Nature of Business and Significant Accounting Policies Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Nature of Business and Significant Accounting Policies [Abstract]

Reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share

The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands):

	Year Ended December 31,
	2013		2012			2011
Numerator for earnings per share:
Earnings from continuing operations	$	177,015	$	225,356		$	222,652
Loss from discontinued operations	—		(2,958		)	(1,178		)
Net earnings for basic and diluted earnings per share	$	177,015	$	222,398		$	221,474
Denominator for earnings per share:
Weighted average number of common shares outstanding	142,446		151,634			158,323
Assumed exercise of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method	2,149		1,960			2,528
Diluted shares outstanding	144,595		153,594			160,851

Supplemental cash flow disclosure

Supplemental cash flow disclosure (in thousands)

	Year Ended December 31,
	2013		2012		2011
Cash paid for:
Interest	$	12,922	$	10,239	$	1,119
Taxes	$	88,277	$	74,333	$	106,215

Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets

The following table sets forth the stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2013			2012			2011
Cost of goods sold	$	2,591		$	3,197		$	3,306
Research and development	4,938			5,001			5,195
Selling, general and administrative	20,294			18,052			16,416
Stock-based compensation expense before income taxes	27,823			26,250			24,917
Income tax benefit	(8,598		)	(7,737		)	(6,976		)
Total stock-based compensation expense after income taxes	$	19,225		$	18,513		$	17,941

Stock-based compensation expense capitalized in the Consolidated Balance Sheets as of December 31, 2013, 2012 and 2011 is as follows (in thousands):

	December 31,
	2013		2012		2011
Capitalized in inventory	$	734	$	470	$	819

Fair value of the stock-based awards granted weighted-average assumptions

The fair value of the stock-based awards granted in the years ended December 31, 2013, 2012 and 2011 was estimated with the following weighted-average assumptions:

	2013		2012		2011
Stock option awards:
Risk-free interest rate	0.3	%	0.4	%	1.0	%
Expected dividend yield	1.5	%	1.3	%	0.7	%
Expected term	4.3 years		4.2 years		4.3 years
Expected volatility	33.7	%	39.7	%	42.3	%
Market-based restricted stock awards:
Risk-free interest rate	0.3	%	0.4	%	N/A
Expected dividend yield	0.0	%	0.0	%	N/A
Expected term	2.2 years		3.0 years		N/A
Expected volatility	28.8	%	30.7	%	N/A
Expected volatility of S&P 500	18.1	%	19.6	%	N/A
Employee stock purchase plan:
Risk-free interest rate	0.1	%	0.2	%	0.1	%
Expected dividend yield	1.4	%	1.3	%	0.8	%
Expected term	6 months		6 months		6 months
Expected volatility	28.1	%	25.2	%	33.1	%

Weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised

The weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised during the period were (in thousands, except per share amounts):

	Years Ended December 31,
	2013		2012		2011
Stock option awards:
Weighted average grant date fair value per share	$	5.92	$	6.43	$	11.61
Total fair value of awards granted	$	6,095	$	4,104	$	4,613
Total fair value of awards vested	$	5,059	$	6,023	$	8,492
Total intrinsic value of options exercised	$	4,642	$	5,928	$	21,234
Restricted stock unit awards:
Weighted average grant date fair value per share	$	23.94	$	17.23	$	34.35
Total fair value of awards granted	$	28,239	$	30,660	$	21,822
Total fair value of awards vested	$	13,846	$	12,710	$	19,865
Employee stock purchase plan:
Weighted average grant date fair value per share	$	5.94	$	4.66	$	6.99
Total fair value of shares estimated to be issued	$	1,169	$	1,694	$	2,359

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in the balances of each component of accumulated other comprehensive income for the year ended December 31. 2013:

	Pension Plans Items			Cash Flow Hedge Items		Foreign Currency Items		Total
Balance, December 31, 2012	$	(5,127	)	$	—	$	14,668	$	9,541
Other comprehensive income before reclassifications, net of tax	184			1,105		11,838		13,127
Amounts reclassified from accumulated other comprehensive earnings, net of tax	2,777			555		—		3,332
Net current period other comprehensive income, net of tax	2,961			1,660		11,838		16,459
Balance, December 31, 2013	$	(2,166	)	$	1,660	$	26,506	$	26,000

Components of accumulated other comprehensive earnings related to the Company’s pension plans as of December 31, 2013 and 2012 are as follows (in thousands):

	December 31,
	2013			2012
Net loss	$	(1,836	)	$	(4,501	)
Prior service cost	(330		)	(626		)
	$	(2,166	)	$	(5,127	)