unable to predict the ultimate outcome of these matters or what impact, if any, the outcome of these matters might have on the Company’s consolidated financial position, results of operations or cash flows. Violations of export control or economic sanctions laws or regulations could result in a range of governmental enforcement actions, including fines or penalties, injunctions and/or criminal or other civil proceedings, which actions could have a material adverse effect on the Company’s reputation, business, financial condition and results of operations. At this time, no claims have been made against the Company. | |
In addition to the matters disclosed above, the Company is, from time to time, subject to a variety of litigation and similar proceedings incidental to its business. These legal matters primarily involve claims for damages arising out of the use of the Company’s products and services and claims relating to intellectual property matters including patent infringement, employment matters, tax matters, commercial disputes, competition and sales and trading practices, personal injury and insurance coverage. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, representations, warranties or indemnities provided in connection with, divested businesses. Some of these lawsuits may include claims for punitive and consequential, as well as compensatory damages. Based upon the Company’s experience, current information and applicable law, it does not believe that these proceedings and claims will have a material adverse effect on its consolidated results of operations, financial position or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations or liquidity. | |
While the Company maintains general, products, property, workers’ compensation, automobile, cargo, aviation, crime, fiduciary and directors’ and officers’ liability insurance up to certain limits that cover certain of these claims, this insurance may be insufficient or unavailable to cover such losses. In addition, while the Company believes it is entitled to indemnification from third parties for some of these claims, these rights may also be insufficient or unavailable to cover such losses. | |
Purchase Commitments | |
From time to time, the Company enters into long-term inventory purchase commitments with minimum purchase requirements for raw materials and finished goods to ensure the availability of products for production and distribution. These commitments may have a significant impact on levels of inventory maintained by the Company. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounts and Notes Receivable-Trade | The Company records a provision for doubtful accounts, which is included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. |
Accounts and notes receivables – trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $8.0 million at March 31, 2015 and $8.8 million at December 31, 2014. | |
Marketable Securities | The Company’s marketable securities consist of corporate convertible bonds that are classified as available-for-sale in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets as the instruments mature in December 2015. The Company determined the appropriate classification at the time of purchase and will re-evaluate such designation as of each balance sheet date. In addition, the Company reviews the securities each quarter for indications of possible impairment. If an impairment is identified, the determination of whether the impairment is temporary or other-than-temporary requires significant judgment. The primary factors that the Company considers in making this judgment include the extent and time the fair value of each investment has been below cost and the existence of a credit loss. If a decline in fair value is judged other-than-temporary, the basis of the securities is written down to fair value and the amount of the write-down is included as a realized loss in the Consolidated Statement of Operations. Changes in fair value are reported in accumulated other comprehensive income (“AOCI”). |
The convertible element of the bonds has not been bifurcated from the underlying bonds as the element does not contain a net-settlement feature, nor would the Company be able to achieve a hypothetical net-settlement that would substantially place the Company in a comparable cash settlement position. As such, the derivative is not accounted for separately from the bond. The cash paid by the Company was equal to the face value of the bonds issued, and therefore, the Company has not recorded any bond premium or discount on acquiring the bonds. The fair value of the bonds was $93.4 million and $57.7 million at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015 and December 31, 2014, a cumulative unrealized holding gain of $39.3 million and $8.5 million, respectively, on available-for-sale securities, net of tax, has been recorded in AOCI. As this investment is held by a euro-denominated subsidiary of the Company, the investment’s value is also impacted by changing foreign currency rates which accounts for the remaining difference between the period end values and the change in cumulative gain. | |
New Accounting Pronouncements, Policy | In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations. |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2017. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal has not been ratified. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance | |
In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. | |
In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs ” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carry amount of that debt liability. Retrospective application is required. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. | |
Description of New Accounting Pronouncements Not yet Adopted | In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This newly issued accounting standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard will have the impact of reducing the frequency of disposals reported as discontinued operations, by requiring such a disposal to represent a strategic shift that has or will have a major effect on entity’s operations and financial results. Additionally, existing provisions that prohibit an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after a disposal are eliminated by this standard. The ASU also expands the disclosures for discontinued operations and requires new disclosures related to individually significant disposals that do not qualify as discontinued operations. This Company adopted this accounting standard for the quarter ended March 31, 2015. The adoption of this standard did not materially impact the Company’s financial position or results of operations. |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” that seeks to provide a single, comprehensive revenue recognition model for all contracts with customers that improve comparability within industries, across industries and across capital markets. Under this standard, an entity should recognize revenue for the transfer of goods or services equal to the amount it expects to be entitled to receive for those goods or services. Enhanced disclosure requirements regarding the nature, timing and uncertainty of revenue and related cash flows exist. To assist entities in applying the standard, a five step model for recognizing and measuring revenue from contracts with customers has been introduced. Entities have the option to apply the new guidance retrospectively to each prior reporting period presented (full retrospective approach) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The Company expects to adopt this accounting standard for the quarter ended March 31, 2017. Early adoption is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to annual reporting periods beginning after December 15, 2017. The proposal has not been ratified. The Company is currently assessing the impact that ASU No. 2014-09 may have on their financial positions, results of operations, cash flows and disclosures, as well as, the transition method they will use to adopt the guidance | |
In January 2015, the FASB issued ASU No. 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” This newly issued accounting standard eliminates from generally accepted accounting principles the concept of Extraordinary items, events or transactions that are unusual in nature and occur infrequently. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Prospective application and early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. | |
In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs ” This newly issued accounting standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carry amount of that debt liability. Retrospective application is required. The amendments in this update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to impact the Company’s financial position or results of operations. |
Stock_Compensation_Tables
Stock Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of Stock Based Compensation | The following table represents total stock based compensation expense for non-qualified stock options, restricted stock units (“RSU”) and the tax related benefit for the three months ended March 31, 2015 and 2014: | |||||||
Three Months Ended | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Stock option expense | $ | 1,445 | $ | 1,674 | ||||
RSU expense | 3,136 | 3,719 | ||||||
Total stock based compensation expense | $ | 4,581 | $ | 5,393 | ||||
Total related tax benefit | $ | 1,547 | $ | 1,564 | ||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
COMPREHENSIVE INCOME [Abstract] | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI, net of tax, by component for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustments | Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges | Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities | Pension Liability Adjustments | Total | ||||||||||||||||||
Balance at December 31, 2014 | $ | (212,490 | ) | $ | (10,825 | ) | $ | (112,728 | ) | $ | 8,481 | $ | (113,574 | ) | $ | (441,136 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (189,451 | ) | 20,919 | 7,368 | 30,851 | — | (130,313 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (3,535 | ) | — | — | 1,417 | (2,118 | ) | ||||||||||||||||
Net (decrease) increase in other comprehensive income | (189,451 | ) | 17,384 | 7,368 | 30,851 | 1,417 | (132,431 | ) | ||||||||||||||||
Balance at March 31, 2015 | $ | (401,941 | ) | $ | 6,559 | $ | (105,360 | ) | $ | 39,332 | $ | (112,157 | ) | $ | (573,567 | ) | ||||||||
(in thousands) | Foreign Currency Translation Adjustments | Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges | Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities | Pension Liability Adjustments | Total | ||||||||||||||||||
Balance at December 31, 2013 | $ | 140,992 | $ | (21,753 | ) | $ | (151,114 | ) | $ | 12,729 | $ | (49,916 | ) | $ | (69,062 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (1,107 | ) | 642 | (976 | ) | (2,041 | ) | (154 | ) | (3,636 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 2,091 | — | — | 472 | 2,563 | ||||||||||||||||||
Net (decrease) increase in other comprehensive income | (1,107 | ) | 2,733 | (976 | ) | (2,041 | ) | 318 | (1,073 | ) | ||||||||||||||
Foreign currency translation related to acquisition of noncontrolling interests | (5,530 | ) | — | — | — | — | (5,530 | ) | ||||||||||||||||
Balance at March 31, 2014 | $ | 134,355 | $ | (19,020 | ) | $ | (152,090 | ) | $ | 10,688 | $ | (49,598 | ) | $ | (75,665 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Details about AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the | ||||||||||||||||||||||
Three Months Ended March 31, | Statements of Operations | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Gains and (losses) on derivative financial instruments: | ||||||||||||||||||||||||
Interest rate swaps | $ | (966 | ) | $ | (926 | ) | Interest expense | |||||||||||||||||
Foreign exchange forward contracts | 3,886 | (1,646 | ) | Cost of products sold | ||||||||||||||||||||
Foreign exchange forward contracts | 162 | (99 | ) | SG&A expenses | ||||||||||||||||||||
Commodity contracts | (129 | ) | (246 | ) | Cost of products sold | |||||||||||||||||||
2,953 | (2,917 | ) | Net loss before tax | |||||||||||||||||||||
582 | 826 | Tax benefit | ||||||||||||||||||||||
$ | 3,535 | $ | (2,091 | ) | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other postemployment benefit items: | ||||||||||||||||||||||||
Amortization of prior service benefits | $ | 34 | $ | 34 | (a) | |||||||||||||||||||
Amortization of net actuarial losses | (2,026 | ) | (719 | ) | (a) | |||||||||||||||||||
(1,992 | ) | (685 | ) | Net loss before tax | ||||||||||||||||||||
575 | 213 | Tax benefit | ||||||||||||||||||||||
$ | (1,417 | ) | $ | (472 | ) | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | 2,118 | $ | (2,563 | ) | |||||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended March 31, 2015 and 2014 (see Note 8, Benefit Plans, for additional details). |
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2015 and 2014: | |||||||
Basic Earnings Per Common Share Computation | Three Months Ended | |||||||
(in thousands, except per share amounts) | 2015 | 2014 | ||||||
Net income attributable to DENTSPLY International | $ | 63,961 | $ | 72,878 | ||||
Weighted average common shares outstanding | 140,296 | 142,053 | ||||||
Earnings per common share - basic | $ | 0.46 | $ | 0.51 | ||||
Diluted Earnings Per Common Share Computation | ||||||||
(in thousands, except per share amounts) | ||||||||
Net income attributable to DENTSPLY International | $ | 63,961 | $ | 72,878 | ||||
Weighted average common shares outstanding | 140,296 | 142,053 | ||||||
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards | 2,508 | 2,400 | ||||||
Total weighted average diluted shares outstanding | 142,804 | 144,453 | ||||||
Earnings per common share - diluted | $ | 0.45 | $ | 0.5 | ||||
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Net Sales | The following tables set forth information about the Company’s segments for the three months ended March 31, 2015 and 2014: | ||||||||
Third Party Net Sales | |||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 310,316 | $ | 339,281 | |||||
Healthcare, Orthodontic and Implant Businesses | 235,993 | 264,411 | |||||||
Select Developed and Emerging Markets Businesses | 110,011 | 126,422 | |||||||
Total net sales | $ | 656,320 | $ | 730,114 | |||||
Net Sales, Excluding Precious Metal Content | Third Party Net Sales, Excluding Precious Metal Content | ||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 292,091 | $ | 305,072 | |||||
Healthcare, Orthodontic and Implant Businesses | 235,810 | 264,204 | |||||||
Select Developed and Emerging Markets Businesses | 103,645 | 119,906 | |||||||
Total net sales, excluding precious metal content | 631,546 | 689,182 | |||||||
Precious metal content of sales | 24,774 | 40,932 | |||||||
Total net sales, including precious metal content | $ | 656,320 | $ | 730,114 | |||||
Intersegment Net Sales | Inter-segment Net Sales | ||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 83,889 | $ | 89,458 | |||||
Healthcare, Orthodontic and Implant Businesses | 1,774 | 2,461 | |||||||
Select Developed and Emerging Markets Businesses | 2,876 | 3,517 | |||||||
All Other (a) | 53,886 | 60,785 | |||||||
Eliminations | (142,425 | ) | (156,221 | ) | |||||
Total | $ | — | $ | — | |||||
(a) Includes amounts recorded at one distribution warehouse not managed by named segments. | |||||||||
Segment Operating Income | Segment Operating Income (Loss) | ||||||||
Three Months Ended | |||||||||
(in thousands) | 2015 | 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 103,407 | $ | 106,769 | |||||
Healthcare, Orthodontic and Implant Businesses | 26,529 | 24,524 | |||||||
Select Developed and Emerging Markets Businesses | (3,886 | ) | (1,292 | ) | |||||
Segment operating income | 126,050 | 130,001 | |||||||
Reconciling Items (income) expense: | |||||||||
All Other (b) | 22,915 | 23,638 | |||||||
Restructuring and other costs | 5,426 | 793 | |||||||
Interest expense | 10,668 | 10,955 | |||||||
Interest income | (742 | ) | (1,435 | ) | |||||
Other expense (income), net | 609 | 388 | |||||||
Income before income taxes | $ | 87,174 | $ | 95,662 | |||||
(b) Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments. | |||||||||
Assets | Assets | ||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 1,339,795 | $ | 1,358,018 | |||||
Healthcare, Orthodontic and Implant Businesses | 2,456,208 | 2,655,622 | |||||||
Select Developed and Emerging Markets Businesses | 341,380 | 369,844 | |||||||
All Other (c) | 247,447 | 266,781 | |||||||
Total | $ | 4,384,830 | $ | 4,650,265 | |||||
(c) Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments. |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories, net | Inventories, net of inventory valuation reserves, consist of the following: | |||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Finished goods | $ | 249,800 | $ | 253,333 | ||||
Work-in-process | 59,499 | 58,329 | ||||||
Raw materials and supplies | 70,799 | 75,433 | ||||||
Inventories, net | $ | 380,098 | $ | 387,095 | ||||
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||
Components of Net Periodic Benefit Cost | The following sets forth the components of net periodic benefit cost of the Company’s defined benefit plans and for the Company’s other postemployment benefit plans for the three months ended March 31, 2015 and 2014: | |||||||
Defined Benefit Plans | Three Months Ended | |||||||
(in thousands) | 2015 | 2014 | ||||||
Service cost | $ | 4,348 | $ | 3,552 | ||||
Interest cost | 1,854 | 2,866 | ||||||
Expected return on plan assets | (1,378 | ) | (1,387 | ) | ||||
Amortization of prior service credit | (34 | ) | (34 | ) | ||||
Amortization of net actuarial loss | 1,984 | 707 | ||||||
Net periodic benefit cost | $ | 6,774 | $ | 5,704 | ||||
Other Postemployment Benefit Plans | Three Months Ended | |||||||
(in thousands) | 2015 | 2014 | ||||||
Service cost | $ | 89 | $ | 44 | ||||
Interest cost | 144 | 140 | ||||||
Amortization of net actuarial loss | 42 | 12 | ||||||
Net periodic benefit cost | $ | 275 | $ | 196 | ||||
Information Related to the Contributions to the Compnay's Benefit Plans | The following sets forth the information related to the contributions to the Company’s benefit plans for 2015: | |||||||
(in thousands) | Pension | Other | ||||||
Benefits | Postemployment Benefits | |||||||
Actual contributions through March 31, 2015 | $ | 2,899 | $ | 123 | ||||
Projected contributions for the remainder of the year | 8,405 | 518 | ||||||
Total projected contributions | $ | 11,304 | $ | 641 | ||||
RESTRUCTURING_AND_OTHER_COSTS_
RESTRUCTURING AND OTHER COSTS (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring Accruals | At March 31, 2015, the Company’s restructuring accruals were as follows: | |||||||||||||||||||
Severance | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | 2015 Plans | Total | ||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 951 | $ | 5,062 | $ | — | $ | 6,013 | ||||||||||||
Provisions | 84 | 193 | 5,083 | 5,360 | ||||||||||||||||
Amounts applied | (583 | ) | (2,267 | ) | (390 | ) | (3,240 | ) | ||||||||||||
Change in estimates | (76 | ) | (7 | ) | — | (83 | ) | |||||||||||||
Balance at March 31, 2015 | $ | 376 | $ | 2,981 | $ | 4,693 | $ | 8,050 | ||||||||||||
Lease/Contract Terminations | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | Total | |||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 535 | $ | 1,636 | $ | 2,171 | ||||||||||||||
Provisions | — | 4 | 4 | |||||||||||||||||
Amounts applied | (72 | ) | (266 | ) | (338 | ) | ||||||||||||||
Change in estimates | — | (20 | ) | (20 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 463 | $ | 1,354 | $ | 1,817 | ||||||||||||||
Other Restructuring Costs | ||||||||||||||||||||
(in thousands) | 2013 and | 2014 Plans | 2015 Plans | Total | ||||||||||||||||
Prior Plans | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 25 | $ | 1,049 | $ | — | $ | 1,074 | ||||||||||||
Provisions | — | 65 | 158 | 223 | ||||||||||||||||
Amounts applied | — | (642 | ) | (53 | ) | (695 | ) | |||||||||||||
Balance at March 31, 2015 | $ | 25 | $ | 472 | $ | 105 | $ | 602 | ||||||||||||
Cumulative Amounts for the Provisions and Adjustments and Amounts Applied for All the Plans by Segment | The following table provides the year-to-date changes in the restructuring accruals by segment: | |||||||||||||||||||
(in thousands) | December 31, | Provisions | Amounts | Change in Estimates | March 31, 2015 | |||||||||||||||
2014 | Applied | |||||||||||||||||||
Dental Consumables, Endodontic and Dental Laboratory Businesses | $ | 5,272 | $ | 489 | $ | (1,626 | ) | $ | — | $ | 4,135 | |||||||||
Healthcare, Orthodontic and Implant Businesses | 3,828 | 4,850 | (2,558 | ) | (103 | ) | 6,017 | |||||||||||||
Select Developed and Emerging Markets Businesses | 91 | 196 | (17 | ) | — | 270 | ||||||||||||||
All Other | 67 | 52 | (72 | ) | — | 47 | ||||||||||||||
Total | $ | 9,258 | $ | 5,587 | $ | (4,273 | ) | $ | (103 | ) | $ | 10,469 | ||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table summarizes the notional amounts of hedges of net investments by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | ||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 406,194 | $ | 228,340 | |||||||||||||||||||||
The following table summarizes the notional amounts of cash flow hedges by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months, with a discussion of the various cash flow hedges by derivative instrument type following the table: | |||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 326,793 | $ | 247,247 | |||||||||||||||||||||
Interest rate swaps | 171,511 | — | |||||||||||||||||||||||
Commodity contracts | 2,203 | 2,203 | |||||||||||||||||||||||
Total derivative instruments designated as cash flow hedges | $ | 500,507 | $ | 249,450 | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | The following table summarizes the amounts of gains (losses) recorded on the Company’s Consolidated Statements of Operations related to the economic hedges not designated as hedging for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Consolidated Statements of Operations Location | Gain (Loss) Recognized | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Foreign exchange forward contracts (a) | Other expense (income), net | $ | 8,584 | $ | (4,441 | ) | |||||||||||||||||||
DIO equity option contracts | Other expense (income), net | 5 | (228 | ) | |||||||||||||||||||||
Interest rate swaps | Interest expense | (3 | ) | (11 | ) | ||||||||||||||||||||
Cross currency basis swaps (a) | Other expense (income), net | (1,222 | ) | 825 | |||||||||||||||||||||
Total for instruments not designated as hedges | $ | 7,364 | $ | (3,855 | ) | ||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables summarize the aggregate notional amounts of the Company’s economic hedges not designated as hedges by derivative instrument types at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | ||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 460,653 | $ | 460,653 | |||||||||||||||||||||
Interest rate swaps | 2,327 | 776 | |||||||||||||||||||||||
Cross currency basis swaps | 16,853 | 16,853 | |||||||||||||||||||||||
Total for instruments not designated as hedges | $ | 479,833 | $ | 478,282 | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables summarize the fair value and consolidated balance sheet location of the Company’s derivatives at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Prepaid | Other | Accrued | Other | |||||||||||||||||||||
Expenses | Noncurrent | Liabilities | Noncurrent | ||||||||||||||||||||||
and Other | Assets, Net | Liabilities | |||||||||||||||||||||||
Designated as Hedges | Current Assets, Net | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 51,040 | $ | 11,039 | $ | 2,077 | $ | 638 | |||||||||||||||||
Commodity contracts | — | — | 169 | — | |||||||||||||||||||||
Interest rate swaps | 472 | 336 | 1,165 | 1,040 | |||||||||||||||||||||
Total | $ | 51,512 | $ | 11,375 | $ | 3,411 | $ | 1,678 | |||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 10,884 | $ | — | $ | 4,160 | $ | — | |||||||||||||||||
DIO equity option contracts | — | — | — | 97 | |||||||||||||||||||||
Interest rate swaps | — | — | 54 | 94 | |||||||||||||||||||||
Cross currency basis swaps | 700 | — | — | — | |||||||||||||||||||||
Total | $ | 11,584 | $ | — | $ | 4,214 | $ | 191 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Prepaid | Other | Accrued | Other | |||||||||||||||||||||
Expenses | Noncurrent | Liabilities | Noncurrent | ||||||||||||||||||||||
and Other | Assets, Net | Liabilities | |||||||||||||||||||||||
Designated as Hedges | Current Assets, Net | ||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 28,036 | $ | 12,542 | $ | 2,740 | $ | 1,707 | |||||||||||||||||
Commodity contracts | — | — | 233 | — | |||||||||||||||||||||
Interest rate swaps | 617 | 135 | 575 | 377 | |||||||||||||||||||||
Total | $ | 28,653 | $ | 12,677 | $ | 3,548 | $ | 2,084 | |||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 4,798 | $ | — | $ | 4,764 | $ | — | |||||||||||||||||
DIO equity option contracts | — | — | — | 115 | |||||||||||||||||||||
Interest rate swaps | — | — | 63 | 129 | |||||||||||||||||||||
Cross currency basis swaps | 2,683 | — | — | — | |||||||||||||||||||||
Total | $ | 7,481 | $ | — | $ | 4,827 | $ | 244 | |||||||||||||||||
Offsetting Derivative Assets and Liabilities | Offsetting of financial assets and liabilities under netting arrangements at March 31, 2015: | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 72,963 | $ | — | $ | 72,963 | $ | (8,748 | ) | $ | — | $ | 64,215 | ||||||||||||
Interest rate swaps | 808 | — | 808 | (185 | ) | — | 623 | ||||||||||||||||||
Cross currency basis swaps | 700 | — | 700 | (147 | ) | — | 553 | ||||||||||||||||||
Total Assets | $ | 74,471 | $ | — | $ | 74,471 | $ | (9,080 | ) | $ | — | $ | 65,391 | ||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 6,875 | $ | — | $ | 6,875 | $ | (6,875 | ) | $ | — | $ | — | ||||||||||||
Commodity contracts | 169 | — | 169 | — | — | 169 | |||||||||||||||||||
DIO equity option contracts | 97 | — | 97 | — | — | 97 | |||||||||||||||||||
Interest rate swaps | 2,353 | — | 2,353 | (2,205 | ) | — | 148 | ||||||||||||||||||
Total Liabilities | $ | 9,494 | $ | — | $ | 9,494 | $ | (9,080 | ) | $ | — | $ | 414 | ||||||||||||
Offsetting of financial assets and liabilities under netting arrangements at December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 45,377 | $ | — | $ | 45,377 | $ | (7,797 | ) | $ | — | $ | 37,580 | ||||||||||||
Interest rate swaps | 751 | — | 751 | (274 | ) | — | 477 | ||||||||||||||||||
Cross currency basis swaps | 2,683 | — | 2,683 | (1,067 | ) | — | 1,616 | ||||||||||||||||||
Total Assets | $ | 48,811 | $ | — | $ | 48,811 | $ | (9,138 | ) | $ | — | $ | 39,673 | ||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 9,208 | $ | — | $ | 9,208 | $ | (8,186 | ) | $ | — | $ | 1,022 | ||||||||||||
Commodity contracts | 235 | — | 235 | — | — | 235 | |||||||||||||||||||
DIO equity option contracts | 115 | — | 115 | — | — | 115 | |||||||||||||||||||
Interest rate swaps | 1,145 | — | 1,145 | (952 | ) | — | 193 | ||||||||||||||||||
Total Liabilities | $ | 10,703 | $ | — | $ | 10,703 | $ | (9,138 | ) | $ | — | $ | 1,565 | ||||||||||||
Cash Flow Hedging | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Schedule of Derivative Instruments | The following tables summarize the amount of gains (losses) recorded in AOCI in the Consolidated Balance Sheets and income (expense) in the Company’s Consolidated Statements of Operations related to all cash flow hedges for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Effective Portion Reclassified from AOCI into Income (Expense) | Ineffective Portion Recognized in Income (Expense) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Interest rate swaps | $ | (1,182 | ) | Interest expense | $ | (966 | ) | $ | — | ||||||||||||||||
Foreign exchange forward contracts | 24,087 | Cost of products sold | 3,886 | — | |||||||||||||||||||||
Foreign exchange forward contracts | 463 | SG&A expenses | 162 | — | |||||||||||||||||||||
Commodity contracts | — | Cost of products sold | (129 | ) | — | ||||||||||||||||||||
Ineffective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | — | Other expense (income), net | — | 327 | |||||||||||||||||||||
Commodity contracts | — | Interest expense | — | (4 | ) | ||||||||||||||||||||
Total in cash flow hedging | $ | 23,368 | $ | 2,953 | $ | 323 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Effective Portion Reclassified from AOCI into Income (Expense) | Ineffective Portion Recognized in Income (Expense) | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Interest rate swaps | $ | (387 | ) | Interest expense | $ | (926 | ) | $ | — | ||||||||||||||||
Foreign exchange forward contracts | 1,067 | Cost of products sold | (1,646 | ) | — | ||||||||||||||||||||
Foreign exchange forward contracts | (10 | ) | SG&A expenses | (99 | ) | — | |||||||||||||||||||
Commodity contracts | 101 | Cost of products sold | (246 | ) | — | ||||||||||||||||||||
Ineffective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | — | Other expense (income), net | — | 106 | |||||||||||||||||||||
Commodity contracts | — | Interest expense | — | (13 | ) | ||||||||||||||||||||
Total for cash flow hedging | $ | 771 | $ | (2,917 | ) | $ | 93 | ||||||||||||||||||
Net Investment Hedging | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Schedule of Derivative Instruments | The following tables summarize the amount of gains (losses) recorded in AOCI on the Consolidated Balance Sheets and other income (expense) on the Company’s Consolidated Statements of Operations related to the hedges of net investments for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 12,499 | Other expense (income), net | $ | (336 | ) | |||||||||||||||||||
Total for net investment hedging | $ | 12,499 | $ | (336 | ) | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Gain (Loss) in AOCI | Consolidated Statements of Operations Location | Recognized in Income (Expense) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Effective Portion: | |||||||||||||||||||||||||
Cross currency basis swaps | $ | (4,660 | ) | Interest income | $ | 677 | |||||||||||||||||||
Interest expense | 541 | ||||||||||||||||||||||||
Foreign exchange forward contracts | 3,068 | Other expense (income), net | 248 | ||||||||||||||||||||||
Total for net investment hedging | $ | (1,592 | ) | $ | 1,466 | ||||||||||||||||||||
Fair Value Hedging | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table summarizes the notional amounts of fair value hedges by derivative instrument type at March 31, 2015 and the notional amounts expected to mature during the next 12 months: | ||||||||||||||||||||||||
Aggregate | Aggregate Notional Amount Maturing within 12 Months | ||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
(in thousands) | Amount | ||||||||||||||||||||||||
Interest rate swaps | $ | 45,000 | $ | 45,000 | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | The following tables summarize the amount of income (expense) recorded on the Company’s Consolidated Statements of Operations related to the hedges of fair value for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Consolidated Statements of Operations Location | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 118 | $ | 87 | ||||||||||||||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets and Liabilities that are Recorded at Fair Value and Classified Based on the Lowest Level of Input | The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2015 and December 31, 2014, which are classified as “Cash and cash equivalents,” “Prepaid expenses and other current assets, net,” “Other noncurrent assets, net,” “Accrued liabilities,” and “Other noncurrent liabilities” in the Consolidated Balance Sheets. Financial assets and liabilities that are recorded at fair value as of the balance sheet date are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||
March 31, 2015 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Interest rate swaps | $ | 808 | $ | — | $ | 808 | $ | — | ||||||||
Cross currency basis swaps | 700 | — | 700 | — | ||||||||||||
Foreign exchange forward contracts | 72,963 | — | 72,963 | — | ||||||||||||
DIO Corporation convertible bonds | 93,394 | — | — | 93,394 | ||||||||||||
Total assets | $ | 167,865 | $ | — | $ | 74,471 | $ | 93,394 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 2,353 | $ | — | $ | 2,353 | $ | — | ||||||||
Commodity contracts | 169 | — | 169 | — | ||||||||||||
Foreign exchange forward contracts | 6,875 | — | 6,875 | — | ||||||||||||
Long-term debt | 45,474 | — | 45,474 | — | ||||||||||||
DIO equity option contracts | 97 | — | — | 97 | ||||||||||||
Total liabilities | $ | 54,968 | $ | — | $ | 54,871 | $ | 97 | ||||||||
December 31, 2014 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Interest rate swaps | $ | 752 | $ | — | $ | 752 | $ | — | ||||||||
Cross currency basis swaps | 2,683 | — | 2,683 | — | ||||||||||||
Foreign exchange forward contracts | 45,376 | — | 45,376 | — | ||||||||||||
DIO Corporation convertible bonds | 57,698 | — | — | 57,698 | ||||||||||||
Total assets | $ | 106,509 | $ | — | $ | 48,811 | $ | 57,698 | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 1,144 | $ | — | $ | 1,144 | $ | — | ||||||||
Commodity contracts | 233 | — | 233 | — | ||||||||||||
Foreign exchange forward contracts | 9,211 | — | 9,211 | — | ||||||||||||
Long-term debt | 106,023 | — | 106,023 | — | ||||||||||||
DIO equity option contracts | 115 | — | — | 115 | ||||||||||||
Total liabilities | $ | 116,726 | $ | — | $ | 116,611 | $ | 115 | ||||||||
Reconciliation of the Company's Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Level 3): | The following table presents a rollforward of the Company’s Level 3 holdings measured at fair value on a recurring basis using unobservable inputs: | |||||||||||||||
(in thousands) | DIO Corporation | DIO Equity | ||||||||||||||
Convertible | Options | |||||||||||||||
Bonds | Contracts | |||||||||||||||
Balance at December 31, 2014 | $ | 57,698 | $ | (115 | ) | |||||||||||
Unrealized gain: | ||||||||||||||||
Reported in AOCI, pretax | 44,499 | 5 | ||||||||||||||
Effects of exchange rate changes | (8,803 | ) | 13 | |||||||||||||
Balance at March 31, 2015 | $ | 93,394 | $ | (97 | ) | |||||||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes In Goodwill Table Text Block | A reconciliation of changes in the Company’s goodwill is as follows: | |||||||||||||||||||||||
(in thousands) | Dental Consumables, Endodontic and Dental Laboratory Businesses | Healthcare, Orthodontic and Implant Businesses | Select Developed and Emerging Markets Businesses | Total | ||||||||||||||||||||
Balance at December 31, 2014 | $ | 565,714 | $ | 1,394,398 | $ | 129,227 | $ | 2,089,339 | ||||||||||||||||
Effects of exchange rate changes | (8,541 | ) | (117,041 | ) | (10,486 | ) | (136,068 | ) | ||||||||||||||||
Balance at March 31, 2015 | $ | 557,173 | $ | 1,277,357 | $ | 118,741 | $ | 1,953,271 | ||||||||||||||||
Reconciliation of Changes in the Company's Goodwill | Identifiable definite-lived and indefinite-lived intangible assets consist of the following: | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Patents | $ | 170,790 | $ | (94,380 | ) | $ | 76,410 | $ | 175,186 | $ | (95,526 | ) | $ | 79,660 | ||||||||||
Trademarks | 72,396 | (38,854 | ) | 33,542 | 75,645 | (37,053 | ) | 38,592 | ||||||||||||||||
Licensing agreements | 33,699 | (23,002 | ) | 10,697 | 34,638 | (22,806 | ) | 11,832 | ||||||||||||||||
Customer relationships | 421,806 | (104,586 | ) | 317,220 | 452,882 | (104,703 | ) | 348,179 | ||||||||||||||||
Total definite-lived | $ | 698,691 | $ | (260,822 | ) | $ | 437,869 | $ | 738,351 | $ | (260,088 | ) | $ | 478,263 | ||||||||||
Indefinite-lived Trademarks and In-process R&D | $ | 175,588 | $ | — | $ | 175,588 | $ | 192,577 | $ | — | $ | 192,577 | ||||||||||||
Total identifiable intangible assets | $ | 874,279 | $ | (260,822 | ) | $ | 613,457 | $ | 930,928 | $ | (260,088 | ) | $ | 670,840 | ||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Significant Accounting Policies [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $39,300,000 | $8,500,000 |
Corporate Bond Securities | ||
Significant Accounting Policies [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 93,394,000 | 57,698,000 |
Trade Accounts Receivable | ||
Significant Accounting Policies [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Current | $8,000,000 | $8,800,000 |
STOCK_COMPENSATION_Stock_Compe
STOCK COMPENSATION Stock Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $4,581,000 | $5,393,000 |
Nonqualified Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized compensation cost | 14,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 0 months | |
Performance Based Restricted Stock and Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized compensation cost | 29,700,000 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 3,136,000 | 3,719,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months | |
Selling, General and Administrative Expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 4,400,000 | 5,200,000 |
Cost of Sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $200,000 | $200,000 |
STOCK_COMPENSATION_Total_Stock
STOCK COMPENSATION Total Stock Based Compensation Expense and the Tax Related Benefit (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $4,581 | $5,393 |
Total related tax benefit | 1,547 | 1,564 |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 1,445 | 1,674 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $3,136 | $3,719 |
COMPREHENSIVE_INCOME_Comprehen
COMPREHENSIVE INCOME Comprehensive Income - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments | ($188,904,000) | ($1,035,000) | |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Gains Net Of Tax | -305,600,000 | 117,100,000 | |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Losses Net Of Tax | -96,300,000 | -95,400,000 | |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments | -188,600,000 | 800,000 | |
Net Investment Hedging | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | ($900,000) | ($1,900,000) |
COMPREHENSIVE_INCOME_Balances_
COMPREHENSIVE INCOME Balances included in AOCI, Net of Tax, in the Consolidated Balance Sheets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | ($441,136) | |
Net (decrease) increase in other comprehensive income | -68,470 | 71,805 |
Ending balance | -573,567 | |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | -212,490 | 140,992 |
Other comprehensive income (loss) before reclassifications | -189,451 | -1,107 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net (decrease) increase in other comprehensive income | -189,451 | -1,107 |
Foreign currency translation related to acquisition of noncontrolling interests | -5,530 | |
Ending balance | -401,941 | 134,355 |
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | -10,825 | -21,753 |
Other comprehensive income (loss) before reclassifications | 20,919 | 642 |
Amounts reclassified from accumulated other comprehensive income (loss) | -3,535 | 2,091 |
Net (decrease) increase in other comprehensive income | 17,384 | 2,733 |
Foreign currency translation related to acquisition of noncontrolling interests | 0 | |
Ending balance | 6,559 | -19,020 |
Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | -112,728 | -151,114 |
Other comprehensive income (loss) before reclassifications | 7,368 | -976 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net (decrease) increase in other comprehensive income | 7,368 | -976 |
Foreign currency translation related to acquisition of noncontrolling interests | 0 | |
Ending balance | -105,360 | -152,090 |
Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 8,481 | 12,729 |
Other comprehensive income (loss) before reclassifications | 30,851 | -2,041 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net (decrease) increase in other comprehensive income | 30,851 | -2,041 |
Foreign currency translation related to acquisition of noncontrolling interests | 0 | |
Ending balance | 39,332 | 10,688 |
Pension Liability Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | -113,574 | -49,916 |
Other comprehensive income (loss) before reclassifications | 0 | -154 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,417 | 472 |
Net (decrease) increase in other comprehensive income | 1,417 | 318 |
Foreign currency translation related to acquisition of noncontrolling interests | 0 | |
Ending balance | -112,157 | -49,598 |
Total DENTSPLY International Equity | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | -441,136 | -69,062 |
Other comprehensive income (loss) before reclassifications | -130,313 | -3,636 |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,118 | 2,563 |
Net (decrease) increase in other comprehensive income | -132,431 | -1,073 |
Foreign currency translation related to acquisition of noncontrolling interests | -5,530 | |
Ending balance | ($573,567) | ($75,665) |
COMPREHENSIVE_INCOME_Reclassif
COMPREHENSIVE INCOME Reclassification out of Accumulated Other Comprehensive Income (Expense) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | $18,853 | $22,452 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 2,118 | -2,563 | ||
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 2,953 | -2,917 | ||
Provision for income taxes | 582 | 826 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 3,535 | -2,091 | ||
Pension Liability Adjustments | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -1,992 | -685 | ||
Provision for income taxes | 575 | 213 | ||
Net Income (Loss) Available to Common Stockholders, Basic | -1,417 | -472 | ||
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 34 | 34 | [1] | |
Other Comprehensive Income (Loss) adjustment from AOCI,Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -2,026 | [1] | -719 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,953 | -2,917 | ||
Interest Expense | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -966 | -926 | ||
Cost of Sales | Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,886 | -1,646 | ||
Cost of Sales | Cash Flow Hedging | Designated as Hedging Instrument | Commodity Contract | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -129 | -246 | ||
Selling, General and Administrative Expenses | Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Reclassification of Acuumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $162 | ($99) | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended MarchB 31, 2015 and 2014 (see Note 8, Benefit Plans, for additional details). |
EARNINGS_PER_COMMON_SHARE_Addi
EARNINGS PER COMMON SHARE Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Antidilutive common stock options not included in the computation of diluted earnings per common share (in shares) | 1.1 | 1.5 |
EARNINGS_PER_COMMON_SHARE_Comp
EARNINGS PER COMMON SHARE Computation of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income attributable to DENTSPLY International | $63,961 | $72,878 |
Shares | ||
Basic | 140,296 | 142,053 |
Incremental shares from assumed exercise of dilutive options from stock-based compensation awards (in shares) | 2,508 | 2,400 |
Diluted (in shares) | 142,804 | 144,453 |
Earnings per common share | ||
Basic (in dollars per share) | $0.46 | $0.51 |
Diluted (in dollars per share) | $0.45 | $0.50 |
BUSINESS_ACQUISITIONS_Other_Di
BUSINESS ACQUISITIONS - Other Disclosures (Details) | 0 Months Ended |
Jan. 01, 2014 | |
Entity | |
Business Combinations [Abstract] | |
Variable Interest Entity, Number of Entities | 1 |
SEGMENT_INFORMATION_Additional
SEGMENT INFORMATION Additional Information (Detail) (Dental Products) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dental Products | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales, professional dental products | 89.00% | 88.00% |
SEGMENT_INFORMATION_Net_Sales_
SEGMENT INFORMATION Net Sales (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $656,320 | $730,114 |
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses | ||
Net sales | 310,316 | 339,281 |
Operating Segments | Healthcare, Orthodontic and Implant Businesses | ||
Net sales | 235,993 | 264,411 |
Operating Segments | Select Developed and Emerging Markets Businesses | ||
Net sales | $110,011 | $126,422 |
SEGMENT_INFORMATION_Net_Sales_1
SEGMENT INFORMATION Net Sales, Excluding Precious Metal Content (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue, Major Customer [Line Items] | ||
Net Sales, excluding precious metal content | $631,546 | $689,182 |
Precious metal content of sales | 24,774 | 40,932 |
Net Sales, including precious metal content | 656,320 | 730,114 |
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses | ||
Revenue, Major Customer [Line Items] | ||
Net Sales, excluding precious metal content | 292,091 | 305,072 |
Net Sales, including precious metal content | 310,316 | 339,281 |
Operating Segments | Healthcare, Orthodontic and Implant Businesses | ||
Revenue, Major Customer [Line Items] | ||
Net Sales, excluding precious metal content | 235,810 | 264,204 |
Net Sales, including precious metal content | 235,993 | 264,411 |
Operating Segments | Select Developed and Emerging Markets Businesses | ||
Revenue, Major Customer [Line Items] | ||
Net Sales, excluding precious metal content | 103,645 | 119,906 |
Net Sales, including precious metal content | $110,011 | $126,422 |
SEGMENT_INFORMATION_Intersegme
SEGMENT INFORMATION Intersegment Net Sales (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total | $0 | $0 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Intersegment Eliminations | -142,425 | -156,221 | ||
Intersegment Eliminations [Member] | Dental Consumables, Endodontic and Dental Laboratory Businesses | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 83,889 | 89,458 | ||
Intersegment Eliminations [Member] | Healthcare, Orthodontic and Implant Businesses | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,774 | 2,461 | ||
Intersegment Eliminations [Member] | Select Developed and Emerging Markets Businesses | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,876 | 3,517 | ||
Intersegment Eliminations [Member] | All Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $53,886 | [1] | $60,785 | [1] |
[1] | Includes amounts recorded at one distribution warehouse not managed by named segments. |
SEGMENT_INFORMATION_Segment_Op
SEGMENT INFORMATION Segment Operating Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | $97,709 | $105,570 | ||
Restructuring and other costs | 5,426 | 793 | ||
Interest expense | 10,668 | 10,955 | ||
Interest income | -742 | -1,435 | ||
Other expense (income), net | 609 | 388 | ||
Income before income taxes | 87,174 | 95,662 | ||
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | 126,050 | 130,001 | ||
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | 103,407 | 106,769 | ||
Operating Segments | Healthcare, Orthodontic and Implant Businesses | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | 26,529 | 24,524 | ||
Operating Segments | Select Developed and Emerging Markets Businesses | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | -3,886 | -1,292 | ||
Operating Segments | All Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment operating income | $22,915 | [1] | $23,638 | [1] |
[1] | Includes the results of unassigned Corporate headquarter costs, inter-segment eliminations and one distribution warehouse not managed by named segments. |
SEGMENT_INFORMATION_Assets_Det
SEGMENT INFORMATION Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | $4,384,830 | $4,650,265 | ||
Operating Segments | Dental Consumables, Endodontic and Dental Laboratory Businesses | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 1,339,795 | 1,358,018 | ||
Operating Segments | Healthcare, Orthodontic and Implant Businesses | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 2,456,208 | 2,655,622 | ||
Operating Segments | Select Developed and Emerging Markets Businesses | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 341,380 | 369,844 | ||
Operating Segments | All Other | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | $247,447 | [1] | $266,781 | [1] |
[1] | Includes the assets of Corporate headquarters, inter-segment eliminations and one distribution warehouse not managed by named segments. |
INVENTORIES_Additional_Informa
INVENTORIES Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
LIFO inventory amount | $7 | $6.30 |
Inventory, LIFO reserve | 6.3 | 6.1 |
Inventory valuation reserve | $34 | $34.10 |
INVENTORIES_Inventories_Detail
INVENTORIES Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $249,800 | $253,333 |
Work-in-process | 59,499 | 58,329 |
Raw materials and supplies | 70,799 | 75,433 |
Inventory, net | $380,098 | $387,095 |
BENEFIT_PLANS_Components_of_Ne
BENEFIT PLANS Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans, Defined Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $4,348 | $3,552 |
Interest cost | 1,854 | 2,866 |
Expected return on plan assets | -1,378 | -1,387 |
Amortization of prior service cost | -34 | -34 |
Amortization of net loss | 1,984 | 707 |
Defined Benefit Plan, Net Periodic Benefit Cost | 6,774 | 5,704 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 89 | 44 |
Interest cost | 144 | 140 |
Amortization of net loss | 42 | 12 |
Defined Benefit Plan, Net Periodic Benefit Cost | $275 | $196 |
BENEFIT_PLANS_Information_Rela
BENEFIT PLANS Information Related to the Contributions to the Company's Benefit Plans (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Pension Plans, Defined Benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actual contributions through March 31, 2015 | $2,899 |
Projected for the remainder of the year | 8,405 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 11,304 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actual contributions through March 31, 2015 | 123 |
Projected for the remainder of the year | 518 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $641 |
RESTRUCTURING_AND_OTHER_COSTS_1
RESTRUCTURING AND OTHER COSTS Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Restructuring and Related Activities [Abstract] | ||
Restructuring and Related Cost, Expected Cost | $5.40 | $0.80 |
RESTRUCTURING_AND_OTHER_COSTS_2
RESTRUCTURING AND OTHER COSTS Restructuring Accruals (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $9,258 |
Restructuring Charges | 5,587 |
Amounts applied | -4,273 |
Change in estimates | -103 |
Ending Balance | 10,469 |
Employee Severance | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 6,013 |
Restructuring Charges | 5,360 |
Amounts applied | -3,240 |
Change in estimates | -83 |
Ending Balance | 8,050 |
Employee Severance | Restructuring Fiscal 2013 And Prior Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 951 |
Restructuring Charges | 84 |
Amounts applied | -583 |
Change in estimates | -76 |
Ending Balance | 376 |
Employee Severance | Restructuring Fiscal 2014 Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 5,062 |
Restructuring Charges | 193 |
Amounts applied | -2,267 |
Change in estimates | -7 |
Ending Balance | 2,981 |
Employee Severance | Restructuring Fiscal 2015 Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0 |
Restructuring Charges | 5,083 |
Amounts applied | -390 |
Change in estimates | 0 |
Ending Balance | 4,693 |
Contract Termination | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 2,171 |
Restructuring Charges | 4 |
Amounts applied | -338 |
Change in estimates | -20 |
Ending Balance | 1,817 |
Contract Termination | Restructuring Fiscal 2013 And Prior Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 535 |
Restructuring Charges | 0 |
Amounts applied | -72 |
Change in estimates | 0 |
Ending Balance | 463 |
Contract Termination | Restructuring Fiscal 2014 Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 1,636 |
Restructuring Charges | 4 |
Amounts applied | -266 |
Change in estimates | -20 |
Ending Balance | 1,354 |
Other Restructuring | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 1,074 |
Restructuring Charges | 223 |
Amounts applied | -695 |
Ending Balance | 602 |
Other Restructuring | Restructuring Fiscal 2013 And Prior Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 25 |
Restructuring Charges | 0 |
Amounts applied | 0 |
Ending Balance | 25 |
Other Restructuring | Restructuring Fiscal 2014 Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 1,049 |
Restructuring Charges | 65 |
Amounts applied | -642 |
Ending Balance | 472 |
Other Restructuring | Restructuring Fiscal 2015 Plans | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0 |
Restructuring Charges | 158 |
Amounts applied | -53 |
Ending Balance | $105 |
RESTRUCTURING_AND_OTHER_COSTS_3
RESTRUCTURING AND OTHER COSTS Provisions and Adjustments and Amounts Applied for All Plans by Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $9,258 |
Restructuring Charges | 5,587 |
Amounts applied | -4,273 |
Change in estimates | -103 |
Ending Balance | 10,469 |
Dental Consumables, Endodontic and Dental Laboratory Businesses | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 5,272 |
Restructuring Charges | 489 |
Amounts applied | -1,626 |
Change in estimates | 0 |
Ending Balance | 4,135 |
Healthcare, Orthodontic and Implant Businesses | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 3,828 |
Restructuring Charges | 4,850 |
Amounts applied | -2,558 |
Change in estimates | -103 |
Ending Balance | 6,017 |
Select Developed and Emerging Markets Businesses | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 91 |
Restructuring Charges | 196 |
Amounts applied | -17 |
Change in estimates | 0 |
Ending Balance | 270 |
All Other | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 67 |
Restructuring Charges | 52 |
Amounts applied | -72 |
Change in estimates | 0 |
Ending Balance | $47 |
FINANCIAL_INSTRUMENTS_AND_DERI1
FINANCIAL INSTRUMENTS AND DERIVATIVES Cash Flow Hedges (Details) (Cash Flow Hedging, Designated as Hedging Instrument) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | Foreign Exchange Contract | Interest Rate Swap | Interest Rate Swap | Commodity Contract | |
USD ($) | USD ($) | CHF | USD ($) | ||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $500,507,000 | $326,793,000 | $171,511,000 | 65,000,000 | $2,203,000 |
Derivative, Notional amount maturing within 12 months | $249,450,000 | $247,247,000 | $0 | $2,203,000 |
FINANCIAL_INSTRUMENTS_AND_DERI2
FINANCIAL INSTRUMENTS AND DERIVATIVES Gain (Loss) on AOCI - Cash Flow Hedges (Details) (Cash Flow Hedging, Designated as Hedging Instrument, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $23,368 | $771 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,953 | -2,917 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 323 | 93 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1,182 | -387 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | 24,087 | 1,067 |
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | 463 | -10 |
Commodity Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 101 |
Interest Expense | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -966 | -926 |
Interest Expense | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -13 | |
Interest Expense | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -4 | |
Cost of Sales | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,886 | -1,646 |
Cost of Sales | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -129 | -246 |
Selling, General and Administrative Expenses | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 162 | -99 |
Other Expense | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $327 | $106 |
FINANCIAL_INSTRUMENTS_AND_DERI3
FINANCIAL INSTRUMENTS AND DERIVATIVES Net Investment Hedges (Details) (Net Investment Hedging, Designated as Hedging Instrument, Foreign Exchange Contract, USD $) | Mar. 31, 2015 |
Net Investment Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | |
Derivative [Line Items] | |
Derivative, Notional Amount | $406,194,000 |
Derivative, Notional amount maturing within 12 months | $228,340,000 |
FINANCIAL_INSTRUMENTS_AND_DERI4
FINANCIAL INSTRUMENTS AND DERIVATIVES Gain (Loss) on AOCI - Net Investment Hedges (Details) (Designated as Hedging Instrument, Net Investment Hedging, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $12,499 | ($1,592) |
Derivative, Gain (Loss) on Derivative, Net | -336 | 1,466 |
Cross Currency Basis Swaps Member | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -4,660 | |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 12,499 | 3,068 |
Interest Income | Cross Currency Basis Swaps Member | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 677 | |
Interest Expense | Cross Currency Basis Swaps Member | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 541 | |
Other Expense | Cross Currency Basis Swaps Member | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | ($336) | $248 |
FINANCIAL_INSTRUMENTS_AND_DERI5
FINANCIAL INSTRUMENTS AND DERIVATIVES Fair Value Hedges (Details) (Designated as Hedging Instrument, Fair Value Hedging, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $45,000,000 | |
Derivative, Notional amount maturing within 12 months | 45,000,000 | |
Interest Expense | Interest Expense | ||
Derivative [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $118,000 | $87,000 |
FINANCIAL_INSTRUMENTS_AND_DERI6
FINANCIAL INSTRUMENTS AND DERIVATIVES Hedges not Designated (Details) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $479,833,000 | |||
Derivative, Notional amount maturing within 12 months | 478,282,000 | |||
Derivative, Gain (Loss) on Derivative, Net | 7,364,000 | -3,855,000 | ||
Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 460,653,000 | |||
Derivative, Notional amount maturing within 12 months | 460,653,000 | |||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 2,327,000 | |||
Derivative, Notional amount maturing within 12 months | 776,000 | |||
Cross Currency Basis Swaps Member | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 16,853,000 | |||
Derivative, Notional amount maturing within 12 months | 16,853,000 | |||
Other Expense | Cross Currency Basis Swaps Member | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | -1,222,000 | [1] | 825,000 | [1] |
Other Expense | Equity Option | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 5,000 | -228,000 | ||
Other Expense | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 8,584,000 | [1] | -4,441,000 | [1] |
Interest Expense | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | ($3,000) | ($11,000) | ||
[1] | The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances which are recorded in bOther expense (income), netb on the Consolidated Statements of Operations. |
FINANCIAL_INSTRUMENTS_AND_DERI7
FINANCIAL INSTRUMENTS AND DERIVATIVES Balance Sheet Location (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $51,512 | $28,653 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 11,584 | 7,481 |
Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 11,375 | 12,677 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3,411 | 3,548 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 4,214 | 4,827 |
Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,678 | 2,084 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 191 | 244 |
Foreign Exchange Forward | Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 51,040 | 28,036 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 10,884 | 4,798 |
Foreign Exchange Forward | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 11,039 | 12,542 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Foreign Exchange Forward | Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2,077 | 2,740 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 4,160 | 4,764 |
Foreign Exchange Forward | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 638 | 1,707 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 |
Commodity Contract | Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Commodity Contract | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Commodity Contract | Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 169 | 233 |
Commodity Contract | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Interest Rate Swap | Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 472 | 617 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Interest Rate Swap | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 336 | 135 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Interest Rate Swap | Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,165 | 575 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 54 | 63 |
Interest Rate Swap | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,040 | 377 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 94 | 129 |
Dio Equity Option Contracts | Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Dio Equity Option Contracts | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Dio Equity Option Contracts | Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 |
Dio Equity Option Contracts | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 97 | 115 |
Cross Currency Basis Swaps Member | Prepaid Expenses and Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 700 | 2,683 |
Cross Currency Basis Swaps Member | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Cross Currency Basis Swaps Member | Accrued Liabilities | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 |
Cross Currency Basis Swaps Member | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $0 | $0 |
FINANCIAL_INSTRUMENTS_AND_DERI8
FINANCIAL INSTRUMENTS AND DERIVATIVES Balance Sheet Offsetting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | $74,471 | $48,811 |
Derivative Asset | 74,471 | 48,811 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | 9,080 | 9,138 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 65,391 | 39,673 |
Derivative Liability [Abstract] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | 9,494 | 10,703 |
Derivative Liability | 9,494 | 10,703 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | -9,080 | -9,138 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 414 | 1,565 |
Foreign Exchange Contract | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 72,963 | 45,377 |
Derivative Asset | 72,963 | 45,377 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | 8,748 | 7,797 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 64,215 | 37,580 |
Derivative Liability [Abstract] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | 6,875 | 9,208 |
Derivative Liability | 6,875 | 9,208 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | -6,875 | -8,186 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 1,022 |
Commodity Contract | ||
Derivative Asset [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | 169 | 235 |
Derivative Liability | 169 | 235 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 169 | 235 |
Dio Equity Option Contracts | ||
Derivative Asset [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | 97 | 115 |
Derivative Liability | 97 | 115 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 97 | 115 |
Interest Rate Swap | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 808 | 751 |
Derivative Asset | 808 | 751 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | 185 | 274 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 623 | 477 |
Derivative Liability [Abstract] | ||
Derivative Liability, Not Subject to Master Netting Arrangement | 2,353 | 1,145 |
Derivative Liability | 2,353 | 1,145 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | -2,205 | -952 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 148 | 193 |
Cross Currency Basis Swaps Member | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 700 | 2,683 |
Derivative Asset | 700 | 2,683 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | 147 | 1,067 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 553 | 1,616 |
Derivative Liability [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | $0 | $0 |
FINANCIAL_INSTRUMENTS_AND_DERI9
FINANCIAL INSTRUMENTS AND DERIVATIVES Additional Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
group | |
Derivative [Line Items] | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 18 months |
Number of groups of significant interest rate swaps | 2 |
Fair Value Hedging | Private Placement Notes Member | |
Derivative [Line Items] | |
Debt Instrument Maturity Period | 5 years |
Interest Rate Swap | Fair Value Hedging | Private Placement Notes Member | |
Derivative [Line Items] | |
Derivative, Term of Contract | 5 years |
Currency Japanese Yen Member | Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Term of Contract | 5 years |
Currency Swiss Franc Member | Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Term of Contract | 5 years |
Recovered_Sheet1
FINANCIAL INSTRUMENTS AND DERIVATIVES - Narrative (Details) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Apr. 04, 2011 | Feb. 28, 2010 | Mar. 31, 2015 | Mar. 31, 2015 |
Term Loan Agreement | Not Designated as Hedging Instrument | Interest Rate Swap | Cross Currency Basis Swaps Member | Cross Currency Basis Swaps Member | Foreign Exchange Forward | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Net Investment Hedging | Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Switzerland, Francs | |
USD ($) | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Foreign Exchange Contract | Foreign Exchange Contract | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Cross Currency Basis Swaps Member | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Term Loan Agreement | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Private Placement Notes Member | Private Placement Notes Member | Private Placement Notes Member | Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||
USD ($) | CHF | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CHF | ||||||||||
Derivative [Line Items] | |||||||||||||||||
Derivative, Variable Interest Rate | 1260000000000.00% | ||||||||||||||||
Derivative, Fixed Interest Rate | 0.90% | 0.70% | 0.70% | 4.10% | |||||||||||||
Derivative, Notional Amount | $479,833,000 | $2,327,000 | $16,853,000 | $460,653,000 | $500,507,000 | $171,511,000 | 65,000,000 | $326,793,000 | $406,194,000 | $150,000,000 | $45,000,000 | 16,400,000 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 14,900,000 | ||||||||||||||||
Debt Instrument, Face Amount | $250,000,000 | ||||||||||||||||
Derivative, Term of Contract | 5 years |
FAIR_VALUE_MEASUREMENT_Financi
FAIR VALUE MEASUREMENT Financial Assets and Liabilities that are Recorded at Fair Value and Classified Based on the Lowest Level of Input (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $167,865 | $106,509 |
Liabilities | 54,968 | 116,726 |
Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 808 | 752 |
Liabilities | 2,353 | 1,144 |
Commodity Contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 169 | 233 |
Cross Currency Interest Rate Swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 700 | 2,683 |
Foreign Exchange Forward | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 72,963 | 45,376 |
Liabilities | 6,875 | 9,211 |
Long-term Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 45,474 | 106,023 |
Corporate Bond Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 93,394 | 57,698 |
Dio Equity Option Contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 97 | 115 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 74,471 | 48,811 |
Liabilities | 54,871 | 116,611 |
Fair Value, Inputs, Level 2 | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 808 | 752 |
Liabilities | 2,353 | 1,144 |
Fair Value, Inputs, Level 2 | Commodity Contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 169 | 233 |
Fair Value, Inputs, Level 2 | Cross Currency Interest Rate Swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 700 | 2,683 |
Fair Value, Inputs, Level 2 | Foreign Exchange Forward | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 72,963 | 45,376 |
Liabilities | 6,875 | 9,211 |
Fair Value, Inputs, Level 2 | Long-term Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 45,474 | 106,023 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 93,394 | 57,698 |
Liabilities | 97 | 115 |
Fair Value, Inputs, Level 3 | Corporate Bond Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 93,394 | 57,698 |
Fair Value, Inputs, Level 3 | Dio Equity Option Contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | $97 | $115 |
FAIR_VALUE_MEASUREMENT_Reconci
FAIR VALUE MEASUREMENT Reconciliation Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Corporate Bond Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $57,698 |
Unrealized Loss Reported in AOCI | 44,499 |
Effect of exchange rate changes | -8,803 |
Ending Balance | 93,394 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |
Unrealized Loss Reported in AOCI | 44,499 |
Effect of exchange rate changes | -8,803 |
Dio Equity Option Contracts | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Unrealized Loss Reported in AOCI | 5 |
Effect of exchange rate changes | 13 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | |
Beginning Balance | -115 |
Unrealized Loss Reported in AOCI | 5 |
Effect of exchange rate changes | 13 |
Ending Balance | ($97) |
FAIR_VALUE_MEASUREMENT_Additio
FAIR VALUE MEASUREMENT Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Corporate Bond Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Approximate stock volatility | 26.00% | |
Discount rate | 9.20% | |
Fixed rate senior notes $450 million due August 2021 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fixed rate | 4.10% | |
Tranche C | Unsecured Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 450,000,000 | |
Tranche B | Unsecured Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,000,000 | |
Tranche A | Unsecured Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 250,000,000 | |
Private Placement Notes Member | U.S. Dollar Denominated Expiring March 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fixed rate | 4.10% | |
Fixed Rate Senior Notes | U.S. Dollar Denominated Due August 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fixed rate | 2.80% | |
Estimate of Fair Value, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,190,800,000 | 1,290,000,000 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,163,600,000 | $1,262,700,000 |
INCOME_TAXES_Additional_Inform
INCOME TAXES Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $0.30 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1.6 | |
Future Period Member | ||
Income Taxes [Line Items] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2.3 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0.9 | |
Unrecognized tax benefits, expiration of statues of limitation | $0.40 |
FINANCING_ARRANGEMENTS_LongTer
FINANCING ARRANGEMENTS Long-Term Borrowings (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Jul. 24, 2014 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $395,600,000 | ||
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 100,000,000 | ||
Private Placement | |||
Debt Instrument [Line Items] | |||
Short-term Debt | 75,000,000 | ||
Revolving Credit Agreement | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 160,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||
Term Loan Agreement | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $8,800,000 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS Reconciliation of Changes in Goodwill (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill [Roll Forward] | ||
Balance, beginning of the year | $2,089,339 | |
Goodwill, Translation Adjustments | -136,068 | |
Balance, end of the year | 1,953,271 | |
Dental Consumables, Endodontic and Dental Laboratory Businesses | ||
Goodwill [Roll Forward] | ||
Balance, beginning of the year | 565,714 | |
Balance, end of the year | 565,714 | |
Select Developed and Emerging Markets Businesses | ||
Goodwill [Roll Forward] | ||
Balance, beginning of the year | 129,227 | |
Balance, end of the year | $129,227 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS Identifiable Definite-Lived Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $698,691 | $738,351 |
Accumulated Amortization | -260,822 | -260,088 |
Net Carrying Amount | 437,869 | 478,263 |
Identifiable Intangible Assets Gross | 874,279 | 930,928 |
Intangible Assets, Net (Excluding Goodwill) | 613,457 | 670,840 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 175,588 | 192,577 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 170,790 | 175,186 |
Accumulated Amortization | -94,380 | -95,526 |
Net Carrying Amount | 76,410 | 79,660 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 72,396 | 75,645 |
Accumulated Amortization | -38,854 | -37,053 |
Net Carrying Amount | 33,542 | 38,592 |
Licensing Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,699 | 34,638 |
Accumulated Amortization | -23,002 | -22,806 |
Net Carrying Amount | 10,697 | 11,832 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 421,806 | 452,882 |
Accumulated Amortization | -104,586 | -104,703 |
Net Carrying Amount | $317,220 | $348,179 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | ||
Jun. 30, 2004 | Jan. 31, 2014 | Dec. 31, 2006 | |
San Francisco County California Member | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Loss Contingency, Lawsuit Filing Date | 18-Jun-04 | ||
Loss Contingency, Name of Plaintiff | Marvin Weinstat, DDS and Richard Nathan, DDS | ||
Loss Contingency, Trial or Alternative Dispute Resolution | On JuneB 18, 2004, Marvin Weinstat, DDS and Richard Nathan, DDS filed a class action suit in San Francisco County, California alleging that the Company misrepresented that its CavitronB. ultrasonic scalers are suitable for use in oral surgical procedures.B | ||
Eastern District Of Pennsylvania Member | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Loss Contingency, Lawsuit Filing Date | 1/20/14 | 12-Dec-06 | |
Loss Contingency, Name of Plaintiff | Former and Current Employees | Carole Hildebrand, DDS and Robert Jaffin, DDS and Dr. Mitchell Goldman | |
Loss Contingency, Trial or Alternative Dispute Resolution | On January 20, 2014, the Company was served with a qui tam complaint filed by two former and one current employee of the Company under the Federal False Claims Act and equivalent state and city laws. The lawsuit was previously under seal in the U.S. District Court for the Eastern District of Pennsylvania | On DecemberB 12, 2006, a Complaint was filed by Carole Hildebrand, DDS and Robert Jaffin, DDS in the Eastern District of Pennsylvania (the Plaintiffs subsequently added Dr. Mitchell Goldman as a named class representative).B B The case was filed by the same law firm that filed the Weinstat case in California.B B The Complaint asserts putative class action claims on behalf of dentists located in New Jersey and Pennsylvania.B |