QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | ||
☒ | Smaller Reporting company | ||||
Emerging Growth Company |
PART I. FINANCIAL INFORMATION | ||
PAGE | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
As of | |||||||
April 3, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and equivalents | $ | $ | |||||
Trade accounts receivable, less allowance for credit losses of $26.6 and $22.8, respectively | |||||||
Inventories, net | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property, plant and equipment, net | |||||||
Operating lease right-of-use assets | |||||||
Other long-term assets | |||||||
Goodwill | |||||||
Other intangible assets, net | |||||||
Total assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | $ | |||||
Trade accounts payable | |||||||
Accrued expenses and other liabilities | |||||||
Operating lease liabilities | |||||||
Total current liabilities | |||||||
Operating lease liabilities | |||||||
Other long-term liabilities | |||||||
Long-term debt | |||||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, no par value, 15.0 million shares authorized; no shares issued or outstanding at April 3, 2020 and December 31, 2019 | |||||||
Common stock - $0.01 par value, 500.0 million shares authorized; 159.2 million shares issued and outstanding at April 3, 2020; 158.7 million shares issued and outstanding at December 31, 2019 | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total Envista equity | |||||||
Noncontrolling interests | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Sales | $ | $ | |||||
Cost of sales | |||||||
Gross profit | |||||||
Operating expenses: | |||||||
Selling, general and administrative | |||||||
Research and development | |||||||
Operating (loss) profit | ( | ) | |||||
Nonoperating income (expense): | |||||||
Other income | |||||||
Interest expense, net | ( | ) | |||||
(Loss) income before income taxes | ( | ) | |||||
Income tax (benefit) expense | ( | ) | |||||
Net (loss) income | $ | ( | ) | $ | |||
(Loss) earnings per share: | |||||||
Basic and diluted | $ | ( | ) | $ | |||
Average common stock and common equivalent shares outstanding: | |||||||
Basic and diluted |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Net (loss) income | $ | ( | ) | $ | |||
Other comprehensive (loss) income, net of income taxes: | |||||||
Foreign currency translation adjustments | ( | ) | ( | ) | |||
Cash flow hedge adjustments | ( | ) | |||||
Pension plan adjustments | |||||||
Total other comprehensive loss, net of income taxes | ( | ) | ( | ) | |||
Comprehensive (loss) income | $ | ( | ) | $ |
Three Months Ended April 3, 2020 | |||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Envista Equity | Noncontrolling Interests | ||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Common stock-based award activity | |||||||||||||||||||||||
Net loss | ( | ) | ( | ) | |||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||
Balance at April 3, 2020 | $ | $ | $ | $ | ( | ) | $ | $ |
Three Months Ended March 29, 2019 | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Former Parent Investment, Net | Accumulated Other Comprehensive Loss | Total Envista Equity | Noncontrolling Interests | |||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Former Parent common stock-based award activity | — | — | — | — | — | ||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||
Net transfers to Former Parent | — | — | — | — | — | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ) | ( | ) | — | ||||||||||||||||||
Changes in noncontrolling interests | — | — | — | — | — | — | ( | ) | |||||||||||||||||||
Balance at March 29, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | ( | ) | $ | |||
Noncash items: | |||||||
Depreciation | |||||||
Amortization | |||||||
Stock-based compensation expense | |||||||
Amortization of right-of-use assets | |||||||
Change in trade accounts receivable, net | |||||||
Change in inventories, net | ( | ) | ( | ) | |||
Change in trade accounts payable | ( | ) | ( | ) | |||
Change in prepaid expenses and other assets | ( | ) | |||||
Change in accrued expenses and other liabilities | ( | ) | ( | ) | |||
Change in operating lease liabilities | ( | ) | ( | ) | |||
Net cash used in operating activities | ( | ) | ( | ) | |||
Cash flows from investing activities: | |||||||
Acquisitions, net of cash acquired | ( | ) | |||||
Payments for additions to property, plant and equipment | ( | ) | ( | ) | |||
Proceeds from sales of property, plant and equipment | |||||||
All other investing activities | |||||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from borrowings | |||||||
Repayment of borrowings | ( | ) | |||||
Proceeds from stock option exercises | |||||||
Net transfers from Former Parent | |||||||
All other financing activities | |||||||
Net cash provided by financing activities | |||||||
Effect of exchange rate changes on cash and equivalents | ( | ) | |||||
Net change in cash and equivalents | |||||||
Beginning balance of cash and equivalents | |||||||
Ending balance of cash and equivalents | $ | $ | |||||
Supplemental data: | |||||||
Cash paid for interest | $ | $ | |||||
Cash paid for taxes | $ | $ | |||||
ROU assets obtained in exchange for operating lease obligations | $ | $ |
January 21, 2020 | |||
Assets acquired: | |||
Cash | $ | ||
Trade accounts receivable | |||
Inventories | |||
Prepaid expenses and other current assets | |||
Property, plant and equipment | |||
Goodwill | |||
Other intangible assets | |||
Total assets acquired | |||
Liabilities assumed: | |||
Trade accounts payable | ( | ) | |
Accrued expenses and other liabilities | ( | ) | |
Total liabilities assumed | ( | ) | |
Total net assets acquired | $ |
Balance at December 31, 2019 | $ | ||
Foreign currency translation | ( | ) | |
Provision for credit losses | |||
Write-offs charged against the allowance | ( | ) | |
Balance at April 3, 2020 | $ |
April 3, 2020 | December 31, 2019 | ||||||
Finished goods | $ | $ | |||||
Work in process | |||||||
Raw materials | |||||||
Inventories, gross | |||||||
Less: reserve for excess and obsolescence | ( | ) | ( | ) | |||
Inventories, net | $ | $ |
April 3, 2020 | December 31, 2019 | ||||||
Land and improvements | $ | $ | |||||
Buildings | |||||||
Machinery and equipment | |||||||
Property, plant and equipment, gross | |||||||
Less: accumulated depreciation | ( | ) | ( | ) | |||
Property, plant and equipment, net | $ | $ |
Specialty Products & Technologies | Equipment & Consumables | Total | |||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||
Acquisitions | |||||||||||
Foreign currency translation and other | ( | ) | ( | ) | ( | ) | |||||
Balance at April 3, 2020 | $ | $ | $ |
April 3, 2020 | December 31, 2019 | ||||||||||||||
Current | Noncurrent | Current | Noncurrent | ||||||||||||
Compensation and benefits | $ | $ | $ | $ | |||||||||||
Pension benefits | |||||||||||||||
Taxes, income and other | |||||||||||||||
Contract liabilities | |||||||||||||||
Sales and product allowances | |||||||||||||||
Loss contingencies | |||||||||||||||
Other | |||||||||||||||
Total | $ | $ | $ | $ |
Notional Amount | (Loss) Gain Recognized in OCI | ||||||
Interest rate contracts | $ | $ | ( | ) | |||
Foreign currency contracts | |||||||
Foreign currency denominated debt | |||||||
Total | $ | $ |
Derivative assets: | |||
Prepaid expenses and other current assets | $ | ||
Other long-term assets | $ | ||
Derivative liabilities: | |||
Accrued expense and other liabilities | $ | ||
Other long-term liabilities | $ | ||
Non-derivative hedging instruments: | |||
Long-term debt | $ |
Quoted Prices in Active Market (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
April 3, 2020: | |||||||||||||||
Assets: | |||||||||||||||
Cross-currency swap derivative contracts | $ | $ | $ | $ | |||||||||||
Liabilities: | |||||||||||||||
Interest rate swap derivative contracts | $ | $ | $ | $ | |||||||||||
Deferred compensation plans | $ | $ | $ | $ | |||||||||||
December 31, 2019: | |||||||||||||||
Assets: | |||||||||||||||
Interest rate swap derivative contracts | $ | $ | $ | $ | |||||||||||
Liabilities: | |||||||||||||||
Cross-currency swap derivative contracts | $ | $ | $ | $ | |||||||||||
Deferred compensation plans | $ | $ | $ | $ |
April 3, 2020 | |||||||
Carrying Amount | Fair Value | ||||||
Assets: | |||||||
Cross-currency swap derivative contracts | $ | $ | |||||
Liabilities: | |||||||
Interest rate swap derivative contracts | $ | $ | |||||
Long-term debt | $ | $ |
Three Month Period Ended | |||||||
($ in millions) | April 3, 2020 | March 29, 2019 | |||||
Service cost | $ | ( | ) | $ | ( | ) | |
Interest cost | ( | ) | ( | ) | |||
Expected return on plan assets | |||||||
Amortization of initial net obligation | ( | ) | ( | ) | |||
Amortization of prior service credit | |||||||
Amortization of actuarial loss | ( | ) | ( | ) | |||
Net periodic pension cost | $ | ( | ) | $ | ( | ) |
Three Month Period Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Service cost: | |||||||
Selling, general and administrative expenses | $ | ( | ) | $ | ( | ) | |
Other net periodic pension costs: | |||||||
Nonoperating income (expense), net | |||||||
Total | $ | ( | ) | $ | ( | ) |
Balance at December 31, 2019 | $ | ||
Accruals for warranties issued during the year | |||
Payments made | ( | ) | |
Effect of foreign currency translation | ( | ) | |
Balance at April 3, 2020 | $ |
April 3, 2020 | |||
Senior unsecured term loan facility due 2022 ($650.0 million aggregate principal amount) (the “Term Loan Facility”) | $ | ||
Senior unsecured euro term loan facility due 2022 (€600.0 million aggregate principal amount) (the “Euro Term Loan Facility”) | |||
Senior unsecured multi-currency revolving credit facility ($250.0 million borrowing capacity) (the “Revolving Credit Facility”) | |||
Other | |||
Total debt | |||
Less: current portion | ( | ) | |
Long-term debt | $ |
Foreign Currency Translation Adjustments | Unrealized Gain (Loss) on Cash Flow Hedges | Unrealized Pension Costs | Total Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended April 3, 2020 | |||||||||||||||
Balance at December 31, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||
Other comprehensive loss before reclassifications: | |||||||||||||||
Decrease | ( | ) | ( | ) | ( | ) | |||||||||
Income tax impact | ( | ) | ( | ) | |||||||||||
Other comprehensive loss before reclassifications, net of income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||
Increase | (a) | ||||||||||||||
Income tax impact | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of income taxes | |||||||||||||||
Net current period other comprehensive (loss) income, net of income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Balance at April 3, 2020 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(a) | This accumulated other comprehensive loss component is included in the computation of net periodic pension cost (refer to Note 10 for additional details). |
Foreign Currency Translation Adjustments | Unrealized Gain (Loss) on Cash Flow Hedges | Unrealized Pension Costs | Total Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended March 29, 2019 | |||||||||||||||
Balance at December 31, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||
Other comprehensive loss before reclassifications: | |||||||||||||||
Decrease | ( | ) | ( | ) | |||||||||||
Income tax impact | |||||||||||||||
Other comprehensive loss before reclassifications, net of income taxes | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||
Increase | (a) | ||||||||||||||
Income tax impact | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of income taxes | |||||||||||||||
Net current period other comprehensive (loss) income, net of income taxes | ( | ) | ( | ) | |||||||||||
Balance at March 29, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) |
(a) | This accumulated other comprehensive loss component is included in the computation of net periodic pension cost (refer to Note 10 for additional details). |
Specialty Products & Technologies | Equipment & Consumables | Total | |||||||||
Three Months Ended April 3, 2020 | |||||||||||
Geographical region: | |||||||||||
North America | $ | $ | $ | ||||||||
Western Europe | |||||||||||
Other developed markets | |||||||||||
Emerging markets | |||||||||||
Total | $ | $ | $ | ||||||||
Three Months Ended March 29, 2019 | |||||||||||
Geographical region: | |||||||||||
North America | $ | $ | $ | ||||||||
Western Europe | $ | ||||||||||
Other developed markets | $ | ||||||||||
Emerging markets | |||||||||||
Total | $ | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Consumables | $ | $ | |||||
Equipment | |||||||
Total | $ | $ |
Employee Severance and Related | Facility Exit and Related | Total | |||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||
Costs incurred | |||||||||||
Paid/settled | ( | ) | ( | ) | ( | ) | |||||
Balance at April 3, 2020 | $ | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Specialty Products & Technologies | $ | $ | ( | ) | |||
Equipment & Consumables | |||||||
Other | |||||||
Total | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Cost of sales | $ | $ | |||||
Selling, general and administrative expenses | |||||||
Total | $ | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Numerator: | |||||||
Net (loss) income | $ | ( | ) | $ | |||
Denominator: | |||||||
Weighted-average common shares outstanding used in basic and diluted (loss) earnings per share | |||||||
(Loss) earnings per share: | |||||||
Basic and diluted | $ | ( | ) | $ |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Sales: | |||||||
Specialty Products & Technologies | $ | $ | |||||
Equipment & Consumables | |||||||
Total | $ | $ | |||||
Operating (loss) profit and reconciliation to (loss) income before income taxes: | |||||||
Specialty Products & Technologies | $ | $ | |||||
Equipment & Consumables | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Operating (loss) profit | ( | ) | |||||
Nonoperating income (expense): | |||||||
Other income | |||||||
Interest expense, net | ( | ) | |||||
(Loss) income before income taxes | $ | ( | ) | $ |
April 3, 2020 | December 31, 2019 | ||||||
Identifiable assets: | |||||||
Specialty Products & Technologies | $ | $ | |||||
Equipment & Consumables | |||||||
Other | |||||||
Total | $ | $ |
Three Months Ended | |||
March 29, 2019 | |||
Allocated corporate expenses | $ | ||
Directly related charges: | |||
Insurance programs expenses | |||
Medical insurance programs expenses | |||
Deferred compensation program expenses | |||
Total related-party expenses | $ |
• | additional personnel costs, including salaries, benefits and potential bonuses and/or stock-based compensation awards for staff additions to replace support provided by Danaher that is not covered by the Transition Services Agreement; and |
• | corporate governance costs, including board of director compensation and expenses, audit and other professional services fees, annual report and proxy statement costs, SEC filing fees, transfer agent fees, consulting and legal fees and stock exchange listing fees. |
• | sales from acquired businesses; |
• | sales from discontinued products; and |
• | the impact of currency translation. |
• | the period-to-period change in sales; and |
• | the period-to-period change in sales after applying current period foreign exchange rates to the prior year period. |
Three Months Ended | ||||||||||||||||
($ in millions) | April 3, 2020 | March 29, 2019 | $ Variance | % Change | ||||||||||||
Sales | $ | 547.2 | 100.0 | % | $ | 659.7 | 100.0 | % | (112.5 | ) | (17.1 | )% | ||||
Cost of sales | 268.8 | 49.1 | % | 296.6 | 45.0 | % | (27.8 | ) | (9.4 | )% | ||||||
Gross profit | 278.4 | 50.9 | % | 363.1 | 55.0 | % | (84.7 | ) | (23.3 | )% | ||||||
Operating costs: | ||||||||||||||||
SG&A expenses | 268.7 | 49.1 | % | 274.9 | 41.7 | % | (6.2 | ) | (2.3 | )% | ||||||
R&D expenses | 34.7 | 6.3 | % | 43.3 | 6.6 | % | (8.6 | ) | (19.9 | )% | ||||||
Operating (loss) profit | (25.0 | ) | (4.6 | )% | 44.9 | 6.8 | % | (69.9 | ) | (155.7 | )% | |||||
Nonoperating income (expense), net | ||||||||||||||||
Other income | 0.1 | — | % | 0.1 | — | % | — | NM | ||||||||
Interest expense, net | (3.3 | ) | (0.6 | )% | — | — | % | (3.3 | ) | NM | ||||||
(Loss) earnings before income taxes | (28.2 | ) | (5.2 | )% | 45.0 | 6.8 | % | (73.2 | ) | (162.7 | )% | |||||
Income tax (benefit) expense | (11.0 | ) | (2.0 | )% | 7.1 | 1.1 | % | (18.1 | ) | (254.9 | )% | |||||
Net (loss) income | $ | (17.2 | ) | (3.1 | )% | $ | 37.9 | 5.7 | % | (55.1 | ) | (145.4 | )% | |||
Effective tax rate | 39.0 | % | 15.8 | % |
% Change Three Month Period Ended April 3, 2020 vs. Comparable 2019 Period | ||
Total sales growth (GAAP) | (17.1 | )% |
Less the impact of: | ||
Acquisitions | (0.2 | )% |
Discontinued products | 0.9 | % |
Currency exchange rates | 1.8 | % |
Core sales growth (non-GAAP) | (14.6 | )% |
• | Lower sales primarily due to the impact of the COVID-19 pandemic, an unfavorable sales mix, higher restructuring and productivity improvement expenses, incremental corporate costs and the impact of foreign currency exchange rates, partially offset by lower sales and marketing spend, and incremental period-over-period savings associated with restructuring and productivity improvement actions taken in prior periods. |
Three Months Ended | |||||||
April 3, 2020 | March 29, 2019 | ||||||
Specialty Products & Technologies | $ | 272.6 | $ | 348.8 | |||
Equipment & Consumables | 274.6 | 310.9 | |||||
Total | $ | 547.2 | $ | 659.7 |
Three Months Ended | |||||||
($ in millions) | April 3, 2020 | March 29, 2019 | |||||
Sales | $ | 272.6 | $ | 348.8 | |||
Operating profit | $ | 7.8 | $ | 66.1 | |||
Operating profit as a % of sales | 2.9 | % | 19.0 | % |
% Change Three Month Period Ended April 3, 2020 vs. Comparable 2019 Period | ||
Total sales growth (GAAP) | (21.8 | )% |
Less the impact of: | ||
Acquisitions | (0.4 | )% |
Discontinued products | 1.3 | % |
Currency exchange rates | 1.5 | % |
Core sales growth (non-GAAP) | (19.4 | )% |
• | Lower sales with an unfavorable sales mix, restructuring and productivity improvement expenses and the impact of foreign currency exchange rates, partially offset by lower sales and marketing spend, and incremental period over period savings associated with restructuring and productivity improvement actions taken in prior periods. |
Three Months Ended | |||||||
($ in millions) | April 3, 2020 | March 29, 2019 | |||||
Sales | $ | 274.6 | $ | 310.9 | |||
Operating profit | $ | (19.3 | ) | $ | (12.2 | ) | |
Operating profit as a % of sales | (7.0 | )% | (3.9 | )% |
% Change Three Month Period Ended April 3, 2020 vs. Comparable 2019 Period | ||
Total sales growth (GAAP) | (11.7 | )% |
Less the impact of: | ||
Discontinued products | 0.4 | % |
Currency exchange rates | 2.1 | % |
Core sales growth (non-GAAP) | (9.2 | )% |
• | Lower sales with an unfavorable sales mix, restructuring and productivity improvement expenses and the impact of foreign currency exchange rates, partially offset by lower sales and marketing and R&D spend, and incremental period over period savings associated with restructuring and productivity improvement actions taken in prior periods. |
Three Months Ended | |||||||
($ in millions) | April 3, 2020 | March 29, 2019 | |||||
Net cash used in operating activities | $ | (62.3 | ) | $ | (9.0 | ) | |
Acquisitions, net of cash acquired | $ | (41.6 | ) | $ | — | ||
Payments for additions to property, plant and equipment | (13.6 | ) | (15.6 | ) | |||
Proceeds from sales of property, plant and equipment | — | 0.3 | |||||
All other investing activities | 3.8 | — | |||||
Net cash used in investing activities | $ | (51.4 | ) | $ | (15.3 | ) | |
Proceeds from borrowings | $ | 249.8 | $ | — | |||
Repayment of borrowings | (0.1 | ) | — | ||||
Stock-based compensation activity | 3.3 | — | |||||
Net transfers from Former Parent | — | 24.3 | |||||
All other financing activities | 5.5 | — | |||||
Net cash provided by financing activities | $ | 258.5 | $ | 24.3 |
• | our quarterly or annual earnings, or those of other companies in our industry; |
• | actual or anticipated fluctuations in our operating results; |
• | changes in earnings estimated by securities analysts or our ability to meet those estimates; |
• | the operating and stock price performance of other comparable companies; |
• | changes to the regulatory and legal environment in which we operate; |
• | market and business conditions related to COVID-19; |
• | overall market fluctuations and domestic and worldwide economic conditions; and |
• | other factors described in our 2019 10-K and in this Quarterly Report. |
Exhibit Number | Description |
3.1 | |
3.2 | |
10.1 | |
10.2 | |
31.1 | |
31.2 | |
32.1 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ENVISTA HOLDINGS CORPORATION | ||
Date: May 12, 2020 | By: | /s/ Howard H. Yu |
Howard H. Yu | ||
Senior Vice President and Chief Financial Officer | ||
Date: May 12, 2020 | By: | /s/ Kari-Lyn Moore |
Kari-Lyn Moore | ||
Vice President and Chief Accounting Officer |
Article I | |||
Offices | |||
Section 1.01 | Registered Office | 1 | |
Section 1.02 | Other Offices | 1 | |
Article II | |||
Meetings of the Stockholders | |||
Section 2.01 | Place of Meetings | 1 | |
Section 2.02 | Annual Meeting | 1 | |
Section 2.03 | Special Meetings | 1 | |
Section 2.04 | Record Date | 2 | |
Section 2.05 | Notice of Meetings | 2 | |
Section 2.06 | List of Stockholders | 2 | |
Section 2.07 | Quorum | 3 | |
Section 2.08 | Adjournments | 3 | |
Section 2.09 | Conduct of Meetings | 3 | |
Section 2.10 | Voting; Proxy | 3 | |
Section 2.11 | Advance Notice of Stockholder Nominations and Proposals | 4 | |
Section 2.12 | Consent of Stockholders in Lieu of Meeting | 7 | |
Section 2.13 | Inspectors at Meetings of Stockholders | 8 | |
Article III | |||
Board of Directors | |||
Section 3.01 | General Powers | 8 | |
Section 3.02 | Number; Term of Office | 8 | |
Section 3.03 | Newly Created Directorships and Vacancies | 9 | |
Section 3.04 | Resignation and Removal of Directors | 9 | |
Section 3.05 | Compensation | 9 | |
Section 3.06 | Regular Meetings | 9 | |
Section 3.07 | Special Meetings | 9 | |
Section 3.08 | Telephone Meetings | 9 | |
Section 3.09 | Adjourned Meetings | 10 | |
Section 3.10 | Notices | 10 | |
Section 3.11 | Waiver of Notice | 10 | |
Section 3.12 | Organization | 10 | |
Section 3.13 | Quorum of Directors | 10 | |
Section 3.14 | Action By Majority Vote | 10 | |
Section 3.15 | Action Without Meeting | 10 | |
Section 3.16 | Interested Directors; Quorum | 11 | |
Section 3.17 | Committees of the Board | 11 | |
Article IV | |||
Officers | |||
Section 4.01 | Positions and Election | 12 | |
Section 4.02 | Term | 12 | |
Section 4.03 | Resignation | 12 | |
Section 4.04 | Vacancies | 12 | |
Section 4.05 | Chief Executive Officer; President | 12 | |
Section 4.06 | Vice Presidents | 12 | |
Section 4.07 | Secretary; Assistant Secretary | 12 | |
Section 4.08 | Treasurer; Assistant Treasurer | 13 | |
Section 4.09 | Delegation of Authority | 13 | |
Section 4.10 | Voting Securities Owned by the Corporation | 13 | |
Section 4.11 | Chair of the Board | 13 | |
Article V | |||
Stock Certificates and Their Transfer | |||
Section 5.01 | Certificates Representing Shares | 13 | |
Section 5.02 | Transfers of Stock | 13 | |
Section 5.03 | Transfer Agents and Registrars | 14 | |
Section 5.04 | Lost, Stolen or Destroyed Certificates | 14 | |
Section 5.05 | Dividend Record Date | 14 | |
Section 5.06 | Record Owners | 14 | |
Article VI | |||
General Provisions | |||
Section 6.01 | Corporate Seal | 14 | |
Section 6.02 | Fiscal Year | 14 | |
Section 6.03 | Contracts | 14 | |
Section 6.04 | Checks, Notes, Drafts Etc. | 15 | |
Section 6.05 | Dividends | 15 | |
Section 6.06 | Conflict With Applicable Law or Certificate of Incorporation | 15 | |
Article VII | |||
Indemnification | |||
Section 7.01 | Power to Indemnify in Actions, Suits or Proceedings other Than Those by or in the Right of the Corporation | 15 | |
Section 7.02 | Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation | 15 | |
Section 7.03 | Authorization of Indemnification | 16 | |
Section 7.04 | Good Faith Defined | 16 | |
Section 7.05 | Indemnification by a Court | 16 | |
Section 7.06 | Expenses Payable in Advance | 17 | |
Section 7.07 | Non-exclusivity of Indemnification and Advancement of Expenses | 17 | |
Section 7.08 | Insurance | 17 |
Section 7.09 | Certain Definitions for Purposes of Article VII | 17 | |
Section 7.10 | Limitations | 17 | |
Section 7.11 | Survival of Indemnification and Advancement of Expenses | 18 | |
Section 7.12 | Savings Clause | 18 | |
Article VIII | |||
Amendments | |||
Section 8.01 | Amendments | 18 | |
Article IX | ||||||
Exclusive Forum | ||||||
Section 9.01 | 18 | |||||
Section 9.02 | 18 | |||||
Section 9.03 | 18 | |||||
I. | NOTICE OF STOCK OPTION GRANT |
II. | AGREEMENT |
3. | Exercise of Option. |
Signature | Signature |
Print Name | Print Name |
Declaration of Data Privacy Consent. By providing the additional signature below, the undersigned explicitly declares his or her consent to the data processing operations described in Section 14 of this Agreement. This includes, without limitation, the transfer of the Optionee’s Personal Information to, and the processing of such data by, the Company, the Employer or, as the case may be, the Stock Plan Administrator in the United States. The undersigned may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 14 of this Agreement. |
a) | The starting date of the offer will be the Date of Grant (as defined in the Agreement), and this offer conforms to General Ruling No. 336 of the Chilean Commission of the Financial Market (“CMF”); |
b) | The offer deals with securities not registered in the Registry of Securities or in the Registry of Foreign Securities of the CMF, and therefore such securities are not subject to its oversight; |
c) | The issuer is not obligated to provide public information in Chile regarding the foreign securities, as such securities are not registered with the CMF; and |
d) | The foreign securities shall not be subject to public offering as long as they are not registered with the corresponding registry of securities in Chile. |
a) | La fecha de inicio de la oferta será el de la fecha de otorgamiento (o “Grant Date”, según este término se define en el documento denominado “Agreement”) y esta oferta se acoge a la norma de Carácter General N° 336 de la Comisión para el Mercado Financiero de Chile (“CMF”); |
b) | La oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la CMF, por lo que tales valores no están sujetos a la fiscalización de ésta; |
c) | Por tratar de valores no inscritos en la CMF no existe la obligación por parte del emisor de entregar en Chile información pública respecto de esos valores; y |
d) | Esos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el registro de valores correspondiente. |
1.Purposes for processing of the Personal Data | 1.Öåëè îáðàáîòêè Ïåðñîíàëüíûõ äàííûõ | ||
1.1. | Granting to the Optionee restricted share units or rights to purchase shares of common stock. | 1.1. | Ïðåäîñòàâëåíèå Ñóáúåêòàì ïåðñîíàëüíûõ äàííûõ îãðàíè÷åííûõ ïðàâ íà àêöèè (Option) èëè ïðàâ ïîêóïêè îáûêíîâåííûõ àêöèé. |
1.2. | Compliance with the effective Russian Federation laws; | 1.2. | Ñîáëþäåíèå äåéñòâóþùåãî çàêîíîäàòåëüñòâà Ðîññèéñêîé Ôåäåðàöèè; |
2.The Optionee hereby grants consent to processing of the personal data listed below | 2.Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì äàåò ñîãëàñèå íà îáðàáîòêó ïåðå÷èñëåííûõ íèæå ïåðñîíàëüíûõ äàííûõ |
2.1. | Last name, first name, patronymic, year, month, date and place of birth, gender, age, address, citizenship, information on education, contact details (home address(es), direct office, home and mobile telephone numbers, e-mail address, etc.), photographs; | 2.1. | Ôàìèëèÿ, èìÿ, îò÷åñòâî, ãîä, ìåñÿö, äàòà è ìåñòî ðîæäåíèÿ, ïîë, âîçðàñò, àäðåñ, ãðàæäàíñòâî, ñâåäåíèÿ îá îáðàçîâàíèè, êîíòàêòíàÿ èíôîðìàöèÿ (äîìàøíèé(å) àäðåñ(à), íîìåðà ïðÿìîãî îôèñíîãî, äîìàøíåãî è ìîáèëüíîãî òåëåôîíîâ, àäðåñ ýëåêòðîííîé ïî÷òû è äð.), ôîòîãðàôèè; |
2.2. | Information contained in personal identification documents (including passport details), tax identification number and number of the State Pension Insurance Certificate, including photocopies of passports, visas, work permits, drivers licenses, other personal documents; | 2.2. | Ñâåäåíèÿ, ñîäåðæàùèåñÿ â äîêóìåíòàõ, óäîñòîâåðÿþùèõ ëè÷íîñòü, â òîì ÷èñëå ïàñïîðòíûå äàííûå, ÈÍÍ è íîìåð ñòðàõîâîãî ñâèäåòåëüñòâà ãîñóäàðñòâåííîãî ïåíñèîííîãî ñòðàõîâàíèÿ, â òîì ÷èñëå ôîòîêîïèè ïàñïîðòîâ, âèç, ðàçðåøåíèé íà ðàáîòó, âîäèòåëüñêèõ óäîñòîâåðåíèé, äðóãèõ ëè÷íûõ äîêóìåíòîâ; |
2.3. | Information on employment, including the list of duties, information on the current and former employers, information on promotions, disciplinary sanctions, transfer to other position / work, etc.; | 2.3. | Èíôîðìàöèÿ î òðóäîâîé äåÿòåëüíîñòè, âêëþ÷àÿ äîëæíîñòíûå îáÿçàííîñòè, èíôîðìàöèÿ î òåêóùåì è ïðåæíèõ ðàáîòîäàòåëÿõ, ñâåäåíèÿ î ïîâûøåíèÿõ, äèñöèïëèíàðíûõ âçûñêàíèÿõ, ïåðåâîäàõ íà äðóãóþ äîëæíîñòü/ðàáîòó, è ò.ä.; |
2.4. | Information on the Optionee’s salary amount, information on salary changes, on participation in employer benefit plans and programs, on bonuses paid, etc.; | 2.4. | Èíôîðìàöèÿ î ðàçìåðå çàðàáîòíîé ïëàòû Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ, äàííûå îá èçìåíåíèè çàðàáîòíîé ïëàòû, îá ó÷àñòèè â ïðåìèàëüíûõ ñèñòåìàõ è ïðîãðàììàõ Ðàáîòîäàòåëÿ, èíôîðìàöèÿ î âûïëà÷åííûõ ïðåìèÿõ, è ò.ä.; |
2.5. | Information on work time, including hours scheduled for work per week and hours actually worked; | 2.5. | Ñâåäåíèÿ î ðàáî÷åì âðåìåíè, âêëþ÷àÿ íîðìàëüíóþ ïðîäîëæèòåëüíîñòü ðàáî÷åãî âðåìåíè â íåäåëþ è êîëè÷åñòâî ôàêòè÷åñêè îòðàáîòàííîãî ðàáî÷åãî âðåìåíè; |
2.6. | Information on potential membership of certain categories of employees having rights for guarantees and benefits in accordance with the Russian Federation Labor Code and other effective legislation; | 2.6. | Ñâåäåíèÿ î ïðèíàäëåæíîñòè ê îïðåäåëåííûì êàòåãîðèÿì ðàáîòíèêîâ, êîòîðûì ïðåäîñòàâëÿþòñÿ ãàðàíòèè è ëüãîòû â ñîîòâåòñòâèè ñ Òðóäîâûì êîäåêñîì Ðîññèéñêîé Ôåäåðàöèè è èíûì äåéñòâóþùèì çàêîíîäàòåëüñòâîì; |
2.7. | Information on the Optionee’s tax status (exempt, tax resident status, etc.); | 2.7. | Èíôîðìàöèÿ î íàëîãîâîì ñòàòóñå Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ (îñâîáîæäåíèå îò óïëàòû íàëîãîâ, ÿâëÿåòñÿ ëè íàëîãîâûì ðåçèäåíòîì è ò.ä.); |
2.8. | Information on shares of Common Stock or directorships held by the Optionee, details of all awards or any other entitlement to shares of Common Stock awarded, cancelled, exercised, vested, unvested or outstanding; | 2.8. | Èíôîðìàöèÿ îá îáûêíîâåííûõ àêöèÿõ èëè ÷ëåíñòâå â ñîâåòå äèðåêòîðîâ Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ, îáî âñåõ ïðîãðàììàõ âîçíàãðàæäåíèÿ èëè èíûõ ïðàâàõ íà ïîëó÷åíèå îáûêíîâåííûõ àêöèé, êîòîðûå áûëè ïðåäîñòàâëåíû, àííóëèðîâàíû, èñïîëíåíû, ïîãàøåíû, íåïîãàøåíû èëè ïîäëåæàò âûïëàòå. |
2.9. | Any other information, which may become necessary to the Company in connection with the purposes specified in Clause 2 above. | 2.9. | Ëþáûå èíûå äàííûå, êîòîðûå ìîãóò ïîòðåáîâàòüñÿ Îïåðàòîðàì â ñâÿçè ñ îñóùåñòâëåíèåì öåëåé, óêàçàííûõ â ï. 3 âûøå. |
the “Personal Data” | äàëåå - «Ïåðñîíàëüíûå äàííûå» | ||
3.1.The Optionee hereby consents to performing the following operations with the Personal Data: | 3.1.Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì äàåò ñîãëàñèå íà ñîâåðøåíèå ñ Ïåðñîíàëüíûìè äàííûìè ïåðå÷èñëåííûõ íèæå äåéñòâèé: | ||
3.1.1 | processing of the Personal Data, including collection, systematization, accumulation, storage, verification (renewal, modification), use, dissemination (including transfer), impersonalizing, blockage, destruction; | 3.1.1. | îáðàáîòêà Ïåðñîíàëüíûõ äàííûõ, âêëþ÷àÿ ñáîð, ñèñòåìàòèçàöèþ, íàêîïëåíèå, õðàíåíèå, óòî÷íåíèå (îáíîâëåíèå, èçìåíåíèå), èñïîëüçîâàíèå, ðàñïðîñòðàíåíèå (â òîì ÷èñëå ïåðåäà÷à), îáåçëè÷èâàíèå, áëîêèðîâàíèå, óíè÷òîæåíèå ïåðñîíàëüíûõ äàííûõ; |
3.1.2 | transborder transfer of the Personal Data to îperators located on the territory of foreign states. The Optionee hereby confirms that he was notified of the fact that the recipients of the Personal Data may be located in foreign states that do not ensure adequate protection of rights of personal data subjects; | 3.1.2. | òðàíñãðàíè÷íàÿ ïåðåäà÷à Ïåðñîíàëüíûõ äàííûõ îïåðàòîðàì íà òåððèòîðèè ëþáûõ èíîñòðàííûõ ãîñóäàðñòâ. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì ïîäòâåðæäàåò, ÷òî îí áûë óâåäîìëåí î òîì, ÷òî ïîëó÷àòåëè Ïåðñîíàëüíûõ äàííûõ ìîãóò íàõîäèòüñÿ â èíîñòðàííûõ ãîñóäàðñòâàõ, íå îáåñïå÷èâàþùèõ àäåêâàòíîé çàùèòû ïðàâ ñóáúåêòîâ ïåðñîíàëüíûõ äàííûõ; |
3.1.3 | including Personal Data into generally accessible sources of personal data (including directories, address books and other), placing Personal Data on the Company’s web-sites on the Internet. | 3.1.3. | âêëþ÷åíèå Ïåðñîíàëüíûõ äàííûõ â îáùåäîñòóïíûå èñòî÷íèêè ïåðñîíàëüíûõ äàííûõ (â òîì ÷èñëå ñïðàâî÷íèêè, àäðåñíûå êíèãè è ò.ï.), ðàçìåùåíèå Ïåðñîíàëüíûõ äàííûõ íà ñàéòàõ Îïåðàòîðîâ â ñåòè Èíòåðíåò. |
3.2.General description of the data processing methods used by the Company | 3.2.Îáùåå îïèñàíèå èñïîëüçóåìûõ Îïåðàòîðîì(àìè) ñïîñîáîâ îáðàáîòêè ïåðñîíàëüíûõ äàííûõ |
3.2.1. | When processing the Personal Data, the Company undertakes the necessary organizational and technical measures for protecting the Personal Data from unlawful or accidental access to them, from destruction, change, blockage, copying, dissemination of Personal Data, as well as from other unlawful actions. | 3.2.1. | Ïðè îáðàáîòêå Ïåðñîíàëüíûõ äàííûõ Îïåðàòîðû ïðèíèìàþò íåîáõîäèìûå îðãàíèçàöèîííûå è òåõíè÷åñêèå ìåðû äëÿ çàùèòû Ïåðñîíàëüíûõ äàííûõ îò íåïðàâîìåðíîãî èëè ñëó÷àéíîãî äîñòóïà ê íèì, óíè÷òîæåíèÿ, èçìåíåíèÿ, áëîêèðîâàíèÿ, êîïèðîâàíèÿ, ðàñïðîñòðàíåíèÿ Ïåðñîíàëüíûõ äàííûõ, à òàêæå îò èíûõ íåïðàâîìåðíûõ äåéñòâèé. |
3.2.2. | Processing of the Personal Data by the Company shall be performed using the data processing methods that ensure confidentiality of the Personal Data, except where: (1) Personal Data is impersonalized; and (2) in relation to publicly available Personal Data; and in compliance with the established requirements to ensuring the security of personal data, the requirements to the tangible media of biometric personal data and to the technologies for storage of such data outside personal data information systems in accordance with the effective legislation. | 3.2.2. | Îáðàáîòêà Ïåðñîíàëüíûõ äàííûõ Îïåðàòîðàìè îñóùåñòâëÿåòñÿ ïðè ïîìîùè ñïîñîáîâ, îáåñïå÷èâàþùèõ êîíôèäåíöèàëüíîñòü òàêèõ äàííûõ, çà èñêëþ÷åíèåì ñëåäóþùèõ ñëó÷àåâ: (1) â ñëó÷àå îáåçëè÷èâàíèÿ Ïåðñîíàëüíûõ äàííûõ; (2) â îòíîøåíèè îáùåäîñòóïíûõ Ïåðñîíàëüíûõ äàííûõ; è ïðè ñîáëþäåíèè óñòàíîâëåííûõ òðåáîâàíèé ê îáåñïå÷åíèþ áåçîïàñíîñòè ïåðñîíàëüíûõ äàííûõ, òðåáîâàíèé ê ìàòåðèàëüíûì íîñèòåëÿì áèîìåòðè÷åñêèõ ïåðñîíàëüíûõ äàííûõ è òåõíîëîãèÿì õðàíåíèÿ òàêèõ äàííûõ âíå èíôîðìàöèîííûõ ñèñòåì ïåðñîíàëüíûõ äàííûõ â ñîîòâåòñòâèè ñ äåéñòâóþùèì çàêîíîäàòåëüñòâîì. |
4.Term, revocation procedure | 4.Ñðîê, ïîðÿäîê îòçûâà | ||
This Statement of Consent is valid for an indefinite term. The Optionee may revoke this consent by sending to Company a written notice at least ninety (90) days in advance of the proposed consent revocation date. The Optionee agrees that during the specified notice period the Company is not obliged to cease processing of personal data or to destroy the personal data of The Optionee. | Íàñòîÿùåå ñîãëàñèå äåéñòâóåò â òå÷åíèå íåîïðåäåëåííîãî ñðîêà. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ ìîæåò îòîçâàòü íàñòîÿùåå ñîãëàñèå ïóòåì íàïðàâëåíèÿ Îïåðàòîðó(àì) ïèñüìåííîãî(ûõ) óâåäîìëåíèÿ(èé) íå ìåíåå ÷åì çà 90 (äåâÿíîñòî) äíåé äî ïðåäïîëàãàåìîé äàòû îòçûâà íàñòîÿùåãî ñîãëàñèÿ. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ ñîãëàøàåòñÿ íà òî, ÷òî â òå÷åíèå óêàçàííîãî ñðîêà Îïåðàòîð(û) íå îáÿçàí(û) ïðåêðàùàòü îáðàáîòêó ïåðñîíàëüíûõ äàííûõ è óíè÷òîæàòü ïåðñîíàëüíûå äàííûå Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ. | ||
i. | a copy of the Company’s most recent annual report (i.e., Form 10-K) is available at: https://investors.envistaco.com/sec-filings; |
ii. | a copy of the Plan is attached as an exhibit to the Company’s annual report (i.e., Form 10-K) available at https://investors.envista.com/sec-filings; and |
iii. | a copy of the Plan Prospectus is available at www.fidelity.com. |
▪ | Made available to appropriate persons at the Company around the world (and the Optionee hereby consents to the transfer of the Optionee’s data outside of Hong Kong); |
▪ | Supplied to any agent, contractor or third party who provides administrative or other services to the Company and/or the Hong Kong Employer or elsewhere and who has a duty of confidentiality (examples of such persons include, but are not limited to, any third party brokers or administrators engaged by the Company in relation to the Plan, external auditors, trustees, insurance companies, actuaries and any consultants/agents appointed by the Company and/or the Hong Kong Employer to plan, provide and/or administer employee benefits and awards granted under the Plan); |
▪ | Disclosed to any government departments or other appropriate governmental or regulatory authorities in Hong Kong or elsewhere such as the Inland Revenue Department and the Labour Department; |
▪ | Made available to any actual or proposed purchaser of all or part of the business of the Company or the Hong Kong Employer, in the case of any merger, acquisition or other public offering, the purchaser or subscriber for shares in the Company or the Hong Kong Employer; and |
▪ | Made available to third parties in the form of marketing materials and/or directories identifying the names, office telephone numbers, email addresses and/or other contact information for key officers, senior employees and their secretaries, assistants and support staff of the Company or the Hong Kong Employer for promotional and administrative purposes. |
I. | GRANT NOTICE |
II. | AGREEMENT |
Signature | Signature |
Print Name | Print Name |
a) | The starting date of the offer will be the Date of Grant (as defined in the Agreement), and this offer conforms to General Ruling No. 336 of the Chilean Commission of the Financial Market (“CMF”); |
b) | The offer deals with securities not registered in the Registry of Securities or in the Registry of Foreign Securities of the CMF, and therefore such securities are not subject to its oversight; |
c) | The issuer is not obligated to provide public information in Chile regarding the foreign securities, as such securities are not registered with the CMF; and |
d) | The foreign securities shall not be subject to public offering as long as they are not registered with the corresponding registry of securities in Chile. |
a) | La fecha de inicio de la oferta será el de la fecha de otorgamiento (o “Date of Grant”, según este término se define en el documento denominado “Agreement”) y esta oferta se acoge a la norma de Carácter General N° 336 de la Comisión para el Mercado Financiero de Chile (“CMF”); |
b) | La oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la CMF, por lo que tales valores no están sujetos a la fiscalización de ésta; |
c) | Por tratar de valores no inscritos en la CMF no existe la obligación por parte del emisor de entregar en Chile información pública respecto de esos valores; y |
d) | Esos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el registro de valores correspondiente. |
1.Purposes for processing of the Personal Data | 1.Öåëè îáðàáîòêè Ïåðñîíàëüíûõ äàííûõ | ||
1.1. | Granting to the Participant restricted share units or rights to purchase shares of common stock. | 1.1. | Ïðåäîñòàâëåíèå Ñóáúåêòàì ïåðñîíàëüíûõ äàííûõ îãðàíè÷åííûõ ïðàâ íà àêöèè (RSU) èëè ïðàâ ïîêóïêè îáûêíîâåííûõ àêöèé. |
1.2. | Compliance with the effective Russian Federation laws; | 1.2. | Ñîáëþäåíèå äåéñòâóþùåãî çàêîíîäàòåëüñòâà Ðîññèéñêîé Ôåäåðàöèè; |
2.The Participant hereby grants consent to processing of the personal data listed below | 2.Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì äàåò ñîãëàñèå íà îáðàáîòêó ïåðå÷èñëåííûõ íèæå ïåðñîíàëüíûõ äàííûõ | ||
2.1. | Last name, first name, patronymic, year, month, date and place of birth, gender, age, address, citizenship, information on education, contact details (home address(es), direct office, home and mobile telephone numbers, e-mail address, etc.), photographs; | 2.1. | Ôàìèëèÿ, èìÿ, îò÷åñòâî, ãîä, ìåñÿö, äàòà è ìåñòî ðîæäåíèÿ, ïîë, âîçðàñò, àäðåñ, ãðàæäàíñòâî, ñâåäåíèÿ îá îáðàçîâàíèè, êîíòàêòíàÿ èíôîðìàöèÿ (äîìàøíèé(å) àäðåñ(à), íîìåðà ïðÿìîãî îôèñíîãî, äîìàøíåãî è ìîáèëüíîãî òåëåôîíîâ, àäðåñ ýëåêòðîííîé ïî÷òû è äð.), ôîòîãðàôèè; |
2.2. | Information contained in personal identification documents (including passport details), tax identification number and number of the State Pension Insurance Certificate, including photocopies of passports, visas, work permits, drivers licenses, other personal documents; | 2.2. | Ñâåäåíèÿ, ñîäåðæàùèåñÿ â äîêóìåíòàõ, óäîñòîâåðÿþùèõ ëè÷íîñòü, â òîì ÷èñëå ïàñïîðòíûå äàííûå, ÈÍÍ è íîìåð ñòðàõîâîãî ñâèäåòåëüñòâà ãîñóäàðñòâåííîãî ïåíñèîííîãî ñòðàõîâàíèÿ, â òîì ÷èñëå ôîòîêîïèè ïàñïîðòîâ, âèç, ðàçðåøåíèé íà ðàáîòó, âîäèòåëüñêèõ óäîñòîâåðåíèé, äðóãèõ ëè÷íûõ äîêóìåíòîâ; |
2.3. | Information on employment, including the list of duties, information on the current and former employers, information on promotions, disciplinary sanctions, transfer to other position / work, etc.; | 2.3. | Èíôîðìàöèÿ î òðóäîâîé äåÿòåëüíîñòè, âêëþ÷àÿ äîëæíîñòíûå îáÿçàííîñòè, èíôîðìàöèÿ î òåêóùåì è ïðåæíèõ ðàáîòîäàòåëÿõ, ñâåäåíèÿ î ïîâûøåíèÿõ, äèñöèïëèíàðíûõ âçûñêàíèÿõ, ïåðåâîäàõ íà äðóãóþ äîëæíîñòü/ðàáîòó, è ò.ä.; |
2.4. | Information on the Participant’s salary amount, information on salary changes, on participation in employer benefit plans and programs, on bonuses paid, etc.; | 2.4. | Èíôîðìàöèÿ î ðàçìåðå çàðàáîòíîé ïëàòû Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ, äàííûå îá èçìåíåíèè çàðàáîòíîé ïëàòû, îá ó÷àñòèè â ïðåìèàëüíûõ ñèñòåìàõ è ïðîãðàììàõ Ðàáîòîäàòåëÿ, èíôîðìàöèÿ î âûïëà÷åííûõ ïðåìèÿõ, è ò.ä.; |
2.5. | Information on work time, including hours scheduled for work per week and hours actually worked; | 2.5. | Ñâåäåíèÿ î ðàáî÷åì âðåìåíè, âêëþ÷àÿ íîðìàëüíóþ ïðîäîëæèòåëüíîñòü ðàáî÷åãî âðåìåíè â íåäåëþ è êîëè÷åñòâî ôàêòè÷åñêè îòðàáîòàííîãî ðàáî÷åãî âðåìåíè; |
2.6. | Information on potential membership of certain categories of employees having rights for guarantees and benefits in accordance with the Russian Federation Labor Code and other effective legislation; | 2.6. | Ñâåäåíèÿ î ïðèíàäëåæíîñòè ê îïðåäåëåííûì êàòåãîðèÿì ðàáîòíèêîâ, êîòîðûì ïðåäîñòàâëÿþòñÿ ãàðàíòèè è ëüãîòû â ñîîòâåòñòâèè ñ Òðóäîâûì êîäåêñîì Ðîññèéñêîé Ôåäåðàöèè è èíûì äåéñòâóþùèì çàêîíîäàòåëüñòâîì; |
2.7. | Information on the Participant’s tax status (exempt, tax resident status, etc.); | 2.7. | Èíôîðìàöèÿ î íàëîãîâîì ñòàòóñå Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ (îñâîáîæäåíèå îò óïëàòû íàëîãîâ, ÿâëÿåòñÿ ëè íàëîãîâûì ðåçèäåíòîì è ò.ä.); |
2.8. | Information on shares of Common Stock or directorships held by the Participant, details of all awards or any other entitlement to shares of Common Stock awarded, cancelled, exercised, vested, unvested or outstanding; | 2.8. | Èíôîðìàöèÿ îá îáûêíîâåííûõ àêöèÿõ èëè ÷ëåíñòâå â ñîâåòå äèðåêòîðîâ Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ, îáî âñåõ ïðîãðàììàõ âîçíàãðàæäåíèÿ èëè èíûõ ïðàâàõ íà ïîëó÷åíèå îáûêíîâåííûõ àêöèé, êîòîðûå áûëè ïðåäîñòàâëåíû, àííóëèðîâàíû, èñïîëíåíû, ïîãàøåíû, íåïîãàøåíû èëè ïîäëåæàò âûïëàòå. |
2.9. | Any other information, which may become necessary to the Company in connection with the purposes specified in Clause 2 above. | 2.9. | Ëþáûå èíûå äàííûå, êîòîðûå ìîãóò ïîòðåáîâàòüñÿ Îïåðàòîðàì â ñâÿçè ñ îñóùåñòâëåíèåì öåëåé, óêàçàííûõ â ï. 3 âûøå. |
the “Personal Data” | äàëåå - «Ïåðñîíàëüíûå äàííûå» | ||
3.1.The Participant hereby consents to performing the following operations with the Personal Data: | 3.1.Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì äàåò ñîãëàñèå íà ñîâåðøåíèå ñ Ïåðñîíàëüíûìè äàííûìè ïåðå÷èñëåííûõ íèæå äåéñòâèé: | ||
3.1.1. | processing of the Personal Data, including collection, systematization, accumulation, storage, verification (renewal, modification), use, dissemination (including transfer), impersonalizing, blockage, destruction; | 3.1.1. | îáðàáîòêà Ïåðñîíàëüíûõ äàííûõ, âêëþ÷àÿ ñáîð, ñèñòåìàòèçàöèþ, íàêîïëåíèå, õðàíåíèå, óòî÷íåíèå (îáíîâëåíèå, èçìåíåíèå), èñïîëüçîâàíèå, ðàñïðîñòðàíåíèå (â òîì ÷èñëå ïåðåäà÷à), îáåçëè÷èâàíèå, áëîêèðîâàíèå, óíè÷òîæåíèå ïåðñîíàëüíûõ äàííûõ; |
3.1.2. | transborder transfer of the Personal Data to îperators located on the territory of foreign states. The Participant hereby confirms that he was notified of the fact that the recipients of the Personal Data may be located in foreign states that do not ensure adequate protection of rights of personal data subjects; | 3.1.2. | òðàíñãðàíè÷íàÿ ïåðåäà÷à Ïåðñîíàëüíûõ äàííûõ îïåðàòîðàì íà òåððèòîðèè ëþáûõ èíîñòðàííûõ ãîñóäàðñòâ. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ íàñòîÿùèì ïîäòâåðæäàåò, ÷òî îí áûë óâåäîìëåí î òîì, ÷òî ïîëó÷àòåëè Ïåðñîíàëüíûõ äàííûõ ìîãóò íàõîäèòüñÿ â èíîñòðàííûõ ãîñóäàðñòâàõ, íå îáåñïå÷èâàþùèõ àäåêâàòíîé çàùèòû ïðàâ ñóáúåêòîâ ïåðñîíàëüíûõ äàííûõ; |
3.1.3. | including Personal Data into generally accessible sources of personal data (including directories, address books and other), placing Personal Data on the Company’s web-sites on the Internet. | 3.1.3. | âêëþ÷åíèå Ïåðñîíàëüíûõ äàííûõ â îáùåäîñòóïíûå èñòî÷íèêè ïåðñîíàëüíûõ äàííûõ (â òîì ÷èñëå ñïðàâî÷íèêè, àäðåñíûå êíèãè è ò.ï.), ðàçìåùåíèå Ïåðñîíàëüíûõ äàííûõ íà ñàéòàõ Îïåðàòîðîâ â ñåòè Èíòåðíåò. |
3.2.General description of the data processing methods used by the Company | 3.2.Îáùåå îïèñàíèå èñïîëüçóåìûõ Îïåðàòîðîì(àìè) ñïîñîáîâ îáðàáîòêè ïåðñîíàëüíûõ äàííûõ | ||
3.2.1. | When processing the Personal Data, the Company undertakes the necessary organizational and technical measures for protecting the Personal Data from unlawful or accidental access to them, from destruction, change, blockage, copying, dissemination of Personal Data, as well as from other unlawful actions. | 3.2.1. | Ïðè îáðàáîòêå Ïåðñîíàëüíûõ äàííûõ Îïåðàòîðû ïðèíèìàþò íåîáõîäèìûå îðãàíèçàöèîííûå è òåõíè÷åñêèå ìåðû äëÿ çàùèòû Ïåðñîíàëüíûõ äàííûõ îò íåïðàâîìåðíîãî èëè ñëó÷àéíîãî äîñòóïà ê íèì, óíè÷òîæåíèÿ, èçìåíåíèÿ, áëîêèðîâàíèÿ, êîïèðîâàíèÿ, ðàñïðîñòðàíåíèÿ Ïåðñîíàëüíûõ äàííûõ, à òàêæå îò èíûõ íåïðàâîìåðíûõ äåéñòâèé. |
3.2.2. | Processing of the Personal Data by the Company shall be performed using the data processing methods that ensure confidentiality of the Personal Data, except where: (1) Personal Data is impersonalized; and (2) in relation to publicly available Personal Data; and in compliance with the established requirements to ensuring the security of personal data, the requirements to the tangible media of biometric personal data and to the technologies for storage of such data outside personal data information systems in accordance with the effective legislation. | 3.2.2. | Îáðàáîòêà Ïåðñîíàëüíûõ äàííûõ Îïåðàòîðàìè îñóùåñòâëÿåòñÿ ïðè ïîìîùè ñïîñîáîâ, îáåñïå÷èâàþùèõ êîíôèäåíöèàëüíîñòü òàêèõ äàííûõ, çà èñêëþ÷åíèåì ñëåäóþùèõ ñëó÷àåâ: (1) â ñëó÷àå îáåçëè÷èâàíèÿ Ïåðñîíàëüíûõ äàííûõ; (2) â îòíîøåíèè îáùåäîñòóïíûõ Ïåðñîíàëüíûõ äàííûõ; è ïðè ñîáëþäåíèè óñòàíîâëåííûõ òðåáîâàíèé ê îáåñïå÷åíèþ áåçîïàñíîñòè ïåðñîíàëüíûõ äàííûõ, òðåáîâàíèé ê ìàòåðèàëüíûì íîñèòåëÿì áèîìåòðè÷åñêèõ ïåðñîíàëüíûõ äàííûõ è òåõíîëîãèÿì õðàíåíèÿ òàêèõ äàííûõ âíå èíôîðìàöèîííûõ ñèñòåì ïåðñîíàëüíûõ äàííûõ â ñîîòâåòñòâèè ñ äåéñòâóþùèì çàêîíîäàòåëüñòâîì. |
4.Term, revocation procedure | 4.Ñðîê, ïîðÿäîê îòçûâà | ||
This Statement of Consent is valid for an indefinite term. The Participant may revoke this consent by sending to Company a written notice at least ninety (90) days in advance of the proposed consent revocation date. The Participant agrees that during the specified notice period the Company is not obliged to cease processing of Personal Data or destroy the Personal Data of the Participant. | Íàñòîÿùåå ñîãëàñèå äåéñòâóåò â òå÷åíèå íåîïðåäåëåííîãî ñðîêà. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ ìîæåò îòîçâàòü íàñòîÿùåå ñîãëàñèå ïóòåì íàïðàâëåíèÿ Îïåðàòîðó(àì) ïèñüìåííîãî(ûõ) óâåäîìëåíèÿ(èé) íå ìåíåå ÷åì çà 90 (äåâÿíîñòî) äíåé äî ïðåäïîëàãàåìîé äàòû îòçûâà íàñòîÿùåãî ñîãëàñèÿ. Ñóáúåêò ïåðñîíàëüíûõ äàííûõ ñîãëàøàåòñÿ íà òî, ÷òî â òå÷åíèå óêàçàííîãî ñðîêà Îïåðàòîð(û) íå îáÿçàí(û) ïðåêðàùàòü îáðàáîòêó ïåðñîíàëüíûõ äàííûõ è óíè÷òîæàòü ïåðñîíàëüíûå äàííûå Ñóáúåêòà ïåðñîíàëüíûõ äàííûõ. |
i. | a copy of the Company’s most recent annual report (i.e., Form 10-K) is available at: https://investors.envistaco.com/sec-filings; |
ii. | a copy of the Plan is attached as an exhibit to the Company’s annual report (i.e., Form 10-K) available at https://investors.envistaco.com/sec-filings; and |
iii. | a copy of the Plan Prospectus is available at www.fidelity.com. |
▪ | Made available to appropriate persons at the Company around the world (and the Participant hereby consents to the transfer of the Participant’s data outside of Hong Kong); |
▪ | Supplied to any agent, contractor or third party who provides administrative or other services to the Company and/or the Hong Kong Employer or elsewhere and who has a duty of confidentiality (examples of such persons include, but are not limited to, any third party brokers or administrators engaged by the Company in relation to the Plan, external auditors, trustees, insurance companies, actuaries and any consultants/agents appointed by the Company and/or the Hong Kong Employer to plan, provide and/or administer employee benefits and awards granted under the Plan); |
▪ | Disclosed to any government departments or other appropriate governmental or regulatory authorities in Hong Kong or elsewhere such as the Inland Revenue Department and the Labour Department; |
▪ | Made available to any actual or proposed purchaser of all or part of the business of the Company or the Hong Kong Employer, in the case of any merger, acquisition or other public offering, the purchaser or subscriber for shares in the Company or the Hong Kong Employer; and |
▪ | Made available to third parties in the form of marketing materials and/or directories identifying the names, office telephone numbers, email addresses and/or other contact information for key officers, senior employees and their secretaries, assistants and support staff of the Company or the Hong Kong Employer for promotional and administrative purposes. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Envista Holdings Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | ||
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | ||
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | ||
Date: May 12, 2020 | ||
/s/ Amir Aghdaei | ||
Amir Aghdaei | ||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Envista Holdings Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | ||
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | ||
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | ||
Date: May 12, 2020 | ||
/s/ Howard H. Yu | ||
Howard H. Yu | ||
Senior Vice President and Chief Financial Officer |
I, Amir Aghdaei, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Envista Holdings Corporation for the period ended April 3, 2020, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Envista Holdings Corporation. | ||||
Date: May 12, 2020 | ||||
/s/ Amir Aghdaei | ||||
Amir Aghdaei | ||||
President and Chief Executive Officer | ||||
I, Howard H. Yu, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Envista Holdings Corporation for the period ended April 3, 2020, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Envista Holdings Corporation. | ||||
Date: May 12, 2020 | ||||
/s/ Howard H. Yu | ||||
Howard H. Yu | ||||
Senior Vice President and Chief Financial Officer |
Litigation And Contingencies (Narrative) (Details) - USD ($) $ in Millions |
Apr. 03, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for legal matters | $ 81 | $ 87 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Apr. 03, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 26.6 | $ 22.8 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000.0 | 500,000,000.0 |
Common stock, shares issued (in shares) | 159,200,000.0 | 158,700,000.0 |
Common stock, shares outstanding (in shares) | 159,200,000.0 | 158,700,000.0 |
Preferred stock, without par value (in USD per share) | $ 0 | $ 0 |
Preferred shares authorized (in shares) | 15,000,000.0 | 15,000,000.0 |
Preferred shares issued (in shares) | 0 | 0 |
Preferred shares outstanding (in shares) | 0 | 0 |
(Loss) Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Share | The table below presents the computation of basic and diluted (loss) earnings per share:
|
Debt and Credit Facilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Components Of Debt | The components of the Company’s debt were as follows ($ in millions):
|
Acquisitions - (Narrative) (Details) - Matricel - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 21, 2020 |
Apr. 03, 2020 |
|
Business Acquisition [Line Items] | ||
Consideration transferred | $ 45 | |
Weighted average amortization period | 10 years |
Related-Party Transactions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | RELATED-PARTY TRANSACTIONS In connection with the Separation, the Company entered into various agreements with Danaher, including but not limited to, a Separation Agreement, a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, an Intellectual Property Matters Agreement and a Danaher Business System (“DBS”) License Agreement, which set forth certain terms and conditions related to transactions which will continue between Danaher and the Company post-Separation. Separation Agreement The Separation Agreement governs the Separation and provides a framework for the relationship between the parties going forward. Transition Services Agreement The Transition Services Agreement sets forth the terms and conditions pursuant to which the Company and our subsidiaries and Danaher and its subsidiaries will provide to each other various services after the Separation. The services to be provided include information technology, facilities, certain accounting and other financial functions, and administrative services. The charges for the transition services generally are expected to allow the providing company to fully recover all out-of-pocket costs and expenses it actually incurs in connection with providing the service, plus, in some cases, the allocated indirect costs of providing the services, generally without profit. Tax Matters Agreement The Tax Matters Agreement governs the respective rights, responsibilities and obligations of both the Company and Danaher after the Separation with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Employee Matters Agreement The Employee Matters Agreement sets forth, among other things, the allocation of assets, liabilities and responsibilities relating to employee compensation and benefit plans and programs and other related matters in connection with the Separation, including the treatment of outstanding equity and other incentive awards and certain retirement and welfare benefit obligations. Intellectual Property Matters Agreement The Intellectual Property Matters Agreement sets forth the terms and conditions pursuant to which Danaher and the Company have mutually granted certain personal, generally irrevocable, non-exclusive, worldwide, and royalty-free rights to use certain intellectual property. Both parties are able to sublicense their rights in connection with activities relating to their businesses, but not for independent use by third parties. DBS License Agreement The DBS License Agreement sets forth the terms and conditions pursuant to which Danaher has granted a non-exclusive, worldwide, non-transferable, perpetual license to us to use DBS solely in support of our businesses. The Company is able to sublicense such license solely to direct and indirect wholly-owned subsidiaries. In addition, both parties have licensed to each other improvements made by such party to DBS during the first two years of the term of the DBS license agreement. The Company has historically operated as part of Danaher and not as a separate, publicly-traded company. Accordingly, Danaher has allocated certain shared costs to the Company that are reflected as expenses in these Condensed Consolidated and Combined Financial Statements for the periods prior to Separation. Management considers the allocation methodologies used by Danaher to be reasonable and to appropriately reflect the related expenses attributable to the Company for purposes of the Condensed Consolidated and Combined Financial Statements; however, the expenses reflected in these financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate entity. In addition, the expenses reflected in the financial statements may not be indicative of expenses the Company will incur in the future. Following the Split-Off, Danaher no longer owns any of the Company’s outstanding common stock and is no longer a related party and the Company no longer considers transactions with Danaher as related party transactions. Corporate Expenses Certain corporate overhead and shared expenses incurred by Danaher and its subsidiaries have been allocated to the Company and are reflected in the Condensed Consolidated and Combined Statements of Operations. These amounts include, but were not limited to, items such as general management and executive oversight, costs to support Danaher information technology infrastructure, facilities, compliance, human resources and legal functions and financial management and transaction processing including public company reporting, consolidated tax filings and tax planning, Danaher benefit plan administration, risk management and consolidated treasury services, certain employee benefits and incentives and stock based compensation administration. These costs were allocated using methodologies that management believes are reasonable for the item being allocated. Allocation methodologies included the Company’s relative share of revenues, headcount or functional spend as a percentage of the total. Insurance Programs Administered by Former Parent In addition to the corporate allocations discussed above, the Company was allocated expenses related to certain insurance programs Danaher administered on behalf of the Company, including workers’ compensation, property, cargo, automobile, crime, fiduciary, product, general and directors’ and officers’ liability insurance. The insurance costs of these policies were allocated by Danaher to the Company using various methodologies related to the respective, underlying exposure base. For the self-insured component of the policies referenced above, Danaher allocated costs to the Company based on the Company’s incurred claims. Medical Insurance Programs Administered by Former Parent In addition to the corporate allocations noted above, the Company was allocated expenses related to the medical insurance programs Danaher administered on behalf of the Company. These amounts were allocated using actual medical claims incurred during the period for the associated employees attributable to the Company. In connection with the Separation, the Company established independent medical insurance programs similar to those previously provided by Danaher. Deferred Compensation Program Administered by Former Parent Certain of the Company’s management employees participated in Danaher’s nonqualified deferred compensation programs that permit participants to defer a portion of their compensation, on a pretax basis prior to the Separation. All amounts deferred under this plan are unfunded, unsecured obligations of Danaher and subject to reimbursement by the Company. In connection with the Separation, the Company established a similar independent, nonqualified deferred compensation program. After the Separation there were no related-party expenses allocated to the Company. The amounts of related-party expenses allocated to the Company from Danaher for the three months ended March 29, 2019, were as follows ($ in millions):
Revenue and other transactions entered into in the ordinary course of business Certain of the Company’s revenue arrangements relate to contracts entered into in the ordinary course of business with Danaher and Danaher affiliates. The amount of related-party revenue was not significant for the three months ended March 29, 2019.
|
Stock Transactions |
3 Months Ended |
---|---|
Apr. 03, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Transactions And Stock-Based Compensation | STOCK TRANSACTIONS Capital Stock Under the Company’s amended and restated certificate of incorporation, as of September 20, 2019, the Company’s authorized capital stock consists of 500 million shares of common stock with a par value of $0.01 per share and 15 million shares of preferred stock with no par value per share. On September 17, 2019, the Company issued shares of the Company’s common stock to Danaher as partial consideration for the transfer of the Dental business by Danaher to the Company, which, together with the 100 shares of the Company’s common stock previously held by Danaher resulted in Danaher owning 127.9 million shares of the Company’s common stock. On September 20, 2019, the Company completed its IPO resulting in the issuance of an additional 30.8 million shares of its common stock. No preferred shares were issued or outstanding as of April 3, 2020. |
Income Taxes |
3 Months Ended |
---|---|
Apr. 03, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Prior to the Split-Off, the Company’s operating results were included in Danaher’s various consolidated U.S. federal and certain state income tax returns, as well as certain non-U.S. returns. For periods prior to the Split-Off, the Company’s Condensed Consolidated and Combined Financial Statements reflect income tax expense and deferred tax balances as if the Company had filed tax returns on a standalone basis separate from Danaher. The separate return method applies the accounting guidance for income taxes to the standalone financial statements as if the Company was a separate taxpayer and a standalone enterprise for periods prior to the Split-Off. The Company’s effective tax rate of 39.0% and 15.8% for three months ended April 3, 2020 and March 29, 2019, respectively, differs from the U.S. federal statutory rate of 21.0%, primarily due to the Company’s geographical mix of earnings including the impact of COVID-19 in the three months ended April 3, 2020. On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the COVID-19 outbreak which, among other things, contains numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. The Company has not identified material impacts to the quarterly provision as of April 3, 2020 and does not anticipate that the provisions of the CARES Act will impact income taxes in 2020. The Company will continue to evaluate the impact of the CARES Act as new clarifying guidance is issued throughout 2020.
|
Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward and Carrying Value Of Goodwill | The following is a rollforward of the Company’s goodwill ($ in millions):
|
Acquisitions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values Of The Assets Acquired And Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date ($ in millions):
|
Pension And Other Benefit Plans (Tables) - Defined benefit pension plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following sets forth the components of the Company’s net periodic benefit cost of the defined benefit pension plans ($ in millions): Components of net periodic pension cost:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The net periodic benefit cost during the three month periods ended April 3, 2020 and March 29, 2019, are reflected in the following captions in the accompanying Condensed Consolidated and Combined Statements of Operations ($ in millions):
|
Goodwill |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL The following is a rollforward of the Company’s goodwill ($ in millions):
In addition to the annual impairment test, the Company is required to regularly assess whether a “triggering” event has occurred which would require interim impairment testing. Among other factors, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Based on this assessment the Company did not identify any “triggering” events, which would indicate an impairment of goodwill is more likely than not as of April 3, 2020. The Company will continue to assess whether a “triggering” event has occurred which would require an interim impairment test and will perform an annual impairment test of goodwill during the fourth quarter. Determining the fair value of a reporting unit for purposes of the goodwill impairment test is judgmental in nature and involves the use of estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. Unforeseen negative changes in future business or other market conditions for any of our reporting units including margin compression or loss of business, could cause recorded goodwill to be impaired in the future. |
Pension And Other Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Benefit Plans | The following sets forth the components of the Company’s net periodic benefit cost of the defined benefit pension plans ($ in millions): Components of net periodic pension cost:
The net periodic benefit cost during the three month periods ended April 3, 2020 and March 29, 2019, are reflected in the following captions in the accompanying Condensed Consolidated and Combined Statements of Operations ($ in millions):
|
Productivity Improvement And Restructuring - (Schedule Of Restructuring Reserve By Type Of Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
|
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | $ 12.3 | $ 2.0 |
Cost of sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | 2.8 | 0.9 |
Selling, general and administrative expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs incurred | $ 9.5 | $ 1.1 |
Pension And Other Benefit Plans - (Components of Net Periodic Benefit Cost of Defined Benefit Pension Pans) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ (2.6) | $ (2.3) |
Net periodic pension cost | (2.5) | (2.2) |
Defined benefit pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | (2.6) | (2.3) |
Interest cost | (0.4) | (0.5) |
Expected return on plan assets | 0.9 | 0.8 |
Amortization of initial net obligation | (0.1) | (0.1) |
Amortization of prior service credit | 0.1 | 0.0 |
Amortization of actuarial loss | (0.4) | (0.1) |
Net periodic pension cost | $ (2.5) | $ (2.2) |
Inventories (Details) - USD ($) $ in Millions |
Apr. 03, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 253.0 | $ 223.5 |
Work in process | 38.2 | 36.5 |
Raw materials | 97.4 | 89.9 |
Inventories, gross | 388.6 | 349.9 |
Less: reserve for excess and obsolescence | (76.3) | (72.0) |
Inventories, net | $ 312.3 | $ 277.9 |
Hedging Transactions And Derivative Financial Instruments (Narrative) (Details) |
Apr. 03, 2020
USD ($)
|
Apr. 03, 2020
EUR (€)
|
Sep. 20, 2019
USD ($)
|
---|---|---|---|
Derivative [Line Items] | |||
Long-term Debt | $ 1,550,200,000 | ||
US term loan due 2022 | |||
Derivative [Line Items] | |||
Long-term Debt | 648,900,000 | $ 650,000,000 | |
Term loan | 650,000,000 | ||
Euro term loan due 2022 | |||
Derivative [Line Items] | |||
Long-term Debt | $ 647,800,000 | ||
Term loan | € | € 600,000,000 |
Commitments And Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Warranty Accrual | The following is a rollforward of the Company’s accrued warranty liability ($ in millions):
|
Accrued Expenses And Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities were as follows ($ in millions):
|
Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||
Allowance for Credit Losses | The rollforward of the allowance for credit losses is summarized as follows ($ in millions):
|
Property, Plant and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The classes of property, plant and equipment are summarized as follows ($ in millions):
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Company’s assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation; and Level 3 inputs are unobservable inputs based on the Company’s assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows ($ in millions):
Derivative Instruments The cross-currency swap derivative contracts are classified as Level 2 in the fair value hierarchy as they are measured using the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs. The interest rate swap derivative contracts are classified as Level 2 in the fair value hierarchy as they are measured using the income approach with the relevant interest rates and forward curves as inputs. Refer to Note 8 for additional information. Deferred Compensation Plans Certain management employees of the Company participate in nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis. All amounts deferred under this plan are unfunded, unsecured obligations and are presented as a component of the Company’s compensation and benefits accrual included in accrued expenses in the accompanying Condensed Consolidated Balance Sheets (refer to Note 7). Participants may choose among alternative earnings rates for the amounts they defer, which are primarily based on investment options within the Company’s 401(k) program. Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates on investment options within the Company’s 401(k) program. Amounts voluntarily deferred by employees into the Company stock fund and amounts contributed to participant accounts by the Company are deemed invested in the Company’s common stock and future distributions of such contributions will be made solely in shares of Company common stock, and therefore are not reflected in the above amounts. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments were as follows ($ in millions):
|
Subsequent Event (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jul. 03, 2020 |
Apr. 03, 2020 |
Mar. 29, 2019 |
|
Subsequent Event [Line Items] | |||
Restructuring charges | $ 12.3 | $ 2.0 | |
Forecast | Minimum | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Impairment of assets held-for-sale | $ 19.0 | ||
Restructuring charges | 8.0 | ||
Forecast | Maximum | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Impairment of assets held-for-sale | 24.0 | ||
Restructuring charges | $ 10.0 |
Income Taxes - (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 39.00% | 15.80% |
Credit Losses Allowance for Credit Losses (Details) $ in Millions |
3 Months Ended |
---|---|
Apr. 03, 2020
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at December 31, 2019 | $ 22.8 |
Foreign currency translation | (1.4) |
Provision for credit losses | 6.1 |
Write-offs charged against the allowance | (0.9) |
Balance at April 3, 2020 | $ 26.6 |
Accrued Expenses And Other Liabilities - (Details) - USD ($) $ in Millions |
Apr. 03, 2020 |
Dec. 31, 2019 |
---|---|---|
Current | ||
Compensation and benefits | $ 105.2 | $ 151.2 |
Pension benefits | 8.5 | 8.5 |
Taxes, income and other | 11.4 | 39.3 |
Contract liabilities | 48.1 | 52.6 |
Sales and product allowances | 51.9 | 68.8 |
Loss contingencies | 52.1 | 57.5 |
Other | 106.7 | 92.7 |
Total | 383.9 | 470.6 |
Noncurrent | ||
Compensation and benefits | 8.8 | 8.9 |
Pension benefits | 87.0 | 89.4 |
Taxes, income and other | 267.6 | 254.0 |
Contract liabilities | 4.0 | 4.4 |
Sales and product allowances | 0.8 | 0.7 |
Loss contingencies | 28.7 | 29.1 |
Other | 22.6 | 12.8 |
Total | $ 419.5 | $ 399.3 |
Commitments And Contingencies (Warranty Accrual) (Details) $ in Millions |
3 Months Ended |
---|---|
Apr. 03, 2020
USD ($)
| |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Balance at December 31, 2019 | $ 9.6 |
Accruals for warranties issued during the year | 5.2 |
Payments made | (4.7) |
Effect of foreign currency translation | (0.2) |
Balance at April 3, 2020 | $ 9.9 |
Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Former Parent Investment, Net |
Accumulated Other Comprehensive Loss |
Total Envista Equity |
Noncontrolling Interests |
---|---|---|---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2018 | $ 0.0 | $ 0.0 | $ 0.0 | $ 4,901.3 | $ (78.2) | $ 4,823.1 | $ 3.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock-based award activity | 4.1 | 4.1 | ||||||
Net (loss) income | $ 37.9 | 37.9 | 37.9 | |||||
Net transfers to Former Parent | 24.3 | 24.3 | ||||||
Other comprehensive loss | (37.7) | (37.7) | (37.7) | |||||
Changes in noncontrolling interests | (0.1) | |||||||
Balance, end of period at Mar. 29, 2019 | 0.0 | 0.0 | 0.0 | $ 4,967.6 | (115.9) | 4,851.7 | 3.2 | |
Balance, beginning of period at Dec. 31, 2019 | 3,542.8 | 1.6 | 3,589.7 | 93.1 | (144.2) | 3,540.2 | 2.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock-based award activity | 0.0 | 6.4 | 0.0 | 0.0 | 6.4 | 0.0 | ||
Net (loss) income | (17.2) | 0.0 | 0.0 | (17.2) | 0.0 | (17.2) | 0.0 | |
Other comprehensive loss | (45.7) | 0.0 | 0.0 | 0.0 | (45.7) | (45.7) | 0.0 | |
Balance, end of period at Apr. 03, 2020 | $ 3,486.3 | $ 1.6 | $ 3,596.1 | $ 75.9 | $ (189.9) | $ 3,483.7 | $ 2.6 |
Acquisitions (Fair Values Of The Assets Acquired And Liabilities) (Details) - USD ($) $ in Millions |
Apr. 03, 2020 |
Jan. 21, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 3,292.5 | $ 3,306.0 | |
Matricel | |||
Business Acquisition [Line Items] | |||
Cash | $ 2.9 | ||
Trade accounts receivable | 1.0 | ||
Inventories | 1.9 | ||
Prepaid expenses and other current assets | 0.2 | ||
Property, plant and equipment | 0.5 | ||
Goodwill | 25.2 | ||
Other intangible assets | 22.3 | ||
Total assets acquired | 54.0 | ||
Trade accounts payable | (0.1) | ||
Accrued expenses and other liabilities | (9.4) | ||
Total liabilities assumed | (9.5) | ||
Total net assets acquired | $ 44.5 |
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Results | Segment related information is shown below ($ in millions):
|
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss by component are summarized below ($ in millions).
______________
______________
|
Debt and Credit Facilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Financing | DEBT AND CREDIT FACILITIES The components of the Company’s debt were as follows ($ in millions):
Unamortized debt issuance costs totaled $2 million as of April 3, 2020, which have been netted against their respective aggregate principal amounts of the related debt in the table above and are being amortized to interest expense over the term of the debt. Long-Term Indebtedness On September 20, 2019, the Company entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks under which Envista borrowed approximately $1.3 billion, consisting of the three-year $650 million Term Loan Facility and the three-year €600 million Euro Term Loan Facility (together with the Term Loan Facility, the “Term Loans”). The Credit Agreement also includes the five-year, $250 million Revolving Credit Facility and together with the Term Loans, the “Senior Credit Facilities”). Pursuant to the Separation Agreement, all of the net proceeds of the Term Loans were paid to Danaher as partial consideration for the Dental business Danaher transferred to Envista, as further discussed in Note 1. The Revolving Credit Facility includes an initial aggregate principal amount of $250 million with a $20 million sublimit for the issuance of standby letters of credit. The Company has the option to increase the amount available under the Revolving Credit Facility, subject to agreement by the lenders, by up to an additional $200 million in the aggregate. The Revolving Credit Facility can be used for working capital and other general corporate purposes. As of April 3, 2020, the Revolving Credit Facility has been fully drawn down. The interest rates for borrowings under the Term Loan Facility, Euro Term Loan Facility and Revolving Credit Facility were 2.4%, 1.1% and 2.1%, respectively, for the three months ended April 3, 2020. The Company has entered into interest rate swap derivative contracts for the Term Loan Facility, as further discussed in Note 8. The Credit Agreement also contains customary events of default. Upon the occurrence and during the continuance of an event of default, the lenders may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. The Company was in compliance with all of its debt covenants as of April 3, 2020. |
Productivity Improvement And Restructuring |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Productivity Improvement And Restructuring Initiatives | PRODUCTIVITY IMPROVEMENT AND RESTRUCTURING The Company’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing the Company’s strategy, either in the normal course of business or pursuant to significant restructuring programs. The Company initiated productivity improvements and restructuring related activities during the three months ended April 3, 2020, as summarized below ($ in millions):
Productivity improvement and restructuring related charges recorded for the three months ended April 3, 2020 and March 29, 2019, by segment were as follows ($ in millions):
The productivity improvement and restructuring related charges incurred during the three months ended April 3, 2020 and March 29, 2019, are reflected in the following captions in the accompanying Condensed Consolidated and Combined Statements of Operations ($ in millions):
|
Subsequent Event |
3 Months Ended |
---|---|
Apr. 03, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT Subsequent to April 3, 2020, the Company committed to a plan to exit a portion of its treatment unit business, which is part of the Equipment & Consumables segment, as part of its strategy to structurally improve its margins. In accordance with ASC 360, Property, Plant and Equipment, these assets are classified as assets held-for-use until they are disposed of. The Company will continue to evaluate these assets for potential impairment until they are disposed of, which is expected to be by the end of the quarter ending July 3, 2020. While the Company will write-off a majority of the assets, the land and buildings will be reclassified as held-for-sale by the end of the quarter ending July 3, 2020. Based on a preliminary assessment, the Company believes that it may record an impairment charge of $19 million to $24 million and a restructuring charge related to severance and other exit activities of $8 million to $10 million in the quarter ending July 3, 2020.
|
L9G7*&0PRA^10FYCX==8:3#,A] A-SG\X[
MPW$&Y#[&\)C[=.893C1'[A.8F/MT[!D.-4?N$YB8^W3R& 9!))S(ASK$7PSH9J),!.C.)YB!!OKPY4 !;(%C0'CWH[LL%0>;-
M. '-N TMZ)$>M*Q)$.BY#<(+VJ0'W?4)#KUH1@DV)PH7=$H/>MB]W,MGI& ;
M(\C'V0P%[%$4_T>[P 9$D ,G[3*U(,)Y.ELP;$(T=2'0+A84CZ2"&178@@CR
MX*17LFFOH-B;VSK8JRA?TBL6E-QM78:]Q_]B?W3$-92?S.$NG#V[M.9F,5H=
M+A ;;([(?W![^_A&^*EJA;-C4AVTYC@\,B:I2B?PU,:>U85GF-3T*/4P56-N
M3WT[D:SK;S3^<*TJ_P)02P,$% @ Q(.L4"*K7J,1 P =0P !D !X
M;"]W;W)K U58OZZ>A[LIY-_:\0'?A4-A=^A!K_P69#0>7"\=J?S3AFH^&PFWX0
MF[]Q_@]02P,$% @ Q(.L4%[*CUNX 0 T@, !D !X;"]W;W)K
F
MA09O2F.U\&C:BKG6@B@B22O&5ZL;IH5L:)9$W\EFB>F\D@V<+'&=UL*^'T&9
M/J5K^NEXDE7M@X-E22LJ^ 7^=WNR:+%)I9 :&B=-0RR4*;U;'X[;@(^ 9PF]
MFYU)J.1LS$LPOA3>WUH&YIPZQ!/HPXTL@3#&BB#6S$#JE7ZG98!.L6,SDS+H_\VPL9A
MIC*XF/4#-RS"@)_*%\*A$$YF6@'!C8W"SB8D<$2"?5;D,S)PSZ*P:2M_%SC,
MU,Z'+)G9T AN;52$.GYG.LP;G3J9\P.? @Z FI?J(2$YC8 H@X!C(,U^H
M"@Z;/ ^$TLEWS=Q,OE%Q:'H9/7&E/Y'V0[;G7#'-J-LBCH[Z,G2=M&ROS+#2
M8S'>",:)XH.[[:37*]?Z#U!+ P04 " #$@ZQ031[M'@(" !L!0 &0
M 'AL+W=OZMEK'J[B#%T-41^S[6+(."8B0PS2_$,2XDQ"+$$T
M(DA"-SYTXD.+#_\3F;@)(B=!-!$0KM([EUU,8F-J&Q,OENXDL3-)/'69NO&)
M$Y\\[C)U$J0/N.QBTI%+0A8SF[%T9EDZLLRLT\I)L'K<)P[7 3F(ERX" \N G,1'EPDYB)=N$@?+A)S
MD8B+Y;&!Q%RD!Q>)N4@7+GW0[..C4&(NTH.+Q%RD"Q?IS$5:'J\A+K9",1<)
MN%A[Q5PDXC+J=
O7F:CXWO5.RK5@9/7.F76/NJ
MN>-<,4T:W^A6'?3WS3BHV4Z9TUR?B_XEOQ\HW@T?,-'X%;7Z#U!+ P04
M" #$@ZQ0>*T8R[<" #3"@ &0 'AL+W=O