þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended January 1, 2017 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Massachusetts | 04-2052042 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
940 Winter Street, Waltham, Massachusetts | 02451 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $1 Par Value | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Page | ||
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Item 1. | Business |
• | Achieving significant growth in both of our new core business segments, Discovery & Analytical Solutions and Diagnostics, through strategic acquisitions and licensing; |
• | Accelerating innovation through both internal research and development and third-party collaborations and alliances; |
• | Strengthening our position within key markets, by expanding our product and service offerings and maintaining superior product quality; |
• | Utilizing our share repurchase programs to help drive shareholder value; and |
• | Attracting, retaining and developing talented and engaged employees. |
• | The Clarus® series of gas chromatographs, gas chromatographs/mass spectrometers and the TurboMatrix™ family of sample-handling equipment are used to identify and quantify compounds in the environmental, forensics, food and beverage, hydrocarbon processing/biofuels, materials testing, pharmaceutical and semiconductor industries. |
• | The Altus® UPLC® and HPLC advanced liquid chromatography systems providing high throughput and resolution chromatographic separations. |
• | AxION® 2 TOF MS is designed to simplify and streamline virtually any analytical workflow and provides mass accuracy, full spectrum capability, speed, sensitivity, and dynamic range. |
• | AxION® Direct Sample Analysis (DSA®) is a sample introduction system that enables direct sample analysis with minimal sample preparation and no chromatography. |
• | The Torion® T-9 portable GC/MS, a fast person-portable GC/MS system, enabling rapid detection and actionable results to potentially hazardous and emergency environmental conditions. |
• | Our atomic spectroscopy family of instruments, including the AAnalyst™/PinAAcle® series of atomic absorption spectrometers, the Avio™/Optima® family of inductively coupled plasma (“ICP”) optical emission spectrometers and the NexION® family of ICP mass spectrometers are used in the environmental and chemical industries, among others, to determine the elemental content of a sample. |
• | Our infrared spectroscopy family, including the Spectrum Two™ spectrometer, a compact and portable instrument, used for high-speed infrared analysis for unknown substance identification, material qualification or concentration determination in fuel and lubricant analysis, polymer analysis and pharmaceutical and environmental applications. This includes the Frontier™ IR and NIR spectrometers designed to provide high sensitivity and flexibility to address a range of sample types. Spotlight™ IR systems, designed for scientists whose samples demand higher sensitivity and simpler analysis and workflows. |
• | The LAMBDA™ UV/Vis, a series of spectrophotometers that provide sampling flexibility to enable measuring of a wide range of sample types, including liquids, powders and solid materials, both in regulated industries as well as QC/QA and research applications. |
• | The 2400 Series II CHNS/O Elemental Analyzer is one of the leading organic elemental analyzers. It is ideal for the rapid determination of carbon, hydrogen, nitrogen, sulfur, and oxygen content in organic and other types of materials. |
• | Our thermal analysis family includes DSC series that offers exclusive HyperDSC capability for unparalleled sensitivity and new insights into material processes. |
• | Our Thermogravimetric (TG) and Simultaneous Thermal Analysis (STA) instruments, which can be coupled to Fourier Transform Infrared (FT-IR), Mass Spectrometry (MS), or Gas Chromatography/Mass Spectrometry (GC/MS) to provide greater analysis power and knowledge. |
• | Perten's Falling Number and Glutomatic instruments determine the bread baking quality of wheat and flour. |
• | Phenoptics™ quantitative pathology research solutions provide oncologists and cancer immunologists a new way to visualize and measure tumor cells and multiple immune-cell phenotypes simultaneously in FFPE tissue by combining the power of Opal®™ multiplexed immunohistochemistry reagents with the Mantra™ or Vectra® 3 Multispectral Imaging System, enabling visualization and analysis of complex cell interactions in ways that are difficult to achieve with other methods. |
• | Radiometric detection solutions, including over 1,100 radiochemicals NEN and the Tri-carb®, Quantulus™ GCT families of liquid scintillation analyzers, Wizard2® Gamma counters and MicroBeta2® plate based LSA, are used for beta, gamma and luminescence counting in microplate and vial formats utilized in research, environmental and drug discovery applications. |
• | The Opera® Phenix™ high content screening system is used for sensitive and high speed phenotypic drug screening of complex cellular models. |
• | The Operetta® CLS™ high content analysis system enables scientists to reveal fine sub-cellular details from everyday assays as well as more complex studies, for example using live cells, 3D and stem cells. |
• | The Columbus™ image data storage and analysis system provides a single solution to the storage and analysis of high content data from any major high content screening system, helping to visualize and analyze high content images via the Internet. |
• | The EnSight™ multimode plate reader benchtop system offers well plate imaging alongside label-free and labeled detection technologies for target-based and phenotypic assays. |
• | The EnVision® multilabel plate reader is targeted towards a wide range of high-throughput screening applications, including those using AlphaScreen®, AlphaLISA® and/or AlphaPlex® technologies. |
• | A wide range of homogeneous biochemical and cell based assay reagents, including LANCE® Ultra™ and Alpha™ Technology assay platforms used for the detection of drug discovery targets such as G-protein coupled receptors (“GPCR”), kinases, biomarkers and the modification of epigenetic enzymes. |
• | A broad portfolio of recombinant GPCR and Ion Channel cell lines, including over 300 products and 120 ready-to-use frozen cell lines for a wide range of disease areas. |
• | AlphaScreen®, AlphaLISA® and AlphaPlex® research assays, including over 500 no-wash biomarker detection kits for both biotherapeutics and small molecule drug discovery and development in a variety of therapeutic areas including cancer, inflammation, metabolic disorders, neurodegeneration and virology. |
• | TSA® Plus biotin kits can increase sensitivity of histochemistry and cytochemistry as much as 10 to 20 times. |
• | In vivo imaging technologies and reagents for preclinical research, including the IVIS® Spectrum™ series and the FMT® series for 3D imaging, including the Spectrum™ BL for 2D and 3D optical imaging, and the IVIS® Lumina™ series for 2D imaging, along with a suite of bioluminescent and fluorescent imaging agents, cell lines and dyes. These technologies are designed to provide for non-invasive longitudinal monitoring of disease progression, cell trafficking and gene expression patterns in living animals and are complemented by a broad portfolio of fluorescent and bioluminescent in vivo imaging reagents that can be useful for identifying, characterizing and quantifying a range of disease biomarkers and therapeutic efficacy in living animal models. |
• | The G4 PET/X-ray and G8 PET/CT preclinical imaging systems deliver PET imaging with an intuitive user interface and efficient workflows, ensuring subject monitoring throughout preparation and imaging. |
• | Quantum GX™ microCT platform is an in vivo microCT scanner that offers industry leading microCT resolution for pre-clinical imaging applications or eight second scan times for higher throughput with lower doses of radiation. With Quantum GX™, 3D data from the IVIS® and FMT® imaging platforms can be coregistered with microCT. |
• | Opal® 4, 5, 6, and 7 color multiplexed staining kits for amplified detection of immunohistochemistry utilized for multiple biomarker assessment in a single FFPE tumor cross section. |
• | Vectra® 3 and inForm® software providing the power of multiplexed biomarker imaging in tissue and quantitative analysis, all within a familiar digital workflow to accelerate cancer immunology research. |
• | AlphaPlex™ reagent technology, a homogeneous, all-in-one-well multiplexing reagent system for performing ultra-sensitive immunoassay analyses. |
• | High Content Profiler™ powered by TIBCO® Spotfire® technology provides automated workflows for quality control and hit classification for truly multi-parametric cellular drug screens. |
• | Lead Discovery™ powered by TIBCO® Spotfire® adds chemical intelligence to the TIBCO® Spotfire® business intelligence platform, enabling scientific professionals to derive new information from chemical structures relevant to experimental data. |
• | Informatics platforms including E-Notebook for Chemistry and Biology, Elements®, iLab™, ChemDraw® and ChemOffice® , integrated suites that focus on the complex and varied needs of understanding and managing data for productivity and collaboration. |
• | ChemDraw® and Chem3D® mobile apps for the iPad® device, chemical structure drawing and visualization apps, available in multiple languages and feature our Flick-to-Share® technology. |
• | Licensing for the exclusive, worldwide rights to the TIBCO® Spotfire® software platform in certain scientific research and development markets, and certain clinical markets through an exclusive strategic relationship with TIBCO Software, Inc. |
• | OneSource® Laboratory Services, a comprehensive portfolio of multivendor instrument management, QA/QC, lab relocation and regulatory compliance services. OneSource® programs are tailored to the specific needs and goals of individual customers and offer a series of informatics-based consulting, planning and management offerings to assist in laboratory productivity and the optimization of complex Information Technology platforms. |
• | OneSource® Mobile Application provides instant mobile access to service activity and equipment data including the ability to open a service call, check service history and view future scheduled events. |
• | OneSource® Dashboard, a TIBCO® Spotfire® technology driven interactive graphical platform provides visibility to a customer’s global asset population, service event and downtime distribution, as well as key performance indicators to assist in asset operation. |
• | The Avio™ 200 is the smallest ICP-OES on the market, offering the lowest argon consumption of any ICP, the fastest ICP startup and the widest linear range with dual viewing technology for use in a variety of labs. |
• | QSight Triple Quad LC/MS/MS is a flow-based mass spectrometry system that provides high sensitivity and enables high levels of efficiency and productivity to meet both standard and regulatory requirements. |
• | The Delta range of milk quality analyzers help ensure the quality of dairy products and are used at Central Milk Testing labs as well as dairy processing facilities around the world. |
• | The Bioo Scientific test kits for detection of toxins, veterinary drug residues and contaminants enable rapid and easy testing at different steps in the food value chain. |
• | The Operetta® CLS™ high content analysis system enables scientists to reveal fine sub-cellular details from everyday assays as well as more complex studies, for example using live cells, 3D and stem cells. |
• | Alpha™ SureFire® Ultra Multiplex Assays are used for the rapid, sensitive and quantitative detection of phosphoproteins in cells, combined with the measurement of the total amount of the same protein in a single well. |
• | CellCarrier® Ultra 384-well microplates used in high content imaging applications such as phenotypic screening and three-dimensional disease model studies. |
• | PerkinElmer Signals™ for Translational, a cloud-based data management, aggregation and analysis platform, integrates experimental and clinical research data from many sources and relates the data to scientifically meaningful concepts. The platform also enables support for the complete precision medicine workflow, from data acquisition to biomarker discovery and validation. |
• | Clinical Data Review analytical solution provides medical monitors, safety review teams, biostatisticians, data managers, pharmacologists, and others who analyze clinical data, a powerful advanced analytics solution for overcoming data review challenges. The solution enhances clinical data management and medical review workflows, allowing organizations to make informed decisions on the safety and efficacy of therapeutics earlier in their development. |
• | The DELFIA® Xpress screening platform, a complete solution for prenatal and maternal health screening, which includes a fast continuous loading system. It is supported by kits for both first and second trimester analyses for prenatal screening and clinically validated LifeCycle™ software. |
• | The NeoGram™ MS/MS AAAC in vitro diagnostic kit is used to support detection of metabolic disorders in newborns through tandem mass spectrometry. |
• | The NeoBase™ Non-derivatized MS/MS kit analyzes newborn blood samples for measurement of amino acids and other metabolic analytes for specific diseases. |
• | The GSP® Neonatal hTSH, T4 17α-OHP, GALT IRT, BTD, PKU, Total Galactose and G6PD kits are used for screening congenital neonatal conditions from a drop of blood. |
• | The Specimen Gate® informatics data management solution is designed specifically for newborn screening laboratories. |
• | The XRpad® family of amorphous silicon (a-Si) flat panel cassette X-ray detectors enables X-ray system manufacturers to upgrade their systems from film to digital and to produce exceptional image resolution and diagnostic capability for radiography especially when imaging small anatomical features such as bone fractures and lung nodules. |
• | ViaCord® umbilical cord blood banking services for the banking of stem cells harvested from umbilical cord blood and cord tissue, for potential therapeutic application in transplant and regenerative medicine. |
• | The XRD™ family of a-Si flat panel X-ray detectors provides imaging for medical applications such as radiation therapy and veterinary imaging as well as industrial imaging applications including pipeline inspection, manufacturing inspection and 3D Cone Beam CT. |
• | The Dexela® family of CMOS flat panel X-ray detectors provides imaging for orthopedic surgery, mammography, dental, and industrial imaging applications such as PCB inspection and 3D Cone Beam CT. |
• | An expanded portfolio of molecular-based infectious disease screening technologies for blood bank and clinical laboratory settings in China. The tools include a qualitative 3-in-1 assay for the detection of hepatitis B, hepatitis C and HIV, as well as assays for other communicable diseases. |
• | The EnLite™ Neonatal TREC™ System, a screening test for Severe Combined Immunodeficiency, consisting of EnLite™ Neonatal TREC™ reagent kits, the Victor EnLite™ instrument and EnLite™ Workstation software. |
• | Automated liquid handling platforms (JANUS®, Sciclone® and Zephyr®) that offer a choice of robotic solutions in genomics, biotherapeutics, high throughput screening and high content analysis to assist life science research from bench to clinic. |
• | Next-generation sequencing automation and nucleic acid quantitation, including LabChip® GX Touch electrophoresis, as well as Sciclone®, Zephyr® and JANUS® automated liquid handling workstations for library preparation. |
• | JANUS® BioTx™ Workstation for automated small scale purification offers column, tip and plate based chromatography on a single platform. |
• | The LabChip GXII® Touch provides a means of characterizing multiple protein product attributes for research labs through QC. |
• | The cell::explorer®™ automated workstation allows integration of multiple laboratory instrumentation using a centralized robotic interface, allowing high throughput and turnkey-application focused solutions. |
• | A comprehensive portfolio of Next-Generation Sequencing ("NGS") Library Prep and multiplexing kits designed to increase sensitivity, flexibility and speed for speed for sequencing platforms, offered through our acquisition of Bioo Scientific. |
• | Automated, precise, cost-effective Non-Invasive Prenatal Testing ("NIPT") utilizing molecular technology not requiring sequencing technology, offered through our acquisition of Vanadis Diagnostics. |
• | The XRD 4343RF, which supports a full 43 × 43 cm2 (17 × 17 in2) field of view providing superior imaging for fluoroscopy, radiography and cone beam CT applications. The detector offers frame rates up to 85 fps and has a direct deposited Cesium Iodide scintillator for superior image quality. |
• | The Dexela 2315NDT, a fast, high resolution X-ray detector for use in realtime, 2D and 3D industrial imaging. |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | |||||||||||
Product revenue | $ | 934,098 | $ | 968,034 | $ | 944,446 | |||||
Service revenue | 578,886 | 560,385 | 539,694 | ||||||||
Total revenue | 1,512,984 | 1,528,419 | 1,484,140 | ||||||||
Operating income from continuing operations(1) | 207,487 | 173,668 | 162,074 | ||||||||
Diagnostics | |||||||||||
Product revenue | 462,798 | 427,068 | 428,290 | ||||||||
Service revenue | 139,735 | 149,336 | 157,450 | ||||||||
Total revenue | 602,533 | 576,404 | 585,740 | ||||||||
Operating income from continuing operations | 138,909 | 135,572 | 124,610 | ||||||||
Corporate | |||||||||||
Operating loss from continuing operations(2)(3) | (63,330 | ) | (58,314 | ) | (121,677 | ) | |||||
Continuing Operations | |||||||||||
Product revenue | $ | 1,396,896 | $ | 1,395,102 | $ | 1,372,736 | |||||
Service revenue | 718,621 | 709,721 | 697,144 | ||||||||
Total revenue | 2,115,517 | 2,104,823 | 2,069,880 | ||||||||
Operating income from continuing operations | 283,066 | 250,926 | 165,007 | ||||||||
Interest and other expense, net | 38,998 | 42,119 | 41,139 | ||||||||
Income from continuing operations before income taxes | $ | 244,068 | $ | 208,807 | $ | 123,868 |
(1) | Legal costs for a particular case in our Discovery & Analytical Solutions segment were $0.8 million for fiscal year 2015. |
(2) | Activity related to the mark-to-market adjustment on postretirement benefit plans has been included in the Corporate operating loss from continuing operations, and in the aggregate constituted a pre-tax loss of $15.3 million in fiscal year 2016, a pre-tax loss of $12.4 million in fiscal year 2015, and pre-tax loss of $75.4 million in fiscal year 2014. |
(3) | Includes expenses related to litigation with Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, “Enzo”). Enzo filed a complaint in 2002 that alleged that we separately and together with other defendants breached distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology. We entered into a settlement agreement with Enzo dated June 20, 2014 and during fiscal year 2014 paid $7.0 million into a designated escrow account to resolve this matter, of which $3.7 million had been accrued in previous years and $3.3 million was recorded during fiscal year 2014. In addition, $3.4 million of expenses were incurred and recorded in preparation for the trial during fiscal year 2014. |
Depreciation and Amortization Expense | Capital Expenditures | ||||||||||||||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | January 1, 2017 | January 3, 2016 | December 28, 2014 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Discovery & Analytical Solutions | $ | 72,484 | $ | 74,177 | $ | 72,288 | $ | 21,486 | $ | 18,175 | $ | 18,234 | |||||||||||
Diagnostics | 25,339 | 29,728 | 36,146 | 8,556 | 6,854 | 7,196 | |||||||||||||||||
Corporate | 2,149 | 1,459 | 2,031 | 1,660 | 3,189 | 1,722 | |||||||||||||||||
Continuing operations | $ | 99,972 | $ | 105,364 | $ | 110,465 | $ | 31,702 | $ | 28,218 | $ | 27,152 | |||||||||||
Discontinued operations | $ | 6,266 | $ | 6,643 | $ | 6,610 | $ | 1,302 | $ | 1,414 | $ | 2,133 |
Total Assets | |||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | $ | 2,612,757 | $ | 2,546,583 | $ | 2,614,911 | |||||
Diagnostics | 1,505,381 | 1,459,854 | 1,343,110 | ||||||||
Corporate | 31,171 | 28,497 | 28,482 | ||||||||
Current and long-term assets of discontinued operations | 127,374 | 131,361 | 141,073 | ||||||||
Total assets | $ | 4,276,683 | $ | 4,166,295 | $ | 4,127,576 |
Item 1A. | Risk Factors |
• | accurately anticipate customer needs, |
• | innovate and develop new reliable technologies and applications, |
• | successfully commercialize new technologies in a timely manner, |
• | price our products competitively, and manufacture and deliver our products in sufficient volumes and on time, and |
• | differentiate our offerings from our competitors’ offerings. |
• | competition among buyers and licensees, |
• | the high valuations of businesses and technologies, |
• | the need for regulatory and other approval, and |
• | our inability to raise capital to fund these acquisitions. |
• | demand for and market acceptance of our products, |
• | competitive pressures resulting in lower selling prices, |
• | changes in the level of economic activity in regions in which we do business, |
• | changes in general economic conditions or government funding, |
• | settlements of income tax audits, |
• | expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations, |
• | differing tax laws and changes in those laws, or changes in the countries in which we are subject to taxation, |
• | changes in our effective tax rate, |
• | changes in industries, such as pharmaceutical and biomedical, |
• | changes in the portions of our revenue represented by our various products and customers, |
• | our ability to introduce new products, |
• | our competitors’ announcement or introduction of new products, services or technological innovations, |
• | costs of raw materials, energy or supplies, |
• | changes in healthcare or other reimbursement rates paid by government agencies and other third parties for certain of our products and services, |
• | our ability to realize the benefit of ongoing productivity initiatives, |
• | changes in the volume or timing of product orders, |
• | fluctuation in the expense related to the mark-to-market adjustment on postretirement benefit plans, |
• | changes in our assumptions underlying future funding of pension obligations, |
• | changes in assumptions used to determine contingent consideration in acquisitions, and |
• | changes in foreign currency exchange rates. |
• | changes in actual, or from projected, foreign currency exchange rates, |
• | changes in a country’s or region’s political or economic conditions, particularly in developing or emerging markets, |
• | longer payment cycles of foreign customers and timing of collections in foreign jurisdictions, |
• | embargoes, trade protection measures and import or export licensing requirements, |
• | policies in foreign countries benefiting domestic manufacturers or other policies detrimental to companies headquartered in the United States, |
• | differing tax laws and changes in those laws, or changes in the countries in which we are subject to tax, |
• | adverse income tax audit settlements or loss of previously negotiated tax incentives, |
• | differing business practices associated with foreign operations, |
• | difficulty in transferring cash between international operations and the United States, |
• | difficulty in staffing and managing widespread operations, |
• | differing labor laws and changes in those laws, |
• | differing protection of intellectual property and changes in that protection, |
• | increasing global enforcement of anti-bribery and anti-corruption laws, and |
• | differing regulatory requirements and changes in those requirements. |
• | requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes, such as acquisitions and stock repurchases; |
• | reducing our flexibility in planning for or reacting to changes in our business and market conditions; and |
• | exposing us to interest rate risk since a portion of our debt obligations are at variable rates. |
• | pay dividends on, redeem or repurchase our capital stock, |
• | sell assets, |
• | incur obligations that restrict our subsidiaries’ ability to make dividend or other payments to us, |
• | guarantee or secure indebtedness, |
• | enter into transactions with affiliates, and |
• | consolidate, merge or transfer all, or substantially all, of our assets and the assets of our subsidiaries on a consolidated basis. |
• | operating results that vary from our financial guidance or the expectations of securities analysts and investors, |
• | the financial performance of the major end markets that we target, |
• | the operating and securities price performance of companies that investors consider to be comparable to us, |
• | announcements of strategic developments, acquisitions and other material events by us or our competitors, and |
• | changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, commodity and equity prices and the value of financial assets. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Owned | Leased | Total | ||||||
(In square feet) | ||||||||
Discovery & Analytical Solutions | 105,020 | 1,561,535 | 1,666,555 | |||||
Diagnostics | 212,789 | 632,111 | 844,900 | |||||
Corporate offices | — | 55,342 | 55,342 | |||||
Continuing operations | 317,809 | 2,248,988 | 2,566,797 |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Name | Position | Age | ||
Robert F. Friel | Chairman, Chief Executive Officer and President | 61 | ||
Frank A. Wilson | Senior Vice President and Chief Financial Officer | 58 | ||
Joel S. Goldberg | Senior Vice President, Administration, General Counsel and Secretary | 48 | ||
James Corbett | Executive Vice President and President, Discovery & Analytical Solutions | 54 | ||
Prahlad Singh | Senior Vice President and President, Diagnostics | 52 | ||
Daniel R. Tereau | Senior Vice President, Strategy and Business Development | 50 | ||
Deborah Butters | Senior Vice President, Chief Human Resources Officer | 47 | ||
Andrew Okun | Vice President and Chief Accounting Officer | 47 |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2016 Fiscal Quarters | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||
High | $53.01 | $55.56 | $56.92 | $56.43 | |||||||||||
Low | 41.45 | 48.58 | 51.94 | 49.95 | |||||||||||
2015 Fiscal Quarters | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||
High | $51.09 | $54.29 | $53.00 | $54.36 | |||||||||||
Low | 42.66 | 50.30 | 44.45 | 46.74 |
2016 Fiscal Quarters | 2016 Total | ||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 | |||||||||
2015 Fiscal Quarters | 2015 Total | ||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 |
01-Jan-12 | 30-Dec-12 | 29-Dec-13 | 28-Dec-14 | 3-Jan-16 | 1-Jan-17 | ||||||||||||||||||
PerkinElmer, Inc. | $ | 100.00 | $ | 156.82 | $ | 209.82 | $ | 226.00 | $ | 276.32 | $ | 270.47 | |||||||||||
S&P 500 Index | $ | 100.00 | $ | 116.00 | $ | 153.58 | $ | 174.60 | $ | 177.01 | $ | 198.18 | |||||||||||
Peer Group | $ | 100.00 | $ | 127.78 | $ | 199.93 | $ | 223.68 | $ | 247.56 | $ | 251.59 |
Item 6. | Selected Financial Data |
Fiscal Years Ended | |||||||||||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Revenue | $ | 2,115,517 | $ | 2,104,823 | $ | 2,069,880 | $ | 1,996,959 | $ | 1,940,202 | |||||||||
Operating income from continuing operations(1)(2)(3) | 283,066 | 250,926 | 165,007 | 180,791 | 51,494 | ||||||||||||||
Interest and other expense, net(4) | 38,998 | 42,119 | 41,139 | 64,110 | 47,956 | ||||||||||||||
Income from continuing operations before income taxes | 244,068 | 208,807 | 123,868 | 116,681 | 3,538 | ||||||||||||||
Income from continuing operations, net of income taxes(5) | 215,706 | 188,785 | 130,139 | 142,206 | 36,354 | ||||||||||||||
Income from discontinued operations and dispositions, net of income taxes(6)(7) | 18,593 | 23,640 | 27,639 | 25,006 | 33,586 | ||||||||||||||
Net income | $ | 234,299 | $ | 212,425 | $ | 157,778 | $ | 167,212 | $ | 69,940 | |||||||||
Basic earnings per share: | |||||||||||||||||||
Continuing operations | $ | 1.97 | $ | 1.68 | $ | 1.16 | $ | 1.27 | $ | 0.32 | |||||||||
Discontinued operations | 0.17 | 0.21 | 0.25 | 0.22 | 0.30 | ||||||||||||||
Net income | $ | 2.14 | $ | 1.89 | $ | 1.40 | $ | 1.49 | $ | 0.61 | |||||||||
Diluted earnings per share: | |||||||||||||||||||
Continuing operations | $ | 1.96 | $ | 1.67 | $ | 1.14 | $ | 1.25 | $ | 0.32 | |||||||||
Discontinued operations | 0.17 | 0.21 | 0.24 | 0.22 | 0.29 | ||||||||||||||
Net income | $ | 2.12 | $ | 1.87 | $ | 1.39 | $ | 1.47 | $ | 0.61 | |||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||
Basic: | 109,478 | 112,507 | 112,593 | 112,254 | 113,728 | ||||||||||||||
Diluted: | 110,313 | 113,315 | 113,739 | 113,503 | 114,860 | ||||||||||||||
Cash dividends declared per common share | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 |
As of | |||||||||||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets(6) | $ | 4,276,683 | $ | 4,166,295 | $ | 4,127,576 | $ | 3,940,882 | $ | 3,894,451 | |||||||||
Short-term debt | 1,172 | 1,123 | 1,075 | 2,624 | 1,772 | ||||||||||||||
Long-term debt(4)(8) | 1,045,254 | 1,011,762 | 1,045,393 | 926,274 | 931,513 | ||||||||||||||
Stockholders’ equity(1)(9) | 2,153,570 | 2,110,441 | 2,042,102 | 1,994,487 | 1,939,812 | ||||||||||||||
Common shares outstanding(9) | 109,617 | 112,034 | 112,481 | 112,626 | 115,036 |
(1) | Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $15.3 million in fiscal year 2016, a pre-tax loss of $12.4 million in fiscal year 2015, a pre-tax loss of $75.4 million in fiscal year 2014, a pre-tax income of $17.6 million in fiscal year 2013 and a pre-tax loss of $31.3 million in fiscal year 2012. |
(2) | We recorded pre-tax restructuring and contract termination charges, net, of $5.1 million in fiscal year 2016, $13.5 million in fiscal year 2015, $13.3 million in fiscal year 2014, $33.5 million in fiscal year 2013 and $25.0 million in fiscal year 2012. |
(3) | In fiscal year 2013, we recorded pre-tax impairment charges of $0.2 million as the carrying amounts of certain long-lived assets were not recoverable and exceeded their fair value. In fiscal year 2012, we recorded pre-tax impairment charges of $74.2 million as a result of a review of certain of our trade names within our portfolio as part of a realignment of our marketing strategy. |
(4) | In fiscal years 2016, 2015, 2014, 2013 and 2012, interest expense was $41.5 million, $38.0 million, $36.3 million, $49.9 million and $45.8 million, respectively. In fiscal year 2013, we redeemed all of our 6% senior unsecured notes due in 2015 (the “2015 Notes”) that included a prepayment premium of $11.1 million, which is included in other expense, net, the write-off of $2.8 million for the remaining unamortized derivative losses for previously settled cash flow hedges, which is included in interest expense, and the write-off of $0.2 million for the remaining deferred debt issuance costs, which is included in interest expense. |
(5) | In fiscal years 2016 and 2015, provision for income tax on continuing operations was $28.4 million and $20.0 million, respectively. The higher provision for income taxes in fiscal year 2016 was primarily due to higher income in higher tax rate jurisdictions, partially offset by an increase in tax benefit of $3.2 million related to discrete items from $6.4 million in fiscal year 2015 to $9.6 million in fiscal year 2016. In fiscal years 2014, 2013 and 2012, tax benefit on continuing operations was $6.3 million, $25.5 million and $32.8 million, respectively. The benefit from income taxes in fiscal year 2014 was primarily due to losses in higher tax rate jurisdictions and a tax benefit of $7.1 million related to discrete items, partially offset by a provision for income taxes related to profits in lower tax rate jurisdictions. The benefit from income taxes in fiscal year 2013 was primarily due to a tax benefit of $24.0 million related to discrete items and losses in higher tax rate jurisdictions, partially offset by a provision for income taxes related to profits in lower tax rate jurisdictions. The benefit from income taxes in fiscal year 2012 was primarily due to a tax benefit of $7.0 million related to discrete items and losses in higher tax rate jurisdictions, which included pre-tax impairment charges of $74.2 million, partially offset by provision for income taxes related to profits in lower tax rate jurisdictions. |
(6) | In May 2014, we approved the shutdown of our microarray-based diagnostic testing laboratory in the United States. The shutdown resulted in a $0.1 million net pre-tax gain primarily related to the disposal of fixed assets, which was partially offset by the sale of a building in fiscal year 2014. |
(7) | In December 2016, we entered into a Master Purchase and Sale Agreement for the sale of our Medical Imaging business. We accounted for this business as discontinued operations beginning in 2016 and the financial information relating to fiscal years 2015, 2014, 2013 and 2012 has been retrospectively adjusted to reflect the inclusion of this business in discontinued operations. |
(8) | In July 2016, we issued and sold ten-year senior notes at a rate of 1.875% with a face value of €500.0 million and received €492.3 million of net proceeds from the issuance. The debt, which matures in July 2026, is unsecured. |
(9) | In fiscal year 2016, we repurchased in the open market 3.2 million shares of our common stock at an aggregate cost of $148.2 million, including commissions under a stock repurchase program authorized by our Board on October 23, 2014 ("the Repurchase Program"). In fiscal year 2015, we repurchased in the open market 1.5 million shares of our common stock at an aggregate cost of $72.0 million, including commissions under the Repurchase Program. In fiscal year 2014, we repurchased in the open market 1.4 million shares of our common stock at an aggregate cost of $61.3 million, including commissions, under both the Repurchase Program and a stock repurchase program originally announced in October 2012 that expired in October 2014 (the "Former Repurchase Program"). In fiscal year 2013, we repurchased in the open market 3.6 million shares of our common stock at an aggregate cost of $123.0 million, including commissions, under the Former Repurchase Program. In fiscal year 2012, we did not repurchase any shares |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Workforce Reductions | Closure of Excess Facility | Total | (Expected) Date Payments Substantially Completed by | |||||||||||||||||||||||
Headcount Reduction | Diagnostics | Discovery & Analytical Solutions | Diagnostics | Discovery & Analytical Solutions | Severance | Excess Facility | ||||||||||||||||||||
(In thousands, except headcount data) | ||||||||||||||||||||||||||
Q3 2016 Plan | 22 | $ | 41 | $ | 1,779 | $ | — | $ | — | $ | 1,820 | Q4 FY2017 | — | |||||||||||||
Q2 2016 Plan | 72 | 561 | 4,106 | — | — | 4,667 | Q3 FY2017 | — | ||||||||||||||||||
Q4 2015 Plan | 174 | 1,315 | 9,980 | — | 285 | 11,580 | Q1 FY2017 | Q4 FY2017 | ||||||||||||||||||
Q2 2015 Plan | 95 | 673 | 5,290 | — | — | 5,963 | Q2 FY2016 | — | ||||||||||||||||||
Q3 2014 Plan | 152 | 2,885 | 10,166 | — | — | 13,051 | Q4 FY2015 | — | ||||||||||||||||||
Q2 2014 Plan | 21 | 235 | 435 | — | — | 670 | Q2 FY2015 | — | ||||||||||||||||||
Q1 2014 Plan | 17 | 281 | 286 | — | — | 567 | Q4 FY2014 | — |
Balance at December 29, 2013 | 2014 Charges and Changes in Estimates, Net | 2014 Amounts Paid | Balance at December 28, 2014 | 2015 Charges and Changes in Estimates, Net | 2015 Amounts Paid | Balance at January 3, 2016 | 2016 Charges and Changes in Estimates, Net | 2016 Amounts Paid | Balance at January 1, 2017 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||
Severance: | |||||||||||||||||||||||||||||||||||||||
Q3 2016 Plan | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,820 | $ | (612 | ) | $ | 1,208 | |||||||||||||||||||
Q2 2016 Plan | — | — | — | — | — | — | — | 4,667 | (3,231 | ) | 1,436 | ||||||||||||||||||||||||||||
Q4 2015 Plan(1) | — | — | — | — | 11,295 | (925 | ) | 10,370 | (953 | ) | (8,198 | ) | 1,219 | ||||||||||||||||||||||||||
Q2 2015 Plan(2) | — | — | — | — | 5,423 | (4,322 | ) | 1,101 | (533 | ) | (370 | ) | 198 | ||||||||||||||||||||||||||
Q3 2014 Plan | — | 13,051 | (2,992 | ) | 10,059 | (3,064 | ) | (5,460 | ) | 1,535 | — | (672 | ) | 863 | |||||||||||||||||||||||||
Q2 2014 Plan | — | 670 | (419 | ) | 251 | (179 | ) | (13 | ) | 59 | — | — | 59 | ||||||||||||||||||||||||||
Q1 2014 Plan | — | 567 | (475 | ) | 92 | (92 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Facility: | |||||||||||||||||||||||||||||||||||||||
Q4 2015 Plan | — | — | — | — | 285 | (26 | ) | 259 | — | (248 | ) | 11 | |||||||||||||||||||||||||||
Previous Plans including 2013 plans | 35,200 | (2,508 | ) | (19,572 | ) | 13,120 | (204 | ) | (4,222 | ) | 8,694 | 35 | (3,299 | ) | 5,430 | ||||||||||||||||||||||||
Restructuring | 35,200 | 11,780 | (23,458 | ) | 23,522 | 13,464 | (14,968 | ) | 22,018 | 5,036 | (16,630 | ) | 10,424 | ||||||||||||||||||||||||||
Contract Termination | 300 | 1,545 | (1,541 | ) | 304 | 83 | (255 | ) | 132 | 88 | (103 | ) | 117 | ||||||||||||||||||||||||||
Total Restructuring and Contract Termination | $ | 35,500 | $ | 13,325 | $ | (24,999 | ) | $ | 23,826 | $ | 13,547 | $ | (15,223 | ) | $ | 22,150 | $ | 5,124 | $ | (16,733 | ) | $ | 10,541 |
(1) | During fiscal year 2016, we recognized pre-tax restructuring reversals of $1.0 million in the Discovery & Analytical Solutions segment related to lower than expected costs associated with workforce reductions for the Q4 2015 Plan. |
(2) | During fiscal year 2016, we recognized pre-tax restructuring reversals of $0.1 million in the Diagnostics segments and $0.5 million in the Discovery & Analytical Solutions segments related to lower than expected costs associated with workforce reductions for the Q2 2015 Plan. |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Interest income | $ | (702 | ) | $ | (673 | ) | $ | (667 | ) | ||
Interest expense | 41,528 | 37,997 | 36,270 | ||||||||
Gain on disposition of businesses and assets, net | (5,562 | ) | — | — | |||||||
Other expense, net | 3,734 | 4,795 | 5,536 | ||||||||
Total interest and other expense, net | $ | 38,998 | $ | 42,119 | $ | 41,139 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Tax at statutory rate | $ | 85,424 | $ | 73,082 | $ | 43,354 | |||||
Non-U.S. rate differential, net | (52,648 | ) | (47,994 | ) | (34,845 | ) | |||||
U.S. taxation of multinational operations | 6,941 | 1,732 | 2,367 | ||||||||
State income taxes, net | 1,509 | 80 | 1,352 | ||||||||
Prior year tax matters | (9,621 | ) | (6,387 | ) | (7,146 | ) | |||||
Federal tax credits | (7,189 | ) | (2,096 | ) | (3,399 | ) | |||||
Change in valuation allowance | (2,755 | ) | 2,593 | (7,679 | ) | ||||||
Non-deductible acquisition expense | 5,701 | — | — | ||||||||
Other, net | 1,000 | (988 | ) | (275 | ) | ||||||
Total | $ | 28,362 | $ | 20,022 | $ | (6,271 | ) |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Revenue | $ | 146,217 | $ | 158,128 | $ | 168,124 | |||||
Cost of revenue | 95,395 | 97,777 | 100,512 | ||||||||
Selling, general and administrative expenses | 13,657 | 11,712 | 12,503 | ||||||||
Research and development expenses | 14,368 | 13,391 | 13,222 | ||||||||
Restructuring and contract termination charges, net | 568 | 43 | 1,111 | ||||||||
Income from discontinued operations before income taxes | $ | 22,229 | $ | 35,205 | $ | 40,776 |
• | changes in sales due to weakness in markets in which we sell our products and services, and |
• | changes in our working capital requirements. |
• | financial covenants contained in the financial instruments controlling our borrowings that limit our total borrowing capacity, |
• | increases in interest rates applicable to our outstanding variable rate debt, |
• | a ratings downgrade that could limit the amount we can borrow under our senior unsecured revolving credit facility and our overall access to the corporate debt market, |
• | increases in interest rates or credit spreads, as well as limitations on the availability of credit, that affect our ability to borrow under future potential facilities on a secured or unsecured basis, |
• | a decrease in the market price for our common stock, and |
• | volatility in the public debt and equity markets. |
Operating Leases | Sr. Unsecured Revolving Credit Facility Maturing 2021(1) | 5.0% Sr. Notes Maturing 2021(2) | 1.875% Sr. Notes Maturing 2026(3) | Financing Lease Obligations(4) | Employee Benefit Payments(5) | Unrecognized Tax Benefits(6) | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
2017 | $ | 49,788 | $ | — | $ | 25,000 | $ | 9,882 | $ | 1,172 | $ | 28,705 | $ | — | $ | 114,547 | ||||||||||||||||
2018 | 33,944 | — | 25,000 | 9,882 | 1,367 | 29,192 | — | 99,385 | ||||||||||||||||||||||||
2019 | 25,966 | — | 25,000 | 9,882 | 1,532 | 29,656 | — | 92,036 | ||||||||||||||||||||||||
2020 | 20,806 | — | 25,000 | 9,882 | 1,597 | 30,180 | — | 87,465 | ||||||||||||||||||||||||
2021 | 16,259 | — | 521,772 | 9,882 | 1,664 | 31,036 | — | 580,613 | ||||||||||||||||||||||||
2022 and thereafter | 52,111 | — | — | 571,927 | 29,742 | 160,073 | — | 813,853 | ||||||||||||||||||||||||
Total | $ | 198,874 | $ | — | $ | 621,772 | $ | 621,337 | $ | 37,074 | $ | 308,842 | $ | — | $ | 1,787,899 |
(1) | The credit facility borrowings carry variable interest rates. As of January 1, 2017, we had no outstanding borrowings in our senior unsecured revolving credit facility. |
(2) | The 2021 Notes include interest obligations. As of January 1, 2017, the 2021 Notes had a carrying value of $495.8 million. |
(3) | The 2026 Notes include interest obligations. As of January 1, 2017, the 2026 Notes had a carrying value of $517.8 million. |
(4) | The financing lease obligations do not include interest obligations. |
(5) | Employee benefit payments only include obligations through fiscal year 2026. |
(6) | We have excluded $1.3 million, including accrued interest, net of tax benefits, and penalties, from our uncertain tax positions, as we cannot make a reasonably reliable estimate of the amount and period of related future payments. |
Increase (Decrease) at January 1, 2017 | |||||||
Percentage Point Change | Non-U.S. | U.S. | |||||
Pension plans discount rate | +0.25 | (10,229 | ) | (7,944 | ) | ||
-0.25 | 10,850 | 8,317 | |||||
Rate of return on pension plan assets | +1.00 | (1,533 | ) | (2,438 | ) | ||
-1.00 | 1,533 | 2,438 | |||||
Postretirement medical plans discount rate | +0.25 | N/A | (92 | ) | |||
-0.25 | N/A | 96 | |||||
Rate of return on postretirement medical plan assets | +1.00 | N/A | (155 | ) | |||
-1.00 | N/A | 155 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplemental Data |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands, except per share data) | |||||||||||
Revenue | |||||||||||
Product revenue | $ | 1,396,896 | $ | 1,395,102 | $ | 1,372,736 | |||||
Service revenue | 718,621 | 709,721 | 697,144 | ||||||||
Total revenue | 2,115,517 | 2,104,823 | 2,069,880 | ||||||||
Cost of product revenue | 664,803 | 696,461 | 708,016 | ||||||||
Cost of service revenue | 437,361 | 444,131 | 427,266 | ||||||||
Selling, general and administrative expenses | 600,885 | 587,219 | 648,209 | ||||||||
Research and development expenses | 124,278 | 112,539 | 108,057 | ||||||||
Restructuring and contract termination charges, net | 5,124 | 13,547 | 13,325 | ||||||||
Operating income from continuing operations | 283,066 | 250,926 | 165,007 | ||||||||
Interest and other expense, net | 38,998 | 42,119 | 41,139 | ||||||||
Income from continuing operations before income taxes | 244,068 | 208,807 | 123,868 | ||||||||
Provision for (benefit from) income taxes | 28,362 | 20,022 | (6,271 | ) | |||||||
Income from continuing operations | 215,706 | 188,785 | 130,139 | ||||||||
Income from discontinued operations before income taxes | 22,229 | 35,205 | 40,776 | ||||||||
Gain (loss) on disposition of discontinued operations before income taxes | 619 | (28 | ) | (260 | ) | ||||||
Provision for income taxes on discontinued operations and dispositions | 4,255 | 11,537 | 12,877 | ||||||||
Income from discontinued operations and dispositions | 18,593 | 23,640 | 27,639 | ||||||||
Net income | $ | 234,299 | $ | 212,425 | $ | 157,778 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 1.97 | $ | 1.68 | $ | 1.16 | |||||
Income from discontinued operations and dispositions | 0.17 | 0.21 | 0.25 | ||||||||
Net income | $ | 2.14 | $ | 1.89 | $ | 1.40 | |||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 1.96 | $ | 1.67 | $ | 1.14 | |||||
Income from discontinued operations and dispositions | 0.17 | 0.21 | 0.24 | ||||||||
Net income | $ | 2.12 | $ | 1.87 | $ | 1.39 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 234,299 | $ | 212,425 | $ | 157,778 | |||||
Other comprehensive loss | |||||||||||
Foreign currency translation adjustments | (54,077 | ) | (70,178 | ) | (52,951 | ) | |||||
Unrecognized prior service costs, net of tax | (860 | ) | (316 | ) | 146 | ||||||
Unrealized gains (losses) on securities, net of tax | 32 | (262 | ) | 14 | |||||||
Other comprehensive loss | (54,905 | ) | (70,756 | ) | (52,791 | ) | |||||
Comprehensive income | $ | 179,394 | $ | 141,669 | $ | 104,987 |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands, except share and per share data) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 359,265 | $ | 237,932 | |||
Accounts receivable, net | 425,588 | 415,064 | |||||
Inventories | 246,847 | 259,486 | |||||
Other current assets | 99,246 | 64,347 | |||||
Current assets of discontinued operations | 58,985 | 56,332 | |||||
Total current assets | 1,189,931 | 1,033,161 | |||||
Property, plant and equipment, net | 145,494 | 137,564 | |||||
Intangible assets, net | 420,224 | 485,637 | |||||
Goodwill | 2,247,966 | 2,236,863 | |||||
Other assets, net | 204,679 | 198,041 | |||||
Long-term assets of discontinued operations | 68,389 | 75,029 | |||||
Total assets | $ | 4,276,683 | $ | 4,166,295 | |||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 1,172 | $ | 1,123 | |||
Accounts payable | 168,033 | 140,980 | |||||
Accrued restructuring and contract termination charges | 7,479 | 17,042 | |||||
Accrued expenses and other current liabilities | 399,700 | 382,334 | |||||
Current liabilities of discontinued operations | 26,971 | 20,006 | |||||
Total current liabilities | 603,355 | 561,485 | |||||
Long-term debt | 1,045,254 | 1,011,762 | |||||
Long-term liabilities | 459,544 | 465,490 | |||||
Long-term liabilities of discontinued operations | 14,960 | 17,117 | |||||
Total liabilities | 2,123,113 | 2,055,854 | |||||
Commitments and contingencies (see Notes 13 and 16) | |||||||
Stockholders’ equity: | |||||||
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding | — | — | |||||
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 109,617,000 and 112,034,000 shares at January 1, 2017 and January 3, 2016, respectively | 109,617 | 112,034 | |||||
Capital in excess of par value | 26,130 | 52,932 | |||||
Retained earnings | 2,118,684 | 1,991,431 | |||||
Accumulated other comprehensive loss | (100,861 | ) | (45,956 | ) | |||
Total stockholders’ equity | 2,153,570 | 2,110,441 | |||||
Total liabilities and stockholders’ equity | $ | 4,276,683 | $ | 4,166,295 |
Common Stock Amount | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total Stockholders’ Equity | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, December 29, 2013 | $ | 112,626 | $ | 119,906 | $ | 1,684,364 | $ | 77,591 | $ | 1,994,487 | |||||||||
Net income | — | — | 157,778 | — | 157,778 | ||||||||||||||
Other comprehensive loss | — | — | — | (52,791 | ) | (52,791 | ) | ||||||||||||
Dividends | — | — | (31,597 | ) | — | (31,597 | ) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 1,024 | 23,431 | — | — | 24,455 | ||||||||||||||
Issuance of common stock for employee stock purchase plans | 61 | 2,478 | — | — | 2,539 | ||||||||||||||
Purchases of common stock | (1,448 | ) | (64,081 | ) | — | — | (65,529 | ) | |||||||||||
Issuance of common stock for long-term incentive program | 218 | 7,662 | — | — | 7,880 | ||||||||||||||
Stock compensation | — | 4,880 | — | — | 4,880 | ||||||||||||||
Balance, December 28, 2014 | $ | 112,481 | $ | 94,276 | $ | 1,810,545 | $ | 24,800 | $ | 2,042,102 | |||||||||
Net income | — | — | 212,425 | — | 212,425 | ||||||||||||||
Other comprehensive loss | — | — | — | (70,756 | ) | (70,756 | ) | ||||||||||||
Dividends | — | — | (31,539 | ) | — | (31,539 | ) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 849 | 16,491 | — | — | 17,340 | ||||||||||||||
Issuance of common stock for employee stock purchase plans | 78 | 3,608 | — | — | 3,686 | ||||||||||||||
Purchases of common stock | (1,595 | ) | (74,844 | ) | — | — | (76,439 | ) | |||||||||||
Issuance of common stock for long-term incentive program | 221 | 9,098 | — | — | 9,319 | ||||||||||||||
Stock compensation | — | 4,303 | — | — | 4,303 | ||||||||||||||
Balance, January 3, 2016 | $ | 112,034 | $ | 52,932 | $ | 1,991,431 | $ | (45,956 | ) | $ | 2,110,441 | ||||||||
Adjustment to recognize prior year's unrecognized excess tax benefits upon adoption of ASU 2016-09 (see Note 1) | — | 177 | 14,051 | — | 14,228 | ||||||||||||||
Net income | — | — | 234,299 | — | 234,299 | ||||||||||||||
Other comprehensive loss | — | — | — | (54,905 | ) | (54,905 | ) | ||||||||||||
Dividends | — | — | (30,629 | ) | — | (30,629 | ) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 576 | 13,842 | — | — | 14,418 | ||||||||||||||
Issuance of common stock for employee stock purchase plans | 50 | 2,413 | — | — | 2,463 | ||||||||||||||
Purchases of common stock | (3,275 | ) | (58,058 | ) | (90,468 | ) | — | (151,801 | ) | ||||||||||
Issuance of common stock for long-term incentive program | 232 | 10,193 | — | — | 10,425 | ||||||||||||||
Stock compensation | — | 4,631 | — | — | 4,631 | ||||||||||||||
Balance, January 1, 2017 | $ | 109,617 | $ | 26,130 | $ | 2,118,684 | $ | (100,861 | ) | $ | 2,153,570 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 234,299 | $ | 212,425 | $ | 157,778 | |||||
Income from discontinued operations and dispositions, net of income taxes | (18,593 | ) | (23,640 | ) | (27,639 | ) | |||||
Income from continuing operations | 215,706 | 188,785 | 130,139 | ||||||||
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations: | |||||||||||
Restructuring and contract termination charges, net | 5,124 | 13,547 | 13,325 | ||||||||
Depreciation and amortization | 99,972 | 105,364 | 110,465 | ||||||||
Stock-based compensation | 17,158 | 17,278 | 14,057 | ||||||||
Pension and other postretirement expense | 14,511 | 9,381 | 77,182 | ||||||||
Change in fair value of contingent consideration | 16,183 | — | — | ||||||||
Deferred taxes | (6,526 | ) | (6,571 | ) | (33,351 | ) | |||||
Contingencies and non-cash tax matters | (291 | ) | (5,342 | ) | (7,605 | ) | |||||
Amortization of deferred debt issuance costs and accretion of discounts | 2,137 | 1,496 | 1,434 | ||||||||
(Gains) losses on disposition of businesses and assets, net | (5,562 | ) | — | 108 | |||||||
Amortization of acquired inventory revaluation | 396 | 7,275 | 2,425 | ||||||||
Excess tax benefit from exercise of common stock options | — | (2,435 | ) | — | |||||||
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired: | |||||||||||
Accounts receivable, net | (18,960 | ) | 4,061 | (12,059 | ) | ||||||
Inventories | 6,752 | (27,931 | ) | (19,443 | ) | ||||||
Accounts payable | 30,716 | (10,897 | ) | 2,847 | |||||||
Accrued expenses and other | (53,540 | ) | (30,177 | ) | (31,622 | ) | |||||
Net cash provided by operating activities of continuing operations | 323,776 | 263,834 | 247,902 | ||||||||
Net cash provided by operating activities of discontinued operations | 26,839 | 23,264 | 33,695 | ||||||||
Net cash provided by operating activities | 350,615 | 287,098 | 281,597 | ||||||||
Investing activities: | |||||||||||
Capital expenditures | (31,702 | ) | (28,218 | ) | (27,152 | ) | |||||
Proceeds from disposition of businesses | 21,000 | — | — | ||||||||
Proceeds from dispositions of property, plant and equipment, net | — | — | 2,531 | ||||||||
Changes in restricted cash balances | (16,959 | ) | 59 | — | |||||||
Proceeds from surrender of life insurance policies | 44 | 757 | 490 | ||||||||
Activity related to acquisitions, net of cash and cash equivalents acquired | (71,924 | ) | (72,040 | ) | (271,477 | ) | |||||
Net cash used in investing activities of continuing operations | (99,541 | ) | (99,442 | ) | (295,608 | ) | |||||
Net cash used in investing activities of discontinued operations | (1,302 | ) | (1,414 | ) | (289 | ) | |||||
Net cash used in investing activities | (100,843 | ) | (100,856 | ) | (295,897 | ) | |||||
Financing activities: | |||||||||||
Payments on revolving credit facility | (902,507 | ) | (485,000 | ) | (356,000 | ) | |||||
Proceeds from revolving credit facility | 420,507 | 451,000 | 475,000 | ||||||||
Proceeds from sale of senior debt | 546,190 | — | — | ||||||||
Payments of debt financing costs | (7,868 | ) | — | (1,845 | ) | ||||||
Net payments on other credit facilities | (1,096 | ) | (1,072 | ) | (12,675 | ) | |||||
Settlement of cash flow hedges | (1,900 | ) | 18,706 | — | |||||||
Payments for acquisition-related contingent consideration | (155 | ) | (103 | ) | (855 | ) | |||||
Excess tax benefit from exercise of common stock options | — | 2,435 | — | ||||||||
Proceeds from issuance of common stock under stock plans | 14,418 | 14,905 | 24,455 | ||||||||
Purchases of common stock | (151,801 | ) | (76,439 | ) | (65,529 | ) | |||||
Dividends paid | (30,799 | ) | (31,571 | ) | (31,620 | ) | |||||
Net cash (used in) provided by financing activities | (115,011 | ) | (107,139 | ) | 30,931 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (13,428 | ) | (15,992 | ) | (15,052 | ) | |||||
Net increase in cash and cash equivalents | 121,333 | 63,111 | 1,579 | ||||||||
Cash and cash equivalents at beginning of year | 237,932 | 174,821 | 173,242 | ||||||||
Cash and cash equivalents at end of year | $ | 359,265 | $ | 237,932 | $ | 174,821 | |||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | 30,718 | $ | 31,741 | $ | 30,320 | |||||
Income taxes | $ | 43,549 | $ | 49,275 | $ | 40,638 |
Note 1: | Nature of Operations and Accounting Policies |
Note 2: | Business Combinations |
2016 Acquisitions | |||
(In thousands) | |||
Fair value of business combination: | |||
Cash payments | $ | 72,497 | |
Working capital and other adjustments | (261 | ) | |
Less: cash acquired | (2,152 | ) | |
Total | $ | 70,084 | |
Identifiable assets acquired and liabilities assumed: | |||
Current assets | $ | 7,293 | |
Property, plant and equipment | 7,542 | ||
Identifiable intangible assets: | |||
Core technology | 5,500 | ||
Trade names | 570 | ||
Customer relationships | 13,800 | ||
Goodwill | 45,648 | ||
Deferred taxes | (8,284 | ) | |
Liabilities assumed | (1,985 | ) | |
Total | $ | 70,084 |
2015 Acquisitions | |||
(In thousands) | |||
Fair value of business combination: | |||
Cash payments | $ | 75,285 | |
Contingent consideration | 56,878 | ||
Working capital and other adjustments | 1,832 | ||
Less: cash acquired | (3,864 | ) | |
Total | $ | 130,131 | |
Identifiable assets acquired and liabilities assumed: | |||
Current assets | $ | 2,551 | |
Property, plant and equipment | 998 | ||
Identifiable intangible assets: | |||
Core technology | 15,759 | ||
Trade names | 200 | ||
Licenses | 116 | ||
Customer relationships | 3,073 | ||
IPR&D | 75,700 | ||
Goodwill | 53,112 | ||
Deferred taxes | (18,528 | ) | |
Liabilities assumed | (2,850 | ) | |
Total | $ | 130,131 |
Perten | 2014 Other Acquisitions | ||||||
(In thousands) | |||||||
Fair value of business combination: | |||||||
Cash payments | $ | 269,937 | $ | 17,898 | |||
Working capital and other adjustments | — | (294 | ) | ||||
Less: cash acquired | (16,732 | ) | (124 | ) | |||
Total | $ | 253,205 | $ | 17,480 | |||
Identifiable assets acquired and liabilities assumed: | |||||||
Current assets | $ | 32,578 | $ | 1,935 | |||
Property, plant and equipment | 1,485 | 125 | |||||
Other assets | — | 364 | |||||
Identifiable intangible assets: | |||||||
Core technology | 17,000 | 1,705 | |||||
Trade names | 8,000 | — | |||||
Customer relationships | 87,000 | 6,800 | |||||
IPR&D | — | 1,266 | |||||
Goodwill | 160,776 | 15,518 | |||||
Deferred taxes | (28,612 | ) | (3,072 | ) | |||
Deferred revenue | — | (589 | ) | ||||
Liabilities assumed | (17,422 | ) | (2,285 | ) | |||
Debt assumed | (7,600 | ) | (4,287 | ) | |||
Total | $ | 253,205 | $ | 17,480 |
Note 3: | Disposition of Businesses and Assets |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Loss on disposition of microarray-based diagnostic testing laboratory | $ | — | $ | — | $ | (90 | ) | ||||
Gain (loss) on disposition of Technical Services business | 1,753 | (28 | ) | (156 | ) | ||||||
Loss on disposition of Fluid Sciences Segment | (1,134 | ) | — | — | |||||||
Other discontinued operations | — | — | (14 | ) | |||||||
Gain (loss) on disposition of discontinued operations before income taxes | $ | 619 | $ | (28 | ) | $ | (260 | ) |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Revenue | $ | 146,217 | $ | 158,128 | $ | 168,124 | |||||
Cost of revenue | 95,395 | 97,777 | 100,512 | ||||||||
Selling, general and administrative expenses | 13,657 | 11,712 | 12,503 | ||||||||
Research and development expenses | 14,368 | 13,391 | 13,222 | ||||||||
Restructuring and contract termination charges, net | 568 | 43 | 1,111 | ||||||||
Income from discontinued operations before income taxes | $ | 22,229 | $ | 35,205 | $ | 40,776 |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Current assets of discontinued operations: | |||||||
Accounts receivables | $ | 28,400 | $ | 23,951 | |||
Inventories | 26,977 | 28,542 | |||||
Prepaid income taxes | 425 | 68 | |||||
Other current assets | 3,183 | 3,771 | |||||
Total current assets of discontinued operations | 58,985 | 56,332 | |||||
Property, plant and equipment | 25,219 | 29,465 | |||||
Intangible assets | 3,292 | 5,174 | |||||
Goodwill | 38,794 | 39,286 | |||||
Other assets, net | 1,084 | 1,104 | |||||
Long-term assets of discontinued operations | 68,389 | 75,029 | |||||
Total assets of discontinued operations | $ | 127,374 | $ | 131,361 | |||
Current liabilities of discontinued operations: | |||||||
Accounts payable | $ | 16,770 | $ | 11,746 | |||
Accrued restructuring and contract termination charges | 209 | 48 | |||||
Accrued expenses and other current liabilities | 9,992 | 8,212 | |||||
Total current liabilities of discontinued operations | 26,971 | 20,006 | |||||
Deferred income taxes | 7,851 | 9,460 | |||||
Long-term liabilities | 7,109 | 7,657 | |||||
Total long-term liabilities | 14,960 | 17,117 | |||||
Total liabilities of discontinued operations | $ | 41,931 | $ | 37,123 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Depreciation | $ | 4,418 | $ | 4,705 | $ | 4,678 | |||||
Amortization | 1,848 | 1,938 | 1,932 | ||||||||
Capital expenditures | 1,302 | 1,414 | 2,133 |
Workforce Reductions | Closure of Excess Facility | Total | (Expected) Date Payments Substantially Completed by | |||||||||||||||||||||||
Headcount Reduction | Diagnostics | Discovery & Analytical Solutions | Diagnostics | Discovery & Analytical Solutions | Severance | Excess Facility | ||||||||||||||||||||
(In thousands, except headcount data) | ||||||||||||||||||||||||||
Q3 2016 Plan | 22 | $ | 41 | $ | 1,779 | $ | — | $ | — | $ | 1,820 | Q4 FY2017 | — | |||||||||||||
Q2 2016 Plan | 72 | 561 | 4,106 | — | — | 4,667 | Q3 FY2017 | — | ||||||||||||||||||
Q4 2015 Plan | 174 | 1,315 | 9,980 | — | 285 | 11,580 | Q1 FY2017 | Q4 FY2017 | ||||||||||||||||||
Q2 2015 Plan | 95 | 673 | 5,290 | — | — | 5,963 | Q2 FY2016 | — | ||||||||||||||||||
Q3 2014 Plan | 152 | 2,885 | 10,166 | — | — | 13,051 | Q4 FY2015 | — | ||||||||||||||||||
Q2 2014 Plan | 21 | 235 | 435 | — | — | 670 | Q2 FY2015 | — | ||||||||||||||||||
Q1 2014 Plan | 17 | 281 | 286 | — | — | 567 | Q4 FY2014 | — |
Balance at December 29, 2013 | 2014 Charges and Changes in Estimates, Net | 2014 Amounts Paid | Balance at December 28, 2014 | 2015 Charges and Changes in Estimates, Net | 2015 Amounts Paid | Balance at January 3, 2016 | 2016 Charges and Changes in Estimates, Net | 2016 Amounts Paid | Balance at January 1, 2017 | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Severance: | ||||||||||||||||||||||||||||||||||||||||
Q3 2016 Plan | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,820 | $ | (612 | ) | $ | 1,208 | |||||||||||||||||||
Q2 2016 Plan | — | — | — | — | — | — | — | 4,667 | (3,231 | ) | 1,436 | |||||||||||||||||||||||||||||
Q4 2015 Plan(1) | — | — | — | — | 11,295 | (925 | ) | 10,370 | (953 | ) | (8,198 | ) | 1,219 | |||||||||||||||||||||||||||
Q2 2015 Plan(2) | — | — | — | — | 5,423 | (4,322 | ) | 1,101 | (533 | ) | (370 | ) | 198 | |||||||||||||||||||||||||||
Q3 2014 Plan | — | 13,051 | (2,992 | ) | 10,059 | (3,064 | ) | (5,460 | ) | 1,535 | — | (672 | ) | 863 | ||||||||||||||||||||||||||
Q2 2014 Plan | — | 670 | (419 | ) | 251 | (179 | ) | (13 | ) | 59 | — | — | 59 | |||||||||||||||||||||||||||
Q1 2014 Plan | — | 567 | (475 | ) | 92 | (92 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Facility: | ||||||||||||||||||||||||||||||||||||||||
Q4 2015 Plan | — | — | — | — | 285 | (26 | ) | 259 | — | (248 | ) | $ | 11 | |||||||||||||||||||||||||||
Previous Plans including 2013 plans | 35,200 | (2,508 | ) | (19,572 | ) | 13,120 | (204 | ) | (4,222 | ) | 8,694 | 35 | (3,299 | ) | $ | 5,430 | ||||||||||||||||||||||||
Restructuring | 35,200 | 11,780 | (23,458 | ) | 23,522 | 13,464 | (14,968 | ) | 22,018 | 5,036 | (16,630 | ) | 10,424 | |||||||||||||||||||||||||||
Contract Termination | 300 | 1,545 | (1,541 | ) | 304 | 83 | (255 | ) | 132 | 88 | (103 | ) | $ | 117 | ||||||||||||||||||||||||||
Total Restructuring and Contract Termination | $ | 35,500 | $ | 13,325 | $ | (24,999 | ) | $ | 23,826 | $ | 13,547 | $ | (15,223 | ) | $ | 22,150 | $ | 5,124 | $ | (16,733 | ) | $ | 10,541 |
(1) | During fiscal year 2016, the Company recognized pre-tax restructuring reversals of $1.0 million in the Discovery & Analytical Solutions segment related to lower than expected costs associated with workforce reductions for the Q4 2015 Plan. |
(2) | During fiscal year 2016, the Company recognized pre-tax restructuring reversals of $0.1 million in the Diagnostics segments and $0.5 million in the Discovery & Analytical Solutions segments related to lower than expected costs associated with workforce reductions for the Q2 2015 Plan. |
Note 5: | Interest and Other Expense, Net |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Interest income | $ | (702 | ) | $ | (673 | ) | $ | (667 | ) | ||
Interest expense | 41,528 | 37,997 | 36,270 | ||||||||
Gain on disposition of businesses and assets (see Note 3) | (5,562 | ) | — | — | |||||||
Other expense, net | 3,734 | 4,795 | 5,536 | ||||||||
Total interest and other expense, net | $ | 38,998 | $ | 42,119 | $ | 41,139 |
Note 6: | Income Taxes |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Unrecognized tax benefits, beginning of year | $ | 28,143 | $ | 32,342 | $ | 39,410 | |||||
Gross increases—tax positions in prior periods | 1,514 | 325 | — | ||||||||
Gross decreases—tax positions in prior periods | (183 | ) | (2,305 | ) | (1,809 | ) | |||||
Gross increases—current-period tax positions | 3,547 | — | 239 | ||||||||
Settlements | — | (441 | ) | (1,400 | ) | ||||||
Lapse of statute of limitations | (4,109 | ) | (1,077 | ) | (4,129 | ) | |||||
Foreign currency translation adjustments | 695 | (701 | ) | 31 | |||||||
Unrecognized tax benefits, end of year | $ | 29,607 | $ | 28,143 | $ | 32,342 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 39,689 | $ | (21,510 | ) | $ | (58,886 | ) | |||
Non-U.S. | 204,379 | 230,317 | 182,754 | ||||||||
Total | $ | 244,068 | $ | 208,807 | $ | 123,868 |
Current Expense (Benefit) | Deferred Expense (Benefit) | Total | |||||||||
(In thousands) | |||||||||||
Fiscal year ended January 1, 2017 | |||||||||||
Federal | $ | 14 | $ | 2,994 | $ | 3,008 | |||||
State | 2,143 | (575 | ) | 1,568 | |||||||
Non-U.S. | 30,754 | (6,968 | ) | 23,786 | |||||||
Total | $ | 32,911 | $ | (4,549 | ) | $ | 28,362 | ||||
Fiscal year ended January 3, 2016 | |||||||||||
Federal | $ | (10,952 | ) | $ | (4,794 | ) | $ | (15,746 | ) | ||
State | 2,613 | (2,563 | ) | 50 | |||||||
Non-U.S. | 37,963 | (2,245 | ) | 35,718 | |||||||
Total | $ | 29,624 | $ | (9,602 | ) | $ | 20,022 | ||||
Fiscal year ended December 28, 2014 | |||||||||||
Federal | $ | (6,417 | ) | $ | (20,164 | ) | $ | (26,581 | ) | ||
State | 2,373 | (4,166 | ) | (1,793 | ) | ||||||
Non-U.S. | 31,878 | (9,775 | ) | 22,103 | |||||||
Total | $ | 27,834 | $ | (34,105 | ) | $ | (6,271 | ) |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Continuing operations | $ | 28,362 | $ | 20,022 | $ | (6,271 | ) | ||||
Discontinued operations | 4,255 | 11,537 | 12,877 | ||||||||
Total | $ | 32,617 | $ | 31,559 | $ | 6,606 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Tax at statutory rate | $ | 85,424 | $ | 73,082 | $ | 43,354 | |||||
Non-U.S. rate differential, net | (52,648 | ) | (47,994 | ) | (34,845 | ) | |||||
U.S. taxation of multinational operations | 6,941 | 1,732 | 2,367 | ||||||||
State income taxes, net | 1,509 | 80 | 1,352 | ||||||||
Prior year tax matters | (9,621 | ) | (6,387 | ) | (7,146 | ) | |||||
Federal tax credits | (7,189 | ) | (2,096 | ) | (3,399 | ) | |||||
Change in valuation allowance | (2,755 | ) | 2,593 | (7,679 | ) | ||||||
Non-deductible acquisition expense | 5,701 | — | — | ||||||||
Other, net | 1,000 | (988 | ) | (275 | ) | ||||||
Total | $ | 28,362 | $ | 20,022 | $ | (6,271 | ) |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Inventory | $ | 10,994 | $ | 8,231 | |||
Reserves and accruals | 24,669 | 28,984 | |||||
Accrued compensation | 26,715 | 23,010 | |||||
Net operating loss and credit carryforwards | 113,415 | 100,336 | |||||
Accrued pension | 37,005 | 34,736 | |||||
Restructuring reserve | 1,954 | 6,362 | |||||
Deferred revenue | 38,113 | 40,065 | |||||
All other, net | 682 | 695 | |||||
Total deferred tax assets | 253,547 | 242,419 | |||||
Deferred tax liabilities: | |||||||
Postretirement health benefits | (4,785 | ) | (4,202 | ) | |||
Unrealized foreign exchange gain or loss | (15,730 | ) | (782 | ) | |||
Depreciation and amortization | (130,176 | ) | (128,173 | ) | |||
Total deferred tax liabilities | (150,691 | ) | (133,157 | ) | |||
Valuation allowance | (65,640 | ) | (67,400 | ) | |||
Net deferred tax assets | $ | 37,216 | $ | 41,862 |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Other assets, net | $ | 85,312 | $ | 94,035 | |||
Long-term liabilities | (48,096 | ) | (52,173 | ) | |||
Total | $ | 37,216 | $ | 41,862 |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
U.S. | $ | 52,604 | $ | 63,872 | |||
Non-U.S. | (15,388 | ) | (22,010 | ) | |||
Total | $ | 37,216 | $ | 41,862 |
Note 7: | Earnings Per Share |
January 1, 2017 | January 3, 2016 | December 28, 2014 | ||||||
(In thousands) | ||||||||
Number of common shares—basic | 109,478 | 112,507 | 112,593 | |||||
Effect of dilutive securities: | ||||||||
Stock options | 640 | 621 | 922 | |||||
Restricted stock awards | 195 | 187 | 224 | |||||
Number of common shares—diluted | 110,313 | 113,315 | 113,739 | |||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 458 | 607 | 475 |
Note 8: | Accounts Receivable, Net |
Note 9: | Inventories |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Raw materials | $ | 79,189 | $ | 85,100 | |||
Work in progress | 6,561 | 5,919 | |||||
Finished goods | 161,097 | 168,467 | |||||
Total inventories | $ | 246,847 | $ | 259,486 |
Note 10: | Property, Plant and Equipment, Net |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Land | $ | 4,250 | $ | 802 | |||
Building and leasehold improvements | 162,780 | 156,035 | |||||
Machinery and equipment | 260,873 | 244,903 | |||||
Total property, plant and equipment | 427,903 | 401,740 | |||||
Accumulated depreciation | (282,409 | ) | (264,176 | ) | |||
Total property, plant and equipment, net | $ | 145,494 | $ | 137,564 |
Note 11: | Marketable Securities and Investments |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Marketable securities | $ | 1,678 | $ | 1,586 |
Market | Gross Unrealized Holding | ||||||||||||||
Value | Cost | Gains | (Losses) | ||||||||||||
(In thousands) | |||||||||||||||
January 1, 2017 | |||||||||||||||
Equity securities | $ | 598 | $ | 1,077 | $ | — | $ | (479 | ) | ||||||
Fixed-income securities | 22 | 22 | — | — | |||||||||||
Other | 1,058 | 1,121 | — | (63 | ) | ||||||||||
$ | 1,678 | $ | 2,220 | $ | — | $ | (542 | ) | |||||||
January 3, 2016 | |||||||||||||||
Equity securities | $ | 908 | $ | 1,299 | $ | — | $ | (391 | ) | ||||||
Fixed-income securities | 57 | 57 | — | — | |||||||||||
Other | 621 | 822 | — | (201 | ) | ||||||||||
$ | 1,586 | $ | 2,178 | $ | — | $ | (592 | ) |
Note 12: | Goodwill and Intangible Assets, Net |
Diagnostics | Discovery & Analytical Solutions | Consolidated | |||||||||
(In thousands) | |||||||||||
Balance at December 28, 2014 | $ | 922,582 | $ | 1,321,547 | $ | 2,244,129 | |||||
Foreign currency translation | (15,939 | ) | (38,778 | ) | (54,717 | ) | |||||
Acquisitions, earnouts and other | 33,496 | 13,955 | 47,451 | ||||||||
Balance at January 3, 2016 | 940,139 | 1,296,724 | 2,236,863 | ||||||||
Foreign currency translation | (11,873 | ) | (16,602 | ) | (28,475 | ) | |||||
Acquisitions, earnouts and other | 15,764 | 23,814 | 39,578 | ||||||||
Balance at January 1, 2017 | $ | 944,030 | $ | 1,303,936 | $ | 2,247,966 |
Diagnostics | Discovery & Analytical Solutions | Consolidated | |||||||||
(In thousands) | |||||||||||
Patents | $ | 11,900 | $ | 28,001 | $ | 39,901 | |||||
Less: Accumulated amortization | (9,556 | ) | (22,852 | ) | (32,408 | ) | |||||
Net patents | 2,344 | 5,149 | 7,493 | ||||||||
Trade names and trademarks | 11,523 | 28,563 | 40,086 | ||||||||
Less: Accumulated amortization | (8,090 | ) | (15,927 | ) | (24,017 | ) | |||||
Net trade names and trademarks | 3,433 | 12,636 | 16,069 | ||||||||
Licenses | 7,936 | 49,831 | 57,767 | ||||||||
Less: Accumulated amortization | (7,762 | ) | (38,745 | ) | (46,507 | ) | |||||
Net licenses | 174 | 11,086 | 11,260 | ||||||||
Core technology | 70,896 | 233,291 | 304,187 | ||||||||
Less: Accumulated amortization | (49,380 | ) | (184,340 | ) | (233,720 | ) | |||||
Net core technology | 21,516 | 48,951 | 70,467 | ||||||||
Customer relationships | 123,884 | 259,419 | 383,303 | ||||||||
Less: Accumulated amortization | (93,720 | ) | (119,342 | ) | (213,062 | ) | |||||
Net customer relationships | 30,164 | 140,077 | 170,241 | ||||||||
IPR&D | 72,946 | 5,569 | 78,515 | ||||||||
Less: Accumulated amortization | (960 | ) | (3,445 | ) | (4,405 | ) | |||||
Net IPR&D | 71,986 | 2,124 | 74,110 | ||||||||
Net amortizable intangible assets | 129,617 | 220,023 | 349,640 | ||||||||
Non-amortizable intangible assets: | |||||||||||
Trade name | — | 70,584 | 70,584 | ||||||||
Total | $ | 129,617 | $ | 290,607 | $ | 420,224 |
Diagnostics | Discovery & Analytical Solutions | Consolidated | |||||||||
(In thousands) | |||||||||||
Patents | $ | 11,900 | $ | 28,011 | $ | 39,911 | |||||
Less: Accumulated amortization | (8,475 | ) | (21,313 | ) | (29,788 | ) | |||||
Net patents | 3,425 | 6,698 | 10,123 | ||||||||
Trade names and trademarks | 11,503 | 28,746 | 40,249 | ||||||||
Less: Accumulated amortization | (7,002 | ) | (13,684 | ) | (20,686 | ) | |||||
Net trade names and trademarks | 4,501 | 15,062 | 19,563 | ||||||||
Licenses | 7,939 | 48,226 | 56,165 | ||||||||
Less: Accumulated amortization | (6,942 | ) | (36,029 | ) | (42,971 | ) | |||||
Net licenses | 997 | 12,197 | 13,194 | ||||||||
Core technology | 71,821 | 231,004 | 302,825 | ||||||||
Less: Accumulated amortization | (43,182 | ) | (166,471 | ) | (209,653 | ) | |||||
Net core technology | 28,639 | 64,533 | 93,172 | ||||||||
Customer relationships | 128,604 | 256,921 | 385,525 | ||||||||
Less: Accumulated amortization | (94,222 | ) | (93,836 | ) | (188,058 | ) | |||||
Net customer relationships | 34,382 | 163,085 | 197,467 | ||||||||
IPR&D | 78,479 | 7,200 | 85,679 | ||||||||
Less: Accumulated amortization | (756 | ) | (3,389 | ) | (4,145 | ) | |||||
Net IPR&D | 77,723 | 3,811 | 81,534 | ||||||||
Net amortizable intangible assets | 149,667 | 265,386 | 415,053 | ||||||||
Non-amortizable intangible assets: | |||||||||||
Trade name | — | 70,584 | 70,584 | ||||||||
Total | $ | 149,667 | $ | 335,970 | $ | 485,637 |
Note 13: | Debt |
Sr. Unsecured Revolving Credit Facility Maturing 2021 | 5.0% Sr. Notes Maturing 2021 | 1.875% Sr. Notes Maturing 2026 | Financing Lease Obligations | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
2017 | $ | — | $ | — | $ | — | $ | 1,172 | $ | 1,172 | |||||||||
2018 | — | — | — | 1,367 | 1,367 | ||||||||||||||
2019 | — | — | — | 1,532 | 1,532 | ||||||||||||||
2020 | — | — | — | 1,597 | 1,597 | ||||||||||||||
2021 | — | 500,000 | — | 1,664 | 501,664 | ||||||||||||||
2022 and thereafter | — | — | 527,050 | 29,742 | 556,792 | ||||||||||||||
Total before unamortized discount and debt issuance costs | — | 500,000 | 527,050 | 37,074 | 1,064,124 | ||||||||||||||
Unamortized discount and debt issuance costs | (4,260 | ) | (4,167 | ) | (9,271 | ) | — | (17,698 | ) | ||||||||||
Total | $ | (4,260 | ) | $ | 495,833 | $ | 517,779 | $ | 37,074 | $ | 1,046,426 |
Note 14: | Accrued Expenses and Other Current Liabilities |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Payroll and incentives | $ | 61,474 | $ | 61,319 | |||
Employee benefits | 31,039 | 31,979 | |||||
Deferred revenue | 162,987 | 163,006 | |||||
Federal, non-U.S. and state income taxes | 8,189 | 2,882 | |||||
Other accrued operating expenses | 136,011 | 123,148 | |||||
Total accrued expenses and other current liabilities | $ | 399,700 | $ | 382,334 |
Note 15: | Employee Benefit Plans |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Service cost | $ | 4,337 | $ | 4,332 | $ | 4,070 | |||||
Interest cost | 18,638 | 20,696 | 23,475 | ||||||||
Expected return on plan assets | (24,245 | ) | (26,021 | ) | (25,007 | ) | |||||
Curtailment gain | — | (907 | ) | — | |||||||
Actuarial loss | 15,890 | 12,953 | 71,700 | ||||||||
Amortization of prior service cost | (210 | ) | (238 | ) | (281 | ) | |||||
Net periodic pension cost | $ | 14,410 | $ | 10,815 | $ | 73,957 |
January 1, 2017 | January 3, 2016 | ||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||
(In thousands) | |||||||||||||||
Actuarial present value of benefit obligations: | |||||||||||||||
Accumulated benefit obligations | $ | 271,127 | $ | 300,650 | $ | 267,862 | $ | 301,416 | |||||||
Change in benefit obligations: | |||||||||||||||
Projected benefit obligations at beginning of year | $ | 276,960 | $ | 301,416 | $ | 303,809 | $ | 327,632 | |||||||
Service cost | 2,262 | 2,075 | 2,532 | 1,800 | |||||||||||
Interest cost | 6,205 | 12,433 | 7,695 | 13,001 | |||||||||||
Benefits paid and plan expenses | (11,940 | ) | (19,424 | ) | (11,100 | ) | (24,127 | ) | |||||||
Participants’ contributions | 209 | — | 343 | — | |||||||||||
Business divestiture | (2,955 | ) | — | — | — | ||||||||||
Plan curtailments | — | — | (759 | ) | — | ||||||||||
Plan settlements | (993 | ) | — | (1,401 | ) | — | |||||||||
Actuarial loss (gain) | 38,623 | 4,150 | 131 | (16,890 | ) | ||||||||||
Effect of exchange rate changes | (28,849 | ) | — | (24,290 | ) | — | |||||||||
Projected benefit obligations at end of year | $ | 279,522 | $ | 300,650 | $ | 276,960 | $ | 301,416 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 150,894 | $ | 244,693 | $ | 156,767 | $ | 256,254 | |||||||
Actual return on plan assets | 32,581 | 18,548 | 3,745 | (7,434 | ) | ||||||||||
Benefits paid and plan expenses | (11,940 | ) | (19,424 | ) | (11,100 | ) | (24,127 | ) | |||||||
Employer’s contributions | 9,562 | — | 10,908 | 20,000 | |||||||||||
Participants’ contributions | 209 | — | 343 | — | |||||||||||
Plan settlements | (993 | ) | — | (1,401 | ) | — | |||||||||
Effect of exchange rate changes | (27,032 | ) | — | (8,368 | ) | — | |||||||||
Fair value of plan assets at end of year | 153,281 | 243,817 | 150,894 | 244,693 | |||||||||||
Net liabilities recognized in the consolidated balance sheets | $ | (126,241 | ) | $ | (56,833 | ) | $ | (126,066 | ) | $ | (56,723 | ) | |||
Net amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||
Noncurrent assets | $ | 12,944 | $ | — | $ | 12,135 | $ | — | |||||||
Current liabilities | (6,033 | ) | — | (6,261 | ) | — | |||||||||
Noncurrent liabilities | (133,152 | ) | (56,833 | ) | (131,940 | ) | (56,723 | ) | |||||||
Net liabilities recognized in the consolidated balance sheets | $ | (126,241 | ) | $ | (56,833 | ) | $ | (126,066 | ) | $ | (56,723 | ) | |||
Net amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||
Prior service cost | $ | (603 | ) | $ | — | $ | (932 | ) | $ | — | |||||
Actuarial assumptions as of the year-end measurement date: | |||||||||||||||
Discount rate | 2.06 | % | 4.06 | % | 2.88 | % | 4.25 | % | |||||||
Rate of compensation increase | 3.64 | % | None | 3.26 | % | None |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||
Discount rate | 2.88 | % | 4.25 | % | 2.75 | % | 4.08 | % | 3.77 | % | 4.77 | % | |||||
Rate of compensation increase | 3.26 | % | None | 3.28 | % | None | 3.23 | % | None | ||||||||
Expected rate of return on assets | 5.30 | % | 7.25 | % | 4.60 | % | 7.25 | % | 5.30 | % | 7.25 | % |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | |||||||
Projected benefit obligations | $ | 139,185 | $ | 138,201 | |||
Fair value of plan assets | — | — | |||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | |||||||
Accumulated benefit obligations | $ | 136,197 | $ | 134,858 | |||
Fair value of plan assets | — | — |
Target Allocation | Percentage of Plan Assets at | ||||||||||||||||
December 31, 2017 | January 1, 2017 | January 3, 2016 | |||||||||||||||
Asset Category | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | |||||||||||
Equity securities | 45-55% | 40-50% | 48 | % | 41 | % | 49 | % | 42 | % | |||||||
Debt securities | 45-55% | 50-60% | 51 | % | 59 | % | 50 | % | 58 | % | |||||||
Other | 0-5% | 0-5% | 1 | % | — | % | 1 | % | — | % | |||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Fair Value Measurements at January 1, 2017 Using: | |||||||||||||||
Total Carrying Value at January 1, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 6,079 | $ | 6,079 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
U.S. large-cap | 25,523 | 25,523 | — | — | |||||||||||
International large-cap value | 28,267 | 28,267 | — | — | |||||||||||
U.S. small mid-cap | 1,756 | 1,756 | — | — | |||||||||||
Emerging markets growth | 12,144 | 12,144 | — | — | |||||||||||
Equity index funds | 74,274 | — | 74,274 | — | |||||||||||
Domestic real estate funds | 1,401 | 1,401 | — | — | |||||||||||
Commodity funds | 6,854 | 6,854 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Non-U.S. Treasury Securities | 22,059 | — | 22,059 | — | |||||||||||
Corporate and U.S. debt instruments | 133,406 | 35,971 | 97,435 | — | |||||||||||
Corporate bonds | 23,906 | — | 23,906 | — | |||||||||||
High yield bond funds | 5,636 | 5,636 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 23,790 | — | — | 23,790 | |||||||||||
Non-U.S. government index linked bonds | 32,003 | — | 32,003 | — | |||||||||||
Total assets measured at fair value | $ | 397,098 | $ | 123,631 | $ | 249,677 | $ | 23,790 |
Fair Value Measurements at January 3, 2016 Using: | |||||||||||||||
Total Carrying Value at January 3, 2016 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 2,890 | $ | 2,890 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
U.S. large-cap | 30,357 | 30,357 | — | — | |||||||||||
International large-cap value | 26,686 | 26,686 | — | — | |||||||||||
Emerging markets growth | 10,600 | 10,600 | — | — | |||||||||||
Equity index funds | 74,974 | — | 74,974 | — | |||||||||||
Domestic real estate funds | 2,735 | 2,735 | — | — | |||||||||||
Commodity funds | 8,128 | 8,128 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Non-U.S. Treasury Securities | 21,531 | — | 21,531 | — | |||||||||||
Corporate and U.S. debt instruments | 137,117 | 28,746 | 108,371 | — | |||||||||||
Corporate bonds | 23,871 | — | 23,871 | — | |||||||||||
High yield bond funds | 3,324 | 3,324 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 23,415 | — | — | 23,415 | |||||||||||
Venture capital funds | 1 | — | — | 1 | |||||||||||
Non-U.S. government index linked bonds | 29,958 | — | 29,958 | — | |||||||||||
Total assets measured at fair value | $ | 395,587 | $ | 113,466 | $ | 258,705 | $ | 23,416 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3): | |||||||||||
Venture Capital Funds | Multi-strategy Hedge Funds | Total | |||||||||
(In thousands) | |||||||||||
Balance at December 29, 2013 | $ | 8 | $ | 22,689 | $ | 22,697 | |||||
Unrealized (losses) gains | (7 | ) | 643 | 636 | |||||||
Balance at December 28, 2014 | 1 | 23,332 | 23,333 | ||||||||
Unrealized gains | — | 83 | 83 | ||||||||
Balance at January 3, 2016 | 1 | 23,415 | 23,416 | ||||||||
Realized losses | (1 | ) | — | (1 | ) | ||||||
Unrealized gains | — | 375 | 375 | ||||||||
Balance at January 1, 2017 | $ | — | $ | 23,790 | $ | 23,790 |
Non-U.S. | U.S. | ||||||
(In thousands) | |||||||
2017 | $ | 10,147 | $ | 18,406 | |||
2018 | 10,474 | 18,559 | |||||
2019 | 10,839 | 18,651 | |||||
2020 | 11,232 | 18,775 | |||||
2021 | 11,749 | 19,103 | |||||
2022-2026 | 62,667 | 96,349 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Service cost | $ | 101 | $ | 108 | $ | 95 | |||||
Interest cost | 142 | 143 | 155 | ||||||||
Expected return on plan assets | (1,035 | ) | (1,062 | ) | (964 | ) | |||||
Actuarial loss (gain) | (539 | ) | 971 | (384 | ) | ||||||
Net periodic postretirement medical benefit (credit) cost | $ | (1,331 | ) | $ | 160 | $ | (1,098 | ) |
January 1, 2017 | January 3, 2016 | ||||||
(In thousands) | |||||||
Actuarial present value of benefit obligations: | |||||||
Retirees | $ | 907 | $ | 1,033 | |||
Active employees eligible to retire | 423 | 424 | |||||
Other active employees | 2,031 | 2,119 | |||||
Accumulated benefit obligations at beginning of year | 3,361 | 3,576 | |||||
Service cost | 101 | 108 | |||||
Interest cost | 142 | 143 | |||||
Benefits paid | (145 | ) | (158 | ) | |||
Actuarial gain | (329 | ) | (308 | ) | |||
Change in accumulated benefit obligations during the year | (231 | ) | (215 | ) | |||
Retirees | 804 | 907 | |||||
Active employees eligible to retire | 379 | 423 | |||||
Other active employees | 1,948 | 2,031 | |||||
Accumulated benefit obligations at end of year | $ | 3,131 | $ | 3,361 | |||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | $ | 14,353 | $ | 14,728 | |||
Actual return on plan assets | 1,100 | (375 | ) | ||||
Fair value of plan assets at end of year | $ | 15,453 | $ | 14,353 | |||
Net assets recognized in the consolidated balance sheets | $ | 12,322 | $ | 10,992 | |||
Net amounts recognized in the consolidated balance sheets consist of: | |||||||
Noncurrent assets | $ | 12,322 | $ | 10,992 | |||
Net assets recognized in the consolidated balance sheets | $ | 12,322 | $ | 10,992 | |||
Net amounts recognized in accumulated other comprehensive income consist of: | |||||||
Prior service cost | $ | — | $ | — | |||
Net amounts recognized in accumulated other comprehensive income | $ | — | $ | — | |||
Actuarial assumptions as of the year-end measurement date: | |||||||
Discount rate | 4.11 | % | 4.34 | % |
January 1, 2017 | January 3, 2016 | December 28, 2014 | ||||||
Discount rate | 4.34 | % | 4.10 | % | 4.77 | % | ||
Expected rate of return on assets | 7.25 | % | 7.25 | % | 7.25 | % |
Fair Value Measurements at January 1, 2017 Using: | |||||||||||||||
Total Carrying Value at January 1, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 319 | $ | 319 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
U.S. large-cap | 1,618 | 1,618 | — | — | |||||||||||
International large-cap value | 1,792 | 1,792 | — | — | |||||||||||
U.S. small mid-cap | 111 | 111 | — | — | |||||||||||
Emerging markets growth | 770 | 770 | — | — | |||||||||||
Domestic real estate funds | 89 | 89 | — | — | |||||||||||
Commodity funds | 434 | 434 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate debt instruments | 8,456 | 2,280 | 6,176 | — | |||||||||||
High yield bond funds | 356 | 356 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 1,508 | — | — | 1,508 | |||||||||||
Total assets measured at fair value | $ | 15,453 | $ | 7,769 | $ | 6,176 | $ | 1,508 |
Fair Value Measurements at January 3, 2016 Using: | |||||||||||||||
Total Carrying Value at January 3, 2016 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 133 | $ | 133 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
U.S. large-cap | 1,781 | 1,781 | — | — | |||||||||||
International large-cap value | 1,566 | 1,566 | — | — | |||||||||||
Emerging markets growth | 622 | 622 | — | — | |||||||||||
Domestic real estate funds | 160 | 160 | — | — | |||||||||||
Commodity funds | 477 | 477 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate debt instruments | 8,045 | 1,687 | 6,358 | — | |||||||||||
High yield bond funds | 195 | 195 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 1,374 | — | — | 1,374 | |||||||||||
Total assets measured at fair value | $ | 14,353 | $ | 6,621 | $ | 6,358 | $ | 1,374 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3): | |||
Multi-strategy Hedge Funds | |||
(In thousands) | |||
Balance at December 29, 2013 | $ | 1,217 | |
Unrealized gains | 124 | ||
Balance at December 28, 2014 | 1,341 | ||
Unrealized gains | 33 | ||
Balance at January 3, 2016 | 1,374 | ||
Unrealized gains | 134 | ||
Balance at January 1, 2017 | $ | 1,508 |
Postretirement Medical Plan | |||
(In thousands) | |||
2017 | $ | 152 | |
2018 | 159 | ||
2019 | 166 | ||
2020 | 173 | ||
2021 | 184 | ||
2022-2026 | 1,057 |
Note 16: | Contingencies |
Note 17: | Warranty Reserves |
(In thousands) | |||
Balance at December 29, 2013 | $ | 9,643 | |
Provision charged to income | 15,995 | ||
Payments | (15,634 | ) | |
Adjustments to previously provided warranties, net | 73 | ||
Foreign currency translation and acquisitions | (484 | ) | |
Balance at December 28, 2014 | 9,593 | ||
Provision charged to income | 15,792 | ||
Payments | (14,936 | ) | |
Adjustments to previously provided warranties, net | (146 | ) | |
Foreign currency translation and acquisitions | (460 | ) | |
Balance at January 3, 2016 | 9,843 | ||
Provision charged to income | 14,901 | ||
Payments | (14,749 | ) | |
Adjustments to previously provided warranties, net | (850 | ) | |
Foreign currency translation and acquisitions | (133 | ) | |
Balance at January 1, 2017 | $ | 9,012 |
Note 18: | Stock Plans |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Cost of product and service revenue | $ | 1,031 | $ | 1,272 | $ | 1,380 | |||||
Research and development expenses | 902 | 526 | 484 | ||||||||
Selling, general and administrative expenses | 15,225 | 15,480 | 12,193 | ||||||||
Total stock-based compensation expense | $ | 17,158 | $ | 17,278 | $ | 14,057 |
January 1, 2017 | January 3, 2016 | December 28, 2014 | ||||||
Risk-free interest rate | 1.7 | % | 1.3 | % | 1.5 | % | ||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.7 | % | ||
Expected lives | 5 years | 5 years | 5 years | |||||
Expected stock volatility | 25.2 | % | 26.5 | % | 30.9 | % |
January 1, 2017 | ||||||
Number of Shares | Weighted- Average Exercise Price | |||||
(Shares in thousands) | ||||||
Outstanding at beginning of year | 2,372 | $ | 33.12 | |||
Granted | 607 | 44.79 | ||||
Exercised | (576 | ) | 25.04 | |||
Canceled | (1 | ) | 12.95 | |||
Forfeited | (115 | ) | 45.50 | |||
Outstanding at end of year | 2,287 | $ | 37.64 | |||
Exercisable at end of year | 1,342 | $ | 32.46 |
January 1, 2017 | ||||||
Number of Shares | Weighted- Average Grant- Date Fair Value | |||||
(Shares in thousands) | ||||||
Nonvested at beginning of year | 502 | $ | 42.61 | |||
Granted | 296 | 47.60 | ||||
Vested | (214 | ) | 39.23 | |||
Forfeited | (63 | ) | 45.52 | |||
Nonvested at end of year | 521 | $ | 46.48 |
Note 19: | Stockholders’ Equity |
Foreign Currency Translation Adjustment, net of tax | Unrecognized Prior Service Costs, net of tax | Unrealized (Losses) Gains on Securities, net of tax | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
(In thousands) | |||||||||||||||
Balance, December 29, 2013 | $ | 76,283 | $ | 1,429 | $ | (121 | ) | $ | 77,591 | ||||||
Current year change | (52,951 | ) | 146 | 14 | (52,791 | ) | |||||||||
Balance, December 28, 2014 | 23,332 | 1,575 | (107 | ) | 24,800 | ||||||||||
Current year change | (70,178 | ) | (316 | ) | (262 | ) | (70,756 | ) | |||||||
Balance, January 3, 2016 | (46,846 | ) | 1,259 | (369 | ) | (45,956 | ) | ||||||||
Current year change | (54,077 | ) | (860 | ) | 32 | (54,905 | ) | ||||||||
Balance, January 1, 2017 | $ | (100,923 | ) | $ | 399 | $ | (337 | ) | $ | (100,861 | ) |
Note 20: | Derivatives and Hedging Activities |
Note 21: | Fair Value Measurements |
Fair Value Measurements at January 1, 2017 Using: | |||||||||||||||
Total Carrying Value at January 1, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Marketable securities | $ | 1,678 | $ | 1,678 | $ | — | $ | — | |||||||
Foreign exchange derivative assets | 1,208 | — | 1,208 | — | |||||||||||
Foreign exchange derivative liabilities | (1,370 | ) | — | (1,370 | ) | — | |||||||||
Contingent consideration | (63,201 | ) | — | — | (63,201 | ) |
Fair Value Measurements at January 3, 2016 Using: | |||||||||||||||
Total Carrying Value at January 3, 2016 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Marketable securities | $ | 1,586 | $ | 1,586 | $ | — | $ | — | |||||||
Foreign exchange derivative assets | 2,659 | — | 2,659 | — | |||||||||||
Foreign exchange derivative liabilities, net | (442 | ) | — | (442 | ) | — | |||||||||
Contingent consideration | (57,350 | ) | — | — | (57,350 | ) |
(In thousands) | |||
Balance at December 29, 2013 | $ | (4,926 | ) |
Additions | — | ||
Amounts paid and foreign currency translation | 2,074 | ||
Change in fair value (included within selling, general and administrative expenses) | 2,761 | ||
Balance at December 28, 2014 | (91 | ) | |
Additions | (57,353 | ) | |
Amounts paid and foreign currency translation | 113 | ||
Change in fair value (included within selling, general and administrative expenses) | (19 | ) | |
Balance at January 3, 2016 | (57,350 | ) | |
Additions | — | ||
Amounts paid and foreign currency translation | 332 | ||
Reclassified to other current liabilities for milestone achieved | 10,000 | ||
Change in fair value (included within selling, general and administrative expenses) | (16,183 | ) | |
Balance at January 1, 2017 | $ | (63,201 | ) |
Note 22: | Leases |
Note 23: | Industry Segment and Geographic Area Information |
• | Discovery & Analytical Solutions. Provides products and services targeted towards the environmental, industrial, food, life sciences research and laboratory services markets. |
• | Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, emerging market diagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market. |
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | |||||||||||
Product revenue | $ | 934,098 | $ | 968,034 | $ | 944,446 | |||||
Service revenue | 578,886 | 560,385 | 539,694 | ||||||||
Total revenue | 1,512,984 | 1,528,419 | 1,484,140 | ||||||||
Operating income from continuing operations(1) | 207,487 | 173,668 | 162,074 | ||||||||
Diagnostics | |||||||||||
Product revenue | 462,798 | 427,068 | 428,290 | ||||||||
Service revenue | 139,735 | 149,336 | 157,450 | ||||||||
Total revenue | 602,533 | 576,404 | 585,740 | ||||||||
Operating income from continuing operations | 138,909 | 135,572 | 124,610 | ||||||||
Corporate | |||||||||||
Operating loss from continuing operations(2)(3) | (63,330 | ) | (58,314 | ) | (121,677 | ) | |||||
Continuing Operations | |||||||||||
Product revenue | 1,396,896 | 1,395,102 | 1,372,736 | ||||||||
Service revenue | 718,621 | 709,721 | 697,144 | ||||||||
Total revenue | 2,115,517 | 2,104,823 | 2,069,880 | ||||||||
Operating income from continuing operations | 283,066 | 250,926 | 165,007 | ||||||||
Interest and other expense, net (see Note 5) | 38,998 | 42,119 | 41,139 | ||||||||
Income from continuing operations before income taxes | $ | 244,068 | $ | 208,807 | $ | 123,868 |
(1) | Legal costs for a particular case in the Discovery & Analytical Solutions segment were $0.8 million for fiscal year 2015. |
(2) | Activity related to the mark-to-market adjustment on postretirement benefit plans has been included in the Corporate operating loss from continuing operations, and in the aggregate constituted a pre-tax loss of $15.3 million in fiscal year 2016, a pre-tax loss of $12.4 million in fiscal year 2015, and pre-tax loss of $75.4 million in fiscal year 2014. |
(3) | Includes expenses related to litigation with Enzo Biochem, Inc. and Enzo Life Sciences, Inc. (collectively, “Enzo”). Enzo filed a complaint in 2002 that alleged that the Company separately and together with other defendants breached distributorship and settlement agreements with Enzo, infringed Enzo's patents, engaged in unfair competition and fraud, and committed torts against Enzo by, among other things, engaging in commercial development and exploitation of Enzo's patented products and technology. The Company entered into a settlement agreement with Enzo dated June 20, 2014 and during fiscal year 2014 paid $7.0 million into a designated escrow account to resolve this matter, of which $3.7 million had been accrued in previous years and $3.3 million was recorded during fiscal year 2014. In addition, $3.4 million of expenses were incurred and recorded in preparation for the trial during fiscal year 2014. |
Depreciation and Amortization Expense | Capital Expenditures | ||||||||||||||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | January 1, 2017 | January 3, 2016 | December 28, 2014 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Discovery & Analytical Solutions | $ | 72,484 | $ | 74,177 | $ | 72,288 | $ | 21,486 | $ | 18,175 | $ | 18,234 | |||||||||||
Diagnostics | 25,339 | 29,728 | 36,146 | 8,556 | 6,854 | 7,196 | |||||||||||||||||
Corporate | 2,149 | 1,459 | 2,031 | 1,660 | 3,189 | 1,722 | |||||||||||||||||
Continuing operations | $ | 99,972 | $ | 105,364 | $ | 110,465 | $ | 31,702 | $ | 28,218 | $ | 27,152 | |||||||||||
Discontinued operations | $ | 6,266 | $ | 6,643 | $ | 6,610 | $ | 1,302 | $ | 1,414 | $ | 2,133 |
Total Assets | |||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | $ | 2,612,757 | $ | 2,546,583 | $ | 2,614,911 | |||||
Diagnostics | 1,505,381 | 1,459,854 | 1,343,110 | ||||||||
Corporate | 31,171 | 28,497 | 28,482 | ||||||||
Current and long-term assets of discontinued operations | 127,374 | 131,361 | 141,073 | ||||||||
Total assets | $ | 4,276,683 | $ | 4,166,295 | $ | 4,127,576 |
Revenue | |||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 842,364 | $ | 854,336 | $ | 794,568 | |||||
International: | |||||||||||
China | 336,728 | 296,908 | 257,669 | ||||||||
United Kingdom | 65,904 | 69,081 | 81,127 | ||||||||
Germany | 89,839 | 86,632 | 88,071 | ||||||||
Italy | 70,948 | 71,225 | 80,834 | ||||||||
France | 71,104 | 70,665 | 77,637 | ||||||||
Japan | 65,980 | 69,381 | 90,284 | ||||||||
Other international | 572,650 | 586,595 | 599,690 | ||||||||
Total international | 1,273,153 | 1,250,487 | 1,275,312 | ||||||||
Total sales | $ | 2,115,517 | $ | 2,104,823 | $ | 2,069,880 |
Net Long-Lived Assets | |||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 182,186 | $ | 165,827 | $ | 161,430 | |||||
International: | |||||||||||
China | 36,458 | 34,494 | 36,951 | ||||||||
United Kingdom | 14,638 | 14,244 | 12,155 | ||||||||
Finland | 12,295 | 12,203 | 12,758 | ||||||||
Singapore | 6,820 | 7,679 | 7,041 | ||||||||
Netherlands | 4,162 | 3,835 | 3,614 | ||||||||
Italy | 3,398 | 2,958 | 4,142 | ||||||||
Sweden | 2,645 | 1,247 | 742 | ||||||||
Other international | 12,448 | 10,539 | 12,871 | ||||||||
Total international | 92,864 | 87,199 | 90,274 | ||||||||
Total net long-lived assets | $ | 275,050 | $ | 253,026 | $ | 251,704 |
Note 24: | Quarterly Financial Information (Unaudited) |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter(1) | Year | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
January 1, 2017 | |||||||||||||||||||
Revenue | $ | 498,016 | $ | 536,242 | $ | 514,489 | $ | 566,770 | $ | 2,115,517 | |||||||||
Gross profit | 235,086 | 253,554 | 248,550 | 276,163 | 1,013,353 | ||||||||||||||
Restructuring and contract termination charges, net | — | 4,468 | 656 | — | 5,124 | ||||||||||||||
Operating income from continuing operations | 60,577 | 66,266 | 75,781 | 80,442 | 283,066 | ||||||||||||||
Income from continuing operations before income taxes | 49,491 | 60,873 | 64,518 | 69,186 | 244,068 | ||||||||||||||
Income from continuing operations | 41,744 | 57,756 | 53,917 | 62,289 | 215,706 | ||||||||||||||
Income from discontinued operations and dispositions | 5,722 | 6,101 | 4,210 | 2,560 | 18,593 | ||||||||||||||
Net income | 47,466 | 63,857 | 58,127 | 64,849 | 234,299 | ||||||||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.38 | $ | 0.53 | $ | 0.49 | $ | 0.57 | $ | 1.97 | |||||||||
Income from discontinued operations and dispositions | 0.05 | 0.06 | 0.04 | 0.02 | 0.17 | ||||||||||||||
Net income | 0.43 | 0.59 | 0.53 | 0.59 | 2.14 | ||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.38 | $ | 0.53 | $ | 0.49 | $ | 0.57 | $ | 1.96 | |||||||||
Income from discontinued operations and dispositions | 0.05 | 0.06 | 0.04 | 0.02 | 0.17 | ||||||||||||||
Net income | 0.43 | 0.58 | 0.53 | 0.59 | 2.12 | ||||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 | |||||||||
January 3, 2016 | |||||||||||||||||||
Revenue | $ | 484,143 | $ | 525,268 | $ | 525,509 | $ | 569,903 | $ | 2,104,823 | |||||||||
Gross profit | 219,206 | 237,923 | 239,371 | 267,731 | 964,231 | ||||||||||||||
Restructuring and contract termination charges, net | — | 4,910 | (115 | ) | 8,752 | 13,547 | |||||||||||||
Operating income from continuing operations | 46,771 | 59,543 | 67,389 | 77,223 | 250,926 | ||||||||||||||
Income from continuing operations before income taxes | 37,350 | 48,700 | 55,445 | 67,312 | 208,807 | ||||||||||||||
Income from continuing operations | 33,108 | 43,166 | 49,119 | 63,392 | 188,785 | ||||||||||||||
Income from discontinued operations and dispositions | 7,226 | 5,808 | 5,744 | 4,862 | 23,640 | ||||||||||||||
Net income | 40,334 | 48,974 | 54,863 | 68,254 | 212,425 | ||||||||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.38 | $ | 0.44 | $ | 0.57 | $ | 1.68 | |||||||||
Income from discontinued operations and dispositions | 0.06 | 0.05 | 0.05 | 0.04 | 0.21 | ||||||||||||||
Net income | 0.36 | 0.43 | 0.49 | 0.61 | 1.89 | ||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income continuing operations | $ | 0.29 | $ | 0.38 | $ | 0.43 | $ | 0.56 | $ | 1.67 | |||||||||
Income from discontinued operations and dispositions | 0.06 | 0.05 | 0.05 | 0.04 | 0.21 | ||||||||||||||
Net income | 0.36 | 0.43 | 0.48 | 0.61 | 1.87 | ||||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 |
(1) | The fourth quarter of fiscal year 2016 includes a pre-tax loss of $15.3 million as a result of the mark-to-market adjustment on postretirement benefit plans. The fourth quarter of fiscal year 2015 includes a pre-tax loss of $12.4 million as a result of the mark-to-market adjustment on postretirement benefit plans. See Note 1 for a discussion of this accounting policy. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
• | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements. |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
Exhibit No. | Exhibit Title | ||||
2.1(1) | Share Purchase Agreement, dated November 21, 2014, by and among Valedo Partners Fund I AB, the Other Sellers party thereto and PerkinElmer Holding Luxembourg S.à.r.l., filed with the Commission on November 28, 2014 as Exhibit 2.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
2.2(1) | Master Purchase and Sale Agreement, dated as of December 21, 2016, by and between PerkinElmer, Inc. and Varian Medical Systems, Inc., filed with the Commission on December 22, 2016 as Exhibit 2.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
3.1 | PerkinElmer, Inc.'s Restated Articles of Organization, filed with the Commission on May 11, 2007 as Exhibit 3.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
3.2 | PerkinElmer, Inc.'s Amended and Restated By-laws, filed with the Commission on July 27, 2016 as Exhibit 3.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.1 | Specimen Certificate of PerkinElmer, Inc.'s Common Stock, $1 par value, filed with the Commission on August 15, 2001 as Exhibit 4.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
4.2 | Indenture dated as of October 25, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on October 27, 2011 as Exhibit 99.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.3 | Supplemental Indenture dated as of October 25, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on October 27, 2011 as Exhibit 99.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.4 | Second Supplemental Indenture dated as of December 22, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on February 28, 2012 as Exhibit 4.4 to our annual report on Form 10-K and herein incorporated by reference. | ||||
Exhibit No. | Exhibit Title | ||||
4.5 | Third Supplemental Indenture, dated as of July 19, 2016, among PerkinElmer, Inc., U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent, filed with the Commission on July 19, 2016 as Exhibit 4.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.6 | Paying Agency Agreement, dated July 19, 2016, between the Company, U.S. Bank National Association, as trustee, Elavon Financial Services DAC, UK Branch, as paying agent, and Elavon Financial Services DAC, as transfer agent and registrar, filed with the Commission on July 19, 2016 as Exhibit 4.3 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.1 | Credit Agreement, dated as of August 11, 2016, among PerkinElmer, Inc., Wallac Oy, and PerkinElmer Health Sciences, Inc. as Borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC as Co-Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., TD Bank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association as Co-Documentation Agents, and J.P. Morgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Bank PLC as Joint Bookrunners and Joint Lead Arrangers, and the other Lenders party thereto, filed with the Commission on August 12, 2016 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.2* | Employment Contracts: | ||||
(1) Third Amended and Restated Employment Agreement between PerkinElmer, Inc. and Robert F. Friel, dated as of December 16, 2008, filed with the Commission on February 26, 2009 as Exhibit 10.4(2) to our annual report on Form 10-K and herein incorporated by reference; | |||||
(2) Employment Agreement by and between Joel S. Goldberg and PerkinElmer, Inc. dated as of July 21, 2008, filed with the Commission on August 8, 2008 as Exhibit 10.1 to our quarterly report on Form 10-Q and herein incorporated by reference; | |||||
(3) Employment Agreement by and between Frank A. Wilson and PerkinElmer, Inc. dated as of April 28, 2009, filed with the Commission on April 30, 2009 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference; | |||||
(4) Form of Amendment, entered into by and between PerkinElmer, Inc. and each of the following executive officers on the dates indicated below, filed with the Commission on March 1, 2011 as Exhibit 10.4(7) to our annual report on Form 10-K and herein incorporated by reference: | |||||
Executive Officer | Date | ||||
Joel S. Goldberg Frank A. Wilson | December 3, 2010 December 21, 2010 | ||||
(5) Employment Agreement between James Corbett and PerkinElmer, Inc. dated as of February 1, 2012, filed with the Commission on May 8, 2012 as Exhibit 10.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | |||||
(6) Employment Agreement between Jonathan DiVincenzo and PerkinElmer, Inc. dated as of December 2, 2013, filed with the Commission on February 25, 2014 as Exhibit 10.2(9) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(7) Amended and Restated Employment Agreement between Andrew Okun and PerkinElmer, Inc. dated as of January 1, 2014, filed with the Commission on February 25, 2014 as Exhibit 10.2(10) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(8) Employment Agreement between Daniel R. Tereau and PerkinElmer, Inc. dated as of February 1, 2016, filed with the Commission on March 1, 2016 as Exhibit 10.2(8) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(9) Employment Agreement between Deborah A. Butters and PerkinElmer, Inc. dated as of July 11, 2016, filed with the Commission on November 8, 2016 as Exhibit 10.2(9) to our quarterly report on Form 10-Q and herein incorporated by reference. | |||||
(10) Employment Agreement between Prahlad Singh and PerkinElmer, Inc. dated as of October 3, 2016, attached hereto as Exhibit 10.2(10). | |||||
10.3* | PerkinElmer, Inc.'s 2009 Incentive Plan, filed with the Commission on March 12, 2014 as Appendix A to our definitive proxy statement on Schedule 14A and herein incorporated by reference. | ||||
Exhibit No. | Exhibit Title | ||||
10.4* | PerkinElmer, Inc.'s 2008 Deferred Compensation Plan, filed with the Commission on December 12, 2008 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.5* | First Amendment to PerkinElmer, Inc.'s 2008 Deferred Compensation Plan, filed with the Commission on March 1, 2011 as Exhibit 10.9 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.6* | PerkinElmer, Inc.'s 2008 Supplemental Executive Retirement Plan, filed with the Commission on December 12, 2008 as Exhibit 10.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.7* | PerkinElmer, Inc.'s Performance Unit Program Description, filed with the Commission on February 6, 2009 as Exhibit 10.10 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.8* | PerkinElmer, Inc. 1998 Employee Stock Purchase Plan as Amended and Restated on December 10, 2009, filed with the Commission on March 1, 2010 as Exhibit 10.15 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.9* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its chief executive officer for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.10* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its executive officers for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.3 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.11* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its non-employee directors for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.4 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.12* | Form of Restricted Stock Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.5 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.13* | Form of Restricted Stock Agreement with performance-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.6 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.14* | Form of Restricted Stock Unit Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.7 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.15* | Form of Restricted Stock Unit Agreement with performance-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.8 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.16* | Form of Restricted Stock Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on May 10, 2011 as Exhibit 10.2 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
10.17* | Form of Stock Option Agreement for use under the 2009 Incentive Plan, filed with the Commission on May 10, 2011 as Exhibit 10.3 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
10.18* | Form of Restricted Stock Unit Agreement given by PerkinElmer, Inc. to its non-employee directors for use under the 2009 Incentive Plan, filed with the Commission on February 24, 2015 as Exhibit 10.25 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.19* | Form of 162(m)-compliant Restricted Stock Agreement with single-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.19. | ||||
10.20* | Form of 162(m)-compliant Restricted Stock Agreement with double-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.20. | ||||
10.21* | Form of 162(m)-compliant Restricted Stock Unit Agreement with single-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.21. | ||||
10.22* | Form of 162(m)-compliant Restricted Stock Unit Agreement with double-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.22. | ||||
10.23* | PerkinElmer, Inc. Savings Plan Amended and Restated effective January 1, 2012, filed with the Commission on February 26, 2013 as Exhibit 10.36 to our annual report on Form 10-K and herein incorporated by reference. | ||||
Exhibit No. | Exhibit Title | ||||
10.24* | PerkinElmer, Inc. Employees Retirement Plan Amended and Restated effective January 1, 2012, filed with the Commission on February 26, 2013 as Exhibit 10.37 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.25* | PerkinElmer, Inc.'s Amended and Restated Performance Incentive Plan (Executive Officers), filed with the Commission on February 25, 2014 as Exhibit 10.37 to our annual report on Form 10-K and herein incorporated by reference. | ||||
12.1 | Statement regarding computation of ratio of earnings to fixed charges, attached hereto as Exhibit 12.1. | ||||
21 | Subsidiaries of PerkinElmer, Inc., attached hereto as Exhibit 21. | ||||
23 | Consent of Independent Registered Public Accounting Firm, attached hereto as Exhibit 23. | ||||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, attached hereto as Exhibit 31.1. | ||||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, attached hereto as Exhibit 31.2. | ||||
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit 32.1. | ||||
101.INS | XBRL Instance Document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Calculation Linkbase Document. | ||||
101.DEF | XBRL Definition Linkbase Document. | ||||
101.LAB | XBRL Labels Linkbase Document. | ||||
101.PRE | XBRL Presentation Linkbase Document. |
(1) | The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish copies of any of such exhibits or schedules to the SEC upon request. |
* | Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
Description | Balance at Beginning of Year | Provisions | Charges/ Write- offs | Other(1) | Balance at End of Year | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Reserve for doubtful accounts: | ||||||||||||||||||||
Year ended December 28, 2014 | $ | 28,143 | $ | 9,447 | $ | (4,125 | ) | $ | (608 | ) | $ | 32,857 | ||||||||
Year ended January 3, 2016 | 32,857 | 3,564 | (5,709 | ) | (846 | ) | 29,866 | |||||||||||||
Year ended January 1, 2017 | 29,866 | 5,346 | (5,499 | ) | (501 | ) | 29,212 |
(1) | Other amounts primarily relate to the impact of acquisitions, discontinued operations and foreign exchange movements. |
Signature | PERKINELMER, INC. Title | Date | |||
By: | /S/ ROBERT F. FRIEL | Chairman, Chief Executive Officer | February 28, 2017 | ||
Robert F. Friel | and President (Principal Executive Officer) | ||||
By: | /S/ FRANK A. WILSON | Sr. Vice President and | February 28, 2017 | ||
Frank A. Wilson | Chief Financial Officer (Principal Financial Officer) | ||||
By: | /S/ ANDREW OKUN | Vice President and | February 28, 2017 | ||
Andrew Okun | Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | |||
By: | /S/ ROBERT F. FRIEL | Chairman, Chief Executive Officer | February 28, 2017 | ||
Robert F. Friel | and President (Principal Executive Officer) | ||||
By: | /S/ FRANK A. WILSON | Sr. Vice President and | February 28, 2017 | ||
Frank A. Wilson | Chief Financial Officer (Principal Financial Officer) | ||||
By: | /S/ ANDREW OKUN | Vice President and | February 28, 2017 | ||
Andrew Okun | Chief Accounting Officer (Principal Accounting Officer) | ||||
By: | /S/ PETER BARRETT | Director | February 28, 2017 | ||
Peter Barrett | |||||
By: | /S/ SAMUEL R. CHAPIN | Director | February 28, 2017 | ||
Samuel R. Chapin | |||||
By: | /S/ SYLVIE GRÉGOIRE, PharmD | Director | February 28, 2017 | ||
Sylvie Grégoire, PharmD | |||||
By: | /S/ NICHOLAS A. LOPARDO | Director | February 28, 2017 | ||
Nicholas A. Lopardo | |||||
By: | /S/ ALEXIS P. MICHAS | Director | February 28, 2017 | ||
Alexis P. Michas | |||||
By: | /S/ VICKI L. SATO, PhD | Director | February 28, 2017 | ||
Vicki L. Sato, PhD | |||||
By: | /S/ KENTON J. SICCHITANO | Director | February 28, 2017 | ||
Kenton J. Sicchitano | |||||
By: | /S/ PATRICK J. SULLIVAN | Director | February 28, 2017 | ||
Patrick J. Sullivan | |||||
By: | /S/ FRANK WITNEY, PhD | Director | February 28, 2017 | ||
Frank Witney, PhD |
Exhibit No. | Exhibit Title | ||||
2.1(1) | Share Purchase Agreement, dated November 21, 2014, by and among Valedo Partners Fund I AB, the Other Sellers party thereto and PerkinElmer Holding Luxembourg S.à.r.l., filed with the Commission on November 28, 2014 as Exhibit 2.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
2.2(1) | Master Purchase and Sale Agreement, dated as of December 21, 2016, by and between PerkinElmer, Inc. and Varian Medical Systems, Inc., filed with the Commission on December 22, 2016 as Exhibit 2.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
3.1 | PerkinElmer, Inc.'s Restated Articles of Organization, filed with the Commission on May 11, 2007 as Exhibit 3.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
3.2 | PerkinElmer, Inc.'s Amended and Restated By-laws, filed with the Commission on July 27, 2016 as Exhibit 3.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.1 | Specimen Certificate of PerkinElmer, Inc.'s Common Stock, $1 par value, filed with the Commission on August 15, 2001 as Exhibit 4.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
4.2 | Indenture dated as of October 25, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on October 27, 2011 as Exhibit 99.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.3 | Supplemental Indenture dated as of October 25, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on October 27, 2011 as Exhibit 99.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.4 | Second Supplemental Indenture dated as of December 22, 2011 between PerkinElmer, Inc. and U.S. Bank National Association, filed with the Commission on February 28, 2012 as Exhibit 4.4 to our annual report on Form 10-K and herein incorporated by reference. | ||||
4.5 | Third Supplemental Indenture, dated as of July 19, 2016, among PerkinElmer, Inc., U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent, filed with the Commission on July 19, 2016 as Exhibit 4.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
4.6 | Paying Agency Agreement, dated July 19, 2016, between the Company, U.S. Bank National Association, as trustee, Elavon Financial Services DAC, UK Branch, as paying agent, and Elavon Financial Services DAC, as transfer agent and registrar, filed with the Commission on July 19, 2016 as Exhibit 4.3 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.1 | Credit Agreement, dated as of August 11, 2016, among PerkinElmer, Inc., Wallac Oy, and PerkinElmer Health Sciences, Inc. as Borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC as Co-Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., TD Bank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association as Co-Documentation Agents, and J.P. Morgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Bank PLC as Joint Bookrunners and Joint Lead Arrangers, and the other Lenders party thereto, filed with the Commission on August 12, 2016 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.2* | Employment Contracts: | ||||
(1) Third Amended and Restated Employment Agreement between PerkinElmer, Inc. and Robert F. Friel, dated as of December 16, 2008, filed with the Commission on February 26, 2009 as Exhibit 10.4(2) to our annual report on Form 10-K and herein incorporated by reference; | |||||
(2) Employment Agreement by and between Joel S. Goldberg and PerkinElmer, Inc. dated as of July 21, 2008, filed with the Commission on August 8, 2008 as Exhibit 10.1 to our quarterly report on Form 10-Q and herein incorporated by reference; | |||||
(3) Employment Agreement by and between Frank A. Wilson and PerkinElmer, Inc. dated as of April 28, 2009, filed with the Commission on April 30, 2009 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference; | |||||
(4) Form of Amendment, entered into by and between PerkinElmer, Inc. and each of the following executive officers on the dates indicated below, filed with the Commission on March 1, 2011 as Exhibit 10.4(7) to our annual report on Form 10-K and herein incorporated by reference: | |||||
Executive Officer | Date |
Exhibit No. | Exhibit Title | ||||
Joel S. Goldberg Frank A. Wilson | December 3, 2010 December 21, 2010 | ||||
(5) Employment Agreement between James Corbett and PerkinElmer, Inc. dated as of February 1, 2012, filed with the Commission on May 8, 2012 as Exhibit 10.1 to our quarterly report on Form 10-Q and herein incorporated by reference. | |||||
(6) Employment Agreement between Jonathan DiVincenzo and PerkinElmer, Inc. dated as of December 2, 2013, filed with the Commission on February 25, 2014 as Exhibit 10.2(9) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(7) Amended and Restated Employment Agreement between Andrew Okun and PerkinElmer, Inc. dated as of January 1, 2014, filed with the Commission on February 25, 2014 as Exhibit 10.2(10) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(8) Employment Agreement between Daniel R. Tereau and PerkinElmer, Inc. dated as of February 1, 2016, filed with the Commission on March 1, 2016 as Exhibit 10.2(8) to our annual report on Form 10-K and herein incorporated by reference. | |||||
(9) Employment Agreement between Deborah A. Butters and PerkinElmer, Inc. dated as of July 11, 2016, filed with the Commission on November 8, 2016 as Exhibit 10.2(9) to our quarterly report on Form 10-Q and herein incorporated by reference. | |||||
(10) Employment Agreement between Prahlad Singh and PerkinElmer, Inc. dated as of October 3, 2016, attached hereto as Exhibit 10.2(10). | |||||
10.3* | PerkinElmer, Inc.'s 2009 Incentive Plan, filed with the Commission on March 12, 2014 as Appendix A to our definitive proxy statement on Schedule 14A and herein incorporated by reference. | ||||
10.4* | PerkinElmer, Inc.'s 2008 Deferred Compensation Plan, filed with the Commission on December 12, 2008 as Exhibit 10.1 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.5* | First Amendment to PerkinElmer, Inc.'s 2008 Deferred Compensation Plan, filed with the Commission on March 1, 2011 as Exhibit 10.9 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.6* | PerkinElmer, Inc.'s 2008 Supplemental Executive Retirement Plan, filed with the Commission on December 12, 2008 as Exhibit 10.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.7* | PerkinElmer, Inc.'s Performance Unit Program Description, filed with the Commission on February 6, 2009 as Exhibit 10.10 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.8* | PerkinElmer, Inc. 1998 Employee Stock Purchase Plan as Amended and Restated on December 10, 2009, filed with the Commission on March 1, 2010 as Exhibit 10.15 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.9* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its chief executive officer for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.2 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.10* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its executive officers for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.3 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.11* | Form of Stock Option Agreement given by PerkinElmer, Inc. to its non-employee directors for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.4 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.12* | Form of Restricted Stock Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.5 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.13* | Form of Restricted Stock Agreement with performance-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.6 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.14* | Form of Restricted Stock Unit Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.7 to our current report on Form 8-K and herein incorporated by reference. | ||||
Exhibit No. | Exhibit Title | ||||
10.15* | Form of Restricted Stock Unit Agreement with performance-based vesting for use under the 2009 Incentive Plan, filed with the Commission on April 28, 2009 as Exhibit 10.8 to our current report on Form 8-K and herein incorporated by reference. | ||||
10.16* | Form of Restricted Stock Agreement with time-based vesting for use under the 2009 Incentive Plan, filed with the Commission on May 10, 2011 as Exhibit 10.2 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
10.17* | Form of Stock Option Agreement for use under the 2009 Incentive Plan, filed with the Commission on May 10, 2011 as Exhibit 10.3 to our quarterly report on Form 10-Q and herein incorporated by reference. | ||||
10.18* | Form of Restricted Stock Unit Agreement given by PerkinElmer, Inc. to its non-employee directors for use under the 2009 Incentive Plan, filed with the Commission on February 24, 2015 as Exhibit 10.25 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.19* | Form of 162(m)-compliant Restricted Stock Agreement with single-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.19. | ||||
10.20* | Form of 162(m)-compliant Restricted Stock Agreement with double-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.20. | ||||
10.21* | Form of 162(m)-compliant Restricted Stock Unit Agreement with single-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.21. | ||||
10.22* | Form of 162(m)-compliant Restricted Stock Unit Agreement with double-trigger acceleration for use under the 2009 Incentive Plan, attached hereto as Exhibit 10.22. | ||||
10.23* | PerkinElmer, Inc. Savings Plan Amended and Restated effective January 1, 2012, filed with the Commission on February 26, 2013 as Exhibit 10.36 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.24* | PerkinElmer, Inc. Employees Retirement Plan Amended and Restated effective January 1, 2012, filed with the Commission on February 26, 2013 as Exhibit 10.37 to our annual report on Form 10-K and herein incorporated by reference. | ||||
10.25* | PerkinElmer, Inc.'s Amended and Restated Performance Incentive Plan (Executive Officers), filed with the Commission on February 25, 2014 as Exhibit 10.37 to our annual report on Form 10-K and herein incorporated by reference. | ||||
12.1 | Statement regarding computation of ratio of earnings to fixed charges, attached hereto as Exhibit 12.1. | ||||
21 | Subsidiaries of PerkinElmer, Inc., attached hereto as Exhibit 21. | ||||
23 | Consent of Independent Registered Public Accounting Firm, attached hereto as Exhibit 23. | ||||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, attached hereto as Exhibit 31.1. | ||||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, attached hereto as Exhibit 31.2. | ||||
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit 32.1. | ||||
101.INS | XBRL Instance Document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Calculation Linkbase Document. | ||||
101.DEF | XBRL Definition Linkbase Document. | ||||
101.LAB | XBRL Labels Linkbase Document. | ||||
101.PRE | XBRL Presentation Linkbase Document. |
(1) | The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish copies of any of such exhibits or schedules to the SEC upon request. |
* | Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
1. | (a) Except as hereinafter otherwise provided, the Company agrees to employ the employee in a management position with the Company, and the Employee agrees to remain in the employment of the Company in that capacity for a period of one year from the date hereof and from year to year thereafter until such time as this Agreement is terminated in accordance with Paragraph 5. |
2. | The Employee agrees that, during the specified period of employment, he shall, to the best of his ability, perform his duties, and shall devote his full business time, best efforts, business judgment, skill and knowledge to the advancement of the Company and its interests and to the discharge of his duties and responsibilities hereunder. The Employee shall not engage in any business, profession or occupation which would conflict with the rendition of the agreed-upon services, either directly or indirectly, without the prior approval of the Board of Directors, except for personal investment, charitable and philanthropic activities. |
3. | During the period of his employment under this Agreement, the Employee shall be compensated for his services as follows: |
(a) | Except as otherwise provided in this Agreement, he shall be paid a salary during the period of this Agreement at a base rate to be determined by the Company on an annual basis. Except as provided in Paragraph 3(d), such annual base salary shall under no circumstances be fixed at a rate below the annual base rate then currently in effect; |
(b) | He shall be reimbursed for any and all monies expended by him in connection with his employment for reasonable and necessary expenses on behalf of the Company in accordance with the policies of the Company then in effect; |
(c) | He shall be eligible to participate under any and all bonus, benefit, pension, compensation, and equity and incentive plans which are, in accordance with Company policy and the terms of the plan, available to persons in his position (within the limitation as stipulated by such plans). Such eligibility shall not automatically entitle him to participate in any such plan; |
(d) | If, because of adverse business conditions or for other reasons, the Company at any time puts into effect salary reductions applicable at a single rate to all management employees of the Company generally, the salary payments required to be made under this Agreement to the Employee during any period in which such general reduction is in effect may be reduced by the same percentage as is applicable to all management employees of the Company generally. Any benefits made available to the Employee which are related to base salary shall also be reduced in accordance with any salary reduction. |
4. | (a) So long as the Employee is employed by the Company and for a period of one year after the termination or expiration of employment, the Employee will not directly or indirectly: (i) as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, or in any other capacity whatsoever (other than as the holder of not more than one percent (1%) of the total outstanding stock of a publicly held company), engage directly or indirectly in any business or entity which competes with the business conducted by the Company or its affiliates in any city or geographic area in which the Company or its affiliates conduct material operations at the time of termination of employment under this Agreement, except as approved in advance by the Board after full and adequate disclosure; or (ii) recruit, solicit or induce, or attempt to induce, any employee or employees or consultant or consultants of the Company to terminate their employment with, to otherwise cease their relationship with, the Company; or (iii) solicit, divert or take away, or attempt to divert or to take away, the business or patronage of any of the clients, customers or accounts, of the Company. |
(b) | If any restriction set forth in this Paragraph 4 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographical area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. |
(c) | The restrictions contained in this Paragraph 4 are necessary for the protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach of this Paragraph 4 will cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief. |
(d) | The Employee agrees to sign and be bound by the Employee Patent and Proprietary Information Utilization Agreement in the form attached hereto. |
(e) | During the period of his employment by the Company or for any period during which the Company shall continue to pay the Employee his salary under this Agreement, whichever shall be longer, the Employee shall not in any way whatsoever aid or assist any party seeking to cause, initiate or effect a Change in Control of the Company as defined in Paragraph 6 without the prior approval of the Board of Directors. |
5. | Except for the Employee covenants set forth in Paragraph 4, which covenants shall remain in effect for the periods stated therein, and subject to Paragraph 6, this Agreement shall terminate upon the happening of any of the following events and (except as provided herein) all of the Company’s obligations under this Agreement, including, but not limited to, making payments to the Employee shall cease and terminate: |
(a) | On the effective date set forth in any resignation submitted by the Employee and accepted by the Company, or if no effective date is agreed upon, the date of receipt by the Company of such resignation letter; |
(b) | On the date set forth in a written notice of termination given by the Company to the Employee (the “Paragraph 5(b) Termination Date”); |
(c) | At the death of the Employee; |
(d) | At the termination of the Employee for cause. As used in the Agreement, the term “cause” shall mean: |
(i) | Misappropriating any funds or property of the Company; |
(ii) | Unreasonable refusal to perform the duties assigned to him under this Agreement; |
(iii) | Conviction of a felony; |
(iv) | Continuous conduct bringing notoriety to the Company and having an adverse effect on the name or public image of the Company; |
(v) | Violation of the Employee’s covenants as set forth in Paragraph 4 above; or |
(vi) | Continued failure by the Employee to observe any of the provisions of this Agreement after being informed of such breach. |
(e) | Twelve months after written notice of termination (a “Disability Termination Notice”) is given by the Company to the Employee based on a determination by the Board of Directors that the Employee is disabled (which, for purposes of this Agreement, shall mean that the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, with such determination to be made by the Board of Directors, in reliance upon the opinion of the Employee’s physician or upon the opinion of one or more physicians selected by the Company). A Disability Termination Notice shall be deemed properly delivered if given by the Company to the Employee on the 180th day of continuous disability of the Employee. Notwithstanding the foregoing, if, during the twelve-month period following proper delivery of a Disability Termination Notice as aforesaid, the Employee is no longer disabled and is able to return to work, such Disability Termination Notice shall be deemed automatically rescinded upon the Employee’s return to work, and the employment of the Employee shall continue in accordance with the terms of this Agreement. During the first 180 days of continuous disability of the Employee, the Company will make monthly payments to the Employee in an amount equal to the difference between his base salary and the benefits received by the Employee under the Company’s Short-Term Disability Income Plan. During the twelve-month period following proper delivery of a Disability Termination Notice as aforesaid, the Company will make monthly payments to the Employee in an amount equal to the difference between his base salary and the benefits provided by the Company’s Long-Term Disability Plan. If any payments to the Employee under the Company’s Long-Term Disability Plan are not subject to federal income taxes, the payments to be made directly by the Company pursuant to the preceding sentence shall be reduced such that the total amount received by the Employee (from the Company and from the Long-Term Disability Plan), after payment of any income taxes, is equal to the amount that the Employee would have received had he been paid his base salary, after payment of any income taxes on such base salary. |
(f) | In the event of the termination of the Employee by the Company pursuant to Paragraph 5(b) above, and subject to the Employee’s full execution of a severance agreement and release drafted by and satisfactory to counsel for the Company, the Employee shall (i) for a period of one year from the Paragraph 5(b) Termination Date, (continue to receive his Full Salary (as defined below), which shall be payable in accordance with the payment schedule in effect immediately prior to his employment termination, and (ii) receive from the Company a lump sum payment in an amount equal to (A) the amount the Company would have paid for a one-year period for premiums under the health, dental, vision, life/accidental death & disability, and short term and long-term disability plans in which the Employee and his dependents were participating immediately prior to the Paragraph 5(b) Termination Date and (B) the annual (one-year) benefit to the Employee under the Company’s executive physical program, which lump sum amount payable pursuant to this clause (ii) to be determined based on the premium rates and benefits in effect as of the Paragraph 5(b) Termination Date. For purposes of this Agreement, “Full Salary” shall mean the Employee’s annual base salary, plus the amount of any bonus or incentive payments (excluding payments under the Company’s long-term incentive program) earned or received by the Employee with respect to the last full fiscal year of the Company for which all bonus or incentive payments (excluding payments under the Company’s long-term incentive program) to be made have been made. |
(g) | In the event of a termination of employment pursuant to Paragraph 5(a), (c) or (d), the Company shall pay the Employee his base salary through the date of termination of employment. The Employee shall not be entitled to receive any bonus payment or other additional compensation beyond his date of termination. |
6. | (a) In the event of a Change in Control of the Company (as defined below), |
(i) | The provisions of this Agreement shall be amended as follows: |
(A) | Paragraph l(a) shall be amended to read in its entirety as follows: |
(B) | Paragraph 5(a) shall be amended by the addition of the following provision at the end of such paragraph: |
(C) | Paragraph 5(b) shall be deleted in its entirety. |
(D) | Paragraph 5(f) shall be amended to read in its entirety as follows: |
(E) | Paragraph 8 shall be amended to read in its entirety as follows: |
(ii) | The Company will make the payments under this Agreement without regard to whether the deductibility of such payments (or any other payments or benefits) would be limited or precluded by Section 280G of the Code and without regard to whether such payments would be subject to the federal excise tax levied on certain “excess parachute payments” under Section 4999 of the Code; provided, however, that if the Total After-Tax Payments (as defined below) to the Employee would be increased by the reduction or elimination of any payment and/or other benefit (including the vesting of equity awards) under this Agreement or otherwise, then the amounts payable under this Agreement or otherwise will be reduced or eliminated in the following order unless otherwise determined by the Company: (A) nonacceleration of any stock options whose exercise price is at or above the fair market value of the stock as of the change in control date for purposes of Section 280G of the Code (taking into account, as appropriate, the proceeds that would be received in connection with the event covered by Section 4999 of the Code), (B) nonacceleration of any stock options not described in clause (A) above, (C) any vesting or distribution of restricted stock or restricted stock units and (D) any cash or taxable benefits. Within each category described in clauses (A), (B), (C) or (D), reductions or eliminations shall be made as determined by the Company in reverse order beginning with vesting or payments that are to be paid the farthest in time from the date of the event covered by Section 4999 of the Code. |
(b) | For purposes of this Agreement, a “Change in Control of the Company” means an event or occurrence set forth in any one or more of clauses (i) through (iv) below (including an event or occurrence that constitutes a Change in Control under one or such clauses but is specifically exempted from another such clause): |
(i) | the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a “Person”) of beneficial ownership of any capital stock or the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 20% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this paragraph (i), none of the following acquisitions of Outstanding Company Common Stock or Outstanding Company Voting Securities shall constitute a Change in Control: (I) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (IV) any acquisition by any corporation pursuant to a transaction which complies with subclauses (A) and (B) of clause (iii) of this Paragraph 6(b); or |
(ii) | such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (A) who was a member of the Board on the date of the execution of this Agreement or (B) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (B) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or |
(iii) | the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (A) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the surviving, resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more other entities) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Stock and Outstanding Company Voting Securities, respectively; and (B) no Person beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or |
(iv) | approval by the stockholders of the Company or a complete liquidation or dissolution of the Company. |
(c) | For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events: (i) a material diminution in the Employee's base salary except as provided in Paragraph 3(d); (ii) a failure by the Company to pay annual cash bonuses to the Employees in an amount at least equal to the most recent annual cash bonuses paid to the Employee; (iii) a failure by the Company to maintain in effect any material compensation or benefit plan in which the Employee participated immediately prior to the Change in Control, unless an equitable arrangement has been made with respect to such plan, or a failure to continue the Employee’s participation therein on a basis not materially less favorable than existed immediately prior to the Change in Control; (iv) any material diminution in the Employee’s position, duties, authorities, responsibilities or title as in effect immediately prior to the Change in Control; (v) any requirement by the Company that the location at which the Employee performs his principal duties be changed to a new location outside a radius of 25 miles from the Employee’s principal place of employment immediately prior to the Change in Control; or (vi) the failure of the Company to obtain the agreement, in a form reasonably satisfactory to the Employee, from any successor to the Company to assume and agree to perform this Agreement. The Employee shall provide notice to the Company of the existence of the condition upon which Employee bases his claim for Good Reason within 90 days of the initial existence of the condition. As a condition to a termination for Good Reason, if the condition is capable of being corrected, the Company shall have 30 days during which it may remedy the condition. If the condition is fully remedied with such time period there shall be no “Good Reason” and the Company shall not owe the amounts otherwise required to be paid under Paragraph 5, as amended by this Paragraph 6, in connection with the termination. The Employee’s right to terminate his employment for Good Reason shall not be affected by his incapacity due to physical or mental illness. |
7. | Neither the Employee nor, in the event of his death, his legal representative, beneficiary or estate, shall have the power to transfer, assign, mortgage or otherwise encumber in advance any of the payments provided for in this Agreement, nor shall any payments nor assets or funds of the Company be subject to seizure for the payment of any debts, judgments, liabilities, bankruptcy or other actions. |
8. | Any controversy relating to this Agreement and not resolved by the Board of Directors and the Employee shall be settled by arbitration in the City of Boston, Commonwealth of Massachusetts, pursuant to the rules then obtaining of the JAMS, and judgment upon the award may be entered in any court having jurisdiction, and the Board of Directors and Employee agree to be bound by the arbitration decision on any such controversy. Unless otherwise agreed by the parties hereto, arbitration will be by an arbitrator selected from the panel of the JAMS. The full cost of any such arbitration shall be borne by the Company. |
9. | Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times by either party. |
10. | All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally to the Employee or to the General Counsel of the Company or when mailed by registered or certified mail to the other party (if to the Company, at 940 Winter Street, Waltham, Massachusetts 02451, attention General Counsel; if to the Employee, at the last known address of the Employee as set forth in the records of the Company). |
11. | This Agreement has been executed and delivered and shall be construed in accordance with the laws of the Commonwealth of Massachusetts. This Agreement is and shall be binding on the respective legal representatives or successors of the parties, but shall not be assignable except to a successor to the Company by virtue of a merger, consolidation or acquisition of all or substantially all of the assets of the Company. This Agreement constitutes and embodies the entire understanding and agreement of the parties and, except as otherwise provided herein, there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the employment of the Employee by the Company. All previous employment contracts between the Employee and the Company or any of the Company’s present or former subsidiaries or affiliates is hereby canceled and of no effect. |
12. | The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly in writing and to agree to perform its obligations under this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain an assumption of this Agreement prior to the effectiveness of succession shall be a breach of this Agreement. As used in this Agreement, “the Company” shall mean the Company as defined above and any successor to its business or assets as aforesaid which assumes and agrees to perform this Agreement, whether by operation of law, or otherwise. |
13. | The parties intend that payments made pursuant to this Agreement be either exempt from, or compliant with, Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”), so as not to be subject to the excise tax thereunder. Accordingly, the following provisions shall apply to payments pursuant to this Agreement, notwithstanding any provision to the contrary contained in this Agreement: |
(a) | Any payment of “reimbursements” by the Company to the Employee, any payment of “in-kind benefits” from the Company to the Employee, and any “direct service recipient payments” made by the Company on the Employee’s behalf for a “limited period of time” (in each case as those terms are used for purposes of Section 409A) shall be exempt from the application of Section 409A; |
(b) | Except as provided in Paragraphs 13(a) or (b) above, or Paragraph 13(e) below, the remainder of all other payments or benefits that are to be paid or provided by the Company to the Employee under Paragraphs 5 or 6 shall be paid or provided in accordance with the schedules set forth in Paragraphs 5 or 6, or if none, in accordance with the schedules set forth in the underlying employee benefit plans and arrangements. Each payment on a payroll date and each monthly payment under Paragraphs 5 and 6 shall be deemed to be a “separate payment” as that term is used for purposes of Section 409A, including the exemptions from Section 409A; |
(c) | The payments that are to be paid by the Company to the Employee under Paragraphs 5 or 6 which (i) will constitute payments from a “non-qualified deferred compensation plan” as that term is used for the purposes of Section 409A (after taking into account Paragraphs 13(a) and (b) above and any other exemptions available under Section 409A, including without limitation qualification as a “short term deferral” within the meaning of Section 409A), (ii) are payable prior to the date that is 6 months after the Employee’s “separation from service” as that term is used for purposes of Section 409A (“Separation from Service”) (such date hereinafter referred to as the “Delayed Payment Date”), and (iii) do not exceed two (2) times the lesser of (I) or (II) below, shall be paid in accordance with the payment schedule that would otherwise apply under Paragraphs 5 or 6 in the absence of the application of Section 409A. For purposes of this Paragraph 13(d), “(I)” shall mean the sum of the Employee’s annualized compensation based upon his annual rate of pay for services provided to the Company for the calendar year preceding the Company’s taxable year in which the Employee had a Separation from Service, and “(II)” shall mean the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Employee has a Separation from Service; |
(d) | If the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Employee’s “separation from service” as that term is used for purposes of Section 409A, the payments that are otherwise scheduled to be paid to the Employee under Paragraphs 5 or 6 prior to the Delayed Payment Date (determined without regard to this Paragraph 13) that exceed the amount calculated under Paragraph 13(d) above shall instead be paid by the Company to the Employee in a lump sum (together with interest at the prime rate as published in The Wall Street Journal on the date of Separation from Service) one day after the Delayed Payment Date (or, if earlier, the death of the Employee); |
(e) | The amount of expenses eligible for reimbursement to the Employee, and the amount of in-kind benefits provided to the Employee, during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; |
(f) | The Company shall (i) have the right to deduct from any payment under this Agreement any and all taxes determined by the Company to be applicable with respect to such benefits and (ii) shall have the right to require the Employee to make arrangements satisfactory to satisfy any such withholding obligation that may not be satisfied in full by wage withholding described in (i); |
(g) | The Employee shall be responsible for all taxes with respect to any payments or benefits hereunder except for the Company’s portion of any Social Security and Medicare taxes. The Company makes no guarantee regarding the tax treatment of the payments or benefits provided by this Agreement; |
(h) | The reference in Section 5(f) to execution of a severance agreement and release shall be subject to the following terms. Payments pursuant to Section 5(f) shall commence on the 60th day following the Employee’s separation from service, provided that the Employee has executed and submitted the severance agreement and release and the agreement and release have become irrevocable. The payment made on such 60th day shall include any periodic payments to which the Employee would have been entitled had payments commenced upon the Employee’s separation from service; and |
(i) | In determining whether a payment is made on permissible payment event or date, the rules of the Treasury Regulations and other guidance under Section 409A shall apply, including without limitation the rules of Treasury Regulation section 1.409A-3(g) (related to disputed payments) and the rules of Treasury Regulation section 1.409A-3(d) (generally permitting payment to be made at a later date within the same taxable year (or if later by the 15th day of the third calendar month following the date specified) so long as the Employee is not permitted, directly or indirectly, to designate the year of payment). |
Fiscal Year Ended | |||||||||||||||||||
January 1, 2017 | January 3, 2016 | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||||
(In thousands, except for ratio) | |||||||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense and amortization of debt premiums and discounts on all indebtedness | $ | 38,616 | $ | 35,010 | $ | 33,097 | $ | 44,066 | $ | 43,702 | |||||||||
Interest on rental expense | 10,400 | 10,480 | 10,560 | 10,080 | 11,700 | ||||||||||||||
Total fixed charges | 49,016 | 45,490 | 43,657 | 54,146 | 55,402 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations before income taxes | 244,068 | 208,807 | 123,868 | 116,681 | 3,538 | ||||||||||||||
Earnings available to cover fixed charges | $ | 293,084 | $ | 254,297 | $ | 167,525 | $ | 170,827 | $ | 58,940 | |||||||||
Ratio of earnings to fixed charges | 6.0 | 5.6 | 3.8 | 3.2 | 1.1 | ||||||||||||||
Deficiency in earnings required to cover fixed charges | $ | — | $ | — | $ | — | $ | — | $ | — |
Name of Company | State or Country of Incorporation or Organization | Name of Parent | |||
1. | PerkinElmer, Inc. | Massachusetts | N/A | ||
2. | Caliper Life Sciences, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
3. | Cambridge Research & Instrumentation, Inc. | Delaware | Caliper Life Sciences, Inc. | ||
4. | PerkinElmer Health Sciences, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
5. | PerkinElmer Informatics, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
6. | PerkinElmer Medical Holdings, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
7. | PerkinElmer Medical Imaging, LLC | Delaware | PerkinElmer Medical Holdings, Inc. | ||
8 | ViaCord, LLC | Delaware | PerkinElmer Holdings, Inc. | ||
9. | VisEn Medical Inc. | Delaware | PerkinElmer Health Sciences, Inc. | ||
10. | Xenogen Corporation | Delaware | Caliper Life Sciences, Inc. | ||
11. | NovaScreen Biosciences Corporation | Maryland | Caliper Life Sciences, Inc. | ||
12. | PerkinElmer Holdings, Inc. | Massachusetts | PerkinElmer, Inc. | ||
13. | Perten Instruments, Inc. | Nevada | PerkinElmer Health Sciences, Inc. | ||
14. | PerkinElmer Genetics, Inc. | Pennsylvania | PerkinElmer Holdings, Inc. | ||
15. | Bioo Scientific Corporation | Texas | PerkinElmer Holdings, Inc. | ||
16. | PerkinElmer Automotive Research, Inc. | Texas | PerkinElmer Holdings, Inc. | ||
17. | Geospiza, Inc. | Washington | PerkinElmer Holdings, Inc. | ||
18. | Perkin-Elmer Argentina S.R.L. | Argentina | PerkinElmer Holdings, Inc. (98%) 1 | ||
19. | PerkinElmer Pty. Ltd. | Australia | PerkinElmer Holdings, Inc. | ||
20. | Perten Instruments of Australia Pty Ltd. | Australia | Perten Instruments AB | ||
21. | PerkinElmer Vertriebs GmbH | Austria | Wellesley B.V. | ||
22. | PerkinElmer BVBA | Belgium | PerkinElmer Life Sciences International Holdings2 | ||
23. | PerkinElmer do Brasil Ltda. | Brazil | PerkinElmer International C.V. (99%)3 | ||
24. | PerkinElmer Health Sciences Canada, Inc. | Canada | PerkinElmer Life Sciences International Holdings | ||
25. | Perten Instruments Inc. | Canada | Perten Instruments AB | ||
26. | Perkin Elmer Chile Ltda. | Chile | PerkinElmer Health Sciences, Inc. (68%)4 | ||
27. | PerkinElmer Healthcare Diagnostics (Shanghai) Co., Ltd. | China | PerkinElmer IVD Pte Ltd. | ||
28. | PerkinElmer Management (Shanghai) Co., Ltd. | China | PerkinElmer Singapore Pte Ltd. | ||
29. | Perten Instruments (Beijing) Co., Ltd. | China | Perten Instruments AB | ||
30. | Shanghai Haoyuan Biotech Co., Ltd. | China | PerkinElmer Holding Luxembourg S.à r.l. | ||
31. | Suzhou PerkinElmer Medical Laboratory Co., Ltd. | China | Suzhou Sym-Bio Lifescience Co., Ltd. | ||
32. | Suzhou Sym-Bio Lifescience Co., Ltd. | China | PerkinElmer Healthcare Diagnostics (Shanghai) Co., Ltd. | ||
33. | PerkinElmer Danmark A/S | Denmark | Wallac Oy | ||
34. | PerkinElmer Finland Oy | Finland | Wallac Oy | ||
35. | PerkinElmer Investments Ky | Finland | PerkinElmer Finance Luxembourg S.à r.l.5 | ||
36. | PerkinElmer Oy | Finland | Wellesley B.V. | ||
37. | Wallac Oy | Finland | PerkinElmer Oy | ||
38. | PerkinElmer SAS | France | PerkinElmer Nederland B.V. | ||
39. | Perten Instruments France SASU | France | Perten Instruments AB | ||
40. | SOCOMA-PERTEN SAS | France | PerkinElmer SAS | ||
41. | PerkinElmer Cellular Technologies Germany GmbH | Germany | PerkinElmer LAS (Germany) GmbH | ||
42. | PerkinElmer chemagen Technologie GmbH | Germany | PerkinElmer Cellular Technologies Germany GmbH | ||
43. | PerkinElmer LAS (Germany) GmbH | Germany | PerkinElmer Holdings, Inc. | ||
44. | PerkinElmer Technologies GmbH & Co. KG | Germany | PerkinElmer Cellular Technologies Germany GmbH (60%)6 | ||
45. | Perten Instruments GmbH | Germany | Perten Instruments AB | ||
46. | PerkinElmer (Hong Kong) Ltd. | Hong Kong | PerkinElmer Holdings, Inc. | ||
47. | Orchid Biomedical Systems Pvt Ltd. | India | Tulip Diagnostics Pvt Ltd. | ||
48. | PerkinElmer Health Sciences Pvt Ltd. | India | PerkinElmer IVD Pte Ltd. (91%)7 | ||
49. | PerkinElmer (India) Pvt Ltd. | India | PerkinElmer Singapore Pte Ltd.8 |
Name of Company | State or Country of Incorporation or Organization | Name of Parent | |||
50. | Tulip Diagnostics Pvt Ltd. | India | PerkinElmer Holding Luxembourg S.à r.l. (99%)9 | ||
51. | PerkinElmer (Ireland) Ltd. | Ireland | Wellesley B.V. | ||
52. | PerkinElmer Israel Ltd. | Israel | PerkinElmer Holding Luxembourg S.à r.l. | ||
53. | Perkin Elmer Italia SpA | Italy | Wellesley B.V. | ||
54. | Perten Instruments Italia Srl | Italy | Perten Instruments AB | ||
55. | PerkinElmer Japan Co. Ltd. | Japan | PerkinElmer Life Sciences International Holdings (97%)10 | ||
56. | Perkin Elmer Yuhan Hoesa | Korea | PerkinElmer International C.V. | ||
57. | PerkinElmer Finance Luxembourg S.à r.l. | Luxembourg | PerkinElmer Holding Luxembourg S.à r.l. | ||
58. | PerkinElmer Holding Luxembourg S.à r.l. | Luxembourg | PerkinElmer International C.V. | ||
59. | Perkin Elmer Sdn. Bhd. | Malaysia | PerkinElmer International C.V. | ||
60. | Perkin Elmer de Mexico, S.A. | Mexico | PerkinElmer Holdings, Inc.11 | ||
61. | Delta Instruments B.V. | Netherlands | PerkinElmer Health Sciences B.V. | ||
62. | PerkinElmer Health Sciences B.V. | Netherlands | PerkinElmer Life Sciences International Holdings | ||
63. | PerkinElmer International C.V. | Netherlands | PerkinElmer Holdings, Inc.12 | ||
64. | PerkinElmer Nederland B.V. | Netherlands | Wellesley B.V. | ||
65. | Wellesley B.V. | Netherlands | PerkinElmer Holding Luxembourg S.à r.l. | ||
66. | PerkinElmer Norge AS | Norway | Wallac Oy | ||
67. | Perkin-Elmer Instruments (Philippines) Corporation | Philippines | PerkinElmer Holdings, Inc. | ||
68. | PerkinElmer Polska Sp zo.o. | Poland | Wellesley B.V. | ||
69. | PerkinElmer Shared Services Sp zo.o. | Poland | Wellesley B.V. | ||
70. | PerkinElmer IVD Pte Ltd. | Singapore | Wallac Oy | ||
71. | PerkinElmer Singapore Pte Ltd. | Singapore | PerkinElmer International C.V. | ||
72. | PerkinElmer South Africa (Pty) Ltd. | South Africa | Wellesley B.V. | ||
73. | Integromics, S.L. | Spain | PerkinElmer España, S.L. | ||
74. | PerkinElmer España, S.L. | Spain | Wellesley B.V. | ||
75. | PerkinElmer Sverige AB | Sweden | Wallac Oy | ||
76. | PerkinElmer Sweden Health Sciences Holdings AB | Sweden | PerkinElmer Holdings, Inc. | ||
77. | Perten Instruments AB | Sweden | PerkinElmer Holding Luxembourg S.à r.l. | ||
78. | Vanadis Diagnostics AB | Sweden | Perten Instruments AB | ||
79. | PerkinElmer (Schweiz) AG | Switzerland | Wellesley B.V. | ||
80. | PerkinElmer Taiwan Corporation | Taiwan | PerkinElmer Holding Luxembourg S.à r.l. | ||
81. | PerkinElmer Limited | Thailand | PerkinElmer, Inc. | ||
82. | PerkinElmer Saglik ve Çevre Bilimleri Ltd. | Turkey | PerkinElmer Holding Luxembourg S.à r.l. | ||
83. | Dexela Limited | United Kingdom | PerkinElmer Holding Luxembourg S.à r.l. | ||
84. | PerkinElmer LAS (UK) Ltd. | United Kingdom | PerkinElmer (UK) Holdings Ltd. | ||
85. | PerkinElmer Life Sciences International Holdings | United Kingdom | PerkinElmer Health Sciences, Inc. | ||
86. | PerkinElmer Ltd. | United Kingdom | PerkinElmer (UK) Holdings Ltd. | ||
87. | PerkinElmer (UK) Holdings Ltd. | United Kingdom | Wellesley B.V. |
1 | PerkinElmer Health Sciences, Inc. owns 2%. |
2 | PerkinElmer Holdings, Inc. owns a de minimus share. |
3 | PerkinElmer Holdings, Inc. owns 1%; PerkinElmer Health Sciences, Inc. owns a de minimus share. |
4 | PerkinElmer Holdings, Inc. owns 32%. |
5 | PerkinElmer Holding Luxembourg S.à r.l. owns a de minimus share. |
6 | PerkinElmer Automotive Research, Inc. owns 40%. |
7 | Surendra Genetic Laboratory & Research Centre Pvt Ltd. owns 9%. |
8 | Wellesley B.V. owns a de minimus share. |
9 | Individual shareholders own 1%. |
10 | Wallac Oy owns 3%. |
11 | PerkinElmer, Inc. owns a de minimus share. |
12 | PerkinElmer, Inc. owns 1%. |
/s/ DELOITTE & TOUCHE LLP |
Boston, Massachusetts |
February 28, 2017 |
1. | I have reviewed this Annual Report on Form 10-K of PerkinElmer, Inc.; |
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 that 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: | February 28, 2017 | /S/ ROBERT F. FRIEL |
Robert F. Friel | ||
Chairman, Chief Executive Officer and President |
1. | I have reviewed this Annual Report on Form 10-K of PerkinElmer, Inc.; |
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 that 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: | February 28, 2017 | /s/ FRANK A. WILSON |
Frank A. Wilson Senior Vice President and Chief Financial Officer |
(1) | Based on my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | Based on my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 28, 2017 | /S/ ROBERT F. FRIEL |
Robert F. Friel | ||
Chairman, Chief Executive Officer and President |
Date: | February 28, 2017 | /s/ FRANK A. WILSON |
Frank A. Wilson Senior Vice President and Chief Financial Officer |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Feb. 24, 2017 |
Jul. 01, 2016 |
|
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PERKINELMER INC | ||
Entity Central Index Key | 0000031791 | ||
Current Fiscal Year End Date | --01-01 | ||
Document Period End Date | Jan. 01, 2017 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 109,787,006 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,650,129,129 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Net income | $ 234,299 | $ 212,425 | $ 157,778 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (54,077) | (70,178) | (52,951) |
Unrecognized prior service costs, net of tax | (860) | (316) | 146 |
Unrealized gains (losses) on securities, net of tax | 32 | (262) | 14 |
Other comprehensive loss | (54,905) | (70,756) | (52,791) |
Comprehensive income | $ 179,394 | $ 141,669 | $ 104,987 |
Consolidated Balance Sheet Parenthetical - $ / shares |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Balance Sheet Parenthetical [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 112,034,000 | 112,481,000 |
Common stock, outstanding | 112,034,000 | 112,481,000 |
Nature of Operations and Accounting Policies |
12 Months Ended |
---|---|
Jan. 01, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations and Accounting Policies | Nature of Operations and Accounting Policies Nature of Operations: PerkinElmer, Inc. is a leading provider of products, services and solutions to the diagnostics, research, environmental, industrial, food and laboratory services markets. Through its advanced technologies and differentiated solutions, critical issues are addressed that help to improve lives and the world around us. The results are reported within two reporting segments: Diagnostics and Discovery & Analytical Solutions. The consolidated financial statements include the accounts of PerkinElmer, Inc. and its subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The Company realigned its businesses at the beginning of the fourth quarter of fiscal year 2016 to better organize around customer requirements, position the Company to grow in attractive end markets and expand share with the Company's core product offerings. The Company created two new operating segments, Discovery & Analytical Solutions and Diagnostics, which will enable the Company to deliver improved customer focus, more value-add collaboration and breakthrough innovations. The Company's Diagnostics business became a standalone operating segment targeted towards better meeting the needs of clinically-oriented customers, especially within the growing areas of reproductive health, emerging market diagnostics and applied genomics. The new Diagnostics operating segment includes the products and services of the Company's diagnostics business, formerly in the Human Health segment, and the Company's microfluidics and automation products, formerly within the research business in the Human Health segment. The Company's new Discovery & Analytical Solutions operating segment combines the Company's former environmental health business, formerly in the Environmental Health segment, and the remaining products and services within the research business, formerly in the Human Health segment. The Discovery & Analytical Solutions operating segment will advance the Company's success in serving and innovating for its applications-oriented customers in the environmental, food, industrial, life sciences and laboratory services markets. The Company's fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended January 1, 2017 and December 28, 2014 included 52 weeks. The fiscal year ended January 3, 2016 included 53 weeks. The additional week in fiscal year 2015 has been reflected in the Company's third quarter. The fiscal year ending December 31, 2017 will include 52 weeks. Accounting Policies and Estimates: The preparation of consolidated financial statements in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Revenue Recognition: The Company’s product revenue is recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. For revenue that includes customer-specified acceptance criteria, revenue is recognized after the acceptance criteria have been met. Certain of the Company’s products require specialized installation. Revenue for these products is deferred until installation is completed. Revenue from services is deferred and recognized over the contractual period, or as services are rendered. In limited circumstances, the Company has arrangements that include multiple elements that are delivered at different points of time, such as revenue from products and services with a remaining service or storage component, including cord blood processing and storage. For these arrangements, the revenue is allocated to each of the deliverables based upon their relative selling prices as determined by a selling-price hierarchy. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. A delivered item that does not qualify as a separate unit of accounting is combined with the other undelivered items in the arrangement and revenue is recognized for those combined deliverables as a single unit of accounting. The selling price used for each deliverable is based upon vendor-specific objective evidence ("VSOE") if such evidence is available, third-party evidence ("TPE") if VSOE is not available, and management's best estimate of selling price ("BESP") if neither VSOE nor TPE are available. TPE is the price of the Company's or any competitor's largely interchangeable products or services in stand-alone sales to similarly-situated customers. BESP is the price at which the Company would sell the deliverable if it were sold regularly on a stand-alone basis, considering market conditions and entity-specific factors. Revenue from software licenses and services was 5% of the Company's total revenue for each of fiscal years 2016, 2015 and 2014. The Company sells its software licenses with maintenance services and, in some cases, also with consulting services. For the undelivered elements, the Company determines VSOE of fair value to be the price charged when the undelivered element is sold separately. The Company determines VSOE for maintenance sold in connection with a software license based on the stated renewal rate method. The Company determines VSOE for consulting services by reference to the amount charged for similar engagements on a stand-alone basis. The Company recognizes revenue from software licenses sold together with maintenance and/or consulting services upon shipment using the residual method, provided that the above criteria have been met. If VSOE of fair value for the undelivered elements cannot be established, the Company defers all revenue from the arrangement until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered, or if the only undelivered element is maintenance, then the Company recognizes the entire fee ratably over the maintenance period. The Company recognizes revenue from the grant of certain intellectual property rights for patented technologies it owns. These rights typically include a combination of the following: the grant of a non-exclusive, retroactive and future license to patented technologies, a covenant-not-to-sue, the release of the licensee from certain claims, and the dismissal of any pending litigation. The intellectual property rights granted may be perpetual in nature, extending until the expiration of the related patents, or can be granted for a defined timeframe. For these arrangements, the revenue is allocated to each of the deliverables based upon their relative selling prices as determined by the selling-price hierarchy. In the case where the agreement includes the dismissal of any pending litigation, the Company allocates between revenue and litigation settlement using the residual method. The Company recognizes revenue when the earnings process is complete and upon the execution of the agreement, when collectability is reasonably assured, or upon receipt of the minimum upfront fee for term agreement renewals, and when all other revenue recognition criteria have been met. Service revenues represent the Company’s service offerings including service contracts, field service including related time and materials, diagnostic testing, cord blood processing and storage, and training. Service revenues are recognized as the service is performed. Revenues for service contracts and storage contracts are recognized over the contract period. The Company sells products and accessories predominantly through its direct sales force. As a result, the use of distributors is generally limited to geographic regions where the Company has no direct sales force. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty) or price protection allowances to its customers, including its distributors. Payment terms granted to distributors are the same as those granted to end-user customers and payments are not dependent upon the distributors’ receipt of payment from their end-user customers. Sales incentives related to distributor revenue are also the same as those for end-user customers. Warranty Costs: The Company provides for estimated warranty costs for products at the time of their sale. Warranty liabilities are estimated using expected future repair costs based on historical labor and material costs incurred during the warranty period. Shipping and Handling Costs: The Company reports shipping and handling revenue in revenue, to the extent they are billed to customers, and the associated costs in cost of product revenue. Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or market. Inventories are accounted for using the first-in, first-out method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based primarily on the Company’s estimated forecast of product demand and production requirements. Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. This method also requires the recognition of future tax benefits such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which realization is not more likely than not. With respect to earnings expected to be indefinitely reinvested offshore, the Company does not accrue tax for the repatriation of such foreign earnings. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense. See Note 6 below for additional details. Property, Plant and Equipment: The Company depreciates property, plant and equipment using the straight-line method over its estimated useful lives, which generally fall within the following ranges: buildings- 10 to 40 years; leasehold improvements-estimated useful life or remaining term of lease, whichever is shorter; and machinery and equipment- 3 to 7 years. Certain tooling costs are capitalized and amortized over a 3-year life, while repairs and maintenance costs are expensed. Asset Retirement Obligations: The Company records obligations associated with its lease obligations, the retirement of tangible long-lived assets and the associated asset retirement costs in accordance with authoritative guidance on asset retirement obligations. The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash flow and its present value is accreted over the life of the related lease as interest expense. The amounts recorded in the consolidated financial statements are not material to any year presented. Pension and Other Postretirement Benefits: The Company sponsors both funded and unfunded U.S. and non-U.S. defined benefit pension plans and other postretirement benefits. The Company immediately recognizes actuarial gains and losses in operating results in the year in which the gains and losses occur. Actuarial gains and losses are measured annually as of the calendar month-end that is closest to the Company's fiscal year end and accordingly will be recorded in the fourth quarter, unless the Company is required to perform an interim remeasurement. The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, are recorded on a quarterly basis. The Company’s funding policy provides that payments to the U.S. pension trusts shall at least be equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974. Non-U.S. plans are accrued for, but generally not fully funded, and benefits are paid from operating funds. Translation of Foreign Currencies: For foreign operations, asset and liability accounts are translated at current exchange rates; income and expenses are translated using weighted average exchange rates for the reporting period. Resulting translation adjustments, as well as translation gains and losses from certain intercompany transactions considered permanent in nature, are reported in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Gains and losses arising from transactions and translation of period-end balances denominated in currencies other than the functional currency are included in other expense, net. Business Combinations: Business combinations are accounted for at fair value. Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses; previously held equity interests are valued at fair value upon the acquisition of a controlling interest; in-process research and development (“IPR&D”) is recorded at fair value as an intangible asset at the acquisition date; restructuring costs associated with a business combination are expensed subsequent to the acquisition date; and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date affect income tax expense. Measurement period adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date. All changes that do not qualify as measurement period adjustments are also included in current period earnings. The accounting for business combinations requires estimates and judgment as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair value for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of finite-lived intangible assets, or the recognition of additional consideration which would be expensed. Goodwill and Other Intangible Assets: The Company’s intangible assets consist of (i) goodwill, which is not being amortized; (ii) indefinite lived intangibles, which consist of a trade name that is not subject to amortization; and (iii) amortizing intangibles, which consist of patents, trade names and trademarks, licenses, customer relationships, and purchased technologies, which are being amortized over their estimated useful lives. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of a two-step process. The first step is the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. The second step measures the amount of an impairment loss, and is only performed if the carrying value exceeds the fair value of the reporting unit. This annual impairment assessment is performed by the Company on the later of January 1 or the first day of each fiscal year. This same impairment test will be performed at other times during the course of the year, should an event occur which suggests that the recoverability of goodwill should be reconsidered. Non-amortizing intangibles are also subject to an annual impairment test. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible assets at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful lives of non-amortizing intangible assets are no longer indefinite, the assets will be tested for impairment. These intangible assets will then be amortized prospectively over their estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. Amortizing intangible assets are reviewed for impairment when indicators of impairment are present. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets, including such intangibles, are written down to their respective fair values. See Note 12 below for additional details. Stock-Based Compensation: The Company accounts for stock-based compensation expense based on estimated grant date fair value, generally using the Black-Scholes option-pricing model. The fair value is recognized, net of estimated forfeitures, as expense in the consolidated financial statements over the requisite service period. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of highly subjective assumptions, including the expected term and the expected price volatility of the underlying stock. The Company estimates the expected term assumption based on historical experience. In determining the Company’s expected stock price volatility assumption, the Company reviews both the historical and implied volatility of the Company’s common stock, with implied volatility based on the implied volatility of publicly traded options on the Company’s common stock. The Company has one stock-based compensation plan from which it makes grants, which is described more fully in Note 18 below. Marketable Securities and Investments: The cost of securities sold is based on the specific identification method. If securities are classified as available for sale, the Company records these investments at their fair values with unrealized gains and losses included in accumulated other comprehensive (loss) income. Under the cost method of accounting, equity investments in private companies are carried at cost and are adjusted for other-than-temporary declines in fair value, additional investments or distributions. Cash and Cash Equivalents: The Company considers all highly liquid unrestricted instruments with a purchased maturity of three months or less to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short maturities of these instruments. Environmental Matters: The Company accrues for costs associated with the remediation of environmental pollution when it is probable that a liability has been incurred and the Company’s proportionate share of the amount can be reasonably estimated. The recorded liabilities have not been discounted. Research and Development: Research and development costs are expensed as incurred. The fair value of acquired IPR&D costs are recorded at fair value as an intangible asset at the acquisition date and amortized once the product is ready for sale or expensed if abandoned. Restructuring Charges: In recent fiscal years, the Company has undertaken a series of restructuring actions related to the impact of acquisitions and divestitures, the alignment of its operations with its growth strategy, the integration of its business units and its productivity initiatives. In connection with these initiatives, the Company has recorded restructuring charges, as more fully described in Note 4 below. Generally, costs associated with an exit or disposal activity are recognized when the liability is incurred. Prior to recording restructuring charges for employee separation agreements, the Company notifies all employees of termination. Costs related to employee separation arrangements requiring future service beyond a specified minimum retention period are recognized over the service period. Costs related to lease terminations are recorded at the fair value of the liability based on the remaining lease rental payments, reduced by estimated sublease rentals that could be reasonably obtained for the property, at the date the Company ceases use. Comprehensive Income: Comprehensive income is defined as net income or loss and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. Comprehensive income is reflected in the consolidated statements of comprehensive income. Derivative Instruments and Hedging: Derivatives are recorded on the consolidated balance sheets at fair value. Accounting for gains or losses resulting from changes in the values of those derivatives depends on the use of the derivative instrument and whether it qualifies for hedge accounting. For a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently amortized into net earnings when the hedged exposure affects net earnings. Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge by matching the terms of the contract to the underlying transaction. The Company classifies the cash flows from hedging transactions in the same categories as the cash flows from the respective hedged items. Once established, cash flow hedges are generally recorded in other comprehensive income, unless an anticipated transaction is no longer likely to occur, and subsequently amortized into net earnings when the hedged exposure affects net earnings. Discontinued or dedesignated cash flow hedges are immediately settled with counterparties, and the related accumulated derivative gains or losses are recognized into net earnings on the consolidated financial statements. Settled cash flow hedges related to forecasted transactions that remain probable are recorded as a component of other comprehensive (loss) income and are subsequently amortized into net earnings when the hedged exposure affects net earnings. Forward contract effectiveness for cash flow hedges is calculated by comparing the fair value of the contract to the change in value of the anticipated transaction using forward rates on a monthly basis. The Company also has entered into other foreign currency forward contracts that are not designated as hedging instruments for accounting purposes. These contracts are recorded at fair value, with the changes in fair value recognized into interest and other expense, net on the consolidated financial statements. The Company also uses foreign currency denominated debt to hedge its investments in certain foreign subsidiaries. Realized and unrealized translation adjustments from these hedges are included in the foreign currency translation component of Accumulated Other Comprehensive Income ("AOCI"), as well as the offset translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. Recently Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles-Goodwill and Other Topic (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"), which amends Topic 350 to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 requires that an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The provisions of this guidance are to be applied on a prospective basis. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company intends to early adopt ASU 2017-04 and will apply the provisions of this standard in its interim or annual goodwill impairment tests subsequent to January 1, 2017. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"), which amends Topic 805 to provide a screen to determine when a set of assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the standard (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace missing elements. The standard provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The standard also provides a framework that includes two sets of criteria to consider that depend on whether a set has outputs and a more stringent criteria for sets without outputs. Lastly, the standard narrows the definition of the term "output" so that the term is consistent with how outputs are described in Topic 606. The provisions of this guidance are to be applied prospectively. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted in limited circumstances. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ("ASU 2016-18"), which amends Topic 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The provisions of this guidance are to be applied using a retrospective transition method to each period presented. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740), Intra-entity Transfer of Assets Other than Inventory ("ASU 2016-16"). ASU 2016-16 removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this guidance are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other topics. The provisions of this guidance are to be applied using a retrospective transition method to each period presented, and if it is impracticable to apply the amendments retrospectively for some of the issues, ASU 2016-15 allows the amendments for those issues to be applied prospectively as of the earliest date practicable. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard requires entities to use the expected loss impairment model and will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. Entities are required to estimate the lifetime “expected credit loss” for each applicable financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard also amends the impairment model for available-for-sale (“AFS”) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The new standard simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the related classification in the statement of cash flows. The new standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefits and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realized through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU No. 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the income statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since they are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU No. 2016-09 at the beginning of the first quarter of fiscal year 2016. The Company recorded a cumulative increase of $14.2 million in the beginning of the first quarter of fiscal year 2016 retained earnings with a corresponding increase in deferred tax assets related to the prior years' unrecognized excess tax benefits. Excess tax benefits related to exercised options and vested restricted stock and restricted stock units during the fiscal year 2016 have been recognized in the current period’s income statement. The Company also excluded the excess tax benefits from the calculation of diluted earnings per share for fiscal year 2016. The Company applied the cash flow presentation section of the guidance on a prospective basis, and the prior period statement of cash flows was not adjusted. ASU No. 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earnings as of the date of adoption. The Company has elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. ASU 2016-02 also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. ASU 2016-02 is to be applied using a modified retrospective approach. The Company is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory. Under this new guidance, companies that use inventory measurement methods other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The provisions of this guidance are to be applied prospectively and are effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). Under this new guidance, an entity should use a five-step process to recognize revenue, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Subsequent to the issuance of the standard, the FASB decided to defer the effective date for one year to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. In May 2016, the FASB also issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"), which amended its revenue recognition guidance in ASU 2014-09 on transition, collectibility, non-cash consideration, contract modifications and completed contracts at transition and the presentation of sales and other similar taxes collected from customers. In April 2016, the FASB also issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing ("ASU 2016-10"), which amended its revenue recognition guidance in ASU 2014-09 on identifying performance obligations to allow entities to disregard items that are immaterial in the context of the contract, clarify when a promised good or service is separately identifiable (i.e., distinct within the context of the contract) and allow an entity to elect to account for the cost of shipping and handling performed after control of a good has been transferred to the customer as a fulfillment cost (i.e., an expense). ASU 2016-10 also clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property ("IP") and requires entities to classify IP in one of two categories: functional IP or symbolic IP, which will determine whether it recognizes revenue over time or at a point in time. ASU 2016-10 also address how entities should consider license renewals and restrictions and apply the exception for sales- and usage-based royalties received in exchange for licenses of IP. In March 2016, the FASB also issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"), which amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09. ASU 2016-08 clarifies that an entity should evaluate when it is the principal or agent for each specified good or service promised in a contract with a customer. ASU 2016-12, ASU 2016-10, ASU 2016-08 and ASU 2014-09 may be adopted either using a full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of the foregoing standards and has not yet determined the impact of their adoption on the Company’s consolidated financial position, results of operations and cash flows. The Company intends to adopt these standards using the modified retrospective approach, and the Company does not intend to early adopt these standards. While the Company is currently evaluating the impact of the new revenue standard, the Company believes the key changes in the standard that impact revenue recognition relate to the accounting for certain transactions with multiple elements or “bundled” arrangements (for example, sales of software subscriptions for which the Company does not have VSOE for maintenance and/or support) because the requirement to have VSOE for undelivered elements under current accounting standards is eliminated under the new standard. Accordingly, the Company may be required to recognize as revenue a portion of the sales price upon delivery of the software, as compared to the current requirement of recognizing the entire sales price ratably over the maintenance period. |
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Business Combinations and Asset Purchases | Business Combinations Acquisitions in fiscal year 2016 During fiscal year 2016, the Company completed the acquisition of two businesses for a total consideration of $72.2 million in cash. The acquired businesses were Bioo Scientific Corporation, which was acquired for total consideration of $63.5 million in cash and one other business acquired for a total consideration of $8.8 million in cash. The excess of the purchase prices over the fair values of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired. As a result of the acquisitions, the Company recorded goodwill of $45.6 million, which is not tax deductible, and intangible assets of $19.9 million. The Company has reported the operations for these acquisitions within the results of the Company's Diagnostics and Discovery & Analytical Solutions segments from the acquisition dates. Identifiable definite-lived intangible assets, such as core technology, trade names and customer relationships, acquired as part of these acquisitions had a weighted average amortization period of 9.5 years. The total purchase price for the acquisitions in fiscal year 2016 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
Subsequent to January 1, 2017, the Company completed the acquisition of Tulip Diagnostics Private Limited (“Tulip”), a company based in Goa, India, for a total consideration of $125.0 million in cash, net of cash acquired, as of the closing date. The Company has a potential obligation to pay the shareholders of Tulip additional contingent consideration of up to $25.0 million that will be accounted for as compensation expense in the Company's financial statements over a two year period. The operations for this acquisition will be reported within the results of the Company's Diagnostics segment from the acquisition date. Acquisitions in fiscal year 2015 During fiscal year 2015, the Company completed the acquisition of five businesses for a total consideration of $77.1 million in cash. The acquired businesses included Vanadis Diagnostics AB (“Vanadis”), which was acquired for total consideration of $35.1 million in cash, as further described in Note 21 below, and other acquisitions for an aggregate consideration of $42.0 million in cash. The Company has a potential obligation to pay the shareholders of Vanadis additional contingent consideration of up to $93.0 million, which at closing had an estimated fair value of $56.9 million. The excess of the purchase prices over the fair values of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, of which $9.2 million is tax deductible. The Company has reported the operations for all of these acquisitions within the results of the Company’s Diagnostics and Discovery & Analytical Solutions segments from the acquisition dates. Identifiable definite-lived intangible assets, such as core technology and trade names, acquired as part of this acquisition had a weighted average amortization period of 9 years. The total purchase price for the acquisitions in fiscal year 2015 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
Acquisitions in fiscal year 2014 Acquisition of Perten Instruments Group AB. In December 2014, the Company acquired all of the outstanding stock of Perten Instruments Group AB ("Perten"). Perten is a provider of analytical instruments and services for quality control of food, grain, flour and feed. The Company expects this acquisition to enhance its industrial, environmental and safety business by expanding the Company's product offerings to the academic and industrial end markets. The Company paid the shareholders of Perten $269.9 million in cash for the stock of Perten. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company has reported the operations for this acquisition within the results of the Company’s Discovery & Analytical Solutions segment from the acquisition date. Identifiable definite-lived intangible assets, such as core technology, customer relationships and trade names, acquired as part of this acquisition had weighted average amortization periods of approximately 5 to 10 years. Other acquisitions in fiscal year 2014. In addition to the Perten acquisition, the Company completed the acquisition of two businesses in fiscal year 2014 for total consideration of $17.6 million in cash and $4.3 million of assumed debt. The excess of the purchase price over the fair value of each of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company reported the operations for these acquisitions within the results of the Discovery & Analytical Solutions and Diagnostics segments from the acquisition dates. The total purchase price for the acquisitions in fiscal year 2014 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
The Company does not consider the acquisitions completed during fiscal years 2016, 2015 and 2014 to be material to its consolidated results of operations; therefore, the Company is not presenting pro forma financial information of operations. During fiscal years 2016 and 2015, the Company recognized $80.7 million and $65.7 million, respectively, of revenue for Perten. The Company has determined that the presentation of the results of operations for each of the other acquisitions, from the date of acquisition, is impracticable due to the integration of the operations upon acquisition. As of January 1, 2017, the allocations of purchase prices for acquisitions completed in fiscal years 2015 and 2014 were final. The preliminary allocations of the purchase prices for acquisitions completed in fiscal year 2016 were based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. During fiscal year 2016, the Company obtained information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as part of its acquisitions and adjusted its purchase price allocations. Based on this information, for acquisitions completed during fiscal year 2015, the Company recognized an increase in deferred taxes of $1.8 million, with a corresponding increase in goodwill. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds or product development milestones during the earnout period. As of January 1, 2017, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $84.6 million. As of January 1, 2017, the Company has recorded contingent consideration obligations of $63.2 million, of which $15.4 million was recorded in accrued expenses and other current liabilities, and $47.8 million was recorded in long-term liabilities. As of January 3, 2016, the Company has recorded contingent consideration obligations of $57.4 million, of which $9.4 million was recorded in accrued expenses and other current liabilities, and $48.0 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 3 years from the respective acquisition dates, and the remaining weighted average expected earnout period at January 1, 2017 was 1.75 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations. In connection with the purchase price allocations for acquisitions, the Company estimates the fair value of deferred revenue assumed with its acquisitions. The estimated fair value of deferred revenue is determined by the legal performance obligation at the date of acquisition, and is generally based on the nature of the activities to be performed and the related costs to be incurred after the acquisition date. The fair value of an assumed liability related to deferred revenue is estimated based on the current market cost of fulfilling the obligation, plus a normal profit margin thereon. The estimated costs to fulfill the deferred revenue are based on the historical direct costs related to providing the services. The Company does not include any costs associated with selling effort, research and development, or the related margins on these costs. In most acquisitions, profit associated with selling effort is excluded because the acquired businesses would have concluded the selling effort on the support contracts prior to the acquisition date. The estimated research and development costs are not included in the fair value determination, as these costs are not deemed to represent a legal obligation at the time of acquisition. The sum of the costs and operating income approximates, in theory, the amount that the Company would be required to pay a third-party to assume the obligation. Total transaction costs related to acquisition and divestiture activities for fiscal years 2016, 2015 and 2014 were $1.2 million, $0.7 million and $3.1 million, respectively. These transaction costs were expensed as incurred and recorded in selling, general and administrative expenses in the Company's consolidated statements of operations. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Disposition of Businesses and Assets As part of the Company’s continuing efforts to focus on higher growth opportunities, the Company has discontinued certain businesses. When the discontinued operations represented a strategic shift that will have a major effect on the Company's operations and financial statements, the Company has accounted for these businesses as discontinued operations and accordingly, has presented the results of operations and related cash flows as discontinued operations. Any business deemed to be a discontinued operation prior to the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of An Entity, continues to be reported as a discontinued operation, and the results of operations and related cash flows are presented as discontinued operations for all periods presented. Any remaining assets and liabilities of these businesses have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of January 1, 2017 and January 3, 2016. The Company recorded the following pre-tax gains and losses, which have been reported as a net gain or loss on disposition of discontinued operations during the three fiscal years ended:
During fiscal year 2016, the Company sold PerkinElmer Labs, Inc. for cash consideration of $20.0 million, recognizing a pre-tax gain of $7.1 million. The sale generated a capital loss for tax purposes of $7.3 million, which resulted in an income tax benefit of $2.5 million that was recognized as a discrete benefit during the second quarter of 2016. PerkinElmer Labs, Inc. was a component of the Company's Diagnostics segment. The pre-tax gain recognized in fiscal year 2016 is included in interest and other expense, net in the condensed consolidated statement of operations. The divestiture of PerkinElmer Labs, Inc. has not been classified as a discontinued operation in this Form 10-K because the disposition does not represent a strategic shift that will have a major effect on the Company's operations and financial statements. During fiscal year 2016, the Company entered into a letter of intent to contribute certain assets to an academic institution in the United Kingdom. The Company recognized a pre-tax loss of $1.6 million related to the write-off of assets in the second quarter of 2016 which is included in interest and other expense, net in the condensed consolidated statement of operations. In December 2016, the Company entered into a Master Purchase and Sale Agreement (the “Agreement”) with Varian Medical Systems, Inc. (the “Purchaser”), under which the Company agreed to sell to the Purchaser all of the outstanding equity interests in the Company’s wholly owned indirect subsidiaries PerkinElmer Medical Holdings, Inc. and Dexela Limited, together with certain assets of the Company and its direct and indirect subsidiaries relating to the Company’s business of designing, manufacturing and marketing flat panel x-ray detectors, and related software, accessories and ancillary products, to x-ray system manufacturers (the “Medical Imaging Business”), for cash consideration of approximately $276.0 million and the Purchaser’s assumption of specified liabilities relating to the Medical Imaging Business (collectively, the “Transaction”). The Medical Imaging Business had been reported in the Diagnostics segment. The Agreement contemplates that the Purchaser will finance the Transaction through a debt financing and that, except as determined otherwise by the Purchaser, the closing will occur no earlier than April 2017. However, the closing of the Transaction is not conditioned upon the receipt of any such financing. The Transaction is subject to customary closing conditions, including the expiration of specified antitrust waiting periods. The Agreement contains certain termination rights of the Company and the Purchaser and provides that under specified circumstances, upon termination of the Agreement, the Purchaser will be required to pay the Company a termination fee of up to $22.1 million. The pending sale of the Medical Imaging Business represents a strategic shift that will have a major effect on the Company's operations and financial statements. Accordingly, the Company has classified the assets and liabilities related to the Medical Imaging Business as assets and liabilities of discontinued operations in the Company's consolidated balance sheets and its results of operations are classified as income from discontinued operations in the Company's consolidated statements of operations. Financial information in this report relating to fiscal years 2015 and 2014 has been retrospectively adjusted to reflect this discontinued operation. In May 2014, the Company approved the shutdown of microarray-based diagnostic testing laboratory in the United States, which had been reported within our Diagnostics segment. The Company determined that, with the lack of adequate reimbursement from health care payers, the microarray-based diagnostic testing laboratory in the United States would need significant investment in its operations to reduce costs in order to effectively compete in the market. The shutdown of the microarray-based diagnostic testing laboratory in the United States resulted in a $0.1 million net pre-tax gain primarily related to the disposal of fixed assets, which was partially offset by the sale of a building in fiscal year 2014. In August 1999, the Company sold the assets of its Technical Service business. The Company recorded pre-tax gain (losses) of $1.8 million in fiscal year 2016, $(0.03) million in fiscal year 2015 and $(0.2) million in fiscal year 2014 for a contingency related to this business. These gain (losses) were recognized as a gain (loss) on disposition of discontinued operations before income taxes. The summary pre-tax operating results of the discontinued operations, which include the periods prior to disposition and a $1.0 million pre-tax restructuring charge related to workforce reductions in the microarray-based diagnostic testing laboratory in the United States during fiscal year 2014, were as follows during the three fiscal years ended:
The Company recorded a tax provision of $4.3 million, $11.5 million and $12.9 million on discontinued operations and dispositions in fiscal years 2016, 2015 and 2014, respectively. The carrying amounts of the major classes of assets and liabilities included in discontinued operations as of January 1, 2017 and January 3, 2016 consisted of the following:
The following operating and investing non-cash items from discontinued operations were as follows during the three fiscal years ended:
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Contract Termination Charges, Net | Restructuring and Contract Termination Charges, Net The Company has undertaken a series of restructuring actions related to the impact of acquisitions and divestitures, the alignment of the Company's operations with its growth strategy, the integration of its business units and its productivity initiatives. The current portion of restructuring and contract termination charges is recorded in accrued restructuring and contract termination charges and the long-term portion of restructuring and contract termination charges is recorded in long-term liabilities. The activities associated with these plans have been reported as restructuring and contract termination charges, net, as applicable, and are included as a component of income from continuing operations. The Company implemented a restructuring plan in the third quarter of fiscal year 2016 consisting of workforce reductions principally intended to focus resources on higher growth product lines (the "Q3 2016 Plan"). The Company implemented a restructuring plan in the second quarter of fiscal year 2016 consisting of workforce reductions principally intended to focus resources on higher growth end markets (the "Q2 2016 Plan"). The Company implemented restructuring plans in the fourth quarter of fiscal year 2015 and the second and first quarters of fiscal year 2014 consisting of workforce reductions and the closure of excess facility space principally intended to focus resources on higher growth end markets (the "Q4 2015 Plan", "Q2 2014 Plan", and "Q1 2014 Plan", respectively). The Company implemented restructuring plans in the second quarter of fiscal year 2015 and the third quarter of fiscal year 2014 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q2 2015 Plan" and "Q3 2014 Plan", respectively). All other previous restructuring plans were workforce reductions or the closure of excess facility space principally intended to integrate the Company's businesses in order to realign operations, reduce costs, achieve operational efficiencies and shift resources into geographic regions and end markets that are more consistent with the Company's growth strategy (the "Previous Plans"). The following table summarizes the number of employees reduced, the initial restructuring or contract termination charges by operating segment, and the dates by which payments were substantially completed, or the expected dates by which payments will be substantially completed, for restructuring actions implemented during fiscal years 2016, 2015 and 2014 in continuing operations:
The Company expects to make payments under the Previous Plans for remaining residual lease obligations, with terms varying in length, through fiscal year 2022. The Company also has terminated various contractual commitments in connection with certain disposal activities and has recorded charges, to the extent applicable, for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded additional pre-tax charges of $0.1 million, $0.1 million and $1.5 million in the Discovery & Analytical Solutions segment during fiscal years 2016, 2015 and 2014, respectively, as a result of these contract terminations. At January 1, 2017, the Company had $10.5 million recorded for accrued restructuring and contract termination charges, of which $7.5 million was recorded in short-term accrued restructuring and $3.1 million was recorded in long-term liabilities. At January 3, 2016, the Company had $22.2 million recorded for accrued restructuring and contract termination charges, of which $17.0 million was recorded in short-term accrued restructuring and $5.1 million was recorded in long-term liabilities. The following table summarizes the Company's restructuring accrual balances and related activity by restructuring plan, as well as contract termination accrual balances and related activity, during fiscal years 2016, 2015 and 2014 in continuing operations:
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Interest and Other Expense (Income), Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Expense (Income), Net | Interest and Other Expense, Net Interest and other expense, net, consisted of the following for the fiscal years ended:
Foreign currency transaction (gains) losses were $(1.5) million, $25.3 million and $5.5 million in fiscal years 2016, 2015 and 2014, respectively. Net losses (gains) from forward currency hedge contracts were $5.4 million, $(20.6) million and $(0.2) million in fiscal years 2016, 2015 and 2014, respectively. These amounts were included in other expense, net. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. The tabular reconciliation of the total amounts of unrecognized tax benefits is as follows for the fiscal years ended:
The Company classifies interest and penalties as a component of income tax expense. At January 1, 2017, the Company had accrued interest and penalties of $1.8 million and $0.4 million, respectively. At January 3, 2016, the Company had accrued interest and penalties of $2.1 million and $0.1 million, respectively. During fiscal year 2016, the Company recognized a net benefit of $0.4 million for interest and an expense of $0.3 million for penalties in its total tax provision primarily due to settlements and statutes of limitations that had lapsed. During fiscal year 2015, the Company recognized net benefits of $1.5 million for interest and $0.1 million for penalties in its total tax provision primarily due to settlements and statutes of limitations that had lapsed. During fiscal year 2014, the Company recognized benefits of $0.7 million for interest and $0.2 million for penalties in its total tax provision due to settlements and statutes of limitations that had lapsed. At January 1, 2017, the Company had gross tax effected unrecognized tax benefits of $29.6 million, of which $27.9 million, if recognized, would affect the continuing operations effective tax rate. The remaining amount, if recognized, would affect discontinued operations. The Company believes that it is reasonably possible that approximately $4.6 million of its uncertain tax positions at January 1, 2017, including accrued interest and penalties, and net of tax benefits, may be resolved over the next twelve months as a result of lapses in applicable statutes of limitations and potential settlements. Various tax years after 2010 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as Finland, Germany, Italy, Netherlands, Singapore, the United Kingdom and the United States. The tax years under examination vary by jurisdiction. During fiscal years 2016, 2015 and 2014, the Company recorded net discrete income tax benefits of $9.6 million, $6.4 million and $7.1 million, respectively, primarily related to the recognition of excess tax benefits on stock compensation, reversals of uncertain tax position reserves, and resolution of other tax matters. The components of income (loss) from continuing operations before income taxes were as follows for the fiscal years ended:
On a U.S. income tax basis, the Company has reported significant taxable income over the three year period ended January 1, 2017. The Company has utilized tax attributes to minimize cash taxes paid on that taxable income. The components of the provision for (benefit from) income taxes for continuing operations were as follows:
The total provision for (benefit from) income taxes included in the consolidated financial statements is as follows for the fiscal years ended:
A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended:
The variation in the Company's effective tax rate for each year is primarily a result of the recognition of earnings in foreign jurisdictions, predominantly Singapore, Finland, and China, which are taxed at rates lower than the U.S. federal statutory rate, resulting in a benefit from income taxes of $45.8 million in fiscal year 2016, $34.2 million in fiscal year 2015 and $29.1 million in fiscal year 2014. These amounts include $11.4 million in fiscal year 2016, $8.3 million in fiscal year 2015 and $7.1 million in fiscal year 2014 of benefits derived from tax holidays in China and Singapore. The effect of these benefits derived from tax holidays on basic and diluted earnings per share for fiscal year 2016 was $0.10 and $0.10, respectively, for fiscal year 2015 was $0.07 and $0.07, respectively, and for fiscal year 2014 was $0.06 and $0.06, respectively. The tax holiday in China is scheduled to expire in fiscal year 2017 and the tax holiday in Singapore is scheduled to expire in fiscal year 2018. The tax effects of temporary differences and attributes that gave rise to deferred income tax assets and liabilities as of January 1, 2017 and January 3, 2016 were as follows:
The components of net deferred tax assets as of January 1, 2017 and January 3, 2016 were recognized in the consolidated balance sheets as follows:
At January 1, 2017, for income tax return purposes the Company had U.S. federal net operating loss carryforwards of $27.7 million, state net operating loss carryforwards of $211.9 million, foreign net operating loss carryforwards of $227.2 million, state tax credit carryforwards of $10.7 million, general business tax credit carryforwards of $33.1 million, and foreign tax credit carryforwards of $5.7 million. These are subject to expiration in years ranging from 2017 to 2035, and without expiration for certain foreign net operating loss carryforwards and certain state credit carryforwards. Valuation allowances take into consideration limitations imposed upon the use of the tax attributes and reduce the value of such items to the likely net realizable amount. The Company regularly evaluates positive and negative evidence available to determine if valuation allowances are required or if existing valuation allowances are no longer required. Valuation allowances have been provided on state net operating loss and state tax credit carryforwards and on certain foreign tax attributes that the Company has determined are not more likely than not to be realized. The decrease in the valuation allowance in fiscal year 2016 is primarily due to a decrease in tax attributes that the Company does not expect to realize for one of its non-U.S. subsidiaries. The increase in valuation allowance of $11.9 million in fiscal year 2015 is primarily due to an increase in tax attributes that the Company does not expect to realize for two of its non-U.S. subsidiaries. The components of net deferred tax assets (liabilities) as of January 1, 2017 and January 3, 2016 were as follows:
Taxes have not been provided on unremitted earnings of international subsidiaries that the Company considers indefinitely reinvested because the Company plans to keep these amounts indefinitely reinvested overseas except for instances where the Company can remit such earnings to the U.S. without an associated net tax cost. The Company's indefinite reinvestment determination is based on the future operational and capital requirements of its U.S. and non-U.S. operations. As of January 1, 2017, the amount of foreign earnings that the Company has the intent and ability to keep invested outside the U.S. indefinitely and for which no U.S. tax cost has been provided was approximately $1.1 billion. It is not practical to calculate the unrecognized deferred tax liability on those earnings. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents, primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations for the fiscal years ended:
Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future. |
Accounts Receivable, Net |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable were net of reserves for doubtful accounts of $29.2 million and $29.9 million as of January 1, 2017 and January 3, 2016, respectively. |
Inventories, Net |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net | Inventories Inventories as of January 1, 2017 and January 3, 2016 consisted of the following:
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, at cost, as of January 1, 2017 and January 3, 2016, consisted of the following:
Depreciation expense on property, plant and equipment for the fiscal years ended January 1, 2017, January 3, 2016 and December 28, 2014 was $28.5 million, $28.7 million and $29.0 million, respectively. |
Marketable Securities and Investments |
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Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities and Investments | Marketable Securities and Investments Investments as of January 1, 2017 and January 3, 2016 consisted of the following:
Marketable securities include equity and fixed-income securities held to meet obligations associated with the Company’s supplemental executive retirement plan and other deferred compensation plans. The Company has, accordingly, classified these securities as long-term. The net unrealized holding gain and loss on marketable securities, net of deferred income taxes, reported as a component of other comprehensive income (loss) in the statements of stockholders’ equity, were not material in fiscal years 2016 and 2015. The proceeds from the sales of securities and the related gains and losses are not material for any period presented. Marketable securities classified as available for sale as of January 1, 2017 and January 3, 2016 consisted of the following:
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net |
The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of a two-step process. The first step is the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. The second step measures the amount of an impairment loss, and is only performed if the carrying value exceeds the fair value of the reporting unit. The Company performed its annual impairment testing for its reporting units as of January 4, 2016, its annual impairment date for fiscal year 2016. The Company concluded based on the first step of the process that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20.0% for each reporting unit. The long-term terminal growth rate for the Company’s reporting units was 3.0% for the fiscal year 2016 impairment analysis. The range for the discount rates for the reporting units was 10.5% to 13.2%. Keeping all other variables constant, a 10.0% change in any one of the input assumptions for the various reporting units would still allow the Company to conclude, based on the first step of the process, that there was no impairment of goodwill. The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach. As discussed in Note 23, the Company realigned its organization into two new operating segments at the beginning of the fourth quarter of fiscal year 2016. In conjunction with the realignment of its operating segments, the Company also redefined its reporting units based on the new operating segments. Financial information in this report relating to fiscal years 2015 and 2014 has been retrospectively adjusted to reflect the changes in the Company's operating segments. The Company's segment management reviews the results of the operations one level below its operating segments. The Company has determined that the reporting units that should be used to test goodwill for impairment are environmental health excluding food, food, life sciences and technology, informatics, OneSource, diagnostics excluding cord blood, cord blood and medical imaging. The income approach, specifically the discounted cash flow model, was used to determine the fair values of each of the reporting units in order to allocate goodwill on a relative fair value basis. As a result of the realignment, the Company reallocated goodwill of $125.8 million from its life sciences and technology reporting unit to the diagnostics excluding cord blood reporting unit based on the relative fair value, determined using the income approach, of the applied genomics business as of October 3, 2016. As of January 2, 2017, the Company's Informatics reporting unit, which had a goodwill balance of $211.0 million, had a fair value that was less than 20% but greater than 10% more than its carrying value. Informatics is at increased risk of an impairment charge given its ongoing weakness due to a highly competitive industry. Despite the increased risk associated with this reporting unit, the Company does not believe there will be a significant change in the key estimates or assumptions driving the fair value of this reporting unit that would lead to a material impairment charge. The Company has consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible assets. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized. In addition, the Company evaluates the remaining useful lives of its non-amortizing intangible assets at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful lives of non-amortizing intangible assets are no longer indefinite, the assets will be tested for impairment. These intangible assets will then be amortized prospectively over their estimated remaining useful lives and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 4, 2016, and concluded that there was no impairment of non-amortizing intangible assets. An assessment of the recoverability of amortizing intangible assets takes place when events have occurred that may give rise to an impairment. No such events occurred during the fiscal year 2016. The changes in the carrying amount of goodwill for fiscal years 2016 and 2015 are as follows:
Identifiable intangible asset balances at January 1, 2017 by category and by business segment were as follows:
Identifiable intangible asset balances at January 3, 2016 by category and business segment were as follows:
Total amortization expense related to definite-lived intangible assets was $71.5 million in fiscal year 2016, $76.6 million in fiscal year 2015 and $81.4 million in fiscal year 2014. Estimated amortization expense related to definite-lived intangible assets for each of the next five years is $63.1 million in fiscal year 2017, $61.2 million in fiscal year 2018, $49.8 million in fiscal year 2019, $41.1 million in fiscal year 2020, and $28.7 million in fiscal year 2021. The Company entered into a strategic agreement in fiscal year 2012 under which it acquired certain intangible assets and received a license to certain core technology for an analytics and data discovery platform, as well as the exclusive right to distribute the platform in certain scientific research and development markets. During fiscal year 2012, the Company paid $6.8 million for net intangible assets and $25.0 million for prepaid royalties. During fiscal year 2013, the Company extended the existing agreement for an additional year. In addition, the Company entered into a new agreement to expand the distribution rights to the clinical and other related markets and acquired additional intangible assets. During fiscal year 2013, the Company paid $7.0 million for net intangible assets and $40.3 million for prepaid royalties. During fiscal year 2016, the Company extended the existing agreement for an additional 3 years and expanded the distribution rights to the related markets. During fiscal year 2016, the Company paid $6.0 million for prepaid royalties related to the extension and new agreement. During the fiscal years 2016 and 2015, the Company paid $9.4 million and $9.8 million, respectively, for additional prepaid royalties. The prepaid royalties have been recorded primarily as other long-term assets. The Company expects to pay $7.5 million of additional prepaid royalties within the next twelve months. The Company expenses royalties as revenue is recognized. These intangible assets are being amortized over their estimated useful lives. The Company has reported the amortization of these intangible assets within the results of the Company's Discovery & Analytical Solutions segment from the execution date. |
Debt |
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Debt | Debt Senior Unsecured Revolving Credit Facility. On August 11, 2016, the Company terminated its previous senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility with a five year term and an expansion of borrowing capacity from $700.0 million to $1.0 billion. The new senior unsecured revolving credit facility provides for $1.0 billion of revolving loans and has an initial maturity of August 11, 2021. As of January 1, 2017, undrawn letters of credit in the aggregate amount of $11.4 million were treated as issued and outstanding when calculating the borrowing availability under the new senior unsecured revolving credit facility. As of January 1, 2017, the Company had $988.6 million available for additional borrowing under the facility. The Company uses the new senior unsecured revolving credit facility for general corporate purposes, which may include working capital, refinancing existing indebtedness, capital expenditures, share repurchases, acquisitions and strategic alliances. The interest rates under the senior unsecured revolving credit facility are based on the Eurocurrency rate or the base rate at the time of borrowing, plus a margin. The base rate is the higher of (i) the rate of interest in effect for such day as publicly announced from time to time by JP Morgan Chase Bank, N.A. as its "prime rate," (ii) the Federal Funds rate plus 50 basis points or (iii) an adjusted one-month Libor plus 1.00%. As of January 1, 2017, the new senior unsecured revolving credit facility had no outstanding borrowings, and $4.3 million of unamortized debt issuance costs. As of January 3, 2016, the previous senior unsecured revolving credit facility had an aggregate carrying value of $479.6 million, which was net of $2.4 million of unamortized debt issuance costs. The credit agreement for the facility contains affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capital ratio that remains applicable for so long as the Company's debt is rated as investment grade. In the event that the Company's debt is not rated as investment grade, the debt-to-capital ratio covenant is replaced with a maximum consolidated leverage ratio covenant and a minimum consolidated interest coverage ratio covenant. 5% Senior Unsecured Notes due in 2021. On October 25, 2011, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2021 (the “2021 Notes”) in a registered public offering and received $496.9 million of net proceeds from the issuance. The 2021 Notes were issued at 99.372% of the principal amount, which resulted in a discount of $3.1 million. As of January 1, 2017, the 2021 Notes had an aggregate carrying value of $495.8 million, net of $1.7 million of unamortized original issue discount and $2.5 million of unamortized debt issuance costs. As of January 3, 2016, the 2021 Notes had an aggregate carrying value of $495.1 million, net of $2.0 million of unamortized original issue discount and $2.9 million of unamortized debt issuance costs. The 2021 Notes mature in November 2021 and bear interest at an annual rate of 5%. Interest on the 2021 Notes is payable semi-annually on May 15th and November 15th each year. Prior to August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2021 Notes being redeemed, discounted on a semi-annual basis, at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest. At any time on or after August 15, 2021 (three months prior to their maturity date), the Company may redeem the 2021 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2021 Notes) and a contemporaneous downgrade of the 2021 Notes below investment grade, each holder of 2021 Notes will have the right to require the Company to repurchase such holder's 2021 Notes for 101% of their principal amount, plus accrued and unpaid interest. 1.875% Senior Unsecured Notes due 2026. On July 19, 2016, the Company issued €500.0 million aggregate principal amount of senior unsecured notes due in 2026 (the “2026 Notes”) in a registered public offering and received approximately €492.3 million of net proceeds from the issuance. The 2026 Notes were issued at 99.118% of the principal amount, which resulted in a discount of €4.4 million. The 2026 Notes mature in July 2026 and bear interest at an annual rate of 1.875%. Interest on the 2026 Notes is payable annually on July 19th each year. The proceeds from the 2026 Notes were used to pay in full the outstanding balance of the Company's previous senior unsecured revolving credit facility. As of January 1, 2017, the 2026 Notes had an aggregate carrying value of $517.8 million, net of $4.5 million of unamortized original issue discount and $4.8 million of unamortized debt issuance costs. Prior to April 19, 2026 (three months prior to their maturity date), the Company may redeem the 2026 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2026 Notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2026 Notes being redeemed, discounted on an annual basis, at the applicable Comparable Government Bond Rate (as defined in the indenture governing the 2026 Notes) plus 35 basis points; plus, in each case, accrued and unpaid interest. In addition, at any time on or after April 19, 2026 (three months prior to their maturity date), the Company may redeem the 2026 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2026 Notes due to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2026 Notes) and a contemporaneous downgrade of the 2026 Notes below investment grade, the Company will, in certain circumstances, make an offer to purchase the 2026 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest. Financing Lease Obligations. In fiscal year 2012, the Company entered into agreements with the lessors of certain buildings that the Company is currently occupying and leasing to expand those buildings. The Company provided a portion of the funds needed for the construction of the additions to the buildings, and as a result the Company was considered the owner of the buildings during the construction period. At the end of the construction period, the Company was not reimbursed by the lessors for all of the construction costs. The Company is therefore deemed to have continuing involvement and the leases qualify as financing leases under sale-leaseback accounting guidance, representing debt obligations for the Company and non-cash investing and financing activities. As a result, the Company capitalized $29.3 million in property, plant and equipment, net, representing the fair value of the buildings with a corresponding increase to debt. The Company has also capitalized $11.5 million in additional construction costs necessary to complete the renovations to the buildings, which were funded by the lessors, with a corresponding increase to debt. At January 1, 2017, the Company had $37.1 million recorded for these financing lease obligations, of which $1.2 million was recorded as short-term debt and $35.9 million was recorded as long-term debt. At January 3, 2016, the Company had $38.2 million recorded for these financing lease obligations, of which $1.1 million was recorded as short-term debt and $37.1 million was recorded as long-term debt. The buildings are being depreciated on a straight-line basis over the terms of the leases to their estimated residual values, which will equal the remaining financing obligation at the end of the lease term. At the end of the lease term, the remaining balances in property, plant and equipment, net and debt will be reversed against each other. The following table summarizes the maturities of the Company’s indebtedness as of January 1, 2017:
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Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of January 1, 2017 and January 3, 2016 consisted of the following:
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Savings Plan: The Company has a 401(k) Savings Plan for the benefit of all qualified U.S. employees, with such employees receiving matching contributions in the amount equal to 100.0% of the first 5.0% of eligible compensation up to applicable Internal Revenue Service limits. Savings plan expense was $12.8 million in fiscal years 2016 and 2015, and $12.2 million in fiscal year 2014. Pension Plans: The Company has a defined benefit pension plan covering certain U.S. employees and non-U.S. pension plans for certain non-U.S. employees. The principal U.S. defined benefit pension plan was closed to new hires effective January 31, 2001, and benefits for those employed by the Company’s former Life Sciences business were frozen as of that date. Plan benefits were frozen as of March 2003 for those employed by the Company’s former Analytical Instruments business and corporate employees. Plan benefits were frozen as of January 31, 2011 for all remaining employees that were still actively accruing in the plan. The plans provide benefits that are based on an employee’s years of service and compensation near retirement. Net periodic pension cost for U.S. and non-U.S. plans included the following components for fiscal years ended:
During fiscal year 2014, the Company notified certain employees of its intention to terminate their employment as part of the Q3 2014 restructuring plan. During fiscal year 2015, the termination of these participants decreased the expected future service lives in excess of the curtailment limit for one of the Company's pension plans, which resulted in a curtailment gain. The Company recorded the curtailment gain of $0.8 million during fiscal year 2015. As part of the curtailment, the Company remeasured the assets and liabilities of the plan that had the curtailment based upon current discount rates and the fair value of the pension plan's assets as of the curtailment date, which resulted in an actuarial loss of $0.8 million. The following table sets forth the changes in the funded status of the principal U.S. pension plan and the principal non-U.S. pension plans and the amounts recognized in the Company’s consolidated balance sheets as of January 1, 2017 and January 3, 2016.
Actuarial assumptions used to determine net periodic pension cost during the year were as follows:
The following table provides a breakdown of the non-U.S. benefit obligations and fair value of assets for pension plans that have benefit obligations in excess of plan assets:
Assets of the defined benefit pension plans are primarily equity and debt securities. Asset allocations as of January 1, 2017 and January 3, 2016, and target asset allocations for fiscal year 2017 are as follows:
The Company maintains target allocation percentages among various asset classes based on investment policies established for the pension plans which are designed to maximize the total rate of return (income and appreciation) after inflation within the limits of prudent risk taking, while providing for adequate near-term liquidity for benefit payments. The Company’s expected rate of return on assets assumptions are derived from management’s estimates, as well as other information compiled by management, including studies that utilize customary procedures and techniques. The studies include a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plans to determine the average rate of earnings expected on the funds invested to provide for the pension plans benefits. While the study gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term, prospective rate. The Company's discount rate assumptions are derived from a range of factors, including a yield curve for certain plans, composed of the rates of return on high-quality fixed-income corporate bonds available at the measurement date and the related expected duration for the obligations, and a bond matching approach for certain plans. For the plans in the United States, the Company adopted the updated projection scale, MP-2015, that was published by the Society of Actuaries in 2015, as of January 3, 2016. The adoption of the updated projection scale resulted in a $6.8 million decrease to the projected benefit obligation as of January 3, 2016. During fiscal year 2016, the Society of Actuaries issued an updated projection scale, MP-2016, which reduced the life expectancy used to determine the projected benefit obligation. The Company adopted MP-2016 as of January 1, 2017. The adoption of the updated projection scale resulted in a $5.5 million decrease to the projected benefit obligation at January 1, 2017. The changes to the projected benefit obligations due to the adoption of the mortality base table and projection scale are included within "Actuarial loss (gain)" in the Change in Benefit Obligations for fiscal years 2016 and 2015 above. The target allocations for plan assets are listed in the above table. Equity securities primarily include investments in large-cap and mid-cap companies located in the United States and abroad, and equity index funds. Debt securities include corporate bonds of companies from diversified industries, high-yield bonds, and U.S. government securities. Other types of investments include investments in non-U.S. government index linked bonds, multi-strategy hedge funds and venture capital funds that follow several different strategies. The fair values of the Company’s pension plan assets as of January 1, 2017 and January 3, 2016 by asset category, classified in the three levels of inputs described in Note 21 to the consolidated financial statements are as follows:
Valuation Techniques: Valuation techniques utilized need to maximize the use of observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies utilized at January 1, 2017 compared to January 3, 2016. The following is a description of the valuation techniques utilized to measure the fair value of the assets shown in the table above. Equity Securities: Shares of registered investment companies that are publicly traded are categorized as Level 1 assets; they are valued at quoted market prices that represent the net asset value of the fund. These instruments have active markets. Equity index funds are mutual funds that are not publicly traded and are comprised primarily of underlying equity securities that are publicly traded on exchanges. Price quotes for the assets held by these funds are readily observable and available. Equity index funds are categorized as Level 2 assets. Fixed Income Securities: Fixed income mutual funds that are publicly traded are valued at quoted market prices that represent the net asset value of securities held by the fund and are categorized as Level 1 assets. Fixed income index funds that are not publicly traded are stated at net asset value as determined by the issuer of the fund based on the fair value of the underlying investments and are categorized as Level 2 assets. Individual fixed income bonds are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. Broker dealer bids or quotes of securities with similar characteristics may also be used. Other Types of Investments: Non-U.S. government index link bond funds are not publicly traded and are stated at net asset value as determined by the issuer of the fund based on the fair value of the underlying investments. Underlying investments consist of bonds in which payment of income on the principal is related to a specific price index and are categorized as Level 2 assets. Hedge funds, private equity funds and venture capital funds are valued at fair value by using the net asset values provided by the investment managers and are updated, if necessary, using analytical procedures, appraisals, public market data and/or inquiry of the investment managers. The net asset values are determined based upon the fair values of the underlying investments in the funds. These other investments invest primarily in readily available marketable securities and allocate gains, losses, and expense to the investor based on the ownership percentage as described in the fund agreements. They are categorized as Level 3 assets. The Company's policy is to recognize significant transfers between levels at the actual date of the event. A reconciliation of the beginning and ending Level 3 assets for fiscal years 2016, 2015 and 2014 is as follows:
With respect to plans outside of the United States, the Company expects to contribute $7.6 million in the aggregate during fiscal year 2017. During fiscal year 2016, the Company contributed $9.6 million, in the aggregate, to pension plans outside of the United States. During fiscal year 2015, the Company made contributions of $14.9 million, in the aggregate, to plans outside of the United States and $20.0 million to its defined benefit pension plan in the United States. During fiscal year 2014, the Company contributed $11.2 million, in the aggregate, to plans outside of the United States. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
The Company also sponsors a supplemental executive retirement plan to provide senior management with benefits in excess of normal pension benefits. Effective July 31, 2000, this plan was closed to new entrants. At January 1, 2017 and January 3, 2016, the projected benefit obligations were $21.8 million and $21.5 million, respectively. Assets with a fair value of $1.1 million and $0.6 million, segregated in a trust (which is included in marketable securities and investments on the consolidated balance sheets), were available to meet this obligation as of January 1, 2017 and January 3, 2016, respectively. Pension expenses and income for this plan netted to expense of $1.6 million in fiscal year 2016, income of $1.6 million in fiscal year 2015 and expense of $4.8 million in fiscal year 2014. Postretirement Medical Plans: The Company provides healthcare benefits for eligible retired U.S. employees under a comprehensive major medical plan or under health maintenance organizations where available. Eligible U.S. employees qualify for retiree health benefits if they retire directly from the Company and have at least ten years of service. Generally, the major medical plan pays stated percentages of covered expenses after a deductible is met and takes into consideration payments by other group coverage and by Medicare. The plan requires retiree contributions under most circumstances and has provisions for cost-sharing charges. Effective January 1, 2000, this plan was closed to new hires. For employees retiring after 1991, the Company has capped its medical premium contribution based on employees’ years of service. The Company funds the amount allowable under a 401(h) provision in the Company’s defined benefit pension plan. Assets of the plan are primarily equity and debt securities and are available only to pay retiree health benefits. Net periodic postretirement medical benefit (credit) cost included the following components for the fiscal years ended:
The following table sets forth the changes in the postretirement medical plan’s funded status and the amounts recognized in the Company’s consolidated balance sheets as of January 1, 2017 and January 3, 2016.
Actuarial assumptions used to determine net cost during the year are as follows:
The Company maintains a master trust for plan assets related to the U.S. defined benefit plans and the U.S. postretirement medical plan. Accordingly, investment policies, target asset allocations and actual asset allocations are the same as those disclosed for the U.S. defined benefit plans. The fair values of the Company’s plan assets at January 1, 2017 and January 3, 2016 by asset category, classified in the three levels of inputs described in Note 21, are as follows:
Valuation Techniques: Valuation techniques are the same as those disclosed for the U.S. defined benefit plans above. A reconciliation of the beginning and ending Level 3 assets for fiscal years 2016, 2015 and 2014 is as follows:
The Company does not expect to make any contributions to the postretirement medical plan during fiscal year 2017. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
Deferred Compensation Plans: During fiscal year 1998, the Company implemented a nonqualified deferred compensation plan that provides benefits payable to officers and certain key employees or their designated beneficiaries at specified future dates, or upon retirement or death. The plan was amended to eliminate deferral elections, with the exception of Company 401(k) excess contributions for eligible participants, for plan years beginning January 1, 2011. Benefit payments under the plan are funded by contributions from participants, and for certain participants, contributions by the Company. The obligations related to the deferred compensation plan totaled $0.9 million at January 1, 2017 and $1.2 million at January 3, 2016. |
Contingencies |
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Jan. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company's responsibility is established and when the cost can be reasonably estimated. The Company has accrued $9.9 million and $11.8 million as of January 1, 2017 and January 3, 2016, respectively, in accrued expenses and other current liabilities, which represents its management’s estimate of the cost of the remediation of known environmental matters, and does not include any potential liability for related personal injury or property damage claims. During fiscal year 2014, the Company recorded a benefit of $2.3 million for cost reimbursements related to a particular site for monitoring and mitigation activities. The Company's environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. The Company is subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at January 1, 2017 should not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company. |
Warranty Reserves |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Reserves | Warranty Reserves The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the consolidated balance sheets. A summary of warranty reserve activity for the fiscal years ended January 1, 2017, January 3, 2016 and December 28, 2014 is as follows:
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Stock Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Plans | Stock Plans Stock-Based Compensation: In addition to the Company’s Employee Stock Purchase Plan, the Company utilizes one stock-based compensation plan, the 2009 Incentive Plan (the “2009 Plan”). Under the 2009 Plan, 10.0 million shares of the Company's common stock are authorized for stock option grants, restricted stock awards, performance units and stock grants as part of the Company’s compensation programs. In addition to shares of the Company’s common stock originally authorized for issuance under the 2009 Plan, the 2009 Plan includes shares of the Company’s common stock previously granted under the Amended and Restated 2001 Incentive Plan and the 2005 Incentive Plan that were canceled or forfeited without the shares being issued. The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s consolidated statements of operations for fiscal years 2016, 2015 and 2014:
The total income tax benefit recognized in the consolidated statements of operations for stock-based compensation was $10.5 million in fiscal year 2016, $5.8 million in fiscal year 2015 and $5.4 million in fiscal year 2014. Stock-based compensation costs capitalized as part of inventory were $0.3 million and $0.2 million as of January 1, 2017 and January 3, 2016, respectively. The excess tax benefit recognized from stock compensation, classified as a financing cash activity, was $2.4 million in fiscal year 2015. Stock Options: The Company has granted options to purchase common shares at prices equal to the market price of the common shares on the date the option is granted. Conditions of vesting are determined at the time of grant. Options are generally exercisable in equal annual installments over a period of three years, and will generally expire seven years after the date of grant. Options replaced in association with business combination transactions are generally issued with the same terms of the respective plans under which they were originally issued. The fair value of each option grant is estimated using the Black-Scholes option pricing model. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical and implied volatility of the Company’s stock. The average expected life was based on the contractual term of the option and historic exercise experience. The risk-free interest rate is based on United States Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows for the fiscal years ended:
The following table summarizes stock option activity for the fiscal year ended January 1, 2017:
The aggregate intrinsic value for stock options outstanding at January 1, 2017 was $33.4 million with a weighted-average remaining contractual term of 3.9 years. The aggregate intrinsic value for stock options exercisable at January 1, 2017 was $26.5 million with a weighted-average remaining contractual term of 2.6 years. At January 1, 2017, there were 2.3 million stock options that were vested, and expected to vest in the future, with an aggregate intrinsic value of $33.4 million and a weighted-average remaining contractual term of 3.9 years. The weighted-average per-share grant-date fair value of options granted during fiscal years 2016, 2015 and 2014 was $10.20, $11.02, and $11.86, respectively. The total intrinsic value of options exercised during fiscal years 2016, 2015 and 2014 was $16.6 million, $25.9 million, and $22.0 million, respectively. Cash received from option exercises for fiscal years 2016, 2015 and 2014 was $14.4 million, $14.9 million, and $24.5 million, respectively. The total compensation expense recognized related to the Company’s outstanding options was $4.4 million in fiscal year 2016, $4.1 million in fiscal year 2015 and $4.9 million in fiscal year 2014. There was $5.6 million of total unrecognized compensation cost related to nonvested stock options granted as of January 1, 2017. This cost is expected to be recognized over a weighted-average period of 1.8 years. Restricted Stock Awards: The Company has awarded shares of restricted stock and restricted stock units to certain employees and non-employee directors at no cost to them, which cannot be sold, assigned, transferred or pledged during the restriction period. The restricted stock and restricted stock units vest through the passage of time, assuming continued employment. The fair value of the award at the time of the grant is expensed on a straight line basis primarily in selling, general and administrative expenses over the vesting period, which is generally 3 years. These awards were granted under the Company’s 2009 Plan. Recipients of the restricted stock have the right to vote such shares and receive dividends. The following table summarizes restricted stock award activity for the fiscal year ended January 1, 2017:
The fair value of restricted stock awards vested during fiscal years 2016, 2015 and 2014 was $8.4 million, $7.8 million, and $7.1 million, respectively. The total compensation expense recognized related to the restricted stock awards was $9.3 million in fiscal year 2016, $8.4 million in fiscal year 2015 and $6.8 million in fiscal year 2014. As of January 1, 2017, there was $12.4 million of total unrecognized compensation cost, net of forfeitures, related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.4 years. Performance Units: The Company’s performance unit program provides a cash award based on the achievement of specific performance criteria. A target number of units are granted at the beginning of a three-year performance period. The number of units earned at the end of the performance period is determined by multiplying the number of units granted by a performance factor ranging from 0% to 200%. Awards are determined by multiplying the number of units earned by the stock price at the end of the performance period, and are paid in cash and accounted for as a liability based award. The compensation expense associated with these units is recognized over the period that the performance targets are expected to be achieved. The Company granted 72,164 performance units, 66,509 performance units, and 79,463 performance units during fiscal years 2016, 2015 and 2014, respectively. The weighted-average per-share grant-date fair value of performance units granted during fiscal years 2016, 2015 and 2014 was $42.79, $46.83, and $42.84, respectively. During fiscal years 2016, 2015 and 2014, 19,584, 8,860 and 35,954 performance units were forfeited, respectively. The total compensation expense related to performance units was $2.7 million, $4.0 million, and $1.6 million for fiscal years 2016, 2015 and 2014, respectively. As of January 1, 2017, there were 190,700 performance units outstanding subject to forfeiture, with a corresponding liability of $6.1 million recorded in accrued expenses and long-term liabilities. Stock Awards: The Company’s stock award program provides non-employee directors an annual equity award. For fiscal years 2016, 2015 and 2014 the award equaled the number of shares of the Company’s common stock which has an aggregate fair market value of $100,000 on the date of the award. The stock award is prorated for non-employee directors who serve for only a portion of the year. The compensation expense associated with these stock awards is recognized when the stock award is granted. In fiscal years 2016, 2015 and 2014, each non-employee director was awarded 1,821 shares, 1,953 shares, and 2,373 shares, respectively. The Company also granted 2,672 shares to new non-employee directors during fiscal year 2016. The weighted-average per-share grant-date fair value of stock awards granted during fiscal years 2016, 2015 and 2014 was $54.58, $51.01, and $42.14, respectively. In each of fiscal years 2016, 2015 and 2014, the total compensation expense recognized related to these stock awards was $0.8 million. Employee Stock Purchase Plan: In April 1999, the Company’s shareholders approved the 1998 Employee Stock Purchase Plan. In April 2005, the Compensation and Benefits Committee of the Board voted to amend the Employee Stock Purchase Plan, effective July 1, 2005, whereby participating employees have the right to purchase common stock at a price equal to 95% of the closing price on the last day of each six-month offering period. The number of shares which an employee may purchase, subject to certain aggregate limits, is determined by the employee’s voluntary contribution, which may not exceed 10% of the employee’s base compensation. During fiscal year 2016, the Company issued 49,578 shares of common stock under the Company’s Employee Stock Purchase Plan at a weighted-average price of $49.67 per share. During fiscal year 2015, the Company issued 78,294 shares under this plan at a weighted-average price of $47.08 per share. During fiscal year 2014, the Company issued 60,870 shares under this plan at a weighted-average price of $41.71 per share. At January 1, 2017 there remains available for sale to employees an aggregate of 0.9 million shares of the Company’s common stock out of the 5.0 million shares authorized by shareholders for issuance under this plan. |
Stockholders' Equity |
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Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive (loss) income consisted of the following:
During fiscal years 2016, 2015 and 2014, pre-tax income of $0.9 million, pre-tax expense of $0.3 million, and pre-tax income of $0.1 million, respectively, were reclassified from accumulated other comprehensive income into selling, general and administrative expenses as a component of net periodic benefit cost. Stock Repurchases: On October 23, 2014, the Board of Directors (the "Board") authorized the Company to repurchase up to 8.0 million shares of common stock under a stock repurchase program (the "Repurchase Program"). On July 27, 2016, the Board authorized the Company to immediately terminate the Repurchase Program and further authorized the Company to repurchase up to 8.0 million shares of common stock under a new stock repurchase program (the "New Repurchase Program"). The New Repurchase Program will expire on July 26, 2018 unless terminated earlier by the Board, and may be suspended or discontinued at any time. During the fiscal year 2016, the Company repurchased 3.2 million shares of common stock in the open market at an aggregate cost of $148.2 million, including commissions, under the Repurchase Program. No shares remain available for repurchase under the Repurchase Program due to its cancellation. As of January 1, 2017, 8.0 million shares remained available for repurchase under the New Repurchase Program. The Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company's equity incentive plans. During fiscal year 2016, the Company repurchased 75,198 shares of common stock for this purpose at an aggregate cost of $3.6 million. During fiscal year 2015, the Company repurchased 95,129 shares of common stock for this purpose at an aggregate cost of $4.4 million. During fiscal year 2014, the Company repurchased 98,269 shares of common stock for this purpose at an aggregate cost of $4.3 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. Dividends: The Board declared a regular quarterly cash dividend of $0.07 per share in each quarter of fiscal years 2016 and 2015. At January 1, 2017, the Company has accrued $7.7 million for dividends declared on October 26, 2016 for the fourth quarter of fiscal year 2016 that was paid in February 2017. On January 27, 2017, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2017 that will be payable in May 2017. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources. |
Derivatives And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s consolidated statement of cash flows. Principal hedged currencies include the British Pound, Euro, Japanese Yen and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $137.5 million at January 1, 2017, $127.3 million at January 3, 2016, and $95.0 million at December 28, 2014, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of fiscal years 2016, 2015 and 2014. In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions, the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s consolidated statement of cash flows. As of January 1, 2017, the outstanding forward exchange contracts designated as economic hedges, that were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined Euro notional amounts of €58.6 million, combined U.S. Dollar notional amounts of $8.7 million and combined Swedish Krona notional amounts of kr969.5 million. The combined Euro notional amounts of these outstanding hedges was €107.4 million as of January 3, 2016. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the fiscal years 2016 and 2015. The Company paid $1.9 million and received $18.7 million during the fiscal years 2016 and 2015, respectively, from the settlement of these hedges. During fiscal year 2016, the Company entered into a series of foreign currency forward contracts with a notional amount of €492.3 million to hedge its investments in certain foreign subsidiaries. Realized and unrealized translation adjustments from these hedges were included in the foreign currency translation component of accumulated other comprehensive income ("AOCI"), which offsets the translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. The foreign currency forward contracts were settled during the third quarter of 2016 and the Company recorded a net realized foreign exchange gain in AOCI amounting to $1.8 million during fiscal year 2016. During the fiscal year 2016, in connection with the issuance of the 2026 Notes, the Company designated the 2026 Notes to hedge its investments in certain foreign subsidiaries. Realized and unrealized translation adjustments from these hedges will be included in the foreign currency translation component of AOCI, which will offset translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of January 1, 2017, the total notional amount of foreign currency denominated debt designated to hedge investments in foreign subsidiaries was €495.8 million. The unrealized foreign exchange loss recorded in AOCI related to the net investment hedge was $23.8 million for the fiscal year 2016 . The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive (loss) income into interest and other expense, net within the next twelve months. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable. The Company believes it had no significant concentrations of credit risk as of January 1, 2017. The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during fiscal years 2016 and 2015. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value. Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of January 1, 2017 and January 3, 2016 classified in one of the three classifications described above:
Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities. Marketable securities: Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date. Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's consolidated balance sheet on a net basis and are recorded in other assets. As of both January 1, 2017 and January 3, 2016, none of the master netting arrangements involved collateral. Level 3 Valuation Techniques: The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities. Contingent consideration: Contingent consideration is measured at fair value at the acquisition date using projected milestone dates, discount rates, probabilities of success and projected revenues (for revenue-based considerations). Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model. During fiscal year 2015, the Company acquired all the shares of Vanadis. Under the terms of the acquisition, the initial purchase consideration was $32.0 million, net of cash and the Company will be obligated to make potential future milestone payments, based on completion of a proof of concept, regulatory approvals and product sales, of up to $93.0 million ranging from 2016 to 2019. The key assumptions used to determine the fair value of the contingent consideration included projected milestone dates of 2016 to 2019, discount rates ranging from 3.1% to 11.3%, conditional probabilities of success of each individual milestone ranging from 85% to 95% and cumulative probabilities of success for each individual milestone ranging from 53% to 90%. The fair value of the contingent consideration as of the acquisition date was estimated at $56.9 million. During the fiscal year 2016, the Company updated the fair value of the contingent consideration and recorded a liability of $63.2 million as of January 1, 2017. The key assumptions used to determine the fair value of the contingent consideration as of January 1, 2017 included projected milestone dates of 2017 to 2019, discount rates ranging from 1.9% to 8.5%, conditional probabilities of success of each individual milestone ranging from 90% to 95% and cumulative probabilities of success for each individual milestone ranging from 65.8% to 95%. A significant delay in the product development (including projected regulatory milestone) achievement date in isolation could result in a significantly lower fair value measurement; a significant acceleration in the product development (including projected regulatory milestone) achievement date in isolation would not have a material impact on the fair value measurement; a significant change in the discount rate in isolation would not have a material impact on the fair value measurement; and a significant change in the probabilities of success in isolation could result in a significant change in fair value measurement. The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s regulatory, research and development, operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards achieving proof of concept, regulatory approvals and revenue targets as compared to initial projections, the impact of market competition and market landscape shifts from non-invasive prenatal testing products, with the impact of such adjustments being recorded in the consolidated statements of operations. As of January 1, 2017, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $84.6 million. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 3 years from the respective acquisition dates, and the remaining weighted average expected earnout period at January 1, 2017 was 1.75 years. A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows:
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1. As of January 1, 2017, the Company’s new senior unsecured revolving credit facility, which provides for $1.0 billion of revolving loans, had no outstanding borrowings. As of January 3, 2016, the Company's previous senior unsecured revolving credit facility had $482.0 million of borrowings outstanding, which excluded $2.4 million unamortized debt issuance costs and letters of credit. The interest rate on the Company’s new senior unsecured revolving credit facility is reset at least monthly to correspond to variable rates that reflect currently available terms and conditions for similar debt. The Company had no change in credit standing during fiscal year 2016. Consequently, the borrowing value of the current year and prior year credit facilities approximate fair value and would be classified as Level 2. The Company's 2021 Notes, with a face value of $500.0 million, had an aggregate carrying value of $495.8 million, net of $1.7 million of unamortized original issue discount and $2.5 million of unamortized debt issuance costs as of January 1, 2017. The 2021 Notes had an aggregate carrying value of $495.1 million, net of $2.0 million of unamortized original issue discount and $2.9 million of unamortized debt issuance costs as of January 3, 2016. The 2021 Notes had a fair value of $539.2 million and $518.9 million as of January 1, 2017 and January 3, 2016, respectively. The fair value of the 2021 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company's 2026 Notes, with a face value of €500.0 million, had an aggregate carrying value of $517.8 million, net of $4.5 million of unamortized original issue discount and $4.8 million of unamortized debt issuance costs as of January 1, 2017. The 2026 Notes had a fair value of €507.5 million as of January 1, 2017. The fair value of the 2026 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company's financing lease obligations had an aggregate carrying value of $37.1 million and $38.2 million as of January 1, 2017 and January 3, 2016, respectively. The carrying values of the Company's financing lease obligations approximated their fair value as there has been minimal change in the Company's incremental borrowing rate. As of January 1, 2017, the 2021 Notes, 2026 Notes and financing lease obligations were classified as Level 2. As of January 1, 2017, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on the evaluation of its counterparties’ credit risks. |
Leases |
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Leases [Abstract] | |
Leases | Leases The Company leases certain property and equipment under operating leases. Rental expense charged to continuing operations for fiscal years 2016, 2015 and 2014 amounted to $52.0 million, $52.4 million, and $52.8 million, respectively. Minimum rental commitments under noncancelable operating leases are as follows: $49.8 million in fiscal year 2017, $33.9 million in fiscal year 2018, $26.0 million in fiscal year 2019, $20.8 million in fiscal year 2020, $16.3 million in fiscal year 2021 and $52.1 million in fiscal year 2022 and thereafter. On August 22, 2013, the Company sold one of its facilities located in Boston, Massachusetts for net proceeds of $47.6 million. Simultaneously with the closing of the sale of the property, the Company entered into a lease agreement to lease back the property for its continued use. The lease has an initial term of 15 years and the Company has the right to extend the term of the lease for two additional periods of ten years each. The lease is accounted for as an operating lease and at the transaction date the Company had deferred $26.5 million of gains which are being amortized in operating expenses over the initial lease term of 15 years. The Company amortized $1.8 million of the deferred gains related to the lease during each of the fiscal years 2016, 2015 and 2014. The deferred gains remaining to be amortized were $20.6 million at January 1, 2017, of which $1.8 million was recorded in accrued expenses and other current liabilities, and $18.8 million was recorded in long-term liabilities. The deferred gains remaining to be amortized were $22.3 million at January 3, 2016, of which $1.8 million was recorded in accrued expenses and other current liabilities, and $20.5 million was recorded in long-term liabilities. |
Industry Segment and Geographic Area Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segment Information | Industry Segment and Geographic Area Information The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1. Effective October 3, 2016, the Company realigned its businesses to better position the Company to grow in attractive end markets and expand share with the Company's core product offerings. Diagnostics became a standalone operating segment and the Company formed a new operating segment, Discovery & Analytical Solutions. The results reported for fiscal year 2016 reflect this new alignment of the Company's operating segments. Financial information in this report relating to fiscal years 2015 and 2014 has been retrospectively adjusted to reflect this change to the Company's operating segments. The principal products and services of the Company's two operating segments are:
The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments. Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below for the fiscal years ended:
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Additional information relating to the Company’s reporting segments is as follows for the three fiscal years ended January 1, 2017:
The following geographic area information for continuing operations includes revenue based on location of external customers for the three fiscal years ended January 1, 2017 and net long-lived assets based on physical location as of January 1, 2017 and January 3, 2016:
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Quarterly Financial Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Selected quarterly financial information is as follows for the fiscal years ended:
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Nature of Operations and Accounting Policies Nature of Operations and Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Consolidation [Policy Text Block] | The consolidated financial statements include the accounts of PerkinElmer, Inc. and its subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated in consolidation. |
Segment Reporting [Policy Text Block] | |
Fiscal Periods [Policy Text Block] | The Company's fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended January 1, 2017 and December 28, 2014 included 52 weeks. The fiscal year ended January 3, 2016 included 53 weeks. The additional week in fiscal year 2015 has been reflected in the Company's third quarter. The fiscal year ending December 31, 2017 will include 52 weeks. |
Subsequent Events [Policy Text Block] | |
Accounting Policies and Estimates [Policy Text Block] | Accounting Policies and Estimates: The preparation of consolidated financial statements in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. |
Revenue Recognition [Policy Text Block] | Revenue Recognition: The Company’s product revenue is recorded when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collectability is reasonably assured. For products that include installation, and if the installation meets the criteria to be considered a separate element, product revenue is recognized upon delivery, and installation revenue is recognized when the installation is complete. For revenue that includes customer-specified acceptance criteria, revenue is recognized after the acceptance criteria have been met. Certain of the Company’s products require specialized installation. Revenue for these products is deferred until installation is completed. Revenue from services is deferred and recognized over the contractual period, or as services are rendered. In limited circumstances, the Company has arrangements that include multiple elements that are delivered at different points of time, such as revenue from products and services with a remaining service or storage component, including cord blood processing and storage. For these arrangements, the revenue is allocated to each of the deliverables based upon their relative selling prices as determined by a selling-price hierarchy. A deliverable in an arrangement qualifies as a separate unit of accounting if the delivered item has value to the customer on a stand-alone basis. A delivered item that does not qualify as a separate unit of accounting is combined with the other undelivered items in the arrangement and revenue is recognized for those combined deliverables as a single unit of accounting. The selling price used for each deliverable is based upon vendor-specific objective evidence ("VSOE") if such evidence is available, third-party evidence ("TPE") if VSOE is not available, and management's best estimate of selling price ("BESP") if neither VSOE nor TPE are available. TPE is the price of the Company's or any competitor's largely interchangeable products or services in stand-alone sales to similarly-situated customers. BESP is the price at which the Company would sell the deliverable if it were sold regularly on a stand-alone basis, considering market conditions and entity-specific factors. Revenue from software licenses and services was 5% of the Company's total revenue for each of fiscal years 2016, 2015 and 2014. The Company sells its software licenses with maintenance services and, in some cases, also with consulting services. For the undelivered elements, the Company determines VSOE of fair value to be the price charged when the undelivered element is sold separately. The Company determines VSOE for maintenance sold in connection with a software license based on the stated renewal rate method. The Company determines VSOE for consulting services by reference to the amount charged for similar engagements on a stand-alone basis. The Company recognizes revenue from software licenses sold together with maintenance and/or consulting services upon shipment using the residual method, provided that the above criteria have been met. If VSOE of fair value for the undelivered elements cannot be established, the Company defers all revenue from the arrangement until the earlier of the point at which such sufficient VSOE does exist or all elements of the arrangement have been delivered, or if the only undelivered element is maintenance, then the Company recognizes the entire fee ratably over the maintenance period. The Company recognizes revenue from the grant of certain intellectual property rights for patented technologies it owns. These rights typically include a combination of the following: the grant of a non-exclusive, retroactive and future license to patented technologies, a covenant-not-to-sue, the release of the licensee from certain claims, and the dismissal of any pending litigation. The intellectual property rights granted may be perpetual in nature, extending until the expiration of the related patents, or can be granted for a defined timeframe. For these arrangements, the revenue is allocated to each of the deliverables based upon their relative selling prices as determined by the selling-price hierarchy. In the case where the agreement includes the dismissal of any pending litigation, the Company allocates between revenue and litigation settlement using the residual method. The Company recognizes revenue when the earnings process is complete and upon the execution of the agreement, when collectability is reasonably assured, or upon receipt of the minimum upfront fee for term agreement renewals, and when all other revenue recognition criteria have been met. Service revenues represent the Company’s service offerings including service contracts, field service including related time and materials, diagnostic testing, cord blood processing and storage, and training. Service revenues are recognized as the service is performed. Revenues for service contracts and storage contracts are recognized over the contract period. The Company sells products and accessories predominantly through its direct sales force. As a result, the use of distributors is generally limited to geographic regions where the Company has no direct sales force. The Company does not offer product return or exchange rights (other than those relating to defective goods under warranty) or price protection allowances to its customers, including its distributors. Payment terms granted to distributors are the same as those granted to end-user customers and payments are not dependent upon the distributors’ receipt of payment from their end-user customers. Sales incentives related to distributor revenue are also the same as those for end-user customers. |
Warranty Costs [Policy Text Block] | Warranty Costs: The Company provides for estimated warranty costs for products at the time of their sale. Warranty liabilities are estimated using expected future repair costs based on historical labor and material costs incurred during the warranty period. |
Shipping and Handling Costs [Policy Text Block] | Shipping and Handling Costs: The Company reports shipping and handling revenue in revenue, to the extent they are billed to customers, and the associated costs in cost of product revenue. |
Inventories [Policy Text Block] | Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or market. Inventories are accounted for using the first-in, first-out method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based primarily on the Company’s estimated forecast of product demand and production requirements. |
Income Taxes [Policy Text Block] | Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. This method also requires the recognition of future tax benefits such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which realization is not more likely than not. With respect to earnings expected to be indefinitely reinvested offshore, the Company does not accrue tax for the repatriation of such foreign earnings. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense. See Note 6 below for additional details. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment: The Company depreciates property, plant and equipment using the straight-line method over its estimated useful lives, which generally fall within the following ranges: buildings- 10 to 40 years; leasehold improvements-estimated useful life or remaining term of lease, whichever is shorter; and machinery and equipment- 3 to 7 years. Certain tooling costs are capitalized and amortized over a 3-year life, while repairs and maintenance costs are expensed. |
Asset Retirement Obligations [Policy Text Block] | Asset Retirement Obligations: The Company records obligations associated with its lease obligations, the retirement of tangible long-lived assets and the associated asset retirement costs in accordance with authoritative guidance on asset retirement obligations. The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash flow and its present value is accreted over the life of the related lease as interest expense. The amounts recorded in the consolidated financial statements are not material to any year presented. |
Change in Accounting for Pension and Other Postretirement Benefits [Policy Text Block] | Pension and Other Postretirement Benefits: The Company sponsors both funded and unfunded U.S. and non-U.S. defined benefit pension plans and other postretirement benefits. The Company immediately recognizes actuarial gains and losses in operating results in the year in which the gains and losses occur. Actuarial gains and losses are measured annually as of the calendar month-end that is closest to the Company's fiscal year end and accordingly will be recorded in the fourth quarter, unless the Company is required to perform an interim remeasurement. The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, are recorded on a quarterly basis. The Company’s funding policy provides that payments to the U.S. pension trusts shall at least be equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974. Non-U.S. plans are accrued for, but generally not fully funded, and benefits are paid from operating funds. |
Translation of Foreign Currencies [Policy Text Block] | Translation of Foreign Currencies: For foreign operations, asset and liability accounts are translated at current exchange rates; income and expenses are translated using weighted average exchange rates for the reporting period. Resulting translation adjustments, as well as translation gains and losses from certain intercompany transactions considered permanent in nature, are reported in accumulated other comprehensive (loss) income, a separate component of stockholders’ equity. Gains and losses arising from transactions and translation of period-end balances denominated in currencies other than the functional currency are included in other expense, net |
Business Combinations [Policy Text Block] | Business Combinations: Business combinations are accounted for at fair value. Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses; previously held equity interests are valued at fair value upon the acquisition of a controlling interest; in-process research and development (“IPR&D”) is recorded at fair value as an intangible asset at the acquisition date; restructuring costs associated with a business combination are expensed subsequent to the acquisition date; and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date affect income tax expense. Measurement period adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date. All changes that do not qualify as measurement period adjustments are also included in current period earnings. The accounting for business combinations requires estimates and judgment as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair value for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of finite-lived intangible assets, or the recognition of additional consideration which would be expensed. |
Goodwill and Other Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets: The Company’s intangible assets consist of (i) goodwill, which is not being amortized; (ii) indefinite lived intangibles, which consist of a trade name that is not subject to amortization; and (iii) amortizing intangibles, which consist of patents, trade names and trademarks, licenses, customer relationships, and purchased technologies, which are being amortized over their estimated useful lives. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of a two-step process. The first step is the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. The second step measures the amount of an impairment loss, and is only performed if the carrying value exceeds the fair value of the reporting unit. This annual impairment assessment is performed by the Company on the later of January 1 or the first day of each fiscal year. This same impairment test will be performed at other times during the course of the year, should an event occur which suggests that the recoverability of goodwill should be reconsidered. Non-amortizing intangibles are also subject to an annual impairment test. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible assets at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful lives of non-amortizing intangible assets are no longer indefinite, the assets will be tested for impairment. These intangible assets will then be amortized prospectively over their estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. Amortizing intangible assets are reviewed for impairment when indicators of impairment are present. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets, including such intangibles, are written down to their respective fair values. See Note 12 below for additional details. |
Stock-Based Compensation [Policy Text Block] | Stock-Based Compensation: The Company accounts for stock-based compensation expense based on estimated grant date fair value, generally using the Black-Scholes option-pricing model. The fair value is recognized, net of estimated forfeitures, as expense in the consolidated financial statements over the requisite service period. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of highly subjective assumptions, including the expected term and the expected price volatility of the underlying stock. The Company estimates the expected term assumption based on historical experience. In determining the Company’s expected stock price volatility assumption, the Company reviews both the historical and implied volatility of the Company’s common stock, with implied volatility based on the implied volatility of publicly traded options on the Company’s common stock. The Company has one stock-based compensation plan from which it makes grants, which is described more fully in Note 18 below. |
Marketable Securities and Investments [Policy Text Block] | Marketable Securities and Investments: The cost of securities sold is based on the specific identification method. If securities are classified as available for sale, the Company records these investments at their fair values with unrealized gains and losses included in accumulated other comprehensive (loss) income. Under the cost method of accounting, equity investments in private companies are carried at cost and are adjusted for other-than-temporary declines in fair value, additional investments or distributions. |
Cash Flows [Policy Text Block] | Cash and Cash Equivalents: The Company considers all highly liquid unrestricted instruments with a purchased maturity of three months or less to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short maturities of these instruments. |
Environmental Matters [Policy Text Block] | Environmental Matters: The Company accrues for costs associated with the remediation of environmental pollution when it is probable that a liability has been incurred and the Company’s proportionate share of the amount can be reasonably estimated. The recorded liabilities have not been discounted. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development: Research and development costs are expensed as incurred. The fair value of acquired IPR&D costs are recorded at fair value as an intangible asset at the acquisition date and amortized once the product is ready for sale or expensed if abandoned. |
Restructuring Charges [Policy Text Block] | Restructuring Charges: In recent fiscal years, the Company has undertaken a series of restructuring actions related to the impact of acquisitions and divestitures, the alignment of its operations with its growth strategy, the integration of its business units and its productivity initiatives. In connection with these initiatives, the Company has recorded restructuring charges, as more fully described in Note 4 below. Generally, costs associated with an exit or disposal activity are recognized when the liability is incurred. Prior to recording restructuring charges for employee separation agreements, the Company notifies all employees of termination. Costs related to employee separation arrangements requiring future service beyond a specified minimum retention period are recognized over the service period. Costs related to lease terminations are recorded at the fair value of the liability based on the remaining lease rental payments, reduced by estimated sublease rentals that could be reasonably obtained for the property, at the date the Company ceases use. |
New Accounting Pronouncement or Change in Accounting Principle, Description | Comprehensive Income: Comprehensive income is defined as net income or loss and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. Comprehensive income is reflected in the consolidated statements of comprehensive income. |
Derivative Instruments and Hedging [Policy Text Block] | Derivative Instruments and Hedging: Derivatives are recorded on the consolidated balance sheets at fair value. Accounting for gains or losses resulting from changes in the values of those derivatives depends on the use of the derivative instrument and whether it qualifies for hedge accounting. For a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently amortized into net earnings when the hedged exposure affects net earnings. Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge by matching the terms of the contract to the underlying transaction. The Company classifies the cash flows from hedging transactions in the same categories as the cash flows from the respective hedged items. Once established, cash flow hedges are generally recorded in other comprehensive income, unless an anticipated transaction is no longer likely to occur, and subsequently amortized into net earnings when the hedged exposure affects net earnings. Discontinued or dedesignated cash flow hedges are immediately settled with counterparties, and the related accumulated derivative gains or losses are recognized into net earnings on the consolidated financial statements. Settled cash flow hedges related to forecasted transactions that remain probable are recorded as a component of other comprehensive (loss) income and are subsequently amortized into net earnings when the hedged exposure affects net earnings. Forward contract effectiveness for cash flow hedges is calculated by comparing the fair value of the contract to the change in value of the anticipated transaction using forward rates on a monthly basis. The Company also has entered into other foreign currency forward contracts that are not designated as hedging instruments for accounting purposes. These contracts are recorded at fair value, with the changes in fair value recognized into interest and other expense, net on the consolidated financial statements. The Company also uses foreign currency denominated debt to hedge its investments in certain foreign subsidiaries. Realized and unrealized translation adjustments from these hedges are included in the foreign currency translation component of Accumulated Other Comprehensive Income ("AOCI"), as well as the offset translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles-Goodwill and Other Topic (Topic 350), Simplifying the Test for Goodwill Impairment ("ASU 2017-04"), which amends Topic 350 to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 requires that an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The provisions of this guidance are to be applied on a prospective basis. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company intends to early adopt ASU 2017-04 and will apply the provisions of this standard in its interim or annual goodwill impairment tests subsequent to January 1, 2017. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"), which amends Topic 805 to provide a screen to determine when a set of assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the standard (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace missing elements. The standard provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The standard also provides a framework that includes two sets of criteria to consider that depend on whether a set has outputs and a more stringent criteria for sets without outputs. Lastly, the standard narrows the definition of the term "output" so that the term is consistent with how outputs are described in Topic 606. The provisions of this guidance are to be applied prospectively. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted in limited circumstances. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ("ASU 2016-18"), which amends Topic 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The provisions of this guidance are to be applied using a retrospective transition method to each period presented. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740), Intra-entity Transfer of Assets Other than Inventory ("ASU 2016-16"). ASU 2016-16 removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this guidance are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other topics. The provisions of this guidance are to be applied using a retrospective transition method to each period presented, and if it is impracticable to apply the amendments retrospectively for some of the issues, ASU 2016-15 allows the amendments for those issues to be applied prospectively as of the earliest date practicable. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard requires entities to use the expected loss impairment model and will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. Entities are required to estimate the lifetime “expected credit loss” for each applicable financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard also amends the impairment model for available-for-sale (“AFS”) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The new standard simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the related classification in the statement of cash flows. The new standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefits and tax deficiencies are not included in the estimate of an entity’s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realized through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU No. 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the income statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since they are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU No. 2016-09 at the beginning of the first quarter of fiscal year 2016. The Company recorded a cumulative increase of $14.2 million in the beginning of the first quarter of fiscal year 2016 retained earnings with a corresponding increase in deferred tax assets related to the prior years' unrecognized excess tax benefits. Excess tax benefits related to exercised options and vested restricted stock and restricted stock units during the fiscal year 2016 have been recognized in the current period’s income statement. The Company also excluded the excess tax benefits from the calculation of diluted earnings per share for fiscal year 2016. The Company applied the cash flow presentation section of the guidance on a prospective basis, and the prior period statement of cash flows was not adjusted. ASU No. 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earnings as of the date of adoption. The Company has elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. ASU 2016-02 also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. ASU 2016-02 is to be applied using a modified retrospective approach. The Company is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory. Under this new guidance, companies that use inventory measurement methods other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The provisions of this guidance are to be applied prospectively and are effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. The adoption is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). Under this new guidance, an entity should use a five-step process to recognize revenue, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Subsequent to the issuance of the standard, the FASB decided to defer the effective date for one year to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. In May 2016, the FASB also issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"), which amended its revenue recognition guidance in ASU 2014-09 on transition, collectibility, non-cash consideration, contract modifications and completed contracts at transition and the presentation of sales and other similar taxes collected from customers. In April 2016, the FASB also issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing ("ASU 2016-10"), which amended its revenue recognition guidance in ASU 2014-09 on identifying performance obligations to allow entities to disregard items that are immaterial in the context of the contract, clarify when a promised good or service is separately identifiable (i.e., distinct within the context of the contract) and allow an entity to elect to account for the cost of shipping and handling performed after control of a good has been transferred to the customer as a fulfillment cost (i.e., an expense). ASU 2016-10 also clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property ("IP") and requires entities to classify IP in one of two categories: functional IP or symbolic IP, which will determine whether it recognizes revenue over time or at a point in time. ASU 2016-10 also address how entities should consider license renewals and restrictions and apply the exception for sales- and usage-based royalties received in exchange for licenses of IP. In March 2016, the FASB also issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"), which amended the principal-versus-agent implementation guidance and illustrations in ASU 2014-09. ASU 2016-08 clarifies that an entity should evaluate when it is the principal or agent for each specified good or service promised in a contract with a customer. ASU 2016-12, ASU 2016-10, ASU 2016-08 and ASU 2014-09 may be adopted either using a full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of the foregoing standards and has not yet determined the impact of their adoption on the Company’s consolidated financial position, results of operations and cash flows. The Company intends to adopt these standards using the modified retrospective approach, and the Company does not intend to early adopt these standards. While the Company is currently evaluating the impact of the new revenue standard, the Company believes the key changes in the standard that impact revenue recognition relate to the accounting for certain transactions with multiple elements or “bundled” arrangements (for example, sales of software subscriptions for which the Company does not have VSOE for maintenance and/or support) because the requirement to have VSOE for undelivered elements under current accounting standards is eliminated under the new standard. Accordingly, the Company may be required to recognize as revenue a portion of the sales price upon delivery of the software, as compared to the current requirement of recognizing the entire sales price ratably over the maintenance period. |
Business Combinations and Asset Purchases (Tables) |
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Fair Values of the Business Combinations and Allocations for the Acquisitions Completed | The total purchase price for the acquisitions in fiscal year 2014 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
The total purchase price for the acquisitions in fiscal year 2016 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
The total purchase price for the acquisitions in fiscal year 2015 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
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Discontinued Operations (Tables) |
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The summary pre-tax operating results of the discontinued operations, which include the periods prior to disposition and a $1.0 million pre-tax restructuring charge related to workforce reductions in the microarray-based diagnostic testing laboratory in the United States during fiscal year 2014, were as follows during the three fiscal years ended:
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Schedule of Gains and Losses on Disposition of Discontinued Operations [Table Text Block] | The Company recorded the following pre-tax gains and losses, which have been reported as a net gain or loss on disposition of discontinued operations during the three fiscal years ended:
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Schedule of Operating and Investing non-cash items from discontinued operations [Table Text Block] | The following operating and investing non-cash items from discontinued operations were as follows during the three fiscal years ended:
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Schedule of carrying amounts of major classes of assets and liabilities included in discontinued operations [Table Text Block] | The carrying amounts of the major classes of assets and liabilities included in discontinued operations as of January 1, 2017 and January 3, 2016 consisted of the following:
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Restructuring and Contract Terminaiton Charges, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table summarizes the number of employees reduced, the initial restructuring or contract termination charges by operating segment, and the dates by which payments were substantially completed, or the expected dates by which payments will be substantially completed, for restructuring actions implemented during fiscal years 2016, 2015 and 2014 in continuing operations:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the Company's restructuring accrual balances and related activity by restructuring plan, as well as contract termination accrual balances and related activity, during fiscal years 2016, 2015 and 2014 in continuing operations:
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Interest and Other Expense (Income), Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Expense (Income), Net | Interest and other expense, net, consisted of the following for the fiscal years ended:
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Income Taxes (Tables) - USD ($) $ in Thousands |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The tabular reconciliation of the total amounts of unrecognized tax benefits is as follows for the fiscal years ended:
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Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income (loss) from continuing operations before income taxes were as follows for the fiscal years ended:
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for (benefit from) income taxes for continuing operations were as follows:
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Schedule of Income Tax Expense (Benefit), Continuing Operations and Discontinued Operations [Table Text Block] | The total provision for (benefit from) income taxes included in the consolidated financial statements is as follows for the fiscal years ended:
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences and attributes that gave rise to deferred income tax assets and liabilities as of January 1, 2017 and January 3, 2016 were as follows:
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Schedule of Deferred Income Taxes, Domestic and Foreign [Table Text Block] | The components of net deferred tax assets (liabilities) as of January 1, 2017 and January 3, 2016 were as follows:
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Components of net deferred tax asset recognized [Table Text Block] | The components of net deferred tax assets as of January 1, 2017 and January 3, 2016 were recognized in the consolidated balance sheets as follows:
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Deferred tax assets, other assets, net | $ 85,312 | $ 94,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities, Long-term liabilities | (48,096) | (52,173) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Assets, Net | $ 37,216 | $ 41,862 |
Earnings Per Share (Tables) |
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations | The following table reconciles the number of shares utilized in the earnings per share calculations for the fiscal years ended:
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Inventories, Net (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Inventories | Inventories as of January 1, 2017 and January 3, 2016 consisted of the following:
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Property, Plant and Equipment, Net (Tables) |
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, at cost, as of January 1, 2017 and January 3, 2016, consisted of the following:
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Marketable Securities and Investments (Tables) |
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Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments, Noncurrent [Table Text Block] | Investments as of January 1, 2017 and January 3, 2016 consisted of the following:
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Available-for-sale Securities [Table Text Block] | Marketable securities classified as available for sale as of January 1, 2017 and January 3, 2016 consisted of the following:
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Goodwill and Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for fiscal years 2016 and 2015 are as follows:
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Identifiable Intangible Asset Balances | Identifiable intangible asset balances at January 1, 2017 by category and by business segment were as follows:
Identifiable intangible asset balances at January 3, 2016 by category and business segment were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the maturities of the Company’s indebtedness as of January 1, 2017:
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Accrued Expenses and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses and other current liabilities as of January 1, 2017 and January 3, 2016 consisted of the following:
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Net periodic pension cost for U.S. and non-U.S. plans included the following components for fiscal years ended:
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Schedule of Net Funded Status | The following table sets forth the changes in the funded status of the principal U.S. pension plan and the principal non-U.S. pension plans and the amounts recognized in the Company’s consolidated balance sheets as of January 1, 2017 and January 3, 2016.
Actuarial assumptions used to determine net periodic pension cost during the year were as follows:
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Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table provides a breakdown of the non-U.S. benefit obligations and fair value of assets for pension plans that have benefit obligations in excess of plan assets:
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Schedule of Allocation of Plan Assets | Assets of the defined benefit pension plans are primarily equity and debt securities. Asset allocations as of January 1, 2017 and January 3, 2016, and target asset allocations for fiscal year 2017 are as follows:
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Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s pension plan assets as of January 1, 2017 and January 3, 2016 by asset category, classified in the three levels of inputs described in Note 21 to the consolidated financial statements are as follows:
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of the beginning and ending Level 3 assets for fiscal years 2016, 2015 and 2014 is as follows:
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Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
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Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Net periodic postretirement medical benefit (credit) cost included the following components for the fiscal years ended:
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Schedule of Net Funded Status | The following table sets forth the changes in the postretirement medical plan’s funded status and the amounts recognized in the Company’s consolidated balance sheets as of January 1, 2017 and January 3, 2016.
Actuarial assumptions used to determine net cost during the year are as follows:
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Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s plan assets at January 1, 2017 and January 3, 2016 by asset category, classified in the three levels of inputs described in Note 21, are as follows:
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of the beginning and ending Level 3 assets for fiscal years 2016, 2015 and 2014 is as follows:
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Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
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Warranty Reserves (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Reserve Activity | A summary of warranty reserve activity for the fiscal years ended January 1, 2017, January 3, 2016 and December 28, 2014 is as follows:
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Stock Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Total Compensation Recognized Related to Outstanding Equity Awards | The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock options, restricted stock, restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s consolidated statements of operations for fiscal years 2016, 2015 and 2014:
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Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model | The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows for the fiscal years ended:
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Summary of Stock Option Activity | The following table summarizes stock option activity for the fiscal year ended January 1, 2017:
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Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the fiscal year ended January 1, 2017:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive (loss) income consisted of the following:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of January 1, 2017 and January 3, 2016 classified in one of the three classifications described above:
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Reconciliation of Beginning and Ending Level 3 Net Liabilities | A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows:
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Industry Segment and Geographic Area Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations | Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below for the fiscal years ended:
____________________________
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Schedule of Depreciation, Amortization and Capital Expenditures | Additional information relating to the Company’s reporting segments is as follows for the three fiscal years ended January 1, 2017:
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Schedule of Total Assets by Segment |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following geographic area information for continuing operations includes revenue based on location of external customers for the three fiscal years ended January 1, 2017 and net long-lived assets based on physical location as of January 1, 2017 and January 3, 2016:
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Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | Selected quarterly financial information is as follows for the fiscal years ended:
____________________________
|
Nature of Operations and Accounting Policies Nature of Operations and Accounting Policies (Narrative) (Details) (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Jan. 01, 2017
USD ($)
plan
segments
|
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Cumulative Effect of New Accounting Principle in Period of Adoption | $ | $ 14.2 | |||
Number of Stock-based Compensation Plans | plan | 1 | |||
Number of Operating Segments | segments | 2 | |||
Operating Cycle | 52 | 53 | 52 | |
License and services revenue as a percentage of total revenue | 5.00% | 5.00% | 5.00% | |
Minimum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life, Maximum | 10 years | |||
Minimum [Member] | Tools, Dies and Molds [Member] | ||||
Property, Plant and Equipment, Useful Life, Maximum | 3 years | |||
Maximum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life, Maximum | 40 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life, Maximum | 7 years | |||
Scenario, Forecast [Member] | ||||
Operating Cycle | 52 |
Summary Operating Results of Discontinued Operations for the Periods Prior to Disposition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 146,217 | $ 158,128 | $ 168,124 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 95,395 | 97,777 | 100,512 |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 13,657 | 11,712 | 12,503 |
Disposal Group, Including Discontinued Operations, Research and development expenses | 14,368 | 13,391 | 13,222 |
Disposal Group, Including Discontinued Operations, Restructuring and contract termination charges, net | 568 | 43 | 1,111 |
Loss from discontinued operations before income taxes | $ 22,229 | $ 35,205 | $ 40,776 |
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Foreign Currency Transaction Gain (Loss), before Tax | $ (1,500) | $ 25,300 | $ 5,500 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 5,400 | (20,600) | (200) |
Gain on disposition of businesses and assets, net | 5,562 | 0 | 0 |
Interest income | (702) | (673) | (667) |
Interest expense | 41,528 | 37,997 | 36,270 |
Other expense, net | 3,734 | 4,795 | 5,536 |
Total interest and other expense, net | $ 38,998 | $ 42,119 | $ 41,139 |
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Income Tax Contingency [Line Items] | |||
Income Tax Holiday, Aggregate Dollar Amount | $ (11,400) | $ (8,300) | $ (7,100) |
Impact of benefits derived from tax holidays on earnings per share, basic | $ 0.10 | $ (0.07) | $ (0.06) |
Impact of benefits derived from tax holidays on earnings per share, diluted | $ (0.10) | $ (0.07) | $ (0.06) |
Valuation Allowance, Amount | $ 65,640 | $ 67,400 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of period | 28,143 | 32,342 | $ 39,410 |
Gross increases - tax positions in prior period | 1,514 | 325 | 0 |
Gross decreases - tax positions in prior period | (183) | (2,305) | (1,809) |
Gross increases - current-period tax positions | 3,547 | 0 | 239 |
Settlements | 0 | (441) | (1,400) |
Lapse of statute of limitations | (4,109) | (1,077) | (4,129) |
Foreign currency translation adjustments | 695 | (701) | 31 |
Unrecognized tax benefits, end of period | 29,607 | 28,143 | 32,342 |
Interest on income taxes accrued | 1,800 | 2,100 | |
Interest on income taxes expense | (400) | (1,500) | (700) |
Income tax penalties expense | 300 | (100) | (200) |
Income tax penalties accrued | 400 | 100 | |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 27,900 | ||
Unrecognized Tax Benefits Expected To Be Resolved With In A Year | 4,600 | ||
Foreign earnings invested outside U.S. | $ 1,147,300 | ||
Open Tax Years by Major Tax Jurisdiction, Begin Date | 2010 | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ (9,600) | (6,400) | (7,100) |
Excess tax benefit from exercise of common stock options | 0 | $ 2,435 | $ 0 |
General Business [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 33,100 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 211,900 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 10,700 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 227,200 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 5,700 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 27,700 | ||
China [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Holiday, Termination Date | 12/31/2017 | ||
Singapore [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Holiday, Termination Date | 12/31/2018 |
Income Taxes Income Before Income taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2017 |
[1] | Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Jan. 03, 2016 |
Oct. 04, 2015 |
Jun. 28, 2015 |
Mar. 29, 2015 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|||
Income Tax Contingency [Line Items] | ||||||||||||||
U.S. | $ 39,689 | $ (21,510) | $ (58,886) | |||||||||||
Non-U.S. | 204,379 | 230,317 | 182,754 | |||||||||||
Income from continuing operations before income taxes | $ 69,186 | $ 64,518 | $ 60,873 | $ 49,491 | $ 67,312 | $ 55,445 | $ 48,700 | $ 37,350 | $ 244,068 | $ 208,807 | $ 123,868 | |||
|
Income Taxes Components of the Provision (Benefits from) Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ (52,648) | $ (47,994) | $ (34,845) |
Federal current | 14 | (10,952) | (6,417) |
Federal deferred expense (benefit) | 2,994 | (4,794) | (20,164) |
Federal total | 3,008 | (15,746) | (26,581) |
State current | 2,143 | 2,613 | 2,373 |
State deferred expense (benefit) | (575) | (2,563) | (4,166) |
State total | 1,568 | 50 | (1,793) |
Non-U.S. current | 30,754 | 37,963 | 31,878 |
Non-U.S.deferred expense benefit | (6,968) | (2,245) | (9,775) |
Non-U.S. total | 23,786 | 35,718 | 22,103 |
Total current | 32,911 | 29,624 | 27,834 |
Total deferred expense (benefit) | (4,549) | (9,602) | (34,105) |
Total | 28,362 | 20,022 | (6,271) |
Discontinued operations | 4,255 | 11,537 | 12,877 |
Total provision for income taxes | 32,617 | 31,559 | 6,606 |
Singapore, Finland, China [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 45,800 | $ 34,200 | $ 29,100 |
Income Taxes Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 29, 2015 |
Mar. 30, 2014 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Income Tax Contingency [Line Items] | |||||
Tax at statutory rate | $ 85,424 | $ 73,082 | $ 43,354 | ||
Non-U.S. rate differential, net | (52,648) | (47,994) | (34,845) | ||
U.S. taxation of multinational operations | 6,941 | 1,732 | 2,367 | ||
State income taxes, net | 1,509 | 80 | 1,352 | ||
Prior year tax matters | (9,621) | (6,387) | (7,146) | ||
Federal tax credits | (7,189) | (2,096) | (3,399) | ||
Change in valuation allowance | (2,755) | 2,593 | (7,679) | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 0 | $ 0 | 5,701 | ||
Other, net | 1,000 | (988) | (275) | ||
Total | 28,362 | 20,022 | (6,271) | ||
Singapore, Finland, China [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Non-U.S. rate differential, net | $ 45,800 | $ 34,200 | $ 29,100 |
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 03, 2016 |
Jan. 01, 2017 |
|
Income Tax Contingency [Line Items] | ||
Inventory | $ 8,231 | $ 10,994 |
Reserves and accruals | 28,984 | 24,669 |
Accrued compensation | 23,010 | 26,715 |
Net operating loss and credit carryforwards | 100,336 | 113,415 |
Accrued pension | 34,736 | 37,005 |
Restructuring reserve | 6,362 | 1,954 |
Deferred revenue | 40,065 | 38,113 |
All other, net | 695 | 682 |
Total deferred tax assets | 242,419 | 253,547 |
Postretirement health benefits | (4,202) | (4,785) |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | (782) | (15,730) |
Depreciation and amortization | (128,173) | (130,176) |
Total deferred tax liabilities | (133,157) | (150,691) |
Valuation allowance | (67,400) | (65,640) |
Net deferred tax liabilities | 41,862 | 37,216 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (11,900) | |
Domestic Country [Member] | ||
Income Tax Contingency [Line Items] | ||
Net deferred tax liabilities | 63,872 | 52,604 |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Total deferred tax liabilities | $ (22,010) | $ (15,388) |
Income Taxes Summary of Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Income Tax Contingency [Line Items] | ||
Valuation Allowance, Amount | $ 65,640 | $ 67,400 |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 211,900 | |
Tax Credit Carryforward, Amount | 10,700 | |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 227,200 | |
Tax Credit Carryforward, Amount | 5,700 | |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 27,700 | |
General Business [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Amount | $ 33,100 | |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Jan. 01, 2017 | |
Maximum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2035 |
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Earnings Per Share [Abstract] | |||
Number of common shares-basic | 109,478 | 112,507 | 112,593 |
Effect of dilutive securities, Stock options | 640 | 621 | 922 |
Effect of dilutive securities, Restricted stock | 195 | 187 | 224 |
Number of common shares-diluted | 110,313 | 113,315 | 113,739 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 458 | 607 | 475 |
Accounts Receivable, Net (Details) - USD ($) $ in Millions |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Reserves for doubtful accounts | $ 29.2 | $ 29.9 |
Inventories, Net (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 79,189 | $ 85,100 |
Work in progress | 6,561 | 5,919 |
Finished goods | 161,097 | 168,467 |
Total inventories | $ 246,847 | $ 259,486 |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 427,903 | $ 401,740 | |
Accumulated depreciation | (282,409) | (264,176) | |
Total property, plant and equipment, net | 145,494 | 137,564 | |
Depreciation expense | 28,500 | 28,700 | $ 29,000 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,250 | 802 | |
Building and leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 162,780 | 156,035 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 260,873 | $ 244,903 |
Marketable Securities and Investments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains (losses) on securities, net of tax | $ 32 | $ (262) | $ 14 |
Marketable securities | 1,678 | 1,586 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 1,077 | 1,299 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 598 | 908 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (479) | (391) | |
Fixed Income Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 22 | 57 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 22 | 57 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Securities, Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 1,121 | 822 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 1,058 | 621 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (63) | (201) | |
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 2,220 | 2,178 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 1,678 | 1,586 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ (542) | $ (592) |
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Jan. 02, 2017 |
Dec. 29, 2013 |
Dec. 30, 2012 |
|
Goodwill and Intangible Assets Net [Line Items] | ||||||
Reallocation of Goodwill Resulting from Realignment Within Operating Segments | $ 125,800 | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | |||||
Long-term terminal growth rates for reporting units | 3.00% | |||||
Change in any one of the input assumptions for the various reporting units | 10.00% | |||||
Total amortization expense related to finite-lived intangible assets | $ 71,500 | $ 76,600 | $ 81,400 | |||
Future Amortization Expense, Year One | 63,100 | |||||
Future Amortization Expense, Year Two | 61,200 | |||||
Future Amortization Expense, Year Three | 49,800 | |||||
Future Amortization Expense, Year Four | 41,100 | |||||
Future Amortization Expense, Year Five | 28,700 | |||||
Finite-Lived Intangible Assets, Net | 349,640 | 415,053 | ||||
Goodwill | $ 2,247,966 | 2,236,863 | 2,244,129 | |||
Impairment Testing Date | 1/4/2016 | |||||
Minimum [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Discount rates for reporting units | 10.50% | |||||
Maximum [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Discount rates for reporting units | 13.20% | |||||
Trade Names And Trademarks [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | $ 16,069 | 19,563 | ||||
Licenses [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 11,260 | 13,194 | ||||
Discovery & Analytical Solutions [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 220,023 | 265,386 | ||||
Goodwill | 1,303,936 | 1,296,724 | 1,321,547 | |||
Discovery & Analytical Solutions [Member] | Trade Names And Trademarks [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 12,636 | 15,062 | ||||
Discovery & Analytical Solutions [Member] | Licenses [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 11,086 | 12,197 | ||||
Diagnostics [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 129,617 | 149,667 | ||||
Goodwill | 944,030 | 940,139 | $ 922,582 | |||
Diagnostics [Member] | Trade Names And Trademarks [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 3,433 | 4,501 | ||||
Diagnostics [Member] | Licenses [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | 174 | 997 | ||||
Other Asset Acquisitions [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Finite-Lived Intangible Assets, Net | $ 7,000 | $ 6,800 | ||||
Prepaid Royalties | 9,400 | $ 9,800 | $ 40,300 | $ 25,000 | ||
Prepaid Royalties To Be Paid Within One Year | 7,500 | |||||
Other Asset Acquisitions extension [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Prepaid Royalties | $ 6,000 | |||||
Informatics [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Goodwill | $ 211,000 |
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Changes in the carrying amount of goodwill | ||
Foreign currency translation | $ (28,475) | $ (54,717) |
Acquisitions, earn outs and other | 39,578 | 47,451 |
Ending balance | 2,247,966 | 2,236,863 |
Diagnostics [Member] | ||
Changes in the carrying amount of goodwill | ||
Foreign currency translation | (11,873) | (15,939) |
Acquisitions, earn outs and other | 15,764 | 33,496 |
Ending balance | 944,030 | 940,139 |
Discovery & Analytical Solutions [Member] | ||
Changes in the carrying amount of goodwill | ||
Foreign currency translation | (16,602) | (38,778) |
Acquisitions, earn outs and other | 23,814 | 13,955 |
Ending balance | $ 1,303,936 | $ 1,296,724 |
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 349,640 | $ 415,053 |
Totals | 420,224 | 485,637 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 39,901 | 39,911 |
Less: Accumulated amortization | (32,408) | (29,788) |
Net amortizable intangible assets | 7,493 | 10,123 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 40,086 | 40,249 |
Less: Accumulated amortization | (24,017) | (20,686) |
Net amortizable intangible assets | 16,069 | 19,563 |
Non-amortizing intangible assets | 70,584 | 70,584 |
Licenses [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 57,767 | 56,165 |
Less: Accumulated amortization | (46,507) | (42,971) |
Net amortizable intangible assets | 11,260 | 13,194 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 304,187 | 302,825 |
Less: Accumulated amortization | (233,720) | (209,653) |
Net amortizable intangible assets | 70,467 | 93,172 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 383,303 | 385,525 |
Less: Accumulated amortization | (213,062) | (188,058) |
Net amortizable intangible assets | 170,241 | 197,467 |
In Process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 78,515 | 85,679 |
Less: Accumulated amortization | (4,405) | (4,145) |
Net amortizable intangible assets | 74,110 | 81,534 |
Diagnostics [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | 129,617 | 149,667 |
Totals | 129,617 | 149,667 |
Diagnostics [Member] | Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 11,900 | 11,900 |
Less: Accumulated amortization | (9,556) | (8,475) |
Net amortizable intangible assets | 2,344 | 3,425 |
Diagnostics [Member] | Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 11,523 | 11,503 |
Less: Accumulated amortization | (8,090) | (7,002) |
Net amortizable intangible assets | 3,433 | 4,501 |
Non-amortizing intangible assets | 0 | 0 |
Diagnostics [Member] | Licenses [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 7,936 | 7,939 |
Less: Accumulated amortization | (7,762) | (6,942) |
Net amortizable intangible assets | 174 | 997 |
Diagnostics [Member] | Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 70,896 | 71,821 |
Less: Accumulated amortization | (49,380) | (43,182) |
Net amortizable intangible assets | 21,516 | 28,639 |
Diagnostics [Member] | Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 123,884 | 128,604 |
Less: Accumulated amortization | (93,720) | (94,222) |
Net amortizable intangible assets | 30,164 | 34,382 |
Diagnostics [Member] | In Process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 72,946 | 78,479 |
Less: Accumulated amortization | (960) | (756) |
Net amortizable intangible assets | 71,986 | 77,723 |
Discovery & Analytical Solutions [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | 220,023 | 265,386 |
Totals | 290,607 | 335,970 |
Discovery & Analytical Solutions [Member] | Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 28,001 | 28,011 |
Less: Accumulated amortization | (22,852) | (21,313) |
Net amortizable intangible assets | 5,149 | 6,698 |
Discovery & Analytical Solutions [Member] | Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 28,563 | 28,746 |
Less: Accumulated amortization | (15,927) | (13,684) |
Net amortizable intangible assets | 12,636 | 15,062 |
Non-amortizing intangible assets | 70,584 | 70,584 |
Discovery & Analytical Solutions [Member] | Licenses [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 49,831 | 48,226 |
Less: Accumulated amortization | (38,745) | (36,029) |
Net amortizable intangible assets | 11,086 | 12,197 |
Discovery & Analytical Solutions [Member] | Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 233,291 | 231,004 |
Less: Accumulated amortization | (184,340) | (166,471) |
Net amortizable intangible assets | 48,951 | 64,533 |
Discovery & Analytical Solutions [Member] | Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 259,419 | 256,921 |
Less: Accumulated amortization | (119,342) | (93,836) |
Net amortizable intangible assets | 140,077 | 163,085 |
Discovery & Analytical Solutions [Member] | In Process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 5,569 | 7,200 |
Less: Accumulated amortization | (3,445) | (3,389) |
Net amortizable intangible assets | $ 2,124 | $ 3,811 |
Debt (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jul. 19, 2016 |
Oct. 25, 2011 |
Jan. 01, 2017 |
Dec. 30, 2012 |
Aug. 11, 2016 |
Jan. 03, 2016 |
Sep. 30, 2012 |
|
Unamortized discount and debt issuance costs | $ (17,698,000) | ||||||
Maturities of Long-term Debt [Abstract] | |||||||
2017 | 1,172,000 | ||||||
2018 | 1,367,000 | ||||||
2019 | 1,532,000 | ||||||
2020 | 1,597,000 | ||||||
2021 | 501,664,000 | ||||||
Thereafter | 556,792,000 | ||||||
Long-term Debt Before Unamortized Discount | 1,064,124,000 | ||||||
Total | (1,046,426,000) | ||||||
Other Long-term Debt, Current | $ 1,172,000 | $ 1,123,000 | |||||
Line of Credit, Maturing January 8, 2019 [Member] | |||||||
Unsecured revolving credit facility, amount | $ 700,000,000 | ||||||
Interest rate terms under amended senior unsecured revolving credit facility | The interest rates under the senior unsecured revolving credit facility are based on the Eurocurrency rate or the base rate at the time of borrowing plus a margin. The base rate is the higher of (i) the rate of interest in effect for such day as publicly announced from time to time by JP Morgan Chase Bank, N.A. as its "prime rate," (ii) the Federal Funds rate plus 50 basis points or (iii) one-month Libor plus 1.00%. | ||||||
Weighted average interest rates under amended senior unsecured revolving credit facility | The Eurocurrency margin as of January 3, 2016 was 108 basis points. The weighted average Eurocurrency interest rate as of January 3, 2016 was 0.36%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 1.44%. | ||||||
Aggregate borrowings under the amended facility | 482,000,000 | ||||||
Unamortized Debt Issuance Expense | $ 2,400,000 | 2,400,000 | |||||
Maturities of Long-term Debt [Abstract] | |||||||
Total | (479,600,000) | ||||||
Line of Credit, Maturing January 8, 2019 [Member] | Base Rate Option Three [Member] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Line of Credit, Maturing January 8, 2019 [Member] | Eurocurrency Rate [Member] | |||||||
Basis spread on variable rate | 1.08% | ||||||
Line of Credit, Maturing January 8, 2019 [Member] | Base Rate Option Two [Member] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Line of Credit, Maturing August 11, 2021 [Member] | |||||||
Unsecured revolving credit facility, amount | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 988,600,000 | ||||||
Letters of credit issued and outstanding | 11,400,000 | ||||||
Unamortized discount and debt issuance costs | (4,260,000) | ||||||
Unamortized Debt Issuance Expense | 4,300,000 | ||||||
Maturities of Long-term Debt [Abstract] | |||||||
2017 | 0 | ||||||
2018 | 0 | ||||||
2019 | 0 | ||||||
2020 | 0 | ||||||
2021 | 0 | ||||||
Thereafter | 0 | ||||||
Long-term Debt Before Unamortized Discount | 0 | ||||||
Total | $ (4,260,000.000) | ||||||
Line of Credit, Maturing December 16, 2016 [Member] | Eurocurrency Rate [Member] | |||||||
Description of variable rate basis | Eurocurrency | ||||||
Line of Credit, Maturing December 16, 2016 [Member] | Base Rate Option Two [Member] | |||||||
Description of variable rate basis | Federal Funds | ||||||
2021 Notes [Member] | |||||||
Unsecured senior notes, interest rate percent | 5.00% | ||||||
Unsecured senior notes, face value | $ 500,000,000 | ||||||
Gross proceeds from the issuance of debt instrument | $ 496,900,000 | ||||||
Senior unsecured notes issuance as percentage of principal amount | 99.372% | ||||||
Unamortized discount and debt issuance costs | (4,167,000) | ||||||
Unamortized Debt Issuance Expense | 2,500,000 | 2,900,000 | |||||
Debt Instrument, Redemption Percentage Upon Change of Control and Downgrade of Debt Instrument | 101.00% | ||||||
Percentage of redemption of senior notes on or after August 15, 2021 | 100.00% | ||||||
Maturities of Long-term Debt [Abstract] | |||||||
2017 | 0 | ||||||
2018 | 0 | ||||||
2019 | 0 | ||||||
2020 | 0 | ||||||
2021 | 500,000,000 | ||||||
Thereafter | 0 | ||||||
Long-term Debt Before Unamortized Discount | 500,000,000 | ||||||
Total | $ (495,833,000) | (495,100,000) | |||||
2021 Notes [Member] | Treasury Rate [Member] | |||||||
Basis spread on variable rate | 0.45% | ||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||||
Unsecured senior notes, interest rate percent | 1.875% | ||||||
Unsecured senior notes, face value | $ 500,000,000 | $ 500,000,000 | |||||
Gross proceeds from the issuance of debt instrument | $ 492,300,000 | ||||||
Senior unsecured notes issuance as percentage of principal amount | 99.118% | ||||||
Unamortized discount and debt issuance costs | (9,271,000) | ||||||
Unamortized Debt Issuance Expense | 4,800,000 | ||||||
Debt Instrument, Redemption Percentage Upon Change of Control and Downgrade of Debt Instrument | 101.00% | ||||||
Maturities of Long-term Debt [Abstract] | |||||||
Thereafter | 527,050,000 | ||||||
Long-term Debt Before Unamortized Discount | 527,050,000 | ||||||
Total | (517,779,000) | ||||||
Financing Lease Obligations [Member] | |||||||
Additional Financing Lease Obligations | $ 11,500,000 | ||||||
Unamortized discount and debt issuance costs | 0 | ||||||
Maturities of Long-term Debt [Abstract] | |||||||
2017 | 1,172,000 | ||||||
2018 | 1,367,000 | ||||||
2019 | 1,532,000 | ||||||
2020 | 1,597,000 | ||||||
2021 | 1,664,000 | ||||||
Thereafter | 29,742,000 | ||||||
Long-term Debt Before Unamortized Discount | 37,074,000 | ||||||
Total | (37,074,000) | ||||||
Other Long-term Debt | 37,100,000 | 38,200,000 | $ 29,300,000 | ||||
Other Long-term Debt, Current | 1,200,000 | 1,100,000 | |||||
Other Long-term Debt, Noncurrent | $ 35,900,000 | $ 37,100,000 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payroll and incentives | $ 61,474 | $ 61,319 |
Employee benefits | 31,039 | 31,979 |
Deferred revenue | 162,987 | 163,006 |
Federal, non-U.S. and state income taxes | 8,189 | 2,882 |
Other accrued operating expenses | 136,011 | 123,148 |
Total accrued expenses and other current liabilities | $ 399,700 | $ 382,334 |
Employee Benefit Plans (Schedule of Net Benefit Costs, Pension Plans) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2015 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 14,410 | $ 10,815 | $ 73,957 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Curtailments | $ (816) | |||
Service cost | 4,337 | 4,332 | 4,070 | |
Interest cost | 18,638 | 20,696 | 23,475 | |
Expected return on plan assets | (24,245) | (26,021) | (25,007) | |
Actuarial loss (gain) | $ 821 | 15,890 | 12,953 | 71,700 |
Amortization of prior service cost | $ (210) | $ (238) | $ (281) |
Employee Benefit Plans (Schedule of Net Funded Status, Pension Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | $ 139,185 | $ 138,201 | ||
Change in benefit obligations: | ||||
Defined Benefit Plan, Other Changes | 5,500 | 6,800 | ||
Change in plan assets: | ||||
Employer's contributions | 10,908 | |||
Actuarial assumptions as of the year-end measurement date: | ||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 136,197 | 134,858 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | ||
Foreign Pension Plans, Defined Benefit [Member] | ||||
Actuarial present value of benefit obligations: [Abstract] | ||||
Accumulated benefit obligations | 271,127 | 267,862 | ||
Change in benefit obligations: | ||||
Projected benefit obligations at beginning of year | 276,960 | $ 303,809 | ||
Service cost | 2,262 | 2,532 | ||
Interest cost | 6,205 | 7,695 | ||
Benefits paid and plan expenses | (11,940) | (11,100) | ||
Participant's contributions | 209 | 343 | ||
Defined Benefit Plan, Divestitures, Benefit Obligation | (2,955) | 0 | ||
Defined Benefit Plan, Curtailments | 0 | (759) | ||
Defined Benefit Plan, Other Changes | (993) | (1,401) | ||
Actuarial loss (gain) | 38,623 | 131 | ||
Effect of exchange rate changes | (28,849) | (24,290) | ||
Projected benefit obligations at end of year | 279,522 | 276,960 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 150,894 | 156,767 | ||
Actual return on plan assets | 32,581 | 3,745 | ||
Benefits paid and plan expenses | (11,940) | (11,100) | ||
Employer's contributions | 9,562 | 14,908 | $ 11,195 | |
Defined Benefit Plan, Settlements, Plan Assets | (993) | (1,401) | ||
Participant's contributions | 209 | 343 | ||
Effect of exchange rate changes | (27,032) | (8,368) | ||
Fair value of plan assets at end of year | 153,281 | 150,894 | ||
Net amounts recognized in the consolidated balance sheets consist of: | ||||
Net amounts recognized in the consolidated balance sheets | (126,241) | (126,066) | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 12,944 | 12,135 | ||
Current liabilities | (6,033) | (6,261) | ||
Noncurrent liabilities | (133,152) | (131,940) | ||
Net amounts recognized in accumulated other comprehensive income consist of: | ||||
Prior service cost | $ (603) | $ (932) | ||
Actuarial assumptions as of the year-end measurement date: | ||||
Discount rate | 2.06% | 2.88% | 2.75% | 3.77% |
Rate of compensation increase | 3.64% | 3.26% | 3.28% | 3.23% |
Expected rate of return on assets | 5.30% | 4.60% | 5.30% | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Actuarial present value of benefit obligations: [Abstract] | ||||
Accumulated benefit obligations | $ 300,650 | $ 301,416 | ||
Change in benefit obligations: | ||||
Projected benefit obligations at beginning of year | 301,416 | $ 327,632 | ||
Service cost | 2,075 | 1,800 | ||
Interest cost | 12,433 | 13,001 | ||
Benefits paid and plan expenses | (19,424) | (24,127) | ||
Participant's contributions | 0 | 0 | ||
Defined Benefit Plan, Divestitures, Benefit Obligation | 0 | 0 | ||
Defined Benefit Plan, Curtailments | 0 | 0 | ||
Defined Benefit Plan, Other Changes | 0 | 0 | ||
Actuarial loss (gain) | 4,150 | (16,890) | ||
Effect of exchange rate changes | 0 | 0 | ||
Projected benefit obligations at end of year | 300,650 | 301,416 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 244,693 | $ 256,254 | ||
Actual return on plan assets | 18,548 | (7,434) | ||
Benefits paid and plan expenses | (19,424) | (24,127) | ||
Employer's contributions | 0 | 20,000 | ||
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | ||
Participant's contributions | 0 | 0 | ||
Effect of exchange rate changes | 0 | 0 | ||
Fair value of plan assets at end of year | 243,817 | 244,693 | ||
Net amounts recognized in the consolidated balance sheets consist of: | ||||
Net amounts recognized in the consolidated balance sheets | (56,833) | (56,723) | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Noncurrent liabilities | (56,833) | (56,723) | ||
Net amounts recognized in accumulated other comprehensive income consist of: | ||||
Prior service cost | $ 0 | $ 0 | ||
Actuarial assumptions as of the year-end measurement date: | ||||
Discount rate | 4.06% | 4.25% | 4.08% | 4.77% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% | |
Expected rate of return on assets | 7.25% | 7.25% | 7.25% | |
Other Pension Plan [Member] | ||||
Actuarial assumptions as of the year-end measurement date: | ||||
Rate of compensation increase | 3.26% |
Employee Benefit Plans (Schedule of Allocation of Plan Assets, Pension Plans) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | |
Minimum [Member] | Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 45.00% | ||
Minimum [Member] | Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 40.00% | ||
Minimum [Member] | Debt Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 45.00% | ||
Minimum [Member] | Debt Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 50.00% | ||
Minimum [Member] | Trading Assets, Excluding Debt and Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 0.00% | ||
Minimum [Member] | Trading Assets, Excluding Debt and Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 0.00% | ||
Maximum [Member] | Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 55.00% | ||
Maximum [Member] | Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 50.00% | ||
Maximum [Member] | Debt Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 55.00% | ||
Maximum [Member] | Debt Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 60.00% | ||
Maximum [Member] | Trading Assets, Excluding Debt and Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 5.00% | ||
Maximum [Member] | Trading Assets, Excluding Debt and Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 5.00% | ||
Other Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 1.00% | 1.00% | |
Other Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 0.00% | 0.00% | |
Debt Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 51.00% | 50.00% | |
Debt Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 59.00% | 58.00% | |
Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 48.00% | 49.00% | |
Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 41.00% | 42.00% | |
Scenario, Forecast [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 1 | ||
Scenario, Forecast [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage | 1 |
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets, Pension Plans) (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
---|---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 397,098 | $ 395,587 | ||
Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,756 | |||
Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,079 | 2,890 | ||
Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25,523 | 30,357 | ||
Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28,267 | 26,686 | ||
Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12,144 | 10,600 | ||
Equity Securities, Equity Index Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74,274 | 74,974 | ||
Equity Securities, Domestic Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,401 | 2,735 | ||
Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,854 | 8,128 | ||
Foreign Government Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22,059 | 21,531 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 133,406 | 137,117 | ||
Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,906 | 23,871 | ||
Fixed Income Funds, High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,636 | 3,324 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,415 | ||
Other Types of Investments, Venture Capital Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | |||
Other Types of Investments, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 32,003 | 29,958 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 123,631 | 113,466 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,756 | |||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,079 | 2,890 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25,523 | 30,357 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28,267 | 26,686 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12,144 | 10,600 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Equity Index Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Domestic Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,401 | 2,735 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,854 | 8,128 | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,971 | 28,746 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds, High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,636 | 3,324 | ||
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments, Multi-strategy hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments, Venture Capital Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 249,677 | 258,705 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Equity Index Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74,274 | 74,974 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Domestic Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22,059 | 21,531 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 97,435 | 108,371 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,906 | 23,871 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Multi-strategy hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Venture Capital Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 32,003 | 29,958 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,416 | $ 23,333 | $ 22,697 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Equity Index Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Domestic Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds, High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Multi-strategy hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,415 | 23,332 | 22,689 |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Venture Capital Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 1 | $ 1 | $ 8 |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets, Pension Plans) (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 395,587 | ||
Fair value of plan assets at end of year | 397,098 | $ 395,587 | |
Venture Capital Funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1 | ||
Fair value of plan assets at end of year | 1 | ||
Multi-strategy hedge funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 23,415 | ||
Fair value of plan assets at end of year | 23,790 | 23,415 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 23,416 | 23,333 | $ 22,697 |
Realized gains (losses) | (1) | ||
Unrealized gains (losses) | 375 | 83 | 636 |
Fair value of plan assets at end of year | 23,790 | 23,416 | 23,333 |
Fair Value, Inputs, Level 3 [Member] | Venture Capital Funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1 | 1 | 8 |
Realized gains (losses) | (1) | ||
Unrealized gains (losses) | 0 | 0 | (7) |
Fair value of plan assets at end of year | 0 | 1 | 1 |
Fair Value, Inputs, Level 3 [Member] | Multi-strategy hedge funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 23,415 | 23,332 | 22,689 |
Realized gains (losses) | 0 | ||
Unrealized gains (losses) | 375 | 83 | 643 |
Fair value of plan assets at end of year | $ 23,790 | $ 23,415 | $ 23,332 |
Employee Benefit Plans (Schedule of Expected Benefit Payments, Pension Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $ 10,908 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
2016 | $ 18,406 | |||
2017 | 18,559 | |||
2018 | 18,651 | |||
2019 | 18,775 | |||
2020 | 19,103 | |||
2021-2025 | 96,349 | |||
Defined Benefit Plan, Contributions by Employer | 0 | 20,000 | ||
Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
2016 | 10,147 | |||
2017 | 10,474 | |||
2018 | 10,839 | |||
2019 | 11,232 | |||
2020 | 11,749 | |||
2021-2025 | 62,667 | |||
Defined Benefit Plan, Contributions by Employer | $ 9,562 | $ 14,908 | $ 11,195 | |
Scenario, Forecast [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions in next fiscal year | $ 7,600 |
Employee Benefit Plans (Schedule of Net Benefit Costs, Other Postretirement Benefits) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 28, 2015 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 14,410 | $ 10,815 | $ 73,957 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4,337 | 4,332 | 4,070 | |
Interest cost | 18,638 | 20,696 | 23,475 | |
Expected return on plan assets | (24,245) | (26,021) | (25,007) | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 907 | 0 | |
Actuarial loss (gain) | $ (821) | (15,890) | (12,953) | (71,700) |
Amortization of prior service cost | 210 | 238 | 281 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 101 | 108 | 95 | |
Interest cost | 142 | 143 | 155 | |
Expected return on plan assets | (1,035) | (1,062) | (964) | |
Defined Benefit Plan, Amortization of Gains (Losses) | (539) | 971 | (384) | |
Actuarial loss (gain) | (329) | (308) | ||
Net periodic benefit cost | $ (1,331) | $ 160 | $ (1,098) |
Employee Benefit Plans (Schedule of Net Funded Status, Other Postretirement Benefit Plans) (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.34% | 4.10% | 4.77% |
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | $ 3,361 | $ 3,576 | |
Service cost | 101 | 108 | $ 95 |
Interest cost | 142 | 143 | 155 |
Benefits Paid | (145) | (158) | |
Actuarial loss (gain) | (329) | (308) | |
Change in accumulated benefit obligations during the year | (231) | (215) | |
Projected benefit obligations at end of year | 3,131 | 3,361 | 3,576 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 14,353 | 14,728 | |
Actual return on plan assets | 1,100 | (375) | |
Benefits Paid | (145) | (158) | |
Fair value of plan assets at end of year | 15,453 | 14,353 | $ 14,728 |
Net amounts recognized in the consolidated balance sheets | 12,322 | 10,992 | |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 12,322 | 10,992 | |
Prior service cost | 0 | 0 | |
Net amounts recognized in accumulated other comprehensive income | $ 0 | $ 0 | |
Discount rate | 4.11% | 4.34% | |
Expected rate of return on assets | 7.25% | 7.25% | 7.25% |
Retirees [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | $ 907 | $ 1,033 | |
Projected benefit obligations at end of year | 804 | 907 | $ 1,033 |
Active Employees Eligible to Retire [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | 423 | 424 | |
Projected benefit obligations at end of year | 379 | 423 | 424 |
Other Active Employees [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | 2,031 | 2,119 | |
Projected benefit obligations at end of year | $ 1,948 | $ 2,031 | $ 2,119 |
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets, Other Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
---|---|---|---|---|
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 397,098 | $ 395,587 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15,453 | 14,353 | $ 14,728 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 123,631 | 113,466 | ||
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7,769 | 6,621 | ||
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 249,677 | 258,705 | ||
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,176 | 6,358 | ||
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,416 | 23,333 | $ 22,697 |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,508 | 1,374 | ||
Cash [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,079 | 2,890 | ||
Cash [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 319 | 133 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,079 | 2,890 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 319 | 133 | ||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, U.S. Large-cap [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25,523 | 30,357 | ||
Equity Securities, U.S. Large-cap [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,618 | 1,781 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25,523 | 30,357 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,618 | 1,781 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, U.S. Large-cap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, International large-cap value[Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28,267 | 26,686 | ||
Equity Securities, International large-cap value[Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,792 | 1,566 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28,267 | 26,686 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,792 | 1,566 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, International large-cap value[Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Equity Index Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74,274 | 74,974 | ||
Equity Securities, Equity Index Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 770 | 622 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 770 | 622 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74,274 | 74,974 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Equity Index Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,401 | 2,735 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 89 | 160 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,401 | 2,735 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 89 | 160 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Domestic Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Commodity Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,854 | 8,128 | ||
Equity Securities, Commodity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 434 | 477 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,854 | 8,128 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 434 | 477 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Equity Securities, Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 133,406 | 137,117 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 8,456 | 8,045 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,971 | 28,746 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,280 | 1,687 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 97,435 | 108,371 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,176 | 6,358 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, Corporate Bonds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,906 | 23,871 | ||
Fixed Income Funds, Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,906 | 23,871 | ||
Fixed Income Funds, Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, High Yield Bonds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,636 | 3,324 | ||
Fixed Income Funds, High Yield Bonds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 356 | 195 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,636 | 3,324 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 356 | 195 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Funds, High Yield Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,415 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,508 | 1,374 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,790 | 23,415 | 23,332 | 22,689 |
Other Types of Investments, Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,508 | 1,374 | 1,341 | 1,217 |
Other Types of Investments, Venture Capital Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | |||
Other Types of Investments, Venture Capital Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Other Types of Investments, Venture Capital Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Other Types of Investments, Venture Capital Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | $ 1 | $ 1 | $ 8 |
Equity Securities, U.S. Small-cap [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,756 | |||
Equity Securities, U.S. Small-cap [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 111 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,756 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 111 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Equity Securities, U.S. Small-cap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 |
Employee Benefit Plans (Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets, Other Postretirement Benefit Plans) (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 14,353 | $ 14,728 | |
Realized gains (losses) | 539 | (971) | $ 384 |
Fair value of plan assets at end of year | 15,453 | 14,353 | 14,728 |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,374 | ||
Fair value of plan assets at end of year | 1,508 | 1,374 | |
Multi-strategy hedge funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,374 | ||
Fair value of plan assets at end of year | 1,508 | 1,374 | |
Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,374 | 1,341 | 1,217 |
Unrealized gains (losses) | 134 | 33 | 124 |
Fair value of plan assets at end of year | $ 1,508 | $ 1,374 | $ 1,341 |
Employee Benefit Plans (Schedule of Expected Benefit Payments, Other Postretirement Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Jan. 01, 2017 |
|
United States Pension Plan of US Entity, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2016 | $ 18,406 | |
2017 | 18,559 | |
2018 | 18,651 | |
2019 | 18,775 | |
2020 | 19,103 | |
2021-2025 | 96,349 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2016 | 152 | |
2017 | 159 | |
2018 | 166 | |
2019 | 173 | |
2020 | 184 | |
2021-2025 | 1,057 | |
Foreign Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2016 | 10,147 | |
2017 | 10,474 | |
2018 | 10,839 | |
2019 | 11,232 | |
2020 | 11,749 | |
2021-2025 | $ 62,667 | |
Scenario, Forecast [Member] | Foreign Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 7,600 |
Employee Benefit Plans (Savings Plan) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 01, 2017 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, 401(k) Savings Plan, Employer Contribution Match of Employees Eligible Compensation | 100.00% | |
Defined Benefit Plan, 401(k) Savings Plan, Maximum Employee Match Percent for Employer Match | 5.00% | |
Defined Benefit, 401(k) Savings Plan Expense | $ 12.8 | $ 12.2 |
Employee Benefit Plans (Supplemental Executive Retirement Plan) (Details) - Supplemental Employee Retirement Plans, Defined Benefit [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 21.8 | $ 21.5 | |
Fair value of plan assets | 1.1 | 0.6 | |
Pension expense | $ 1.6 | $ (1.6) | $ 4.8 |
Employee Benefit Plans (Nonqualified Deferred Compensation Plans) (Details) - USD ($) $ in Millions |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|
Management [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 0.9 | $ 1.2 |
Contingencies (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017
USD ($)
years
|
Jan. 03, 2016
USD ($)
|
Dec. 28, 2014
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | |||
Accrual for Environmental Loss Contingencies, Component Amount | $ (2,300,000.000) | ||
Management's estimate of total cost of ultimate disposition of known environmental matters | $ 9,900,000 | $ 11,800,000 | |
Number of years over which estimated environmental cost will be paid | years | 10 |
Warranty Reserves (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017
USD ($)
years
|
Jan. 03, 2016
USD ($)
|
Dec. 28, 2014
USD ($)
|
|
Warranty reserve activity | |||
Period of warranty protection beyond date of sale (in years) | years | 1 | ||
Balance beginning of period | $ 9,843 | $ 9,593 | $ 9,643 |
Provision charged to income | 14,901 | 15,792 | 15,995 |
Payments | (14,749) | (14,936) | (15,634) |
Adjustments to previously provided warranties, net | (850) | (146) | 73 |
Foreign currency and acquisitions | (133) | (460) | (484) |
Balance end of period | $ 9,012 | $ 9,843 | $ 9,593 |
Stock Plans (Narrative) (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2015
shares
|
Jan. 01, 2017
USD ($)
plan
$ / shares
shares
|
Jan. 03, 2016
USD ($)
$ / shares
shares
|
Dec. 28, 2014
USD ($)
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Stock-based Compensation Plans | plan | 1 | |||
Total income tax benefit recognized for stock-based compensation | $ 10,500,000 | $ 5,800,000 | $ 5,400,000 | |
Stock-based compensation costs capitalized as part of inventory | 300,000 | 200,000 | ||
Options related excess tax benefit, classified as a financing cash activity | 0 | 2,435,000 | 0 | |
Aggregate intrinsic value for stock options outstanding | $ 33,400,000 | |||
Weighted average remaining contractual term of options (in years) | 3 years 11 months | |||
Aggregate intrinsic value for stock options exercisable | $ 26,500,000 | |||
Weighted average remaining contractual term of options exercisable (in years) | 2 years 7 months | |||
Number of shares vested and expected to vest in the future | shares | 2,300,000 | |||
Aggregate intrinsic value of vested and expected to vest stock options | $ 33,400,000 | |||
Weighted average remaining contractual term for options vested and expected to vest | 3 years 11 months | |||
Total pre-tax stock-based compensation expense | $ 17,158,000 | $ 17,278,000 | $ 14,057,000 | |
Deferred compensation liability | $ 6,100,000 | |||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 42.79 | $ 46.83 | $ 42.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 19,584 | 8,860 | 35,954 | |
Total pre-tax stock-based compensation expense | $ 2,700,000 | $ 4,000,000 | $ 1,600,000 | |
Shares/units granted | shares | 72,164 | 66,509 | 79,463 | |
Awards/units outstanding | shares | 190,700 | |||
Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 54.58 | $ 51.01 | $ 42.14 | |
Total pre-tax stock-based compensation expense | $ 800,000 | $ 700,000 | $ 700,000 | |
Shares/units granted | shares | 2,672 | 1,821 | 1,953 | 2,373 |
Stock award program for non-employees Directors, fair market value | $ 100,000 | $ 100,000 | $ 100,000 | |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 47.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 63,000 | |||
Fair value of restricted stock awards vested | $ 8,400,000 | 7,800,000 | 7,100,000 | |
Total pre-tax stock-based compensation expense | 9,300,000 | $ 8,400,000 | $ 6,800,000 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 12,400,000 | |||
Shares/units granted | shares | 296,000 | |||
Awards/units outstanding | shares | 521,000 | 502,000 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 1 year 5 months | |||
Option vesting period (in years) | 3 years | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized under plan | shares | 5,000,000 | |||
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | $ 49.67 | $ 47.08 | $ 41.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 95.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | |||
Shares/units granted | shares | 49,578 | 78,294 | 60,870 | |
Shares available for grant under employee stock purchase plan | shares | 900,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant-date fair value of options | $ / shares | $ 10.20 | $ 11.02 | $ 11.86 | |
Total intrinsic value of options exercised | $ 16,600,000 | $ 25,900,000 | $ 22,000,000 | |
Cash received from option exercises | 14,400,000 | 14,900,000 | 24,500,000 | |
Total pre-tax stock-based compensation expense | 4,400,000 | $ 4,100,000 | $ 4,900,000 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 5,600,000 | |||
Weighted-average period for recognition of unrecognized compensation cost, years | 1 year 9 months | |||
Option vesting period (in years) | 3 years | |||
Stock Options Expiration Period After Date of Grant | 7 years | |||
Two Thousand Nine Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized under plan | shares | 10,000,000 |
Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 17,158 | $ 17,278 | $ 14,057 |
Cost of sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,031 | 1,272 | 1,380 |
Research and development expenses [Member ] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 902 | 526 | 484 |
Selling, general and administrative and other expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 15,225 | $ 15,480 | $ 12,193 |
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.70% | 1.30% | 1.50% |
Expected dividend yield | 0.60% | 0.60% | 0.70% |
Expected lives, years | 5 years | 5 years | 5 years |
Expected stock volatility | 25.20% | 26.50% | 30.90% |
Stock Plans (Summary of Stock Option Activity) (Details) shares in Thousands |
12 Months Ended |
---|---|
Jan. 01, 2017
$ / shares
shares
| |
Stock option activity | |
Shares outstanding at beginning of the year | 2,372 |
Shares granted | 607 |
Shares exercised | (576) |
Shares canceled | (1) |
Shares forfeited | (115) |
Shares outstanding at end of year | 2,287 |
Shares exercisable at end of year | 1,342 |
Number of shares vested and expected to vest in the future | 2,300 |
Weighted-average price, outstanding at beginning of year (per share) | $ / shares | $ 33.12 |
Weighted-average price, granted (per share) | $ / shares | 44.79 |
Weighted-average price, exercised (per share) | $ / shares | 25.04 |
Weighted-average price, canceled (per share) | $ / shares | 12.95 |
Weighted-average price, forfeited (per share) | $ / shares | 45.50 |
Weighted-average price, outstanding at end of year (per share) | $ / shares | 37.64 |
Weighted-average price, exercisable at end of year (per share) | $ / shares | $ 32.46 |
Stock Plans (Summary of Restricted Stock Award Activity) (Details) shares in Thousands |
12 Months Ended |
---|---|
Jan. 01, 2017
$ / shares
shares
| |
Restricted Stock Units (RSUs) [Member] | |
Restricted stock award activity | |
Performance factor percentage minimum | 0.00% |
Performance factor percentage maximum | 200.00% |
Restricted Stock Awards [Member] | |
Restricted stock award activity | |
Nonvested at beginning of year | shares | 502 |
Shares, granted | shares | 296 |
Shares, vested | shares | (214) |
Shares, forfeited | shares | (63) |
Nonvested at end of year | shares | 521 |
Weighted-average grant-date fair value, nonvested at beginning of year (per share) | $ / shares | $ 42.61 |
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | 47.60 |
Weighted-average grant-date fair value, vested (per share) | $ / shares | 39.23 |
Weighted-average grant-date fair value, forfeited (per share) | $ / shares | 45.52 |
Weighted-average grant-date fair value, nonvested at end of year (per share) | $ / shares | $ 46.48 |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2017 |
Jan. 01, 2017 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Jan. 03, 2016 |
Oct. 04, 2015 |
Jun. 28, 2015 |
Mar. 29, 2015 |
Sep. 28, 2014 |
Jun. 29, 2014 |
Mar. 30, 2014 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Jul. 27, 2016 |
Oct. 23, 2014 |
|
Schedule of Stockholders' Equity [Line Items] | |||||||||||||||||
Stock repurchase program, number of shares authorized to be repurchased | 8,000,000 | 8,000,000 | |||||||||||||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | ||||
Aggregate cost of repurchased common stock to satisfy statutory tax withholding obligation requirements | $ 3,600 | $ 4,400 | $ 4,300 | ||||||||||||||
Number of common stock repurchased in open market | 3,200,000 | ||||||||||||||||
Stock repurchase program, number of shares remained available for repurchase | 8,000,000 | 8,000,000 | |||||||||||||||
Repurchases of common stock | $ 148,200 | ||||||||||||||||
Repurchased shares of common stock to satisfy statutory tax withholding obligation requirements | 75,198 | 95,129 | 98,269 | ||||||||||||||
Dividends accrued | $ 7,700 | $ 7,700 | |||||||||||||||
Unrecognized prior service costs, net of tax | $ (860) | $ (316) | $ 146 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Schedule of Stockholders' Equity [Line Items] | |||||||||||||||||
Cash dividends (per share) | $ 0.07 |
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
|
Cumulative Translation Adjustment Summary [Roll Forward] | ||||
Foreign currency translation adjustment, net of tax, beginning of year | $ (46,846) | $ 23,332 | $ 76,283 | |
Current year change | (54,077) | (70,178) | (52,951) | |
Foreign currency translation adjustment, net of tax, end of year | (100,923) | (46,846) | 23,332 | |
Unrecognized prior service costs, net of tax | 399 | 1,259 | 1,575 | $ 1,429 |
Unrecognized prior service costs, net of tax, current year change | (860) | (316) | 146 | |
Unrealized (losses) gains on securities, net of tax | (337) | (369) | (107) | (121) |
Unrealized (losses) gains on securities, net of tax, current year change | 32 | (262) | 14 | |
Other comprehensive loss | (54,905) | (70,756) | (52,791) | |
Accumulated other comprehensive income (loss) | $ (100,861) | $ (45,956) | $ 24,800 | $ 77,591 |
Derivatives And Hedging Activities (Details) SEK in Thousands, $ in Thousands, € in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 01, 2017
USD ($)
|
Jan. 03, 2016
USD ($)
|
Dec. 28, 2014
USD ($)
|
Jan. 01, 2017
SEK
|
Jan. 01, 2017
EUR (€)
|
Jan. 03, 2016
EUR (€)
|
Dec. 29, 2013
USD ($)
|
|
Derivative [Line Items] | |||||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | $ 1,800 | ||||||
Company's business conducted outside United States | 60.00% | ||||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 1,900 | $ (18,706) | $ 0 | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 0 | ||||||
European And Asian Currencies [Member] | |||||||
Derivative [Line Items] | |||||||
Maximum maturity period for foreign exchange contracts, in months | 12 months | ||||||
Duration of foreign currency derivative contract, days | 30 days | 30 days | 30 days | ||||
Fair Value Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 137,500 | $ 127,300 | $ 95,000 | ||||
Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax | (23,800) | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Derivative [Line Items] | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | (1,208) | $ (2,659) | |||||
Notional Amount of SEK Derivatives [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | SEK | SEK 969,529 | ||||||
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 8,700 | ||||||
Notional Amount of Euro Derivatives [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | € | € 58.6 | € 107.4 | |||||
Net Investment Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Amount of Nonderivative Instruments | 495,800 | ||||||
Net Investment Hedging [Member] | Notional Amount of Euro Derivatives [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 492,300 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Aug. 11, 2016 |
Jul. 19, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
Oct. 25, 2011 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 84,600,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 63,201,000 | $ 57,350,000 | $ 91,000 | $ 4,926,000 | |||
Long-term Debt | $ 1,046,426,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 3 years | ||||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 1 year 9 months | ||||||
Line of Credit, Maturing August 11, 2021 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Unsecured revolving credit facility, amount | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Long-term Debt | 4,260,000.000 | ||||||
Unamortized Debt Issuance Expense | 4,300,000 | ||||||
Line of Credit, Maturing January 8, 2019 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Unsecured revolving credit facility, amount | $ 700,000,000 | ||||||
Long-term Debt | 479,600,000 | ||||||
Revolving credit facility outstanding balance | 482,000,000 | ||||||
Unamortized Debt Issuance Expense | 2,400,000 | 2,400,000 | |||||
2021 Notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Unsecured senior notes, face value | 500,000,000 | ||||||
Long-term Debt | 495,833,000 | 495,100,000 | |||||
Discount on senior unsecured notes | (1,700,000) | (2,000,000) | $ (3,100,000) | ||||
Unamortized Debt Issuance Expense | 2,500,000 | 2,900,000 | |||||
Unsecured senior notes, fair value | 539,200,000 | 518,900,000 | |||||
Financing Lease Obligations [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt | 37,074,000 | ||||||
Unsecured senior notes, fair value | 37,100,000 | 38,200,000 | |||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Unsecured senior notes, face value | 500,000,000 | $ 500,000,000 | |||||
Long-term Debt | 517,779,000 | ||||||
Discount on senior unsecured notes | (4,500,000) | $ (4,400,000) | |||||
Unamortized Debt Issuance Expense | 4,800,000 | ||||||
Unsecured senior notes, fair value | 507,500,000 | ||||||
Vanadis Diagnostics AB [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 32,000,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 93,000,000 | $ 93,000,000 | |||||
Vanadis Diagnostics AB [Member] | Minimum [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Projected milestone date | 2017 | 2016 | |||||
Fair Value Inputs, Discount Rate | 1.90% | 3.10% | |||||
Conditional probability of success | 90.00% | 85.00% | |||||
Cumulative probability of success | 65.80% | 53.00% | |||||
Vanadis Diagnostics AB [Member] | Maximum [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Projected milestone date | 2019 | 2019 | |||||
Fair Value Inputs, Discount Rate | 8.50% | 11.30% | |||||
Conditional probability of success | 95.00% | 95.00% | |||||
Cumulative probability of success | 95.00% | 90.00% |
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 63,201 | $ 57,350 | $ 91 | $ 4,926 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | (1,678) | (1,586) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,208 | 2,659 | ||
Foreign exchange derivative liabilities, net | (1,370) | (442) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 63,201 | 57,350 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | (1,678) | (1,586) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Foreign exchange derivative liabilities, net | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,208 | 2,659 | ||
Foreign exchange derivative liabilities, net | (1,370) | (442) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Foreign exchange derivative liabilities, net | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 63,201 | $ 57,350 |
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance beginning of period | $ (57,350) | $ (91) | $ (4,926) |
Additions | 0 | (57,353) | 0 |
Payments | (332) | (113) | (2,074) |
Reclassified to other current liabilities for milestone achieved | 10,000 | ||
Change in fair value (included within selling, general and administrative expenses) | (16,183) | (19) | 2,761 |
Balance end of period | $ (63,201) | $ (57,350) | $ (91) |
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
Dec. 29, 2013 |
Aug. 22, 2013 |
|
Sale Leaseback Transaction [Line Items] | |||||
Sale Leaseback Transaction, Description of Accounting for Leaseback | The lease is accounted for as an operating lease and the excess of the net proceeds over the net carrying amount of the property are being amortized on a straight-line basis over the initial lease term of 15 years. | ||||
Sale Leaseback Transaction, Date | 8/22/2013 | ||||
Sale Leaseback Transaction, Gross Proceeds | $ 47.6 | ||||
Sale Leaseback Transaction, Lease Terms | 15 years | ||||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 1.8 | ||||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 26.5 | ||||
Sale Leaseback Transaction, Deferred Gain, Net | 20.6 | $ 22.3 | |||
Sales Leaseback Transaction, Short-Term Deferred Gain | 1.8 | 1.8 | |||
Sales Leaseback Transaction, Long-Term Deferred Gain | 18.8 | 20.5 | |||
Rental expense charged to continiuing operations | 52.0 | $ 52.4 | $ 52.8 | ||
Minimum rental commitments in next fiscal year | 49.8 | ||||
Minimum rental commitments due in two years | 33.9 | ||||
Minimum rental commitments due in three year | 26.0 | ||||
Minimum rental commitments due in four years | 20.8 | ||||
Minimum rental commitments due in five years | 16.3 | ||||
Minimum rental commitments due in six years and thereafter | $ 52.1 |
Schedule of Sales and Operating Income from Continuing Operations by Operating Segment (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2017
USD ($)
|
[1] |
Oct. 02, 2016
USD ($)
|
Jul. 03, 2016
USD ($)
|
Apr. 03, 2016
USD ($)
|
Jan. 03, 2016
USD ($)
|
Oct. 04, 2015
USD ($)
|
Jun. 28, 2015
USD ($)
|
Mar. 29, 2015
USD ($)
|
Jan. 01, 2017
USD ($)
segments
|
Jan. 03, 2016
USD ($)
|
Dec. 28, 2014
USD ($)
|
Dec. 29, 2013
USD ($)
|
||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Number of Operating Segments | segments | 2 | |||||||||||||||||||||
Sales Revenue, Goods, Net | $ 1,396,896 | $ 1,395,102 | $ 1,372,736 | |||||||||||||||||||
Service revenue | 718,621 | 709,721 | 697,144 | |||||||||||||||||||
Total revenue | 2,115,517 | 2,104,823 | 2,069,880 | |||||||||||||||||||
Operating income from continuing operations | $ 80,442 | $ 75,781 | $ 66,266 | $ 60,577 | $ 77,223 | $ 67,389 | $ 59,543 | $ 46,771 | 283,066 | 250,926 | 165,007 | |||||||||||
Interest and other expense (income), net | 38,998 | 42,119 | 41,139 | |||||||||||||||||||
Income from continuing operations before income taxes | $ 69,186 | $ 64,518 | $ 60,873 | $ 49,491 | $ 67,312 | $ 55,445 | $ 48,700 | $ 37,350 | 244,068 | 208,807 | 123,868 | |||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) on Mark-to-Market | 15,300 | 12,400 | 75,400 | |||||||||||||||||||
Payments for Legal Settlements | 7,000 | |||||||||||||||||||||
Loss Contingency Accrual | $ 3,700 | |||||||||||||||||||||
Diagnostics [Member] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Sales Revenue, Goods, Net | 462,798 | 427,068 | 428,290 | |||||||||||||||||||
Service revenue | 139,735 | 149,336 | 157,450 | |||||||||||||||||||
Total revenue | 602,533 | 576,404 | 585,740 | |||||||||||||||||||
Operating income from continuing operations | 138,909 | 135,572 | 124,610 | |||||||||||||||||||
Discovery & Analytical Solutions [Member] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Sales Revenue, Goods, Net | 934,098 | 968,034 | 944,446 | |||||||||||||||||||
Service revenue | 578,886 | 560,385 | 539,694 | |||||||||||||||||||
Total revenue | 1,512,984 | 1,528,419 | 1,484,140 | |||||||||||||||||||
Operating income from continuing operations | [2] | 207,487 | 173,668 | 162,074 | ||||||||||||||||||
Corporate [Member] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Operating income from continuing operations | [3],[4] | $ (63,330) | (58,314) | (121,677) | ||||||||||||||||||
Particular Discovery & Analytical Solutions Case [Member] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Legal Fees | $ 800 | |||||||||||||||||||||
Enzo Biochem, Inc. Complaint [Member] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | ||||||||||||||||||||||
Loss Contingency Accrual, Period Increase (Decrease) | 3,300 | |||||||||||||||||||||
Litigation Settlement, Expense | $ 3,400 | |||||||||||||||||||||
|
Industry Segment and Geographic Area Information Schedule of Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | $ 99,972 | $ 105,364 | $ 110,465 |
Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 25,339 | 29,728 | 36,146 |
Capital expenditures | 8,556 | 6,854 | 7,196 |
Discovery & Analytical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 72,484 | 74,177 | 72,288 |
Capital expenditures | 21,486 | 18,175 | 18,234 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 2,149 | 1,459 | 2,031 |
Capital expenditures | 1,660 | 3,189 | 1,722 |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 99,972 | 105,364 | 110,465 |
Capital expenditures | 31,702 | 28,218 | 27,152 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 6,266 | 6,643 | 6,610 |
Capital expenditures | $ 1,302 | $ 1,414 | $ 2,133 |
Industry Segment and Geographic Area Information Schedule of Total Assets by Segment (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
---|---|---|---|
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 4,276,683 | $ 4,166,295 | |
Diagnostics [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 1,505,381 | 1,459,854 | $ 1,343,110 |
Discovery & Analytical Solutions [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 2,612,757 | 2,546,583 | 2,614,911 |
Corporate [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 31,171 | 28,497 | 28,482 |
Net current and long-term assets of discontinued operations [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 127,374 | $ 131,361 | 141,073 |
Total assets [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 4,127,576 |
Industry Segment and Geographic Area Information Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
|
Sales by Geographic Area [Line Items] | |||
Total sales | $ 2,115,517 | $ 2,104,823 | $ 2,069,880 |
UNITED STATES | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 842,364 | 854,336 | 794,568 |
CHINA | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 336,728 | 296,908 | 257,669 |
UNITED KINGDOM | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 65,904 | 69,081 | 81,127 |
GERMANY | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 89,839 | 86,632 | 88,071 |
ITALY | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 70,948 | 71,225 | 80,834 |
FRANCE | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 71,104 | 70,665 | 77,637 |
JAPAN | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 65,980 | 69,381 | 90,284 |
Other International [Member] | |||
Sales by Geographic Area [Line Items] | |||
Total sales | 572,650 | 586,595 | 599,690 |
Total international [Member] | |||
Sales by Geographic Area [Line Items] | |||
Total sales | $ 1,273,153 | $ 1,250,487 | $ 1,275,312 |
Industry Segment and Geographic Area Information Schedule of Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
---|---|---|---|
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | $ 275,050 | $ 253,026 | $ 251,704 |
UNITED STATES | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 182,186 | 165,827 | 161,430 |
CHINA | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 36,458 | 34,494 | 36,951 |
UNITED KINGDOM | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 14,638 | 14,244 | 12,155 |
FINLAND | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 12,295 | 12,203 | 12,758 |
SINGAPORE | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 6,820 | 7,679 | 7,041 |
NETHERLANDS | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 4,162 | 3,835 | 3,614 |
ITALY | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 3,398 | 2,958 | 4,142 |
SWEDEN | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 2,645 | 1,247 | 742 |
Other International [Member] | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 12,448 | 10,539 | 12,871 |
Total international [Member] | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | $ 92,864 | $ 87,199 | $ 90,274 |
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2017 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Jan. 03, 2016 |
Oct. 04, 2015 |
Jun. 28, 2015 |
Mar. 29, 2015 |
Sep. 28, 2014 |
Jun. 29, 2014 |
Mar. 30, 2014 |
Oct. 02, 2016 |
Jan. 01, 2017 |
Jan. 03, 2016 |
Dec. 28, 2014 |
||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Revenue | $ 566,770 | $ 514,489 | $ 536,242 | $ 498,016 | $ 569,903 | $ 525,509 | $ 525,268 | $ 484,143 | $ 2,115,517 | $ 2,104,823 | ||||||||
Gross profit | 276,163 | 248,550 | 253,554 | 235,086 | 267,731 | 239,371 | 237,923 | 219,206 | 1,013,353 | 964,231 | ||||||||
Restructuring and contract termination charges, net | 0 | 656 | 4,468 | 0 | 8,752 | (115) | 4,910 | 0 | 5,124 | 13,547 | $ 13,325 | |||||||
Operating income from continuing operations | 80,442 | [1] | 75,781 | 66,266 | 60,577 | 77,223 | 67,389 | 59,543 | 46,771 | 283,066 | 250,926 | 165,007 | ||||||
Income from continuing operations before income taxes | 69,186 | [1] | 64,518 | 60,873 | 49,491 | 67,312 | 55,445 | 48,700 | 37,350 | 244,068 | 208,807 | 123,868 | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,560 | 4,210 | 6,101 | 5,722 | 4,862 | 5,744 | 5,808 | 7,226 | 18,593 | 23,640 | 27,639 | |||||||
Operating income from continuing operations | 62,289 | [1] | 53,917 | 57,756 | 41,744 | 63,392 | 49,119 | 43,166 | 33,108 | 215,706 | 188,785 | 130,139 | ||||||
Net income | $ 64,849 | [1] | $ 58,127 | $ 63,857 | $ 47,466 | $ 68,254 | $ 54,863 | $ 48,974 | $ 40,334 | $ 234,299 | $ 212,425 | $ 157,778 | ||||||
Basic earnings per share: | ||||||||||||||||||
Income from continuing operations | $ 0.57 | [1] | $ 0.49 | $ 0.53 | $ 0.38 | $ 0.57 | $ 0.44 | $ 0.38 | $ 0.29 | $ 1.97 | $ 1.68 | $ 1.16 | ||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.02 | 0.04 | 0.06 | 0.05 | 0.04 | 0.05 | 0.05 | 0.06 | 0.17 | 0.21 | 0.25 | |||||||
Net income | 0.59 | [1] | 0.53 | 0.59 | 0.43 | 0.61 | 0.49 | 0.43 | 0.36 | 2.14 | 1.89 | 1.40 | ||||||
Diluted earnings per share: | ||||||||||||||||||
Income from continuing operations | 0.57 | [1] | 0.49 | 0.53 | 0.38 | 0.56 | 0.43 | 0.38 | 0.29 | 1.96 | 1.67 | 1.14 | ||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.02 | 0.06 | 0.05 | 0.04 | 0.05 | 0.05 | 0.06 | $ 0.04 | 0.17 | 0.21 | 0.24 | |||||||
Net income | 0.59 | [1] | 0.53 | 0.58 | 0.43 | 0.61 | 0.48 | 0.43 | 0.36 | 2.12 | 1.87 | $ 1.39 | ||||||
Cash dividends per common share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) on Mark-to-Market | $ 15,300 | $ 12,400 | $ 75,400 | |||||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | (9,600) | (6,400) | (7,100) | |||||||||||||||
Diagnostics [Member] | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Operating income from continuing operations | $ 138,909 | $ 135,572 | $ 124,610 | |||||||||||||||
|
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