Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ZBRA | ' |
Entity Registrant Name | 'ZEBRA TECHNOLOGIES CORP | ' |
Entity Central Index Key | '0000877212 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,921,759 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $60,214 | $62,827 |
Investments and marketable securities | 481,706 | 350,380 |
Accounts receivable, net | 187,543 | 176,917 |
Inventories, net | 139,621 | 121,023 |
Deferred income taxes | 19,480 | 19,810 |
Income tax receivable | 9,813 | 7,622 |
Prepaid expenses and other current assets | 22,673 | 15,524 |
Total current assets | 921,050 | 754,103 |
Property and equipment at cost, less accumulated depreciation and amortization | 113,206 | 109,588 |
Goodwill | 153,515 | 155,800 |
Other intangibles, net | 61,032 | 68,968 |
Other assets | 34,367 | 31,353 |
Total assets | 1,283,170 | 1,119,812 |
Current liabilities: | ' | ' |
Accounts payable | 46,083 | 34,688 |
Accrued liabilities | 83,035 | 61,962 |
Deferred revenue | 18,965 | 15,506 |
Income taxes payable | 10,131 | 6,898 |
Total current liabilities | 158,214 | 119,054 |
Long-term deferred tax liability | 27,387 | 25,492 |
Deferred rent | 1,796 | 1,131 |
Other long-term liabilities | 19,024 | 15,477 |
Total liabilities | 206,421 | 161,154 |
Stockholders' equity: | ' | ' |
Class A Common Stock | 722 | 722 |
Additional paid-in capital | 153,026 | 143,295 |
Treasury stock | -660,294 | -678,456 |
Retained earnings | 1,586,986 | 1,502,878 |
Accumulated other comprehensive loss | -3,691 | -9,781 |
Total stockholders' equity | 1,076,749 | 958,658 |
Total liabilities and stockholders' equity | $1,283,170 | $1,119,812 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net sales: | ' | ' | ' | ' |
Net sales of tangible products | $282,643 | $249,919 | $814,584 | $714,949 |
Revenue from services and software | 20,629 | 13,604 | 65,377 | 38,671 |
Total net sales | 303,272 | 263,523 | 879,961 | 753,620 |
Cost of sales: | ' | ' | ' | ' |
Cost of sales of tangible products | 141,842 | 128,191 | 409,253 | 370,966 |
Cost of services and software | 9,924 | 6,722 | 29,095 | 20,072 |
Total cost of sales | 151,766 | 134,913 | 438,348 | 391,038 |
Gross profit | 151,506 | 128,610 | 441,613 | 362,582 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 36,781 | 34,395 | 107,952 | 101,740 |
Research and development | 25,225 | 22,376 | 71,792 | 67,435 |
General and administrative | 24,741 | 22,452 | 79,453 | 71,781 |
Amortization of intangible assets | 2,597 | 1,831 | 7,936 | 5,557 |
Acquisition and integration costs | 35,326 | 268 | 60,617 | 1,368 |
Exit and restructuring costs | -120 | 519 | 434 | 3,515 |
Total operating expenses | 124,550 | 81,841 | 328,184 | 251,396 |
Operating income | 26,956 | 46,769 | 113,429 | 111,186 |
Other income (expense): | ' | ' | ' | ' |
Investment income (loss) | -2,448 | 550 | -1,648 | 1,700 |
Foreign exchange loss | -83 | -173 | -332 | -733 |
Forward swaps gain/(loss) | 185 | 0 | -2,248 | 0 |
Other, net | 196 | -5 | 147 | 1,468 |
Total other income (expense) | -2,150 | 372 | -4,081 | 2,435 |
Income from continuing operations before income taxes | 24,806 | 47,141 | 109,348 | 113,621 |
Income taxes | 9,861 | 8,541 | 25,240 | 20,921 |
Income from continuing operations | 14,945 | 38,600 | 84,108 | 92,700 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 8 |
Net income | $14,945 | $38,600 | $84,108 | $92,708 |
Basic earnings per share: | ' | ' | ' | ' |
Income from continuing operations | $0.29 | $0.76 | $1.66 | $1.82 |
Income from discontinued operations | $0 | $0 | $0 | $0 |
Net income | $0.29 | $0.76 | $1.66 | $1.82 |
Diluted earnings per share: | ' | ' | ' | ' |
Income from continuing operations | $0.29 | $0.76 | $1.64 | $1.81 |
Income from discontinued operations | $0 | $0 | $0 | $0 |
Net income | $0.29 | $0.76 | $1.64 | $1.81 |
Basic weighted average shares outstanding | 50,835 | 50,590 | 50,615 | 50,808 |
Diluted weighted average and equivalent shares outstanding | 51,461 | 50,924 | 51,251 | 51,171 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $14,945 | $38,600 | $84,108 | $92,708 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, net of income taxes | 4,352 | -1,007 | 5,741 | 345 |
Unrealized holding gains (losses) on investments, net of income taxes | 240 | 433 | 736 | -506 |
Foreign currency translation adjustment | -191 | 182 | -387 | 499 |
Comprehensive income | $19,346 | $38,208 | $90,198 | $93,046 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $84,108 | $92,708 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 27,223 | 23,312 |
Share-based compensation | 10,304 | 9,372 |
Impairment of long term investment | 2,333 | 0 |
Excess tax benefit from share-based compensation | -5,779 | -4,170 |
Loss on sale of property and equipment | 135 | 172 |
Deferred income taxes | 4,509 | 4,888 |
Loss on forward interest rate swaps | 2,248 | 0 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | -10,810 | -6,641 |
Inventories, net | -18,606 | 16,702 |
Other assets | -10,859 | 2,257 |
Accounts payable | 7,975 | -445 |
Accrued liabilities | 21,160 | -6,256 |
Deferred revenue | 2,667 | 1,752 |
Income taxes | 6,664 | 3,040 |
Other operating activities | 6,406 | 298 |
Net cash provided by operating activities | 129,678 | 136,989 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -20,023 | -13,522 |
Acquisition of intangible assets | 0 | -1,500 |
Purchase of long-term investments | -1,870 | -1,708 |
Purchase of investments and marketable securities | -384,134 | -338,227 |
Maturities of investments and marketable securities | 44,158 | 41,021 |
Proceeds from sales of investments and marketable securities | 211,975 | 223,905 |
Net cash used in investing activities | -149,894 | -90,031 |
Cash flows from financing activities: | ' | ' |
Purchase of treasury stock | 0 | -58,459 |
Proceeds from exercise of stock options and stock purchase plan purchases | 11,964 | 6,470 |
Excess tax benefit from share-based compensation | 5,779 | 4,170 |
Net cash provided by (used in) financing activities | 17,743 | -47,819 |
Effect of exchange rate changes on cash | -140 | 317 |
Net decrease in cash and cash equivalents | -2,613 | -544 |
Cash and cash equivalents at beginning of period | 62,827 | 64,740 |
Cash and cash equivalents at end of period | 60,214 | 64,196 |
Supplemental disclosures of cash flow information: | ' | ' |
Income taxes paid | $12,656 | $10,951 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1 – Basis of Presentation | |
Management prepared these unaudited interim consolidated financial statements for Zebra Technologies Corporation and subsidiaries (“Zebra”) according to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. These financial statements do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Zebra’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
The consolidated balance sheet as of December 31, 2013, included in this Form 10-Q is taken from the audited consolidated balance sheet in our Form 10-K. These interim financial statements include all adjustments (of a normal, recurring nature) necessary to present fairly Zebra’s consolidated financial position as of September 27, 2014, the consolidated statements of earnings and consolidated statements of comprehensive income for the three and nine months ended September 27, 2014 and September 28, 2013 and the consolidated statements of cash flows for the nine months ended September 27, 2014 and September 28, 2013. These results, however, are not necessarily indicative of results for the full year. | |
On April 14, 2014, Zebra entered into a definitive agreement under which Zebra will acquire a portion of the Enterprise business of Motorola Solutions, Inc. for $3.45 billion in an all-cash transaction. Zebra completed the transaction on October 27, 2014. See Note 18 for more details. Zebra funded the acquisition with a combination of approximately $200 million of available cash on hand and the issuance of $3.25 billion in new debt. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 2 – Fair Value Measurements | |||||||||||||||||
Financial assets and liabilities are to be measured using inputs from three levels of the fair value hierarchy. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Zebra uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: | |||||||||||||||||
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||||||||||||||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | |||||||||||||||||
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||||||||||||||||
In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in the assessment of fair value. Included in our investment portfolio at September 27, 2014, is an auction rate security which is classified as available for sale and is reflected at fair value. Due to events in credit markets, however, the auction event for the instrument held by Zebra is failed. Therefore, the fair value of this security is estimated utilizing broker quotations, discounted cash flow analysis and other types of valuation adjustment methodologies at September 27, 2014. These analyses consider, among other items, the collateral underlying the security instruments, the creditworthiness of the counterparty, the timing of expected future cash flows, estimates of the next time the security is expected to have a successful auction, and Zebra’s intent and ability to hold such securities until credit markets improve. The security was also compared, when possible, to other securities with similar characteristics. | |||||||||||||||||
On October 1, 2011, Zebra deemed the auction rate security discussed above to be temporarily impaired and recorded the estimated value decline of $412,000 in other comprehensive income. As of September 27, 2014 Zebra decided to dispose of the security during the fourth quarter of 2014 and has deemed the investment to be permanently impaired and recorded a loss of $600,000. | |||||||||||||||||
Financial assets and liabilities carried at fair value as of September 27, 2014, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 182,470 | $ | 0 | $ | 0 | $ | 182,470 | |||||||||
Obligations of government-sponsored enterprises (1) | 0 | 40,631 | 0 | 40,631 | |||||||||||||
State and municipal bonds | 0 | 49,022 | 0 | 49,022 | |||||||||||||
Corporate securities | 0 | 183,418 | 2,400 | 185,818 | |||||||||||||
Other investments | 0 | 23,765 | 0 | 23,765 | |||||||||||||
Investments subtotal | 182,470 | 296,836 | 2,400 | 481,706 | |||||||||||||
Forward contracts (2) | $ | 3,416 | $ | 6,206 | $ | 0 | $ | 9,622 | |||||||||
Money market investments related to the deferred compensation plan | 5,698 | 0 | 0 | 5,698 | |||||||||||||
Total assets at fair value | $ | 191,584 | $ | 303,042 | $ | 2,400 | $ | 497,026 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (3) | $ | 0 | $ | 3,472 | $ | 0 | $ | 3,472 | |||||||||
Liabilities related to the deferred compensation plan | 5,698 | 0 | 0 | 5,698 | |||||||||||||
Total liabilities at fair value | $ | 5,698 | $ | 3,472 | $ | 0 | $ | 9,170 | |||||||||
Financial assets and liabilities carried at fair value as of December 31, 2013, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 89,626 | $ | 0 | $ | 0 | $ | 89,626 | |||||||||
Obligations of government-sponsored enterprises (1) | 0 | 33,510 | 0 | 33,510 | |||||||||||||
State and municipal bonds | 0 | 51,627 | 0 | 51,627 | |||||||||||||
Corporate securities | 0 | 163,832 | 2,588 | 166,420 | |||||||||||||
Other investments | 0 | 11,785 | 0 | 11,785 | |||||||||||||
Investments subtotal | 89,626 | 260,754 | 2,588 | 352,968 | |||||||||||||
Money market investments related to the deferred compensation plan | 4,827 | 0 | 0 | 4,827 | |||||||||||||
Total assets at fair value | $ | 94,453 | $ | 260,754 | $ | 2,588 | $ | 357,795 | |||||||||
Liabilities: | |||||||||||||||||
Forward contracts (2) | $ | 1,165 | $ | 1,578 | $ | 0 | $ | 2,743 | |||||||||
Liabilities related to the deferred compensation plan | 4,827 | 0 | 0 | 4,827 | |||||||||||||
Total liabilities at fair value | $ | 5,992 | $ | 1,578 | $ | 0 | $ | 7,570 | |||||||||
1) | Includes investments in notes issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Farm Credit Banks and the Federal Home Loan Bank. | ||||||||||||||||
2) | The fair value of forward contracts are calculated as follows: | ||||||||||||||||
a. | Fair value of a collar or put option contract associated with forecasted sales hedges are calculated using bid and ask rates for similar contracts. | ||||||||||||||||
b. | Fair value of regular forward contracts associated with forecasted sales hedges are calculated using the period-end exchange rate adjusted for current forward points. | ||||||||||||||||
c. | Fair value of balance sheet hedges are calculated at the period end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period end. If this is the case, the fair value is calculated at the rate at which the hedge is being settled. | ||||||||||||||||
3) | The fair value of forward interest rate swap contracts is based upon a valuation model that uses relevant observable market inputs at quoted intervals, such as forward yield curves, and is adjusted for Zebra’s own credit risk and the interest rate swap terms. | ||||||||||||||||
The following table presents Zebra’s activity for assets measured at fair value on a recurring basis using significant unobservable inputs, Level 3, for the following periods (in thousands): | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Balance at beginning of the year | $ | 2,588 | $ | 2,588 | |||||||||||||
Transfers to Level 3 | 0 | 0 | |||||||||||||||
Total losses (realized or unrealized): | |||||||||||||||||
Included in earnings | (600 | ) | 0 | ||||||||||||||
Included in other comprehensive income (loss) | 412 | 0 | |||||||||||||||
Purchases and settlements (net) | 0 | 0 | |||||||||||||||
Balance at end of period | $ | 2,400 | $ | 2,588 | |||||||||||||
Total gains and (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at end of period | $ | (412 | ) | $ | 0 | ||||||||||||
The following is a summary of short-term and long-term investments (in thousands): | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 182,354 | $ | 123 | $ | (7 | ) | $ | 182,470 | ||||||||
Obligations of government-sponsored enterprises | 40,632 | 2 | (3 | ) | 40,631 | ||||||||||||
State and municipal bonds | 48,914 | 113 | (5 | ) | 49,022 | ||||||||||||
Corporate securities | 185,145 | 756 | (83 | ) | 185,818 | ||||||||||||
Other investments | 23,762 | 15 | (12 | ) | 23,765 | ||||||||||||
Total investments | $ | 480,807 | $ | 1,009 | $ | (110 | ) | $ | 481,706 | ||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 89,617 | $ | 27 | $ | (18 | ) | $ | 89,626 | ||||||||
Obligations of government-sponsored enterprises | 33,506 | 5 | (1 | ) | 33,510 | ||||||||||||
State and municipal bonds | 51,573 | 82 | (28 | ) | 51,627 | ||||||||||||
Corporate securities | 166,642 | 453 | (675 | ) | 166,420 | ||||||||||||
Other investments | 11,771 | 15 | (1 | ) | 11,785 | ||||||||||||
Total investments | $ | 353,109 | $ | 582 | $ | (723 | ) | $ | 352,968 | ||||||||
The maturity dates of investments are as follows (in thousands): | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
Cost | Fair Value | ||||||||||||||||
Less than 1 year | $ | 135,482 | $ | 135,603 | |||||||||||||
1 to 5 years | 342,925 | 343,703 | |||||||||||||||
6 to 10 years | 2,400 | 2,400 | |||||||||||||||
Thereafter | 0 | 0 | |||||||||||||||
Total | $ | 480,807 | $ | 481,706 | |||||||||||||
The carrying value for Zebra’s financial instruments classified as current assets (other than short-term investments) and current liabilities approximate fair value due to their short maturities. |
Investments_and_Marketable_Sec
Investments and Marketable Securities | 9 Months Ended |
Sep. 27, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investments and Marketable Securities | ' |
Note 3 – Investments and Marketable Securities | |
Investments in marketable debt securities are classified based on intent and ability to sell the investment securities. We intend to use Zebra’s available-for-sale securities to fund future acquisitions and other operating needs and therefore may be sold prior to maturity. Investments in marketable debt securities for which Zebra intends to sell within the next year are classified as current and those that we intend to hold in excess of one-year are classified as non-current. | |
Changes in the market value of available-for-sale securities are reflected in the “Accumulated other comprehensive loss” caption of stockholders’ equity in the balance sheet, until we dispose of the securities. Once these securities are disposed of, either by sale or maturity, the accumulated changes in market value are transferred to investment income. On the statement of cash flows, changes in the balances of available-for-sale securities are shown as purchases, sales and maturities of investments and marketable securities under investing activities. | |
Changes in market value of trading securities would be recorded in investment income as they occur, and the related statement of cash flows would include changes in the balances of trading securities as operating cash flows. | |
Included in Zebra’s cash and investments and marketable securities are amounts held by foreign subsidiaries which are generally invested in U.S. dollar-denominated holdings. Zebra had foreign cash and investments of $330,895,000 as of September 27, 2014, and $251,658,000 as of December 31, 2013. Amounts held by foreign subsidiaries are generally subject to U.S. income taxation upon repatriation. Zebra does not see a need to repatriate these funds. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Note 4 – Accounts Receivable | |||||||||
The components of accounts receivable are as follows (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Accounts receivable, gross | $ | 187,964 | $ | 177,370 | |||||
Accounts receivable reserves | (421 | ) | (453 | ) | |||||
Accounts receivable, net | $ | 187,543 | $ | 176,917 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5 – Inventories | |||||||||
The components of inventories are as follows (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Raw material | $ | 27,184 | $ | 31,335 | |||||
Work in process | 578 | 415 | |||||||
Finished goods | 119,736 | 101,834 | |||||||
Inventories, gross | 147,498 | 133,584 | |||||||
Inventory reserves | (7,877 | ) | (12,561 | ) | |||||
Inventories, net | $ | 139,621 | $ | 121,023 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Note 6 — Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets are as follows (in thousands): | |||||||||||||
As of September 27, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amount | Amortization | Amount | |||||||||||
Current technology | $ | 23,778 | $ | (15,960 | ) | $ | 7,818 | ||||||
Patent and patent rights | 29,569 | (20,314 | ) | 9,255 | |||||||||
Customer relationships | 52,893 | (8,934 | ) | 43,959 | |||||||||
Other intangibles, net | $ | 106,240 | $ | (45,208 | ) | $ | 61,032 | ||||||
Amortization expense for the nine months ended September 27, 2014 | $ | 7,936 | |||||||||||
As of December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amount | Amortization | Amount | |||||||||||
Current technology | $ | 23,778 | $ | (14,060 | ) | $ | 9,718 | ||||||
Patent and patent rights | 29,569 | (17,919 | ) | 11,650 | |||||||||
Customer relationships | 52,893 | (5,293 | ) | 47,600 | |||||||||
Other intangibles, net | $ | 106,240 | $ | (37,272 | ) | $ | 68,968 | ||||||
Amortization expense for the nine months ended September 28, 2013 | $ | 5,557 | |||||||||||
Zebra had goodwill of $153,515,000 as of September 27, 2014 and $155,800,000 as of December 31, 2013. | |||||||||||||
In the fourth quarter 2013, Zebra acquired all of the outstanding membership interests in Hart Systems, LLC (a New York limited liability company) with $60,858,000 of the purchase price allocated to goodwill. As of September 27, 2014 the purchase price allocation was finalized and the amount of goodwill was reduced to $58,573,000 for adjustments related to deferred taxes. This acquisition is considered a separate reporting unit for purposes of Zebra’s goodwill impairment test. | |||||||||||||
We test goodwill for impairment on an annual basis or more frequently if we believe indicators of impairment exist. We performed our assessment in accordance with Accounting Standards update (ASU) 2011-08, which allows for the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether the fair value needs to be reassessed. We performed our qualitative assessment, which excluded Hart Systems, LLC, as of May 24, 2014 and determined that our goodwill was not impaired. Impairment testing for Hart Systems, LLC will occur in the fourth quarter of this year. |
Other_Assets
Other Assets | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Note 7 – Other Assets | |||||||||
Other assets consist of the following (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Money market investments related to the deferred compensation plan | $ | 5,698 | $ | 4,827 | |||||
Long-term equity investments | 20,915 | 21,242 | |||||||
Other long-term assets | 2,099 | 1,522 | |||||||
Long-term investments and marketable securities | 0 | 2,588 | |||||||
Long-term debt issuance cost | 4,460 | 0 | |||||||
Deposits | 1,195 | 1,174 | |||||||
Total | $ | 34,367 | $ | 31,353 | |||||
Costs_Associated_with_Exit_and
Costs Associated with Exit and Restructuring Activities | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Costs Associated with Exit and Restructuring Activities | ' | ||||||||||||||||||||
Note 8 – Costs Associated with Exit and Restructuring Activities | |||||||||||||||||||||
Costs incurred through December 31, 2013 and costs expected to be incurred relate to the following: restructuring of Zebra’s manufacturing operations; relocation of a significant portion of Zebra’s supply chain operations from the U.S. to China; consolidating activities domestically; restructuring of our sales operations; restructuring certain corporate functions; and amending the Location Solutions “2012 restructuring plan” by adding additional restructuring charges to be incurred. | |||||||||||||||||||||
For the first nine months of 2014, we have incurred the following exit and restructuring costs related to the Location Solutions business management structure and manufacturing operations relocation and restructuring (in thousands): | |||||||||||||||||||||
Type of Cost | Cost incurred | Costs incurred for | Total costs | Additional | Total costs | ||||||||||||||||
through | the nine months | incurred as | costs | expected to | |||||||||||||||||
December 31, | ended September 27, | of September 27, | expected to | be incurred | |||||||||||||||||
2013 | 2014 | 2014 | be incurred | ||||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 6,650 | $ | 434 | $ | 7,084 | $ | 0 | $ | 7,084 | |||||||||||
Professional services | 180 | 0 | 180 | 0 | 180 | ||||||||||||||||
Relocation and transition costs | 20 | 0 | 20 | 0 | 20 | ||||||||||||||||
Total | $ | 6,850 | $ | 434 | $ | 7,284 | $ | 0 | $ | 7,284 | |||||||||||
Exit and restructuring costs for 2013 and 2014 are as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | (120 | ) | $ | 440 | $ | 434 | $ | 3,338 | ||||||||||||
Professional services | 0 | 91 | 0 | 157 | |||||||||||||||||
Relocation and transition costs | 0 | (12 | ) | 0 | 20 | ||||||||||||||||
Total | $ | (120 | ) | $ | 519 | $ | 434 | $ | 3,515 | ||||||||||||
Liabilities and expenses below relate to the 2012 exit and restructuring plan (in thousands): | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | 1,252 | $ | 967 | |||||||||||||||||
Charged to earnings | 434 | 3,515 | |||||||||||||||||||
Cash paid | (1,275 | ) | (3,962 | ) | |||||||||||||||||
Balance at the end of period | $ | 411 | $ | 520 | |||||||||||||||||
Liabilities related to exit and restructuring activities are included in the accrued liabilities line item on the balance sheet. All exit costs are included in operating expenses under the line item exit and restructuring costs. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||
Note 9 – Derivative Instruments | |||||||||||||||||
Portions of our operations are subject to fluctuations in foreign exchange rates. We manage these risks using derivative financial instruments. We conduct business on a multinational basis in a wide variety of foreign currencies. Our exposure to market risk for changes in foreign currency exchange rates arises from international financing activities between subsidiaries, foreign currency denominated monetary assets and liabilities and transactions arising from international trade. Our objective is to preserve the economic value of non-functional currency denominated cash flows. We attempt to hedge transaction exposures with natural offsets to the fullest extent possible and, once these opportunities have been exhausted, through foreign exchange forward and option contracts with third parties. | |||||||||||||||||
In addition, we have exposure to market risk for changes in interest rates resulting from the announced acquisition of the Enterprise business of Motorola Solutions, Inc. In June 2014, we entered into a commitment letter for a new variable rate credit facility to fund the announced acquisition and we also entered into two tranches of floating-to-fixed forward interest rate swaps to hedge the interest rate risk. In July 2014, we designated these forward interest rate swaps as cash flow hedges of interest rate exposure associated with variability in future cash flows on our variable rate commitment. Changes in fair value of the forward interest rate swaps that are effective at offsetting variability in the future cash flows are recognized in other comprehensive income (loss). Ineffectiveness is immediately recognized in earnings. | |||||||||||||||||
The fair value of the forward interest rate swap contracts is estimated using market quoted forward interest rates for the London Interbank Offered Rate “LIBOR” at the balance sheet date and the application of such rates subject to the interest rate swap terms. In accordance with ASC 815 we recognize derivative instruments and hedging activities as either assets or liabilities on the balance sheet and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated as and qualifies for hedge accounting. | |||||||||||||||||
Credit and Market Risk | |||||||||||||||||
Financial instruments, including derivatives, expose us to counterparty credit risk for nonperformance and to market risk related to interest and currency exchange rates. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties, and procedures to monitor concentrations of credit risk. Our counterparties in derivative transactions are commercial banks with significant experience using derivative instruments. We monitor the impact of market risk on the fair value and cash flows of our derivative and other financial instruments considering reasonably possible changes in interest rates and currency exchange rates and restrict the use of derivative financial instruments to hedging activities. We continually monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. | |||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
Zebra has determined derivative instruments for hedges that have traded but have not settled are considered Level 1 in the fair value hierarchy, and hedges that have not traded are considered Level 2 in the fair value hierarchy. Derivative instruments are used to manage risk and are not used for trading or other speculative purposes, nor do we use leveraged derivative financial instruments. Our foreign currency exchange and forward interest-rate swap contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. | |||||||||||||||||
Hedging of Net Assets | |||||||||||||||||
We use forward contracts to manage exposure related to our pound and euro denominated net assets. Forward contracts typically mature within three months after execution of the contracts. We record gains and losses on these contracts in income each quarter along with the transaction gains and losses related to our net asset positions, which would ordinarily offset each other. | |||||||||||||||||
Summary financial information related to these activities included in our consolidated statement of earnings as other income (expense) is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Change in gains (losses) from foreign exchange derivatives | $ | 3,211 | $ | (1,611 | ) | $ | 3,752 | $ | (892 | ) | |||||||
Gain (loss) on net foreign currency assets | (3,294 | ) | 1,438 | (4,084 | ) | 159 | |||||||||||
Foreign exchange loss | $ | (83 | ) | $ | (173 | ) | $ | (332 | ) | $ | (733 | ) | |||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts: | |||||||||||||||||
Pound/US dollar | £ | 2,942 | £ | 0 | |||||||||||||
Euro/US dollar | € | 36,786 | € | 41,021 | |||||||||||||
Net fair value of outstanding contracts | $ | (135 | ) | $ | 33 | ||||||||||||
Hedging of Anticipated Sales | |||||||||||||||||
We manage the exchange rate risk of anticipated euro-denominated sales using purchased options, forward contracts, and participating forwards. We designate these contracts as cash flow hedges which mature within twelve months after the execution of the contracts. Gains and losses on these contracts are deferred in other comprehensive income until the contracts are settled and the hedged sales are realized. The deferred gains or losses will then be reported as an increase or decrease to sales. | |||||||||||||||||
Summary financial information related to the cash flow hedges is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Unrealized gains on anticipated sales hedging: | |||||||||||||||||
Gross | $ | 8,196 | $ | 448 | |||||||||||||
Income tax expense | 1,674 | 103 | |||||||||||||||
Net | $ | 6,522 | $ | 345 | |||||||||||||
Summary financial information related to the cash flow hedges of future revenues is as follows (in thousands, except percentages): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts versus the dollar | € | 91,860 | € | 85,627 | |||||||||||||
Hedge effectiveness | 100 | % | 100 | % | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Net gains (losses) included in net sales | $ | 421 | $ | (1,135 | ) | $ | (1,507 | ) | $ | (3,082 | ) | ||||||
Forward Contracts | |||||||||||||||||
We record our forward contracts at fair value on our consolidated balance sheet as a current asset or current liability, depending upon the fair value calculation as detailed in Note 2 of Zebra’s financial statements. The amounts recorded on our consolidated balance sheet are as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Prepaid expenses and other current assets | $ | 9,622 | $ | 0 | |||||||||||||
Total | $ | 9,622 | $ | 0 | |||||||||||||
Liabilities: | |||||||||||||||||
Accrued liabilities | $ | 0 | $ | 2,743 | |||||||||||||
Total | $ | 0 | $ | 2,743 | |||||||||||||
Forward Interest Rate Swaps | |||||||||||||||||
The forward interest rate swaps hedge the interest rate risk associated with the variable rate commitment entered into for the announced acquisition of the Enterprise business of Motorola Solutions, Inc. | |||||||||||||||||
These forward interest rate swaps were used to economically hedge interest rate risk associated with the variable rate commitment until July 30, 2014, and as such, changes in their fair value were recognized in earnings in other income (expense). Effective July 30, 2014, these forward interest rate swaps were designated as cash flow hedges of interest rate exposure associated with variability in future cash flows on the variable rate commitment. Subsequent to the hedge designation, the effective portion of changes in their fair value is recognized in other comprehensive income (loss) and the ineffective portion is recognized in earnings in other income (expense). The effective portion recognized in other comprehensive income (loss) will be reclassified to earnings as interest expense in other income (expense) as the interest payments under the committed variable rate credit facility affect earnings. | |||||||||||||||||
The location of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Other long-term liabilities | $ | 3,472 | $ | 0 | |||||||||||||
Total | $ | 3,472 | $ | 0 | |||||||||||||
The volume of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | $ | 0 | |||||||||||||
Zebra entered into a series of forward starting swaps, each with a term of one year, with the following notional amounts per year (in thousands): | |||||||||||||||||
Year 2015 | $ | 1,010,000 | |||||||||||||||
Year 2016 | $ | 697,000 | |||||||||||||||
Year 2017 | $ | 544,000 | |||||||||||||||
Year 2018 | $ | 544,000 | |||||||||||||||
Year 2019 | $ | 272,000 | |||||||||||||||
Year 2020 | $ | 272,000 | |||||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | |||||||||||||||
The gain (loss) recognized on the forward interest rate swaps not designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gain (loss) on forward interest-rate swaps | $ | 185 | $ | 0 | $ | (2,248 | ) | $ | 0 | ||||||||
The gain (loss) recognized in other comprehensive income (loss) on the forward interest rate swaps designated in a hedging relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Unrealized loss on forward interest rate swap hedging: | |||||||||||||||||
Gross | $ | (1,224 | ) | $ | 0 | ||||||||||||
Income tax benefit | (443 | ) | 0 | ||||||||||||||
Net | $ | (781 | ) | $ | 0 | ||||||||||||
No gain (loss) was reclassified from accumulated other comprehensive income (loss) into earnings on the forward interest rate swaps designated in a hedging relationship during the three months and nine months ended September 27, 2014. | |||||||||||||||||
At September 27, 2014, we expect that approximately $1,077,980 in losses on the forward interest rate swaps designated in a hedging relationship will be reclassified from accumulated other comprehensive loss into earnings during the next 12 months. |
Warranty
Warranty | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Warranty | ' | ||||||||
Note 10 – Warranty | |||||||||
In general, Zebra provides warranty coverage of one year on printers against defects in material and workmanship. Thermal printheads are warranted for six months and batteries are warranted for one year. Battery-based products, such as location transmitters, are covered by a 90-day warranty. A provision for warranty expense is recorded at the time of sale and is adjusted quarterly based on historical warranty experience. | |||||||||
The following table is a summary of Zebra’s accrued warranty obligation (in thousands), which is included in accrued liabilities: | |||||||||
Nine Months Ended | |||||||||
September 27, 2014 | September 28, 2013 | ||||||||
Balance at the beginning of the year | $ | 4,125 | $ | 4,252 | |||||
Warranty expense | 5,798 | 5,417 | |||||||
Warranty payments | (5,498 | ) | (5,520 | ) | |||||
Balance at the end of the period | $ | 4,425 | $ | 4,149 | |||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Note 11 – Contingencies | |
We are subject to a variety of investigations, claims, suits and other legal proceedings that arise from time to time in the ordinary course of business, including but not limited to, intellectual property, employment, tort and breach of contract matters. We currently believe that the outcomes of such proceedings, individually and in the aggregate, will not have a material adverse impact on our business, cash flows, financial position, or results of operations. Any legal proceedings are subject to inherent uncertainties, and management’s view of these matters and their potential effects may change in the future. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
Note 12 – Stockholders’ Equity | |||||||||
Share count and par value data related to stockholders’ equity are as follows: | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Preferred Stock | |||||||||
Par value per share | $ | 0.01 | $ | 0.01 | |||||
Shares authorized | 10,000,000 | 10,000,000 | |||||||
Shares outstanding | 0 | 0 | |||||||
Common Stock—Class A | |||||||||
Par value per share | $ | 0.01 | $ | 0.01 | |||||
Shares authorized | 150,000,000 | 150,000,000 | |||||||
Shares issued | 72,151,857 | 72,151,857 | |||||||
Shares outstanding | 50,914,361 | 50,349,546 | |||||||
Treasury stock | |||||||||
Shares held | 21,237,496 | 21,802,311 | |||||||
During the nine-month period ended September 28, 2013, Zebra purchased 1,268,761 shares of common stock for $58,459,233 under a board authorized share repurchase plan. Zebra did not purchase shares of its common stock for the nine months ended September 27, 2014. | |||||||||
A roll forward of Class A common shares outstanding is as follows: | |||||||||
Nine Months Ended | |||||||||
September 27, 2014 | September 28, 2013 | ||||||||
Balance at the beginning of the year | 50,349,546 | 50,908,267 | |||||||
Repurchases | 0 | (1,268,761 | ) | ||||||
Stock option and ESPP issuances | 511,163 | 532,777 | |||||||
Restricted share issuances | 125,626 | 238,325 | |||||||
Restricted share forfeitures | (6,733 | ) | (15,973 | ) | |||||
Shares withheld for tax obligations | (65,241 | ) | (165,059 | ) | |||||
Balance at the end of the period | 50,914,361 | 50,229,576 | |||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 13 – Earnings Per Share | |||||||||||||||||
Earnings per share were computed as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Weighted average shares: | |||||||||||||||||
Weighted average common shares outstanding | 50,835 | 50,590 | 50,615 | 50,808 | |||||||||||||
Effect of dilutive securities outstanding | 626 | 334 | 636 | 363 | |||||||||||||
Diluted weighted average shares outstanding | 51,461 | 50,924 | 51,251 | 51,171 | |||||||||||||
Earnings (loss): | |||||||||||||||||
Income from continuing operations | $ | 14,945 | $ | 38,600 | $ | 84,108 | $ | 92,700 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 8 | |||||||||||||
Net income | $ | 14,945 | $ | 38,600 | $ | 84,108 | $ | 92,708 | |||||||||
Basic per share amounts: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.76 | $ | 1.66 | $ | 1.82 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net income | $ | 0.29 | $ | 0.76 | $ | 1.66 | $ | 1.82 | |||||||||
Diluted per share amounts: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.76 | $ | 1.64 | $ | 1.81 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net income | $ | 0.29 | $ | 0.76 | $ | 1.64 | $ | 1.81 | |||||||||
Potentially dilutive securities excluded from the earnings per share calculation consist of stock options and stock appreciation rights (SARs) with an exercise price greater than the average market closing price of the Class A common stock. These excluded options and SARs were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Potentially dilutive shares | 0 | 351,000 | 179,760 | 879,000 |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 14 – Share-Based Compensation | |||||||||||||||||
Zebra has a share-based compensation plan and a stock purchase plan. Zebra recognizes compensation costs using the straight-line method over the vesting period of up to 5 years. | |||||||||||||||||
The compensation expense and the related tax benefit for share-based payments were included in the Consolidated Statement of Earnings as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Cost of sales | $ | 243 | $ | 140 | $ | 725 | $ | 600 | |||||||||
Selling and marketing | 612 | 491 | 1,681 | 1,497 | |||||||||||||
Research and development | 381 | 406 | 1,121 | 1,190 | |||||||||||||
General and administrative | 1,958 | 1,831 | 6,777 | 6,085 | |||||||||||||
Total compensation | $ | 3,194 | $ | 2,868 | $ | 10,304 | $ | 9,372 | |||||||||
Income tax benefit | $ | 1,077 | $ | 985 | $ | 3,511 | $ | 3,237 | |||||||||
Cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized (excess tax benefits) are classified as financing cash flows in the statement of cash flows. The tax benefits classified as financing cash flows for the nine months ended September 27, 2014 were $5,779,000 and for the nine months ended September 28, 2013 were $4,170,000. | |||||||||||||||||
The fair value of share-based compensation is estimated on the date of grant using a binomial model. Volatility is based on an average of the implied volatility in the open market and the annualized volatility of Zebra stock prices over our entire stock history. Stock option grants in the table below include both stock options, all of which were non-qualified, and stock appreciation rights (SARs) that will be settled in Zebra stock. Restricted stock grants are valued at the market closing price on the date of the grant. The following table shows the weighted-average assumptions used for grants of SARs as well as the fair value of the grants based on those assumptions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Expected dividend yield | 0% | 0% | |||||||||||||||
Forfeiture rate | 10.32% | 10.31% | |||||||||||||||
Volatility | 34.92% | 32.00% | |||||||||||||||
Risk free interest rate | 1.73% | 0.82% | |||||||||||||||
Range of interest rates | 0.02% - 2.61% | 0.02% - 1.78% | |||||||||||||||
Expected weighted-average life | 5.36 years | 5.42 years | |||||||||||||||
Fair value of stock appreciation rights (SARs) granted | $ | 4,600,000 | $ | 4,443,000 | |||||||||||||
Weighted-average grant date fair value of SARs granted | $ | 25.00 | $ | 13.83 | |||||||||||||
Stock option activity was as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Options | Shares | Weighted-Average | |||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 956,502 | $ | 42.77 | ||||||||||||||
Exercised | (355,640 | ) | 44.49 | ||||||||||||||
Outstanding at end of period | 600,862 | $ | 41.76 | ||||||||||||||
Exercisable at end of period | 600,862 | $ | 41.76 | ||||||||||||||
Intrinsic value of exercised options | $ | 9,451,000 | |||||||||||||||
The following table summarizes information about stock options outstanding at September 27, 2014: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Aggregate intrinsic value | $ | 17,481,000 | $ | 17,481,000 | |||||||||||||
Weighted-average remaining contractual term | 1.9 years | 1.9 years | |||||||||||||||
SAR activity was as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
SARs | Shares | Weighted-Average | |||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,402,784 | $ | 36.36 | ||||||||||||||
Granted | 183,932 | 74.69 | |||||||||||||||
Exercised | (245,454 | ) | 33.82 | ||||||||||||||
Forfeited | (20,674 | ) | 49.07 | ||||||||||||||
Outstanding at end of period | 1,320,588 | $ | 41.97 | ||||||||||||||
Exercisable at end of period | 607,616 | $ | 33.14 | ||||||||||||||
Intrinsic value of exercised SARs | $ | 9,958,000 | |||||||||||||||
The terms of the SARs are established under either the 2006 Incentive Compensation Plan or the 2011 Long-term Incentive Plan (the “Plans”) and the applicable SAR agreement. Once vested, a SAR entitles the holder to receive a payment equal to the difference between the per-share grant price of the SAR and the fair market value of a share of Zebra stock on the date the SAR is exercised, multiplied by the number of SARs exercised. Exercised SARs are settled in whole shares of Zebra stock, and any fraction of a share is settled in cash. The SARs granted typically vest annually in four equal amounts on each of the first four anniversaries of the grant date, with some SARs vesting over a period of five years. All SARs expire 10 years after the grant date. | |||||||||||||||||
The following table summarizes information about SARs outstanding at September 27, 2014: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Aggregate intrinsic value | $ | 38,828,000 | $ | 22,910,000 | |||||||||||||
Weighted-average remaining contractual term | 7.2 years | 6.3 years | |||||||||||||||
Restricted stock award activity granted under the Plans, are as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Restricted Stock Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 435,377 | $ | 40.92 | ||||||||||||||
Granted | 121,132 | 74.28 | |||||||||||||||
Released | (150,618 | ) | 43.16 | ||||||||||||||
Forfeited | (8,144 | ) | 52.8 | ||||||||||||||
Outstanding at end of period | 397,747 | $ | 50 | ||||||||||||||
The terms of Zebra’s restricted stock grants are defined in the Plans and the applicable award agreements. Restricted grants consist of time vested restricted stock awards (RSA’s), restricted stock units (RSU’s) and performance share awards (PSA’s). Zebra’s restricted stock awards and units are expensed over the vesting period of the related award, typically three to five years. Compensation cost is calculated as the market date fair value on the grant date multiplied by the number of shares granted. Restricted stock units of 8,992 were granted in the first nine months of 2014. | |||||||||||||||||
Performance share award activity granted under the Plans, are as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Performance Share Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 195,159 | $ | 42.25 | ||||||||||||||
Granted | 4,323 | 69.41 | |||||||||||||||
Released | (33,535 | ) | 41.45 | ||||||||||||||
Forfeited | (20,555 | ) | 41.45 | ||||||||||||||
Outstanding at end of period | 145,392 | $ | 43.36 | ||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | |||||||||||||||||
Awards granted under Zebra’s equity-based compensation plans: | |||||||||||||||||
Unearned compensation costs related to awards granted | $ | 19,545,000 | |||||||||||||||
Period expected to be recognized over | 2.2 years | ||||||||||||||||
The fair value of the purchase rights issued under the stock purchase plan is estimated using the following weighted-average assumptions for purchase rights granted. Expected lives of three months to one year have been used along with these assumptions. | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Fair market value | $ | 63.42 | $ | 41.69 | |||||||||||||
Option price | $ | 60.25 | $ | 39.61 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 31 | % | 17 | % | |||||||||||||
Risk free interest rate | 0.06 | % | 0.05 | % |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Note 15 – Income Taxes | |||||||||||||||||
Zebra has identified, evaluated, and measured the amount of income tax benefits to be recognized for all of our income tax positions. Included in deferred tax assets are amounts related to federal and state net operating losses that resulted from our acquisition of WhereNet Corp in 2007. We intend to utilize these net operating loss carryforwards to offset future income taxes prior to expiration. Under the United States Tax Reform Act of 1986, the amount of benefits from net operating loss carryforwards may be impaired or limited in certain circumstances, including significant changes in ownership interests. The company has reviewed the impact of ownership changes and believes that this will not have an impact on the realizability on the related deferred tax asset recorded as of September 27, 2014. | |||||||||||||||||
Zebra earns a significant amount of our operating income outside of the U.S., which is deemed to be permanently reinvested in foreign jurisdictions. We do not intend to repatriate funds nor do we need to fund U.S. operations. Repatriation would result in higher effective tax rates. | |||||||||||||||||
In 2014, we completed an audit of the 2011 and 2012 US Federal income tax returns with no material impact on the financial statements. Various tax years remain open to examination by multiple state taxing jurisdictions. Tax authorities in the United Kingdom have completed income tax audits for tax years through 2011 with no material impact on the financial statements. | |||||||||||||||||
At September 27, 2014 Zebra’s unrealized tax benefit was $4,000. Zebra’s continuing practice is to recognize interest and/or penalties related to income tax matters as part of income tax expense. For the nine months ended September 27, 2014 and September 28, 2013, we did not accrue any interest or penalties into income tax expense. | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Effective tax rate | 39.8 | % | 18.1 | % | 23.1 | % | 18.4 | % | |||||||||
The effective income tax rate for the first nine months of 2014 was 23.1% compared with 18.4% for 2013. The change in the tax rate was driven by a change in the UK tax laws related to intercompany debt which resulted in a one-time charge of $5,900,000 and additional tax expense for the current quarter of $2,600,000 during Q3. We expect this charge to be reversed in the fourth quarter as a result of the issuance of the Motorola Enterprise acquisition debt. See Notes 18 for details. In addition, the third quarter rate was decreased by the significant acquisition expenses incurred primarily in the United States. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||
Note 16 – Other Comprehensive Income | |||||||||||||||||||||
Stockholders’ equity includes certain items classified as accumulated other comprehensive income (AOCI), including: | |||||||||||||||||||||
• | Unrealized gains (losses) on anticipated sales hedging transactions relate to derivative instruments used to hedge the currency exchange rates for forecasted euro sales and interest rates on variable rate commitments. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transaction occurs. See Note 9 for more details. | ||||||||||||||||||||
• | Unrealized gains (losses) on forward interest rate swap hedging transactions refers to the hedging of the interest rate risk associated with the variable rate commitment entered into for the acquisition of the Enterprise business of Motorola Solutions, Inc. See Note 9 for more details. | ||||||||||||||||||||
• | Unrealized gains (losses) on investments are deferred from income statement recognition until the gains or losses are realized. | ||||||||||||||||||||
• | Foreign currency translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income. | ||||||||||||||||||||
The components of other comprehensive loss for the three months ended September 27, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three Months | As of | |||||||||||||||||
June 28, | recognized in | reclassified from | ended September 27, | September 27, 2014 | |||||||||||||||||
2014 | OCI | AOCI to income | 2014 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (594 | ) | $ | 6,304 | $ | 113 | (1) | $ | 6,417 | $ | 5,823 | |||||||||
Income tax (benefit) | (119 | ) | 1,260 | 24 | 1,284 | 1,165 | |||||||||||||||
Net | (475 | ) | 5,044 | 89 | 5,133 | 4,658 | |||||||||||||||
Unrealized gains (losses) forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | 0 | (1,224 | ) | 0 | (2) | (1,224 | ) | (1,224 | ) | ||||||||||||
Income tax (benefit) | 0 | (443 | ) | 0 | (443 | ) | (443 | ) | |||||||||||||
Net | 0 | (781 | ) | 0 | (781 | ) | (781 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 526 | (67 | ) | 443 | (3) | 376 | 902 | ||||||||||||||
Income tax (benefit) | 108 | (22 | ) | 158 | 136 | 244 | |||||||||||||||
Net | 418 | (45 | ) | 285 | 240 | 658 | |||||||||||||||
Foreign currency translation adjustments | (8,035 | ) | (191 | ) | 0 | (4) | (191 | ) | (8,226 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (8,092 | ) | $ | 4,027 | $ | 374 | $ | 4,401 | $ | (3,691 | ) | |||||||||
As of | Gain (Loss) | Gain (Loss) | Three Months | As of | |||||||||||||||||
June 29, | recognized in | reclassified from | ended September 28, | September 28, 2013 | |||||||||||||||||
2013 | OCI | AOCI to income | 2013 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (821 | ) | $ | (563 | ) | $ | (749 | )(1) | $ | (1,312 | ) | $ | (2,133 | ) | ||||||
Income tax (benefit) | (191 | ) | (118 | ) | (187 | ) | (305 | ) | (496 | ) | |||||||||||
Net | (630 | ) | (445 | ) | (562 | ) | (1,007 | ) | (1,637 | ) | |||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (844 | ) | 518 | 106 | (3) | 624 | (220 | ) | |||||||||||||
Income tax (benefit) | (283 | ) | 157 | 34 | 191 | (92 | ) | ||||||||||||||
Net | (561 | ) | 361 | 72 | 433 | (128 | ) | ||||||||||||||
Foreign currency translation adjustments | (8,404 | ) | 182 | 0 | (4) | 182 | (8,222 | ) | |||||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,595 | ) | $ | 98 | $ | (490 | ) | $ | (392 | ) | $ | (9,987 | ) | |||||||
-1 | Transfer of unrealized gains and (losses) from AOCI to income on anticipated sales hedging transactions are included in net sales of tangible products. | ||||||||||||||||||||
-2 | Transfer from AOCI to income and (losses) on forward interest rate swap hedging transactions are reported in forward swaps gain (loss). | ||||||||||||||||||||
-3 | Transfer of unrealized gains and (losses) from AOCI to income on investments are included in investment income. | ||||||||||||||||||||
-4 | Transfer of foreign currency translation gains and (losses) from AOCI to income, are included in foreign exchange. | ||||||||||||||||||||
The components of other comprehensive loss for the nine months ended September 27, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine Months ended | As of | |||||||||||||||||
December 31, | recognized in OCI | reclassified from | September 27, 2014 | September 27, 2014 | |||||||||||||||||
2013 | AOCI to income | ||||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,373 | ) | $ | 9,892 | $ | (1,696 | )(1) | $ | 8,196 | $ | 5,823 | |||||||||
Income tax (benefit) | (509 | ) | 2,039 | (365 | ) | 1,674 | 1,165 | ||||||||||||||
Net | (1,864 | ) | 7,853 | (1,331 | ) | 6,522 | 4,658 | ||||||||||||||
Unrealized gains (losses) forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | 0 | (1,224 | ) | 0 | (2) | (1,224 | ) | (1,224 | ) | ||||||||||||
Income tax (benefit) | 0 | (443 | ) | 0 | (443 | ) | (443 | ) | |||||||||||||
Net | 0 | (781 | ) | 0 | (781 | ) | (781 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (151 | ) | 536 | 517 | (3) | 1,053 | 902 | ||||||||||||||
Income tax (benefit) | (73 | ) | 139 | 178 | 317 | 244 | |||||||||||||||
Net | (78 | ) | 397 | 339 | 736 | 658 | |||||||||||||||
Foreign currency translation adjustments | (7,839 | ) | (380 | ) | (7 | )(4) | (387 | ) | (8,226 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,781 | ) | $ | 7,089 | $ | (999 | ) | $ | 6,090 | $ | (3,691 | ) | ||||||||
As of | Gain (Loss) | Gain (Loss) | Nine Months ended | As of | |||||||||||||||||
December 31, | recognized in OCI | reclassified from | September 28, 2013 | September 28, 2013 | |||||||||||||||||
2012 | AOCI to income | ||||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,581 | ) | $ | 3,096 | $ | (2,648 | )(1) | $ | 448 | $ | (2,133 | ) | ||||||||
Income tax (benefit) | (599 | ) | 765 | (662 | ) | 103 | (496 | ) | |||||||||||||
Net | (1,982 | ) | 2,331 | (1,986 | ) | 345 | (1,637 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 540 | (1,140 | ) | 380 | (3) | (760 | ) | (220 | ) | ||||||||||||
Income tax (benefit) | 162 | (373 | ) | 119 | (254 | ) | (92 | ) | |||||||||||||
Net | 378 | (767 | ) | 261 | (506 | ) | (128 | ) | |||||||||||||
Foreign currency translation adjustments | (8,721 | ) | 390 | 109 | (4) | 499 | (8,222 | ) | |||||||||||||
Total accumulated other comprehensive gains (losses) | $ | (10,325 | ) | $ | 1,954 | $ | (1,616 | ) | $ | 338 | $ | (9,987 | ) | ||||||||
-1 | Transfer of unrealized gains and (losses) from AOCI to income on anticipated sales hedging transactions are included in net sales of tangible products. | ||||||||||||||||||||
-2 | Transfer from AOCI to income and (losses) on forward interest rate swap hedging transactions are reported in forward swaps gain (loss). | ||||||||||||||||||||
-3 | Transfer of unrealized gains and (losses) from AOCI to income on investments are included in investment income. | ||||||||||||||||||||
-4 | Transfer of foreign currency translation gains and (losses) from AOCI to income, are included in foreign exchange. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
Note 17 – New Accounting Pronouncements | |
In May 2014, the FASB issued update 2014-09, ASC 606, Revenue from Contracts with Customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Management is still assessing the impact of adoption on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 27, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 18 – Subsequent Events | |
Private Offering & New Credit Facilities | |
On October 15, 2014, Zebra completed its previously announced private offering of $1.05 billion aggregate principal amount of 7.25% Senior Notes due 2022 (the “Notes”). The Notes are governed by the terms of an indenture, dated as of October 15, 2014, by and among Zebra and U.S. Bank National Association, as trustee. Interest on the Notes will be payable in cash on April 15 and October 15 of each year, commencing on April 15, 2015. | |
On October 27, 2014, Zebra entered into a new credit agreement which provides for a term loan of $2.2 billion (the “Term Loan”) and a revolving credit facility of $250.0 million (the “Revolving Credit Facility”). Zebra is required to make scheduled quarterly payments each equal to 0.25% of the original principal amount of the Term Loan, with the balance due on the seventh anniversary of the closing date of the Acquisition (see below for further description of this acquisition). The Term Loan accrues interest at a variable rate of LIBOR (subject to a floor of 0.75% per annum) plus a margin of 4.0%. | |
Certain domestic subsidiaries of Zebra (the “Guarantors”) guarantee the Notes, the Term Loan and the Revolving Credit Facility on a senior unsecured basis beginning on the date of close of the acquisition of the Enterprise Business (see below for further description of this acquisition). | |
The indenture governing the Notes and the agreements governing Zebra’s other indebtedness impose certain operating and financial restrictions on our activities. Zebra will be required, during certain periods where outstanding revolving loans under the Revolving Credit Facility exceed a certain threshold, to maintain a total secured net leverage ratio calculated pursuant to a financial maintenance covenant under the senior credit agreement governing the Revolving Credit Facilities. | |
Business Combination | |
On October 27, 2014, Zebra completed its acquisition of the Enterprise Business under the terms of the previously announced Acquisition Agreements with Motorola Solutions Inc. (“MSI”) for a preliminary purchase price of $3.45 billion. This acquisition will transform Zebra into a leading provider of solutions that deliver greater intelligence and insights into our customers’ enterprises and extending value chains. The Enterprise Business will generate significant value for our shareholders by driving further product innovation and deeper engagement with our customers and partners. It positions Zebra as a leading technology innovator, with the accelerating convergence of mobility, data analytics and cloud computing. This transaction will enable Zebra to further sharpen its strategic focus on providing mission-critical solutions for its customers. On April 14, 2014, Zebra entered into the Acquisition Agreements with MSI pursuant to which we agreed to acquire the Enterprise Business. Certain assets historically associated with the Enterprise Business have been retained by MSI, including MSI’s iDEN infrastructure business, and other assets and certain liabilities as specified by the definitive agreement. The acquisition is structured as a combination of stock and asset sales and a merger of certain US entities, resulting in 100% ownership of the Enterprise Business. | |
At the closing of the Acquisition, the Term Loan was drawn in full and the Revolving Credit Facility remained undrawn. The proceeds from the Notes and Term Loan together with cash on hand were used to finance the Acquisition and related fees and expenses. | |
The final determination of the purchase price allocation is expected to be completed as soon as practicable after consummation of the Acquisition. Due to the limited time between the acquisition date and the filing of this Quarterly Report on Form 10-Q, it is not practicable for Zebra to disclose: (i) the allocation of purchase price to assets acquired and liabilities assumed as of the date of close, and (ii) pro forma revenues and earnings of the combined company for the period ended September 27, 2014. | |
Tax Event | |
During 2012, Zebra established a foreign holding company and restructured the structure of its foreign affiliates. The new structure introduced leverage which favorably impacted Zebra’s effective tax rate and the Company recorded a benefit of $5,900,000 during the first two quarters of 2014. However, due to the change in UK tax law, the Company has recorded a charge of $5,900,000 in the third quarter of 2014. As a result of the acquisition transaction of the Enterprise business of Motorola Solutions, Inc. closing on October 27, 2014, the Company will reverse this income tax charge in the fourth quarter of 2014. In addition, since the company did not record a benefit from interest expense in the third quarter, the related benefit of $2,600,000 will be recorded in the fourth quarter in addition to the benefit from fourth quarter interest expense. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | ' | ||||||||||||||||
Financial assets and liabilities carried at fair value as of September 27, 2014, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 182,470 | $ | 0 | $ | 0 | $ | 182,470 | |||||||||
Obligations of government-sponsored enterprises (1) | 0 | 40,631 | 0 | 40,631 | |||||||||||||
State and municipal bonds | 0 | 49,022 | 0 | 49,022 | |||||||||||||
Corporate securities | 0 | 183,418 | 2,400 | 185,818 | |||||||||||||
Other investments | 0 | 23,765 | 0 | 23,765 | |||||||||||||
Investments subtotal | 182,470 | 296,836 | 2,400 | 481,706 | |||||||||||||
Forward contracts (2) | $ | 3,416 | $ | 6,206 | $ | 0 | $ | 9,622 | |||||||||
Money market investments related to the deferred compensation plan | 5,698 | 0 | 0 | 5,698 | |||||||||||||
Total assets at fair value | $ | 191,584 | $ | 303,042 | $ | 2,400 | $ | 497,026 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (3) | $ | 0 | $ | 3,472 | $ | 0 | $ | 3,472 | |||||||||
Liabilities related to the deferred compensation plan | 5,698 | 0 | 0 | 5,698 | |||||||||||||
Total liabilities at fair value | $ | 5,698 | $ | 3,472 | $ | 0 | $ | 9,170 | |||||||||
Financial assets and liabilities carried at fair value as of December 31, 2013, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 89,626 | $ | 0 | $ | 0 | $ | 89,626 | |||||||||
Obligations of government-sponsored enterprises (1) | 0 | 33,510 | 0 | 33,510 | |||||||||||||
State and municipal bonds | 0 | 51,627 | 0 | 51,627 | |||||||||||||
Corporate securities | 0 | 163,832 | 2,588 | 166,420 | |||||||||||||
Other investments | 0 | 11,785 | 0 | 11,785 | |||||||||||||
Investments subtotal | 89,626 | 260,754 | 2,588 | 352,968 | |||||||||||||
Money market investments related to the deferred compensation plan | 4,827 | 0 | 0 | 4,827 | |||||||||||||
Total assets at fair value | $ | 94,453 | $ | 260,754 | $ | 2,588 | $ | 357,795 | |||||||||
Liabilities: | |||||||||||||||||
Forward contracts (2) | $ | 1,165 | $ | 1,578 | $ | 0 | $ | 2,743 | |||||||||
Liabilities related to the deferred compensation plan | 4,827 | 0 | 0 | 4,827 | |||||||||||||
Total liabilities at fair value | $ | 5,992 | $ | 1,578 | $ | 0 | $ | 7,570 | |||||||||
1) | Includes investments in notes issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Farm Credit Banks and the Federal Home Loan Bank. | ||||||||||||||||
2) | The fair value of forward contracts are calculated as follows: | ||||||||||||||||
a. | Fair value of a collar or put option contract associated with forecasted sales hedges are calculated using bid and ask rates for similar contracts. | ||||||||||||||||
b. | Fair value of regular forward contracts associated with forecasted sales hedges are calculated using the period-end exchange rate adjusted for current forward points. | ||||||||||||||||
c. | Fair value of balance sheet hedges are calculated at the period end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period end. If this is the case, the fair value is calculated at the rate at which the hedge is being settled. | ||||||||||||||||
3) | The fair value of forward interest rate swap contracts is based upon a valuation model that uses relevant observable market inputs at quoted intervals, such as forward yield curves, and is adjusted for Zebra’s own credit risk and the interest rate swap terms. | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents Zebra’s activity for assets measured at fair value on a recurring basis using significant unobservable inputs, Level 3, for the following periods (in thousands): | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Balance at beginning of the year | $ | 2,588 | $ | 2,588 | |||||||||||||
Transfers to Level 3 | 0 | 0 | |||||||||||||||
Total losses (realized or unrealized): | |||||||||||||||||
Included in earnings | (600 | ) | 0 | ||||||||||||||
Included in other comprehensive income (loss) | 412 | 0 | |||||||||||||||
Purchases and settlements (net) | 0 | 0 | |||||||||||||||
Balance at end of period | $ | 2,400 | $ | 2,588 | |||||||||||||
Total gains and (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at end of period | $ | (412 | ) | $ | 0 | ||||||||||||
Summary of Short-Term and Long-Term Investments | ' | ||||||||||||||||
The following is a summary of short-term and long-term investments (in thousands): | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 182,354 | $ | 123 | $ | (7 | ) | $ | 182,470 | ||||||||
Obligations of government-sponsored enterprises | 40,632 | 2 | (3 | ) | 40,631 | ||||||||||||
State and municipal bonds | 48,914 | 113 | (5 | ) | 49,022 | ||||||||||||
Corporate securities | 185,145 | 756 | (83 | ) | 185,818 | ||||||||||||
Other investments | 23,762 | 15 | (12 | ) | 23,765 | ||||||||||||
Total investments | $ | 480,807 | $ | 1,009 | $ | (110 | ) | $ | 481,706 | ||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 89,617 | $ | 27 | $ | (18 | ) | $ | 89,626 | ||||||||
Obligations of government-sponsored enterprises | 33,506 | 5 | (1 | ) | 33,510 | ||||||||||||
State and municipal bonds | 51,573 | 82 | (28 | ) | 51,627 | ||||||||||||
Corporate securities | 166,642 | 453 | (675 | ) | 166,420 | ||||||||||||
Other investments | 11,771 | 15 | (1 | ) | 11,785 | ||||||||||||
Total investments | $ | 353,109 | $ | 582 | $ | (723 | ) | $ | 352,968 | ||||||||
Maturity Dates of Investment | ' | ||||||||||||||||
The maturity dates of investments are as follows (in thousands): | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Amortized | Estimated | ||||||||||||||||
Cost | Fair Value | ||||||||||||||||
Less than 1 year | $ | 135,482 | $ | 135,603 | |||||||||||||
1 to 5 years | 342,925 | 343,703 | |||||||||||||||
6 to 10 years | 2,400 | 2,400 | |||||||||||||||
Thereafter | 0 | 0 | |||||||||||||||
Total | $ | 480,807 | $ | 481,706 | |||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Components of Accounts Receivable | ' | ||||||||
The components of accounts receivable are as follows (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Accounts receivable, gross | $ | 187,964 | $ | 177,370 | |||||
Accounts receivable reserves | (421 | ) | (453 | ) | |||||
Accounts receivable, net | $ | 187,543 | $ | 176,917 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories are as follows (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Raw material | $ | 27,184 | $ | 31,335 | |||||
Work in process | 578 | 415 | |||||||
Finished goods | 119,736 | 101,834 | |||||||
Inventories, gross | 147,498 | 133,584 | |||||||
Inventory reserves | (7,877 | ) | (12,561 | ) | |||||
Inventories, net | $ | 139,621 | $ | 121,023 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Amortized Intangible Assets | ' | ||||||||||||
Intangible assets are as follows (in thousands): | |||||||||||||
As of September 27, 2014 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amount | Amortization | Amount | |||||||||||
Current technology | $ | 23,778 | $ | (15,960 | ) | $ | 7,818 | ||||||
Patent and patent rights | 29,569 | (20,314 | ) | 9,255 | |||||||||
Customer relationships | 52,893 | (8,934 | ) | 43,959 | |||||||||
Other intangibles, net | $ | 106,240 | $ | (45,208 | ) | $ | 61,032 | ||||||
Amortization expense for the nine months ended September 27, 2014 | $ | 7,936 | |||||||||||
As of December 31, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Amount | Amortization | Amount | |||||||||||
Current technology | $ | 23,778 | $ | (14,060 | ) | $ | 9,718 | ||||||
Patent and patent rights | 29,569 | (17,919 | ) | 11,650 | |||||||||
Customer relationships | 52,893 | (5,293 | ) | 47,600 | |||||||||
Other intangibles, net | $ | 106,240 | $ | (37,272 | ) | $ | 68,968 | ||||||
Amortization expense for the nine months ended September 28, 2013 | $ | 5,557 | |||||||||||
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Components of Other Assets | ' | ||||||||
Other assets consist of the following (in thousands): | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Money market investments related to the deferred compensation plan | $ | 5,698 | $ | 4,827 | |||||
Long-term equity investments | 20,915 | 21,242 | |||||||
Other long-term assets | 2,099 | 1,522 | |||||||
Long-term investments and marketable securities | 0 | 2,588 | |||||||
Long-term debt issuance cost | 4,460 | 0 | |||||||
Deposits | 1,195 | 1,174 | |||||||
Total | $ | 34,367 | $ | 31,353 | |||||
Costs_Associated_with_Exit_and1
Costs Associated with Exit and Restructuring Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Summary of Exit and Restructuring Costs Incurred | ' | ||||||||||||||||||||
Exit and restructuring costs for 2013 and 2014 are as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | (120 | ) | $ | 440 | $ | 434 | $ | 3,338 | ||||||||||||
Professional services | 0 | 91 | 0 | 157 | |||||||||||||||||
Relocation and transition costs | 0 | (12 | ) | 0 | 20 | ||||||||||||||||
Total | $ | (120 | ) | $ | 519 | $ | 434 | $ | 3,515 | ||||||||||||
Liabilities and Expenses Related to Exit and Restructuring Activities | ' | ||||||||||||||||||||
Liabilities and expenses below relate to the 2012 exit and restructuring plan (in thousands): | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | 1,252 | $ | 967 | |||||||||||||||||
Charged to earnings | 434 | 3,515 | |||||||||||||||||||
Cash paid | (1,275 | ) | (3,962 | ) | |||||||||||||||||
Balance at the end of period | $ | 411 | $ | 520 | |||||||||||||||||
Location Solution And Manufacturing Operations [Member] | ' | ||||||||||||||||||||
Summary of Exit and Restructuring Costs Incurred | ' | ||||||||||||||||||||
For the first nine months of 2014, we have incurred the following exit and restructuring costs related to the Location Solutions business management structure and manufacturing operations relocation and restructuring (in thousands): | |||||||||||||||||||||
Type of Cost | Cost incurred | Costs incurred for | Total costs | Additional | Total costs | ||||||||||||||||
through | the nine months | incurred as | costs | expected to | |||||||||||||||||
December 31, | ended September 27, | of September 27, | expected to | be incurred | |||||||||||||||||
2013 | 2014 | 2014 | be incurred | ||||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 6,650 | $ | 434 | $ | 7,084 | $ | 0 | $ | 7,084 | |||||||||||
Professional services | 180 | 0 | 180 | 0 | 180 | ||||||||||||||||
Relocation and transition costs | 20 | 0 | 20 | 0 | 20 | ||||||||||||||||
Total | $ | 6,850 | $ | 434 | $ | 7,284 | $ | 0 | $ | 7,284 | |||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Financial Information Related to Hedging of Net Assets Included in Consolidated Statement of Earnings | ' | ||||||||||||||||
Summary financial information related to these activities included in our consolidated statement of earnings as other income (expense) is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Change in gains (losses) from foreign exchange derivatives | $ | 3,211 | $ | (1,611 | ) | $ | 3,752 | $ | (892 | ) | |||||||
Gain (loss) on net foreign currency assets | (3,294 | ) | 1,438 | (4,084 | ) | 159 | |||||||||||
Foreign exchange loss | $ | (83 | ) | $ | (173 | ) | $ | (332 | ) | $ | (733 | ) | |||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts: | |||||||||||||||||
Pound/US dollar | £ | 2,942 | £ | 0 | |||||||||||||
Euro/US dollar | € | 36,786 | € | 41,021 | |||||||||||||
Net fair value of outstanding contracts | $ | (135 | ) | $ | 33 | ||||||||||||
Financial Information Related to Cash Flow Hedges | ' | ||||||||||||||||
Summary financial information related to the cash flow hedges is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Unrealized gains on anticipated sales hedging: | |||||||||||||||||
Gross | $ | 8,196 | $ | 448 | |||||||||||||
Income tax expense | 1,674 | 103 | |||||||||||||||
Net | $ | 6,522 | $ | 345 | |||||||||||||
Financial Information Related to Cash Flow Hedges of Future Revenues | ' | ||||||||||||||||
Summary financial information related to the cash flow hedges of future revenues is as follows (in thousands, except percentages): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts versus the dollar | € | 91,860 | € | 85,627 | |||||||||||||
Hedge effectiveness | 100 | % | 100 | % | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Net gains (losses) included in net sales | $ | 421 | $ | (1,135 | ) | $ | (1,507 | ) | $ | (3,082 | ) | ||||||
Forward Contract Amounts Recorded in Consolidated Balance Sheet | ' | ||||||||||||||||
The amounts recorded on our consolidated balance sheet are as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Prepaid expenses and other current assets | $ | 9,622 | $ | 0 | |||||||||||||
Total | $ | 9,622 | $ | 0 | |||||||||||||
Liabilities: | |||||||||||||||||
Accrued liabilities | $ | 0 | $ | 2,743 | |||||||||||||
Total | $ | 0 | $ | 2,743 | |||||||||||||
Schedule of Series of Forward Starting Swaps Each with a Term of One Year | ' | ||||||||||||||||
Zebra entered into a series of forward starting swaps, each with a term of one year, with the following notional amounts per year (in thousands): | |||||||||||||||||
Year 2015 | $ | 1,010,000 | |||||||||||||||
Year 2016 | $ | 697,000 | |||||||||||||||
Year 2017 | $ | 544,000 | |||||||||||||||
Year 2018 | $ | 544,000 | |||||||||||||||
Year 2019 | $ | 272,000 | |||||||||||||||
Year 2020 | $ | 272,000 | |||||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | |||||||||||||||
Forward Interest Rate Swap Contracts [Member] | ' | ||||||||||||||||
Forward Contract Amounts Recorded in Consolidated Balance Sheet | ' | ||||||||||||||||
The location of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Other long-term liabilities | $ | 3,472 | $ | 0 | |||||||||||||
Total | $ | 3,472 | $ | 0 | |||||||||||||
Schedule of Volume of Forward Interest Rate Swaps Designated in Hedge Relationship | ' | ||||||||||||||||
The volume of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | December 31, 2013 | ||||||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | $ | 0 | |||||||||||||
Schedule of Gain (Loss) Recognized on Forward Interest Rate Swaps Not Designated in Hedge Relationship | ' | ||||||||||||||||
The gain (loss) recognized on the forward interest rate swaps not designated in a hedge relationship is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gain (loss) on forward interest-rate swaps | $ | 185 | $ | 0 | $ | (2,248 | ) | $ | 0 | ||||||||
Schedule of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Forward Interest Rate Swaps Designated in Hedging Relationship | ' | ||||||||||||||||
The gain (loss) recognized in other comprehensive income (loss) on the forward interest rate swaps designated in a hedging relationship is as follows (in thousands): | |||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Unrealized loss on forward interest rate swap hedging: | |||||||||||||||||
Gross | $ | (1,224 | ) | $ | 0 | ||||||||||||
Income tax benefit | (443 | ) | 0 | ||||||||||||||
Net | $ | (781 | ) | $ | 0 | ||||||||||||
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Summary of Accrued Warranty Obligation | ' | ||||||||
The following table is a summary of Zebra’s accrued warranty obligation (in thousands), which is included in accrued liabilities: | |||||||||
Nine Months Ended | |||||||||
September 27, 2014 | September 28, 2013 | ||||||||
Balance at the beginning of the year | $ | 4,125 | $ | 4,252 | |||||
Warranty expense | 5,798 | 5,417 | |||||||
Warranty payments | (5,498 | ) | (5,520 | ) | |||||
Balance at the end of the period | $ | 4,425 | $ | 4,149 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Share Count and Par Value Data Related to Stockholders' Equity | ' | ||||||||
Share count and par value data related to stockholders’ equity are as follows: | |||||||||
As of | |||||||||
September 27, 2014 | December 31, 2013 | ||||||||
Preferred Stock | |||||||||
Par value per share | $ | 0.01 | $ | 0.01 | |||||
Shares authorized | 10,000,000 | 10,000,000 | |||||||
Shares outstanding | 0 | 0 | |||||||
Common Stock—Class A | |||||||||
Par value per share | $ | 0.01 | $ | 0.01 | |||||
Shares authorized | 150,000,000 | 150,000,000 | |||||||
Shares issued | 72,151,857 | 72,151,857 | |||||||
Shares outstanding | 50,914,361 | 50,349,546 | |||||||
Treasury stock | |||||||||
Shares held | 21,237,496 | 21,802,311 | |||||||
Roll forward of Class A Common Shares Outstanding | ' | ||||||||
A roll forward of Class A common shares outstanding is as follows: | |||||||||
Nine Months Ended | |||||||||
September 27, 2014 | September 28, 2013 | ||||||||
Balance at the beginning of the year | 50,349,546 | 50,908,267 | |||||||
Repurchases | 0 | (1,268,761 | ) | ||||||
Stock option and ESPP issuances | 511,163 | 532,777 | |||||||
Restricted share issuances | 125,626 | 238,325 | |||||||
Restricted share forfeitures | (6,733 | ) | (15,973 | ) | |||||
Shares withheld for tax obligations | (65,241 | ) | (165,059 | ) | |||||
Balance at the end of the period | 50,914,361 | 50,229,576 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Earnings Per Share | ' | ||||||||||||||||
Earnings per share were computed as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Weighted average shares: | |||||||||||||||||
Weighted average common shares outstanding | 50,835 | 50,590 | 50,615 | 50,808 | |||||||||||||
Effect of dilutive securities outstanding | 626 | 334 | 636 | 363 | |||||||||||||
Diluted weighted average shares outstanding | 51,461 | 50,924 | 51,251 | 51,171 | |||||||||||||
Earnings (loss): | |||||||||||||||||
Income from continuing operations | $ | 14,945 | $ | 38,600 | $ | 84,108 | $ | 92,700 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 8 | |||||||||||||
Net income | $ | 14,945 | $ | 38,600 | $ | 84,108 | $ | 92,708 | |||||||||
Basic per share amounts: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.76 | $ | 1.66 | $ | 1.82 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net income | $ | 0.29 | $ | 0.76 | $ | 1.66 | $ | 1.82 | |||||||||
Diluted per share amounts: | |||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.76 | $ | 1.64 | $ | 1.81 | |||||||||
Income from discontinued operations | 0 | 0 | 0 | 0 | |||||||||||||
Net income | $ | 0.29 | $ | 0.76 | $ | 1.64 | $ | 1.81 | |||||||||
Potentially Dilutive Securities Excluded from Earnings Per Share Calculation | ' | ||||||||||||||||
Potentially dilutive securities excluded from the earnings per share calculation consist of stock options and stock appreciation rights (SARs) with an exercise price greater than the average market closing price of the Class A common stock. These excluded options and SARs were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Potentially dilutive shares | 0 | 351,000 | 179,760 | 879,000 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Compensation Expense and Related Tax Benefit for Equity-Based Payments | ' | ||||||||||||||||
The compensation expense and the related tax benefit for share-based payments were included in the Consolidated Statement of Earnings as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Cost of sales | $ | 243 | $ | 140 | $ | 725 | $ | 600 | |||||||||
Selling and marketing | 612 | 491 | 1,681 | 1,497 | |||||||||||||
Research and development | 381 | 406 | 1,121 | 1,190 | |||||||||||||
General and administrative | 1,958 | 1,831 | 6,777 | 6,085 | |||||||||||||
Total compensation | $ | 3,194 | $ | 2,868 | $ | 10,304 | $ | 9,372 | |||||||||
Income tax benefit | $ | 1,077 | $ | 985 | $ | 3,511 | $ | 3,237 | |||||||||
Weighted-Average Assumptions Used for Grants of Stock Options and SARs | ' | ||||||||||||||||
The following table shows the weighted-average assumptions used for grants of SARs as well as the fair value of the grants based on those assumptions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Expected dividend yield | 0% | 0% | |||||||||||||||
Forfeiture rate | 10.32% | 10.31% | |||||||||||||||
Volatility | 34.92% | 32.00% | |||||||||||||||
Risk free interest rate | 1.73% | 0.82% | |||||||||||||||
Range of interest rates | 0.02% - 2.61% | 0.02% - 1.78% | |||||||||||||||
Expected weighted-average life | 5.36 years | 5.42 years | |||||||||||||||
Fair value of stock appreciation rights (SARs) granted | $ | 4,600,000 | $ | 4,443,000 | |||||||||||||
Weighted-average grant date fair value of SARs granted | $ | 25.00 | $ | 13.83 | |||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
Stock option activity was as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Options | Shares | Weighted-Average | |||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 956,502 | $ | 42.77 | ||||||||||||||
Exercised | (355,640 | ) | 44.49 | ||||||||||||||
Outstanding at end of period | 600,862 | $ | 41.76 | ||||||||||||||
Exercisable at end of period | 600,862 | $ | 41.76 | ||||||||||||||
Intrinsic value of exercised options | $ | 9,451,000 | |||||||||||||||
Summary of Outstanding and Exercisable Options | ' | ||||||||||||||||
The following table summarizes information about stock options outstanding at September 27, 2014: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Aggregate intrinsic value | $ | 17,481,000 | $ | 17,481,000 | |||||||||||||
Weighted-average remaining contractual term | 1.9 years | 1.9 years | |||||||||||||||
Summary of SAR Activity | ' | ||||||||||||||||
SAR activity was as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
SARs | Shares | Weighted-Average | |||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 1,402,784 | $ | 36.36 | ||||||||||||||
Granted | 183,932 | 74.69 | |||||||||||||||
Exercised | (245,454 | ) | 33.82 | ||||||||||||||
Forfeited | (20,674 | ) | 49.07 | ||||||||||||||
Outstanding at end of period | 1,320,588 | $ | 41.97 | ||||||||||||||
Exercisable at end of period | 607,616 | $ | 33.14 | ||||||||||||||
Intrinsic value of exercised SARs | $ | 9,958,000 | |||||||||||||||
Summary of Restricted Stock Award Activity | ' | ||||||||||||||||
Restricted stock award activity granted under the Plans, are as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Restricted Stock Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 435,377 | $ | 40.92 | ||||||||||||||
Granted | 121,132 | 74.28 | |||||||||||||||
Released | (150,618 | ) | 43.16 | ||||||||||||||
Forfeited | (8,144 | ) | 52.8 | ||||||||||||||
Outstanding at end of period | 397,747 | $ | 50 | ||||||||||||||
Summary of Performance Share Award Activity | ' | ||||||||||||||||
Performance share award activity granted under the Plans, are as follows: | |||||||||||||||||
Nine Months Ended September 27, 2014 | |||||||||||||||||
Performance Share Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 195,159 | $ | 42.25 | ||||||||||||||
Granted | 4,323 | 69.41 | |||||||||||||||
Released | (33,535 | ) | 41.45 | ||||||||||||||
Forfeited | (20,555 | ) | 41.45 | ||||||||||||||
Outstanding at end of period | 145,392 | $ | 43.36 | ||||||||||||||
Summary of Awards Granted Under Equity-Based Compensation Plans | ' | ||||||||||||||||
As of | |||||||||||||||||
September 27, 2014 | |||||||||||||||||
Awards granted under Zebra’s equity-based compensation plans: | |||||||||||||||||
Unearned compensation costs related to awards granted | $ | 19,545,000 | |||||||||||||||
Period expected to be recognized over | 2.2 years | ||||||||||||||||
Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan | ' | ||||||||||||||||
The fair value of the purchase rights issued under the stock purchase plan is estimated using the following weighted-average assumptions for purchase rights granted. Expected lives of three months to one year have been used along with these assumptions. | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||
Fair market value | $ | 63.42 | $ | 41.69 | |||||||||||||
Option price | $ | 60.25 | $ | 39.61 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 31 | % | 17 | % | |||||||||||||
Risk free interest rate | 0.06 | % | 0.05 | % | |||||||||||||
Stock Appreciation Rights (SARs) [Member] | ' | ||||||||||||||||
Summary of Outstanding and Exercisable Options | ' | ||||||||||||||||
The following table summarizes information about SARs outstanding at September 27, 2014: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Aggregate intrinsic value | $ | 38,828,000 | $ | 22,910,000 | |||||||||||||
Weighted-average remaining contractual term | 7.2 years | 6.3 years |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Effective Tax Rate | ' | ||||||||||||||||
For the nine months ended September 27, 2014 and September 28, 2013, we did not accrue any interest or penalties into income tax expense. | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||||
Effective tax rate | 39.8 | % | 18.1 | % | 23.1 | % | 18.4 | % |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Components of Other Comprehensive Loss | ' | ||||||||||||||||||||
The components of other comprehensive loss for the three months ended September 27, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three Months | As of | |||||||||||||||||
June 28, | recognized in | reclassified from | ended September 27, | September 27, 2014 | |||||||||||||||||
2014 | OCI | AOCI to income | 2014 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (594 | ) | $ | 6,304 | $ | 113 | (1) | $ | 6,417 | $ | 5,823 | |||||||||
Income tax (benefit) | (119 | ) | 1,260 | 24 | 1,284 | 1,165 | |||||||||||||||
Net | (475 | ) | 5,044 | 89 | 5,133 | 4,658 | |||||||||||||||
Unrealized gains (losses) forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | 0 | (1,224 | ) | 0 | (2) | (1,224 | ) | (1,224 | ) | ||||||||||||
Income tax (benefit) | 0 | (443 | ) | 0 | (443 | ) | (443 | ) | |||||||||||||
Net | 0 | (781 | ) | 0 | (781 | ) | (781 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 526 | (67 | ) | 443 | (3) | 376 | 902 | ||||||||||||||
Income tax (benefit) | 108 | (22 | ) | 158 | 136 | 244 | |||||||||||||||
Net | 418 | (45 | ) | 285 | 240 | 658 | |||||||||||||||
Foreign currency translation adjustments | (8,035 | ) | (191 | ) | 0 | (4) | (191 | ) | (8,226 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (8,092 | ) | $ | 4,027 | $ | 374 | $ | 4,401 | $ | (3,691 | ) | |||||||||
As of | Gain (Loss) | Gain (Loss) | Three Months | As of | |||||||||||||||||
June 29, | recognized in | reclassified from | ended September 28, | September 28, 2013 | |||||||||||||||||
2013 | OCI | AOCI to income | 2013 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (821 | ) | $ | (563 | ) | $ | (749 | )(1) | $ | (1,312 | ) | $ | (2,133 | ) | ||||||
Income tax (benefit) | (191 | ) | (118 | ) | (187 | ) | (305 | ) | (496 | ) | |||||||||||
Net | (630 | ) | (445 | ) | (562 | ) | (1,007 | ) | (1,637 | ) | |||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (844 | ) | 518 | 106 | (3) | 624 | (220 | ) | |||||||||||||
Income tax (benefit) | (283 | ) | 157 | 34 | 191 | (92 | ) | ||||||||||||||
Net | (561 | ) | 361 | 72 | 433 | (128 | ) | ||||||||||||||
Foreign currency translation adjustments | (8,404 | ) | 182 | 0 | (4) | 182 | (8,222 | ) | |||||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,595 | ) | $ | 98 | $ | (490 | ) | $ | (392 | ) | $ | (9,987 | ) | |||||||
-1 | Transfer of unrealized gains and (losses) from AOCI to income on anticipated sales hedging transactions are included in net sales of tangible products. | ||||||||||||||||||||
-2 | Transfer from AOCI to income and (losses) on forward interest rate swap hedging transactions are reported in forward swaps gain (loss). | ||||||||||||||||||||
-3 | Transfer of unrealized gains and (losses) from AOCI to income on investments are included in investment income. | ||||||||||||||||||||
-4 | Transfer of foreign currency translation gains and (losses) from AOCI to income, are included in foreign exchange. | ||||||||||||||||||||
The components of other comprehensive loss for the nine months ended September 27, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine Months ended | As of | |||||||||||||||||
December 31, | recognized in OCI | reclassified from | September 27, 2014 | September 27, 2014 | |||||||||||||||||
2013 | AOCI to income | ||||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,373 | ) | $ | 9,892 | $ | (1,696 | )(1) | $ | 8,196 | $ | 5,823 | |||||||||
Income tax (benefit) | (509 | ) | 2,039 | (365 | ) | 1,674 | 1,165 | ||||||||||||||
Net | (1,864 | ) | 7,853 | (1,331 | ) | 6,522 | 4,658 | ||||||||||||||
Unrealized gains (losses) forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | 0 | (1,224 | ) | 0 | (2) | (1,224 | ) | (1,224 | ) | ||||||||||||
Income tax (benefit) | 0 | (443 | ) | 0 | (443 | ) | (443 | ) | |||||||||||||
Net | 0 | (781 | ) | 0 | (781 | ) | (781 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (151 | ) | 536 | 517 | (3) | 1,053 | 902 | ||||||||||||||
Income tax (benefit) | (73 | ) | 139 | 178 | 317 | 244 | |||||||||||||||
Net | (78 | ) | 397 | 339 | 736 | 658 | |||||||||||||||
Foreign currency translation adjustments | (7,839 | ) | (380 | ) | (7 | )(4) | (387 | ) | (8,226 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,781 | ) | $ | 7,089 | $ | (999 | ) | $ | 6,090 | $ | (3,691 | ) | ||||||||
As of | Gain (Loss) | Gain (Loss) | Nine Months ended | As of | |||||||||||||||||
December 31, | recognized in OCI | reclassified from | September 28, 2013 | September 28, 2013 | |||||||||||||||||
2012 | AOCI to income | ||||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,581 | ) | $ | 3,096 | $ | (2,648 | )(1) | $ | 448 | $ | (2,133 | ) | ||||||||
Income tax (benefit) | (599 | ) | 765 | (662 | ) | 103 | (496 | ) | |||||||||||||
Net | (1,982 | ) | 2,331 | (1,986 | ) | 345 | (1,637 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 540 | (1,140 | ) | 380 | (3) | (760 | ) | (220 | ) | ||||||||||||
Income tax (benefit) | 162 | (373 | ) | 119 | (254 | ) | (92 | ) | |||||||||||||
Net | 378 | (767 | ) | 261 | (506 | ) | (128 | ) | |||||||||||||
Foreign currency translation adjustments | (8,721 | ) | 390 | 109 | (4) | 499 | (8,222 | ) | |||||||||||||
Total accumulated other comprehensive gains (losses) | $ | (10,325 | ) | $ | 1,954 | $ | (1,616 | ) | $ | 338 | $ | (9,987 | ) | ||||||||
-1 | Transfer of unrealized gains and (losses) from AOCI to income on anticipated sales hedging transactions are included in net sales of tangible products. | ||||||||||||||||||||
-2 | Transfer from AOCI to income and (losses) on forward interest rate swap hedging transactions are reported in forward swaps gain (loss). | ||||||||||||||||||||
-3 | Transfer of unrealized gains and (losses) from AOCI to income on investments are included in investment income. | ||||||||||||||||||||
-4 | Transfer of foreign currency translation gains and (losses) from AOCI to income, are included in foreign exchange. |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended |
Apr. 14, 2014 | |
Basis Of Presentation [Line Items] | ' |
Available cash on hand for funding acquisition | $200,000,000 |
Debt instrument face amount | 3,250,000,000 |
Motorola's Enterprise Business [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Cost of business acquisition | $3,450,000,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | Oct. 01, 2011 | Sep. 27, 2014 | |
Auction Rate Security [Member] | Auction Rate Security [Member] | |||
Schedule Of Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Impairment loss on investment included in other comprehensive income (loss) | $412,000 | $0 | ($412,000) | ' |
Impairment loss on investment included in earnings | $600,000 | $0 | ' | ($600,000) |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | $481,706 | $352,968 |
Total assets at fair value | 497,026 | 357,795 |
Total liabilities at fair value | 9,170 | 7,570 |
U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 182,470 | 89,626 |
Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 9,622 | ' |
Total liabilities at fair value | ' | 2,743 |
Forward Interest Rate Swap Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 3,472 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 182,470 | 89,626 |
Total assets at fair value | 191,584 | 94,453 |
Total liabilities at fair value | 5,698 | 5,992 |
Level 1 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 182,470 | 89,626 |
Level 1 [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 3,416 | ' |
Total liabilities at fair value | ' | 1,165 |
Level 1 [Member] | Forward Interest Rate Swap Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 0 | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 296,836 | 260,754 |
Total assets at fair value | 303,042 | 260,754 |
Total liabilities at fair value | 3,472 | 1,578 |
Level 2 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Level 2 [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 6,206 | ' |
Total liabilities at fair value | ' | 1,578 |
Level 2 [Member] | Forward Interest Rate Swap Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 3,472 | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 2,400 | 2,588 |
Total assets at fair value | 2,400 | 2,588 |
Total liabilities at fair value | 0 | 0 |
Level 3 [Member] | U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Level 3 [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | ' |
Total liabilities at fair value | ' | 0 |
Level 3 [Member] | Forward Interest Rate Swap Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 0 | ' |
Other Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 23,765 | 11,785 |
Other Investments [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Other Investments [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 23,765 | 11,785 |
Other Investments [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 40,631 | 33,510 |
Obligations of Government-Sponsored Enterprises [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Obligations of Government-Sponsored Enterprises [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 40,631 | 33,510 |
Obligations of Government-Sponsored Enterprises [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
State and Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 49,022 | 51,627 |
State and Municipal Bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
State and Municipal Bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 49,022 | 51,627 |
State and Municipal Bonds [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 185,818 | 166,420 |
Corporate Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 0 | 0 |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 183,418 | 163,832 |
Corporate Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments subtotal | 2,400 | 2,588 |
Money Market Investments Related to the Deferred Compensation Plan [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 5,698 | 4,827 |
Money Market Investments Related to the Deferred Compensation Plan [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 5,698 | 4,827 |
Money Market Investments Related to the Deferred Compensation Plan [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Money Market Investments Related to the Deferred Compensation Plan [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Liabilities Related to the Deferred Compensation Plan [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 5,698 | 4,827 |
Liabilities Related to the Deferred Compensation Plan [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 5,698 | 4,827 |
Liabilities Related to the Deferred Compensation Plan [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | 0 | 0 |
Liabilities Related to the Deferred Compensation Plan [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at fair value | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Balance at beginning of the year | $2,588 | $2,588 |
Transfers to Level 3 | 0 | 0 |
Included in earnings | -600 | 0 |
Included in other comprehensive income (loss) | 412 | 0 |
Purchases and settlements (net) | 0 | 0 |
Balance at end of period | 2,400 | 2,588 |
Total gains and (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at end of period | ($412) | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Short-Term and Long-Term Investments (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | $480,807 | $353,109 |
Gross Unrealized Gains | 1,009 | 582 |
Gross Unrealized Losses | -110 | -723 |
Estimated Fair Value | 481,706 | 352,968 |
U.S. Government and Agency Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | 182,354 | 89,617 |
Gross Unrealized Gains | 123 | 27 |
Gross Unrealized Losses | -7 | -18 |
Estimated Fair Value | 182,470 | 89,626 |
Obligations of Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | 40,632 | 33,506 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Losses | -3 | -1 |
Estimated Fair Value | 40,631 | 33,510 |
State and Municipal Bonds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | 48,914 | 51,573 |
Gross Unrealized Gains | 113 | 82 |
Gross Unrealized Losses | -5 | -28 |
Estimated Fair Value | 49,022 | 51,627 |
Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | 185,145 | 166,642 |
Gross Unrealized Gains | 756 | 453 |
Gross Unrealized Losses | -83 | -675 |
Estimated Fair Value | 185,818 | 166,420 |
Other Investments [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized Cost | 23,762 | 11,771 |
Gross Unrealized Gains | 15 | 15 |
Gross Unrealized Losses | -12 | -1 |
Estimated Fair Value | $23,765 | $11,785 |
Fair_Value_Measurements_Maturi
Fair Value Measurements - Maturity Dates of Investments (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Maturity Dates Of Investments [Line Items] | ' | ' |
Amortized Cost | $480,807 | $353,109 |
Estimated Fair Value | 481,706 | 352,968 |
Less Than 1 Year [Member] | ' | ' |
Fair Value Measurements, Maturity Dates Of Investments [Line Items] | ' | ' |
Amortized Cost | 135,482 | ' |
Estimated Fair Value | 135,603 | ' |
1 to 5 Years [Member] | ' | ' |
Fair Value Measurements, Maturity Dates Of Investments [Line Items] | ' | ' |
Amortized Cost | 342,925 | ' |
Estimated Fair Value | 343,703 | ' |
6 to 10 Years [Member] | ' | ' |
Fair Value Measurements, Maturity Dates Of Investments [Line Items] | ' | ' |
Amortized Cost | 2,400 | ' |
Estimated Fair Value | 2,400 | ' |
Thereafter [Member] | ' | ' |
Fair Value Measurements, Maturity Dates Of Investments [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Estimated Fair Value | $0 | ' |
Investments_and_Marketable_Sec1
Investments and Marketable Securities - Additional Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Investments [Abstract] | ' | ' |
Foreign cash and investments | $330,895,000 | $251,658,000 |
Accounts_Receivable_Components
Accounts Receivable - Components of Accounts Receivable (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable, gross | $187,964 | $177,370 |
Accounts receivable reserves | -421 | -453 |
Accounts receivable, net | $187,543 | $176,917 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw material | $27,184 | $31,335 |
Work in process | 578 | 415 |
Finished goods | 119,736 | 101,834 |
Inventories, gross | 147,498 | 133,584 |
Inventory reserves | -7,877 | -12,561 |
Inventories, net | $139,621 | $121,023 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Amortized Intangible Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | $106,240 | ' | $106,240 | ' | $106,240 |
Accumulated Amortization | -45,208 | ' | -45,208 | ' | -37,272 |
Net Amount | 61,032 | ' | 61,032 | ' | 68,968 |
Amortization expense | 2,597 | 1,831 | 7,936 | 5,557 | ' |
Current Technology [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 23,778 | ' | 23,778 | ' | 23,778 |
Accumulated Amortization | -15,960 | ' | -15,960 | ' | -14,060 |
Net Amount | 7,818 | ' | 7,818 | ' | 9,718 |
Patents and Patent Rights [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 29,569 | ' | 29,569 | ' | 29,569 |
Accumulated Amortization | -20,314 | ' | -20,314 | ' | -17,919 |
Net Amount | 9,255 | ' | 9,255 | ' | 11,650 |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 52,893 | ' | 52,893 | ' | 52,893 |
Accumulated Amortization | -8,934 | ' | -8,934 | ' | -5,293 |
Net Amount | $43,959 | ' | $43,959 | ' | $47,600 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 27, 2014 |
Goodwill [Line Items] | ' | ' |
Goodwill | $155,800 | $153,515 |
Hart Systems LLC [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisition - Hart Systems | $60,858 | $58,573 |
Other_Assets_Components_of_Oth
Other Assets - Components of Other Assets (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Money market investments related to the deferred compensation plan | $5,698 | $4,827 |
Long-term equity investments | 20,915 | 21,242 |
Other long-term assets | 2,099 | 1,522 |
Long-term investments and marketable securities | 0 | 2,588 |
Long-term debt issuance cost | 4,460 | 0 |
Deposits | 1,195 | 1,174 |
Total | $34,367 | $31,353 |
Costs_Associated_with_Exit_and2
Costs Associated with Exit and Restructuring Activities - Summary of Exit and Restructuring Costs Incurred (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 24 Months Ended | 33 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Severance, stay bonuses, and other employee-related expenses | ($120) | $440 | $434 | $3,338 | $6,650 | $7,084 |
Professional services | 0 | 91 | 0 | 157 | 180 | 180 |
Relocation and transition costs | 0 | -12 | 0 | 20 | 20 | 20 |
Total | ' | ' | 434 | ' | 6,850 | 7,284 |
Severance, Stay Bonuses, and Other Employee-Related Expenses [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Additional costs expected to be incurred | 0 | ' | 0 | ' | ' | 0 |
Total costs expected to be incurred | ' | ' | 7,084 | ' | ' | ' |
Professional Services [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Additional costs expected to be incurred | 0 | ' | 0 | ' | ' | 0 |
Total costs expected to be incurred | ' | ' | 180 | ' | ' | ' |
Relocation and Transition Costs [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Additional costs expected to be incurred | 0 | ' | 0 | ' | ' | 0 |
Total costs expected to be incurred | ' | ' | 20 | ' | ' | ' |
Location Solution And Manufacturing Operations [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Additional costs expected to be incurred | 0 | ' | 0 | ' | ' | 0 |
Total costs expected to be incurred | ' | ' | $7,284 | ' | ' | ' |
Costs_Associated_with_Exit_and3
Costs Associated with Exit and Restructuring Activities - Exit and Restructuring Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 24 Months Ended | 33 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ' | ' |
Severance, stay bonuses, and other employee-related expenses | ($120) | $440 | $434 | $3,338 | $6,650 | $7,084 |
Professional services | 0 | 91 | 0 | 157 | 180 | 180 |
Relocation and transition costs | 0 | -12 | 0 | 20 | 20 | 20 |
Total | ($120) | $519 | $434 | $3,515 | ' | ' |
Costs_Associated_with_Exit_and4
Costs Associated with Exit and Restructuring Activities - Liabilities and Expenses Related to Exit and Restructuring Activities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $1,252 | $967 |
Charged to earnings | -120 | 519 | 434 | 3,515 |
Cash paid | ' | ' | -1,275 | -3,962 |
Balance at the end of period | $411 | $520 | $411 | $520 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 26, 2015 | |
Tranches | Scenario, Forecast [Member] | |||
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' |
Number of tranches | 2 | ' | ' | ' |
Gain (loss) on accumulated other comprehensive income | ' | $0 | $0 | ($1,000,000) |
Losses on the forward interest rate swaps designated in a hedging relationship expected to be reclassified from accumulated other comprehensive loss into earnings during the next 12 months. | ' | $1,077,980 | $1,077,980 | ' |
Derivative_Instruments_Financi
Derivative Instruments - Financial Information Related to Hedging of Net Assets Included in Consolidated Statement of Earnings (Detail) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |
Euro/US Dollar [Member] | Euro/US Dollar [Member] | Pound/US Dollar [Member] | Pound/US Dollar [Member] | ||||||
EUR (€) | EUR (€) | GBP (£) | GBP (£) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in gains (losses) from foreign exchange derivatives | $3,211 | ($1,611) | $3,752 | ($892) | ' | ' | ' | ' | ' |
Gain (loss) on net foreign currency assets | -3,294 | 1,438 | -4,084 | 159 | ' | ' | ' | ' | ' |
Foreign exchange loss | -83 | -173 | -332 | -733 | ' | ' | ' | ' | ' |
Notional balance of outstanding contracts versus the dollar | ' | ' | ' | ' | ' | 36,786 | 41,021 | 2,942 | 0 |
Net fair value of outstanding contracts | ($135) | ' | ($135) | ' | $33 | ' | ' | ' | ' |
Derivative_Instruments_Financi1
Derivative Instruments - Financial Information Related to Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Unrealized gains on anticipated sales hedging, Gross | ' | ($1,312) | ' | $448 |
Unrealized gains on anticipated sales hedging, Income tax expense | ' | -305 | ' | 103 |
Unrealized gains on anticipated sales hedging, Net | 4,352 | -1,007 | 5,741 | 345 |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unrealized gains on anticipated sales hedging, Gross | ' | ' | 8,196 | 448 |
Unrealized gains on anticipated sales hedging, Income tax expense | ' | ' | 1,674 | 103 |
Unrealized gains on anticipated sales hedging, Net | ' | ' | $6,522 | $345 |
Derivative_Instruments_Financi2
Derivative Instruments - Financial Information Related to Cash Flow Hedges of Future Revenues (Detail) (Cash Flow Hedging [Member]) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | ||
EUR (€) | EUR (€) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notional balance of outstanding contracts versus the dollar | ' | ' | ' | ' | ' | € 91,860 | € 85,627 |
Hedge effectiveness | 100.00% | ' | 100.00% | ' | 100.00% | ' | ' |
Net gains (losses) included in net sales | $421 | ($1,135) | ($1,507) | ($3,082) | ' | ' | ' |
Derivative_Instruments_Forward
Derivative Instruments - Forward Contract Amounts Recorded in Consolidated Balance Sheet (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total Assets | $9,622 | $0 |
Total Liabilities | 0 | 2,743 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total Assets | 9,622 | 0 |
Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total Liabilities | $0 | $2,743 |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Location of Forward Interest Rate Swaps Designated in Hedge Relationship (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Other long-term liabilities | $19,024 | $15,477 |
Forward Interest Rate Swap Contracts [Member] | ' | ' |
Liabilities: | ' | ' |
Other long-term liabilities | 3,472 | 0 |
Total | $3,472 | $0 |
Derivative_Instruments_Schedul1
Derivative Instruments - Schedule of Volume of Forward Interest Rate Swaps Designated in Hedge Relationship (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives And Hedging Activities [Line Items] | ' | ' |
Notional balance of outstanding contracts | $3,339,000 | ' |
Forward Interest Rate Swap Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Notional balance of outstanding contracts | $3,339,000 | $0 |
Derivative_Instruments_Schedul2
Derivative Instruments - Schedule of Series of Forward Starting Swaps Each with a Term of One Year (Detail) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | $3,339,000 |
Year 2015 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | 1,010,000 |
Year 2016 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | 697,000 |
Year 2017 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | 544,000 |
Year 2018 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | 544,000 |
Year 2019 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | 272,000 |
Year 2020 [Member] | ' |
Derivatives And Hedging Activities [Line Items] | ' |
Notional balance of outstanding contracts | $272,000 |
Derivative_Instruments_Schedul3
Derivative Instruments - Schedule of Gain (Loss) Recognized on Forward Interest Rate Swaps Not Designated in Hedge Relationship (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' |
Gain (loss) on forward interest-rate swaps | $185 | $0 | ($2,248) | $0 |
Forward Interest Rate Swap Contracts [Member] | ' | ' | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' |
Gain (loss) on forward interest-rate swaps | $185 | $0 | ($2,248) | $0 |
Derivative_Instruments_Schedul4
Derivative Instruments - Schedule of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Forward Interest Rate Swaps Designated in Hedging Relationship (Detail) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) | ($3,691) | ($8,092) | ($9,781) | ($9,987) | ($9,595) | ($10,325) |
Forward Interest Rate Swap Contracts [Member] | ' | ' | ' | ' | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' | ' | ' |
Unrealized loss on forward interest rate swap hedging, Gross | -1,224 | ' | ' | 0 | ' | ' |
Unrealized loss on forward interest rate swap hedging, Income tax benefit | -443 | ' | ' | 0 | ' | ' |
Total accumulated other comprehensive gains (losses) | ($781) | ' | ' | $0 | ' | ' |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) | 9 Months Ended |
Sep. 27, 2014 | |
Printers [Member] | ' |
Product Warranty [Line Items] | ' |
Product warranty period | '1 year |
Thermal Printheads [Member] | ' |
Product Warranty [Line Items] | ' |
Product warranty period | '6 months |
Batteries [Member] | ' |
Product Warranty [Line Items] | ' |
Product warranty period | '1 year |
Battery Based Products [Member] | ' |
Product Warranty [Line Items] | ' |
Product warranty period | '90 days |
Warranty_Summary_of_Accrued_Wa
Warranty - Summary of Accrued Warranty Obligation (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' |
Balance at the beginning of the year | $4,125 | $4,252 |
Warranty expense | 5,798 | 5,417 |
Warranty payments | -5,498 | -5,520 |
Balance at the end of the period | $4,425 | $4,149 |
Stockholders_Equity_Share_Coun
Stockholders' Equity - Share Count and Par Value Data Related to Stockholders' Equity (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Preferred stock, par value per share | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' |
Preferred stock, shares outstanding | 0 | 0 | ' | ' |
Common stock - class A, par value per share | $0.01 | $0.01 | ' | ' |
Common stock - class A, shares authorized | 150,000,000 | 150,000,000 | ' | ' |
Common stock - class A, shares issued | 72,151,857 | 72,151,857 | ' | ' |
Common stock - class A, shares outstanding | 50,914,361 | 50,349,546 | 50,229,576 | 50,908,267 |
Treasury stock, shares held | 21,237,496 | 21,802,311 | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Equity [Abstract] | ' | ' |
Shares purchased under share repurchase plan, shares | 0 | 1,268,761 |
Shares purchased under share repurchase plan, value | ' | $58,459,233 |
Stockholders_Equity_Roll_Forwa
Stockholders' Equity - Roll Forward of Class A Common Shares Outstanding (Detail) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Equity [Abstract] | ' | ' |
Balance at the beginning of the year | 50,349,546 | 50,908,267 |
Repurchases | 0 | -1,268,761 |
Stock option and ESPP issuances | 511,163 | 532,777 |
Restricted share issuances | 125,626 | 238,325 |
Restricted share forfeitures | -6,733 | -15,973 |
Shares withheld for tax obligations | -65,241 | -165,059 |
Balance at the end of the period | 50,914,361 | 50,229,576 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Weighted average shares: | ' | ' | ' | ' |
Weighted average common shares outstanding | 50,835 | 50,590 | 50,615 | 50,808 |
Effect of dilutive securities outstanding | 626 | 334 | 636 | 363 |
Diluted weighted average shares outstanding | 51,461 | 50,924 | 51,251 | 51,171 |
Earnings (loss): | ' | ' | ' | ' |
Income from continuing operations | $14,945 | $38,600 | $84,108 | $92,700 |
Income from discontinued operations | 0 | 0 | 0 | 8 |
Net income | $14,945 | $38,600 | $84,108 | $92,708 |
Basic per share amounts: | ' | ' | ' | ' |
Income from continuing operations | $0.29 | $0.76 | $1.66 | $1.82 |
Income from discontinued operations | $0 | $0 | $0 | $0 |
Net income | $0.29 | $0.76 | $1.66 | $1.82 |
Diluted per share amounts: | ' | ' | ' | ' |
Income from continuing operations | $0.29 | $0.76 | $1.64 | $1.81 |
Income from discontinued operations | $0 | $0 | $0 | $0 |
Net income | $0.29 | $0.76 | $1.64 | $1.81 |
Earnings_Per_Share_Potentially
Earnings Per Share - Potentially Dilutive Securities Excluded from Earnings Per Share Calculation (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Potentially dilutive shares | 0 | 351,000 | 179,760 | 879,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Purchase Plan [Member] | Stock Purchase Plan [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | '5 years | '5 years | ' | ' | '3 years | '5 years | ' |
Excess tax benefits in Financing activities | $5,779 | $4,170 | ' | ' | ' | ' | ' | ' | ' |
Expiration period (in years) | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | ' | 183,932 | ' | ' | ' | ' | 8,992 |
Expected weighted-average life | '5 years 4 months 10 days | '5 years 5 months 1 day | ' | ' | '3 months | '1 year | ' | ' | ' |
ShareBased_Compensation_Compen
Share-Based Compensation - Compensation Expense and Related Tax Benefit for Equity-Based Payments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation expense | $3,194 | $2,868 | $10,304 | $9,372 |
Income tax benefit | 1,077 | 985 | 3,511 | 3,237 |
Cost of sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation expense | 243 | 140 | 725 | 600 |
Selling and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation expense | 612 | 491 | 1,681 | 1,497 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation expense | 381 | 406 | 1,121 | 1,190 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total compensation expense | $1,958 | $1,831 | $6,777 | $6,085 |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted-Average Assumptions Used for Grants of Stock Options and SARs (Detail) (USD $) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Forfeiture rate | 10.32% | 10.31% |
Risk free interest rate, minimum | 0.02% | 0.02% |
Risk free interest rate, maximum | 2.61% | 1.78% |
Expected weighted-average life | '5 years 4 months 10 days | '5 years 5 months 1 day |
Fair value of stock appreciation rights (SARs) granted | $4,600,000 | $4,443,000 |
Weighted-average grant date fair value of SARs granted | $25 | $13.83 |
Stock Option and Stock Appreciation Rights (SARs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Volatility | 34.92% | 32.00% |
Risk free interest rate | 1.73% | 0.82% |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Option Activity (Detail) (Stock Option [Member], USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, Outstanding at beginning of year | 956,502 |
Shares, Exercised | -355,640 |
Shares, Outstanding at end of period | 600,862 |
Shares, Exercisable at end of period | 600,862 |
Weighted-Average Exercise Price, Outstanding at beginning of year | $42.77 |
Weighted-Average Exercise Price, Exercised | $44.49 |
Weighted-Average Exercise Price, Outstanding at end of year | $41.76 |
Weighted-Average Exercise Price, Exercisable at end of year | $41.76 |
Intrinsic value of exercised options | $9,451,000 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Outstanding and Exercisable Options and SARs (Detail) (USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Stock Option [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Aggregate intrinsic value, Outstanding | $17,481,000 |
Aggregate intrinsic value, Exercisable | 17,481,000 |
Weighted-average remaining contractual term, Outstanding | '1 year 10 months 24 days |
Weighted-average remaining contractual term, Exercisable | '1 year 10 months 24 days |
Stock Appreciation Rights (SARs) [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Aggregate intrinsic value, Outstanding | 38,828,000 |
Aggregate intrinsic value, Exercisable | $22,910,000 |
Weighted-average remaining contractual term, Outstanding | '7 years 2 months 12 days |
Weighted-average remaining contractual term, Exercisable | '6 years 3 months 18 days |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of SAR Activity (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Stock Appreciation Rights (SARs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, Outstanding at beginning of year | 1,402,784 |
Shares, Granted | 183,932 |
Shares, Exercised | -245,454 |
Shares, Forfeited | -20,674 |
Shares, Outstanding at end of period | 1,320,588 |
Shares, Exercisable at end of period | 607,616 |
Weighted-Average Exercise Price, Outstanding at beginning of year | $36.36 |
Weighted-Average Exercise Price, Granted | $74.69 |
Weighted-Average Exercise Price, Exercised | $33.82 |
Weighted-Average Exercise Price, Forfeited | $49.07 |
Weighted-Average Exercise Price, Outstanding at end of year | $41.97 |
Weighted-Average Exercise Price, Exercisable at end of year | $33.14 |
Intrinsic value of exercised SARs | $9,958,000 |
ShareBased_Compensation_Summar3
Share-Based Compensation - Summary of Restricted Stock Award Activity (Detail) (Restricted Stock Awards [Member], USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, Outstanding at beginning of year | 435,377 |
Shares, Granted | 121,132 |
Shares, Released | -150,618 |
Shares, Forfeited | -8,144 |
Shares, Outstanding at end of period | 397,747 |
Weighted-Average Grant Date Fair Value, Outstanding at beginning of year | $40.92 |
Weighted-Average Grant Date Fair Value, Granted | $74.28 |
Weighted-Average Grant Date Fair Value, Released | $43.16 |
Weighted-Average Grant Date Fair Value, Forfeited | $52.80 |
Weighted-Average Grant Date Fair Value, Outstanding at end of period | $50 |
ShareBased_Compensation_Summar4
Share-Based Compensation - Summary of Performance Share Award Activity (Detail) (Performance Share Awards [Member], USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Performance Share Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, Outstanding at beginning of year | 195,159 |
Shares, Granted | 4,323 |
Shares, Released | -33,535 |
Shares, Forfeited | -20,555 |
Shares, Outstanding at end of period | 145,392 |
Weighted-Average Grant Date Fair Value, Outstanding at beginning of year | $42.25 |
Weighted-Average Grant Date Fair Value, Granted | $69.41 |
Weighted-Average Grant Date Fair Value, Released | $41.45 |
Weighted-Average Grant Date Fair Value, Forfeited | $41.45 |
Weighted-Average Grant Date Fair Value, Outstanding at end of period | $43.36 |
ShareBased_Compensation_Summar5
Share-Based Compensation - Summary of Awards Granted Under Equity-Based Compensation Plans (Detail) (USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Unearned compensation costs related to awards granted | $19,545,000 |
Period expected to be recognized over | '2 years 2 months 12 days |
ShareBased_Compensation_Weight1
Share-Based Compensation - Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan (Detail) (USD $) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair market value | 63.42 | 41.69 |
Option price | 60.25 | 39.61 |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 31.00% | 17.00% |
Risk free interest rate | 0.06% | 0.05% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Income tax interest and penalties accrued | $0 | $0 | ' | $0 | $0 |
Unrealized tax benefit | 4,000 | ' | ' | 4,000 | ' |
Effective tax rate | 39.80% | 18.10% | ' | 23.10% | 18.40% |
Income tax expense benefit | 5,900,000 | ' | -5,900,000 | ' | ' |
Additional tax income tax expense | 9,861,000 | 8,541,000 | ' | 25,240,000 | 20,921,000 |
Intercompany Debt [Member] | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Income tax expense benefit | 5,900,000 | ' | ' | ' | ' |
Additional tax income tax expense | $2,600,000 | ' | ' | ' | ' |
Income_Taxes_Summary_of_Effect
Income Taxes - Summary of Effective Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 39.80% | 18.10% | 23.10% | 18.40% |
Other_Comprehensive_Income_Com
Other Comprehensive Income - Components of Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 29, 2013 | Dec. 31, 2012 |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (recognized in OCI) | ' | ($563) | ' | $3,096 | ' | ' | ' | ' |
Foreign currency translation adjustments | -8,226 | -8,222 | -8,226 | -8,222 | -8,035 | -7,839 | -8,404 | -8,721 |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (recognized in OCI) | ' | -118 | ' | 765 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (recognized in OCI) | ' | -445 | ' | 2,331 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Gross (recognized in OCI) | -67 | 518 | 536 | -1,140 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Income tax (benefit) (recognized in OCI) | -22 | 157 | 139 | -373 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Net (recognized in OCI) | -45 | 361 | 397 | -767 | ' | ' | ' | ' |
Foreign currency translation adjustments (recognized in OCI) | -191 | 182 | -380 | 390 | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) (recognized in OCI) | 4,027 | 98 | 7,089 | 1,954 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (reclassified from AOCI to income) | ' | -749 | ' | -2,648 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (reclassified from AOCI to income) | ' | -187 | ' | -662 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (reclassified from AOCI to income) | ' | -562 | ' | -1,986 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Gross (reclassified from AOCI to income) | 443 | 106 | 517 | 380 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Income tax (benefit) (reclassified from AOCI to income) | 158 | 34 | 178 | 119 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Net (reclassified from AOCI to income) | 285 | 72 | 339 | 261 | ' | ' | ' | ' |
Foreign currency translation adjustments (reclassified from AOCI to income) | 0 | 0 | -7 | 109 | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) (reclassified from AOCI to income) | 374 | -490 | -999 | -1,616 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (Subtotal) | ' | -1,312 | ' | 448 | ' | ' | ' | ' |
Unrealized gains losses on hedging transactions, Income tax (benefit) (Subtotal) | ' | -305 | ' | 103 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | 4,352 | -1,007 | 5,741 | 345 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Gross (Subtotal) | 376 | 624 | 1,053 | -760 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Income tax (benefit) (Subtotal) | 136 | 191 | 317 | -254 | ' | ' | ' | ' |
Unrealized gains (losses) on investments, Net (Subtotal) | 240 | 433 | 736 | -506 | ' | ' | ' | ' |
Foreign currency translation adjustments (Subtotal) | -191 | 182 | -387 | 499 | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) (Subtotal) | 4,401 | -392 | 6,090 | 338 | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) | -3,691 | -9,987 | -3,691 | -9,987 | -8,092 | -9,781 | -9,595 | -10,325 |
Anticipated Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (recognized in OCI) | 6,304 | ' | 9,892 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (recognized in OCI) | 1,260 | ' | 2,039 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (recognized in OCI) | 5,044 | ' | 7,853 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (reclassified from AOCI to income) | 113 | ' | -1,696 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (reclassified from AOCI to income) | 24 | ' | -365 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (reclassified from AOCI to income) | 89 | ' | -1,331 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (Subtotal) | 6,417 | ' | 8,196 | ' | ' | ' | ' | ' |
Unrealized gains losses on hedging transactions, Income tax (benefit) (Subtotal) | 1,284 | ' | 1,674 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | 5,133 | ' | 6,522 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross | 5,823 | -2,133 | 5,823 | -2,133 | -594 | -2,373 | -821 | -2,581 |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | 1,165 | -496 | 1,165 | -496 | -119 | -509 | -191 | -599 |
Total accumulated other comprehensive gains (losses) | 4,658 | -1,637 | 4,658 | -1,637 | -475 | -1,864 | -630 | -1,982 |
Forward Interest Rate Swap Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (recognized in OCI) | -1,224 | ' | -1,224 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (recognized in OCI) | -443 | ' | -443 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (recognized in OCI) | -781 | ' | -781 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (reclassified from AOCI to income) | 0 | ' | 0 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (reclassified from AOCI to income) | 0 | ' | 0 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (reclassified from AOCI to income) | 0 | ' | 0 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross (Subtotal) | -1,224 | ' | -1,224 | ' | ' | ' | ' | ' |
Unrealized gains losses on hedging transactions, Income tax (benefit) (Subtotal) | -443 | ' | -443 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | -781 | ' | -781 | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross | -1,224 | 0 | -1,224 | 0 | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | -443 | 0 | -443 | 0 | ' | ' | ' | ' |
Total accumulated other comprehensive gains (losses) | -781 | 0 | -781 | 0 | ' | ' | ' | ' |
Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on hedging transactions, Gross | 902 | -220 | 902 | -220 | 526 | -151 | -844 | 540 |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | 244 | -92 | 244 | -92 | 108 | -73 | -283 | 162 |
Total accumulated other comprehensive gains (losses) | $658 | ($128) | $658 | ($128) | $418 | ($78) | ($561) | $378 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2014 | Oct. 27, 2014 | Oct. 27, 2014 | Oct. 15, 2014 | Oct. 15, 2014 | Oct. 27, 2014 | Oct. 27, 2014 | Oct. 27, 2014 | Oct. 27, 2014 | |
Scenario, Forecast [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Floor Rate [Member] | 7.25 % Senior Notes Due 2022[Member] | 7.25 % Senior Notes Due 2022[Member] | Enterprise Business [Member] | Enterprise Business [Member] | Term Loan [Member] | Revolving Credit Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private offering aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | $1,050,000,000 | ' | ' | ' | ' | ' |
Interest rate on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Percentage of quarterly payments | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Interest rate description | ' | ' | ' | ' | ' | ' | 'The Term Loan accrues interest at a variable rate of LIBOR (subject to a floor of 0.75% per annum) plus a margin of 4.0%. | ' | ' | ' | ' | ' | ' | ' |
Interest rate variable | ' | ' | ' | ' | ' | ' | 4.00% | 0.75% | ' | ' | ' | ' | ' | ' |
Preliminary purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,450,000,000 | ' | ' | ' |
Acquisition agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Apr-14 | ' | ' | ' |
Ownership percentage of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Income tax expense benefit | -5,900,000 | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional tax income tax expense | $9,861,000 | $8,541,000 | ' | $25,240,000 | $20,921,000 | $2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |