Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 04, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 4-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZBRA | |
Entity Registrant Name | ZEBRA TECHNOLOGIES CORP | |
Entity Central Index Key | 877212 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,725,074 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $329,534 | $393,950 |
Investments and marketable securities | 0 | 24,385 |
Accounts receivable, net | 637,953 | 670,402 |
Inventories, net | 405,469 | 394,176 |
Deferred income taxes | 116,707 | 122,772 |
Income tax receivable | 60,340 | 12,988 |
Prepaid expenses and other current assets | 68,971 | 53,377 |
Total current assets | 1,618,974 | 1,672,050 |
Property and equipment at cost, less accumulated depreciation and amortization | 270,228 | 255,092 |
Goodwill | 2,482,528 | 2,489,510 |
Other intangibles, net | 961,704 | 1,029,293 |
Debt issuance cost | 28,919 | 29,785 |
Other assets | 92,277 | 93,121 |
Total assets | 5,454,630 | 5,568,851 |
Current liabilities: | ||
Accounts payable | 284,730 | 326,524 |
Accrued liabilities | 371,106 | 421,070 |
Deferred revenue | 225,112 | 196,213 |
Current portion of long-term debt | 0 | 7,522 |
Income taxes payable | 14,903 | 4,518 |
Total current liabilities | 895,851 | 955,847 |
Long-term debt | 3,144,177 | 3,182,962 |
Long-term deferred tax liability | 192,544 | 199,853 |
Long-term deferred revenue | 107,687 | 115,847 |
Other long-term liabilities | 88,373 | 74,434 |
Total liabilities | 4,428,632 | 4,528,943 |
Stockholders' equity: | ||
Preferred Stock, $.01 par value; authorized 10,000 shares; issued 0 shares | 0 | 0 |
Additional paid-in capital | 160,305 | 147,090 |
Treasury stock at cost, 20,322 and 20,498 shares, respectively | -629,403 | -634,664 |
Retained earnings | 1,510,010 | 1,535,307 |
Accumulated other comprehensive loss | -15,636 | -8,547 |
Total stockholders' equity | 1,025,998 | 1,039,908 |
Total liabilities and stockholders' equity | 5,454,630 | 5,568,851 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Class A Common Stock, $.01 par value; authorized 150,000 shares; issued 72,152 shares | $722 | $722 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 20,322 | 20,498 |
Class A Common Stock [Member] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 72,152 | 72,152 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Net sales: | ||
Net sales of tangible products | $755,322 | $261,892 |
Revenue from services and software | 137,862 | 26,376 |
Total net sales | 893,184 | 288,268 |
Cost of sales: | ||
Cost of sales of tangible products | 385,370 | 130,449 |
Cost of services and software | 98,292 | 9,881 |
Total cost of sales | 483,662 | 140,330 |
Gross profit | 409,522 | 147,938 |
Operating expenses: | ||
Selling and marketing | 122,106 | 35,416 |
Research and development | 96,417 | 22,857 |
General and administrative | 66,136 | 28,391 |
Amortization of intangible assets | 67,589 | 2,672 |
Acquisition and integration costs | 26,331 | 4,927 |
Exit and restructuring costs | 11,169 | 267 |
Total operating expenses | 389,748 | 94,530 |
Operating income | 19,774 | 53,408 |
Other income (expense): | ||
Investment income (loss) gain | -197 | 421 |
Foreign exchange loss | -27,191 | -292 |
Forward interest rate swaps gain | 1,689 | 0 |
Interest expense | -50,965 | -18 |
Other, net | -1,273 | 26 |
Total other (expense) income | -77,937 | 137 |
(Loss) income before income taxes | -58,163 | 53,545 |
Income tax (benefit) expense | -32,866 | 11,939 |
Net (loss) income | ($25,297) | $41,606 |
Basic (loss) earnings per share | ($0.50) | $0.83 |
Diluted (loss) earnings per share | ($0.50) | $0.82 |
Basic weighted average shares outstanding | 50,667 | 50,402 |
Diluted weighted average and equivalent shares outstanding | 50,667 | 50,974 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | ($25,297) | $41,606 |
Other comprehensive income (loss): | ||
Unrealized gain on anticipated sales hedging transactions, net of tax | 1,690 | 613 |
Unrealized loss on forward interest rate swaps hedging transactions, net of tax | -7,051 | 0 |
Unrealized holding (loss) gain on investments, net of taxes | -16 | 148 |
Foreign currency translation adjustment | -1,712 | -167 |
Comprehensive (loss) income | ($32,386) | $42,200 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Net (loss) income | ($25,297) | $41,606 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 79,703 | 9,003 |
Amortization of debt issuance cost and discount | 4,559 | 0 |
Share-based compensation | 8,796 | 2,966 |
Excess tax benefit from share-based compensation | -1,492 | -395 |
Deferred income taxes | -199 | 18 |
Unrealized gain on forward interest rate swaps | -1,689 | 0 |
All other, net | -144 | 12 |
Changes in assets and liabilities, net of businesses acquired: | ||
Accounts receivable, net | 28,232 | -4,793 |
Inventories, net | -24,656 | 1,663 |
Other assets | -13,330 | 2,419 |
Accounts payable | -27,075 | -2,435 |
Accrued liabilities | 10,027 | -9,670 |
Deferred revenue | 29,424 | 682 |
Income taxes | -33,393 | 8,146 |
Other operating activities | 2,130 | 533 |
Net cash provided by operating activities | 35,596 | 49,755 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -25,522 | -2,374 |
Acquisition of businesses, net of cash acquired | -48,805 | 0 |
Proceeds from sale of long-term investments | 1,748 | 0 |
Purchases of long-term investments | -168 | -405 |
Purchases of investments and marketable securities | -739 | -151,817 |
Maturities of investments and marketable securities | 0 | 15,996 |
Proceeds from sales of investments and marketable securities | 25,108 | 72,206 |
Net cash (used) in investing activities | -48,378 | -66,394 |
Cash flows from financing activities: | ||
Payment of debt | -50,000 | 0 |
Proceeds from exercise of stock options and stock purchase plan purchases | 8,199 | 4,936 |
Excess tax benefit from share-based compensation | 1,492 | 395 |
Net cash (used in) provided by financing activities | -40,309 | 5,331 |
Effect of exchange rate changes on cash | -11,325 | -95 |
Net (decrease) in cash and cash equivalents | -64,416 | -11,403 |
Cash and cash equivalents at beginning of period | 393,950 | 62,827 |
Cash and cash equivalents at end of period | 329,534 | 51,424 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid, net | 4,841 | 3,304 |
Interest paid | $26,706 | $0 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Apr. 04, 2015 | |
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, 2014. | |
These interim financial statements include all adjustments (of a normal, recurring nature) necessary to present fairly Zebra’s consolidated financial position as of April 4, 2015, consolidated statements of operations, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows for the three months ended April 4, 2015 and March 29, 2014. These results, however, are not necessarily indicative of results for the full year. | |
Reclassifications: Prior-period amounts differ from amounts previously reported because certain immaterial amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncement | 3 Months Ended |
Apr. 04, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncement | Note 2 – Recently Issued Accounting Pronouncement |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-03 “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. This standard is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Management is assessing the impact of adoption on its consolidated financial statements. | |
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. In April 2015, the FASB issued an exposure draft that would delay by one year the effective date of its new revenue recognition standard; comments are due by May 29, 2015. Management is assessing the impact of adoption on its consolidated financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||
Apr. 04, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combinations | Note 3 Business Combinations | ||||
On October 27, 2014, Zebra completed its acquisition of the Enterprise Business (“Enterprise”) from Motorola Solutions Inc. (“MSI”) for a purchase price of $3.45 billion (the “Acquisition”). This transaction positions Zebra as a leading technology innovator, with the accelerating convergence of mobility, data analytics and cloud computing. It will enable Zebra to further sharpen its strategic focus on providing mission-critical solutions for its customers. Certain assets and liabilities historically associated with the Enterprise business were retained by MSI, including MSI’s iDEN infrastructure business. The Acquisition was pursuant to the Master Acquisition Agreement dated April 14, 2014, as amended (the “Master Acquisition Agreement”) and was structured as a combination of stock and asset acquisitions and a merger of certain US entities, resulting in 100% ownership of Enterprise. | |||||
Zebra financed the Acquisition through a combination of cash on hand and borrowings of $3.25 billion (the “Indebtedness”), including the sale of 7 1⁄4% senior notes due 2022 with an aggregate principal amount of $1.05 billion (the “Notes”) and a new credit agreement with various lenders that provided a term loan of $2.2 billion (the “Term Loan”) due 2021. See Note 13 Long Term Debt footnote. Consideration was paid in the form of cash to MSI in the amount of $3.45 billion, including working capital adjustments. | |||||
The allocations of the purchase price for the Acquisition have been prepared on a preliminary basis based on third-party valuations and changes to these allocations may occur as additional information becomes available. We are in the process of evaluating third-party valuations related to the fair value of our tangible and intangible assets, in addition to determining and recording the tax effects of the transaction to include all assets and liabilities at fair value. Acquired goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired. Zebra paid this premium for a number of reasons, including acquiring an experienced workforce and enhancing technology capabilities as further described above. | |||||
During the first quarter of 2015, Zebra adjusted certain preliminary values. The fair value adjustments are reflected in the table below and primarily result in an increase of $0.9 million in assets and a decrease of $6.1 million in liabilities and a corresponding decrease to goodwill of $7.0 million. | |||||
Also, additional consideration of $48.8 million was paid to MSI in relation to the opening the cash balance. The income statement impact relating to these fair value adjustments is not significant. | |||||
The following table summarizes the preliminary estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition (in thousands): | |||||
Cash and cash equivalents | $ | 101,441 | |||
Accounts receivable (1) | 436,577 | ||||
Inventories | 261,366 | ||||
Deferred income taxes, current | 113,745 | ||||
Other current assets | 22,061 | ||||
Property and equipment | 125,846 | ||||
Intangible assets | 1,014,421 | ||||
Other non-current assets | 49,592 | ||||
Deferred revenue | (172,161 | ) | |||
Tax liabilities | (9,410 | ) | |||
Other current liabilities (2) | (366,453 | ) | |||
Long-term deferred revenue | (102,424 | ) | |||
Unrecognized tax benefits | (9,526 | ) | |||
Other non-current liabilities | (24,884 | ) | |||
Deferred income taxes | (219,712 | ) | |||
Total identifiable net assets | $ | 1,220,479 | |||
-1 | Based on the preliminary purchase price allocations, accounts receivable estimated fair value is $436.6 million and gross contractual value of $457.4 million. The difference represents Zebra’s best estimate of the contractual cash flows that will not be collected. | ||||
-2 | Other current liabilities include accounts payable, customer reserves, and employee compensation and related benefits | ||||
On a preliminary basis pending the receipt of final valuations, the purchase price was allocated to identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values resulting in goodwill of $2.329 billion. | |||||
Currently, the entire goodwill is assigned to the Enterprise segment. The final assignment of goodwill to reporting units has not been completed as of the date these financial statements are issued. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 4 – 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. In addition we consider counterparty credit risk in the assessment of fair value. | |||||||||||||||||
Financial assets and liabilities carried at fair value as of April 4, 2015, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward contracts (1) | $ | 3,794 | $ | 10,280 | $ | 0 | $ | 14,074 | |||||||||
Money market investments related to the deferred compensation plan | 7,254 | 0 | 0 | 7,254 | |||||||||||||
Total assets at fair value | $ | 11,048 | $ | 10,280 | $ | 0 | $ | 21,328 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (2) | $ | 0 | $ | 26,762 | $ | 0 | $ | 26,762 | |||||||||
Liabilities related to the deferred compensation plan | 7,254 | 0 | 0 | 7,254 | |||||||||||||
Total liabilities at fair value | $ | 7,254 | $ | 26,762 | $ | 0 | $ | 34,016 | |||||||||
Financial assets and liabilities carried at fair value as of December 31, 2014, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 10,720 | $ | 0 | $ | 0 | $ | 10,720 | |||||||||
Obligations of government-sponsored enterprises (3) | 0 | 705 | 0 | 705 | |||||||||||||
State and municipal bonds | 0 | 5,179 | 0 | 5,179 | |||||||||||||
Corporate securities | 0 | 7,781 | 0 | 7,781 | |||||||||||||
Investments subtotal | 10,720 | 13,665 | 0 | 24,385 | |||||||||||||
Forward contracts (1) | 2,039 | 7,279 | 0 | 9,318 | |||||||||||||
Money market investments related to the deferred compensation plan | 6,008 | 0 | 0 | 6,008 | |||||||||||||
Total assets at fair value | $ | 18,767 | $ | 20,944 | $ | 0 | $ | 39,711 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (2) | $ | 0 | $ | 16,718 | $ | 0 | $ | 16,718 | |||||||||
Liabilities related to the deferred compensation plan | 6,008 | 0 | 0 | 6,008 | |||||||||||||
Total liabilities at fair value | $ | 6,008 | $ | 16,718 | $ | 0 | $ | 22,726 | |||||||||
1) | The fair value of forward contracts is calculated as follows: | ||||||||||||||||
a. | Fair value of a collar or put option contract associated with forecasted sales hedges is calculated using bid and ask rates for similar contracts. | ||||||||||||||||
b. | Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. | ||||||||||||||||
c. | Fair value of balance sheet hedges is 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. | ||||||||||||||||
2) | 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. | ||||||||||||||||
3) | Includes investments in notes issued by the Federal Home Loan Mortgage Corporation and the Federal Home Loan Bank. | ||||||||||||||||
The following is a summary of investments (in thousands): | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 10,720 | $ | 0 | $ | 0 | $ | 10,720 | |||||||||
Obligations of government-sponsored enterprises | 705 | 0 | 0 | 705 | |||||||||||||
State and municipal bonds | 5,156 | 27 | (4 | ) | 5,179 | ||||||||||||
Corporate securities | 7,779 | 12 | (10 | ) | 7,781 | ||||||||||||
Total investments | $ | 24,360 | $ | 39 | $ | (14 | ) | $ | 24,385 | ||||||||
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. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Accounts Receivable | Note 5 – Accounts Receivable | ||||||||
The components of accounts receivable are as follows (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Gross Accounts receivable | $ | 639,873 | $ | 671,471 | |||||
Accounts receivable reserves | (1,920 | ) | (1,069 | ) | |||||
Accounts receivable, net | $ | 637,953 | $ | 670,402 | |||||
Inventories
Inventories | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 6 – Inventories | ||||||||
The components of inventories are as follows (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Raw material | $ | 157,271 | $ | 139,647 | |||||
Work in process | 472 | 476 | |||||||
Finished goods | 256,973 | 259,872 | |||||||
Inventories, gross | 414,716 | 399,995 | |||||||
Inventory reserves | (9,247 | ) | (5,819 | ) | |||||
Inventories, net | $ | 405,469 | $ | 394,176 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Other Intangible Assets | Note 7 – Goodwill and Other Intangible Assets | ||||||||
In 2014, we acquired intangible assets in the amount of $1.014 billion for developed technology, customer relationships and trade names associated with the Acquisition. These intangible assets have an estimated useful life ranging from 1 to 15 years. See Note 3 Business Combinations for specific information regarding the Acquisition. | |||||||||
Intangible assets are as follows (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Current technology | $ | 23,201 | $ | 23,201 | |||||
Trade names | 40,300 | 40,300 | |||||||
Unpatented technology | 280,000 | 280,000 | |||||||
Patents and patent rights | 244,569 | 244,569 | |||||||
Customer relationships | 532,591 | 532,591 | |||||||
Accumulated amortization | (158,957 | ) | (91,368 | ) | |||||
Other intangibles, net | $ | 961,704 | $ | 1,029,293 | |||||
Amortization of intangibles assets was $67.6 million and $2.7 million for the three months ended April 4, 2015 and March 29, 2014 respectively. | |||||||||
In 2014, we acquired goodwill in the amount of $2.329 billion, see Note 3 Business Combinations for specific information regarding the Acquisition. |
Other_Assets
Other Assets | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | Note 8 Other Assets | ||||||||
Other assets consist of the following (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Investments related to the deferred compensation plan | $ | 7,254 | $ | 6,008 | |||||
Long-term investments | 30,180 | 31,759 | |||||||
Other long-term assets | 23,163 | 22,652 | |||||||
Long-term trade receivable | 15,888 | 16,985 | |||||||
Long-term notes receivable | 14,231 | 14,231 | |||||||
Deposits | 1,561 | 1,486 | |||||||
Total | $ | 92,277 | $ | 93,121 | |||||
The long-term investments are primarily in venture capital backed technology companies and our ownership interest is between 2.0% to 8.3%. |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Note 9 Accrued Liabilities | ||||||||
The components of accrued liabilities are as follows (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Accrued payroll | $ | 55,201 | $ | 73,582 | |||||
Accrued warranty | 26,913 | 24,666 | |||||||
Accrued taxes | 6,928 | 11,446 | |||||||
Interest payable | 54,207 | 34,727 | |||||||
Amount owed to seller | 0 | 48,806 | |||||||
Customer reserves | 54,977 | 39,201 | |||||||
Accrued other expenses | 172,880 | 188,642 | |||||||
Total accrued liabilities | $ | 371,106 | $ | 421,070 | |||||
Costs_Associated_with_Exit_and
Costs Associated with Exit and Restructuring Activities | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Costs Associated with Exit and Restructuring Activities | Note 10 – Costs Associated with Exit and Restructuring Activities | ||||||||||||||||
During the first quarter 2015, Zebra incurred exit and restructuring costs resulting from organizational design changes primarily related to the Acquisition as follows (in thousands): | |||||||||||||||||
Type of Cost | Costs incurred for | Total costs | Total costs | ||||||||||||||
the three months | incurred as | expected to | |||||||||||||||
ended April 4, | of April 4, | be incurred | |||||||||||||||
2015 | 2015 | ||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 11,097 | $ | 11,097 | $ | 11,097 | |||||||||||
Professional services | 72 | 72 | 72 | ||||||||||||||
Total | $ | 11,169 | $ | 11,169 | $ | 11,169 | |||||||||||
Exit and restructuring charges for the three months ended April 4, 2015 were $1.5 million and $9.7 million for the Legacy Zebra segment and Enterprise segment, respectively. Additional costs to be incurred in connection with this program are not expected to be significant. | |||||||||||||||||
As of December 31, 2014, we have incurred the following exit and restructuring costs related to the 2014 organization design changes, Location Solutions business management structure and manufacturing operations relocation and restructuring (in thousands): | |||||||||||||||||
Type of Cost | Cost incurred | Costs incurred for | Total costs | Total costs | |||||||||||||
through | the twelve months | incurred as | expected to | ||||||||||||||
December 31, | ended December 31, | of December 31, | be incurred | ||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 6,650 | $ | 5,991 | $ | 12,641 | $ | 12,641 | |||||||||
Professional services | 180 | 16 | 196 | 196 | |||||||||||||
Relocation and transition costs | 20 | 0 | 20 | 20 | |||||||||||||
Total | $ | 6,850 | $ | 6,007 | $ | 12,857 | $ | 12,857 | |||||||||
A rollforward of the exit and restructuring accruals is as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Balance at the beginning of period | $ | 6,830 | $ | 1,252 | |||||||||||||
Charged to earnings | 11,169 | 267 | |||||||||||||||
Cash paid | (9,758 | ) | (1,190 | ) | |||||||||||||
Balance at the end of period | $ | 8,241 | $ | 329 | |||||||||||||
Liabilities related to exit and restructuring activities are included in accrued liabilities. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments | Note 11 – Derivative Instruments | ||||||||||||
Portions of our operations are subject to fluctuations in currency values. 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 variable interest payments on the term facility that was used to fund the Acquisition. We entered into forward interest rate swaps to hedge the interest rate risk associated with the Term Loan. | |||||||||||||
The fair value of the forward starting 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, Derivative and Hedging we recognize derivative instruments 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 counter party 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. The terms and conditions of our credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
Zebra has determined that 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 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 and options 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 statements of operations as other income (expense) is as follows (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Realized gains from foreign exchange derivatives | $ | 1,100 | $ | 25 | |||||||||
Loss on net foreign currency assets | (28,291 | ) | (317 | ) | |||||||||
Foreign exchange (loss) | $ | (27,191 | ) | $ | (292 | ) | |||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts: | |||||||||||||
Pound/US dollar | £ | 6,643 | £ | 4,574 | |||||||||
Euro/US dollar | € | 40,852 | € | 40,218 | |||||||||
Net fair value of outstanding contracts | $ | 259 | $ | 250 | |||||||||
Hedging of Anticipated Sales | |||||||||||||
We can 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 | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Change in unrealized gains on anticipated sales hedging: | |||||||||||||
Gross | $ | 2,112 | $ | 780 | |||||||||
Income tax expense | 422 | 167 | |||||||||||
Net | $ | 1,690 | $ | 613 | |||||||||
Summary financial information related to the cash flow hedges of future revenues follows (in thousands, except percentages): | |||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts versus the dollar | € | 90,306 | € | 88,969 | |||||||||
Hedge effectiveness | 100 | % | 100 | % | |||||||||
Three Months Ended | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Net gains (losses) included in revenue | $ | 6,435 | $ | (971 | ) | ||||||||
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 4 of Zebra’s consolidated financial statements. The amounts recorded on our consolidated balance sheet are as follows (in thousands): | |||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Assets: | |||||||||||||
Prepaid expenses and other current assets | $ | 14,074 | $ | 9,318 | |||||||||
Total | $ | 14,074 | $ | 9,318 | |||||||||
Forward Interest Rate Swaps | |||||||||||||
The forward interest rate swaps hedge the interest rate risk associated with the variable interest payments on our Term Loan that was used to fund the Acquisition. | |||||||||||||
In June 2014, we entered into a commitment letter for a new variable rate credit facility to fund the Acquisition and we also entered into two tranches of floating-to-fixed forward interest rate swaps (“Original Swaps”). These Original 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, the Original Swaps were designated as cash flow hedges of interest rate exposure associated with variability in future cash flows on the variable rate commitment. On October 27, 2014, the variable rate commitment was funded and we entered into a Term Loan that accrues interest at a variable rate of LIBOR (subject to a floor of 0.75% per annum) plus a margin of 4.0%. On October 30, 2014, we discontinued hedge accounting for the Original Swaps due to the syndication of the Original Swaps to a group of commercial banks (“Syndicated Swaps”), which resulted in their termination. The changes in fair value of the Original Swaps between July 30, 2014 and their termination were included in other comprehensive income (loss), and any ineffectiveness was insignificant. The amounts included in other comprehensive income (loss) will be amortized to earnings in other income (expense) as the interest payments under the Term Loan affect earnings. The Syndicated Swaps were not designated as hedges and the changes in fair value are recognized in earnings in other income (expense). | |||||||||||||
On November 20, 2014 we entered into additional floating-to-fixed forward starting interest rate swaps (“New Swaps”) and designated these as cash flow hedges of interest rate exposure associated with variability in future cash flows on our Term Loan. To offset the impact to earnings of the changes in fair value of the Syndicated Swaps, we also entered into fixed-to-floating forward starting interest rate swaps (“Offsetting Swaps”), which were not designated in a hedging relationship and the changes in the fair value are recognized in earnings in other income (expense). Changes in fair value of the New Swaps that are designated as cash flow hedges and are effective at offsetting variability in the future cash flows on our Term Loan are recognized in other comprehensive income (loss). Ineffectiveness is immediately recognized in earnings. | |||||||||||||
The location of the forward interest rate swaps designated in a hedge relationship is as follows (in thousands): | |||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Liabilities: | |||||||||||||
Other long-term liabilities | $ | 13,904 | $ | 2,170 | |||||||||
Total | $ | 13,904 | $ | 2,170 | |||||||||
The interest rate swap designated in a hedging relationship is highly effective. | |||||||||||||
The forward interest rate swaps not designated in a hedging relationship are recorded in a net liability position of $12.9 million in the Consolidated Balance Sheets. | |||||||||||||
The gross and net amounts offset at April 4, 2015 were as follows (in thousands): | |||||||||||||
Gross Fair | Counterparty | Net Fair | |||||||||||
Value | Offsetting | Value in the | |||||||||||
Consolidated | |||||||||||||
Balance | |||||||||||||
Sheets | |||||||||||||
Counterparty A | $ | 11,543 | $ | 5,862 | $ | 5,681 | |||||||
Counterparty B | 3,697 | 1,140 | 2,557 | ||||||||||
Counterparty C | 4,221 | 1,422 | 2,799 | ||||||||||
Counterparty D | 7,962 | 2,760 | 5,202 | ||||||||||
Counterparty E | 4,058 | 1,343 | 2,715 | ||||||||||
Counterparty F | 4,103 | 1,377 | 2,726 | ||||||||||
Counterparty G | 5,082 | 0 | 5,082 | ||||||||||
Total | $ | 40,666 | $ | 13,904 | $ | 26,762 | |||||||
The volume of the forward interest rate swaps, New Swaps, designated in a hedge relationship is as follows (in thousands): | |||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | $ | 3,339,000 | |||||||||
The New Swaps, each with a term of one year, are designated as cash flow hedges of interest rate exposure associated with variability in future cash flows on the Term Loan. The notional amount of the designated New Swaps effective in each year of the cash flow hedge relationships does not exceed the principal amount of the Term Loan which is hedged. The New Swaps have 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 | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Gain on forward interest-rate swaps | $ | 1,689 | $ | 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 | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Change in unrealized loss on forward interest rate swap hedging: | |||||||||||||
Gross | $ | (11,734 | ) | $ | 0 | ||||||||
Income tax (benefit) | (4,683 | ) | 0 | ||||||||||
Total | $ | (7,051 | ) | $ | 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 month periods ended April 4, 2015 and March 29, 2014. | |||||||||||||
At April 4, 2015, we expect that approximately $6.0 million 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 4 quarters. |
Warranty
Warranty | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Warranty | Note 12 – Warranty | ||||||||
In general, Zebra provides warranty coverage of one year on mobile computing products and WLAN products. Advanced data capture products are warranted from 1-5 years, depending on the product. Printers are warranted for one year 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 tags, 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): | |||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Balance at the beginning of period | $ | 24,666 | $ | 4,125 | |||||
Warranty expense | 8,652 | 1,510 | |||||||
Warranty payments | (6,405 | ) | (1,673 | ) | |||||
Balance at the end of period | $ | 26,913 | $ | 3,962 | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Note 13 – Long-Term Debt | ||||||||
The following table summarizes the carrying value of our debt (in thousands): | |||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Senior Notes | $ | 1,050,000 | $ | 1,050,000 | |||||
Term loan | 2,150,000 | 2,200,000 | |||||||
Less unamortized discounts | (55,823 | ) | (59,516 | ) | |||||
Total outstanding debt | 3,144,177 | 3,190,484 | |||||||
Current maturities of long-term debt | 0 | 16,500 | |||||||
Less: current portion of unamortized discounts | 0 | (8,978 | ) | ||||||
Total short-term debt | 0 | 7,522 | |||||||
Long-term debt, less current maturities | $ | 3,144,177 | $ | 3,182,962 | |||||
The estimated fair value of our long-term debt approximated $3.3 billion at April 4, 2015 and December 31, 2014. These fair value amounts represent the estimated value at which our lenders could trade our debt within the financial markets and does not represent the settlement value of these long-term debt liabilities to us. The fair value of the long-term debt will continue to vary each period based on fluctuations in market interest rates, as well as changes to our credit ratings. This methodology resulted in a Level 2 classification in the fair value hierarchy. | |||||||||
Private Offering | |||||||||
On October 15, 2014, Zebra completed a private offering of $1.05 billion aggregate principal of 7.25% Senior Notes due October 15, 2022 (the “Senior Notes”). The Senior Notes yielded an effective interest rate of 7.61% at issuance. The Senior 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 Senior Notes is payable in cash on April 15 and October 15 of each year, commencing on April 15, 2015. | |||||||||
The Indenture covering the Senior Notes contains certain various restrictive and affirmative covenants. In addition, the Senior Notes are guaranteed jointly and severally, on a senior and unsecured basis by Zebra’s direct and indirect wholly-owned existing and future domestic restricted subsidiaries, subject to certain exceptions. | |||||||||
Credit Facilities | |||||||||
On October 27, 2014, Zebra entered into a new credit agreement which provides for a term loan of $2.2 billion (“Term Loan”) and a revolving credit facility of $250.0 million (“Revolving Credit Facility”). Borrowings under the Term Loan bear interest at a variable rate plus an applicable margin, subject to an all-in floor of 4.75%. As of April 4, 2015, the Term Loan interest rate was 4.75%. Interest payments are payable quarterly, starting January 27, 2015. Zebra has entered into interest rate swaps to manage interest rate risk on its long-term debt. See Note 11 Derivative Instruments. | |||||||||
The credit agreement requires Zebra to prepay the Term Loan and Revolving Credit Facility, under certain circumstances or transactions defined in the credit agreement. Also, Zebra may make optional prepayments of the Term Loans, in whole or in part, without premium or penalty. Zebra made such optional principal prepayments of $50.0 million and $30.0 million on March 15, 2015 and May 13, 2015 respectively. Unless satisfied by further optional prepayments Zebra is required to make scheduled quarterly principal payments of $5.5 million beginning March 31, 2019, with the balance of $2.1 billion due on October 27, 2021. | |||||||||
The Revolving Credit Facility is available for working capital and other general corporate purposes including letters of credit. The amount (including letters of credit) shall not exceed $250.0 million. As of April 4, 2015, Zebra had established letters of credit amounting to $3.1 million, which reduced funds available for other borrowings under the agreement to $246.9 million. The Revolving Credit Facility will mature and the commitments thereunder will terminate on October 27, 2019. | |||||||||
Borrowings under the Revolving Credit Facility bear interest at a variable rate plus an applicable margin. As of April 4, 2015, the Revolving Credit Facility interest rate was 3.25%. Interest payments are payable quarterly. As of April 4, 2015 and December 31 2014, Zebra did not have any borrowings against the Revolving Credit Facility. | |||||||||
The Credit Facilities contains various restrictive and affirmative covenants and are collateralized by a security interest in substantially all of Zebra’s assets as defined in the security agreement and guaranteed by its direct and indirect wholly-owned existing and future domestic restricted subsidiaries, subject to certain exceptions. |
Contingencies
Contingencies | 3 Months Ended |
Apr. 04, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 14 – 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. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings (Loss) Per Share | Note 15 – Earnings (Loss) Per Share | ||||||||
Earnings (loss) per share were computed as follows (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Weighted average shares: | |||||||||
Weighted average common shares outstanding | 50,667 | 50,402 | |||||||
Effect of dilutive securities outstanding | 0 | 572 | |||||||
Diluted weighted average shares outstanding | 50,667 | 50,974 | |||||||
Basic per share amounts: | |||||||||
Net (loss) income | $ | (25,297 | ) | $ | 41,606 | ||||
Weighted average common shares outstanding | 50,667 | 50,402 | |||||||
Per share amount | $ | (0.50 | ) | $ | 0.83 | ||||
Diluted per share amounts: | |||||||||
Net (loss) income | $ | (25,297 | ) | $ | 41,606 | ||||
Diluted weighted average shares outstanding | 50,667 | 50,974 | |||||||
Per share amount | $ | (0.50 | ) | $ | 0.82 | ||||
Potentially dilutive securities that were 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 | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Potentially dilutive shares | 0 | 0 |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity-Based Compensation | Note 16 – Equity-Based Compensation | ||||||||||||||||
Zebra has an equity-based compensation plan and an employee stock purchase plan under which shares of our common stock were available for future grants and sales. Zebra recognizes compensation costs using the straight-line method over the vesting period upon grant of up to 5 years. | |||||||||||||||||
Pre-tax equity-based compensation expense recognized in income was $8.8 million and $3.0 million for the three month periods ending April 4, 2015 and March 29, 2014, respectively. Tax related benefits of $3.1 million and $1.0 million were also recognized for the three month periods ending April 4, 2015 and March 29, 2014, respectively. | |||||||||||||||||
The company issued 175,261 and 123,019 shares in connection with stock based compensation and employee stock purchase programs during the three months ended April 4, 2015 and March 29, 2014 respectively. | |||||||||||||||||
The fair value of equity-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 grant date. 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: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Forfeiture rate | 10.32 | % | 10.31 | % | |||||||||||||
Volatility | 34.92 | % | 32 | % | |||||||||||||
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 SARs granted | $ | 70,234 | $ | 85,149 | |||||||||||||
Weighted-average grant date fair value of SARs granted (per underlying share) | $ | 28.82 | $ | 65.75 | |||||||||||||
Stock option activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | remaining contractual | Intrinsic | |||||||||||||||
term | Value | ||||||||||||||||
Outstanding at beginning of year | 415,960 | $ | 40.19 | ||||||||||||||
Exercised | (133,981 | ) | 44.36 | ||||||||||||||
Expired | (1,550 | ) | 51.62 | ||||||||||||||
Outstanding at end of period | 280,429 | $ | 38.13 | 2.5 Years | $ | 13.6 million | |||||||||||
Exercisable at end of period | 280,429 | $ | 38.13 | 2.5 Years | $ | 13.6 million | |||||||||||
Intrinsic value of exercised options | $ | 5,709,000 | |||||||||||||||
SARs activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
SARs | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | remaining contractual | Intrinsic | |||||||||||||||
term | Value | ||||||||||||||||
Outstanding at beginning of year | 1,292,142 | $ | 42.2 | ||||||||||||||
Granted | 2,437 | 85.82 | |||||||||||||||
Exercised | (32,159 | ) | 34.34 | ||||||||||||||
Forfeited | (3,569 | ) | 50.62 | ||||||||||||||
Outstanding at end of period | 1,258,851 | $ | 42.46 | 6.8 years | $ | 55.6 million | |||||||||||
Exercisable at end of period | 556,517 | $ | 32.99 | 5.8 years | $ | 29.9 million | |||||||||||
Intrinsic value of exercised SARs | $ | 1,688,000 | |||||||||||||||
Restricted stock award activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Restricted Stock Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 691,621 | $ | 60.06 | ||||||||||||||
Granted | 2,053 | 85.82 | |||||||||||||||
Released | (4,239 | ) | 42.56 | ||||||||||||||
Forfeited | (12,437 | ) | 71.82 | ||||||||||||||
Outstanding at end of period | 676,998 | $ | 60.06 | ||||||||||||||
Performance share award activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Performance Share Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 374,180 | $ | 61.53 | ||||||||||||||
Released | 1,703 | 85.82 | |||||||||||||||
Forfeited | (3,530 | ) | 73.07 | ||||||||||||||
Outstanding at end of period | 372,353 | $ | 61.53 | ||||||||||||||
Restricted stock unit activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Restricted Stock Units | Shares | ||||||||||||||||
Outstanding at beginning of year | 41,964 | ||||||||||||||||
Released | (34 | ) | |||||||||||||||
Forfeited | (1,305 | ) | |||||||||||||||
Outstanding at end of period | 40,625 | ||||||||||||||||
Performance stock unit activity was as follows: | |||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Performance Stock Units | Shares | ||||||||||||||||
Outstanding at beginning of year | 10,345 | ||||||||||||||||
Forfeited | (680 | ) | |||||||||||||||
Outstanding at end of period | 9,665 | ||||||||||||||||
As of April 4, 2015 total unearned compensation costs related to Zebra’s equity based compensation plans was $45.7 million which will be amortized over the weighted average remaining service period of 1.7 years. | |||||||||||||||||
The fair value of the purchase rights issued to Zebra employees 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. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Fair market value | $ | 77.41 | $ | 54.08 | |||||||||||||
Option price | $ | 73.54 | $ | 51.38 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 23 | % | 33 | % | |||||||||||||
Risk free interest rate | 0.04 | % | 0.07 | % |
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 04, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 – Income Taxes |
In the first quarter of 2015 we recognized a tax benefit of $32.9 million compared to a tax provision of $11.9 million for the corresponding period in the prior year. Zebra’s effective tax rates were 56.5% and 22.3% as of April 4, 2015 and March 29, 2014, respectively. Zebra’s effective tax rate was higher than the statutory rate of 35% in 2015 primarily due to pre-tax losses in the Unites States and pre-tax income in various non-US jurisdictions. Zebra’s effective tax rate in 2014 benefited from lower taxes on income in various non-US jurisdictions. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Other Comprehensive Income | Note 18 – 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. 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 11 for more details. | ||||||||||||||||||||
• | Unrealized gains (losses) on forward interest rate swap hedging transactions refer to the hedging of the interest rate risk associated with the variable rate commitment entered into for the Acquisition. See Note 11 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 income are as follows (in thousands): | |||||||||||||||||||||
2015 | As of | Gain (Loss) | Gain (Loss) | Three Months | As of | ||||||||||||||||
December 31, | recognized in | reclassified from | ended April 4, | April 4, 2015 | |||||||||||||||||
2014 | OCI | AOCI to income | 2015 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | 6,658 | $ | (4,323 | ) | $ | 6,435 | (1) | 2,112 | $ | 8,770 | ||||||||||
Income tax (benefit) | 1,332 | (865 | ) | 1,287 | 422 | 1,754 | |||||||||||||||
Net | 5,326 | (3,458 | ) | 5,148 | 1,690 | 7,016 | |||||||||||||||
Unrealized gains (losses) on forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | (12,069 | ) | (11,734 | ) | 0 | (2) | (11,734 | ) | (23,803 | ) | |||||||||||
Income tax (benefit) | (4,370 | ) | (4,683 | ) | 0 | (4,683 | ) | (9,053 | ) | ||||||||||||
Net | (7,699 | ) | (7,051 | ) | 0 | (7,051 | ) | (14,750 | ) | ||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 102 | 0 | (25 | )(3) | (25 | ) | 77 | ||||||||||||||
Income tax (benefit) | (245 | ) | 0 | (9 | ) | (9 | ) | (254 | ) | ||||||||||||
Net | 347 | 0 | (16 | ) | (16 | ) | 331 | ||||||||||||||
Foreign currency translation adjustment | (6,521 | ) | (1,712 | ) | 0 | (4) | (1,712 | ) | (8,233 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (8,547 | ) | $ | (12,221 | ) | $ | 5,132 | $ | (7,089 | ) | $ | (15,636 | ) | |||||||
2014 | As of | Gain (Loss) | Gain (Loss) | Three Months | As of | ||||||||||||||||
December 31, | recognized in | reclassified from | ended March 29, | March 29, 2014 | |||||||||||||||||
2013 | OCI | AOCI to income | 2014 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,373 | ) | $ | 1,771 | $ | (991 | )(1) | $ | 780 | $ | (1,593 | ) | ||||||||
Income tax (benefit) | (509 | ) | 380 | (213 | ) | 167 | (342 | ) | |||||||||||||
Net | (1,864 | ) | 1,391 | (778 | ) | 613 | (1,251 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (151 | ) | 121 | 81 | (3) | 202 | 51 | ||||||||||||||
Income tax (benefit) | (73 | ) | 29 | 25 | 54 | (19 | ) | ||||||||||||||
Net | (78 | ) | 92 | 56 | 148 | 70 | |||||||||||||||
Foreign currency translation adjustment | (7,839 | ) | (160 | ) | (7 | )(4) | (167 | ) | (8,006 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,781 | ) | $ | 1,323 | $ | (729 | ) | $ | 594 | $ | (9,187 | ) | ||||||||
-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. | ||||||||||||||||||||
-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 loss. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | Note 19 – Segment Information | ||||||||
Subsequent to the Acquisition, on October 27, 2014, Zebra has two reportable segments: Legacy Zebra (“Z”) and Enterprise (“E”). Segment assets are not reviewed by Zebra’s chief operating decision maker and therefore are not disclosed below: | |||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Net Sales: | |||||||||
Z – Net sales | $ | 331,643 | $ | 288,268 | |||||
E – Net sales | 567,174 | 0 | |||||||
Total segment net sales | $ | 898,817 | $ | 288,268 | |||||
Corporate, eliminations (1) | (5,633 | ) | 0 | ||||||
Total | $ | 893,184 | $ | 288,268 | |||||
Operating income (loss): | |||||||||
Z – Operating income | $ | 77,449 | $ | 61,286 | |||||
E – Operating income | 53,895 | 0 | |||||||
Total segment operating income | $ | 131,344 | $ | 61,286 | |||||
Corporate, eliminations (2) | (111,570 | ) | (7,878 | ) | |||||
Total | $ | 19,774 | $ | 53,408 | |||||
-1 | Amount included in Corporate, eliminations consist of purchase accounting adjustments related to the Acquisition. | ||||||||
-2 | Amounts included in Corporate, eliminations consist of purchase accounting adjustments not reported in segments: amortization expense, acquisition integration expense and exit and restructuring costs. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 04, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events |
Since the date of the Enterprise acquisition Zebra has been working on and executing against its integration plan for the Enterprise business (the “Integration Plan”). Zebra anticipates completing the Integration Plan as soon as practicable and expects that the Integration Plan will allow the combined businesses to achieve further synergies and cost savings associated with the acquisition. As part of the Integration Plan, Zebra began realigning certain acquired assets of the Enterprise business with and into the Zebra corporate structure and business model in April 2015. The April 2015 transactions are expected to result in a charge of approximately $32 million to income tax expense in the second quarter of 2015. | |
On May 13, 2015 Zebra made principal prepayments of $30.0 million under its Term Loan. See Note 13 Long-Term Debt. |
Recently_Issued_Accounting_Pro1
Recently Issued Accounting Pronouncement (Policies) | 3 Months Ended |
Apr. 04, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncement | Recently Issued Accounting Pronouncement |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-03 “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. This standard is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Management is assessing the impact of adoption on its consolidated financial statements. | |
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. In April 2015, the FASB issued an exposure draft that would delay by one year the effective date of its new revenue recognition standard; comments are due by May 29, 2015. Management is assessing the impact of adoption on its consolidated financial statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||
Apr. 04, 2015 | |||||
Business Combinations [Abstract] | |||||
Summary of Estimated Fair Value of Assets and Liabilities | The following table summarizes the preliminary estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition (in thousands): | ||||
Cash and cash equivalents | $ | 101,441 | |||
Accounts receivable (1) | 436,577 | ||||
Inventories | 261,366 | ||||
Deferred income taxes, current | 113,745 | ||||
Other current assets | 22,061 | ||||
Property and equipment | 125,846 | ||||
Intangible assets | 1,014,421 | ||||
Other non-current assets | 49,592 | ||||
Deferred revenue | (172,161 | ) | |||
Tax liabilities | (9,410 | ) | |||
Other current liabilities (2) | (366,453 | ) | |||
Long-term deferred revenue | (102,424 | ) | |||
Unrecognized tax benefits | (9,526 | ) | |||
Other non-current liabilities | (24,884 | ) | |||
Deferred income taxes | (219,712 | ) | |||
Total identifiable net assets | $ | 1,220,479 | |||
-1 | Based on the preliminary purchase price allocations, accounts receivable estimated fair value is $436.6 million and gross contractual value of $457.4 million. The difference represents Zebra’s best estimate of the contractual cash flows that will not be collected. | ||||
-2 | Other current liabilities include accounts payable, customer reserves, and employee compensation and related benefits |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value as of April 4, 2015, are classified below (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Forward contracts (1) | $ | 3,794 | $ | 10,280 | $ | 0 | $ | 14,074 | |||||||||
Money market investments related to the deferred compensation plan | 7,254 | 0 | 0 | 7,254 | |||||||||||||
Total assets at fair value | $ | 11,048 | $ | 10,280 | $ | 0 | $ | 21,328 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (2) | $ | 0 | $ | 26,762 | $ | 0 | $ | 26,762 | |||||||||
Liabilities related to the deferred compensation plan | 7,254 | 0 | 0 | 7,254 | |||||||||||||
Total liabilities at fair value | $ | 7,254 | $ | 26,762 | $ | 0 | $ | 34,016 | |||||||||
Financial assets and liabilities carried at fair value as of December 31, 2014, are classified below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
U.S. government and agency securities | $ | 10,720 | $ | 0 | $ | 0 | $ | 10,720 | |||||||||
Obligations of government-sponsored enterprises (3) | 0 | 705 | 0 | 705 | |||||||||||||
State and municipal bonds | 0 | 5,179 | 0 | 5,179 | |||||||||||||
Corporate securities | 0 | 7,781 | 0 | 7,781 | |||||||||||||
Investments subtotal | 10,720 | 13,665 | 0 | 24,385 | |||||||||||||
Forward contracts (1) | 2,039 | 7,279 | 0 | 9,318 | |||||||||||||
Money market investments related to the deferred compensation plan | 6,008 | 0 | 0 | 6,008 | |||||||||||||
Total assets at fair value | $ | 18,767 | $ | 20,944 | $ | 0 | $ | 39,711 | |||||||||
Liabilities: | |||||||||||||||||
Forward interest rate swap contracts (2) | $ | 0 | $ | 16,718 | $ | 0 | $ | 16,718 | |||||||||
Liabilities related to the deferred compensation plan | 6,008 | 0 | 0 | 6,008 | |||||||||||||
Total liabilities at fair value | $ | 6,008 | $ | 16,718 | $ | 0 | $ | 22,726 | |||||||||
1) | The fair value of forward contracts is calculated as follows: | ||||||||||||||||
a. | Fair value of a collar or put option contract associated with forecasted sales hedges is calculated using bid and ask rates for similar contracts. | ||||||||||||||||
b. | Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. | ||||||||||||||||
c. | Fair value of balance sheet hedges is 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. | ||||||||||||||||
2) | 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. | ||||||||||||||||
3) | Includes investments in notes issued by the Federal Home Loan Mortgage Corporation and the Federal Home Loan Bank. | ||||||||||||||||
Summary of Investments | The following is a summary of investments (in thousands): | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
U.S. government and agency securities | $ | 10,720 | $ | 0 | $ | 0 | $ | 10,720 | |||||||||
Obligations of government-sponsored enterprises | 705 | 0 | 0 | 705 | |||||||||||||
State and municipal bonds | 5,156 | 27 | (4 | ) | 5,179 | ||||||||||||
Corporate securities | 7,779 | 12 | (10 | ) | 7,781 | ||||||||||||
Total investments | $ | 24,360 | $ | 39 | $ | (14 | ) | $ | 24,385 | ||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Components of Accounts Receivable | The components of accounts receivable are as follows (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Gross Accounts receivable | $ | 639,873 | $ | 671,471 | |||||
Accounts receivable reserves | (1,920 | ) | (1,069 | ) | |||||
Accounts receivable, net | $ | 637,953 | $ | 670,402 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories are as follows (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Raw material | $ | 157,271 | $ | 139,647 | |||||
Work in process | 472 | 476 | |||||||
Finished goods | 256,973 | 259,872 | |||||||
Inventories, gross | 414,716 | 399,995 | |||||||
Inventory reserves | (9,247 | ) | (5,819 | ) | |||||
Inventories, net | $ | 405,469 | $ | 394,176 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Amortized Intangible Assets | Intangible assets are as follows (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Current technology | $ | 23,201 | $ | 23,201 | |||||
Trade names | 40,300 | 40,300 | |||||||
Unpatented technology | 280,000 | 280,000 | |||||||
Patents and patent rights | 244,569 | 244,569 | |||||||
Customer relationships | 532,591 | 532,591 | |||||||
Accumulated amortization | (158,957 | ) | (91,368 | ) | |||||
Other intangibles, net | $ | 961,704 | $ | 1,029,293 | |||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Components of Other Assets | Other assets consist of the following (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Investments related to the deferred compensation plan | $ | 7,254 | $ | 6,008 | |||||
Long-term investments | 30,180 | 31,759 | |||||||
Other long-term assets | 23,163 | 22,652 | |||||||
Long-term trade receivable | 15,888 | 16,985 | |||||||
Long-term notes receivable | 14,231 | 14,231 | |||||||
Deposits | 1,561 | 1,486 | |||||||
Total | $ | 92,277 | $ | 93,121 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Components of Accrued Liabilities | The components of accrued liabilities are as follows (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Accrued payroll | $ | 55,201 | $ | 73,582 | |||||
Accrued warranty | 26,913 | 24,666 | |||||||
Accrued taxes | 6,928 | 11,446 | |||||||
Interest payable | 54,207 | 34,727 | |||||||
Amount owed to seller | 0 | 48,806 | |||||||
Customer reserves | 54,977 | 39,201 | |||||||
Accrued other expenses | 172,880 | 188,642 | |||||||
Total accrued liabilities | $ | 371,106 | $ | 421,070 | |||||
Costs_Associated_with_Exit_and1
Costs Associated with Exit and Restructuring Activities (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Summary of Exit and Restructuring Costs Incurred | During the first quarter 2015, Zebra incurred exit and restructuring costs resulting from organizational design changes primarily related to the Acquisition as follows (in thousands): | ||||||||||||||||
Type of Cost | Costs incurred for | Total costs | Total costs | ||||||||||||||
the three months | incurred as | expected to | |||||||||||||||
ended April 4, | of April 4, | be incurred | |||||||||||||||
2015 | 2015 | ||||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 11,097 | $ | 11,097 | $ | 11,097 | |||||||||||
Professional services | 72 | 72 | 72 | ||||||||||||||
Total | $ | 11,169 | $ | 11,169 | $ | 11,169 | |||||||||||
As of December 31, 2014, we have incurred the following exit and restructuring costs related to the 2014 organization design changes, Location Solutions business management structure and manufacturing operations relocation and restructuring (in thousands): | |||||||||||||||||
Type of Cost | Cost incurred | Costs incurred for | Total costs | Total costs | |||||||||||||
through | the twelve months | incurred as | expected to | ||||||||||||||
December 31, | ended December 31, | of December 31, | be incurred | ||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
Severance, stay bonuses, and other employee-related expenses | $ | 6,650 | $ | 5,991 | $ | 12,641 | $ | 12,641 | |||||||||
Professional services | 180 | 16 | 196 | 196 | |||||||||||||
Relocation and transition costs | 20 | 0 | 20 | 20 | |||||||||||||
Total | $ | 6,850 | $ | 6,007 | $ | 12,857 | $ | 12,857 | |||||||||
Rollforward of Exit and Restructuring Accruals | A rollforward of the exit and restructuring accruals is as follows (in thousands): | ||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Balance at the beginning of period | $ | 6,830 | $ | 1,252 | |||||||||||||
Charged to earnings | 11,169 | 267 | |||||||||||||||
Cash paid | (9,758 | ) | (1,190 | ) | |||||||||||||
Balance at the end of period | $ | 8,241 | $ | 329 | |||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Financial Information Related to Hedging of Net Assets Included in Consolidated Statements of Operations | Summary financial information related to these activities included in our consolidated statements of operations as other income (expense) is as follows (in thousands): | ||||||||||||
Three Months Ended | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Realized gains from foreign exchange derivatives | $ | 1,100 | $ | 25 | |||||||||
Loss on net foreign currency assets | (28,291 | ) | (317 | ) | |||||||||
Foreign exchange (loss) | $ | (27,191 | ) | $ | (292 | ) | |||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts: | |||||||||||||
Pound/US dollar | £ | 6,643 | £ | 4,574 | |||||||||
Euro/US dollar | € | 40,852 | € | 40,218 | |||||||||
Net fair value of outstanding contracts | $ | 259 | $ | 250 | |||||||||
Financial Information Related to Cash Flow Hedges | Summary financial information related to the cash flow hedges is as follows (in thousands): | ||||||||||||
As of | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Change in unrealized gains on anticipated sales hedging: | |||||||||||||
Gross | $ | 2,112 | $ | 780 | |||||||||
Income tax expense | 422 | 167 | |||||||||||
Net | $ | 1,690 | $ | 613 | |||||||||
Financial Information Related to Cash Flow Hedges of Future Revenues | Summary financial information related to the cash flow hedges of future revenues follows (in thousands, except percentages): | ||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts versus the dollar | € | 90,306 | € | 88,969 | |||||||||
Hedge effectiveness | 100 | % | 100 | % | |||||||||
Three Months Ended | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Net gains (losses) included in revenue | $ | 6,435 | $ | (971 | ) | ||||||||
Forward Contract Amounts Recorded in Consolidated Balance Sheet | The amounts recorded on our consolidated balance sheet are as follows (in thousands): | ||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Assets: | |||||||||||||
Prepaid expenses and other current assets | $ | 14,074 | $ | 9,318 | |||||||||
Total | $ | 14,074 | $ | 9,318 | |||||||||
Schedule of Gross and Net Amount Offset | The gross and net amounts offset at April 4, 2015 were as follows (in thousands): | ||||||||||||
Gross Fair | Counterparty | Net Fair | |||||||||||
Value | Offsetting | Value in the | |||||||||||
Consolidated | |||||||||||||
Balance | |||||||||||||
Sheets | |||||||||||||
Counterparty A | $ | 11,543 | $ | 5,862 | $ | 5,681 | |||||||
Counterparty B | 3,697 | 1,140 | 2,557 | ||||||||||
Counterparty C | 4,221 | 1,422 | 2,799 | ||||||||||
Counterparty D | 7,962 | 2,760 | 5,202 | ||||||||||
Counterparty E | 4,058 | 1,343 | 2,715 | ||||||||||
Counterparty F | 4,103 | 1,377 | 2,726 | ||||||||||
Counterparty G | 5,082 | 0 | 5,082 | ||||||||||
Total | $ | 40,666 | $ | 13,904 | $ | 26,762 | |||||||
Schedule of Series of Forward Starting Swaps Each with a Term of One Year | The New Swaps have 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 | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Liabilities: | |||||||||||||
Other long-term liabilities | $ | 13,904 | $ | 2,170 | |||||||||
Total | $ | 13,904 | $ | 2,170 | |||||||||
Schedule of Volume of Forward Interest Rate Swaps Designated in Hedge Relationship | The volume of the forward interest rate swaps, New Swaps, designated in a hedge relationship is as follows (in thousands): | ||||||||||||
As of | |||||||||||||
April 4, 2015 | December 31, 2014 | ||||||||||||
Notional balance of outstanding contracts | $ | 3,339,000 | $ | 3,339,000 | |||||||||
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 | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Gain on forward interest-rate swaps | $ | 1,689 | $ | 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 | |||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||
Change in unrealized loss on forward interest rate swap hedging: | |||||||||||||
Gross | $ | (11,734 | ) | $ | 0 | ||||||||
Income tax (benefit) | (4,683 | ) | 0 | ||||||||||
Total | $ | (7,051 | ) | $ | 0 | ||||||||
Warranty_Tables
Warranty (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Summary of Accrued Warranty Obligation | The following table is a summary of Zebra’s accrued warranty obligation (in thousands): | ||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Balance at the beginning of period | $ | 24,666 | $ | 4,125 | |||||
Warranty expense | 8,652 | 1,510 | |||||||
Warranty payments | (6,405 | ) | (1,673 | ) | |||||
Balance at the end of period | $ | 26,913 | $ | 3,962 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Carrying Value of Debt | The following table summarizes the carrying value of our debt (in thousands): | ||||||||
As of | |||||||||
April 4, 2015 | December 31, 2014 | ||||||||
Senior Notes | $ | 1,050,000 | $ | 1,050,000 | |||||
Term loan | 2,150,000 | 2,200,000 | |||||||
Less unamortized discounts | (55,823 | ) | (59,516 | ) | |||||
Total outstanding debt | 3,144,177 | 3,190,484 | |||||||
Current maturities of long-term debt | 0 | 16,500 | |||||||
Less: current portion of unamortized discounts | 0 | (8,978 | ) | ||||||
Total short-term debt | 0 | 7,522 | |||||||
Long-term debt, less current maturities | $ | 3,144,177 | $ | 3,182,962 | |||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Earnings (Loss) Per Share | Earnings (loss) per share were computed as follows (in thousands, except per share amounts): | ||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Weighted average shares: | |||||||||
Weighted average common shares outstanding | 50,667 | 50,402 | |||||||
Effect of dilutive securities outstanding | 0 | 572 | |||||||
Diluted weighted average shares outstanding | 50,667 | 50,974 | |||||||
Basic per share amounts: | |||||||||
Net (loss) income | $ | (25,297 | ) | $ | 41,606 | ||||
Weighted average common shares outstanding | 50,667 | 50,402 | |||||||
Per share amount | $ | (0.50 | ) | $ | 0.83 | ||||
Diluted per share amounts: | |||||||||
Net (loss) income | $ | (25,297 | ) | $ | 41,606 | ||||
Diluted weighted average shares outstanding | 50,667 | 50,974 | |||||||
Per share amount | $ | (0.50 | ) | $ | 0.82 | ||||
Potentially Dilutive Securities Excluded from Earnings Per Share Calculation | Potentially dilutive securities that were 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 | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Potentially dilutive shares | 0 | 0 |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
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: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Forfeiture rate | 10.32 | % | 10.31 | % | |||||||||||||
Volatility | 34.92 | % | 32 | % | |||||||||||||
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 SARs granted | $ | 70,234 | $ | 85,149 | |||||||||||||
Weighted-average grant date fair value of SARs granted (per underlying share) | $ | 28.82 | $ | 65.75 | |||||||||||||
Summary of Stock Option Activity | Stock option activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | remaining contractual | Intrinsic | |||||||||||||||
term | Value | ||||||||||||||||
Outstanding at beginning of year | 415,960 | $ | 40.19 | ||||||||||||||
Exercised | (133,981 | ) | 44.36 | ||||||||||||||
Expired | (1,550 | ) | 51.62 | ||||||||||||||
Outstanding at end of period | 280,429 | $ | 38.13 | 2.5 Years | $ | 13.6 million | |||||||||||
Exercisable at end of period | 280,429 | $ | 38.13 | 2.5 Years | $ | 13.6 million | |||||||||||
Intrinsic value of exercised options | $ | 5,709,000 | |||||||||||||||
Summary of SARs Activity | SARs activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
SARs | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | remaining contractual | Intrinsic | |||||||||||||||
term | Value | ||||||||||||||||
Outstanding at beginning of year | 1,292,142 | $ | 42.2 | ||||||||||||||
Granted | 2,437 | 85.82 | |||||||||||||||
Exercised | (32,159 | ) | 34.34 | ||||||||||||||
Forfeited | (3,569 | ) | 50.62 | ||||||||||||||
Outstanding at end of period | 1,258,851 | $ | 42.46 | 6.8 years | $ | 55.6 million | |||||||||||
Exercisable at end of period | 556,517 | $ | 32.99 | 5.8 years | $ | 29.9 million | |||||||||||
Intrinsic value of exercised SARs | $ | 1,688,000 | |||||||||||||||
Summary of Restricted Stock Award Activity | Restricted stock award activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Restricted Stock Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 691,621 | $ | 60.06 | ||||||||||||||
Granted | 2,053 | 85.82 | |||||||||||||||
Released | (4,239 | ) | 42.56 | ||||||||||||||
Forfeited | (12,437 | ) | 71.82 | ||||||||||||||
Outstanding at end of period | 676,998 | $ | 60.06 | ||||||||||||||
Summary of Performance Share Award Activity | Performance share award activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Performance Share Awards | Shares | Weighted-Average | |||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Outstanding at beginning of year | 374,180 | $ | 61.53 | ||||||||||||||
Released | 1,703 | 85.82 | |||||||||||||||
Forfeited | (3,530 | ) | 73.07 | ||||||||||||||
Outstanding at end of period | 372,353 | $ | 61.53 | ||||||||||||||
Summary of Restricted Stock Unit Activity | Restricted stock unit activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Restricted Stock Units | Shares | ||||||||||||||||
Outstanding at beginning of year | 41,964 | ||||||||||||||||
Released | (34 | ) | |||||||||||||||
Forfeited | (1,305 | ) | |||||||||||||||
Outstanding at end of period | 40,625 | ||||||||||||||||
Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan | The fair value of the purchase rights issued to Zebra employees 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. | ||||||||||||||||
Three Months Ended | |||||||||||||||||
April 4, 2015 | March 29, 2014 | ||||||||||||||||
Fair market value | $ | 77.41 | $ | 54.08 | |||||||||||||
Option price | $ | 73.54 | $ | 51.38 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 23 | % | 33 | % | |||||||||||||
Risk free interest rate | 0.04 | % | 0.07 | % | |||||||||||||
Performance Stock Units [Member] | |||||||||||||||||
Summary of Performance Share Award Activity | Performance stock unit activity was as follows: | ||||||||||||||||
Three Months Ended April 4, 2015 | |||||||||||||||||
Performance Stock Units | Shares | ||||||||||||||||
Outstanding at beginning of year | 10,345 | ||||||||||||||||
Forfeited | (680 | ) | |||||||||||||||
Outstanding at end of period | 9,665 | ||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Components of Other Comprehensive Income | The components of other comprehensive income are as follows (in thousands): | ||||||||||||||||||||
2015 | As of | Gain (Loss) | Gain (Loss) | Three Months | As of | ||||||||||||||||
December 31, | recognized in | reclassified from | ended April 4, | April 4, 2015 | |||||||||||||||||
2014 | OCI | AOCI to income | 2015 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | 6,658 | $ | (4,323 | ) | $ | 6,435 | (1) | 2,112 | $ | 8,770 | ||||||||||
Income tax (benefit) | 1,332 | (865 | ) | 1,287 | 422 | 1,754 | |||||||||||||||
Net | 5,326 | (3,458 | ) | 5,148 | 1,690 | 7,016 | |||||||||||||||
Unrealized gains (losses) on forward interest rate swaps hedging transactions: | |||||||||||||||||||||
Gross | (12,069 | ) | (11,734 | ) | 0 | (2) | (11,734 | ) | (23,803 | ) | |||||||||||
Income tax (benefit) | (4,370 | ) | (4,683 | ) | 0 | (4,683 | ) | (9,053 | ) | ||||||||||||
Net | (7,699 | ) | (7,051 | ) | 0 | (7,051 | ) | (14,750 | ) | ||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | 102 | 0 | (25 | )(3) | (25 | ) | 77 | ||||||||||||||
Income tax (benefit) | (245 | ) | 0 | (9 | ) | (9 | ) | (254 | ) | ||||||||||||
Net | 347 | 0 | (16 | ) | (16 | ) | 331 | ||||||||||||||
Foreign currency translation adjustment | (6,521 | ) | (1,712 | ) | 0 | (4) | (1,712 | ) | (8,233 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (8,547 | ) | $ | (12,221 | ) | $ | 5,132 | $ | (7,089 | ) | $ | (15,636 | ) | |||||||
2014 | As of | Gain (Loss) | Gain (Loss) | Three Months | As of | ||||||||||||||||
December 31, | recognized in | reclassified from | ended March 29, | March 29, 2014 | |||||||||||||||||
2013 | OCI | AOCI to income | 2014 | ||||||||||||||||||
Unrealized gains (losses) on anticipated sales hedging transactions: | |||||||||||||||||||||
Gross | $ | (2,373 | ) | $ | 1,771 | $ | (991 | )(1) | $ | 780 | $ | (1,593 | ) | ||||||||
Income tax (benefit) | (509 | ) | 380 | (213 | ) | 167 | (342 | ) | |||||||||||||
Net | (1,864 | ) | 1,391 | (778 | ) | 613 | (1,251 | ) | |||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||
Gross | (151 | ) | 121 | 81 | (3) | 202 | 51 | ||||||||||||||
Income tax (benefit) | (73 | ) | 29 | 25 | 54 | (19 | ) | ||||||||||||||
Net | (78 | ) | 92 | 56 | 148 | 70 | |||||||||||||||
Foreign currency translation adjustment | (7,839 | ) | (160 | ) | (7 | )(4) | (167 | ) | (8,006 | ) | |||||||||||
Total accumulated other comprehensive gains (losses) | $ | (9,781 | ) | $ | 1,323 | $ | (729 | ) | $ | 594 | $ | (9,187 | ) | ||||||||
-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. | ||||||||||||||||||||
-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 loss. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information by Reportable Segments | Subsequent to the Acquisition, on October 27, 2014, Zebra has two reportable segments: Legacy Zebra (“Z”) and Enterprise (“E”). Segment assets are not reviewed by Zebra’s chief operating decision maker and therefore are not disclosed below: | ||||||||
Three Months Ended | |||||||||
April 4, 2015 | March 29, 2014 | ||||||||
Net Sales: | |||||||||
Z – Net sales | $ | 331,643 | $ | 288,268 | |||||
E – Net sales | 567,174 | 0 | |||||||
Total segment net sales | $ | 898,817 | $ | 288,268 | |||||
Corporate, eliminations (1) | (5,633 | ) | 0 | ||||||
Total | $ | 893,184 | $ | 288,268 | |||||
Operating income (loss): | |||||||||
Z – Operating income | $ | 77,449 | $ | 61,286 | |||||
E – Operating income | 53,895 | 0 | |||||||
Total segment operating income | $ | 131,344 | $ | 61,286 | |||||
Corporate, eliminations (2) | (111,570 | ) | (7,878 | ) | |||||
Total | $ | 19,774 | $ | 53,408 | |||||
-1 | Amount included in Corporate, eliminations consist of purchase accounting adjustments related to the Acquisition. | ||||||||
-2 | Amounts included in Corporate, eliminations consist of purchase accounting adjustments not reported in segments: amortization expense, acquisition integration expense and exit and restructuring costs. |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Oct. 27, 2014 | Apr. 04, 2015 | Oct. 27, 2014 | |
Business Acquisition [Line Items] | |||
Increase in assets | $900,000 | ||
Decrease in liabilities | -6,100,000 | ||
Decrease in goodwill | -7,000,000 | ||
Term Loan [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, borrowings | 2,200,000,000 | 2,200,000,000 | |
Enterprise Business [Member] | |||
Business Acquisition [Line Items] | |||
Preliminary purchase price | 3,450,000,000 | ||
Ownership percentage of the Enterprise Business. | 100.00% | 100.00% | |
Business acquisition, borrowings | 3,250,000,000 | ||
Business acquisition, consideration paid | 3,450,000,000 | ||
Additional consideration paid | 48,800,000 | ||
Business acquisition goodwill amount | 2,337,000,000 | 2,337,000,000 | |
Enterprise Business [Member] | Term Loan [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, borrowings | 2,200,000,000 | ||
Senior notes, maturity year | 2021 | ||
Enterprise Business [Member] | Senior Notes due 2022 [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, borrowings | $1,050,000,000 | ||
Senior notes, maturity year | 2022 | ||
Senior notes, stated interest percentage | 7.25% |
Business_Combinations_Summary_
Business Combinations - Summary of Estimated Fair Value of Assets and Liabilities (Detail) (Enterprise Business [Member], USD $) | Oct. 27, 2014 |
In Thousands, unless otherwise specified | |
Enterprise Business [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $101,441 |
Accounts receivable | 436,577 |
Inventories | 261,366 |
Deferred income taxes, current | 113,745 |
Other current assets | 22,061 |
Property and equipment | 125,846 |
Intangible assets | 1,014,421 |
Other non-current assets | 49,592 |
Deferred revenue | 172,161 |
Tax liabilities | 9,410 |
Other current liabilities | 366,453 |
Long-term deferred revenue | 102,424 |
Unrecognized tax benefits | 9,526 |
Other non-current liabilities | 24,884 |
Deferred income taxes | 219,712 |
Total identifiable net assets | $1,220,479 |
Business_Combinations_Summary_1
Business Combinations - Summary of Estimated Fair Value of Assets and Liabilities (Parenthetical) (Detail) (USD $) | Oct. 27, 2014 |
In Millions, unless otherwise specified | |
Business Combinations [Abstract] | |
Accounts receivable estimated fair value | $436.60 |
Gross contractual value | $457.40 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $21,328 | $39,711 |
Total liabilities at fair value | 34,016 | 22,726 |
Investments subtotal | 24,385 | |
U.S. Government and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 10,720 | |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,074 | 9,318 |
Forward Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 26,762 | 16,718 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 11,048 | 18,767 |
Total liabilities at fair value | 7,254 | 6,008 |
Investments subtotal | 10,720 | |
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 | 10,720 | |
Level 1 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,794 | 2,039 |
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 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 10,280 | 20,944 |
Total liabilities at fair value | 26,762 | 16,718 |
Investments subtotal | 13,665 | |
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 | |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 10,280 | 7,279 |
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 | 26,762 | 16,718 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Investments subtotal | 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 | |
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 | 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 | 0 |
Obligations of Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 705 | |
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 | |
Obligations of Government-Sponsored Enterprises [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 705 | |
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 | |
State and Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 5,179 | |
State and Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 0 | |
State and Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 5,179 | |
State and Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 0 | |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 7,781 | |
Corporate Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 0 | |
Corporate Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 7,781 | |
Corporate Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments subtotal | 0 | |
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 | 7,254 | 6,008 |
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 | 7,254 | 6,008 |
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 | 7,254 | 6,008 |
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 | 7,254 | 6,008 |
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_Summar
Fair Value Measurements - Summary of Investments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Amortized Cost | $24,360 |
Gross Unrealized Gains | 39 |
Gross Unrealized Losses | -14 |
Estimated Fair Value | 24,385 |
U.S. Government and Agency Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Amortized Cost | 10,720 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 10,720 |
Obligations of Government-Sponsored Enterprises [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Amortized Cost | 705 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 705 |
State and Municipal Bonds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Amortized Cost | 5,156 |
Gross Unrealized Gains | 27 |
Gross Unrealized Losses | -4 |
Estimated Fair Value | 5,179 |
Corporate Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Amortized Cost | 7,779 |
Gross Unrealized Gains | 12 |
Gross Unrealized Losses | -10 |
Estimated Fair Value | $7,781 |
Accounts_Receivable_Components
Accounts Receivable - Components of Accounts Receivable (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Gross Accounts receivable | $639,873 | $671,471 |
Accounts receivable reserves | -1,920 | -1,069 |
Accounts receivable, net | $637,953 | $670,402 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw material | $157,271 | $139,647 |
Work in process | 472 | 476 |
Finished goods | 256,973 | 259,872 |
Inventories, gross | 414,716 | 399,995 |
Inventory reserves | -9,247 | -5,819 |
Inventories, net | $405,469 | $394,176 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Amortization of intangible assets | $67,589,000 | $2,672,000 | |
Goodwill acquired | 2,329,000,000 | ||
Minimum [Member] | |||
Goodwill [Line Items] | |||
Estimated useful life of Intangible Assets | 1 year | ||
Maximum [Member] | |||
Goodwill [Line Items] | |||
Estimated useful life of Intangible Assets | 15 years | ||
Patents and Other Intellectual Property [Member] | |||
Goodwill [Line Items] | |||
Acquired intangible assets | $1,014,000,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Amortized Intangible Assets (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | ($158,957) | ($91,368) |
Other intangibles, net | 961,704 | 1,029,293 |
Current Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 23,201 | 23,201 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 40,300 | 40,300 |
Unpatented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 280,000 | 280,000 |
Patent and Patent Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 244,569 | 244,569 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $532,591 | $532,591 |
Other_Assets_Components_of_Oth
Other Assets - Components of Other Assets (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Investments related to the deferred compensation plan | $7,254 | $6,008 |
Long-term investments | 30,180 | 31,759 |
Other long-term assets | 23,163 | 22,652 |
Long-term trade receivable | 15,888 | 16,985 |
Long-term notes receivable | 14,231 | 14,231 |
Deposits | 1,561 | 1,486 |
Total | $92,277 | $93,121 |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (Enterprise Business [Member]) | 3 Months Ended |
Apr. 04, 2015 | |
Minimum [Member] | |
Other Assets Non Current [Line Items] | |
Percentage of interest acquired | 2.00% |
Maximum [Member] | |
Other Assets Non Current [Line Items] | |
Percentage of interest acquired | 8.30% |
Accrued_Liabilities_Components
Accrued Liabilities - Components of Accrued Liabilities (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll | $55,201 | $73,582 |
Accrued warranty | 26,913 | 24,666 |
Accrued taxes | 6,928 | 11,446 |
Interest payable | 54,207 | 34,727 |
Amount owed to seller | 0 | 48,806 |
Customer reserves | 54,977 | 39,201 |
Accrued other expenses | 172,880 | 188,642 |
Total accrued liabilities | $371,106 | $421,070 |
Costs_Associated_with_Exit_and2
Costs Associated with Exit and Restructuring Activities - Summary of Exit and Restructuring Costs Incurred (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, stay bonuses, and other employee-related expenses | $11,097 | $5,991 | $6,650 | $12,641 |
Professional services | 72 | 16 | 180 | 196 |
Relocation and transition costs | 0 | 20 | 20 | |
Total | 11,169 | 6,007 | 6,850 | 12,857 |
Severance, Stay Bonuses, and Other Employee-Related Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 11,097 | 12,641 | ||
Professional Services [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 72 | 196 | ||
Relocation and Transition Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 20 | |||
Location Solution And Manufacturing Operations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | $11,169 | $12,857 |
Costs_Associated_with_Exit_and3
Costs Associated with Exit and Restructuring Activities - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Exit and restructuring charges | $11,169 | $267 |
Zebra Legacy [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Exit and restructuring charges | 1,500 | |
Enterprise Solutions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Exit and restructuring charges | $9,700 |
Costs_Associated_with_Exit_and4
Costs Associated with Exit and Restructuring Activities - Rollforward of Exit and Restructuring Accruals (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Restructuring and Related Activities [Abstract] | ||
Balance at the beginning of period | $6,830 | $1,252 |
Charged to earnings | 11,169 | 267 |
Cash paid | -9,758 | -1,190 |
Balance at the end of period | $8,241 | $329 |
Derivative_Instruments_Financi
Derivative Instruments - Financial Information Related to Hedging of Net Assets Included in Consolidated Statements of Operations (Detail) | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Apr. 04, 2015 | Dec. 31, 2014 | Apr. 04, 2015 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |
Pound/US Dollar [Member] | Pound/US Dollar [Member] | Euro/US Dollar [Member] | Euro/US Dollar [Member] | ||||
GBP (£) | GBP (£) | EUR (€) | EUR (€) | ||||
Derivative [Line Items] | |||||||
Realized gains from foreign exchange derivatives | $1,100 | $25 | |||||
Loss on net foreign currency assets | -28,291 | -317 | |||||
Foreign exchange (loss) | -27,191 | -292 | |||||
Notional balance of outstanding contracts versus the dollar | 6,643 | 4,574 | 40,852 | 40,218 | |||
Net fair value of outstanding contracts | $259 | $250 |
Derivative_Instruments_Financi1
Derivative Instruments - Financial Information Related to Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Derivative [Line Items] | ||
Change in unrealized gains on anticipated sales hedging, Net | $1,690 | $613 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Change in unrealized gains on anticipated sales hedging, Gross | 2,112 | 780 |
Change in unrealized gains on anticipated sales, Income tax expense | 422 | 167 |
Change in unrealized gains on anticipated sales hedging, Net | $1,690 | $613 |
Derivative_Instruments_Financi2
Derivative Instruments - Financial Information Related to Cash Flow Hedges of Future Revenues (Detail) (Cash Flow Hedging [Member]) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Apr. 04, 2015 | Dec. 31, 2014 |
USD ($) | USD ($) | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | ||
EUR (€) | EUR (€) | ||||
Derivative [Line Items] | |||||
Notional balance of outstanding contracts versus the dollar | € 90,306 | € 88,969 | |||
Hedge effectiveness | 100.00% | 100.00% | |||
Net gains (losses) included in revenue | $6,435 | ($971) |
Derivative_Instruments_Forward
Derivative Instruments - Forward Contract Amounts Recorded in Consolidated Balance Sheet (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Total Assets | $14,074 | $9,318 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Assets | $14,074 | $9,318 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | |
Jun. 30, 2014 | Apr. 04, 2015 | Mar. 29, 2014 | Oct. 27, 2014 | |
Tranches | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Number of tranches | 2 | |||
Net liability position of derivatives | $12,900,000 | |||
Gain (loss) on accumulated other comprehensive income | 0 | 0 | ||
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. | $6,000,000 | |||
Term Loan [Member] | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Interest rate description | Term Loan that 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 | 4.75% | |||
Floor Rate [Member] | Term Loan [Member] | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Interest rate variable | 0.75% | |||
Margin Rate [Member] | Term Loan [Member] | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Interest rate variable | 4.00% |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Location of Forward Interest Rate Swaps Designated in Hedge Relationship (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Liabilities: | ||
Other long-term liabilities | $88,373 | $74,434 |
Forward Interest Rate Swap Contracts [Member] | ||
Liabilities: | ||
Other long-term liabilities | 13,904 | 2,170 |
Total | $13,904 | $2,170 |
Derivative_Instruments_Schedul1
Derivative Instruments - Schedule of Gross and Net Amount Offset (Detail) (Balance Sheet Offsetting [Member], USD $) | Apr. 04, 2015 |
In Thousands, unless otherwise specified | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | $40,666 |
Counterparty Offsetting | 13,904 |
Net Fair Value in the Consolidated Balance Sheets | 26,762 |
Counterparty A [Member] | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 11,543 |
Counterparty Offsetting | 5,862 |
Net Fair Value in the Consolidated Balance Sheets | 5,681 |
Counterparty B [Member] | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 3,697 |
Counterparty Offsetting | 1,140 |
Net Fair Value in the Consolidated Balance Sheets | 2,557 |
Counterparty C [Member] | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 4,221 |
Counterparty Offsetting | 1,422 |
Net Fair Value in the Consolidated Balance Sheets | 2,799 |
Counterparty D Member | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 7,962 |
Counterparty Offsetting | 2,760 |
Net Fair Value in the Consolidated Balance Sheets | 5,202 |
Counterparty E Member | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 4,058 |
Counterparty Offsetting | 1,343 |
Net Fair Value in the Consolidated Balance Sheets | 2,715 |
Counterparty F Member | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 4,103 |
Counterparty Offsetting | 1,377 |
Net Fair Value in the Consolidated Balance Sheets | 2,726 |
Counterparty G Member | |
Derivatives And Hedging Activities [Line Items] | |
Gross Fair Value | 5,082 |
Counterparty Offsetting | 0 |
Net Fair Value in the Consolidated Balance Sheets | $5,082 |
Derivative_Instruments_Schedul2
Derivative Instruments - Schedule of Volume of Forward Interest Rate Swaps Designated in Hedge Relationship (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
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 | $3,339,000 |
Derivative_Instruments_Schedul3
Derivative Instruments - Schedule of Series of Forward Starting Swaps Each with a Term of One Year (Detail) (USD $) | Apr. 04, 2015 |
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_Schedul4
Derivative Instruments - Schedule of Gain (Loss) Recognized on Forward Interest Rate Swaps Not Designated in Hedge Relationship (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Derivatives And Hedging Activities [Line Items] | ||
Gain on forward interest-rate swaps | $1,689 | $0 |
Forward Interest Rate Swap Contracts [Member] | ||
Derivatives And Hedging Activities [Line Items] | ||
Gain on forward interest-rate swaps | $1,689 | $0 |
Derivative_Instruments_Schedul5
Derivative Instruments - Schedule of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Forward Interest Rate Swaps Designated in Hedging Relationship (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 | Mar. 29, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Change in unrealized loss on forward interest rate swap hedging, total | ($15,636) | ($8,547) | ($9,187) | ($9,781) |
Forward Interest Rate Swap Contracts [Member] | ||||
Derivatives And Hedging Activities [Line Items] | ||||
Change in unrealized loss on forward interest rate swap hedging, Gross | -11,734 | -12,069 | 0 | |
Change in unrealized loss on forward interest rate swap hedging, Income tax (benefit) | -4,683 | 4,370 | 0 | |
Change in unrealized loss on forward interest rate swap hedging, total | ($7,051) | ($7,699) | $0 |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) | 3 Months Ended |
Apr. 04, 2015 | |
Mobile Computing Products [Member] | |
Product Warranty [Line Items] | |
Product warranty period | 1 year |
WLAN Products [Member] | |
Product Warranty [Line Items] | |
Product warranty period | 1 year |
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 |
Minimum [Member] | Advanced Data Capture Products [Member] | |
Product Warranty [Line Items] | |
Product warranty period | 1 year |
Maximum [Member] | Advanced Data Capture Products [Member] | |
Product Warranty [Line Items] | |
Product warranty period | 5 years |
Warranty_Summary_of_Accrued_Wa
Warranty - Summary of Accrued Warranty Obligation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Product Warranties Disclosures [Abstract] | ||
Balance at the beginning of period | $24,666 | $4,125 |
Warranty expense | 8,652 | 1,510 |
Warranty payments | -6,405 | -1,673 |
Balance at the end of period | $26,913 | $3,962 |
LongTerm_Debt_Summary_of_Carry
Long-Term Debt - Summary of Carrying Value of Debt (Detail) (USD $) | Apr. 04, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $0 | $7,522 |
Long-term debt, less current maturities | 3,144,177 | 3,182,962 |
Carry Value of Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,050,000 | 1,050,000 |
Term loan | 2,150,000 | 2,200,000 |
Less unamortized discounts | -55,823 | -59,516 |
Total outstanding debt | 3,144,177 | 3,190,484 |
Current maturities of long-term debt | 0 | 16,500 |
Less: current portion of unamortized discounts | 0 | -8,978 |
Total short-term debt | 0 | 7,522 |
Long-term debt, less current maturities | $3,144,177 | $3,182,962 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
Oct. 15, 2014 | Apr. 04, 2015 | Mar. 15, 2015 | Oct. 27, 2014 | 13-May-15 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Fair value of our long-term debt | 3,300,000,000 | $3,300,000,000 | ||||
7.25 % Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Private offering aggregate principal amount | 1,050,000,000 | |||||
Interest rate on senior notes | 7.25% | |||||
Effective interest rate of Senior Notes yielded | 7.61% | |||||
Interest on the Senior Notes is payable description | Interest on the Senior Notes is payable in cash on April 15 and October 15 of each year, commencing on April 15, 2015 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan | 2,200,000,000 | |||||
Interest rate variable | 4.75% | |||||
Term loan interest rate | 4.75% | |||||
Quarterly principal payments | 5,500,000 | |||||
Quarterly principal payment beginning date | 31-Mar-19 | |||||
Principal payment made at maturity | 2,100,000,000 | |||||
Debt instrument maturity date | 27-Oct-21 | |||||
Line of credit facility, principal prepayment | 50,000,000 | |||||
Term Loan [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, principal prepayment | 30,000,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under revolving credit facility | 0 | 250,000,000 | 0 | |||
Revolving credit facility maximum borrowing capacity | 250,000,000 | |||||
Letters of credit | 3,100,000 | |||||
Funds available for other borrowings | 246,900,000 | |||||
Revolving credit facility, maturity date | 27-Oct-19 | |||||
Revolving credit facility interest rate | 3.25% |
Earnings_Loss_Per_Share_Comput
Earnings (Loss) Per Share - Computation of Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Weighted average shares: | ||
Weighted average common shares outstanding | 50,667 | 50,402 |
Effect of dilutive securities outstanding | 0 | 572 |
Diluted weighted average shares outstanding | 50,667 | 50,974 |
Basic per share amounts: | ||
Net (loss) income | ($25,297) | $41,606 |
Weighted average common shares outstanding | 50,667 | 50,402 |
Per share amount | ($0.50) | $0.83 |
Diluted per share amounts: | ||
Net (loss) income | ($25,297) | $41,606 |
Diluted weighted average shares outstanding | 50,667 | 50,974 |
Per share amount | ($0.50) | $0.82 |
Earnings_Loss_Per_Share_Potent
Earnings (Loss) Per Share - Potentially Dilutive Securities Excluded from Earnings Per Share Calculation (Detail) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares | 0 | 0 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax equity-based compensation expense recognized | $8.80 | $3 |
Tax related benefits recognized | 3.1 | 1 |
Stock issued during period, Shares, Share-based compensation | 175,261 | 123,019 |
Total unearned compensation costs related to performance share awards | $45.70 | |
Total unearned compensation costs amortization period | 1 year 8 months 12 days | |
Expected weighted-average life | 5 years 4 months 10 days | 5 years 5 months 1 day |
Maximum [Member] | Equity-Based Compensation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Stock Purchase Plan [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected weighted-average life | 3 months | |
Stock Purchase Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected weighted-average life | 1 year |
EquityBased_Compensation_Weigh
Equity-Based Compensation - Weighted-Average Assumptions Used for Grants of Stock Options and SARs (Detail) (USD $) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
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 SARs granted | $70,234 | $85,149 |
Weighted-average grant date fair value of SARs granted (per underlying share) | $28.82 | $65.75 |
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% |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Stock Option Activity (Detail) (Stock Option [Member], USD $) | 3 Months Ended |
Apr. 04, 2015 | |
Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 415,960 |
Shares, Exercised | -133,981 |
Shares, Expired | -1,550 |
Shares, Outstanding at end of period | 280,429 |
Shares, Exercisable at end of period | 280,429 |
Weighted-Average Exercise Price, Outstanding at beginning of year | $40.19 |
Weighted-Average Exercise Price, Exercised | $44.36 |
Weighted-Average Exercise Price, Expired | $51.62 |
Weighted-Average Exercise Price, Outstanding at end of period | $38.13 |
Weighted-Average Exercise Price, Exercisable at end of period | $38.13 |
Intrinsic value of exercised options | $5,709,000 |
Weighted-average remaining contractual term, Outstanding | 2 years 6 months |
Weighted-average remaining contractual term, Exercisable | 2 years 6 months |
Aggregate intrinsic value, Outstanding | 13,600,000 |
Aggregate intrinsic value, Exercisable | $13,600,000 |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of SARs Activity (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 3 Months Ended |
Apr. 04, 2015 | |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 1,292,142 |
Shares, Granted | 2,437 |
Shares, Exercised | -32,159 |
Shares, Forfeited | -3,569 |
Shares, Outstanding at end of period | 1,258,851 |
Shares, Exercisable at end of period | 556,517 |
Weighted-Average Exercise Price, Outstanding at beginning of year | $42.20 |
Weighted-Average Exercise Price, Granted | $85.82 |
Weighted-Average Exercise Price, Exercised | $34.34 |
Weighted-Average Exercise Price, Forfeited | $50.62 |
Weighted-Average Exercise Price, Outstanding at end of period | $42.46 |
Weighted-Average Exercise Price, Exercisable at end of period | $32.99 |
Intrinsic value of exercised SARs | $1,688,000 |
Weighted-average remaining contractual term, Outstanding | 6 years 9 months 18 days |
Weighted-average remaining contractual term, Exercisable | 5 years 9 months 18 days |
Aggregate intrinsic value, Outstanding | 55,600,000 |
Aggregate intrinsic value, Exercisable | $29,900,000 |
EquityBased_Compensation_Summa2
Equity-Based Compensation - Summary of Restricted Stock Award Activity (Detail) (Restricted Stock Awards [Member], USD $) | 3 Months Ended |
Apr. 04, 2015 | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 691,621 |
Shares, Granted | 2,053 |
Shares, Released | -4,239 |
Shares, Forfeited | -12,437 |
Shares, Outstanding at end of period | 676,998 |
Weighted-Average Grant Date Fair Value, Outstanding at beginning of year | $60.06 |
Weighted-Average Grant Date Fair Value, Granted | $85.82 |
Weighted-Average Grant Date Fair Value, Released | $42.56 |
Weighted-Average Grant Date Fair Value, Forfeited | $71.82 |
Weighted-Average Grant Date Fair Value, Outstanding at end of period | $60.06 |
EquityBased_Compensation_Summa3
Equity-Based Compensation - Summary of Performance Share Award Activity (Detail) (Performance Share Awards [Member], USD $) | 3 Months Ended |
Apr. 04, 2015 | |
Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 374,180 |
Shares, Released | 1,703 |
Shares, Forfeited | -3,530 |
Shares, Outstanding at end of period | 372,353 |
Weighted-Average Grant Date Fair Value, Outstanding at beginning of year | $61.53 |
Weighted-Average Grant Date Fair Value, Released | $85.82 |
Weighted-Average Grant Date Fair Value, Forfeited | $73.07 |
Weighted-Average Grant Date Fair Value, Outstanding at end of period | $61.53 |
EquityBased_Compensation_Summa4
Equity-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units [Member]) | 3 Months Ended |
Apr. 04, 2015 | |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 41,964 |
Shares, Released | -34 |
Shares, Forfeited | -1,305 |
Shares, Outstanding at end of period | 40,625 |
EquityBased_Compensation_Summa5
Equity-Based Compensation - Summary of Performance Stock Unit Activity (Detail) (Performance Stock Units [Member]) | 3 Months Ended |
Apr. 04, 2015 | |
Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of year | 10,345 |
Shares, Forfeited | -680 |
Shares, Outstanding at end of period | 9,665 |
EquityBased_Compensation_Weigh1
Equity-Based Compensation - Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan (Detail) (USD $) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
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 | 77.41 | 54.08 |
Option price | 73.54 | 51.38 |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 23.00% | 33.00% |
Risk free interest rate | 0.04% | 0.07% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 56.50% | 22.30% |
Income tax (benefit) expense | ($32,866) | $11,939 |
Statutory tax rate | 35.00% |
Other_Comprehensive_Income_Com
Other Comprehensive Income - Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Comprehensive Income Loss [Line Items] | ||||
Foreign currency translation adjustment | ($8,233) | ($8,006) | ($6,521) | ($7,839) |
Unrealized gains (losses) on investments, Gross (recognized in OCI) | 0 | 121 | ||
Unrealized gains (losses) on investments, Income tax (benefit) (recognized in OCI) | 0 | 29 | ||
Unrealized gains (losses) on investments, Net (recognized in OCI) | 0 | 92 | ||
Foreign currency translation adjustment (recognized in OCI) | -1,712 | -160 | ||
Total accumulated other comprehensive gains (losses) (recognized in OCI) | -12,221 | 1,323 | ||
Unrealized gains (losses) on investments, Gross (reclassified from AOCI to income) | -25 | 81 | ||
Unrealized gains (losses) on investments, Income tax (benefit) (reclassified from AOCI to income) | -9 | 25 | ||
Unrealized gains (losses) on investments, Net (reclassified from AOCI to income) | -16 | 56 | ||
Foreign currency translation adjustment (reclassified from AOCI to income) | 0 | -7 | ||
Total accumulated other comprehensive loss (reclassified from AOCI to income) | 5,132 | -729 | ||
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | 1,690 | 613 | ||
Unrealized gains (losses) on investments, Gross (Subtotal) | -25 | 202 | ||
Unrealized gains (losses) on investments, Income tax (benefit) (Subtotal) | -9 | 54 | ||
Unrealized gains (losses) on investments, Net (Subtotal) | -16 | 148 | ||
Foreign currency translation adjustment (Subtotal) | -1,712 | -167 | ||
Total accumulated other comprehensive loss (Subtotal) | -7,089 | 594 | ||
Change in unrealized loss on forward interest rate swap hedging, total | -15,636 | -9,187 | -8,547 | -9,781 |
Anticipated Sales [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Unrealized gains (losses) on hedging transactions, Gross (recognized in OCI) | -4,323 | 1,771 | ||
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (recognized in OCI) | -865 | 380 | ||
Unrealized gains (losses) on hedging transactions, Net (recognized in OCI) | -3,458 | 1,391 | ||
Unrealized gains (losses) on hedging transactions, Gross (reclassified from AOCI to income) | 6,435 | -991 | ||
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (reclassified from AOCI to income) | 1,287 | -213 | ||
Unrealized gains (losses) on hedging transactions, Net (reclassified from AOCI to income) | 5,148 | -778 | ||
Unrealized gains (losses) on hedging transactions, Gross (Subtotal) | 2,112 | 780 | ||
Unrealized gains losses on hedging transactions, Income tax (benefit) (Subtotal) | 422 | 167 | ||
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | 1,690 | 613 | ||
Unrealized gains (losses) on hedging transactions, Gross | 8,770 | -1,593 | 6,658 | -2,373 |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | 1,754 | -342 | 1,332 | -509 |
Change in unrealized loss on forward interest rate swap hedging, total | 7,016 | -1,251 | 5,326 | -1,864 |
Forward Interest Rate Swap Contracts [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Unrealized gains (losses) on hedging transactions, Gross (recognized in OCI) | -11,734 | |||
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (recognized in OCI) | -4,683 | |||
Unrealized gains (losses) on hedging transactions, Net (recognized in OCI) | -7,051 | |||
Unrealized gains (losses) on hedging transactions, Gross (reclassified from AOCI to income) | 0 | |||
Unrealized gains (losses) on hedging transactions, Income tax (benefit) (reclassified from AOCI to income) | 0 | |||
Unrealized gains (losses) on hedging transactions, Net (reclassified from AOCI to income) | 0 | |||
Unrealized gains (losses) on hedging transactions, Gross (Subtotal) | -11,734 | |||
Unrealized gains losses on hedging transactions, Income tax (benefit) (Subtotal) | -4,683 | |||
Unrealized gains (losses) on hedging transactions, Net (Subtotal) | -7,051 | |||
Unrealized gains (losses) on hedging transactions, Gross | -11,734 | 0 | -12,069 | |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | 4,683 | 0 | -4,370 | |
Change in unrealized loss on forward interest rate swap hedging, total | -7,051 | 0 | -7,699 | |
Investments [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Unrealized gains (losses) on hedging transactions, Gross | 77 | 51 | 102 | -151 |
Unrealized gains (losses) on hedging transactions, Income tax (benefit) | -254 | -19 | -245 | -73 |
Change in unrealized loss on forward interest rate swap hedging, total | $331 | $70 | $347 | ($78) |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Apr. 04, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment_Information_Segment_In
Segment Information - Segment Information by Reportable Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Net sales: | ||
Net sales | $893,184 | $288,268 |
Operating income (loss): | ||
Operating income loss | 19,774 | 53,408 |
Sales Revenue Segment [Member] | ||
Net sales: | ||
Net sales | 898,817 | 288,268 |
Operating income (loss): | ||
Operating income loss | 131,344 | 61,286 |
Intersegment Eliminations [Member] | ||
Net sales: | ||
Net sales | -5,633 | 0 |
Operating income (loss): | ||
Operating income loss | -111,570 | -7,878 |
Zebra Legacy [Member] | ||
Net sales: | ||
Net sales | 331,643 | 288,268 |
Operating income (loss): | ||
Operating income loss | 77,449 | 61,286 |
Enterprise Solutions [Member] | ||
Net sales: | ||
Net sales | 567,174 | 0 |
Operating income (loss): | ||
Operating income loss | $53,895 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 15, 2015 | 13-May-15 |
Subsequent Event [Line Items] | |||
Tax charges expected | $32 | ||
Term Loan [Member] | |||
Subsequent Event [Line Items] | |||
Line of credit facility, principal prepayment | 50 | ||
Subsequent Event [Member] | Term Loan [Member] | |||
Subsequent Event [Line Items] | |||
Line of credit facility, principal prepayment | $30 |