þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 30, 2018 |
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 | ý | Accelerated filer | o | ||
Non-accelerated filer | o | Smaller reporting company | o | ||
Emerging growth company | o |
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 16. | ||
Item 1. | Business |
• | Achieving significant growth in both of our 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 global 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. |
• | Radiometric detection solutions, including over 1,100 radiochemicals and the Tri-carb® and Quantulus™ GCT families of liquid scintillation analyzers, Wizard2® Gamma counters and MicroBeta2® plate based LSA, which 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, which is used for sensitive and high speed phenotypic drug screening of complex cellular models. |
• | The Operetta® CLS™ high content analysis system, which 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 EnSight® multimode plate reader benchtop system, offering well plate imaging alongside labeled detection technologies for target-based and phenotypic assays. |
• | The EnVision® multimode plate reader, designed for high-throughput screening laboratories, 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. |
• | TSATM Plus biotin kits, which 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 for 2D and 3D optical imaging, the FMT® series for 3D optical tomography 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 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 G8 PET/CT preclinical imaging system, delivering PET imaging with an intuitive user interface and efficient workflows, ensuring subject monitoring throughout preparation and imaging. |
• | The QuantumTM GX2 system, which enables in vivo imaging of multiple species across multiple disease areas by delivering industry leading high resolution imaging. Low dose scanning allows subjects to be imaged over time to evaluate disease progression while minimizing the harmful effects of radiation that could impact the biology of the animal. With the QuantumTM GX2 system, data from the IVIS® and FMT® imaging platforms can be seamlessly co-registered with microCT to deliver more information on the disease state. |
• | 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® Dashboard, a TIBCO® Spotfire® technology driven interactive graphical platform, providing visibility to a customer’s global asset population, service event and downtime distribution, as well as key performance indicators to assist in asset operation. |
• | OneSource® Insights as a ServiceTM, which leverages comprehensive OneSource® analytics and industry data to develop and deliver customer-need driven recommendations to optimize, integrate and accelerate lab operations. |
• | PerkinElmer Signals Medical ReviewTM software, empowering medical monitors to detect safety signals faster and reduce overall time to submission by combining innovative medical review workflow with advanced analytics. |
• | PerkinElmer Signals Lead DiscoveryTM software, which enables researchers to quickly gain new insights into chemical and biomolecular research data, featuring guided search and analysis workflows and dynamic data visualizations for on-the-fly exploration. |
• | PerkinElmer SignalsTM Notebook, a scientific research data management solution, allowing researchers to record research data and experiments in digital notebooks, drag & drop, store, organize, share, find and filter data easily. |
• | PerkinElmer SignalsTM Translational data management, aggregation and analysis platform, which offers out-of-the-box support for the complete precision medicine workflow from data acquisition to biomarker discovery and validation. |
• | The Clarus® series of gas chromatographs, gas chromatographs/mass spectrometers and the TurboMatrix™ family of sample-handling equipment, which are used to identify and quantify compounds in the environmental, forensics, food and beverage, hydrocarbon processing/biofuels, materials testing, pharmaceutical and semiconductor industries. |
• | The Flexar™ ultra-high performance liquid chromatography (UHPLC) and Flexar advanced liquid chromatography systems, which provide high throughput and resolution chromatographic separations. |
• | The QSight® Triple Quad LC/MS/MS, 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 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 PinAAcle® family of atomic absorption spectrometers, the Avio® family of inductively coupled plasma (“ICP”) optical emission spectrometers and the |
• | Our infrared spectroscopy (IR) family of instruments, the Spectrum Two™ IR & NIR spectrometers, which are compact and portable and 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 are 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 measurement 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, 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, including our Differential Scanning Calorimetry (DSC) series that offers exclusive HyperDSC™ capability for unparalleled sensitivity and new insights into material processes, our Thermogravimetric (TGA) 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, which determine the bread baking quality of wheat and flour, and Perten's DA NIR bench and in process analyzer determine constituent content for use across the food segment from meat to animal feed. |
• | The Delta™ range of milk quality analyzers, which 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, which enable rapid and easy testing at different steps in the food value chain. |
• | A range of new AlphaLISA®, Alpha SureFire® Ultra and LANCE® reagents and assay kits across key research and therapeutic areas, including cell signaling, inflammation, oncology, and biotherapeutics. |
• | ChemDraw® 18 chemical structure drawing and visualization application, which is now available on the cloud. |
• | Lead Discovery Premium software, which allows scientists to import, filter by, analyze and interpret chemical structures and biosequences alongside other related data in a highly visual and interactive environment for faster insights and better decisions. |
• | OneSource® Asset Genius™ Monitoring Solution, part of the Asset Genius family, which offers a 360o view of PC-driven laboratory instruments regardless of the manufacturer, correlating instrument usage, age and service data, allowing customers to visually pinpoint under-performing, ideally-performing and over-burdened assets, and to make informed decisions. |
• | The FL 6500TM and FL 8500TM fluorescence spectrophotometers, which address the challenges of bioscience, industrial, chemical, environmental, pharmaceutical, agricultural and academic application. They are designed to improve lab productivity and ensure standard compliance regulations are met. The FL 6500TM provides a high-energy pulsed Xenon light source that preserves sample integrity and the FL 8500TM provides a high-sensitivity source for testing diluted or small samples. |
• | The QSight® 400 series is a robust, powerful ready-to-implement triple quad LC/MS/MS system providing higher sensitivity and throughput that regulated food, cannabis and environmental testing labs need to meet their most stringent requirements. |
• | 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 first, second and third trimester analyses for prenatal screening and clinically validated LifeCycle™ software. |
• | The NeoBase™ non-derivatized MS/MS AAAC kit, which is used to support detection of metabolic disorders in newborns through tandem mass spectrometry. The kit analyzes newborn dry blood spot samples for measurement of amino acids and other metabolic analytes for specific diseases. |
• | The GSP® Neonatal hTSH, T4 17á-OHP, GALT IRT, BTD, PKU, Total Galactose, CK-MM and G6PD kits, used for screening congenital neonatal conditions from a drop of blood. |
• | The Specimen Gate® informatics data management solution, designed specifically for newborn screening laboratories. |
• | 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. |
• | 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. |
• | NeoLSDTM MSMS kit, the first commercial IVD kit for screening of Pompe, MPS-I, Fabry, Gaucher, Niemann-Pick A/B and Krabbe disorders from a single DBS sample. |
• | QSight® Triple Quad MSMS instrument, which is used for newborn screening. |
• | TRF based Anti HBs/HCV/TP kits for infectious disease testing. |
• | The chemagic™ Prime™ instrument, a fully automated, LIMS-compatible solution for primary sample transfer, DNA and RNA isolation, optional normalization, and the setup of PCR and NGS applications. |
• | Immune fluorescence testing (IFT), enzyme-linked immunosorbent assay (ELISA), chemiluminescence-based immunotesting, immunoblots, molecular microarrays, PCR, liquid handlers and software solutions. |
• | Autoimmune testing covering rheumatology, hepatology, gastroenterology, endocrinology, neurology, nephrology, dermatology and infertility. |
• | Infectious disease testing covering bacteria, viruses and parasites. |
• | IFT, ELISA and EUROLINETM assays for veterinary medical diagnostics. |
• | 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. |
• | JANUS® BioTx™ workstation for automated small scale purification, offering column, tip and plate based chromatography on a single platform. |
• | The LabChip GXII® TouchTM platform, which provides a means of characterizing multiple protein product attributes for research labs through QC. |
• | The explorer® automated workstation, which allows integration of multiple laboratory instrumentation using a centralized robotic interface, allowing high throughput and turnkey-application focused solutions. |
• | Vanadis®NIPT, a breakthrough cfDNA technology for use in genetic and biochemistry laboratories for screening common trisomies in pregnant population. |
• | Allergy testing covering allergen-specifi immunoglobin e (IgE) measuring the level of different IgE antibodies in blood using ELISA and EUROLINETM assays. |
• | PG-SeqTM and DOPlify® kits for preimplantation genetic testing. |
• | New NextFLEX® library prep kits and barcode for next generation sequencing. |
• | ProteinEXactTM assay for protein quantitation and sizing applications. |
Item 1A. | Risk Factors |
• | accurately anticipate customer needs, |
• | innovate and develop new reliable technologies and applications, |
• | receive regulatory approvals in a timely manner, |
• | 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, |
• | contract termination and litigation costs, |
• | 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, |
• | trade protection measures including embargoes and tariffs, such as the tariffs recently implemented by the U.S. government on certain imports from China and by the Chinese government on certain imports from the U.S., the extent and impact of which have yet to be fully determined, |
• | import or export licensing requirements and the associated potential for delays or restrictions in the shipment of our products or the receipt of products from our suppliers, |
• | 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, |
• | expanded enforcement of laws related to data protection and personal privacy, |
• | 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 | 158,285 | 1,319,811 | 1,478,096 | |||||
Diagnostics | 721,514 | 1,093,652 | 1,815,166 | |||||
Corporate offices | — | 54,667 | 54,667 | |||||
Continuing operations | 879,799 | 2,468,130 | 3,347,929 |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Name | Position | Age | ||
Robert F. Friel | Chairman and Chief Executive Officer | 63 | ||
Prahlad Singh | President and Chief Operating Officer | 54 | ||
James Corbett | Executive Vice President and President, Discovery & Analytical Solutions | 56 | ||
James M. Mock | Senior Vice President and Chief Financial Officer | 42 | ||
Joel S. Goldberg | Senior Vice President, Administration, General Counsel and Secretary | 50 | ||
Daniel R. Tereau | Senior Vice President, Strategy and Business Development | 52 | ||
Deborah Butters | Senior Vice President, Chief Human Resources Officer | 49 | ||
Tajinder Vohra | Senior Vice President, Global Operations | 53 | ||
Andrew Okun | Vice President and Chief Accounting Officer | 49 |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Issuer Repurchases of Equity Securities | |||||||||||||
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Aggregate Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
October 1, 2018 - October 28, 2018 | 2,559 | $ | 93.24 | — | $ | 250,000,000 | |||||||
October 29, 2018 - November 25, 2018 | 650,379 | 80.28 | 650,000 | 197,803,699 | |||||||||
November 26, 2018 - December 30, 2018 | 62 | 86.63 | — | 197,803,699 | |||||||||
Activity for quarter ended December 30, 2018 | 653,000 | $ | 80.33 | 650,000 | $ | 197,803,699 |
(1) | Our Board has authorized us 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 our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans. During the fourth quarter of fiscal year 2018, we repurchased 3,000 shares of common stock for this purpose at an aggregate cost of $0.3 million. During the fiscal year 2018, we repurchased 66,506 shares of common stock for this purpose at an aggregate cost of $5.2 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. |
(2) | On July 27, 2016, our Board authorized us to repurchase up to 8.0 million shares of common stock under a stock repurchase program (the "Repurchase Program"). On July 23, 2018, our Board authorized us to immediately terminate the Repurchase Program and further authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a new stock repurchase program (the "New Repurchase Program"). The New Repurchase Program will expire on July 23, 2020 unless terminated earlier by our Board and may be suspended or discontinued at any time. During fiscal year 2018, we had no stock repurchases under the Repurchase Program. No shares remain available for repurchase under the Repurchase Program due to its cancellation. During the fourth quarter of fiscal year 2018, we repurchased 650,000 shares of common stock under the New Repurchase Program at an aggregate cost of $52.2 million. As of December 30, 2018, $197.8 million remained available for aggregate repurchases of shares under the New Repurchase Program. |
29-Dec-13 | 28-Dec-14 | 3-Jan-16 | 1-Jan-17 | 31-Dec-17 | 30-Dec-18 | ||||||||||||||||||
PerkinElmer, Inc. | $ | 100.00 | $ | 107.71 | $ | 131.70 | $ | 128.91 | $ | 181.56 | $ | 192.59 | |||||||||||
S&P 500 Index | $ | 100.00 | $ | 113.69 | $ | 115.26 | $ | 129.05 | $ | 157.22 | $ | 150.33 | |||||||||||
Peer Group | $ | 100.00 | $ | 111.88 | $ | 123.82 | $ | 125.84 | $ | 174.40 | $ | 193.72 |
Item 6. | Selected Financial Data |
Fiscal Years Ended | |||||||||||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Revenue(1) | $ | 2,777,996 | $ | 2,256,982 | $ | 2,115,517 | $ | 2,104,823 | $ | 2,069,880 | |||||||||
Operating income from continuing operations(2)(3) | 323,884 | 295,615 | 294,582 | 258,517 | 240,287 | ||||||||||||||
Interest and other expense, net(4) | 66,201 | (1,103 | ) | 50,514 | 49,710 | 116,419 | |||||||||||||
Income from continuing operations before income taxes | 257,683 | 296,718 | 244,068 | 208,807 | 123,868 | ||||||||||||||
Income from continuing operations, net of income taxes(5) | 237,475 | 156,890 | 215,706 | 188,785 | 130,139 | ||||||||||||||
Income from discontinued operations and dispositions, net of income taxes(6) | 452 | 135,743 | 18,593 | 23,640 | 27,639 | ||||||||||||||
Net income | $ | 237,927 | $ | 292,633 | $ | 234,299 | $ | 212,425 | $ | 157,778 | |||||||||
Basic earnings per share: | |||||||||||||||||||
Continuing operations | $ | 2.15 | $ | 1.43 | $ | 1.97 | $ | 1.68 | $ | 1.16 | |||||||||
Discontinued operations | 0.00 | 1.24 | 0.17 | 0.21 | 0.25 | ||||||||||||||
Net income | $ | 2.15 | $ | 2.66 | $ | 2.14 | $ | 1.89 | $ | 1.40 | |||||||||
Diluted earnings per share: | |||||||||||||||||||
Continuing operations | $ | 2.13 | $ | 1.42 | $ | 1.96 | $ | 1.67 | $ | 1.14 | |||||||||
Discontinued operations | 0.00 | 1.22 | 0.17 | 0.21 | 0.24 | ||||||||||||||
Net income | $ | 2.13 | $ | 2.64 | $ | 2.12 | $ | 1.87 | $ | 1.39 | |||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||
Basic: | 110,561 | 109,857 | 109,478 | 112,507 | 112,593 | ||||||||||||||
Diluted: | 111,534 | 110,859 | 110,313 | 113,315 | 113,739 | ||||||||||||||
Cash dividends declared per common share | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 | $ | 0.28 |
As of | |||||||||||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | January 3, 2016 | December 28, 2014 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 5,975,522 | $ | 6,091,463 | $ | 4,276,683 | $ | 4,166,295 | $ | 4,127,576 | |||||||||
Short-term debt | 14,856 | 217,306 | 1,172 | 1,123 | 1,075 | ||||||||||||||
Long-term debt(4)(7) | 1,876,624 | 1,788,803 | 1,045,254 | 1,011,762 | 1,045,393 | ||||||||||||||
Stockholders’ equity(1)(2)(8) | 2,584,955 | 2,503,188 | 2,153,570 | 2,110,441 | 2,042,102 | ||||||||||||||
Common shares outstanding(8) | 110,597 | 110,361 | 109,617 | 112,034 | 112,481 |
(1) | At the beginning of fiscal year 2018, we adopted Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("ASC 606"), using a modified retrospective approach and as a result, the comparative information has not been restated and is reported under the accounting standards in effect for these years. See Note 1 to the Consolidated Financial Statements for additional information. |
(2) | Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $21.4 million in fiscal year 2018, a pre-tax gain of $2.1 million in fiscal year 2017, 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 a pre-tax loss of $75.4 million in fiscal year 2014. |
(3) | We recorded pre-tax restructuring and contract termination charges, net, of $11.1 million in fiscal year 2018, $12.7 million in fiscal year 2017, $5.1 million in fiscal year 2016, $13.5 million in fiscal year 2015 and $13.3 million in fiscal year 2014. |
(4) | In fiscal years 2018, 2017, 2016, 2015 and 2014, interest expense was $67.0 million, $43.9 million, $41.5 million, $38.0 million and $36.3 million, respectively. |
(5) | In fiscal years 2018 and 2017, provision for income tax on continuing operations was $20.2 million and $139.8 million, respectively. The higher provision for income taxes in fiscal year 2017 compared to that of fiscal year 2018 was primarily due to the $106.5 million discrete tax expense related to the Tax Cuts & Jobs Act of 2017. In fiscal years 2016, 2015 and 2014, tax expense (benefit) on continuing operations was $28.4 million, $20.0 million and $(6.3) million, respectively. The tax expense in fiscal years 2016 and 2015 was primarily due to income in high tax rate jurisdictions, partially offset by losses in low tax rate jurisdictions and a tax benefit of $9.6 million in fiscal year 2016 and $6.4 million in fiscal year 2015 related to discrete items. The benefit from income taxes in fiscal year 2014 was primarily due to a tax benefit of $7.1 million related to discrete items and losses in high tax rate jurisdictions, partially offset by provision for income taxes related to profits in low tax rate jurisdictions. |
(6) | In May 2017, we completed the sale of our Medical Imaging business. We recorded a pre-tax gain of $179.6 million and income tax expense of $43.1 million in fiscal year 2017. We accounted for this business as discontinued operations beginning in 2016 and the financial information relating to fiscal years 2015 and 2014 has been retrospectively adjusted to reflect the inclusion of this business in discontinued operations. |
(7) | In April 2018, we issued and sold three-year senior notes at a rate of 0.6% with a face value of €300.0 million and received €298.7 million of net proceeds from the issuance. The debt, which matures in April 2021, is unsecured. 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. |
(8) | In fiscal year 2018, we repurchased in the open market 650,000 shares of our common stock at an aggregate cost of $52.2 million, including commissions, under the stock repurchase program authorized by our Board on July 23, 2018. In fiscal years 2018 and 2017, we did not repurchase any shares of our common stock under a stock repurchase program originally announced in July 2017 that was terminated in July 2018. 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 originally announced in October 2014 that was terminated in July 2016 (the "October 2014 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 both the October 2014 Repurchase Program and a stock repurchase program originally announced in October 2012 that expired in October 2014 (the "October 2012 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 the October 2012 Repurchase Program. 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. |
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) | ||||||||||||||||||||||||||
Q4 2018 Plan | 1 | $ | — | $ | 348 | $ | — | $ | — | $ | 348 | Q1 FY2019 | — | |||||||||||||
Q3 2018 Plan | 61 | 618 | 1,146 | — | — | 1,764 | Q2 FY2019 | — | ||||||||||||||||||
Q1 2018 Plan | 47 | 902 | 5,096 | — | — | 5,998 | Q2 FY2019 | — | ||||||||||||||||||
Q4 2017 Plan | 29 | 255 | 1,680 | — | — | 1,935 | Q1 FY2019 | — | ||||||||||||||||||
Q3 2017 Plan | 27 | 1,021 | 1,321 | — | — | 2,342 | Q4 FY2018 | — | ||||||||||||||||||
Q1 2017 Plan | 90 | 1,631 | 5,000 | 33 | 33 | 6,697 | Q2 FY2018 | Q2 FY2018 | ||||||||||||||||||
Q3 2016 Plan | 22 | 41 | 1,779 | — | — | 1,820 | Q4 FY2017 | — | ||||||||||||||||||
Q2 2016 Plan | 72 | 561 | 4,106 | — | — | 4,667 | Q3 FY2017 | — |
Balance at January 3, 2016 | 2016 Charges and Changes in Estimates, Net | 2016 Amounts Paid | Balance at January 1, 2017 | 2017 Charges and Changes in Estimates, Net | 2017 Amounts Paid | Balance at December 31, 2017 | 2018 Charges and Changes in Estimates, Net | 2018 Amounts Paid | Balance at December 30, 2018 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Severance: | |||||||||||||||||||||||||||||||||||||||||
Q4 2018 Plan | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 348 | $ | — | $ | 348 | |||||||||||||||||||||
Q3 2018 Plan | — | — | — | — | — | — | — | 2,054 | (639 | ) | 1,415 | ||||||||||||||||||||||||||||||
Q1 2018 Plan | — | — | — | — | — | — | — | 5,998 | (4,389 | ) | 1,609 | ||||||||||||||||||||||||||||||
Q4 2017 Plan(1) | — | — | — | — | 1,935 | (16 | ) | 1,919 | (381 | ) | (1,538 | ) | — | ||||||||||||||||||||||||||||
Q3 2017 Plan(2) | — | — | — | — | 2,342 | (270 | ) | 2,072 | (1,204 | ) | (868 | ) | — | ||||||||||||||||||||||||||||
Q1 2017 Plan(3) | — | — | — | — | 6,631 | (4,133 | ) | 2,498 | (983 | ) | (1,232 | ) | 283 | ||||||||||||||||||||||||||||
Q3 2016 Plan | — | 1,820 | (612 | ) | 1,208 | (202 | ) | (1,006 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Q2 2016 Plan | — | 4,667 | (3,231 | ) | 1,436 | (829 | ) | (607 | ) | — | 232 | (156 | ) | 76 | |||||||||||||||||||||||||||
Facility: | |||||||||||||||||||||||||||||||||||||||||
Q1 2017 Plan | — | — | — | — | 66 | (33 | ) | 33 | — | (33 | ) | — | |||||||||||||||||||||||||||||
Previous Plans | 22,018 | (1,451 | ) | (12,787 | ) | 7,780 | (537 | ) | (2,844 | ) | 4,399 | 338 | (2,425 | ) | 2,312 | ||||||||||||||||||||||||||
Restructuring | 22,018 | 5,036 | (16,630 | ) | 10,424 | 9,406 | (8,909 | ) | 10,921 | 6,402 | (11,280 | ) | 6,043 | ||||||||||||||||||||||||||||
Contract Termination | 132 | 88 | (103 | ) | 117 | 3,251 | (320 | ) | 3,048 | 4,742 | (7,653 | ) | 137 | ||||||||||||||||||||||||||||
Total Restructuring and Contract Termination | $ | 22,150 | $ | 5,124 | $ | (16,733 | ) | $ | 10,541 | $ | 12,657 | $ | (9,229 | ) | $ | 13,969 | $ | 11,144 | $ | (18,933 | ) | $ | 6,180 |
(1) | During fiscal year 2018, we recognized pre-tax restructuring reversals of $0.2 million each in the Discovery & Analytical Solutions and Diagnostics segments, related to lower than expected costs associated with workforce reductions for the Q4 2017 Plan. |
(2) | During fiscal year 2018, we recognized pre-tax restructuring reversals of $0.8 million in the Discovery & Analytical Solutions segment and $0.4 million in the Diagnostics segment, related to lower than expected costs associated with workforce reductions for the Q3 2017 Plan. |
(3) | During fiscal year 2018, 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 Q1 2017 Plan. |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Interest income | $ | (1,141 | ) | $ | (2,571 | ) | $ | (702 | ) | ||
Interest expense | 66,976 | 43,940 | 41,528 | ||||||||
(Gain) loss on disposition of businesses and assets, net | (12,844 | ) | 309 | (5,562 | ) | ||||||
Other expense (income) , net | 13,210 | (42,781 | ) | 15,250 | |||||||
Total interest and other expense, net | $ | 66,201 | $ | (1,103 | ) | $ | 50,514 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Tax at statutory rate | $ | 54,114 | $ | 103,851 | $ | 85,424 | |||||
Non-U.S. rate differential, net | (27,281 | ) | (65,836 | ) | (52,648 | ) | |||||
U.S. taxation of multinational operations | 7,047 | 5,408 | 6,941 | ||||||||
State income taxes, net | 2,028 | 1,810 | 1,509 | ||||||||
Prior year tax matters | (6,034 | ) | (7,955 | ) | (9,621 | ) | |||||
Federal tax credits | (3,738 | ) | (8,249 | ) | (7,189 | ) | |||||
Change in valuation allowance | (759 | ) | 1,951 | (2,755 | ) | ||||||
Non-deductible acquisition expense | — | — | 5,701 | ||||||||
Impact of federal tax reform | (2,025 | ) | 106,538 | — | |||||||
Others, net | (3,144 | ) | 2,310 | 1,000 | |||||||
Total | $ | 20,208 | $ | 139,828 | $ | 28,362 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
(Loss) gain on disposition of the Medical Imaging business | $ | (793 | ) | $ | 179,615 | $ | — | ||||
Gain on disposition of Technical Services business | — | — | 1,753 | ||||||||
Loss on disposition of Fluid Sciences Segment | (66 | ) | — | (1,134 | ) | ||||||
(Loss) gain on disposition of discontinued operations before income taxes | $ | (859 | ) | $ | 179,615 | $ | 619 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Revenue | $ | — | $ | 44,343 | $ | 146,217 | |||||
Cost of revenue | — | 32,933 | 95,395 | ||||||||
Selling, general and administrative expenses | — | 5,869 | 13,657 | ||||||||
Research and development expenses | — | 4,891 | 14,368 | ||||||||
Restructuring and contract termination charges, net | — | — | 568 | ||||||||
Income from discontinued operations before income taxes | $ | — | $ | 650 | $ | 22,229 |
• | 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) | November 2021 Notes(2) | April 2021 Notes(3) | 2026 Notes(4) | Other Debt Facilities(5) | Financing Lease Obligations(6) | Employee Benefit Payments(7) | Unrecognized Tax Benefits(8) | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||
2019 | $ | 56,430 | $ | — | $ | 25,000 | $ | 2,060 | $ | 10,732 | $ | 13,763 | $ | 1,532 | $ | 30,223 | $ | — | $ | 139,740 | |||||||||||||||||||
2020 | 46,621 | — | 25,000 | 2,060 | 10,732 | 8,818 | 1,597 | 30,751 | — | 125,579 | |||||||||||||||||||||||||||||
2021 | 33,490 | 418,000 | 521,772 | 343,981 | 10,732 | 8,388 | 1,665 | 31,544 | — | 1,369,572 | |||||||||||||||||||||||||||||
2022 | 22,129 | — | — | — | 10,732 | 4,027 | 1,657 | 31,804 | — | 70,349 | |||||||||||||||||||||||||||||
2023 | 15,591 | — | — | — | 10,732 | 2,729 | 1,681 | 32,207 | — | 62,940 | |||||||||||||||||||||||||||||
2024 and thereafter | 67,582 | — | — | — | 599,622 | 1,475 | 4,698 | 163,910 | — | 837,287 | |||||||||||||||||||||||||||||
Total | $ | 241,843 | $ | 418,000 | $ | 571,772 | $ | 348,101 | $ | 653,282 | $ | 39,200 | $ | 12,830 | $ | 320,439 | $ | — | $ | 2,605,467 |
(1) | The credit facility borrowings carry variable interest rates. As of December 30, 2018, the senior unsecured revolving credit facility had a carrying value of $415.6 million. |
(2) | The November 2021 Notes include interest obligations of $71.8 million. As of December 30, 2018, the November 2021 Notes had a carrying value of $497.4 million. |
(3) | The April 2021 Notes include interest obligations of $4.7 million. As of December 30, 2018, the April 2021 Notes had a carrying value of $341.3 million. |
(4) | The 2026 Notes include interest obligations of $80.9 million. As of December 30, 2018, the 2026 Notes had a carrying value of $564.5 million. |
(5) | The other debt facilities include interest obligations of $1.0 million. As of December 30, 2018, the other debt facilities had a carrying value of $38.2 million. |
(6) | The financing lease obligations do not include interest obligations. |
(7) | Employee benefit payments only include obligations through fiscal year 2028. |
(8) | We do not expect to cash settle any uncertain positions during fiscal year 2019. We have excluded $1.0 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 December 30, 2018 | |||||||
Percentage Point Change | Non-U.S. | U.S. | |||||
Pension plans discount rate | +0.25 | (11,836 | ) | (6,969 | ) | ||
-0.25 | 12,591 | 7,278 | |||||
Rate of return on pension plan assets | +1.00 | (1,592 | ) | (2,343 | ) | ||
-1.00 | 1,592 | 2,343 | |||||
Postretirement medical plans discount rate | +0.25 | N/A | (81 | ) | |||
-0.25 | N/A | 85 | |||||
Rate of return on postretirement medical plan assets | +1.00 | N/A | (163 | ) | |||
-1.00 | N/A | 163 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplemental Data |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands, except per share data) | |||||||||||
Revenue | |||||||||||
Product revenue | $ | 1,935,493 | $ | 1,477,414 | $ | 1,396,896 | |||||
Service revenue | 842,503 | 779,568 | 718,621 | ||||||||
Total revenue | 2,777,996 | 2,256,982 | 2,115,517 | ||||||||
Cost of product revenue | 908,228 | 707,962 | 663,795 | ||||||||
Cost of service revenue | 528,829 | 475,266 | 437,361 | ||||||||
Selling, general and administrative expenses | 811,913 | 626,018 | 590,471 | ||||||||
Research and development expenses | 193,998 | 139,464 | 124,184 | ||||||||
Restructuring and contract termination charges, net | 11,144 | 12,657 | 5,124 | ||||||||
Operating income from continuing operations | 323,884 | 295,615 | 294,582 | ||||||||
Interest and other expense, net | 66,201 | (1,103 | ) | 50,514 | |||||||
Income from continuing operations before income taxes | 257,683 | 296,718 | 244,068 | ||||||||
Provision for income taxes | 20,208 | 139,828 | 28,362 | ||||||||
Income from continuing operations | 237,475 | 156,890 | 215,706 | ||||||||
Income from discontinued operations before income taxes | — | 650 | 22,229 | ||||||||
(Loss) gain on disposition of discontinued operations before income taxes | (859 | ) | 179,615 | 619 | |||||||
(Benefit from) provision for income taxes on discontinued operations and dispositions | (1,311 | ) | 44,522 | 4,255 | |||||||
Income from discontinued operations and dispositions | 452 | 135,743 | 18,593 | ||||||||
Net income | $ | 237,927 | $ | 292,633 | $ | 234,299 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 2.15 | $ | 1.43 | $ | 1.97 | |||||
Income from discontinued operations and dispositions | 0.00 | 1.24 | 0.17 | ||||||||
Net income | $ | 2.15 | $ | 2.67 | $ | 2.14 | |||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 2.13 | $ | 1.42 | $ | 1.96 | |||||
Income from discontinued operations and dispositions | 0.00 | 1.22 | 0.17 | ||||||||
Net income | $ | 2.13 | $ | 2.64 | $ | 2.12 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 237,927 | $ | 292,633 | $ | 234,299 | |||||
Other comprehensive (loss) income | |||||||||||
Foreign currency translation adjustments, net of tax | (123,388 | ) | 54,341 | (54,077 | ) | ||||||
Reclassification of taxes on foreign currency translation adjustments to earnings upon adoption of ASU 2018-02 | (6,489 | ) | — | — | |||||||
Unrecognized prior service costs, net of tax | (77 | ) | (77 | ) | (860 | ) | |||||
Unrealized (losses) gains on securities, net of tax | (9 | ) | 79 | 32 | |||||||
Other comprehensive (loss) income | (129,963 | ) | 54,343 | (54,905 | ) | ||||||
Comprehensive income | $ | 107,964 | $ | 346,976 | $ | 179,394 |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands, except share and per share data) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 163,111 | $ | 202,134 | |||
Accounts receivable, net | 632,669 | 552,304 | |||||
Inventories | 338,347 | 351,675 | |||||
Other current assets | 100,507 | 93,842 | |||||
Total current assets | 1,234,634 | 1,199,955 | |||||
Property, plant and equipment, net | 318,590 | 298,066 | |||||
Intangible assets, net | 1,199,667 | 1,346,940 | |||||
Goodwill | 2,952,608 | 3,002,198 | |||||
Other assets, net | 270,023 | 244,304 | |||||
Total assets | $ | 5,975,522 | $ | 6,091,463 | |||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 14,856 | $ | 217,306 | |||
Accounts payable | 220,949 | 222,093 | |||||
Accrued restructuring and contract termination charges | 4,834 | 8,759 | |||||
Accrued expenses and other current liabilities | 528,827 | 500,642 | |||||
Current liabilities of discontinued operations | 2,165 | 2,102 | |||||
Total current liabilities | 771,631 | 950,902 | |||||
Long-term debt | 1,876,624 | 1,788,803 | |||||
Long-term liabilities | 742,312 | 848,570 | |||||
Total liabilities | 3,390,567 | 3,588,275 | |||||
Commitments and contingencies (see Notes 15 and 18) | |||||||
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 110,597,000 and 110,361,000 shares at December 30, 2018 and December 31, 2017, respectively | 110,597 | 110,361 | |||||
Capital in excess of par value | 48,772 | 58,828 | |||||
Retained earnings | 2,602,067 | 2,380,517 | |||||
Accumulated other comprehensive loss | (176,481 | ) | (46,518 | ) | |||
Total stockholders’ equity | 2,584,955 | 2,503,188 | |||||
Total liabilities and stockholders’ equity | $ | 5,975,522 | $ | 6,091,463 |
Common Stock Amount | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||
(In thousands) | |||||||||||||||||||
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 | — | 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 | ||||||||
Net income | — | — | 292,633 | — | 292,633 | ||||||||||||||
Other comprehensive income | — | — | — | 54,343 | 54,343 | ||||||||||||||
Dividends | — | — | (30,800 | ) | — | (30,800 | ) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 578 | 17,426 | — | — | 18,004 | ||||||||||||||
Issuance of common stock for employee stock purchase plans | 37 | 2,430 | — | — | 2,467 | ||||||||||||||
Purchases of common stock | (79 | ) | (4,288 | ) | — | — | (4,367 | ) | |||||||||||
Issuance of common stock for long-term incentive program | 208 | 12,145 | — | — | 12,353 | ||||||||||||||
Stock compensation | — | 4,985 | — | — | 4,985 | ||||||||||||||
Balance, December 31, 2017 | $ | 110,361 | $ | 58,828 | $ | 2,380,517 | $ | (46,518 | ) | $ | 2,503,188 | ||||||||
Cumulative effect of adopting ASC 606 | — | — | 10,209 | — | 10,209 | ||||||||||||||
Impact of adopting ASU 2016-16 | — | — | (2,062 | ) | — | (2,062 | ) | ||||||||||||
Impact of adopting ASU 2018-02 | — | — | 6,489 | (6,489 | ) | — | |||||||||||||
Net income | — | — | 237,927 | — | 237,927 | ||||||||||||||
Other comprehensive loss | — | — | — | (123,474 | ) | (123,474 | ) | ||||||||||||
Dividends | — | — | (31,013 | ) | — | (31,013 | ) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 709 | 24,124 | — | — | 24,833 | ||||||||||||||
Issuance of common stock for employee stock purchase plans | 21 | 1,464 | — | — | 1,485 | ||||||||||||||
Purchases of common stock | (717 | ) | (56,676 | ) | — | — | (57,393 | ) | |||||||||||
Issuance of common stock for long-term incentive program | 223 | 15,650 | — | — | 15,873 | ||||||||||||||
Stock compensation | — | 5,382 | — | — | 5,382 | ||||||||||||||
Balance, December 30, 2018 | $ | 110,597 | $ | 48,772 | $ | 2,602,067 | $ | (176,481 | ) | $ | 2,584,955 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 237,927 | $ | 292,633 | $ | 234,299 | |||||
Income from discontinued operations and dispositions, net of income taxes | (452 | ) | (135,743 | ) | (18,593 | ) | |||||
Income from continuing operations | 237,475 | 156,890 | 215,706 | ||||||||
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations: | |||||||||||
Restructuring and contract termination charges, net | 11,144 | 12,657 | 5,124 | ||||||||
Depreciation and amortization | 180,588 | 105,000 | 99,972 | ||||||||
Stock-based compensation | 28,767 | 25,421 | 17,158 | ||||||||
Pension and other postretirement expense (benefits) | 11,915 | (10,439 | ) | 14,511 | |||||||
Change in fair value of contingent consideration | 14,639 | 2,162 | 16,183 | ||||||||
Deferred taxes | (51,103 | ) | 28,854 | (6,526 | ) | ||||||
Contingencies and non-cash tax matters | (671 | ) | 182 | (291 | ) | ||||||
Amortization of deferred debt issuance costs and accretion of discounts | 3,341 | 2,592 | 2,137 | ||||||||
(Gain) loss on disposition of businesses and assets, net | (12,844 | ) | 309 | (5,562 | ) | ||||||
Amortization of acquired inventory revaluation | 19,272 | 6,188 | 396 | ||||||||
Gain on sale of investments, net | (557 | ) | — | — | |||||||
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired: | |||||||||||
Accounts receivable, net | (94,512 | ) | (36,633 | ) | (18,960 | ) | |||||
Inventories | (30,183 | ) | (17,923 | ) | 6,752 | ||||||
Accounts payable | 8,900 | 34,331 | 30,716 | ||||||||
Accrued expenses and other | (14,933 | ) | (17,436 | ) | (53,540 | ) | |||||
Net cash provided by operating activities of continuing operations | 311,238 | 292,155 | 323,776 | ||||||||
Net cash (used in) provided by operating activities of discontinued operations | (200 | ) | (3,702 | ) | 26,839 | ||||||
Net cash provided by operating activities | 311,038 | 288,453 | 350,615 | ||||||||
Investing activities: | |||||||||||
Capital expenditures | (93,253 | ) | (39,089 | ) | (31,702 | ) | |||||
Settlement of cash flow hedges | — | 36,541 | — | ||||||||
Purchases of investments | (7,019 | ) | (10,783 | ) | — | ||||||
Proceeds from disposition of businesses | 38,027 | 1,100 | 21,000 | ||||||||
Proceeds from surrender of life insurance policies | 72 | 45 | 44 | ||||||||
Activity related to acquisitions, net of cash and cash equivalents acquired | (97,686 | ) | (1,527,183 | ) | (71,924 | ) | |||||
Net cash used in investing activities of continuing operations | (159,859 | ) | (1,539,369 | ) | (82,582 | ) | |||||
Net cash provided by (used in) investing activities of discontinued operations | — | 272,779 | (1,302 | ) | |||||||
Net cash used in investing activities | (159,859 | ) | (1,266,590 | ) | (83,884 | ) | |||||
Financing activities: | |||||||||||
Payments on borrowings | (1,264,000 | ) | (235,965 | ) | (902,507 | ) | |||||
Proceeds from borrowings | 857,000 | 1,060,952 | 420,507 | ||||||||
Proceeds from sale of senior debt | 369,340 | — | 546,190 | ||||||||
Payments of debt financing costs | (2,634 | ) | — | (7,868 | ) | ||||||
Net payments on other credit facilities | (28,383 | ) | (2,831 | ) | (1,096 | ) | |||||
Settlement of cash flow hedges | (34,132 | ) | (13,824 | ) | (1,900 | ) | |||||
Payments for acquisition-related contingent consideration | (12,800 | ) | (8,940 | ) | (155 | ) | |||||
Proceeds from issuance of common stock under stock plans | 24,833 | 18,004 | 14,418 | ||||||||
Purchases of common stock | (57,445 | ) | (3,834 | ) | (151,801 | ) | |||||
Dividends paid | (31,009 | ) | (30,793 | ) | (30,799 | ) | |||||
Net cash (used in) provided by financing activities of continuing operations | (179,230 | ) | 782,769 | (115,011 | ) | ||||||
Net cash used in financing activities of discontinued operations | — | (533 | ) | — | |||||||
Net cash (used in) provided by financing activities | (179,230 | ) | 782,236 | (115,011 | ) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8,004 | ) | 21,703 | (13,422 | ) | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (36,055 | ) | (174,198 | ) | 138,298 | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 202,370 | 376,568 | 238,270 | ||||||||
Cash, cash equivalents and restricted cash at end of year | $ | 166,315 | $ | 202,370 | $ | 376,568 | |||||
Supplemental disclosures of cash flow information | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: | |||||||||||
Cash and cash equivalents | 163,111 | 202,134 | 359,265 | ||||||||
Restricted cash included in other current assets | 3,204 | 236 | 17,303 | ||||||||
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 166,315 | $ | 202,370 | $ | 376,568 | |||||
Cash paid during the year for: | |||||||||||
Interest | $ | 56,451 | $ | 35,780 | $ | 30,718 | |||||
Income taxes | $ | 59,844 | $ | 77,607 | $ | 43,549 | |||||
Note 1: | Nature of Operations and Accounting Policies |
Products and services | Nature, timing of satisfaction of performance obligations, and significant payment terms |
Instruments | For instruments that include installation, and if the installation meets the criteria to be considered a separate performance obligation, product revenue is generally recognized upon delivery or when title has transferred to the customer, which is generally the point in time where control of the products has been transferred to customers, and installation revenue is recognized when the installation is complete. Certain of the Company's products require specialized installation and configuration at the customer's site. Revenue for these products is deferred until installation is complete and customer acceptance has been received. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days. |
Consumables and reagents | The Company recognizes revenue from the sale of consumables and reagents upon delivery or when title has transferred to the customer, which is generally the point in time where control of the products has been transferred to customers. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 days. |
Software licenses and subscriptions | Customers may purchase perpetual or term licenses, or subscribe to licenses, which provide customers with the same functionality and differ mainly in the duration over which the customer benefits from the software. The Company sells its software subscriptions or software licenses with maintenance services and, in some cases, with consulting services. The Company recognizes revenue for the software upfront at the point in time when the software is made available to the customer. For maintenance and consulting services, revenue is recognized ratably over the period in which the services are provided. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Software subscriptions and maintenance service contracts are non-cancelable. |
Cloud services | Cloud services, which allow customers to use hosted software over the contract period without taking possession of the software, are provided on either a subscription or consumption basis. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. Revenue related to cloud services provided on a consumption basis, such as the amount of storage used in a period, is recognized based on the customer utilization of such resources. Payment terms are generally net 30 days from signing of contract and contracts are non-cancelable. |
Extended warranty | The Company recognizes revenue for extended warranties on a straight-line basis over the extended warranty period in service revenue. In the majority of countries in which the Company operates, the customary warranty period is one year and the extended warranty covers periods beyond year one. Customers typically pay for extended warranties on an annual basis over the term of the warranty. In general, customers can cancel the extended warranty at any time with 30 days notice without significant penalty. |
Laboratory services and training | The Company's service offerings include service contracts, field service, including related time and materials, and training. The Company recognizes revenue as the services are performed. Revenue for the service contracts is recognized over the contract period or at a point in time when the service is billable based on time and materials. The Company recognizes revenue as training is provided in service revenue. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In general, customers can cancel the service contracts at any time with 30 to 90 days notice without significant penalty. |
Products and services | Nature, timing of satisfaction of performance obligations, and significant payment terms |
Instruments | For instruments that include installation, and if the installation meets the criteria to be considered a separate performance obligation, product revenue is generally recognized upon delivery or when title has transferred to the customer, which is generally the point in time where control of the products has been transferred to customers, and installation revenue is recognized when the installation is complete. Certain of the Company's products require specialized installation and configuration at the customer's site. Revenue for these products is deferred until installation is complete and customer acceptance has been received. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days. |
Consumables and reagents | The Company recognizes revenue from the sale of consumables and reagents upon delivery or when title has transferred to the customer, which is generally the point in time where control of the products has been transferred to customers. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 days. |
Solutions | When the Company sells the instrument and reagents that work only on those instruments to a customer or distributor, the Company considers the instrument and reagents as separate performance obligations. The Company recognizes revenue when an instrument is sold to the customer upon delivery or when title has transferred to the customer, which is generally the point in time where control of the products has been transferred to customers. Revenue from the sale of reagents is also recognized at the time of delivery or when title has transferred to the customer. Payment terms for instrument and reagent sales are usually net 30 days from invoice date. When the Company places the instrument at the customer's site and sells the reagents to a customer, the instrument and reagents are accounted for together as one performance obligation. The Company does not charge a fee for the use of the instrument and retains ownership of the placed instrument. The Company has a right to remove the instrument and replace it with another instrument at the customer's site at any time throughout the contract term. The Company recognizes revenue upon delivery of reagents, which is the point in time where the Company has performed its obligation to provide a screening solution to the customer. Payment terms are usually net 30 days from invoice date. Payment terms for certain contracts are based on equal installments over the duration of the contract. |
Extended warranty | The Company recognizes revenue for extended warranties on a straight-line basis over the extended warranty period in service revenue. In the majority of countries in which the Company operates, the customary warranty period is one year and the extended warranty covers periods beyond year one. Customers typically pay for extended warranties on an annual basis over the term of the warranty. In general, customers can cancel the extended warranty at any time with 30 days notice without significant penalty. |
Services | The Company's service offerings include cord blood processing and storage, and training. The Company recognizes revenue for the cord blood processing and training as the services are performed in service revenue. Revenue for the storage contracts are recognized over the contract period. Storage is typically for a period of 1, 20, or 25 years or lifetime. Lifetime storage is recognized over a certain period that is based on the life expectancy estimate from Social Security data. For cord blood processing, customers pay the processing fee in full at the point of sale. The processing fee is non-refundable unless the cord blood is non-viable for storage. For storage, customers are required to pay the storage fees in full upfront. Storage fees are refundable to the customer on a pro-rated basis if the contract is canceled. |
Reportable Segments | |||||||||||
For the fiscal year ended | |||||||||||
December 30, 2018 | |||||||||||
Discovery & Analytical Solutions | Diagnostics | Total | |||||||||
(In thousands) | |||||||||||
Primary geographical markets | |||||||||||
Americas | $ | 680,117 | $ | 385,005 | $ | 1,065,122 | |||||
Europe | 494,707 | 283,385 | 778,092 | ||||||||
Asia | 518,387 | 416,395 | 934,782 | ||||||||
$ | 1,693,211 | $ | 1,084,785 | $ | 2,777,996 | ||||||
Primary end-markets | |||||||||||
Diagnostics | $ | — | $ | 1,084,785 | $ | 1,084,785 | |||||
Life sciences | 934,690 | — | 934,690 | ||||||||
Applied markets | 758,521 | — | 758,521 | ||||||||
$ | 1,693,211 | $ | 1,084,785 | $ | 2,777,996 | ||||||
Timing of revenue recognition | |||||||||||
Products and services transferred at a point in time | $ | 1,199,255 | $ | 1,002,788 | $ | 2,202,043 | |||||
Services transferred over time | 493,956 | 81,997 | 575,953 | ||||||||
$ | 1,693,211 | $ | 1,084,785 | $ | 2,777,996 |
As reported | Adjustments | Balances without adoption of ASC 606 | |||||||||
(In thousands) | |||||||||||
Cash and cash equivalents | $ | 163,111 | $ | — | $ | 163,111 | |||||
Accounts receivable, net | 632,669 | (16,264 | ) | 616,405 | |||||||
Inventories | 338,347 | 9,773 | 348,120 | ||||||||
Other current assets | 100,507 | (363 | ) | 100,144 | |||||||
Property, plant and equipment, net | 318,590 | — | 318,590 | ||||||||
Intangible assets, net | 1,199,667 | — | 1,199,667 | ||||||||
Goodwill | 2,952,608 | — | 2,952,608 | ||||||||
Other assets, net | 270,023 | — | 270,023 | ||||||||
Total assets | $ | 5,975,522 | $ | (6,854 | ) | $ | 5,968,668 | ||||
Current portion of long-term debt | $ | 14,856 | $ | — | $ | 14,856 | |||||
Accounts payable | 220,949 | — | 220,949 | ||||||||
Accrued restructuring and contract termination charges | 4,834 | — | 4,834 | ||||||||
Accrued expenses and other current liabilities | 528,827 | 19,173 | 548,000 | ||||||||
Current liabilities of discontinued operations | 2,165 | — | 2,165 | ||||||||
Long-term debt | 1,876,624 | — | 1,876,624 | ||||||||
Long-term liabilities | 742,312 | — | 742,312 | ||||||||
Total liabilities | 3,390,567 | 19,173 | 3,409,740 | ||||||||
Commitments and contingencies | |||||||||||
Preferred stock | — | — | — | ||||||||
Common stock | 110,597 | — | 110,597 | ||||||||
Capital in excess of par value | 48,772 | — | 48,772 | ||||||||
Retained earnings | 2,602,067 | (26,027 | ) | 2,576,040 | |||||||
Accumulated other comprehensive loss | (176,481 | ) | — | (176,481 | ) | ||||||
Total stockholders’ equity | 2,584,955 | (26,027 | ) | 2,558,928 | |||||||
Total liabilities and stockholders’ equity | $ | 5,975,522 | $ | (6,854 | ) | $ | 5,968,668 |
As reported | Adjustments | Balances without adoption of ASC 606 | |||||||||
(In thousands) | |||||||||||
Product revenue | $ | 1,935,493 | $ | (31,441 | ) | $ | 1,904,052 | ||||
Service revenue | 842,503 | — | 842,503 | ||||||||
Total revenue | 2,777,996 | (31,441 | ) | 2,746,555 | |||||||
Cost of product revenue | 908,228 | (10,290 | ) | 897,938 | |||||||
Cost of service revenue | 528,829 | — | 528,829 | ||||||||
Total cost of revenue | 1,437,057 | (10,290 | ) | 1,426,767 | |||||||
Selling, general and administrative expenses | 811,913 | 329 | 812,242 | ||||||||
Research and development expenses | 193,998 | — | 193,998 | ||||||||
Restructuring and contract termination charges, net | 11,144 | — | 11,144 | ||||||||
Operating income from continuing operations | 323,884 | (21,480 | ) | 302,404 | |||||||
Interest and other expense, net | 66,201 | — | 66,201 | ||||||||
Income from continuing operations before income taxes | 257,683 | (21,480 | ) | 236,203 | |||||||
Provision for income taxes | 20,208 | (5,662 | ) | 14,546 | |||||||
Income from continuing operations | 237,475 | (15,818 | ) | 221,657 | |||||||
Income from discontinued operations before income taxes | — | — | — | ||||||||
Loss on disposition of discontinued operations before income taxes | (859 | ) | — | (859 | ) | ||||||
Benefit from income taxes on discontinued operations and dispositions | (1,311 | ) | — | (1,311 | ) | ||||||
Gain from discontinued operations and dispositions | 452 | — | 452 | ||||||||
Net income | $ | 237,927 | $ | (15,818 | ) | $ | 222,109 |
2018 Acquisitions | |||
(In thousands) | |||
Fair value of business combination: | |||
Cash payments | $ | 95,950 | |
Other liability | 3,354 | ||
Contingent consideration | 6,200 | ||
Working capital and other adjustments | 520 | ||
Less: cash acquired | (1,132 | ) | |
Total | $ | 104,892 | |
Identifiable assets acquired and liabilities assumed: | |||
Current assets | $ | 6,522 | |
Property, plant and equipment | 1,166 | ||
Other assets | 891 | ||
Identifiable intangible assets: | |||
Core technology | 34,021 | ||
Trade names | 1,070 | ||
Customer relationships | 10,200 | ||
Goodwill | 59,647 | ||
Deferred taxes | (3,860 | ) | |
Debt assumed | (461 | ) | |
Liabilities assumed | (4,304 | ) | |
Total | $ | 104,892 |
EUROIMMUN | 2017 Other | ||||||
(In thousands) | |||||||
Fair value of business combination: | |||||||
Cash payments | $ | 1,413,113 | $ | 140,861 | |||
Other liability | — | 1,273 | |||||
Working capital and other adjustments | — | (93 | ) | ||||
Less: cash acquired | (25,018 | ) | (2,439 | ) | |||
Total | $ | 1,388,095 | $ | 139,602 | |||
Identifiable assets acquired and liabilities assumed: | |||||||
Current assets | $ | 121,174 | $ | 16,268 | |||
Property, plant and equipment | 109,859 | 11,356 | |||||
Other assets | 71,621 | 1,691 | |||||
Identifiable intangible assets: | |||||||
Core technology | 160,000 | 12,400 | |||||
Trade names | 36,000 | 3,000 | |||||
Customer relationships | 710,000 | 43,700 | |||||
In-process research and development ("IPR&D") | 1,400 | — | |||||
Goodwill | 591,304 | 75,250 | |||||
Deferred taxes | (251,886 | ) | (15,735 | ) | |||
Liabilities assumed | (100,020 | ) | (8,328 | ) | |||
Debt assumed | (61,357 | ) | — | ||||
Total | $ | 1,388,095 | $ | 139,602 |
December 31, 2017 | January 1, 2017 | ||||||
(In thousands, except per share data) | |||||||
Pro Forma Statement of Operations Information (Unaudited): | |||||||
Revenue | $ | 2,562,580 | $ | 2,379,176 | |||
Income from continuing operations | 143,459 | 156,210 | |||||
Basic earnings per share: | |||||||
Income from continuing operations | $ | 1.31 | $ | 1.43 | |||
Diluted earnings per share: | |||||||
Income from continuing operations | $ | 1.29 | $ | 1.42 |
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 | $ | 7,153 | |
Property, plant and equipment | 7,542 | ||
Identifiable intangible assets: | |||
Core technology | 6,600 | ||
Trade names | 570 | ||
Customer relationships | 14,900 | ||
Goodwill | 43,072 | ||
Deferred taxes | (7,768 | ) | |
Liabilities assumed | (1,985 | ) | |
Total | $ | 70,084 |
Note 5: | Disposition of Businesses and Assets |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
(Loss) gain on disposition of the Medical Imaging business | $ | (793 | ) | $ | 179,615 | $ | — | ||||
Gain on disposition of Technical Services business | — | — | 1,753 | ||||||||
Loss on disposition of Fluid Sciences Segment | (66 | ) | — | (1,134 | ) | ||||||
(Loss) gain on disposition of discontinued operations before income taxes | $ | (859 | ) | $ | 179,615 | $ | 619 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Revenue | $ | — | $ | 44,343 | $ | 146,217 | |||||
Cost of revenue | — | 32,933 | 95,395 | ||||||||
Selling, general and administrative expenses | — | 5,869 | 13,657 | ||||||||
Research and development expenses | — | 4,891 | 14,368 | ||||||||
Restructuring and contract termination charges, net | — | — | 568 | ||||||||
Income from discontinued operations before income taxes | $ | — | $ | 650 | $ | 22,229 |
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) | ||||||||||||||||||||||||||
Q4 2018 Plan | 1 | $ | — | $ | 348 | $ | — | $ | — | $ | 348 | Q1 FY2019 | — | |||||||||||||
Q3 2018 Plan | 61 | 618 | 1,146 | — | — | 1,764 | Q2 FY2019 | — | ||||||||||||||||||
Q1 2018 Plan | 47 | 902 | 5,096 | — | — | 5,998 | Q2 FY2019 | — | ||||||||||||||||||
Q4 2017 Plan | 29 | 255 | 1,680 | — | — | 1,935 | Q1 FY2019 | — | ||||||||||||||||||
Q3 2017 Plan | 27 | 1,021 | 1,321 | — | — | 2,342 | Q4 FY2018 | — | ||||||||||||||||||
Q1 2017 Plan | 90 | 1,631 | 5,000 | 33 | 33 | 6,697 | Q2 FY2018 | Q2 FY2018 | ||||||||||||||||||
Q3 2016 Plan | 22 | 41 | 1,779 | — | — | 1,820 | Q4 FY2017 | — | ||||||||||||||||||
Q2 2016 Plan | 72 | 561 | 4,106 | — | — | 4,667 | Q3 FY2017 | — |
Balance at January 3, 2016 | 2016 Charges and Changes in Estimates, Net | 2016 Amounts Paid | Balance at January 1, 2017 | 2017 Charges and Changes in Estimates, Net | 2017 Amounts Paid | Balance at December 31, 2017 | 2018 Charges and Changes in Estimates, Net | 2018 Amounts Paid | Balance at December 30, 2018 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Severance: | |||||||||||||||||||||||||||||||||||||||||
Q4 2018 Plan | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 348 | $ | — | $ | 348 | |||||||||||||||||||||
Q3 2018 Plan | — | — | — | — | — | — | — | 2,054 | (639 | ) | 1,415 | ||||||||||||||||||||||||||||||
Q1 2018 Plan | — | — | — | — | — | — | — | 5,998 | (4,389 | ) | 1,609 | ||||||||||||||||||||||||||||||
Q4 2017 Plan(1) | — | — | — | — | 1,935 | (16 | ) | 1,919 | (381 | ) | (1,538 | ) | — | ||||||||||||||||||||||||||||
Q3 2017 Plan(2) | — | — | — | — | 2,342 | (270 | ) | 2,072 | (1,204 | ) | (868 | ) | — | ||||||||||||||||||||||||||||
Q1 2017 Plan(3) | — | — | — | — | 6,631 | (4,133 | ) | 2,498 | (983 | ) | (1,232 | ) | 283 | ||||||||||||||||||||||||||||
Q3 2016 Plan | — | 1,820 | (612 | ) | 1,208 | (202 | ) | (1,006 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Q2 2016 Plan | — | 4,667 | (3,231 | ) | 1,436 | (829 | ) | (607 | ) | — | 232 | (156 | ) | 76 | |||||||||||||||||||||||||||
Facility: | |||||||||||||||||||||||||||||||||||||||||
Q1 2017 Plan | — | — | — | — | 66 | (33 | ) | 33 | — | (33 | ) | — | |||||||||||||||||||||||||||||
Previous Plans | 22,018 | (1,451 | ) | (12,787 | ) | 7,780 | (537 | ) | (2,844 | ) | 4,399 | 338 | (2,425 | ) | 2,312 | ||||||||||||||||||||||||||
Restructuring | 22,018 | 5,036 | (16,630 | ) | 10,424 | 9,406 | (8,909 | ) | 10,921 | 6,402 | (11,280 | ) | 6,043 | ||||||||||||||||||||||||||||
Contract Termination | 132 | 88 | (103 | ) | 117 | 3,251 | (320 | ) | 3,048 | 4,742 | (7,653 | ) | 137 | ||||||||||||||||||||||||||||
Total Restructuring and Contract Termination | $ | 22,150 | $ | 5,124 | $ | (16,733 | ) | $ | 10,541 | $ | 12,657 | $ | (9,229 | ) | $ | 13,969 | $ | 11,144 | $ | (18,933 | ) | $ | 6,180 |
(1) | During fiscal year 2018, the Company recognized pre-tax restructuring reversals of $0.2 million each in the Discovery & Analytical Solutions and Diagnostics segments, related to lower than expected costs associated with workforce reductions for the Q4 2017 Plan. |
(2) | During fiscal year 2018, the Company recognized pre-tax restructuring reversals of $0.8 million in the Discovery & Analytical Solutions segment and $0.4 million in the Diagnostics segment, related to lower than expected costs associated with workforce reductions for the Q3 2017 Plan. |
(3) | During fiscal year 2018, 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 Q1 2017 Plan. |
Note 7: | Interest and Other Expense, Net |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
Interest income | $ | (1,141 | ) | $ | (2,571 | ) | $ | (702 | ) | ||
Interest expense | 66,976 | 43,940 | 41,528 | ||||||||
(Gain) loss on disposition of businesses and assets, net (see Note 5) | (12,844 | ) | 309 | (5,562 | ) | ||||||
Other expense (income), net | 13,210 | (42,781 | ) | 15,250 | |||||||
Total interest and other expense, net | $ | 66,201 | $ | (1,103 | ) | $ | 50,514 |
Note 8: | Income Taxes |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Unrecognized tax benefits, beginning of year | $ | 30,308 | $ | 29,607 | $ | 28,143 | |||||
Gross increases—tax positions in prior periods | 6,931 | 749 | 1,514 | ||||||||
Gross decreases—tax positions in prior periods | (1,622 | ) | (828 | ) | (183 | ) | |||||
Gross increases—current-period tax positions | — | 2,346 | 3,547 | ||||||||
Settlements | (2,253 | ) | (324 | ) | — | ||||||
Lapse of statute of limitations | (181 | ) | (1,371 | ) | (4,109 | ) | |||||
Foreign currency translation adjustments | (174 | ) | 129 | 695 | |||||||
Unrecognized tax benefits, end of year | $ | 33,009 | $ | 30,308 | $ | 29,607 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 32,627 | $ | 3,743 | $ | 39,689 | |||||
Non-U.S. | 225,056 | 292,975 | 204,379 | ||||||||
Total | $ | 257,683 | $ | 296,718 | $ | 244,068 |
Current Expense | Deferred Expense (Benefit) | Total | |||||||||
(In thousands) | |||||||||||
Fiscal year ended December 30, 2018 | |||||||||||
Federal | $ | 7,938 | $ | (5,250 | ) | $ | 2,688 | ||||
State | 2,345 | 2,572 | 4,917 | ||||||||
Non-U.S. | 61,028 | (48,425 | ) | 12,603 | |||||||
Total | $ | 71,311 | $ | (51,103 | ) | $ | 20,208 | ||||
Fiscal year ended December 31, 2017 | |||||||||||
Federal | $ | 62,003 | $ | 35,435 | $ | 97,438 | |||||
State | 3,332 | (792 | ) | 2,540 | |||||||
Non-U.S. | 45,639 | (5,789 | ) | 39,850 | |||||||
Total | $ | 110,974 | $ | 28,854 | $ | 139,828 | |||||
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 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Continuing operations | $ | 20,208 | $ | 139,828 | $ | 28,362 | |||||
Discontinued operations | (1,311 | ) | 44,522 | 4,255 | |||||||
Total | $ | 18,897 | $ | 184,350 | $ | 32,617 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Tax at statutory rate | $ | 54,114 | $ | 103,851 | $ | 85,424 | |||||
Non-U.S. rate differential, net | (27,281 | ) | (65,836 | ) | (52,648 | ) | |||||
U.S. taxation of multinational operations | 7,047 | 5,408 | 6,941 | ||||||||
State income taxes, net | 2,028 | 1,810 | 1,509 | ||||||||
Prior year tax matters | (6,034 | ) | (7,955 | ) | (9,621 | ) | |||||
Federal tax credits | (3,738 | ) | (8,249 | ) | (7,189 | ) | |||||
Change in valuation allowance | (759 | ) | 1,951 | (2,755 | ) | ||||||
Non-deductible acquisition expense | — | — | 5,701 | ||||||||
Impact of federal tax reform | (2,025 | ) | 106,538 | — | |||||||
Others, net | (3,144 | ) | 2,310 | 1,000 | |||||||
Total | $ | 20,208 | $ | 139,828 | $ | 28,362 |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Inventory | $ | — | $ | 6,376 | |||
Reserves and accruals | 39,487 | 26,657 | |||||
Accrued compensation | 21,709 | 17,333 | |||||
Net operating loss and credit carryforwards | 144,421 | 88,503 | |||||
Accrued pension | 31,146 | 34,682 | |||||
Restructuring reserve | 1,780 | 2,586 | |||||
Deferred revenue | 31,045 | 28,478 | |||||
Unrealized foreign exchange loss | — | 10,910 | |||||
Total deferred tax assets | 269,588 | 215,525 | |||||
Deferred tax liabilities: | |||||||
Inventory | (278 | ) | — | ||||
Postretirement health benefits | (3,406 | ) | (3,391 | ) | |||
Depreciation and amortization | (309,958 | ) | (392,293 | ) | |||
All other, net | (1,879 | ) | (594 | ) | |||
Total deferred tax liabilities | (315,521 | ) | (396,278 | ) | |||
Valuation allowance | (102,087 | ) | (68,895 | ) | |||
Net deferred tax liabilities | $ | (148,020 | ) | $ | (249,648 | ) |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Other assets, net | $ | 79,312 | $ | 67,280 | |||
Long-term liabilities | (227,332 | ) | (316,928 | ) | |||
Total | $ | (148,020 | ) | $ | (249,648 | ) |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
U.S. | $ | 52,469 | $ | 44,974 | |||
Non-U.S. | (200,489 | ) | (294,622 | ) | |||
Total | $ | (148,020 | ) | $ | (249,648 | ) |
Note 9: | Earnings Per Share |
December 30, 2018 | December 31, 2017 | January 1, 2017 | ||||||
(In thousands) | ||||||||
Number of common shares—basic | 110,561 | 109,857 | 109,478 | |||||
Effect of dilutive securities: | ||||||||
Stock options | 761 | 708 | 640 | |||||
Restricted stock awards | 212 | 294 | 195 | |||||
Number of common shares—diluted | 111,534 | 110,859 | 110,313 | |||||
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 349 | 287 | 458 |
Note 10: | Accounts Receivable, Net |
Note 11: | Inventories |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Raw materials | $ | 119,115 | $ | 122,100 | |||
Work in progress | 18,110 | 18,452 | |||||
Finished goods | 201,122 | 211,123 | |||||
Total inventories | $ | 338,347 | $ | 351,675 |
Note 12: | Property, Plant and Equipment, Net |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
At cost: | |||||||
Land | $ | 5,482 | $ | 5,624 | |||
Building and leasehold improvements | 272,277 | 262,657 | |||||
Machinery and equipment | 402,424 | 362,638 | |||||
Total property, plant and equipment | 680,183 | 630,919 | |||||
Accumulated depreciation | (361,593 | ) | (332,853 | ) | |||
Total property, plant and equipment, net | $ | 318,590 | $ | 298,066 |
Note 13: | Marketable Securities and Investments |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Marketable securities | $ | 2,447 | $ | 2,208 | |||
Cost method investments | 16,783 | 10,783 | |||||
$ | 19,230 | $ | 12,991 |
Market Value | Gross Unrealized Holding | ||||||||||||||
Cost | Gains | (Losses) | |||||||||||||
(In thousands) | |||||||||||||||
December 30, 2018 | |||||||||||||||
Equity securities | $ | 671 | $ | 1,037 | $ | — | $ | (366 | ) | ||||||
Fixed-income securities | 22 | 22 | — | — | |||||||||||
Other | 1,754 | 1,817 | — | (63 | ) | ||||||||||
$ | 2,447 | $ | 2,876 | $ | — | $ | (429 | ) | |||||||
December 31, 2017 | |||||||||||||||
Equity securities | $ | 811 | $ | 1,161 | $ | — | $ | (350 | ) | ||||||
Fixed-income securities | 22 | 22 | — | — | |||||||||||
Other | 1,375 | 1,438 | — | (63 | ) | ||||||||||
$ | 2,208 | $ | 2,621 | $ | — | $ | (413 | ) |
Note 14: | Goodwill and Intangible Assets, Net |
Discovery & Analytical Solutions | Diagnostics | Consolidated | ||||||||||
Balance at January 1, 2017 | $ | 1,303,936 | $ | 944,030 | $ | 2,247,966 | ||||||
Foreign currency translation | 37,646 | 29,091 | 66,737 | |||||||||
Acquisitions, earnouts and other | 2,653 | 684,842 | 687,495 | |||||||||
Balance at December 31, 2017 | 1,344,235 | 1,657,963 | 3,002,198 | |||||||||
Foreign currency translation | (32,189 | ) | (35,289 | ) | (67,478 | ) | ||||||
Acquisitions, earnouts and other | 22,946 | (5,058 | ) | 17,888 | ||||||||
Balance at December 30, 2018 | $ | 1,334,992 | $ | 1,617,616 | $ | 2,952,608 |
Discovery & Analytical Solutions | Diagnostics | Consolidated | |||||||||
Patents | $ | 28,030 | $ | 14,616 | $ | 42,646 | |||||
Less: Accumulated amortization | (25,978 | ) | (11,775 | ) | (37,753 | ) | |||||
Net patents | 2,052 | 2,841 | 4,893 | ||||||||
Trade names and trademarks | 29,811 | 48,335 | 78,146 | ||||||||
Less: Accumulated amortization | (21,728 | ) | (12,073 | ) | (33,801 | ) | |||||
Net trade names and trademarks | 8,083 | 36,262 | 44,345 | ||||||||
Licenses | 50,178 | 3,127 | 53,305 | ||||||||
Less: Accumulated amortization | (44,376 | ) | (1,174 | ) | (45,550 | ) | |||||
Net licenses | 5,802 | 1,953 | 7,755 | ||||||||
Core technology | 240,734 | 300,177 | 540,911 | ||||||||
Less: Accumulated amortization | (189,033 | ) | (76,711 | ) | (265,744 | ) | |||||
Net core technology | 51,701 | 223,466 | 275,167 | ||||||||
Customer relationships | 222,892 | 866,635 | 1,089,527 | ||||||||
Less: Accumulated amortization | (128,142 | ) | (165,822 | ) | (293,964 | ) | |||||
Net customer relationships | 94,750 | 700,813 | 795,563 | ||||||||
IPR&D | — | 1,360 | 1,360 | ||||||||
Net amortizable intangible assets | 162,388 | 966,695 | 1,129,083 | ||||||||
Non-amortizing intangible asset: | |||||||||||
Trade name | 70,584 | — | 70,584 | ||||||||
Total | $ | 232,972 | $ | 966,695 | $ | 1,199,667 |
Discovery & Analytical Solutions | Diagnostics | Consolidated | |||||||||
Patents | $ | 28,048 | $ | 11,911 | $ | 39,959 | |||||
Less: Accumulated amortization | (24,448 | ) | (10,637 | ) | (35,085 | ) | |||||
Net patents | 3,600 | 1,274 | 4,874 | ||||||||
Trade names and trademarks | 29,950 | 51,024 | 80,974 | ||||||||
Less: Accumulated amortization | (20,022 | ) | (8,228 | ) | (28,250 | ) | |||||
Net trade names and trademarks | 9,928 | 42,796 | 52,724 | ||||||||
Licenses | 43,061 | 10,239 | 53,300 | ||||||||
Less: Accumulated amortization | (34,620 | ) | (8,015 | ) | (42,635 | ) | |||||
Net licenses | 8,441 | 2,224 | 10,665 | ||||||||
Core technology | 236,324 | 243,435 | 479,759 | ||||||||
Less: Accumulated amortization | (190,423 | ) | (59,920 | ) | (250,343 | ) | |||||
Net core technology | 45,901 | 183,515 | 229,416 | ||||||||
Customer relationships | 233,573 | 907,938 | 1,141,511 | ||||||||
Less: Accumulated amortization | (116,696 | ) | (126,144 | ) | (242,840 | ) | |||||
Net customer relationships | 116,877 | 781,794 | 898,671 | ||||||||
IPR&D | — | 80,006 | 80,006 | ||||||||
Net amortizable intangible assets | 184,747 | 1,091,609 | 1,276,356 | ||||||||
Non-amortizing intangible asset: | |||||||||||
Trade name | 70,584 | — | 70,584 | ||||||||
Total | $ | 255,331 | $ | 1,091,609 | $ | 1,346,940 |
Note 15: | Debt |
Sr. Unsecured Revolving Credit Facility Maturing 2021 | November 2021 Notes | April 2021 Notes | 2026 Notes | Other Debt Facilities | Financing Lease Obligations | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
2019 | $ | — | $ | — | $ | — | $ | — | $ | 13,324 | $ | 1,532 | $ | 14,856 | |||||||||||||
2020 | — | — | — | — | 8,527 | 1,597 | 10,124 | ||||||||||||||||||||
2021 | 418,000 | 500,000 | 343,410 | — | 8,197 | 1,665 | 1,271,272 | ||||||||||||||||||||
2022 | — | — | — | — | 3,907 | 1,657 | 5,564 | ||||||||||||||||||||
2023 | — | — | — | — | 2,641 | 1,681 | 4,322 | ||||||||||||||||||||
2024 and thereafter | — | — | — | 572,350 | 1,574 | 4,698 | 578,622 | ||||||||||||||||||||
Total before unamortized discount and debt issuance costs and non-cash finance lease liabilities | 418,000 | 500,000 | 343,410 | 572,350 | 38,170 | 12,830 | 1,884,760 | ||||||||||||||||||||
Unamortized discount and debt issuance costs | (2,401 | ) | (2,628 | ) | (2,133 | ) | (7,806 | ) | — | — | (14,968 | ) | |||||||||||||||
Non-cash finance lease liabilities | — | — | — | — | — | 21,688 | 21,688 | ||||||||||||||||||||
Total | $ | 415,599 | $ | 497,372 | $ | 341,277 | $ | 564,544 | $ | 38,170 | $ | 34,518 | $ | 1,891,480 |
Note 16: | Accrued Expenses and Other Current Liabilities |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Payroll and incentives | $ | 86,549 | $ | 66,955 | |||
Employee benefits | 44,060 | 37,354 | |||||
Deferred revenue | 155,064 | 159,923 | |||||
Federal, non-U.S. and state income taxes | 30,687 | 10,800 | |||||
Other accrued operating expenses | 212,467 | 225,610 | |||||
Total accrued expenses and other current liabilities | $ | 528,827 | $ | 500,642 |
Note 17: | Employee Benefit Plans |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Service and administrative costs | $ | 6,853 | $ | 4,951 | $ | 4,337 | |||||
Interest cost | 16,146 | 16,707 | 18,638 | ||||||||
Expected return on plan assets | (28,939 | ) | (26,401 | ) | (24,245 | ) | |||||
Actuarial loss (gain) | 17,146 | (7,085 | ) | 15,890 | |||||||
Amortization of prior service cost | 375 | (195 | ) | (210 | ) | ||||||
Net periodic pension cost (credit) | $ | 11,581 | $ | (12,023 | ) | $ | 14,410 |
December 30, 2018 | December 31, 2017 | ||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||
(In thousands) | |||||||||||||||
Actuarial present value of benefit obligations: | |||||||||||||||
Accumulated benefit obligations | $ | 304,065 | $ | 283,310 | $ | 334,151 | $ | 308,713 | |||||||
Change in benefit obligations: | |||||||||||||||
Projected benefit obligations at beginning of year | $ | 343,410 | $ | 308,713 | $ | 279,522 | $ | 300,650 | |||||||
Service and administrative costs | 4,528 | 2,325 | 2,201 | 2,750 | |||||||||||
Interest cost | 5,484 | 10,662 | 4,870 | 11,836 | |||||||||||
Benefits paid and plan expenses | (13,081 | ) | (19,709 | ) | (13,238 | ) | (20,032 | ) | |||||||
Participants’ contributions | 176 | — | 189 | — | |||||||||||
Business acquisition | 537 | — | 39,293 | — | |||||||||||
Plan amendments | 533 | — | — | — | |||||||||||
Actuarial (gain) loss | (13,141 | ) | (18,681 | ) | (1,486 | ) | 13,509 | ||||||||
Effect of exchange rate changes | (17,278 | ) | — | 32,059 | — | ||||||||||
Projected benefit obligations at end of year | $ | 311,168 | $ | 283,310 | $ | 343,410 | $ | 308,713 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 179,736 | $ | 253,427 | $ | 153,281 | $ | 243,817 | |||||||
Actual return on plan assets | (5,653 | ) | (14,376 | ) | 15,866 | 29,642 | |||||||||
Benefits paid and plan expenses | (13,081 | ) | (19,709 | ) | (13,238 | ) | (20,032 | ) | |||||||
Employer’s contributions | 8,480 | 15,000 | 8,422 | — | |||||||||||
Participants’ contributions | 176 | — | 189 | — | |||||||||||
Effect of exchange rate changes | (10,495 | ) | — | 15,216 | — | ||||||||||
Fair value of plan assets at end of year | $ | 159,163 | $ | 234,342 | $ | 179,736 | $ | 253,427 | |||||||
Net liabilities recognized in the consolidated balance sheets | $ | (152,005 | ) | $ | (48,968 | ) | $ | (163,674 | ) | $ | (55,286 | ) | |||
Net amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||
Other assets | $ | 31,419 | $ | — | $ | 26,591 | $ | — | |||||||
Current liabilities | (6,752 | ) | — | (7,017 | ) | — | |||||||||
Long-term liabilities | (176,672 | ) | (48,968 | ) | (183,248 | ) | (55,286 | ) | |||||||
Net liabilities recognized in the consolidated balance sheets | $ | (152,005 | ) | $ | (48,968 | ) | $ | (163,674 | ) | $ | (55,286 | ) | |||
Net amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||
Prior service cost | $ | (278 | ) | $ | — | $ | (457 | ) | $ | — | |||||
Actuarial assumptions as of the year-end measurement date: | |||||||||||||||
Discount rate | 2.07 | % | 4.05 | % | 1.99 | % | 3.56 | % | |||||||
Rate of compensation increase | 3.48 | % | None | 3.50 | % | None |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||
Discount rate | 1.99 | % | 3.56 | % | 2.06 | % | 4.06 | % | 2.88 | % | 4.25 | % | |||||
Rate of compensation increase | 3.50 | % | None | 3.64 | % | None | 3.26 | % | None | ||||||||
Expected rate of return on assets | 5.90 | % | 7.25 | % | 6.00 | % | 7.25 | % | 5.30 | % | 7.25 | % |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | |||||||
Projected benefit obligations | $ | 183,424 | $ | 190,265 | |||
Fair value of plan assets | — | — | |||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | |||||||
Accumulated benefit obligations | $ | 180,560 | $ | 187,329 | |||
Fair value of plan assets | — | — |
Target Allocation | Percentage of Plan Assets at | ||||||||||||||||
December 29, 2019 | December 30, 2018 | December 31, 2017 | |||||||||||||||
Asset Category | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | |||||||||||
Equity securities | 45-55% | 35-50% | 48 | % | 39 | % | 51 | % | 41 | % | |||||||
Debt securities | 45-55% | 50-65% | 51 | % | 61 | % | 49 | % | 59 | % | |||||||
Other | 0-5% | 0-10% | 1 | % | — | % | 0 | % | — | % | |||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Fair Value Measurements at December 30, 2018 Using: | |||||||||||||||
Total Carrying Value at December 30, 2018 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 6,326 | $ | 6,326 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
U.S. large-cap | 35,072 | 35,072 | — | — | |||||||||||
International large-cap value | 24,175 | 24,175 | — | — | |||||||||||
U.S. small mid-cap | 1,928 | 1,928 | — | — | |||||||||||
Emerging markets growth | 11,993 | 11,993 | — | — | |||||||||||
Equity index funds | 54,342 | — | 54,342 | — | |||||||||||
Domestic real estate funds | 1,353 | 1,353 | — | — | |||||||||||
Foreign real estate funds | 22,196 | — | — | 22,196 | |||||||||||
Commodity funds | 886 | 886 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Non-U.S. treasury securities | 23,352 | — | 23,352 | — | |||||||||||
Corporate and U.S. debt instruments | 131,211 | 48,133 | 83,078 | — | |||||||||||
Corporate bonds | 24,848 | — | 24,848 | — | |||||||||||
High yield bond funds | 5,186 | 5,186 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 16,934 | — | — | 16,934 | |||||||||||
Non-U.S. government index linked bonds | 33,703 | — | 33,703 | — | |||||||||||
Total assets measured at fair value | $ | 393,505 | $ | 135,052 | $ | 219,323 | $ | 39,130 |
Fair Value Measurements at December 31, 2017 Using: | |||||||||||||||
Total Carrying Value at December 31, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 4,307 | $ | 4,307 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
U.S. large-cap | 30,008 | 30,008 | — | — | |||||||||||
International large-cap value | 32,613 | 32,613 | — | — | |||||||||||
U.S. small-cap | 2,104 | 2,104 | — | — | |||||||||||
Emerging markets growth | 14,348 | 14,348 | — | — | |||||||||||
Equity index funds | 90,838 | — | 90,838 | — | |||||||||||
Domestic real estate funds | 1,401 | 1,401 | — | — | |||||||||||
Commodity funds | 7,387 | 7,387 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Non-U.S. Treasury Securities | 24,946 | — | 24,946 | — | |||||||||||
Corporate and U.S. debt instruments | 138,948 | 40,290 | 98,658 | — | |||||||||||
Corporate bonds | 27,571 | — | 27,571 | — | |||||||||||
High yield bond funds | 5,912 | 5,912 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 16,789 | — | — | 16,789 | |||||||||||
Non-U.S. government index linked bonds | 35,991 | — | 35,991 | — | |||||||||||
Total assets measured at fair value | $ | 433,163 | $ | 138,370 | $ | 278,004 | $ | 16,789 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3): | |||||||||||||||
Venture Capital Funds | Foreign Real Estate Funds | Multi-strategy Hedge Funds | Total | ||||||||||||
(In thousands) | |||||||||||||||
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 | |||||||||||
Sales | — | — | (8,189 | ) | (8,189 | ) | |||||||||
Realized gains | — | — | 1,542 | 1,542 | |||||||||||
Unrealized losses | — | — | (354 | ) | (354 | ) | |||||||||
Balance at December 31, 2017 | — | — | 16,789 | 16,789 | |||||||||||
Purchases | — | 22,196 | — | 22,196 | |||||||||||
Unrealized gains | — | — | 145 | 145 | |||||||||||
Balance at December 30, 2018 | $ | — | $ | 22,196 | $ | 16,934 | $ | 39,130 |
Non-U.S. | U.S. | ||||||
(In thousands) | |||||||
2019 | $ | 11,313 | $ | 18,774 | |||
2020 | 11,654 | 18,948 | |||||
2021 | 12,200 | 19,176 | |||||
2022 | 12,267 | 19,353 | |||||
2023 | 12,551 | 19,462 | |||||
2024-2028 | 67,457 | 95,403 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Service cost | $ | 106 | $ | 92 | $ | 101 | |||||
Interest cost | 120 | 125 | 142 | ||||||||
Expected return on plan assets | (1,254 | ) | (1,114 | ) | (1,035 | ) | |||||
Actuarial loss (gain) | 1,621 | (741 | ) | (539 | ) | ||||||
Net periodic postretirement medical benefit cost (credit) | $ | 593 | $ | (1,638 | ) | $ | (1,331 | ) |
December 30, 2018 | December 31, 2017 | ||||||
(In thousands) | |||||||
Actuarial present value of benefit obligations: | |||||||
Retirees | $ | 688 | $ | 804 | |||
Active employees eligible to retire | 408 | 379 | |||||
Other active employees | 2,317 | 1,948 | |||||
Accumulated benefit obligations at beginning of year | 3,413 | 3,131 | |||||
Service cost | 106 | 92 | |||||
Interest cost | 120 | 125 | |||||
Benefits paid | (117 | ) | (122 | ) | |||
Actuarial (gain) loss | (611 | ) | 187 | ||||
Change in accumulated benefit obligations during the year | (502 | ) | 282 | ||||
Retirees | 583 | 688 | |||||
Active employees eligible to retire | 362 | 408 | |||||
Other active employees | 1,966 | 2,317 | |||||
Accumulated benefit obligations at end of year | $ | 2,911 | $ | 3,413 | |||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | $ | 17,374 | $ | 15,453 | |||
Actual return on plan assets | (993 | ) | 1,921 | ||||
Benefits reimbursements paid | (102 | ) | — | ||||
Fair value of plan assets at end of year | $ | 16,279 | $ | 17,374 | |||
Net assets recognized in the consolidated balance sheets | $ | 13,368 | $ | 13,961 | |||
Net amounts recognized in the consolidated balance sheets consist of: | |||||||
Other assets | $ | 13,368 | $ | 13,961 | |||
Net amounts recognized in accumulated other comprehensive income consist of: | |||||||
Prior service cost | $ | — | $ | — | |||
Actuarial assumptions as of the year-end measurement date: | |||||||
Discount rate | 4.09 | % | 3.60 | % |
December 30, 2018 | December 31, 2017 | January 1, 2017 | ||||||
Discount rate | 3.60 | % | 4.11 | % | 4.34 | % | ||
Expected rate of return on assets | 7.25 | % | 7.25 | % | 7.25 | % |
Fair Value Measurements at December 30, 2018 Using: | |||||||||||||||
Total Carrying Value at December 30, 2018 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 390 | $ | 390 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
U.S. large-cap | 2,436 | 2,436 | — | — | |||||||||||
International large-cap value | 1,679 | 1,679 | — | — | |||||||||||
U.S. small mid-cap | 134 | 134 | — | — | |||||||||||
Emerging markets growth | 833 | 833 | — | — | |||||||||||
Domestic real estate funds | 94 | 94 | — | — | |||||||||||
Commodity funds | 62 | 62 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate debt instruments | 9,115 | 3,344 | 5,771 | — | |||||||||||
High yield bond funds | 360 | 360 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 1,176 | — | — | 1,176 | |||||||||||
Total assets measured at fair value | $ | 16,279 | $ | 9,332 | $ | 5,771 | $ | 1,176 |
Fair Value Measurements at December 31, 2017 Using: | |||||||||||||||
Total Carrying Value at December 31, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Cash | $ | 268 | $ | 268 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
U.S. large-cap | 2,057 | 2,057 | — | — | |||||||||||
International large-cap value | 2,236 | 2,236 | — | — | |||||||||||
U.S. small mid-cap | 144 | 144 | — | — | |||||||||||
Emerging markets growth | 984 | 984 | — | — | |||||||||||
Domestic real estate funds | 96 | 96 | — | — | |||||||||||
Commodity funds | 506 | 506 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
Corporate debt instruments | 9,526 | 2,762 | 6,764 | — | |||||||||||
High yield bond funds | 406 | 406 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Multi-strategy hedge funds | 1,151 | — | — | 1,151 | |||||||||||
Total assets measured at fair value | $ | 17,374 | $ | 9,459 | $ | 6,764 | $ | 1,151 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3): | |||
Multi-strategy Hedge Funds | |||
(In thousands) | |||
Balance at January 3, 2016 | $ | 1,374 | |
Unrealized gains | 134 | ||
Balance at January 1, 2017 | 1,508 | ||
Sales | (562 | ) | |
Realized gains | 229 | ||
Unrealized losses | (24 | ) | |
Balance at December 31, 2017 | 1,151 | ||
Unrealized gains | 25 | ||
Balance at December 30, 2018 | $ | 1,176 |
Postretirement Medical Plan | |||
(In thousands) | |||
2019 | $ | 136 | |
2020 | 149 | ||
2021 | 168 | ||
2022 | 184 | ||
2023 | 194 | ||
2024-2028 | 1,050 |
Note 18: | Contingencies |
Note 19: | Warranty Reserves |
(In thousands) | |||
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 | ||
Provision charged to income | 13,700 | ||
Payments | (14,245 | ) | |
Adjustments to previously provided warranties, net | (815 | ) | |
Foreign currency translation and acquisitions | 1,398 | ||
Balance at December 31, 2017 | 9,050 | ||
Provision charged to income | 13,545 | ||
Payments | (13,775 | ) | |
Adjustments to previously provided warranties, net | (157 | ) | |
Foreign currency translation and acquisitions | (270 | ) | |
Balance at December 30, 2018 | $ | 8,393 |
Note 20: | Stock Plans |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Cost of product and service revenue | $ | 1,466 | $ | 1,254 | $ | 1,031 | |||||
Research and development expenses | 1,359 | 1,389 | 902 | ||||||||
Selling, general and administrative expenses | 25,942 | 22,778 | 15,225 | ||||||||
Total stock-based compensation expense | $ | 28,767 | $ | 25,421 | $ | 17,158 |
December 30, 2018 | December 31, 2017 | January 1, 2017 | ||||||
Risk-free interest rate | 3.0 | % | 2.0 | % | 1.7 | % | ||
Expected dividend yield | 0.4 | % | 0.4 | % | 0.6 | % | ||
Expected lives | 5 years | 5 years | 5 years | |||||
Expected stock volatility | 20.7 | % | 22.4 | % | 25.2 | % |
December 30, 2018 | ||||||
Number of Shares | Weighted- Average Exercise Price | |||||
(Shares in thousands) | ||||||
Outstanding at beginning of year | 2,154 | $ | 42.77 | |||
Granted | 364 | 77.84 | ||||
Exercised | (709 | ) | 35.02 | |||
Forfeited | (44 | ) | 51.56 | |||
Outstanding at end of year | 1,765 | $ | 52.91 | |||
Exercisable at end of year | 965 | $ | 44.60 |
December 30, 2018 | ||||||
Number of Shares | Weighted- Average Grant- Date Fair Value | |||||
(Shares in thousands) | ||||||
Nonvested at beginning of year | 496 | $ | 50.30 | |||
Granted | 214 | 76.00 | ||||
Vested | (206 | ) | 50.37 | |||
Forfeited | (39 | ) | 55.73 | |||
Nonvested at end of year | 465 | $ | 61.72 |
Note 21: | 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, 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 | ) | ||||||||
Current year change | 54,341 | (77 | ) | 79 | 54,343 | ||||||||||
Balance, December 31, 2017 | (46,582 | ) | 322 | (258 | ) | (46,518 | ) | ||||||||
Current year change | (123,388 | ) | (77 | ) | (9 | ) | (123,474 | ) | |||||||
Reclassification to retained earnings upon adoption of ASU 2018-02 (see Note 1) | (6,489 | ) | — | — | (6,489 | ) | |||||||||
Balance, December 30, 2018 | $ | (176,459 | ) | $ | 245 | $ | (267 | ) | $ | (176,481 | ) |
Note 22: | Derivatives and Hedging Activities |
Note 23: | Fair Value Measurements |
Fair Value Measurements at December 30, 2018 Using: | |||||||||||||||
Total Carrying Value at December 30, 2018 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Marketable securities | $ | 2,447 | $ | 2,447 | $ | — | $ | — | |||||||
Foreign exchange derivative assets | 750 | — | 750 | — | |||||||||||
Foreign exchange derivative liabilities | (594 | ) | — | (594 | ) | — | |||||||||
Contingent consideration | (69,661 | ) | — | — | (69,661 | ) |
Fair Value Measurements at December 31, 2017 Using: | |||||||||||||||
Total Carrying Value at December 31, 2017 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Marketable securities | $ | 2,208 | $ | 2,208 | $ | — | $ | — | |||||||
Foreign exchange derivative assets | 1,431 | — | 1,431 | — | |||||||||||
Foreign exchange derivative liabilities, net | (23,638 | ) | — | (23,638 | ) | — | |||||||||
Contingent consideration | (65,328 | ) | — | — | (65,328 | ) |
(In thousands) | |||
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 | ) | |
Additions | — | ||
Amounts paid and foreign currency translation | 34 | ||
Change in fair value (included within selling, general and administrative expenses) | (2,161 | ) | |
Balance at December 31, 2017 | (65,328 | ) | |
Additions | (6,200 | ) | |
Amounts paid and foreign currency translation | 16,507 | ||
Change in fair value (included within selling, general and administrative expenses) | (14,640 | ) | |
Balance at December 30, 2018 | $ | (69,661 | ) |
Note 24: | Leases |
Note 25: | Industry Segment and Geographic Area Information |
• | Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences and applied 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. |
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | |||||||||||
Product revenue | $ | 1,010,899 | $ | 941,328 | $ | 934,098 | |||||
Service revenue | 682,312 | 637,131 | 578,886 | ||||||||
Total revenue | 1,693,211 | 1,578,459 | 1,512,984 | ||||||||
Operating income from continuing operations(1) | 230,481 | 205,259 | 196,508 | ||||||||
Diagnostics | |||||||||||
Product revenue | 924,594 | 536,086 | 462,798 | ||||||||
Service revenue | 160,191 | 142,437 | 139,735 | ||||||||
Total revenue | 1,084,785 | 678,523 | 602,533 | ||||||||
Operating income from continuing operations(2) | 153,196 | 146,862 | 147,996 | ||||||||
Corporate | |||||||||||
Operating loss from continuing operations | (59,793 | ) | (56,506 | ) | (49,922 | ) | |||||
Continuing Operations | |||||||||||
Product revenue | 1,935,493 | 1,477,414 | 1,396,896 | ||||||||
Service revenue | 842,503 | 779,568 | 718,621 | ||||||||
Total revenue | 2,777,996 | 2,256,982 | 2,115,517 | ||||||||
Operating income from continuing operations | 323,884 | 295,615 | 294,582 | ||||||||
Interest and other expense, net (see Note 7) | 66,201 | (1,103 | ) | 50,514 | |||||||
Income from continuing operations before income taxes | $ | 257,683 | $ | 296,718 | $ | 244,068 |
(1) | Legal costs for significant litigation matters in the Company's Discovery & Analytical Solutions segment were $5.3 million for fiscal year 2018 and $2.7 million for fiscal year 2017. |
(2) | Legal costs for a significant litigation matter in the Company's Diagnostics segment were $0.2 million for fiscal year 2018. |
Depreciation and Amortization Expense | Capital Expenditures | ||||||||||||||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | December 30, 2018 | December 31, 2017 | January 1, 2017 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Discovery & Analytical Solutions | $ | 70,362 | $ | 72,590 | $ | 72,484 | $ | 34,852 | $ | 26,200 | $ | 21,486 | |||||||||||
Diagnostics | 107,434 | 31,204 | 25,339 | 54,737 | 11,262 | 8,556 | |||||||||||||||||
Corporate | 2,792 | 1,206 | 2,149 | 3,664 | 1,627 | 1,660 | |||||||||||||||||
Continuing operations | $ | 180,588 | $ | 105,000 | $ | 99,972 | $ | 93,253 | $ | 39,089 | $ | 31,702 | |||||||||||
Discontinued operations | $ | — | $ | 929 | $ | 6,266 | $ | — | $ | 182 | $ | 1,302 |
Total Assets | |||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
Discovery & Analytical Solutions | $ | 2,567,054 | $ | 2,611,737 | $ | 2,612,757 | |||||
Diagnostics | 3,358,964 | 3,447,437 | 1,505,381 | ||||||||
Corporate | 49,504 | 32,289 | 31,171 | ||||||||
Current and long-term assets of discontinued operations | — | — | 127,374 | ||||||||
Total assets | $ | 5,975,522 | $ | 6,091,463 | $ | 4,276,683 |
Revenue | |||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 906,398 | $ | 837,018 | $ | 842,364 | |||||
International: | |||||||||||
China | 559,865 | 374,931 | 336,728 | ||||||||
United Kingdom | 72,124 | 65,164 | 65,904 | ||||||||
Germany | 142,411 | 91,669 | 89,839 | ||||||||
India | 92,327 | 84,812 | 43,891 | ||||||||
Italy | 95,908 | 77,477 | 70,948 | ||||||||
France | 97,990 | 80,153 | 71,104 | ||||||||
Japan | 79,238 | 76,322 | 65,980 | ||||||||
Other international | 731,735 | 569,436 | 528,759 | ||||||||
Total international | 1,871,598 | 1,419,964 | 1,273,153 | ||||||||
Total sales | $ | 2,777,996 | $ | 2,256,982 | $ | 2,115,517 |
Net Long-Lived Assets | |||||||||||
December 30, 2018 | December 31, 2017 | January 1, 2017 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 201,649 | $ | 210,116 | $ | 182,186 | |||||
International: | |||||||||||
Germany | 99,181 | 88,249 | 1,292 | ||||||||
China | 61,261 | 64,815 | 36,458 | ||||||||
United Kingdom | 33,429 | 28,028 | 14,638 | ||||||||
India | 14,636 | 14,820 | 2,020 | ||||||||
Finland | 16,211 | 14,764 | 12,295 | ||||||||
Italy | 11,324 | 10,334 | 3,398 | ||||||||
Singapore | 14,942 | 9,240 | 6,820 | ||||||||
Brazil | 8,237 | 7,963 | 1,452 | ||||||||
Netherlands | 3,750 | 4,281 | 4,162 | ||||||||
Sweden | 3,038 | 3,869 | 2,645 | ||||||||
Other international | 22,653 | 19,565 | 7,684 | ||||||||
Total international | 288,662 | 265,928 | 92,864 | ||||||||
Total net long-lived assets | $ | 490,311 | $ | 476,044 | $ | 275,050 |
Note 26: | Quarterly Financial Information (Unaudited) |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter(1) | Year | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
December 30, 2018 | |||||||||||||||||||
Revenue | $ | 643,972 | $ | 703,362 | $ | 674,313 | $ | 756,349 | $ | 2,777,996 | |||||||||
Gross profit | 292,222 | 340,140 | 332,327 | 376,250 | 1,340,939 | ||||||||||||||
Restructuring and contract termination charges, net | 6,578 | — | 6,508 | (1,942 | ) | 11,144 | |||||||||||||
Operating income from continuing operations | 39,935 | 88,064 | 80,202 | 115,683 | 323,884 | ||||||||||||||
Income from continuing operations before income taxes | 28,505 | 71,708 | 78,041 | 79,429 | 257,683 | ||||||||||||||
Income from continuing operations | 26,035 | 64,673 | 75,445 | 71,322 | 237,475 | ||||||||||||||
Loss (income) from discontinued operations and dispositions | (11 | ) | (610 | ) | 1,103 | (30 | ) | 452 | |||||||||||
Net income | 26,024 | 64,063 | 76,548 | 71,292 | 237,927 | ||||||||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.59 | $ | 0.68 | $ | 0.64 | $ | 2.15 | |||||||||
Income (loss) from discontinued operations and dispositions | — | (0.01 | ) | 0.01 | — | — | |||||||||||||
Net income | 0.24 | 0.58 | 0.69 | 0.64 | 2.15 | ||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income from continuing operations | $ | 0.23 | $ | 0.58 | $ | 0.68 | $ | 0.64 | $ | 2.13 | |||||||||
Income (loss) from discontinued operations and dispositions | — | (0.01 | ) | 0.01 | — | — | |||||||||||||
Net income | 0.23 | 0.57 | 0.69 | 0.64 | 2.13 | ||||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 | |||||||||
December 31, 2017 | |||||||||||||||||||
Revenue | $ | 514,115 | $ | 546,962 | $ | 554,275 | $ | 641,630 | $ | 2,256,982 | |||||||||
Gross profit | 239,756 | 257,602 | 268,967 | 307,429 | 1,073,754 | ||||||||||||||
Restructuring and contract termination charges, net | 9,651 | — | 3,269 | (263 | ) | 12,657 | |||||||||||||
Operating income from continuing operations | 49,811 | 74,183 | 78,038 | 93,583 | 295,615 | ||||||||||||||
Income from continuing operations before income taxes | 39,983 | 70,792 | 105,054 | 80,889 | 296,718 | ||||||||||||||
Income (loss) from continuing operations | 36,062 | 62,726 | 96,546 | (38,444 | ) | 156,890 | |||||||||||||
Income (loss) from discontinued operations and dispositions | 2,541 | 141,343 | (5,468 | ) | (2,673 | ) | 135,743 | ||||||||||||
Net income (loss) | 38,603 | 204,069 | 91,078 | (41,117 | ) | 292,633 | |||||||||||||
Basic earnings per share: | |||||||||||||||||||
Income (loss) from continuing operations | $ | 0.33 | $ | 0.57 | $ | 0.88 | $ | (0.35 | ) | $ | 1.43 | ||||||||
Income (loss) from discontinued operations and dispositions | 0.02 | 1.29 | (0.05 | ) | (0.02 | ) | 1.24 | ||||||||||||
Net income (loss) | 0.35 | 1.86 | 0.83 | (0.37 | ) | 2.67 | |||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income (loss) continuing operations | $ | 0.33 | $ | 0.57 | $ | 0.87 | $ | (0.35 | ) | $ | 1.42 | ||||||||
Income (loss) from discontinued operations and dispositions | 0.02 | 1.28 | (0.05 | ) | (0.02 | ) | 1.22 | ||||||||||||
Net income (loss) | 0.35 | 1.84 | 0.82 | (0.37 | ) | 2.64 | |||||||||||||
Cash dividends declared per common share | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.28 |
(1) | The fourth quarter of fiscal year 2018 includes a pre-tax loss of $21.4 million as a result of the mark-to-market adjustment on postretirement benefit plans. The fourth quarter of fiscal year 2017 includes a pre-tax gain of $2.1 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 |
• | Added new controls related to gathering the information and evaluating the analyses used in the development of disclosures required before the standard's effective date. |
• | 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. |
• | Added new controls related to gathering the information and evaluating the analyses used in the development of disclosures required before the standard's effective date. |
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) | |||||
2.2 | |||||
2.3(1) | |||||
2.4(1) | |||||
2.5(1) | Amendment Agreement, dated December 19, 2017, to the Share Sale and Transfer Agreement, dated as of June 16, 2017, by and among PerkinElmer, Inc., Prof. Dr. Winfried Stöcker, Stöcker Vermögensverwaltungsgesellschaft mbH & Co. KG and PerkinElmer Germany Diagnostics GmbH filed with the Commission on February 27, 2018 as Exhibit 2.5 to our annual report on Form 10-K (file No. 001-05075) and herein incorporated by reference. | ||||
3.1 | |||||
Exhibit No. | Exhibit Title | ||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4* | Employment Contracts: | ||||
Exhibit No. | Exhibit Title | ||||
Executive Officer | Date | ||||
Joel S. Goldberg Frank A. Wilson | December 3, 2010 December 21, 2010 | ||||
10.5* | |||||
10.6* | |||||
10.7* | |||||
10.8* | |||||
10.9* | |||||
10.10* | |||||
10.11* | |||||
10.12* | |||||
Exhibit No. | Exhibit Title | ||||
10.13* | |||||
10.14* | |||||
10.15* | |||||
10.16* | |||||
10.17* | |||||
10.18* | |||||
10.19* | |||||
10.20* | |||||
10.21* | |||||
10.22* | |||||
10.23* | |||||
10.24* | |||||
10.25* | |||||
10.26* | |||||
10.27* | |||||
21 | |||||
23 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
Exhibit No. | Exhibit Title | ||||
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 January 1, 2017 | $ | 29,866 | $ | 5,346 | $ | (5,499 | ) | $ | (501 | ) | $ | 29,212 | ||||||||
Year ended December 31, 2017 | 29,212 | 2,038 | (1,900 | ) | 1,931 | 31,281 | ||||||||||||||
Year ended December 30, 2018 | 31,281 | 2,503 | (2,295 | ) | (899 | ) | 30,590 |
(1) | Other amounts primarily relate to the impact of acquisitions, discontinued operations and foreign exchange movements. |
Item 16. | Form 10-K Summary |
Signature | PERKINELMER, INC. Title | Date | |||
By: | /S/ ROBERT F. FRIEL | Chairman and Chief Executive Officer | February 26, 2019 | ||
Robert F. Friel | (Principal Executive Officer) | ||||
By: | /S/ JAMES M. MOCK | Sr. Vice President and | February 26, 2019 | ||
James M. Mock | Chief Financial Officer (Principal Financial Officer) | ||||
By: | /S/ ANDREW OKUN | Vice President and | February 26, 2019 | ||
Andrew Okun | Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | |||
By: | /S/ ROBERT F. FRIEL | Chairman and Chief Executive Officer | February 26, 2019 | ||
Robert F. Friel | (Principal Executive Officer) | ||||
By: | /S/ JAMES M. MOCK | Sr. Vice President and | February 26, 2019 | ||
James M. Mock | Chief Financial Officer (Principal Financial Officer) | ||||
By: | /S/ ANDREW OKUN | Vice President and | February 26, 2019 | ||
Andrew Okun | Chief Accounting Officer (Principal Accounting Officer) | ||||
By: | /S/ PETER BARRETT | Director | February 26, 2019 | ||
Peter Barrett | |||||
By: | /S/ SAMUEL R. CHAPIN | Director | February 26, 2019 | ||
Samuel R. Chapin | |||||
By: | /S/ SYLVIE GRÉGOIRE, PharmD | Director | February 26, 2019 | ||
Sylvie Grégoire, PharmD | |||||
By: | /S/ NICHOLAS A. LOPARDO | Director | February 26, 2019 | ||
Nicholas A. Lopardo | |||||
By: | /S/ ALEXIS P. MICHAS | Director | February 26, 2019 | ||
Alexis P. Michas | |||||
By: | /S/ PATRICK J. SULLIVAN | Director | February 26, 2019 | ||
Patrick J. Sullivan | |||||
By: | /S/ FRANK WITNEY, PhD | Director | February 26, 2019 | ||
Frank Witney, PhD | |||||
By: | /S/ PASCALE WITZ | Director | February 26, 2019 | ||
Pascale Witz |
ARTICLE I | DEFINITIONS 2 |
1.1 | “Account” 2 |
1.2 | “Actual Deferral Percentage” 2 |
1.3 | “Adjustment Factor” 2 |
1.4 | “Administrator” 2 |
1.5 | “After-Tax Contribution Account” 2 |
1.6 | “After-Tax Contributions” 2 |
1.7 | “Annual Addition” 2 |
1.8 | “Authorized Leave of Absence” 2 |
1.9 | “Average Actual Deferral Percentage” 2 |
1.10 | “Average Contribution Percentage” 2 |
1.11 | “Before-Tax Contribution Account” 2 |
1.12 | “Before-Tax Contributions” 2 |
1.13 | “Beneficiary” 3 |
1.14 | “Board of Directors” 3 |
1.15 | “Code” 3 |
1.16 | “Committee” 3 |
1.17 | “Company" 3 |
1.18 | “Company Stock” 3 |
1.19 | “Company Stock Fund” 3 |
1.20 | “Compensation” 3 |
1.21 | “Computation Period” 3 |
1.22 | “Contribution Percentage” 4 |
1.23 | “Disability” 4 |
1.24 | “Early Retirement Date” 4 |
1.25 | “Effective Date” 4 |
1.26 | “Eligible Employee” 4 |
1.27 | “Employee” 4 |
1.28 | “Employer” 4 |
1.29 | “Employment Commencement Date” 5 |
1.30 | “Entry Date” 5 |
1.31 | “ERISA” 5 |
1.32 | “Excess Aggregate Contributions” 5 |
1.33 | “Excess Contributions” 5 |
1.34 | “Excess Deferrals” 5 |
1.35 | “Fund” 5 |
1.36 | “Hardship” 5 |
1.37 | “Highly Compensated Employee” 6 |
1.38 | “Hour of Service” 6 |
1.39 | “Limitation Year” 7 |
1.40 | “Matched Contributions” 7 |
1.41 | “Matching Contribution Account” 7 |
1.42 | “Matching Contributions” 7 |
1.43 | “Nonhighly Compensated Employee” 7 |
1.44 | “Normal Retirement Age” 8 |
1.45 | “Normal Retirement Date” 8 |
1.46 | “One-Year Break in Service” 8 |
1.47 | “Participant" 8 |
1.48 | “Plan” 8 |
1.49 | “Plan Year” 8 |
1.50 | “Reemployment Commencement Date” 8 |
1.51 | “Regulations” 8 |
1.52 | “Rollover Account” 8 |
1.53 | “Rollover Contribution” 8 |
1.54 | “Severance from Employment” 8 |
1.55 | “Spouse” 9 |
1.56 | “Trust Agreement” 9 |
1.57 | “Trust Fund” 9 |
1.58 | “Trustee” 9 |
1.59 | “Unmatched Contributions” 9 |
1.60 | “Valuation Date” 9 |
1.61 | “Year of Service” 9 |
ARTICLE II | ELIGIBILITY AND PARTICIPATION 9 |
2.1 | Eligibility 9 |
2.2 | Information 10 |
2.3 | Eligibility upon Reemployment 10 |
2.4 | Transferred Employees 11 |
ARTICLE III | CONTRIBUTIONS AND ALLOCATIONS 11 |
3.1 | Before-Tax Contributions 11 |
3.2 | After-Tax Contributions 12 |
3.3 | Matching Contributions 12 |
3.4 | Rollover Contributions 14 |
3.5 | Changes in Contributions 14 |
3.6 | Suspension and Resumption of Contributions 15 |
3.7 | Actual Deferral Percentage Test 15 |
3.8 | Reductions during Plan Year 16 |
3.9 | Return of Excess Contributions after End of Plan Year 16 |
3.10 | Distribution of Excess Deferrals 17 |
3.11 | Contribution Percentage Test 18 |
3.12 | Return of Excess Aggregate Contributions 19 |
3.13 | Maximum Annual Additions 20 |
3.14 | Return of Contributions to Employer 21 |
ARTICLE IV | ROTH ELECTIVE DEFERRALS 21 |
4.1 | General Application 21 |
4.2 | Separate Accounting 22 |
4.3 | Direct Rollovers 22 |
4.4 | Correction of Excess Contributions 23 |
4.5 | Definition of Roth Elective Deferrals 23 |
ARTICLE V | MAINTENANCE AND VALUATION OF ACCOUNTS 23 |
5.1 | Maintenance of Accounts 23 |
5.2 | Valuation of Accounts 23 |
5.3 | Account Statements 24 |
ARTICLE VI | INVESTMENT OF CONTRIBUTIONS 24 |
6.1 | Investment Funds 24 |
6.2 | Investment of Participant’s Accounts 24 |
6.3 | Responsibility for Investments 25 |
6.4 | Changing Investment Elections - Future Contributions 25 |
6.5 | Transfer among Funds 25 |
6.6 | Special Rules Concerning the Company Stock Fund 25 |
ARTICLE VII | VESTING 27 |
7.1 | Vesting in Before-Tax Contribution, After-Tax Contribution and Rollover Accounts 27 |
7.2 | Vesting in Matching Contribution Account 27 |
7.3 | Forfeiture of Nonvested Interest 28 |
7.4 | Restoration of Forfeitures and Service 28 |
ARTICLE VIII | WITHDRAWALS AND LOANS DURING EMPLOYMENT 29 |
8.1 | After-Tax Contribution Account Withdrawals 29 |
8.2 | Rollover Contribution Account Withdrawal 29 |
8.3 | Age 59½ Withdrawals 29 |
8.4 | Age 70½ Withdrawals 30 |
8.5 | Hardship Withdrawals 30 |
8.6 | Loans to Participants 31 |
ARTICLE IX | DISTRIBUTIONS UPON SEVERANCE FROM EMPLOYMENT 33 |
9.1 | Eligibility for Distribution 33 |
9.2 | Form of Payment 33 |
9.3 | Timing of Payment 33 |
9.4 | Special Timing Rules 34 |
9.5 | Proof of Death 34 |
9.6 | Direct Rollovers 34 |
9.7 | Minimum Required Distributions 35 |
ARTICLE X | TOP HEAVY PROVISIONS 39 |
10.1 | When Applicable 39 |
10.2 | Top Heavy Determination 40 |
10.3 | Minimum Contribution 40 |
10.4 | Vesting Rules 41 |
10.5 | Dual Plan Special Limitations 41 |
10.6 | Aggregation Groups 42 |
10.7 | Key Employee Defined 42 |
10.8 | Determination Date Defined 42 |
10.9 | Matching Contributions 42 |
10.10 | Contributions under Other Plans 43 |
ARTICLE XI | ADMINISTRATION OF PLAN 43 |
11.1 | Records and Notices 43 |
11.2 | Powers and Duties 43 |
11.3 | Claims Procedure 44 |
ARTICLE XII | MANAGEMENT OF FUNDS 45 |
12.1 | Appointment of Trustee 45 |
12.2 | Investment of Trust Fund by Trustees 45 |
12.3 | Investment of Trust Fund by Investment Manager 46 |
12.4 | Exclusive Benefit Rule 46 |
12.5 | Medium of Distribution 46 |
ARTICLE XIII | AMENDMENT, MERGER, TERMINATION OF PLAN 47 |
13.1 | Amendment of Plan 47 |
13.2 | Merger or Consolidation 47 |
13.3 | Additional Participating Employers 47 |
13.4 | Termination of Plan 48 |
ARTICLE XIV | MISCELLANEOUS PROVISIONS 48 |
14.1 | Limitation of Liability 48 |
14.2 | Indemnification 48 |
14.3 | Compliance with ERISA 49 |
14.4 | Nonalienation of Benefits 49 |
14.5 | Employment not Guaranteed by Plan 49 |
14.6 | Form of Communication 49 |
14.7 | Facility of Payment 50 |
14.8 | Service in More Than One Fiduciary Capacity 50 |
14.9 | Binding Effect of Company’s Actions 50 |
14.10 | Governing Law 50 |
14.11 | Military Service 50 |
APPENDIX A | ADDITIONAL RULES FOR PUERTO RICAN PARTICIPANTS A-1 |
APPENDIX B | PREPARTICIPATION SERVICE B-1 |
APPENDIX C | EFFECTIVE DATE OF ADOPTION OF 5% MATCHING |
APPENDIX D | FLUID SCIENCES PARTICIPANTS D-1 |
APPENDIX E | IDS PARTICIPANTS E-1 |
Age | Year of Birth |
65 | 1937 and earlier |
65 plus 2 months/year | 1938 – 1942 |
66 | 1943 – 1954 |
66 plus 2 months/year | 1955 – 1959 |
67 | 1960 and later |
Years of Service | Vested Percentage |
Less than 3 | 0 |
3 or more | 100 |
Years of Service | Vested Percentage |
Less than 2 | 0 |
2 but less than 3 | 20 |
3 but less than 4 | 40 |
4 but less than 5 | 60 |
5 but less than 6 | 80 |
6 or more | 100 |
By: | /s/ John R. Letcher John R. Letcher Its Senior Vice President, Human Resources |
ENTITY | DATE |
Packard Bioscience Company | November 13, 2001 |
Analytical Automation Specialists, Inc. | April 2, 2001 |
Lumen Technologies, Inc. | January 31, 2000 |
Wolfram, Inc. | January 31, 2000 |
Voltarc Technologies, Inc. | January 31, 2000 |
ILC Technology, Inc. | January 31, 2000 |
ORC Technologies | January 31, 2000 |
Life Sciences Divisions 154 and 179 All Other Life Sciences SBU | February 1, 2001 January 1, 2003 |
Corporate (SBU 011) Analytical Instruments (SBU 193 and 229) | January 1, 2003 January 1, 2003 |
OptoElectronics (generally) OptoElectronics (grandfathered ERP participants) | January 1, 2009 January 31, 2011 (pro rated) |
Division | Location Number(s) | Transaction Date |
Industrial Technologies | San Antonio – 043 | November 9, 2005 |
Aerospace | Beltsville – 075 Phelps – 025 | December 6, 2005 December 6, 2005 |
Warwick – 031,040 | December 6, 2005 | |
Semiconductor | Daytona | February 28, 2006 |
PerkinElmer, Inc. | 04-2052042 |
PerkinElmer Holdings, Inc. | 04-2436772 |
PerkinElmer Informatics, Inc. | 04-2897700 |
PerkinElmer Health Sciences, Inc. | 04-3361624 |
Geospiza, Inc. | 91-1894564 |
Novascreen Biosciences Corp.3e | 86-0593048 |
Caliper Life Sciences, Inc. | 33-0675808 |
PerkinElmer Genetics, Inc. | 25-1645804 |
ViaCord, LLC | 04-3201419 |
Bioo Scientific Corp. | 87-0781699 |
Control Development, Inc. | [35-1826939] [Effective March 15, 2018] |
PerkinElmer, Inc. | 04-2052042 |
PerkinElmer Holdings, Inc. | 04-2436772 |
PerkinElmer Informatics, Inc. | 04-2897700 |
PerkinElmer Health Sciences, Inc. | 04-3361624 |
Novascreen Biosciences Corp. | 86-0593048 |
Caliper Life Sciences, Inc. | 33-0675808 |
PerkinElmer Genetics, Inc. | 25-1645804 |
ViaCord, LLC | 04-3201419 |
Bioo Scientific Corp. | 87-0781699 |
Control Development, Inc. | 35-1826939 |
EUROIMMUN US Incorporated | 20-1507364 |
1.1 | Plan Name. I-1 |
1.2 | Qualification of Plan. I-1 |
1.3 | Purpose of Restatement. I-1 |
1.4 | Application. I-1 |
1.5 | Plan Frozen. I-1 |
2.1 | “Accrued Benefit” II-1 |
2.2 | “Active Service” II-1 |
2.3 | “Actuarial Equivalent” II-1 |
2.4 | “Actuary” II-2 |
2.5 | “Administrative Committee” II-2 |
2.6 | “Affiliate” II-2 |
2.7 | “Alternate Payee” II-3 |
2.8 | “Applicable Freeze Date” II-3 |
2.9 | “Authorized Leave of Absence” II-3 |
2.10 | “Average Earnings” II-3 |
2.11 | “Beneficiary” II-4 |
2.12 | “Board” II-4 |
2.13 | “Break-in-Service” II-4 |
2.14 | “Code” II-4 |
2.15 | “Company” II-4 |
2.16 | “Credited Service” II-4 |
2.17 | “Defined Benefit Dollar Limitation” II-5 |
2.18 | “Disabled Participant” II-5 |
2.19 | “Early Retirement Date” II-5 |
2.20 | “Earnings” II-5 |
2.21 | “Effective Date” II-6 |
2.22 | “Eligible Spouse” II-6 |
2.23 | “Employee” II-6 |
2.24 | “Employer” II-7 |
2.25 | “Employment” II-7 |
2.26 | “ERISA” II-7 |
2.27 | “Freeze Date” II-7 |
2.28 | “Hour of Service” II-7 |
2.29 | “IDS” and “IDS Final Employment Date” II-9 |
2.30 | “Investment Manager” II-9 |
2.31 | “Joint Annuitant” II-9 |
2.32 | “Maximum Permissible Benefit” II-9 |
2.33 | “Named Fiduciary” II-11 |
2.34 | “Normal Retirement Age” II-11 |
2.35 | “Normal Retirement Date” II-11 |
2.36 | “Participant” II-11 |
2.37 | “Plan” II-11 |
2.38 | “Plan Year” II-11 |
2.39 | “Predecessor Corporation” II-12 |
2.40 | “Qualified Domestic Relations Order” II-12 |
2.41 | “Rehired Participant” II-12 |
2.42 | “Social Security Tax Base” II-12 |
2.43 | “Subsidiary” II-12 |
2.44 | “Surviving Spouse Option” II-12 |
2.45 | “Transaction Date” II-12 |
2.46 | “Transferred Participant” II-12 |
2.47 | “Trust Fund” II-13 |
2.48 | “Trustees” II-13 |
2.49 | “Year” II-13 |
2.50 | “Year of Eligibility Service” II-13 |
2.51 | “Year of Service” II-13 |
3.1 | Eligibility to Participate. III-1 |
3.2 | Former Participant. III-1 |
3.3 | Plan Closed. III-1 |
3.4 | Belfab. III-1 |
3.5 | Fluid Sciences Participants. III-1 |
3.6 | Participation by Former Missouri Metals Employees. III-2 |
3.7 | Participation by Former Shop Union Employees. III-2 |
3.8 | Exclusions. III-2 |
3.9 | IDS Participants. III-3 |
4.1 | General. IV-1 |
4.2 | Normal Retirement Income. IV-1 |
4.3 | Early Retirement Income. IV-3 |
4.4 | Postponed Retirement Income. IV-4 |
4.5 | Termination Prior to Retirement. IV-5 |
4.6 | Disability Retirement Income. IV-5 |
4.7 | Determination of Accrued Benefit for Certain Participants. IV-6 |
5.1 | General. V-1 |
5.2 | Determination of Years of Service. V-1 |
5.3 | Rehired Participant. V-3 |
6.1 | Defined Benefit Limitations. VI-1 |
6.2 | Definitions. VI-2 |
6.3 | Funding-Based Limits. VI-17 |
7.1 | Determination of Credited Service. VII-1 |
8.1 | Normal Form of Payment. VIII-1 |
8.2 | Optional Forms of Payment. VIII-4 |
8.3 | Election Procedure. VIII-5 |
8.4 | Minimum Required Distributions. VIII-6 |
8.5 | Suspension of Benefits. VIII-13 |
8.6 | Direct Rollovers. VIII-15 |
9.1 | Administrative Committee. IX-1 |
9.2 | Agents of the Administrative Committee. IX-1 |
9.3 | Procedures. IX-1 |
9.4 | Claims Procedures. IX-1 |
9.5 | Benefit Payments from Trust. IX-3 |
9.6 | Payment to Incompetents. IX-3 |
9.7 | Powers of Administrative Committee. IX-3 |
9.8 | Special Powers. IX-3 |
9.9 | Use of Outside Specialists. IX-4 |
9.10 | Power of Named Fiduciaries. IX-5 |
9.11 | Indemnification. IX-5 |
10.1 | Trust. X-1 |
10.2 | Return of Contributions. X-1 |
10.3 | Contributions. X-1 |
11.1 | Establishment of Retiree Health Plan. XI-1 |
11.2 | Definitions. XI-2 |
11.3 | Election to Continue Coverage. XI-3 |
11.4 | Funding Method and Policy. XI-3 |
11.5 | Subordination to Retirement Benefits. XI-3 |
11.6 | Benefits Provision. XI-4 |
11.7 | Coordination with Retiree Health Plan. XI-4 |
11.8 | Reservation of the Right to Terminate Benefits. XI-4 |
11.9 | Disallowance of Deduction. XI-4 |
12.1 | Right to Amend. XII-1 |
12.2 | Right to Suspend. XII-1 |
12.3 | Distribution of Funds upon Termination. XII-1 |
12.4 | Termination Events. XII-2 |
12.5 | Merger or Consolidation. XII-3 |
13.1 | Plan Voluntary. XIII-1 |
13.2 | Benefits Payable from Trust. XIII-1 |
13.3 | Non-alienation of Benefits. XIII-1 |
13.4 | Rights of Participants. XIII-1 |
13.5 | Enforcement. XIII-2 |
13.6 | Payment of Plan Expenses. XIII-2 |
13.7 | Restriction on Benefits. XIII-2 |
13.8 | Illegal Provisions. XIII-3 |
13.9 | Forfeitures. XIII-3 |
13.10 | Lump Sum Payments. XIII-3 |
13.11 | Repayment of Lump Sums. XIII-3 |
13.12 | Headings. XIII-4 |
13.13 | Action by Employer. XIII-4 |
13.14 | Gender and Number. XIII-4 |
13.15 | Qualified Military Service. XIII-4 |
14.1 | Definitions. XIV-1 |
14.2 | Top-Heavy Plan. XIV-1 |
14.3 | Restrictions. XIV-2 |
14.4 | Plan Aggregations. XIV-4 |
APPENDIX A | A-1 |
APPENDIX B | B-1 |
APPENDIX C | C-1 |
APPENDIX D | D-1 |
APPENDIX E | E-1 |
APPENDIX F | F-1 |
APPENDIX G | G-1 |
APPENDIX H | H-1 |
1.1 | Plan Name. The Plan shall be known as the PerkinElmer, Inc. Employees Retirement Plan. Prior to October 26, 1999, the Plan was known as the EG&G, Inc. Employees Retirement Plan. |
1.2 | Qualification of Plan. The Plan and any trust created hereunder are intended to meet the requirements of Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended from time to time, and the Employee Retirement Income Security Act of 1974, as amended from time to time. |
1.3 | Purpose of Restatement. The last amendment and restatement of the Plan, effective January 1, 2007, obtained a favorable ruling from the Internal Revenue Service regarding its qualified status. The current amendment and restatement of the Plan is effective January 1, 2012, except as otherwise specifically provided herein. |
1.4 | Application. The terms and conditions of the Plan shall, in all respects, apply to all Employees of all participating Employers, except as otherwise specifically provided in an Appendix. |
1.5 | Plan Frozen. Notwithstanding any provision of the Plan to the contrary, all accruals under the Plan shall cease effective as of the Freeze Date. The Accrued Benefit of all Participants shall be determined as of the Freeze Date, and shall not thereafter be increased by any service or compensation changes. All Participants actively accruing benefits in the Plan immediately prior to the Freeze Date shall be fully vested in their Accrued Benefit as of the Freeze Date. For the avoidance of doubt, a Participant who completed at least ten (10) Years of Service prior to the Freeze Date and who became a Disabled Participant prior to the Freeze Date, by reason of a determination by the Federal Social Security Administration made prior to the Freeze Date, shall be treated as having accrued his or her Disability Retirement Income benefit payable under Section 4.6 prior |
2.1 | “Accrued Benefit” means the amount of retirement income as of the calculation date determined in accordance with Section 4.2, and subject to the provisions of Section 4.7. |
2.2 | “Active Service” means actual performance of duties as an Employee and shall not include time spent on an Authorized Leave of Absence. |
2.3 | “Actuarial Equivalent” means, for non-lump sum forms of payment, a benefit of equivalent value to the benefit which otherwise would have been provided determined on the basis of the 1971 Group Annuity Mortality Table with no loading, and projected by Scale E, with a one (1) year age setback for the Participant and a five (5) year age setback for any Beneficiary, and on the basis of an interest rate of seven percent (7%). |
(a) | Applicable Mortality Table means the mortality table based on the prevailing commissioners’ standard table (described in Section 807(d)(5)(A) of the Code) used to determine reserves for group annuity contracts issued on the date as of which present value is being determined (without regard to any other subparagraph of Section 807(d)(5) of the Code) that is prescribed by the |
(b) | Applicable Interest Rate means the annual interest rate on 30-year Treasury securities as specified by the Commissioner of the Internal Revenue Service for the Lookback Month, as published in revenue rulings, notices or other guidance published in the Internal Revenue Bulletin. For Plan Years beginning after December 31, 2007, the “Applicable Interest Rate” means the segment rates of interest for the Lookback Month, as defined in Section 417(e)(3)(C) of the Code. |
(c) | Lookback Month means the second full calendar month preceding the first day of the Stability Period. |
(d) | Stability Period means the Plan Year that contains the annuity starting date. |
2.4 | “Actuary” means a Fellow or Associate of the Society of Actuaries or a Member of the American Academy of Actuaries, who is Enrolled by the Joint Board for the Enrollment of Actuaries and who has been retained by the Administrative Committee as Actuary for the Plan. |
2.5 | “Administrative Committee” means the Plan’s Administrative Committee consisting of the Company’s Senior Vice President Human Resources, and such other individuals as he shall from time to time appoint. |
2.6 | “Affiliate” shall mean a corporation (i) in which the Company and/or a Subsidiary has an equity interest of less than fifty percent (50%) or a note or debenture convertible into an equity interest and (ii) which is determined by the Administrative Committee to be an affiliated corporation. For purposes of Article V, Affiliate means the Company and any |
2.7 | “Alternate Payee” means a Spouse, former Spouse, child, or other dependent of a Participant who is recognized by a Qualified Domestic Relations Order as having a right to receive all or a portion of the benefits of a Participant. |
2.8 | “Applicable Freeze Date” has the meaning ascribed to it in Section 1.5. |
2.9 | “Authorized Leave of Absence” means any leave of absence granted by an Employer under the Employer’s leave of absence policy, including a leave granted to an Employee who is absent from work due to either (a) the pregnancy of such Employee, (b) the birth of a child of the Employee, (c) the placement of a child in connection with the adoption of the child by the Employee, or (d) for purposes of caring for the child during the period immediately following the birth or placement for adoption. |
2.10 | “Average Earnings” means the average annual Earnings of a Participant for the highest sixty (60) successive months of Credited Service for which the Employee is compensated by an Employer out of the last one hundred and twenty (120) months of such Credited Service prior to his date of termination of Employment. A Participant who does not have sixty (60) successive months of Credited Service shall have his average Earnings calculated over a period of months of Credited Service evenly divisible by twelve. If such a Participant’s successive months of Credited Service are not evenly divisible by twelve, Earnings attributable to a period of Credited Service of less than twelve months shall be annualized. |
2.11 | “Beneficiary” means a person(s), trust, or other entity designated by the Participant, on the form and in a manner prescribed by the Administrative Committee, to receive any benefits which shall be payable under the Plan in the event of the Participant’s death, or in the absence of such designation, the Participant’s estate. Pre-retirement death benefits which become payable under Article VIII may only be paid to a Participant’s Eligible Spouse (or former spouse to the extent provided under a Qualified Domestic Relations Order). |
2.12 | “Board” means the Board of Directors of the Company. |
2.13 | “Break-in-Service” means a calendar year after the Effective Date during which a Participant completes less than five hundred (500) Hours of Service. |
2.14 | “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations issued thereunder. |
2.15 | “Company” means PerkinElmer, Inc. Prior to October 26, 1999, Company means EG&G, Inc. |
2.16 | “Credited Service” means that portion of a Participant’s Employment, as determined in accordance with Article VII, which will be used in determining the amount of a Participant’s retirement benefit under the Plan. |
2.17 | “Defined Benefit Dollar Limitation” is $160,000, as adjusted, ($200,000 in 2012) effective January 1 of each year, under Section 415(d) of the Code in such manner as the Secretary shall prescribe, and payable in the form of a straight life annuity. A limitation as adjusted under Section 415(d) of the Code will apply to limitation years ending with or within the calendar year for which the adjustment applies. |
2.18 | “Disabled Participant” means a Participant who incurs a physical or mental condition which, as determined by the Federal Social Security Administration, renders the Participant eligible to receive disability benefits under Title II of the Federal Social Security Act, as amended from time to time. |
2.19 | “Early Retirement Date” means the first day of any month which is not more than ten (10) years prior to an Employee’s Normal Retirement Date, which that Employee, who will then have completed at least ten (10) Years of Service, elects, on a written form acceptable to the Administrative Committee, as a date on which he wishes to retire. For an Employee who was a Participant on December 31, 1988, “Early Retirement Date” means the first day of any month after an Employee’s fifty-fifth (55th) birthday, which that Employee, who will then have completed at least ten (10) Years of Service, elects, on a written form acceptable to the Administrative Committee, as a date on which he wishes to retire. |
2.20 | “Earnings” means the regular base wage or salary received by the Employee from an Employer, Affiliate, or Subsidiary, inclusive of commissions and severance, but exclusive of any bonus, overtime payments, or any other additives to the base wage or salary. |
2.21 | “Effective Date” shall mean January 1, 2012, the date as of which this amendment and restatement of the Plan is effective except as otherwise specifically provided herein. As so amended and restated, the respective provisions of the Plan shall apply only to Employees who terminate on or after the Effective Date. The rights and benefits, if any, of each other Employee shall be determined in accordance with the respective provisions of the Plan in effect on the date such Employee terminated service. |
2.22 | “Eligible Spouse” means a person who was legally married to the Participant on the date of retirement or death of the Participant. |
2.23 | “Employee” means any person employed by an Employer. A “Full-Time Employee” is an Employee who works the regular full-time workweek for his Employer, whether or not that Employee is considered regular or temporary by the Employer. A “Part-Time Employee” is an Employee who does not normally work the regular full-time workweek for his Employer, whether or not that Employee is considered regular or temporary by the Employer. |
2.24 | “Employer” means the Company and/or a Subsidiary which is authorized by the Board to participate in the Plan and, in fact, does adopt the Plan. |
2.25 | “Employment” means service in the employ of an Employer, provided, however, that transfer from one Employer to another does not constitute a termination of Employment hereunder whatever its common law effects. |
2.26 | “ERISA” means Public Law 93-406, Employee Retirement Income Security Act of 1974, as amended from time to time. |
2.27 | “Freeze Date” means January 31, 2011. |
2.28 | “Hour of Service” shall be determined from the Employer’s records and shall include: |
(a) | hours for which an Employee is directly or indirectly paid, or is entitled to payment, for the performance of duties for an Employer; |
(b) | hours for which back pay, irrespective of mitigation of damages, is either awarded to or agreed by the Employer; and |
(c) | hours for which an Employee is paid, or entitled to payment, by an Employer on account of a period of time during which no duties are performed (irrespective of whether or not the Employee is still in the Employment of an Employer) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence. |
(d) | Notwithstanding anything to the contrary contained in the foregoing, an Employee may receive credit for the same Hour of Service only under one of the preceding subsections; |
(i) | no more than five hundred one (501) Hours of Service are required to be credited under Paragraph (c) above to an Employee on account of any single continuous period during which the Employee performs no duties (whether or not such period occurs in a single Year); and |
(ii) | an hour for which an Employee is paid or entitled to payment on account of a period during which no duties are performed is not required to be credited to the Employee if such payment: |
(A) | is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation or unemployment compensation or disability insurance laws, or |
(B) | solely reimburses the Employee for medical or medically-related expenses incurred by the Employee. |
(e) | Each hour not counted under Paragraphs (a), (b), (c) or (d) above during a period of military service, in the case of an Employee who was employed by the Employer prior to such military service and who returns to employment with the Employer while protected by reemployment rights under federal law. |
(f) | Hours of Service, except as provided below, will be credited to the Year to which they are attributable. In the case of Hours of Service attributable to a period of no more than thirty-one (31) days which overlaps two (2) Years, all such Hours of Service shall be credited to either Year, as determined by the Administrative Committee. |
2.29 | “IDS” and “IDS Final Employment Date” have the meaning ascribed to them in Section 3.9. |
2.30 | “Investment Manager” means the individuals and/or other entities appointed in accordance with Section 9.10 who have acknowledged in writing that they are a Named Fiduciary with respect to the Plan and who is: |
(a) | registered as an investment advisor under the Investment Advisors Act of 1940; or |
(b) | a bank, as defined in such Act; or |
(c) | an insurance company qualified to manage, acquire or dispose of assets of pension plans. |
2.31 | “Joint Annuitant” means a person designated by a Participant, in accordance with Section 8.2. |
2.32 | “Maximum Permissible Benefit” means the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required, as provided in (a) and, if applicable, in (b) or (c) below). |
(a) | If the Participant has fewer than 10 Years of Participation in the Plan, the Defined Benefit Dollar Limitation shall be multiplied by a fraction, (i) the numerator of which is the number of years (or part thereof) of participation in the Plan and (ii) the denominator of which is 10. In the case of a Participant who has fewer than 10 Years of Service with the Employer, the Defined Benefit Compensation Limitation shall be multiplied by a fraction, (i) the numerator of which is the number of Years (or part thereof) of Service with the Employer and (ii) the denominator of which is 10. |
(b) | If the benefit of a Participant begins prior to age 62, the Defined Benefit Dollar Limitation applicable to the Participant at such earlier age is an annual benefit payable in the form of a straight life annuity beginning at the earlier age that is the Actuarial Equivalent of the Defined Benefit Dollar Limitation applicable to the Participant at age 62 (adjusted under (a) above, if required). The Defined Benefit Dollar Limitation applicable at an age prior to age 62 is determined as the lesser of (i) the Actuarial Equivalent (at such age) of the Defined Benefit Dollar Limitation computed using the interest rate and mortality table specified in Section 2.3 of the Plan and (ii) the Actuarial Equivalent (at such age) of the Defined Benefit Dollar Limitation computed using a 5 percent (5%) interest rate and the applicable Mortality Table as defined in Section 2.3(a) of the Plan. Any decrease in the Defined Benefit Dollar Limitation determined in accordance with this paragraph (b) shall not reflect a mortality decrement if benefits are not forfeited upon the death of the Participant. If any benefits are forfeited upon death, the full mortality decrement is taken into account. |
(c) | If the benefit of a Participant begins after the Participant attains age 65, the Defined Benefit Dollar Limitation applicable to the Participant at the later age is |
2.33 | “Named Fiduciary” means the Administrative Committee, the Trustees and the Investment Manager(s), but only with respect to the specific responsibilities of each for the administration of the Plan. |
2.34 | “Normal Retirement Age” means the age determined in accordance with the following table: |
Age | Year of Birth |
65 | 1937 and Earlier |
65 plus 2 months/year | 1938 – 1942 |
66 | 1943 – 1954 |
66 plus 2 months/year | 1955 – 1959 |
67 | 1960 and later |
2.35 | “Normal Retirement Date” means the first day of the month following the month in which the Participant attains his Normal Retirement Age. |
2.36 | “Participant” means an Employee who meets the requirements for participation as provided in Article III, or a former Employee who is receiving benefits under the Plan or who has vested rights under the Plan. |
2.37 | “Plan” means the PerkinElmer, Inc. Employees Retirement Plan as set forth herein and as it may from time to time be duly amended. Prior to October 26, 1999, Plan means the EG&G, Inc. Employees Retirement Plan. |
2.38 | “Plan Year” means the twelve (12) month period commencing on January 1st and ending on December 31st. |
2.39 | “Predecessor Corporation” means a corporation that has merged into or consolidated with, or whose voting stock or assets have all or substantially all been acquired by the Company or a Subsidiary. |
2.40 | “Qualified Domestic Relations Order” means an order as defined in Section 414(p) of the Code. |
2.41 | “Rehired Participant” means an individual who terminates Employment with an Employer and begins employment with an Employer, Affiliate or Subsidiary on a date later than the next regularly scheduled work day and would have his prior service reinstated under the reinstatement rules set forth in Section 5.3(b) had he been rehired by an Employer. |
2.42 | “Social Security Tax Base” means the thirty-five (35) year average of maximum wages upon which Social Security taxes were based during each of the calendar years ending with the calendar year in which the Employee reaches his Normal Retirement Age, assuming no change in the Social Security maximum taxable wage after the Employee’s termination of Employment. In order to determine the Social Security Tax Base for an Employee who works beyond his Normal Retirement Age, it will be assumed that the Employee’s Normal Retirement Age occurs in his year of termination. |
2.43 | “Subsidiary” means a corporation fifty percent (50%) or more of the voting stock of which is owned legally or beneficially by the Company and/or by a Subsidiary or Subsidiaries of the Company. |
2.44 | “Surviving Spouse Option” means that the Participant’s retirement income will be paid in the form of a fifty percent (50%) Joint and Survivor option determined in accordance with Section 8.1(b)(i). |
2.45 | “Transaction Date” has the meaning ascribed to it in Section 3.5. |
2.46 | “Transferred Participant” means an individual who terminates Employment with an Employer and begins employment with an Affiliate or Subsidiary on the next following regularly scheduled workday. |
2.47 | “Trust Fund” means any fund established by a trust agreement and held by a Trustee or Trustees in order to provide for benefits under the Plan. |
2.48 | “Trustees” means the persons or corporations named by the Company, and who have agreed to serve in such capacity. |
2.49 | “Year” means the twelve (12) month period ending on the day prior to the anniversary of the Employee’s date of hire by an Employer, or where the Employee has incurred a Break-in-Service, the twelve (12) month period ending on the day prior to the anniversary of the Employee’s reemployment commencement date. |
2.50 | “Year of Eligibility Service” means a Year in which a Participant is credited with one thousand (1,000) or more Hours of Service. |
2.51 | “Year of Service” means a Year of Service as defined in Article V. |
3.1 | Eligibility to Participate. Each Employee who was a Participant in the Plan as of December 31, 2011 shall continue to participate in the Plan, subject to the provisions of Section 1.5. |
3.2 | Former Participant. A former Participant receiving or entitled to receive a retirement benefit under the Plan shall continue as a Participant until the date of his death. The rights and benefits of a former Participant will be determined in accordance with the provisions of the Plan in effect on the Participant’s retirement date or date of termination of Employment, if earlier. |
3.3 | Plan Closed. In no event shall an individual become a Participant after March 15, 2003. |
3.4 | Belfab. Former hourly employees of Belfab who were acquired by the Employer shall participate in the Plan but shall not be subject to the basic terms and conditions of the Plan. Instead, such former hourly employees of Belfab shall be subject to the terms and conditions of the John Crane, Inc. Employees’ Pension Plan - Belfab Hourly Employees as in effect on March 31, 1998, the terms and conditions of which are explicitly herein incorporated by reference. |
3.5 | Fluid Sciences Participants. Active Participants employed by the Fluid Sciences Strategic Business Unit at the sites identified below ceased to be employed by the Company as of the transaction dates identified below (each, a “Transaction Date”). Any such Fluid Sciences Participant who remained employed by the Company through his applicable Transaction Date shall have a fully vested and nonforfeitable right to his Accrued Benefits as determined as of the Transaction Date. No further benefits shall accrue under the Plan for such a Fluid Sciences Participant for any period occurring after his applicable Transaction Date. |
Division | Location Number(s) | Transaction Date |
Industrial Technologies | San Antonio – 043 | November 9, 2005 |
Aerospace | Beltsville – 075 | December 6, 2005 |
Phelps – 025 | December 6, 2005 | |
Warwick – 031, 040 | December 6, 2005 | |
Semiconductor | Daytona | February 28, 2006 |
3.6 | Participation by Former Missouri Metals Employees. Notwithstanding anything herein to the contrary, effective on September 30, 2004 (the date of the merger of the Missouri Metals Shaping Company Employees Pension Plan with and into the Plan), former hourly employees of the Company who participated in the Missouri Metals Shaping Company Employees Pension Plan will become Participants in the Plan. Such Participants shall not be subject to the benefit provisions of Articles III, IV, V, VII, and VIII hereunder, but shall instead be subject to the benefit accrual and time and form of payment provisions of the Missouri Metals Shaping Company Pension Plan as of September 30, 2004 (as set forth in Appendix G) , and the terms of such provisions are explicitly herein incorporated by reference. In no event shall the Accrued Benefit of a Participant described in this Section 3.6 be less than his accrued benefit under the Missouri Metals Shaping Company Pension Plan. |
3.7 | Participation by Former Shop Union Employees. Notwithstanding anything herein to the contrary, effective on March 31, 2007 (the date of the merger of the PerkinElmer Shop Union Pension Plan with and into the Plan), former hourly employees of the Company who participated in the PerkinElmer Shop Union Pension Plan will become Participants in the Plan. Such Participants shall not be subject to the benefit provisions of Articles III, IV, V, VII, and VIII hereunder, but shall instead be subject to the benefit accrual and time and form of payment provisions of the PerkinElmer Shop Union Pension Plan as of March 31, 2007 (as set forth in Appendix H) , and the terms of such provisions are explicitly herein incorporated by reference. In no event shall the Accrued Benefit of a Participant described in this Section 3.7 be less than his accrued benefit under the PerkinElmer Shop Union Pension Plan. |
3.8 | Exclusions. No individual whose work site location is identified on Schedule 3.8 to the Plan, as from time to time in effect, shall become a Participant in the Plan. |
3.9 | IDS Participants. Active Participants employed in the Company’s Illumination and Detection Solutions (“IDS”) business ceased to be employed by the Company and its Subsidiaries as of November 28, 2010 (the “IDS Final Employment Date”). Any such IDS Participant who remained employed by the Company through the IDS Final Employment Date shall have a fully vested and nonforfeitable right to his Accrued Benefit as determined as of the IDS Final Employment Date. For the avoidance of doubt, no further benefits shall accrue under the Plan for such IDS Participant for any period occurring after the applicable IDS Final Employment Date. |
4.1 | General. To establish eligibility for a retirement benefit, a Participant shall file an application for such benefit on a form and in a manner prescribed by the Administrative Committee. |
4.2 | Normal Retirement Income. A Participant who retires upon attaining his Normal Retirement Age shall have a nonforfeitable right to his retirement income and shall be entitled to receive a monthly retirement income for life, payable as of his Normal Retirement Date, which shall be the greatest of (a), (b) and (c) below: |
(a) | Seventy dollars and eighty-three cents ($70.83) |
(b) | One-twelfth (1/12) of the sum of (i), (ii) and (iii) below: |
(i) | eighty-five one hundredth’s percent (0.85%) of his Average Earnings, multiplied by his years of Credited Service, plus |
(ii) | seventy-five one hundredth’s percent (0.75%) of that part, if any, of his Average Earnings in excess of the Social Security Tax Base, multiplied by the lesser of: |
(A) | his years of Credited Service, and |
(B) | thirty-five (35) |
(iii) | solely for Participants listed in Appendix B, the product of (A) multiplied by (B) below where: |
(A) | one and six-tenth’s percent (1.6%) of his Average Earnings multiplied by his years of Credited Service, times the ratio determined by dividing his service credit as set forth in Appendix B (if any) by twenty-five (25), and |
(B) | equals, for a Participant who retires or terminates employment prior to attaining his Normal Retirement Age, a fraction, the numerator of which is the Participant’s actual years of Credited Service, and the denominator of which is the Participant’s Years of Credited Service that he would have had at Normal Retirement Age (in both cases disregarding Credited Service before January 1, 1994). |
(c) | For an Employee who was a Participant as of December 31, 2000, the monthly retirement benefit income accrued as determined under the provisions of the Plan determined as of that date. |
(d) | No further benefits shall accrue under the Plan for any period occurring after January 31, 2001 for any Participant who is an Employee of Life Science Divisions 154 and 179 (formerly EG&G Wallac) other than as may be required in accordance with Section 416 of the Code or other than in connection with a transfer of the Participant’s employment to a site whose employees are active Participants accruing benefits under Section 4.2 (subject to Section 3.3). |
(e) | No further benefits shall accrue under the Plan for any period occurring after March 15, 2003 for any Participant who is employed by Corporate (Strategic Business Unit 011) or by Analytical Instruments (Strategic Business Unit 193 or 229) other than as may be required in accordance with Section 416 of the Code or other than in connection with a transfer of the Participant’s employment to a site whose employees are active Participants accruing benefits under Section 4.2 (subject to Section 3.3). This Section 4.2(e) shall not apply to any Participant employed at either of the foregoing designated locations who, as of March 15, 2003, had both attained age 50 and accrued 10 years of Credited Service (the “Grandfathered Participants”). The provisions of the Plan as in effect prior to the effective date of this Section 4.2(e) shall continue to apply to the Grandfathered |
(f) | Effective January 1, 2009, the Company discontinued the use of “Strategic Business Unit” as a basis for classifying its workforce and instead uses site codes. Each Participant actively accruing benefits as of December 31, 2008 shall remain eligible for the accrual of benefits under the provisions of the Plan for so long as he continues employment with the Employer at the site code he was employed at on December 31, 2008 (or at another site whose employees are active Participants accruing benefits under Section 4.2 (subject to Section 3.3 and Section 4.2(g)). |
(g) | Notwithstanding any provisions of the Plan to the contrary, no further benefits shall accrue under the Plan for any period occurring after January 31, 2011. |
4.3 | Early Retirement Income. A Participant retiring on an Early Retirement Date shall be entitled to receive a retirement income which shall be determined in accordance with either (a) or (b) below, as elected by the Participant: |
(a) | The Participant may elect to defer commencement of his retirement income until his Normal Retirement Date. The amount of his retirement income will be determined in accordance with Section 4.2 based on his Credited Service as of his Early Retirement Date. |
(b) | The Participant may elect at his Early Retirement Date or at any time prior to his Normal Retirement Date to have his retirement income commence on the first day of any month after the date of his retirement, but no later than his Normal Retirement Date. The amount of his retirement income payable at his Early Retirement Date shall be a percentage of his retirement income payable at his Normal Retirement Date as follows: |
Years Prior to Normal Retirement Age | Percent of Retirement Benefit Payable at Early Retirement Date For an Employee Retiring With Less than Thirty (30) Years of Service | Percent of Retirement Benefit at Early Retirement Date For an Employee Retiring With At Least Thirty (30) Years of Service | |
Sections 4.2(b)(i), 4.2(b)(ii) and 4.2(b)(iii) Benefit | Sections 4.2(a), 4.2(b)(i) and 4.2(b)(iii) Benefit | Section 4.2(b)(ii) Benefit | |
0 | 100.0% | 100.0% | 100.0% |
1 | 93.3 | 100.0 | 93.3 |
2 | 86.7 | 100.0 | 86.7 |
3 | 80.0 | 100.0 | 80.0 |
4 | 73.3 | 91.6 | 73.3 |
5 | 66.7 | 83.2 | 66.7 |
6 | 63.3 | 79.0 | 63.3 |
7 | 60.0 | 74.8 | 60.0 |
8 | 56.7 | 70.6 | 56.7 |
9 | 53.3 | 66.4 | 53.3 |
10 | 50.0 | 62.2 | 50.0 |
11 | 45.0 | 58.0 | 45.0 |
12 | 40.0 | 53.8 | 40.0 |
4.4 | Postponed Retirement Income. A Participant may remain employed after his Normal Retirement Age. His retirement benefits will not begin until he actually retires. His additional Years of Service after his Normal Retirement Date will be counted as Credited Service and any salary increases after his Normal Retirement Age will be taken into consideration in the determination of Average Earnings. |
4.5 | Termination Prior to Retirement. A Participant whose Employment terminates prior to his Normal Retirement Age but after the completion of at least five (5) Years of Service shall be entitled to receive a monthly retirement income for life payable as of his Normal Retirement Date, which monthly retirement income shall be determined in accordance with Section 4.2. A Participant whose Employment terminates after the completion of at least ten (10) Years of Service shall also be eligible to elect an Early Retirement Date, in which case the amount of his retirement income shall be determined in accordance with Section 4.3(b). Notwithstanding the foregoing, each Participant who (i) was employed in the operation of the business of PKL LLC on October 2, 2000 and who became a “Transferred Employee” pursuant to the stock purchase agreement dated September 15, 2000 by and between the Employer and Kenlee Precision Corporation and (ii) had three (3) or more Years of Service on September, 2000, shall have a nonforfeitable right to receive a monthly retirement income for life payable as of his Normal Retirement Date and determined in accordance with Section 4.2 |
4.6 | Disability Retirement Income. A Participant, who has completed at least ten (10) Years of Service and becomes a Disabled Participant while an Employee, will be eligible to receive a retirement benefit determined in accordance with Section 4.2 commencing at his Normal Retirement Date. Provided, however, that if such Participant is receiving Long-Term Disability (LTD) benefit payments under an Employer-sponsored LTD plan, his LTD benefit payments will be reduced by the amount of his benefit payable under the Plan. For purposes of the Plan, the Participant’s Average Earnings shall be computed by assuming that his Earnings during his status as a Disabled Participant were at the same rate as in effect on the last day of Active Service as an Employee and the Participant shall be considered as accruing Hours of Service in accordance with the normal work week for each week that he remains a Disabled Participant up to his Normal Retirement Date or his annuity starting date with the Company, if earlier. A Disabled Participant who elects an Early Retirement Date shall have his benefit determined by applying the provisions of Section 4.3 to his retirement income payable at his Normal Retirement Date, computing such retirement income by taking into account the provisions of this Section 4.6. |
4.7 | Determination of Accrued Benefit for Certain Participants. Notwithstanding any other provision in the Plan, each Section 401(a)(17) Participant’s Accrued Benefit under the Plan will be the greater of: |
(a) | the Participant’s Accrued Benefit as of December 31, 1993, frozen in accordance with Treasury Regulation 1.401(a)(4)-13, or |
(b) | the Participant’s Accrued Benefit determined with respect to the benefit formula applicable for the Plan Year beginning on January 1, 1994, as applied to the Participant’s total years of Credited Service taken into account under the Plan for purposes of benefit accruals and based on the two hundred thousand dollar Earnings limit, as adjusted, ($250,000 for 2012) as described in Section 2.20. |
(i) | A Section 401(a)(17) Participant means a Participant whose current Accrued Benefit as of a date on or after the first day of the first Plan Year beginning on or after January 1, 1994, is based on Earnings for a year beginning prior to the first day of the first Plan Year beginning on or after January 1, 1994, that exceeded the current Section 401(a)(17) of the Code limitation on Earnings considered for this purpose. |
5.1 | General. A Participant’s eligibility for retirement income benefits under the Plan shall be based on his Years of Service. Years of Service shall be determined in accordance with Section 5.2 below. |
5.2 | Determination of Years of Service. A Participant’s Years of Service shall be determined in accordance with the following: |
(a) | For a Participant as of the Effective Date, who had been covered under the prior provisions of the Plan, the Participant’s continuous service with the Employer prior to the Effective Date, determined in accordance with the provisions of the Plan in effect prior to the Effective Date, shall be counted as Years of Service. |
(b) | Subject to Section 5.2(a), a Participant shall accrue a Year of Service for each Year ending after the Effective Date in which he has one thousand (1,000) or more Hours of Service. Any Year in which the Participant has less than one thousand (1,000) but more than five hundred one (501) Hours of Service shall not constitute a Break-in-Service but will not be considered as a Year of Service. If in any Year, the Participant has less than five hundred one (501) Hours of Service, he shall incur a Break-in-Service. |
(c) | For purposes of Section 5.2(b), a Participant shall be considered as accruing Hours of Service in accordance with his normal work week for each week: |
(i) | while on an Authorized Leave of Absence, if at or before the end of such Authorized Leave of Absence, the Participant returns to Active Service, provided however, that a Participant on an Authorized Leave of Absence who fails to return to Active Service at or before the end of such Authorized Leave of Absence, will be considered to have terminated his Employment as of the last day of Active Service with an Employer or with |
(ii) | during the one (1) year period following the date on which a Participant is laid off due to a reduction in work force provided the Participant returns to Active Service within the one (1) year period following his date of termination. If the Participant does not return to Active Service within said one (1) year period, whether because he was not recalled or was recalled but did not return to Active Service, the Participant shall be considered to have terminated his service as of the last day of Active Service. |
(iii) | during any period for which Hours of Service shall be credited pursuant to applicable law. |
(d) | Except as provided in (e) below, all or part of the service with an Affiliate, Subsidiary, or Predecessor Corporation, while such entities were members of the same controlled group (as such term is defined in Section 1563 of the Code) immediately preceding Employment with the Employer, shall be counted as Years of Service. Such Years of Service shall be determined in accordance with the provisions of this Section 5.2. |
(e) | Unless otherwise required by ERISA, the Administrative Committee may, but shall not be required to, give credit for service with an Affiliate, Subsidiary, or Predecessor Corporation immediately preceding Employment with an Employer under any of the following conditions: |
(i) | The Affiliate, Subsidiary, or Predecessor Corporation was not a part of the same controlled group at the time the service was rendered, or |
(ii) | The Affiliate, Subsidiary, or Predecessor Corporation maintained a Qualified Plan which required voluntary contributions from an Employee as a prerequisite for participation and the Employee elected not to participate, or |
(iii) | The Affiliate, Subsidiary, or Predecessor Corporation maintained a Qualified Plan which provided in the terms of such Plan that certain service was not to be counted in determining Years of Service. |
(f) | If a Participant was an Employee of the Company, terminated his Employment and is rehired, the following rules shall apply in determining his Years of Service: |
(i) | In the case of a Participant who had five (5) or more Years of Service, including the period of a Participant’s service determined in accordance with Section 5.2(a), his Years of Service accrued during his prior period of Employment shall be reinstated as of the date of his re-employment. |
(ii) | In the case of a Participant whose Employment terminated before completing five (5) Years of Service, including the period of a Participant’s service determined in accordance with Section 5.2(a), his Years of Service accrued during his prior period of Employment shall be reinstated unless the “Break-in-Service” exceeds the greater of: (i) five (5) years, or (ii) the number of prior Years of Service. |
(g) | In no event shall a Participant be deemed to have more than one (1) Year of Service with respect to any Year. |
5.3 | Rehired Participant. |
(a) | In the event a former Employee is hired by an Affiliate or Subsidiary, such former Employee’s years of service with the Affiliate or Subsidiary, while such Affiliate or Subsidiary is a member of the same control group (as such term is defined in |
(b) | The prior period of service with an Affiliate or Subsidiary accrued by a Rehired Participant will be reinstated in the Plan as of his date of hire by an Employer provided he meets the rule set forth in Section 5.2 above. |
6.1 | Defined Benefit Limitations. The limitations of this Article VI shall apply in Limitation Years beginning on or after July 1, 2007, except as otherwise provided herein: |
(a) | The Annual Benefit otherwise payable to a Participant at any time will not exceed the Maximum Permissible Benefit. If the benefit the Participant would otherwise accrue in a Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible Benefit, the benefit must be limited (or the rate of accrual reduced) to a benefit that does not exceed the Maximum Permissible Benefit as defined in Section 6.2(i). |
(b) | If a Participant is, or has ever been, a participant in more than one defined benefit plan maintained by the Employer, the sum of the Participant’s Annual Benefits from all such plans may not exceed the Maximum Permissible Benefit. Where the Participant’s employer-provided benefits under all defined benefit plans ever maintained by the Employer (determined as of the same age) would exceed the Maximum Permissible Benefit applicable at that age, the Annual Benefit provided under the Plan shall be limited to the extent necessary to prevent the Maximum Permissible Benefit from being exceeded. |
(c) | The application of the provisions of this Article VI will not cause the Maximum Permissible Benefit for any Participant to be less than the Participant’s accrued benefit under all the defined benefit plans of the Employer or a Predecessor Employer as of the end of the last Limitation Year beginning before July 1, 2007 under provisions of the plans that were both adopted and in effect before April 5, 2007. The preceding sentence applies only if the provisions of such defined benefit plans that were both adopted and in effect before April 5, 2007 satisfied the applicable requirement of statutory provisions, regulations, and other published guidance relating to Section 415 of the Code in effect as of the end of |
(d) | If as a result of actuarial increases to the benefit of a Participant who delays commencement of benefits beyond Normal Retirement Age the accrued benefit of such Participant would exceed the limitation under Section 6.1 of the Plan for the Limitation Year, immediately before the actuarial increase to the Participant’s benefit that would cause such Participant’s benefit to exceed the limitations of Section 6.1 of the Plan, payment of benefits to such Participant will be suspended in accordance with Section 8.5 of the Plan, if applicable; otherwise, distribution of the Participant’s benefit will commence. |
6.2 | Definitions. |
(a) | Annual Benefit: A benefit that is payable annually in the form of a straight life annuity. Except as provided below, where a benefit is payable in a form other than a straight life annuity, the benefit must be adjusted to an actuarially equivalent straight life annuity that begins at the same time as such other form of benefit and is payable on the first day of each month, before applying the limitations of this Article VI. For a Participant who has or will have distributions commencing at more than one annuity starting date, the Annual Benefit will be determined as of each such annuity starting date (and will satisfy the limitations of this Article VI as of each such date), actuarially adjusting for past and future distributions of benefits commencing at the other annuity starting dates. For this purpose, the determination of whether a new starting date has occurred shall be made without regarding to Treasury Regulation Section 1.401(a)-20, Q&A 10(d), and with regard to Treasury Regulation Sections 1.415(b)-1(b)(1)(iii)(B) and (C). |
(i) | Benefit forms not subject to Section 417(e)(3): The straight life annuity that is actuarially equivalent to the Participant’s form of benefit shall be determined under this Section 6.2(a)(i) if the form of the Participant’s benefit is either (1) a nondecreasing annuity (other than a straight life annuity) payable for a period of not less than the life of the Participant (or, in the case of a qualified pre-retirement survivor annuity, the life of the surviving spouse), or (2) an annuity that decreases during the life of the Participant merely because of (a) the death of the survivor annuitant (but only if the reduction is not below fifty percent (50%) of the benefit |
(A) | Limitation Years beginning before July 1, 2007: For Limitation Years beginning before July 1, 2007, the Actuarially Equivalent straight life annuity is equal to the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit computed using whichever of the following produces the greater annual amounts: (1) the interest rate specified in Section 2.3 of the Plan and the mortality table (or other tabular factor) specified in Section 2.3 of the Plan for adjusting benefits in the same form; and (2) a five percent (5%) interest rate assumption and the applicable mortality table defined in Section 2.3(a) of the Plan for that annuity starting date. |
(B) | Limitation Years beginning on or after July 1, 2007. For Limitation Years beginning on or after July 1, 2007, the Actuarially Equivalent straight life annuity is equal to the greater of (1) the annual amount of the straight life annuity (if any) payable to the Participant under the Plan commencing at the same annuity starting date as the Participant’s form of benefit; and (2) the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit computed using a five percent (5%) interest rate assumption and the applicable mortality table defined in Section 2.3(a) of the Plan for that annuity starting date. |
(ii) | Benefit Forms Subject to Section 417(e)(3): The straight life annuity that is actuarially equivalent to the Participant’s form of benefit shall be |
(A) | Annuity Starting Date in Plan Years Beginning After 2005. If the annuity starting date of the Participant’s form of benefit is in a Plan Year beginning after 2005, the actuarially equivalent straight life annuity is equal to the greatest of (1) the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit, computed using the interest rate specified in Section 2.3 of the Plan and the mortality table (or other tabular factor) specified in Section 2.3 of the Plan for adjusting benefits in the same form; (2) the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit, computed using a 5.5 percent (5.5%) interest rate assumption and the applicable mortality table defined in Section 2.3(a) of the Plan; and (3) the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of benefit, computed using the applicable interest rate defined in Section 2.3(b) of the Plan and the applicable mortality table defined in Section 2.3(a) of the Plan, divided by 1.05. |
(B) | Annuity Starting Date in Plan Years Beginning in 2004 or 2005. If the annuity starting date of the Participant’s form of benefit is in a Plan Year beginning in 2004 or 2005, the actuarially equivalent straight life annuity is equal to the annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the Participant’s form of |
(1) | the interest rate specified in Section 2.3 of the Plan and the mortality table (or other tabular factor) specified in Section 2.3 of the Plan for adjusting benefits in the same form; |
(2) | the applicable interest rate defined in Section 2.3(b) of the Plan and the applicable mortality table defined in Section 2.3(a) of the Plan; and |
(3) | the applicable interest rate defined in Section 2.3(b) of the Plan (as in effect on the last day of the last Plan Year beginning before January 1, 2004, under provisions of the |
(b) | Compensation: Compensation is defined as wages, salaries, and fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Employer maintaining the Plan to the extent that the amounts are includible in gross income (including, but not limited to, commissions paid salespeople, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements, or other expense allowances under a nonaccountable plan (as described in Section 1.62-2(c) of the Treasury Regulations), and excluding the following: |
(i) | Employer contributions (other than elective contributions described in Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b) of the Code) to a plan of deferred compensation (including a simplified employee pension described in Section 408(k) or a simple retirement account described in Section 408(p) and whether or not qualified) to the extent such contributions are not includible in the Employee’s gross income for the taxable year in which contributed, and any distributions (whether or not includible in gross income when distributed) from a plan of deferred compensation (whether or not qualified); |
(ii) | Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; |
(iii) | Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; |
(iv) | Other amounts that receive special tax benefits, such as premiums for group-term life insurance (but only to the extent that the premiums are not includible in the gross income of the Employee and are not salary reduction amounts that are described in Section 125 of the Code); and |
(v) | Other items of remuneration that are similar to any of the items listed in (i) through (iv). |
(i) | the payment is regular compensation for services during the Employee’s regular working hours, or compensation for services outside the Employee’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a Severance from Employment, the payments would have been paid to the Employee while the Employee continued in Employment with the Employer. |
(ii) | the payment is for unused accrued bona fide sick, vacation or other leave that the Employee would have been able to use if Employment had continued; or |
(iii) | the payment is received by the Employee pursuant to a nonqualified unfunded deferred compensation plan and would have been paid at the same time if Employment had continued, but only to the extent includible in gross income. |
(c) | Defined Benefit Compensation Limitation: One hundred percent (100%) of a Participant’s High Three-Year Average Compensation, payable in the form of a straight life annuity. In the case of a Participant who has had a Severance from Employment with the Employer, the Defined Benefit Compensation Limitation applicable to the Participant in any Limitation Year beginning after the date of severance shall be automatically adjusted by multiplying the limitation applicable to the Participant in the prior Limitation Year by the annual adjustment factor under Section 415(d) of the Code that is published in the Internal Revenue Bulletin. The adjusted compensation limit shall apply to Limitation Years ending with or within the calendar year of the date of the adjustment, but a Participant’s benefits shall not reflect the adjusted limit prior to January 1 of that calendar year. |
(d) | Defined Benefit Dollar Limitation: $160,000, as automatically adjusted, effective January 1st of each year, under Section 415(d) of the Code in such manner as the Secretary shall prescribe, and payable in the form of a straight life annuity ($200,000 for 2012). The new limitation will apply to Limitation Years ending |
(e) | Employer: For purposes of this article, Employer shall mean the Employer that adopts the Plan, and all members of a controlled group of corporations (as defined in Section 414(b) of the Code, as modified by Section 415(h) of the Code), all commonly controlled trades or businesses (as defined in Section 414(c) of the Code, as modified by Section 415(h) of the Code), or affiliated service groups (as defined in Section 414(m) of the Code) of which the adopting Employer is a part, and any other entity required to be aggregated with the Employer pursuant to Section 414(o) of the Code. |
(f) | Formerly Affiliated Plan of the Employer: A plan that, immediately prior to the cessation of affiliation, was actually maintained by the Employer and, immediately after the cessation of the affiliation, is not actually maintained by the Employer. For this purpose, cessation of affiliation means the event that causes an entity to no longer be considered the Employer, such as the sale of a member controlled group of corporations, as defined in Section 414(b) of the Code, as modified by Section 415(h) of the Code, to an unrelated corporation, or that causes a plan to not actually be maintained by the Employer, such as transfer of plan sponsorship outside a controlled group. |
(g) | High Three-Year Average Compensation: The average Compensation for the three (3) consecutive years of service (or, if the Participant has less than three (3) consecutive years of service, the Participant’s longest consecutive period of service, including fractions of years, but not less than one year) with the Employer that produces the highest average. A Year of Service is defined in Section 2.51. In the case of a Participant who is rehired by the Employer after a Severance from Employment, the Participant’s High Three-Year Average Compensation shall be calculated by excluding all Years of Service for which the |
(h) | Limitation Year: The Plan Year as defined in Section 2.38. |
(i) | Maximum Permissible Benefit: The lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required, as provided below). |
(i) | If the Participant has less than 10 Years of Participation in the Plan, the Defined Benefit Dollar Limitation shall be multiplied by a fraction -- (i) the numerator of which is the number of years (or part thereof, but less than one year) of participation in the Plan, and (ii) the denominator of which is 10. In the case of a Participant who has less than 10 Years of Service with the Employer, the Defined Benefit Compensation Limitation shall be multiplied by a fraction -- (i) the numerator of which is the number of Years (or part thereof, but not less than one year) of Service with the Employer, and (ii) the denominator of which is 10. |
(ii) | Effective for benefits commencing in Limitation Years ending after December 31, 2001, the Defined Benefit Dollar Limitation shall be adjusted if the annuity starting date of the Participant’s benefit is before age 62 or after age 65. If the annuity starting date is before age 62, the Defined Benefit Dollar Limitation shall be adjusted under Section 6.2(i)(ii)(A), as modified by Section 6.2(i)(ii)(C)). If the annuity starting date is after age 65, the Defined Benefit Dollar Limitation shall be adjusted under Section 6.2(i)(ii)(B), as modified by Section 6.2(i)(ii)(C). |
(A) | Adjustment of Defined Benefit Dollar Limitation for Benefit Commencement Before Age 62: |
(1) | Limitation Years Beginning Before July 1, 2007. If the annuity starting date for the Participant’s benefit is prior to age 62 and occurs in a Limitation Year beginning before July 1, 2007, the Defined Benefit Dollar Limitation for the Participant’s annuity staring date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s annuity starting date that is the actuarial equivalent of the Defined Benefit Dollar Limitation (adjusted under Section 6.2(i)(i) for Years of Participation less than 10, if required) with actuarial equivalence computed using whichever of the following produces the smaller annual amount: (i) the interest rate specified in Section 2.3 of the Plan and the mortality table (or other tabular factor) specified in Section 2.3 of the Plan; or (2) a five percent (5%) interest rate assumption and the applicable mortality table as defined in Section 2.3(a) of the Plan. |
(2) | Limitation Years Beginning on or After July 1, 2007. If the annuity starting date for the Participant’s benefit is prior to age 62 and occurs in a Limitation Year beginning on or after July 1, 2007, and the Plan does not have an immediately commencing straight life annuity payable at both age 62 and the age of benefit commencement, the Defined Benefit Dollar Limitation for the Participant’s annuity starting date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s annuity starting date that this the |
(B) | Adjustment of Defined Benefit Dollar Limitation for Benefit Commencement After Age 65: |
(1) | Limitation Years Beginning Before July 1, 2007. If the annuity starting date for the Participant’s benefit is after age 65 and occurs in a Limitation Year beginning before July 1, 2007, the Defined Benefit Dollar Limitation for the Participant’s annuity staring date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s annuity starting date that is the actuarial equivalent of the Defined Benefit Dollar Limitation (adjusted under Section 6.2(i)(i) for Years of Participation less than 10, if required) with actuarial equivalence computed using whichever of the following produces the smaller annual amount: (i) the interest rate specified in Section 2.3 of the Plan and the mortality table (or other tabular factor) specified in Section 2.3 of the Plan; or (2) a five percent (5%) interest rate assumption and the applicable mortality table as defined in Section 2.3(a) of the Plan. |
(2) | Limitation Years Beginning on or After July 1, 2007. If the annuity starting date for the Participant’s benefit is after age 65 and occurs in a Limitation Year beginning on or after July 1, 2007, and the Plan does not have an immediately commencing straight life annuity payable at both age 65 and the age of benefit commencement, the Defined Benefit Dollar Limitation for the Participant’s annuity starting date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Participant’s annuity starting date that this the actuarial equivalent of the Defined Benefit Dollar Limitation (adjusted under Section 6.2(i)(i) for Years of Participation less than 10, if required) with actuarial equivalence computed using a five percent (5%) interest rate assumption and the applicable mortality table for the annuity starting date as defined in Section 2.3(a) of the Plan (and expressing the Participation’s age based on completed calendar months as of the annuity starting date). |
(C) | Notwithstanding the other requirements of this Section 6.2(i)(ii), no adjustment shall be made to the Defined Benefit Dollar Limitation to reflect the probability of a Participant’s death between the annuity starting date and age 62, or between age 65 and the annuity starting date, as applicable, if benefits are not forfeited upon the death of the Participant prior to the annuity starting date. To the extent benefits are forfeited upon death before the annuity starting date, such an adjustment shall be made. For this purpose, no forfeiture shall be treated as occurring upon the Participant’s death if the Plan does not charge Participants for |
(iii) | Minimum benefit permitted: Notwithstanding anything else in this Article VI to the contrary, the benefit otherwise accrued or payable to a Participant under the Plan shall be deemed not to exceed the Maximum Permissible Benefit if: |
(A) | the retirement benefits payable for a Limitation Year under any form of benefit with respect to such Participant under the Plan and under all other defined benefit plans (regardless of whether terminated) ever maintained by the Employer do not exceed $10,000 multiplied by a fraction—(i) the numerator of which is the Participant’s number of Years of Service or parts thereof but not less than one year (not to exceed 10) with the Employer, and (ii) the denominator of which is 10; and |
(B) | the Employer (or a Predecessor Employer) has not at any time maintained a defined contribution plan in which the Participant participated (for this purpose, mandatory employee contributions under a defined benefit plan, individual medical accounts under Section 401(h), and accounts for postretirement medical benefits established under Section 419A(d)(1) of the Code are not considered a separate defined contribution plan). |
(j) | Predecessor Employer: If the Employer maintains a plan that provides a benefit which the Participant accrued while performing services for a former employer, the former employer is a predecessor employer with respect to participation in the Plan. A former entity that antedates the Employer is also a Predecessor Employer with respect to a Participant if, under the facts and circumstances, the Employer constitutes a continuation of all or a portion of the trade or business of the former entity. |
(k) | Severance from Employment: An Employee has a severance from employment when the Employee ceases to be an Employee of the Employer maintaining the Plan. An Employee does not have a Severance from Employment if, in connection with a change of Employment, the Employee’s new employer maintains the Plan with respect to the Employee. |
(l) | Year of Participation: The Participant shall be credited with a Year of Participation (computed to fractional parts of a year) for each accrual computation period for which the following conditions are met: (1) the Participant is credited with at least the number of Hours of Service for benefit accrual purposes, required under the terms of the Plan in order to accrue a benefit for the accrual computation period, and (2) the Participant is included as a Participant under the eligibility provisions of the Plan for at least one day of the accrual computation period. If these two conditions are met, the portion of a Year of Participation credited to the Participant shall equal the amount of benefit accrual service credited to the Participant for such accrual computation period. A Participant who is permanently and totally disabled within the meaning of Section 415(c)(3)(c)(i) of the Code for an accrual computation period shall receive a Year of Participation with respect to that period. In addition, for a Participant to receive a Year of Participation (or part thereof) for an accrual computation period, the Plan must be established no later than the last day of such accrual computation period. In no event will more than one Year of Participation be credited for any twelve (12) month period. |
(m) | Year of Service: For purposes of Article VI, the Participant shall be credited with a Year of Service (computed to fractional parts of a year) for each accrual computation period for which the Participant is credited with at least the number of Hours of Service for benefit accrual purposes, required under the terms of the Plan in order to accrue a benefit for the accrual computation period, taking into account only service with the Employer or Predecessor Employer. |
6.3 | Funding-Based Limits. |
7.1 | Determination of Credited Service. A Participant’s Credited Service shall be determined in accordance with the following: |
(a) | For a Participant as of the Effective Date, who had been covered under the prior provisions of the Plan, the Participant’s Credited Service shall be determined in accordance with the provisions of the Plan in effect prior to the Effective Date. |
(b) | Subject to Section 7.1(a), a Full-Time Employee shall accrue a full Year of Credited Service for each calendar year in which he is an Employee eligible to participate in the Plan under Section 3.1. In the year in which a Full-Time Employee is hired or terminated, the Participant shall be deemed to complete one/twelfth (1/12) of a year of Credited Service for each month employed, rounded to the nearest month. A Part-Time Employee shall be deemed to complete one/twelfth (1/12) of a year of Credited Service for each one hundred seventy-three and one/third (1731/3) Hours of Service completed while employed as a Part-Time Employee. For the year in which, with respect to a Participant, benefit accruals cease pursuant to the provisions of Section 4.2(d) or (e) or (g), a Participant who is a Full-Time Employee shall be deemed to complete one-twelfth (1/12) of a year of Credited Service for each month employed through the effective date of the cessation of benefit accruals, and no Participant described in Section 4.2(d) or (e) or (g) shall accrue additional Credited Service for periods thereafter. |
(c) | Credited Service will not include a period of time a Participant is on an Authorized Leave of Absence for other than medical or military reasons, is on layoff status or while employed with an Affiliate or Subsidiary which is not an Employer. |
(d) | Prior Service with a Predecessor Corporation may, at the discretion of the Administrative Committee, be deemed to be Credited Service. |
(e) | In the event a Participant who has completed ten (10) or more Years of Service becomes a Disabled Participant, the period of disability up to the Participant’s Normal Retirement Date shall be counted as Credited Service regardless of whether the Participant remains in the employ of an Employer. |
(f) | A Participant shall in no event be deemed to accrue more than one (1) full Year of Credited Service with respect to any Year. |
(g) | If the Participant was an Employee of the Employer, terminated his Employment and is rehired, the following rules shall apply in determining his Credited Service: |
(i) | In the case of a Participant who had five (5) or more Years of Service or who terminated Employment after his Normal Retirement Date, his Credited Service accrued during his prior period of Employment shall be reinstated as of the date of his re-employment. |
(ii) | In the case of a Participant whose Employment terminated before completing five (5) Years of Service and before his Normal Retirement Date, his Years of Credited Service accrued during his prior period of Employment shall be reinstated unless the “Break-in-Service” exceeds the greater of: (i) five (5) years, or (ii) the number of prior Years of Service. |
(h) | Years of Service with an Affiliate or Subsidiary which does not participate in the Plan will not be included as Credited Service. |
(i) | Notwithstanding any other provision of this Section 7.1, Years of Service or other periods of employment with a Strategic Business Unit whose employees are not active Participants accruing benefits under Section 4.2 will not be included as Credited Service. |
8.1 | Normal Form of Payment. The retirement income to which a Participant may be entitled at his Normal Retirement Date shall be payable in the following method unless the Participant elects one of the optional forms of payment provided for in Section 8.2. |
(a) | The retirement income payable to a Participant who does not have an Eligible Spouse on the date payments commence shall be in the form of a lifetime income amount calculated in accordance with Section 4.2. |
(b) | The retirement income payable to a Participant who has an Eligible Spouse on the date payments commence shall be in the form of a Surviving Spouse Option with his Eligible Spouse as the survivor, subject to the following: |
(i) | Under a Surviving Spouse Option, a reduced amount shall be paid to the Participant for his lifetime, and his Eligible Spouse, if surviving at the Participant’s death, shall be entitled to receive thereafter a lifetime benefit equal to fifty percent (50%) of the reduced benefit which had been payable to the Participant. The amount of the reduced benefit payable to the Participant and Survivor shall be the Actuarial Equivalent of the lifetime benefit as determined in Section 4.2. |
(ii) | Within the twelve (12) month period prior to his Normal Retirement Date, or at the time he applies for retirement income payments to commence, if earlier, or if requested by the Participant eligible for Early Retirement, each Participant must certify to the Administrative Committee, on a form and in a manner prescribed by the Administrative Committee whether or not he is married, and if so, the name and date of birth of the person to whom he is married and the date of the marriage. The Participant will notify the Administrative Committee of any changes in his status prior to retirement. |
(iii) | Within a reasonable period (but in no event more than 180 days prior to the annuity starting date) following receipt of the certification specified in (ii) above, from a Participant who certifies that he will be married at the time his retirement income payments are to commence, the Administrative Committee shall furnish him a written explanation of the Surviving Spouse Option and an estimate of the amounts of retirement income payable both under that option and all other options. Such explanation shall include a description of how much larger benefits will be if the commencement of distributions is deferred. |
(iv) | At the time such explanation is furnished to the Participant, an election form will also be furnished to him. The Participant must complete such form and return it to the Administrative Committee within the 180-day period ending on the date as of which his retirement income payments are to commence. The Participant may elect to waive the otherwise applicable election period described above and commence distribution of his benefit on a date that is more than seven (7) days after the election form is furnished to him. The election form shall allow the Participant to elect (a) to revoke the Surviving Spouse Option or (b) to elect to be covered under the option, in which case he must submit satisfactory proof of the date of his spouse’s birth and of their marriage if such has not previously been submitted to the Administrative Committee. A Participant who fails to so complete and return the election form in a timely manner shall be deemed to have elected to be covered under the Surviving Spouse Option. |
(v) | If a Participant revokes the Surviving Spouse Option, he may nevertheless cancel such revocation at any time prior to the first (1st) day of the month for which his retirement income payments are to commence by completing the appropriate form and submitting it to the Administrative Committee; otherwise retirement income shall be paid in the form of a lifetime income unless an optional form is elected in accordance with Section 8.3. If a |
(vi) | If a vested Participant who has not revoked the Surviving Spouse Option dies on or after his Early Retirement Date, he will be deemed to have retired on the first (1st) day of the month coincident with or following the date of his death or retirement, whichever occurs first, and retirement income shall be paid to his Eligible Spouse in the form of a Surviving Spouse Option. |
(vii) | If a vested Participant who has not revoked the Surviving Spouse Option dies before his Early Retirement Date, he will be deemed to have: |
(A) | terminated Employment on the date of death (unless he had terminated Employment prior to his death), |
(B) | survived to this Early Retirement Date, and |
(C) | retired with an immediate Surviving Spouse Option. |
(viii) | Subject to retroactive payment thereof, any retirement income payments otherwise due under the Plan may be delayed until thirty (30) days after the latest of whichever of the following are applicable: |
(A) | The receipt by the Administrative Committee of the certification specified in (ii) above; |
(B) | The receipt by the Administrative Committee of the completed election form furnished in accordance with (iv) above; or |
(C) | The receipt by the Administrative Committee of satisfactory proof of the marriage and date of birth of the Eligible Spouse of a Participant who elects or is deemed to have elected the Surviving Spouse Option. |
(ix) | The election of the Surviving Spouse Option shall be null and void if the Participant’s spouse should die within thirty (30) days after the latest date on which the Participant may make a timely return of the election form pursuant to (iv) above. |
8.2 | Optional Forms of Payment. A Participant may elect, at any time prior to 180 days preceding the commencement of his retirement income, by giving written notice on a form and in a manner prescribed by the Administrative Committee, to convert the amount of retirement income payable to him under the normal form of payment into the Actuarial Equivalent under one of the following options: |
(a) | Lifetime Income Option. Under this option retirement income will cease at the death of the Participant. |
(b) | Joint and Survivor Option. Under this option, a Participant can elect to receive a reduced income, but after the Participant’s death, fifty percent (50%), seventy-five percent (75%) or one hundred percent (100%) (depending upon the election made) of such reduced income shall be paid for life to his Eligible Spouse or his designated Joint Annuitant. |
(c) | Ten (10) Year Certain Option. Under this option, the Participant can elect to receive a reduced income, but in the event of his death prior to one hundred |
(d) | Level Income Option. A Participant electing an Early Retirement Date which is prior to the date when he is eligible to receive Social Security benefits may elect to receive an increased monthly payment from the Plan continuing until he is eligible to receive Social Security Benefits, whereupon his monthly payment from the Plan will be decreased. The amount of increase and decrease will be determined in accordance with appropriate Actuarial Equivalent factors based on the Participant’s expected Social Security Benefits as of his Early Retirement Date so that his total monthly retirement income from this retirement date shall be approximately level. |
8.3 | Election Procedure. |
(a) | An election may not be made nor will it be accepted by the Administrative Committee, or if accepted it shall become null and void, if the Participant’s Employment terminates prior to his Early Retirement Date. |
(b) | If a Participant shall validly elect a Surviving Spouse Option or a Joint and Survivor Option and shall retire on an Early or Normal Retirement Date, his election shall be effective on such retirement date, provided both the Participant and Joint Annuitant are then alive. If the Joint Annuitant shall die before such retirement date, the election shall be of no effect. |
(c) | If a Participant shall elect a Surviving Spouse Option or a Joint and Survivor Option and shall remain in the service of the Company after his Normal |
(i) | if his Joint Annuitant dies before such Participant retires, such Participant shall be entitled after retiring to receive only the reduced retirement income payable to him in accordance with such option; and |
(ii) | if such Participant dies before retiring, his Joint Annuitant shall receive the reduced income which would be payable to such Joint Annuitant in accordance with such option, as if such Participant had retired on the first day of the month coinciding with or next preceding his date of death. |
(d) | If a Participant shall elect a Surviving Spouse Option or a Joint and Survivor Option and his Joint Annuitant shall die before the death of, but after the retirement of, the Participant, such Participant shall continue to receive the reduced retirement income payable to him in accordance with such option. |
(e) | If a Participant shall validly elect a ten (10) year certain option and shall remain in the service of the Company after his Normal Retirement Date, and if such Participant shall die before retiring, his Beneficiary shall receive the reduced retirement income for the guaranteed period elected in accordance with this option as if the Participant had retired on the first day of the month coinciding with or next preceding his date of death. |
(f) | Notwithstanding anything to the contrary contained herein, if the Joint Annuitant is other than the Participant’s Eligible Spouse, the present value of the payments made and to be made to a Participant under any of the optional forms of income cannot be less than fifty percent (50%) of the present value of the total payments to be made to the Participant and his Joint Annuitant. In such event, the optional form elected shall be adjusted to satisfy the fifty percent (50%) requirement referred to above. |
8.4 | Minimum Required Distributions. |
(a) | The distribution of benefits shall be made in accordance with Section 401(a)(9) of the Code and Treasury Regulations issued thereunder on June 15, 2004. |
(i) | Determination of Amount to be Distributed Each Year. |
(A) | General Annuity Requirements. If a Participant’s benefit is paid in the form of an annuity, payments under the annuity shall satisfy the following requirements: |
(1) | The annuity distributions shall be paid in periodic payments made at intervals not longer than one year; |
(2) | The distribution period shall be over a life (or lives) or over a period certain not longer than the period described in subsection (b) or (c); and |
(3) | Payments shall either be nonincreasing or increase only as permitted under Q&A-14 of Regulation section 1.401(a)(9)-6. |
(B) | Amount Required to be Distributed by Required Beginning Date. The amount that must be distributed on or before the Participant’s Required Beginning Date (or, if the Participant dies before distributions begin, the date distributions are required to begin under subsection (c)(v) is the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bi-monthly, monthly, semi-annually, or annually. All of the Participant’s benefit accruals as of the last day of the first Distribution Calendar Year shall be included in the calculation of the amount of the annuity payments for |
(C) | Additional Accruals after First Distribution Calendar Year. Any additional benefits accruing to the Participant in a calendar year after the first Distribution Calendar Year shall be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. |
(ii) | Requirement for Joint Life Annuities that Commence During Participant’s Lifetime Where the Co-Annuitant is not the Participant’s Spouse. If the Participant’s benefit is being distributed in the form of a survivor annuity for the joint lives of the Participant and a non-spouse co-annuitant, annuity payments to be made on or after the Participant’s Required Beginning Date to such co-annuitant after the Participant’s death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the Participant using the table set forth in Q&A-2 of Regulation section 1.401(a)(9)-6. The applicable percentage is based on the adjusted Participant/co-annuitant age difference. The adjusted Participant/co annuitant age difference is determined by first calculating the excess of the age of the Participant over the age of the co-annuitant based on their ages on their birthdays in a calendar year. If the Participant is younger than age 70, the age difference determined in the previous sentence is reduced by the number of years that the Participant is younger than age 70 on the Participant’s birthday in the calendar year that contains the Benefit Commencement Date. In the case of an annuity that provides for increasing payments, the requirement of this subsection (ii) will not be violated merely because benefit payments to the co-annuitant increase, provided the increase is determined in the same manner for the Participant and the co-annuitant. |
(iii) | Requirements for Minimum Distributions Where Participant Dies Before Date Distributions Begin. |
(A) | Participant Survived by Designated Beneficiary. Except as provided in subsection (b), if the Participant dies before the date distribution of his or her benefit begins and there is a Designated Beneficiary, the Participant’s benefit shall be distributed, beginning no later than the time described in subsection (c)(v), over the life of the Designated Beneficiary or over a period certain not exceeding: |
(1) | Unless the Benefit Commencement Date is before the first Distribution Calendar Year, the Life Expectancy of the Designated Beneficiary determined using the Designated Beneficiary’s age as of the Designated Beneficiary’s birthday in the calendar year immediately following the calendar year of the Participant’s death; or |
(2) | If the Benefit Commencement Date is before the first Distribution Calendar Year, the Life Expectancy of the Designated Beneficiary determined using the Designated Beneficiary’s age as of the Designated Beneficiary’s birthday in the calendar year that contains the Benefit Commencement Date. |
(B) | No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire vested benefit shall be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. |
(C) | Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. If the Participant dies before the date distribution of his or her vested benefit begins, the Participant's surviving spouse is the Participant’s sole Designated Beneficiary, and the surviving spouse dies before distributions to the surviving spouse begin, this subsection shall apply as if the surviving spouse were the Participant, except that the time by which distributions must begin will be determined without regard to subsection (c)(v)(A). |
(iv) | Minimum Required Distributions Made or Commencing Prior to January 1, 2003. Notwithstanding anything in the Plan to the contrary, the distribution of benefits under the Plan shall be made in accordance with Section 401(a)(9) of the Code and the Regulations, including the minimum distribution incidental benefit requirement of Regulation section 1.401(a)(9)-2. Distributions made or commencing under this subsection to a Participant who has not yet terminated employment with the Employer shall be limited to the minimum required distributions pursuant to Section 401(a)(9) of the Code as in effect on December 31, 1995. The Plan Administrator shall adopt appropriate rules to reduce the benefits paid under the Plan after the Participant terminates employment in order to reflect the distributions made while the Participant was still employed. |
(b) | Elections. |
(i) | Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries. If the Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the date specified in subsection (c)(v), but the Participant’s entire vested interest in the Plan shall be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. Participants or Designated |
(ii) | Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule to Elect Life Expectancy Distributions. A Designated Beneficiary who is receiving payments under the 5 year rule described in subsection (a) above may make a new election to receive payments under the life expectancy rule until December 31, 2003, provided that all amounts that would have been required to be distributed under the life expectancy rule for all Distribution Calendar Years before 2004 are distributed by the earlier of December 31, 2003 or the end of the 5-year period. |
(iii) | Election under TEFRA Section 242(b)(2). Notwithstanding any provision in this Article VIII to the contrary, distributions under the Plan may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA). |
(c) | Definitions. For purposes of this Article, the following rules and definitions shall apply: |
(i) | “Designated Beneficiary” means the individual who is designated as the Beneficiary under the Plan and is the Designated Beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-1, Q&A-4 of the Treasury Regulations. |
(ii) | “Distribution Calendar Year” means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year that contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under subsection (v) below. |
(iii) | “Life Expectancy” means life expectancy as computed by use of the Single Life Table in Regulation section 1.401(a)(9)-9. |
(iv) | “Required Beginning Date” means: |
(A) | April 1 of the calendar year following the calendar year in which the Participant attains age 70½ or, if later, April 1 of the calendar year following the calendar year in which the Participant terminates employment with the Employer; and |
(B) | April 1 of the calendar year following the calendar year in which the Participant attained age 70½ in the case of a Participant who attained age 70½ prior to 1999. |
(i) | Commencement Date in the Event of Death of Participant Before Distributions Begin. If a Participant dies before distributions begin, the |
(A) | If in the form of a Qualified Pre-retirement Survivor Annuity, Distributions to a surviving spouse shall begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70-1/2, if later. |
(B) | Distributions to a beneficiary other than a surviving spouse or to the surviving spouse in a form other than the Qualified Pre-retirement Survivor Annuity shall begin by December 31 of the calendar year immediately following the calendar year in which the Participant died. |
8.5 | Suspension of Benefits. |
(a) | Reemployment Prior to Normal Retirement Age. If a retired Participant is again employed by the Employer prior to his Normal Retirement Age, his retirement income hereunder shall be suspended during the period of such reemployment and the retirement income to which he is entitled when he again retires hereunder shall be actuarially adjusted to take account of any benefit payments previously received by the Participant. To determine the adjustment, the present value of the benefits already paid will be converted to an annuity payable in the automatic form of payment for an unmarried Participant at Normal Retirement Date and subtracted from the Accrued Benefit so determined under Section 4.2 without regard to the prior benefit payments. In no event, however, may the benefit be less than his original retirement benefit. If such benefits have been paid in a lump sum in accordance with the terms of the Plan and if the Participant is subsequently reemployed by the Employer, he shall not accrue any benefits for service prior to his reemployment date unless such lump sum is repaid to the Trust Fund, with interest at five percent (5%) per annum. |
(b) | Continued Employment after Normal Retirement Date. Subject to the mandatory commencement provisions, if a Participant postpones his or her retirement beyond his or her Normal Retirement Age, the payment of such Participant’s retirement benefit shall be suspended during each calendar month in which the Participant completes forty (40) or more Hours of Service (except for Hours of Service credited as a result of back pay) for the Employer or Affiliate. |
(c) | Notice of Suspension of Benefits. During the first calendar month in which a Participant’s benefits are suspended under the above paragraph (b) of this Section 8.5, the Administrative Committee shall deliver to the Participant, by personal delivery or first class mail, a notice setting forth the following: |
(i) | a description of the specific reasons why benefit payments are being suspended; |
(ii) | a general description of the Plan provisions relating to the suspension of benefits; |
(iii) | a copy of the Plan provisions relating to the suspension of benefits; |
(iv) | the statement that “Applicable Department of Labor Regulations may be found in Section 2530.203-3 of the Code of Federal Regulations”; |
(v) | a description of the procedures set forth in the Plan for obtaining a review of the suspension of benefits; and |
(vi) | a description of any notice procedure (including any forms which must be filed by the Participant) as a prerequisite for the Participant’s obtaining the resumption of benefit payments. |
(d) | Resumption of Benefits. If, during a calendar month, a Participant’s benefit payments are no longer suspendible pursuant to Section 8.5(b), the benefit payments to the Participant shall resume no later than the first (1st) day of the third (3rd) calendar month after such calendar month. The initial payment upon resumption shall include the payment scheduled to occur in the calendar month when payments resume and any amounts withheld during the period between the cessation of employment and the resumption of payments, less any offset for payment when benefits should have been suspended. |
(e) | Procedure for Review of Suspension of Benefits. If a Participant submits a written request to the Administrative Committee for a review of the suspension of his or her benefits, such request shall be deemed to be a request for a review of the denial of a claim for benefits for purposes of the benefit claims procedure set forth in Section 9.4. |
(f) | Procedure for Status Determination. If a Participant submits a written request to the Administrative Committee for a determination whether specific contemplated employment will result in the suspension of benefits, the Administrative Committee shall, within thirty (30) days of the receipt of such request, notify the Participant in writing whether said employment will result in suspension of benefits. |
8.6 | Direct Rollovers. |
(a) | Notwithstanding any provisions of the Plan to the contrary that would otherwise limit a distributee’s election under this Section, a distributee may elect, at the time |
(b) | Definitions. |
(i) | “Eligible rollover distribution”: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; a hardship distribution; or the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities), except that an eligible rollover distribution shall include the portion that is not includable in gross income if the distribution is transferred in a direct trustee-to-trustee transfer to an individual retirement account or annuity described in Section 408(a) of (b) of the Code, a qualified defined benefit or defined contribution plan described in Section 401(a) or 403(a) of the Code, or an annuity contract described in Section 403(b) of the Code, which agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not includable. |
(ii) | “Eligible retirement plan”: An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, and individual |
(iii) | “Distributee”: A distributee includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order (qdro), as defined in Section 414(p) of the Code, are distributees without regard to the interest of the spouse or former spouse. A distribute also includes the Participant’s nonspouse designated Beneficiary. In the case of a nonspouse beneficiary, the direct rollover may be made only to an individual retirement account or annuity described in Section 408(a) or Section 408(b) (“IRA”) that is established on behalf of the designated beneficiary and that will be treated as an inherited IRA pursuant to the provisions of Section 402(c)(11). Also, in this case, the determination of any required minimum distribution under Section 401(a)(9) of the Code that is ineligible for rollover shall be made in accordance with Notice 2007-7, Q&A 17 and 18. |
(iv) | “Direct rollover”: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. |
(v) | “Non-Spousal Rollovers”: A distributee who is a designed beneficiary (as defined in Section 401(a)(9)(E) of the Code) of a deceased Participant and who is not the deceased Participant’s surviving Spouse (a “nonspousal beneficiary”) may elect, at the time and in the manner prescribed by the Administrator, to have any amount payable to him or her paid directly in a direct rollover. The amount to be distributed in the direct rollover must satisfy all of the requirements to be an eligible rollover distribution other than the requirement that the distribution be made to the Participant or the Participant’s Eligible Spouse and must be paid in a direct trustee-to-trustee transfer to an individual retirement plan described in Section 402(c)(8)(B)(i) or (ii) of the Code that is established for the purposes of receiving the distribution on behalf of the nonspousal beneficiary. |
9.1 | Administrative Committee. All usual and reasonable expenses of the Administrative Committee will be paid by the Employer. No member of the Administrative Committee shall receive any compensation for his service on the Administrative Committee. |
9.2 | Agents of the Administrative Committee. The Administrative Committee may: elect a secretary who may, but need not, be one of the members of the Administrative Committee; appoint from their number such committees with such powers as they shall determine; authorize one or more of the members, or any agent, to execute or deliver any instrument or to make any payment on their behalf; and employ counsel, agents, and such clerical, accounting and actuarial services as they might require in carrying out the provisions of the Plan. |
9.3 | Procedures. The Administrative Committee may from time to time establish rules and procedures for the administration of the Plan. All rules, procedures and decisions of the Administrative Committee shall be uniformly and consistently applied to all Participants in similar circumstances. Such rules, procedures and decisions so made shall be conclusive and binding on all persons having an interest in the Plan. |
9.4 | Claims Procedures. The Office of the Senior Vice President Human Resources (the “Claims Administrator”) shall make all initial determinations as to the right of any person to a benefit. If any application for payment of a benefit under the Plan shall be denied, the Claims Administrator shall notify the claimant within ninety (90) days of such application setting forth the specific reasons therefor and shall afford such claimant a reasonable opportunity for a full and fair review of the decision denying his or her claim. If special circumstances require an extension of time for processing the claim, the claimant will be furnished with a written notice of the extension prior to the termination of the initial ninety (90) day period. In no event shall such extension exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the |
(a) | reference to pertinent provisions of the Plan; |
(b) | such additional information as may be relevant to the denial of the claim; |
(c) | an explanation of the claims review procedure; and |
(d) | notice that such claimant may request the opportunity to review pertinent Plan documents and submit a statement of issues and comments. |
9.5 | Benefit Payments from Trust. The Administrative Committee shall cause benefits to be paid from the Trust Fund pursuant to the provisions of the Plan. |
9.6 | Payment to Incompetents. Whenever, in the Administrative Committee’s opinion, a person entitled to receive benefits under the Plan is under legal disability or is incapacitated in any way so as to be unable to manage his financial affairs, the Administrative Committee may direct the payments becoming due to such person to be made to another for his benefit without responsibility of the Administrative Committee or the Trustee to see to the application of such payment. Payments made pursuant to such power shall be a complete discharge of any liability for making such payment under the provisions of the Plan. |
9.7 | Powers of Administrative Committee. The Administrative Committee shall have the full power and discretionary authority to administer the Plan in all of its details, subject to the requirements of ERISA. The Administrative Committee shall have the authority to construe the terms of the Plan, including the authority to remedy any omissions, ambiguities, or inconsistencies in the provisions of the Plan, and to resolve all questions arising under the Plan or in the administration of the Plan. Whenever, in the administration of the Plan, any discretionary action by the Administrative Committee is required, the Administrative Committee shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment. The Administrative Committee’s decision or actions shall be conclusive and binding upon all Participant’s and their beneficiaries, heirs, assigns, administrators, executors, and any other person claiming through them, in absence of clear and convincing evidence that the Administrative Committee acted arbitrarily and capriciously. |
9.8 | Special Powers. Without limiting the general discretionary authority of the Administrative Committee, the Administrative Committee’s powers include the power: |
(a) | To construe and interpret the Plan, decide all questions of eligibility and determine the amount, manner, and time of payment of any benefit hereunder. |
(b) | To prescribed rules, procedures and forms to be followed regarding the administration of the Plan. |
(c) | To receive, review and keep on file (as it deems convenient or proper) reports of the financial condition, and of the receipts and disbursements, of the Trust, and a copy of the Plan including any amendments thereto. |
(d) | To comply with requirements of ERISA and all other government requirements. |
(e) | To appoint and remove (1) a person or persons with responsibility for reporting and disclosure under the Code or any other applicable law; (2) attorneys and others to represent them before any court or governmental agency; (3) an investment manager or managers with exclusive authority and discretion to manage, acquire and dispose of part or all of the assets of the Plan; (4) an insurer or insurers; and (5) such other agents as may be required to assist in administering the Plan; |
(f) | To authorize one of its member to execute written instruments setting forth the Plan or any amendments to the Plan duly adopted by the Board or the Committee in accordance with Section 12.1; |
(g) | To establish a funding policy and method for the Plan, in each case consistent with the objectives of the Plan and consistent with ERISA, and to provide procedures for carrying them out; |
(h) | To approve administrative expenses of the Plan and Trust to be paid from the Trust under Section 10.1; |
(i) | To allocate responsibilities among themselves; and |
(j) | To delegate its fiduciary responsibilities under the Plan, such delegation to be by written instrument in accordance with Section 405 of ERISA. |
9.9 | Use of Outside Specialists. The Administrative Committee shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports which shall be furnished by an Actuary, accountant, controller, counsel or other person who shall be employed or engaged for such purposes. |
9.10 | Power of Named Fiduciaries. The Named Fiduciaries shall have only those specific powers, duties, responsibilities and obligations as they are specifically given under the Plan. In general, the Employers shall have the sole responsibility for making contributions provided under Section 10.3. The Administrative Committee shall have the sole responsibility for the administration of the Plan in accordance with the procedures set forth in the Plan and shall have the power to amend the Plan (except as otherwise provided in Section 12.1). The Trustee shall have the responsibility for the administration of the Trust and the management of the Trust Assets held under the Trust as specifically provided for in the Trust. The Administrative Committee may appoint and remove Investment Managers as provided in the Trust Agreement. The Investment Manager(s) shall have the exclusive authority to manage (including the power to acquire and dispose of) all assets of the Trust placed under its management by the Administrative Committee in accordance with the terms of the agreement with the applicable Investment Manager. Each Named Fiduciary shall warrant that any directions given, information furnished, or action taken by it shall be in accordance with the provisions of the Plan or the Trust, as the case may be, authorizing or providing for such direction, information or action. Furthermore, each Named Fiduciary may rely upon such direction, information, or action of another Named Fiduciary as being proper under the Plan or the Trust, and is not required under the Plan or the Trust to inquire into the propriety of any such direction, information or action. It is intended under the Plan and the Trust that each Named Fiduciary shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under the Plan and the Trust and shall not be responsible for any act or failure to act of the Company or another Named Fiduciary. No Named |
9.11 | Indemnification. To the extent that the Administrative Committee, or directors, officers and employees of the Company or of a participating Employer who serve on or on behalf of the Administrative Committee or otherwise as plan fiduciaries are not protected and held harmless by or through insurance, the Company indemnifies and saves harmless the Administrative Committee, and any director, officer or employee of the Company or of a participating Employer who serves on or on behalf of the Administrative Committee or otherwise as a plan fiduciary, from and against any and all loss resulting from liability to which the Administrative Committee, director, officer or employee, may be subjected by reason of any act or conduct (except willful misconduct or gross negligence) in connection with the Plan or Trust Fund or both, including reasonable attorneys’ fees and amounts paid in settlement of any claims approved by the Company. |
10.1 | Trust. The Company (for itself and other Employers), shall enter into one or more agreements for the administration of the Trust Fund, in such form and containing such provisions as are appropriate. All assets of the Trust Fund shall be retained for the exclusive benefit of Participants, Joint Annuitants and Beneficiaries and shall be used to pay benefits to such persons or to pay administrative expenses of the Plan and Trust Fund (to the extent not paid by the Employer) and shall not revert to or inure to the benefit of the Employer, except to the extent provided in Sections 10.2 and 12.3. |
10.2 | Return of Contributions. Upon an Employer’s request, a contribution which was made by a mistake of fact, or conditioned upon the deductibility of the contribution under Section 404 of the Code, shall be returned to the Employer within one (1) year after the payment of the contributions or the disallowance of the deduction (to the extent disallowed), whichever is applicable. All contributions made to the Trust Fund shall be conditioned upon their deductibility under the Code. |
10.3 | Contributions. No contributions shall be required under the Plan from any Participant. The Employer(s) shall contribute over a period of time such amounts as may be determined by actuarial calculations to provide retirement income pursuant to the terms of the Plan. Such calculations shall be made by the Actuary appointed by the Administrative Committee. |
11.1 | Establishment of Retiree Health Plan. |
(a) | There is created, established and maintained under the Plan a separate account known as the Retiree Health Plan Account. The Trustee and Administrative Committee agree to hold and administer the Retiree Health Plan Account, and to receive contributions hereto, for the purpose of providing for the payment of certain medical expenses pursuant to Section 401(h) of the Code, for Covered Retirees and their Covered Dependents (as such terms are defined below). The separate account shall be for recordkeeping purposes only. Funds contributed to the Retiree Health Plan Account may be invested without identification of which investments are allocable to the Retiree Health Plan Account. |
(b) | (i) No part of the income or corpus of the Retiree Health Plan Account shall be (either within the taxable year of contribution or thereafter) used for, or diverted to, any purpose (including the provision of any retirement benefits provided under the Plan) other than the provision of Medical Benefits, at any time prior to the satisfaction of all liabilities under the Plan with regard to the payment of Medical Benefits in accordance with this Section. Notwithstanding the above, the payment of any necessary or appropriate expenses attributable to the administration of the Retiree Health Plan Account may be made from the income or corpus of such account. |
(c) | Notwithstanding the foregoing, no Medical Benefits shall be payable to any person, who is, or ever has been, a Key Employee as defined in Section 14, or his Covered Dependents. |
11.2 | Definitions. Whenever used in the Plan, the following terms shall have the meaning set forth below unless otherwise clearly required by the context: |
(a) | “Covered Dependent” shall mean a Covered Retiree’s dependent who meets the conditions for coverage under the PerkinElmer, Inc. Retiree Health Plan. In no event will the term Covered Dependent include any person who is an eligible Covered Retiree himself or any person who is employed full-time with the Employer. If both parents of any Covered Dependent child are eligible Covered Retirees, the Covered Dependent child shall be considered as a Covered Dependent of only one of the Covered Retirees. |
(b) | “Covered Retiree” shall mean a Retired Participant who has completed at least ten (10) Years of Service on his Normal or Early Retirement Date. In no event shall a Covered Retiree include a person not covered under the PerkinElmer, Inc. Retiree Health Plan, nor a person who is or ever was a Key Employee. |
(c) | “Medical Benefits” shall mean, with respect to a Covered Retiree, a percentage of the Per Capita Retiree Health Cost, such percentage being equal to three thousand, four hundred dollars ($3,400) as indexed from time to time) divided by the Per Capita Retiree Health Cost, but in no event in excess of one hundred percent (100%) of such cost. |
(d) | “Per Capita Retiree Health Cost” for any year shall mean the total annual Employer cost of claims under the PerkinElmer, Inc. Retiree Health Plan, divided by the number of retired employees covered under that plan at any time during that year. |
(e) | “PerkinElmer, Inc. Retiree Health Plan” shall mean the PerkinElmer, Inc. health plan, as it relates to retired persons, as it shall be amended from time to time, and the provisions of such Plan shall be incorporated by reference herein. |
(f) | “Retired Participant” shall mean an individual who was an active Participant under the Plan until his Early, Normal or Postponed Retirement Date and who retires from Employment with the Employer and is thereupon immediately eligible to receive retirement benefits hereunder. |
11.3 | Election to Continue Coverage. If a Covered Dependent loses coverage as a result of the death or divorce of a Covered Retiree, such Covered Dependent shall have coverage continuation rights as shall be provided under the Retiree Health Plan, and the provisions of such continuation coverage shall be incorporated by reference with respect to benefits under the Retiree Health Plan Account created hereunder. Because such continuation coverage shall be provided under the Retiree Health Plan at the Covered Dependent’s expense, no further benefits will be paid from the Retiree Health Plan Account with respect to such Covered Dependents. |
11.4 | Funding Method and Policy. All contributions to fund benefits provided under this Section shall be made by the Employer, except those relating to Continuation Coverage. Subject to the restrictions of this Section, the Employer shall contribute to the Retiree Health Plan Account annually an amount which is reasonably estimated to cover the total cost of the benefits to be provided hereunder and which satisfies the general requirements applicable to deductions allowable under Section 404 of the Code (as set forth in Treasury Regulations 1.404(a)-3(f)). The total cost of providing Medical Benefits shall be determined in accordance with any generally accepted actuarial method which is reasonable in view of the provisions and coverage of the Plan, the funding medium, and other applicable considerations. |
11.5 | Subordination to Retirement Benefits. It is intended that the Medical Benefits provided under this Section be subordinate at all times to the retirement benefits provided under the Plan. Therefore, the aggregate of contributions (made after the effective date of |
11.6 | Benefits Provision. The benefits payable pursuant to this Section shall be limited to the payment of Medical Benefits for Covered Retirees and their Covered Dependents. The Medical Benefits provided under this Section and the Employer contributions to fund said Benefits shall not discriminate in favor of the highly compensated employees of the Employer within the meaning of Section 414(q) of the Code. |
11.7 | Coordination with Retiree Health Plan. Benefits under the Plan shall be provided by reimbursing annually the Employer or other paying agent under the PerkinElmer, Inc. Retiree Health Plan for the percentage of the Per Capita Retiree Health Cost, as defined under Section 11.2(d) for each Covered Retiree. |
11.8 | Reservation of the Right to Terminate Benefits. The Employer reserves the right to amend or terminate the Medical Benefits provided hereunder or the Retiree Health Plan at any time. In such event, assets in the Medical Benefit Account shall be used to provide the Medical Benefits provided hereunder, both to Covered Retirees and those Participants who at the date of termination subsequently become Covered Retirees, but only to the extent assets remain in such account. After the satisfaction of all such liabilities, any assets remaining shall revert to the Employer. |
11.9 | Disallowance of Deduction. All contributions made to the Retiree Health Plan Account shall be conditioned upon their deductibility under the Code. The disallowance of the deduction by the Internal Revenue Service shall be cause for reversion of the contribution to the Employer. |
12.1 | Right to Amend. The Company (for itself and other Employers), shall have the right at any time to amend the Plan by written instrument approved by the Administrative Committee, except that no such amendment shall have the effect of reducing any benefits accrued to a Participant, Joint Annuitant or Beneficiary prior thereto, or cause any part of the assets of the Trust Fund to be diverted to any purpose other than for the exclusive benefit of Participants, Joint Annuitants, or Beneficiaries; provided, however, that an amendment that is expected to have a significant cost impact (including, without limitation, an amendment to merge or terminate the Plan) as determined by the Committee whose determination will be final and binding, must be approved by the Board of the Company; and provided further that the Senior Vice President Human Resources may approve any amendment necessary to comply with the Code, ERISA or other applicable laws and regulations. |
12.2 | Right to Suspend. The Plan is adopted in the expectation that it will be continued indefinitely, but the continuance of the Plan and the payment of any contribution hereunder is not assumed as a contractual obligation. Each Employer reserves the right to discontinue its contributions under the Plan and any Employer may discontinue further contributions under the Plan without discontinuing the Plan with respect to any other Employer. The Company (for itself and the other Employers), as authorized by the Board, reserves the right to discontinue the Plan at any time. The suspension of contributions shall not itself constitute a discontinuance of the Plan as long as the minimum funding requirements of Section 412 of the Code are met. |
12.3 | Distribution of Funds upon Termination. The Plan may be terminated by the Board as to all or any particular group or groups of Participants and such other persons, if any, who have or may become entitled to benefits under the Plan on account of such Participant’s participation subject to the conditions that, at any time prior to the satisfaction of all liabilities with respect to Participants, Beneficiaries, Joint Annuitants and Eligible |
12.4 | Termination Events. The Plan will terminate with respect to any Employer upon the happening of any of the following events: |
(a) | Delivery to the Trustee of a notice of termination by the Employer specifying the date as of which the Plan shall terminate for such Employer. |
(b) | Adjudication of an Employer as a bankrupt or a general assignment by the Employer to or for the benefit of creditors or a dissolution of any Employer. |
12.5 | Merger or Consolidation. In the event of any merger or consolidation of the Plan with (or transfer in whole or in part of the assets and liabilities of a trust not another Trust) any other plan of deferred compensation maintained or to be established for the benefit of all or some of the Participants of the Plan, the assets of a trust applicable to such Participants shall be transferred to another trust fund only if: |
(a) | Each Participant would (if either the Plan or the other plan then terminated) receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before this merger, consolidation or transfer (if the Plan then terminated); |
(b) | Such other plan and trust are qualified under Sections 401(a) and 501(a) of the Code. |
13.1 | Plan Voluntary. The adoption and maintenance of the Plan shall not be deemed to be a contract between the Employer and any Employee. Nothing herein contained shall be deemed to give to any Employee the right to be retained in the employ of an Employer or to interfere with the right of the Employer to discharge any Employee at any time, nor shall it be deemed to give the Employer the right to require any Employee to remain in its employ, nor shall it interfere with the Employee’s right to terminate his Employment at any time. |
13.2 | Benefits Payable from Trust. All benefits payable under the Plan shall be paid or provided for solely from the Trust Fund and Employers assume no liability or responsibility therefor. |
13.3 | Non-alienation of Benefits. Except in the case of a Qualified Domestic Relations Order, the interest hereunder of any Participant, Joint Annuitant, or Beneficiary shall not be alienable by the Participant, Joint Annuitant, or Beneficiary either by assignment or by any other method and shall not be subject to be taken by his creditors by any process whatever. The Administrative Committee shall establish a written procedure to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders. |
13.4 | Rights of Participants. All rights of every Participant under the Plan with relation to the Trust Fund or which may arise against or affect the Trustee shall be enforced exclusively by the Administrative Committee, which is hereby given the express power and authority to enforce all such rights as the representatives of every Participant under the Plan, and in |
13.5 | Enforcement. The Plan and any subsequent amendments thereto, shall be construed and enforced under the Code, ERISA, and the laws of the Commonwealth of Massachusetts. |
13.6 | Payment of Plan Expenses. Investment brokerage fees, transfer taxes, cost of necessary actuarial studies, and similar cost arising as a direct result of the making of investments, actuarial studies, sales of assets or realization of investment yield shall be paid from the Trust Fund. |
13.7 | Restriction on Benefits. In the event of Plan termination, the benefit of any highly compensated active or form Employee is limited to a benefit that is nondiscriminatory under Section 401(a)(4) of the Code. |
13.8 | Illegal Provisions. If any provisions of the Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if said illegal or invalid provisions had never been inserted herein. |
13.9 | Forfeitures. Forfeitures arising from termination of Employment, death, or for any other reason must not be applied to increase the benefits any Employee would otherwise receive under the Plan at any time prior to the termination of the Plan or the complete discontinuance of Employer’s contribution thereunder; the amount forfeited must be used as soon as possible to reduce the Employer’s contributions. |
13.10 | Lump Sum Payments. Notwithstanding any provision in the Plan to the contrary, including the requirement to obtain spousal consent to a distribution, if the Actuarial Equivalent present value of the benefit from the Trust Fund payable to any person shall not exceed $1,000 and the benefit has not yet commenced, a lump sum payment of such Actuarial Equivalent present value shall automatically be made to the appropriate recipient as soon as practicable following the date the Actuarial Equivalent present value was determined in lieu of all other benefits under the Plan. Such determination shall be made on or after the date the Participant terminates Employment or dies, as applicable. Such determination shall also be made as of the first day of each Plan Year (provided no benefit has yet commenced) based on the Actuarial Equivalent assumptions then in effect. |
13.11 | Repayment of Lump Sums. In the event that an individual’s Accrued Benefit has been distributed in the form of a lump sum in accordance with Section 13.10, and that individual later returns to Employment with an Employer, the following rules shall apply in determining the individual’s Years of Service under Articles V and VII of the Plan: |
(a) | If the individual returns to Employment and repays within five (5) years of the date of reemployment the amount he received from the Trust plus interest compounded annually at the Actuarial Equivalent interest rate in effect on the January 1st of the Year of reemployment, his prior Years of Service will be reinstated under both Articles V and VII of the Plan. |
(b) | If the individual returns to Employment and does not repay the amount received from the Trust, his prior Years of Service will be reinstated under Article V of the Plan. |
13.12 | Headings. The headings of articles and sections hereof are included solely for convenience and for reference, and if there be any conflict between such headings and the text of the Plan, the text shall control. |
13.13 | Action by Employer. Any action by the Employer under the Plan may be by resolution of its Board, or by an person or persons duly authorized by resolution of said Board to take such action. |
13.14 | Gender and Number. The masculine gender words include both sexes, the single includes the plural, and the plural includes the single, unless the context clearly otherwise requires. |
13.15 | Qualified Military Service. Notwithstanding any provisions of the Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. In addition, in accordance with |
14.1 | Definitions. For purposes of this Article XIV, the following definitions shall apply: |
(a) | Key Employee – means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date was an officer of the Employer having annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of the Code for Plan Years beginning after December 31, 2002 ($165,000 for 2012), a 5 percent (5%) owner of the Employer, or a 1-percent (1%) owner of the Employer having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key Employee will be made in accordance with Section 416(i)(1) of the Code and applicable regulations and other guidance of general applicability issued thereunder. |
(b) | Non-Key Employee – any Employee who is not a Key Employee. |
(c) | Determination Date – the last day of the preceding Plan Year, or of the current Plan Year, if the Plan was not in existence during the preceding year. |
(d) | Valuation Date – the annual date on which the Plan’s assets and liabilities are valued. This is the same valuation date used for computing Plan costs for minimum funding. |
(e) | Annual Compensation – an Employee’s Compensation (as defined in Section 6.2(b)) received from the Employer during the Plan Year. |
14.2 | Top-Heavy Plan. The Plan is a Top-Heavy Plan with respect to any Plan Year if, as of the most recent Valuation Date occurring within a twelve (12) month period ending on |
14.3 | Restrictions. The following restrictions shall apply if the Plan becomes a Top-Heavy Plan. |
(a) | Vesting. A Participant of a Top-Heavy Plan shall have a nonforfeitable interest in his Accrued Benefit derived from Employer contributions as provided under the following schedule: |
YEARS OF SERVICE | VESTED PERCENTAGE OF ACCRUED BENEFIT |
Less than 2 | 0% |
2 | 20% |
3 | 40% |
4 | 60% |
5 or more | 100% |
(b) | Minimum Benefits. During any Plan Year in which the Plan is a Top-Heavy Plan, the Accrued Benefit, derived from Employer’s contributions and expressed as a life annuity commencing at Normal Retirement Date, of a Non-Key Employee, shall be the greater of the benefit accrued for that year under Section 2.2 of the Plan or (1) times (2) where: |
(i) | is the Employee’s Average Compensation; and |
(ii) | is two percent (2%) per Year of Service, not to exceed twenty percent (20%). |
(i) | Years of Service shall be the Participant’s Years of Service except any service with the Employer shall be disregarded to the extent that such service occurs during a Plan Year when the Plan benefits (within the meaning of Section 410(b) of the Code) no Key Employee or former Key Employee any year which includes the last day of a Plan Year which the Plan was not a Top-Heavy Plan. |
(ii) | Average Compensation shall be the Participant’s average Compensation from the Employer during that period of five (5) consecutive years (or actual years, if less than five) which produce the highest average. |
14.4 | Plan Aggregations. For purposes of determining top-heaviness, the aggregation group shall include: |
(a) | each plan of the Employer in which a Key Employee is a participant; and |
(b) | each other plan of the Employer that allows a covering a Key Employee to meet qualification requirements under the coverage and anti-discrimination rules of Sections 401(a)(4) and 410 of the Code; and |
(c) | each terminated plan described in subsection (a) or (b) above maintained by the Employer during the Plan Year containing the Determination Date or any of the four preceding Plan Years (regardless of whether the plan has terminated); and |
(d) | at the option of the Employer, any other plan maintained by the Employer as long as the expanded aggregation group including such plan or plans continues to |
“4.2 | “Normal Retirement Income.” A Participant retiring on his Normal Retirement Date shall be entitled to receive a monthly income for life, payable from his Normal Retirement Date, which shall be equal to one-twelfth (1/12) of the sum of (a) and (b) and (c) below: |
(a) | the sum of (i) and (ii) below: |
(i) | For a Participant who was a Participant in the Astrophysics Plan on November 30, 1989, the annual accrued benefit under the Astrophysics Plan as of November 30, 1989, as set forth on the attached schedule. |
(ii) | For each Year of Credited Service (with appropriate adjustment for completed months) after November 30, 1989, eighty-five one hundredths percent (.85%) of his Average Earnings, plus |
(b) | For every Participant, for each Year of Service (with appropriate adjustment for completed months) before or after December 1, 1989, eighty-five one hundredths percent (.85%) of his Average Earnings, plus |
(c) | For an Employee who was a Participant as of December 31, 1988, the monthly retirement income accrued as of December 31, 1988, as determined under the provisions of Appendix I of the Plan in effect on that date.” |
EMPLOYEE BENEFIT | PERCENT VESTED | ANNUAL BENEFIT | MONTHLY | ||||
Aiman, Kenneth M. | 100 | $ | 5,242.92 | $ | 436.91 | ||
Bailey, Frederick A. | 100 | 31,216.80 | 2,601.40 | ||||
Bamett, Todd | 40 | 1,146.24 | 95.52 | ||||
Brannon, Sharon R. | 100 | 1,213.20 | 101.10 | ||||
Briones, Jose Daniel | 100 | 1,755.12 | 146.26 | ||||
Bryce, James W. | 60 | 1,198.08 | 99.84 | ||||
Castro, Abel R. | 60 | 658.32 | 54.86 | ||||
Castro, Florentino | 100 | 1,858.20 | 154.85 | ||||
Castro, Miguel | 100 | 1,139.52 | 94.96 | ||||
Chatman, Donald L. | 100 | 5,113.68 | 426.14 | ||||
Cooley, Janet | 60 | 1,157.76 | 96.48 | ||||
Delsignore, Patsy F. | 80 | 2,002.44 | 166.87 | ||||
Dermott, Brian P. | 100 | 7,294.80 | 607.90 | ||||
Dodson, Roy | 20 | 359.28 | 29.94 | ||||
Ericksen, Richard A. | 40 | 876.96 | 73.08 | ||||
Espinoza, Arturo | 20 | 310.80 | 25.90 | ||||
Espiritu, Vicky E. | 60 | 1,021.20 | 85.10 | ||||
Esquivel, Alicia O. | 100 | 1,962.72 | 163.56 | ||||
Fleming, James P. | 40 | 1,864.80 | 155.40 | ||||
Garcia, Galileo | 40 | 1,020.48 | 85.04 | ||||
German, Meroe P. | 60 | 1,374.48 | 114.54 | ||||
Giesseman, Helen M. | 100 | 4,012.20 | 334.35 | ||||
Harma, Delia M. | 100 | 1,493.28 | 124.44 | ||||
Hua, Huy | 100 | 3,341.76 | 278.48 | ||||
Huey, John | 40 | 1,533.60 | 127.80 | ||||
Huggins, William D. | 60 | 5,783.04 | 481.92 | ||||
Ignacio, Antonio A. | 100 | 1,219.92 | 101.66 | ||||
Jacquez, Benjamin | 60 | 1,287.36 | 107.28 | ||||
Jaime, Maria | 100 | 1,223.28 | 101.94 | ||||
Konreddy, Naveen | 60 | 2,109.60 | 175.80 | ||||
Lloyd, Donald | 40 | 1,299.84 | 108.32 | ||||
Lovisa, Roland | 100 | 7,266.72 | 605.56 |
EMPLOYEE BENEFIT | PERCENT VESTED | ANNUAL BENEFIT | MONTHLY | ||||
Marshall, Patricia A. | 80 | 882.72 | 73.56 | ||||
Miranda Jr., Bemardo B. | 100 | 1,645.92 | 137.16 | ||||
Mueller, Leopoldine A. | 100 | 1,578.72 | 131.56 | ||||
Mutter, Louis | 60 | 1,021.68 | 85.14 | ||||
Naval, Jr., Anselmo P. | 100 | 7,982.28 | 665.19 | ||||
O’Brien, Gregory G. | 100 | 1,532.16 | 127.68 | ||||
Oca, Feliza | 100 | 2,034.72 | 169.56 | ||||
Ochoa, Delfino | 100 | 1,731.84 | 144.32 | ||||
Ochoa, Ezequiel | 100 | 1,360.08 | 113.34 | ||||
Olsen, Kenneth R. | 80 | 2,073.60 | 172.80 | ||||
Orlando, Carlo L. | 80 | 1,323.36 | 110.28 | ||||
Orozco, Armando | 100 | 1,399.68 | 116.64 | ||||
Ortega Jr., Rudy V. | 100 | 2,784.24 | 232.02 | ||||
Paine, Diane J. | 80 | 1,391.76 | 115.98 | ||||
Parmer, George A. | 80 | 1,539.36 | 128.28 | ||||
Patel, Mehendra H. | 80 | 2,193.12 | 182.76 | ||||
Phan, Xuyen D. | 100 | 1,979.28 | 164.94 | ||||
Raines, Jerry C. | 40 | 969.60 | 80.80 | ||||
Randall, Annette | 60 | 937.44 | 78.12 | ||||
Reed, Stephen | 60 | 1,404.00 | 117.00 | ||||
Reyes, Celso L. | 60 | 982.44 | 81.87 | ||||
Riedel, Sharon | 40 | 746.40 | 62.20 | ||||
Rivello, Paul J. | 60 | 1,119.60 | 93.30 | ||||
Roldan Jr., Natalio | 100 | 1,692.72 | 141.06 | ||||
Rothrock, Robert D. | 100 | 1,747.32 | 145.61 | ||||
Sanchez, Angel | 100 | 1,058.64 | 88.22 | ||||
Sanchez, Jose | 100 | 1,581.84 | 131.82 | ||||
Sary, Pharath | 40 | 632.16 | 52.68 | ||||
Sary, Pharith | 60 | 1,354.32 | 112.86 | ||||
Shirley, John B. | 100 | 1,853.28 | 154.44 | ||||
Sturgeon, Copper M. | 80 | 1,350.00 | 112.50 | ||||
Trapani, Linda A. | 100 | 2,244.60 | 187.05 | ||||
Turcios, Guillermo S. | 100 | 1,940.04 | 161.67 | ||||
Ulanday, Absalon D. | 100 | 1,359.00 | 113.25 | ||||
Vaysburd, Eduard | 60 | 1,628.64 | 135.72 | ||||
Vo, Julie J. | 20 | 265.44 | 22.12 | ||||
Wascher, Philllip M. | 60 | 3,754.08 | 312.84 | ||||
Welch, Wayne L. | 100 | 5,012.28 | 417.69 | ||||
Wiersma, Lars S. | 100 | 7,621.08 | 635.09 | ||||
Yates, Raymond G. | 100 | 37,840.44 | 3,153.37 |
Social Security Number | Name | Service Credit |
174-48-0328 | Alexander, John | 12 |
447-54-0957 | Arnold, Steven | 6 |
015-34-5337 | Ayers, Phillip | 6 |
219-40-3401 | Barrett, Robert | 4 |
024-66-4354 | Beech, Paul | 5 |
266-96-9604 | Buser, Andres | 1 |
023-32-9254 | Castellana, Angelo | 11 |
497-44-8105 | Fleming, Donald | 5 |
530-18-0816 | Fraser, Dale | 8 |
031-34-0349 | Galluccio, Michael | 7 |
109-24-7323 | Gross, Murray | 16 |
011-40-7484 | King, Ronald | 5 |
076-48-6364 | Klemmer, Anthony | 13 |
463-76-8617 | Kott, L. Kevin | 9 |
388-32-8927 | Kucharski, John | 17 |
100-28-1377 | Lewis, Elsie L. | 3 |
065-38-5029 | Lorenz, Deborah | 11 |
005-32-5412 | Parker, William | 4 |
489-48-6521 | Parks, Fred | 16 |
093-32-9132 | Peters, Donald | 12 |
014-52-4751 | Ribaudo, William | 9 |
038-54-1093 | Rossi, Luciano | 17 |
517-76-8123 | Schorling, Thomas | 10 |
390-36-8544 | Shaver, Paul | 1 |
564-62-3475 | Shetterly, John | 3 |
176-26-8375 | Slawek, Joseph | 3 |
027-32-8644 | Sullivan, William | 5 |
005-32-5054 | Theodores, Theodore | 6 |
144-28-3156 | Touhill, C. Joseph | 3 |
577-44-1358 | Williams, Charles | 16 |
SSN | NAME | 9/30/97 ACCRUED BENEFIT | 9/30/97 PRESENT VALUE | EXTRA BENEFIT |
270-52-5779 | Adams, John T. | 706.16 | 36,618 | 302.40 |
015-34-5337 | Ayers, Philip | 875.88 | 83,050 | 122.20 |
290-56-4813 | Benner, Douglas E. | 830.27 | 39,347 | 362.00 |
271-66-6894 | Caldwell, Roger W. | 873.20 | 45,280 | 0.00 |
268-70-8271 | Demana, Andrew T. | 838.31 | 39,728 | 387.30 |
290-64-2481 | Edwards, James T. | 155.37 | 8,057 | 52.41 |
291-74-2721 | Haas, David J. | 448.00 | 16,969 | 0.00 |
286-52-2327 | Kelley, Charles P. | 951.50 | 67,895 | 0.00 |
272-48-6822 | Knick, Daniel R. | 1,936.25 | 158,999 | 800.19 |
286-42-5514 | Lee, Cynthia L. | 1,458.57 | 90,364 | 0.00 |
290-42-4195 | Neyer, Barry T. | 911.18 | 54,122 | 294.38 |
268-46-7957 | Schaefer, Connie S. | 846.40 | 87,616 | 352.67 |
280-54-0535 | Stoltz, Mark D. | 598.36 | 42,697 | 257.33 |
357-48-6364 | Tomasoski, Robert J. | 1,065.90 | 57,825 | 498.63 |
275-66-7285 | Hudson, Kathy J. | 508.44 | 32,084 | 206.88 |
LOCATION NAME | LOCATION NUMBER | EARLIEST DATE CREDITED SERVICE BEGINS |
Wright Components | 25 | 01/01/1988 |
Opto Electronics Components - St. Louis | 30 | 01/01/1977 |
Opto Electronics Components – St. Louis (Union) | 030U | 01/01/1978 |
Pressure Science | 75 | 10/01/1986 |
Reticon | 80 | 06/01/1988 |
Power Systems | 93 | 04/01/1984 |
Life Sciences – Wallac (Gaithersburg) | 154 | 06/14/1993 |
Life Sciences – Wallac (Akron) | 179 | 03/01/1998 |
Belfab | 181 | 04/01/1998 |
Belfab (Union) | 182 | 04/01/1998 |
Analytical Instruments | 193 | 05/29/1999 |
Years of Service | Vested Percentage |
Less than 5 | 0 |
5 or more | 100 |
1.1 | “Accrued Benefit” means the amount of retirement income as of the calculation date determined in accordance with Section 3 of this Appendix H. |
1.2 | “Active Service” means actual performance of duties as a Shop Union Employee. |
1.3 | “Actuarial Equivalence” means a benefit of equivalent value to the benefit which otherwise would have been provided determined on the basis of the following actuarial assumptions: |
Mortality | The 1971 Group Annuity Mortality Table with no loading, and projected by Scale E, with a one-year age setback for the Shop Union Participant and a five-year setback for any Beneficiary. |
Interest | The annual interest rate on 30-year Treasury securities as specified by the Commissioner of Internal Revenue for the month preceding the month as of which Actuarial Equivalence is being determined. |
Mortality | The mortality table prescribed by the Secretary of the Treasury under Section 417(e)(3)(A)(ii)(I) of the Code as in effect on the date as of which Actuarial Equivalence is being determined. |
1.4 | “Beneficiary” means a person(s), trust, or other entity designated by the Shop Union Participant, on a form and in a manner prescribed by the Administrative Committee to receive any benefits which shall be payable under this Plan upon the death of a Shop Union Participant, or in the absence of such designation, the Shop Union Participant’s spouse, if living, or if deceased, the Shop Union Participant’s issue then living, per stirpes, or if none, the Shop Union Participant’s estate. |
1.5 | “Collective Bargaining Agreement” shall mean the then current collective bargaining agreement between the Company and the Union. |
1.6 | “Credited Service” means that portion of a Shop Union Participant’s Employment, as determined in accordance with Section 6 of this Appendix H, which will be used in determining the amount of a Shop Union Participant’s retirement benefit under this Plan. |
1.7 | “Disabled Shop Union Participant” means a Shop Union Participant who incurs a physical or mental condition which, as determined by the Federal Social Security Administration, renders the Shop Union Participant eligible to receive disability benefits under Title II of the Federal Social Security Act, as amended from time to time. If the Shop Union Participant is denied Social Security disability benefits for any reason other than the fact that he is not permanently and totally disabled, then a determination of disability shall be made by a medical doctor selected by the Administrative Committee. |
1.8 | “Normal Retirement Date” shall mean the first day of the month coinciding with or next succeeding the later of a) the date the Shop Union Participant shall have attained age 65; or b) the 5th anniversary of the date the Shop Union Participant commenced participation in the plan. The Normal Retirement Benefit is nonforfeitable upon attaining the Normal Retirement Date. |
1.9 | “Period of Service,” measured in calendar months, means the period commencing in the calendar month during which a Shop Union Employee first performs an hour of service, within the meaning of Section 2530.200b-2(a)(1) of the Department of Labor Regulations, for the Employer and terminating in the calendar month in which the earlier of the following takes place: (i) a Shop Union Employee quits, retires, is discharged or dies, or (ii) the occurrence of the first anniversary of the date on which a Shop Union Employee has been absent from service with the Company for reasons other than those listed in (i) above, provided that if a Shop Union Participant is absent on an approved leave of absence that extends beyond such one-year period, such period of absence shall be included in his Period of Service to the same extent that he would accrue seniority as provided for in the Collective Bargaining Agreement; and provided further that any period during which a Shop Union Employee retains seniority rights under the Collective Bargaining Agreement for recall purposes shall be included in his Period of Service if such Shop Union Employee returns to Active Service within such period. If the Shop Union Employee does not return to Active Service within such period, whether by reason of not being recalled or by reason of being recalled but not returning to Active Service, his Period of Service shall terminate on the earlier of (i) or (ii) above. |
1.10 | “Pre-Retirement Surviving Spouse Option” means the pre-retirement surviving spouse benefit described in Section 7.4 of this Appendix H. |
1.11 | “Separation from Service Date” means the date on which a Shop Union Participant’s Period of Service ends. |
1.12 | “Shop Union Employee” shall mean any hourly employee employed by the Company and who is represented by the Union under the terms and provisions of the Collective Bargaining Agreement, or who pays dues to the Union. |
1.13 | “Shop Union Participant” shall mean a Shop Union Employee who is participating in the Plan under the provisions of Section 2 of this Appendix H, or a former employee who is receiving benefits under the plan or who has vested rights under the Plan. |
1.14 | “Surviving Spouse Option” shall mean the normal form of retirement benefit payable to a married Shop Union Participant under the provisions of Section 7.1(b) of this Appendix H. |
1.15 | “Union” shall mean the PerkinElmer/John Crane/EKK Eagle Shop Union. |
1.16 | “Years of Service” shall mean that portion of a Shop Union Employee’s Employment, as determined in accordance with Section 4 of this Appendix H, which will be used in determining a Shop Union Participant’s eligibility for a retirement benefit under the Plan. |
(a) | The Shop Union Participant may elect to defer commencement of his retirement income until his Normal Retirement Date. The amount of his retirement income will be determined in accordance with Section 3.2 of this Appendix H based on his Credited Service as of his Early Retirement Date. |
(b) | The Shop Union Participant may elect at his Early Retirement Date or at any time prior to his Normal Retirement Date to have his retirement income commence on the first day of any month after the date of his retirement but no later than his Normal Retirement Date. The amount of his retirement income shall be equal to the amount calculated in accordance with Section 3.2 of this Appendix H reduced by one-half percent for each month by which the date that retirement payments are to commence precedes his Normal Retirement Date. |
(a) | A Shop Union Participant whose Employment terminates prior to retirement but after the completion of at least 5 Years of Service, by reason of quit, discharge, death, or having become a Disabled Shop Union Participant as defined in Section 1.7 of this Appendix H, shall be 100% vested in his or her accrued benefit, and except as provided in subparagraphs (b) through (d) below, such Shop Union Participant shall be entitled to receive a monthly retirement income for life, with payments guaranteed for sixty (60) months, payable from such Shop Union Participant’s Normal Retirement Date, which monthly retirement income shall be determined in accordance with Section 3.2 of this Appendix H, based upon the benefit schedule in effect on the date of his termination. Such a Shop Union Participant shall also be eligible to elect an Early Retirement Date, in which case the amount of his retirement income shall be determined in accordance with |
(b) | Provided, however, that if the Shop Union Participant’s Employment shall have terminated on account of such Shop Union Participant having become a Disabled Shop Union Participant as defined in Section 1.7, and such Shop Union Participant as of his or her death had attained age 45 and completed at least 15 Years of Service, such Shop Union Participant’s entitlements to benefits shall be determined under Section 5 of this Appendix H rather than under this Section 3.4 of this Appendix H. |
(c) | Provided further that if the Shop Union Participant’s Employment terminates by reason of death and such Shop Union Participant has an Eligible Spouse, such Eligible Spouse shall receive a benefit as described in Article VIII of this Plan and no benefit shall be payable under this Section 3.4 of this Appendix H. |
(d) | Provided further that if the Shop Union Participant’s Employment terminates by reason of death and such Shop Union Participant is unmarried, the Shop Union Participant’s Beneficiary shall be entitled to the same 60 months certain benefit that would have been payable to the Shop Union Participant and such Beneficiary had the deceased Shop Union Participant elected an Early Retirement Benefit under Section 3.3(b) of this Appendix H which commenced on the first day of the month of his death. |
(a) | For a Shop Union Participant who as of the Effective Date had been covered under the prior provisions of the Plan, the Shop Union Participant’s continuous service with the Company prior to the Effective Date, determined in accordance with the provisions of the Plan in effect prior to the Effective Date, shall be counted as Years of Service. |
(b) | Subject to Section 4.2(a) of this Appendix H, a Shop Union Participant who has attained age 18 shall accrue 1/12th of a Year of Service for each calendar month after the Effective Date within the Shop Union Participant’s Period of Service. If a Shop Union Participants Employment is terminated (either voluntarily or involuntarily) and he is later reemployed into Active Service within 12 months, the period between his Separation from Service Date and the date of reemployment shall be included in his Years of Service. However, if his Employment is terminated while absent from Active Service for reasons other than a quit, discharge, or retirement (e.g., leave of absence), Years of Service shall be counted for the period from his Separation from Service Date to the date of reemployment only if he is reemployed within 12 months of the first day of that absence. |
(c) | Upon the re-employment of a Shop Union Participant who had previously been a Shop Union Participant on or after the Effective Date, his Years of Service shall be reinstated as of the date of his re-employment. |
(d) | In no event shall a Shop Union Participant be deemed to receive credit for more than one Year of Service with respect to any Year. |
4.3 | For purposes of Section 4.2(b) of this Appendix H, a Shop Union Participant shall be considered as accruing Years of Service in accordance with his normal workweek for each month. |
(a) | Where specifically required by ERISA all or part of the Shop Union Participant’s service with a member of the same controlled group (as such term is defined in |
(i) | The Administrative Committee shall not give credit for service with a controlled group member immediately preceding or following Employment with the Company under any of the following conditions: |
1) | The controlled group member was not a part of the same controlled group at the time the service was rendered, or |
2) | The controlled group member at the time the service was rendered maintained a qualified plan which required voluntary contributions from the Shop Union Employee as a prerequisite for participation and the Shop Union Employee elected not to participate, or |
3) | The controlled group member at the time the service was rendered maintained a qualified plan which provided in the terms of such plan that certain service was not to be counted in determining Years of Service. |
5.1 | A Shop Union Participant who has attained age 45 and completed at least 15 Years of Service, and who becomes a Disabled Shop Union Participant while a Shop Union Employee, will be eligible to receive a disability pension benefit upon proper application to the Plan. |
5.2 | The amount of a disability pension benefit shall be calculated as if such Disabled Shop Union Participant had attained age 65 prior to such disability, based on the Years of Service that have been credited to such Disabled Shop Union Participant upon application for the disability pension benefit. The amount of a disability pension benefit shall not be actuarially reduced based on the Disabled Shop Union Participant’s failure to attain age 65. |
5.3 | A Disabled Shop Union Participant may elect to receive a disability pension benefit in any form of distribution otherwise available under Section 7 of this Appendix H to a Shop Union Participant who has attained his Normal Retirement Date. Specifically, a Disabled Shop Union Participant may elect to receive his disability pension benefit in the form of one of the following: (1) a lifetime income, with payments guaranteed for 60 months; (2) a Surviving Spouse Option (with payments calculated by also increasing the age of the Shop Union Participant’s Eligible Spouse by the number of days between the Shop Union Participant’s actual age and age 65, and with lifetime payments to the surviving Eligible Spouse equal to 50%, 66-2/3%, or 100% of the Shop Union Participant’s monthly pension); or (3) a lifetime income option. |
5.4 | Disability pension benefit payments shall be suspended in the event that a Shop Union Participant receiving a disability pension benefit is no longer determined to be a Disabled Shop Union Participant, as defined in Section 1.7 of this Appendix H. In the event that a disability pension benefit is suspended, payments may resume as early or normal retirement benefits, with any early retirement benefit reduced in accordance with Section 3.3(b) of this Appendix H if not deferred to the Shop Union Participant’s Normal Retirement Date, once the Shop Union Participant otherwise qualifies for a Normal Retirement Income or an Early Retirement Income. |
5.5 | Upon the attainment of his Normal Retirement Date, a Disability Shop Union Participant’s disability pension benefit shall be converted to a Normal Retirement Income (subject to the waiver and spousal consent requirements of Article VIII if the Disabled Shop Union Participant is married), with the Shop Union Participant having the right to elect any form of distribution otherwise available to a Shop Union Participant who has attained his Normal Retirement Date. |
5.6 | Notwithstanding anything to the contrary, a Shop Union Participant shall not accrue any further Years of Service or Credited Service for any period with respect to, or during, which he is receiving a disability pension benefit pursuant to this Section 5 of this Appendix H. |
6.1 | A Shop Union Participant’s years of Credited Service shall be determined in accordance with the following: |
(a) | For a Shop Union Participant as of the Effective Date, who has been covered under the prior provisions of the Plan, the Shop Union Participant’s period of continuous employment with the Company prior to the Effective Date, determined in accordance with the provisions of the Plan in effect prior to the Effective Date, shall be counted as years of Credited Service. |
(b) | A Shop Union Participant shall accrue 1/12th of a year of Credited Service for each calendar month within the Period of Service. |
(c) | A Shop Union Participant shall in no event be deemed to accrue more than one full year of Credited Service with respect to any Plan Year. |
(d) | Upon the re-employment of a Shop Union Participant who had previously been a Shop Union Participant on or after the Effective Date, his years of Credited |
(a) | The retirement income payable to a Shop Union Participant at his Normal Retirement Date who does not have an Eligible Spouse on the date payments commence shall be in the form of a lifetime income, with payments guaranteed for sixty (60) months, in an amount calculated in accordance with Section 3.2 of this Appendix H. |
(b) | The retirement income payable to a Shop Union Participant who has an Eligible use on the date payments commence shall be in the form of a Surviving Spouse Option with his Eligible Spouse as the survivor, subject to the following: |
(i) | Under a Surviving Spouse Option, a reduced amount shall be paid to the Shop Union Participant for his lifetime, and his Eligible Spouse, if surviving at the Participant’s death, shall be entitled to receive thereafter a lifetime benefit equal to 50 percent, 66-2/3 percent or 100 percent (depending on the election made) of the reduced benefit which had been payable to the Participant. The amount of the reduced benefit payable to the Participant and survivor shall be the Actuarial Equivalence of the lifetime benefit as determined in Section 3.2 of this Appendix H. |
(ii) | The Surviving Spouse Option may be waived pursuant to Article VIII. |
(a) | Lifetime Income Option. Under this option, retirement income will cease at the death of the Shop Union Participant. |
(b) | Joint and Survivor Option. Under this option, a married Shop Union Participant can elect to receive a reduced income, but after the Shop Union Participant’s death 50%, 66 2/3% or 100% (depending on the election made) of such reduced income shall be paid for life to his designated joint annuitant. |
(c) | Five (5) Year Certain Option. Under this option, retirement income shall be in the form of a lifetime income with payments guaranteed for 60 months. |
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 CV Holdings, LLC | Delaware | PerkinElmer Global Holdings S.à r.l. | ||
5. | PerkinElmer Diagnostics Holdings, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
6. | PerkinElmer Health Sciences, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
7. | PerkinElmer Informatics, Inc. | Delaware | PerkinElmer Holdings, Inc. | ||
8 | ViaCord, LLC | Delaware | PerkinElmer Diagnostics 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. | EUROIMMUN US Inc. | New Jersey | PerkinElmer Diagnostics Holdings, Inc. | ||
14. | EUROIMMUN US Real Estate LLC | New Jersey | EUROIMMUN US Inc. | ||
15. | Perten Instruments, Inc. | Nevada | PerkinElmer Health Sciences, Inc. | ||
16. | PerkinElmer Genetics, Inc. | Pennsylvania | PerkinElmer Diagnostics Holdings, Inc. | ||
17. | Bioo Scientific Corporation | Texas | PerkinElmer Holdings, Inc. | ||
18. | PerkinElmer Automotive Research, Inc. | Texas | PerkinElmer Holdings, Inc. | ||
19. | Perkin-Elmer Argentina S.R.L. | Argentina | PerkinElmer Holdings, Inc. (98%)1 | ||
20. | PerkinElmer Health Sciences (Australia) Pty. Ltd. | Australia | PerkinElmer Holdings Pty. Ltd. | ||
21. | PerkinElmer Holdings Pty. Ltd. | Australia | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
22. | PerkinElmer Pty. Ltd. | Australia | PerkinElmer Holdings, Inc. | ||
23. | Perten Instruments of Australia Pty Ltd. | Australia | Perten Instruments AB | ||
24. | RHS Subsidiary Pty. Ltd. | Australia | PerkinElmer Health Sciences (Australia) Pty. Ltd. | ||
25. | PerkinElmer Vertriebs GmbH | Austria | Wellesley B.V. | ||
26. | PerkinElmer BVBA | Belgium | PerkinElmer Life Sciences International Holdings2 | ||
27. | EUROIMMUN Brasil Importação e Distribuição Ltda. | Brazil | EUROIMMUN Medizinische Labordiagnostika AG3 | ||
28. | PerkinElmer do Brasil Ltda. | Brazil | PerkinElmer Diagnostics Global Holdings S.à r.l. (99%)4 | ||
29. | EUROIMMUN Medical Diagnostics Canada Inc. | Canada | EUROIMMUN Medizinische Labordiagnostika AG | ||
30. | PerkinElmer Health Sciences Canada, Inc. | Canada | PerkinElmer Life Sciences International Holdings | ||
31. | Perten Instruments Inc. | Canada | Perten Instruments AB | ||
32. | Perkin Elmer Chile Ltda. | Chile | PerkinElmer Health Sciences, Inc. (68%)5 | ||
33. | Beijing OUMENG Biotechnology Co. Ltd. | China | EUROIMMUN Medizinische Labordiagnostika AG | ||
34. | Chengdu PerkinElmer Medical Laboratory Co., Ltd. | China | Suzhou PerkinElmer Medical Laboratory Co., Ltd. | ||
35. | EUROIMMUN (Hangzhou) Medical Laboratory Diagnostics Co., Ltd. | China | EUROIMMUN Medical Diagnostics (China) Co., Ltd. | ||
36. | EUROIMMUN Medical Diagnostics (China) Co., Ltd. | China | EUROIMMUN Medizinische Labordiagnostika AG | ||
37. | EUROIMMUN (Tianjin) Medical Diagnostic Technology Co., Ltd. | China | EUROIMMUN Medical Diagnostics (China) Co., Ltd. | ||
38. | Guangzhou EUROIMMUN Medical Diagnostic Products Co., Ltd. | China | EUROIMMUN Medical Diagnostics (China) Co., Ltd. | ||
39. | Hangzhou EUROIMMUN Medical Laboratory Diagnostic Products Co., Ltd. | China | EUROIMMUN Medical Diagnostics (China) Co., Ltd. | ||
40. | PerkinElmer Healthcare Diagnostics (Shanghai) Co., Ltd. | China | PerkinElmer IVD Pte Ltd. | ||
41. | PerkinElmer Instruments (Suzhou) Co., Ltd. | China | Wellesley B.V. | ||
42. | PerkinElmer Management (Shanghai) Co., Ltd. | China | PerkinElmer Singapore Pte Ltd. | ||
43. | PerkinElmer (Shanghai) Equity Investment Fund, L.P. | China | PerkinElmer Singapore Pte Ltd. (98%)6 | ||
44. | PerkinElmer (Shanghai) Equity Investment Fund Management Co., Ltd. | China | PerkinElmer Singapore Pte Ltd. |
Name of Company | State or Country of Incorporation or Organization | Name of Parent | |||
45. | Perten Instruments (Beijing) Co., Ltd. | China | Perten Instruments AB | ||
46. | Shanghai Haoyuan Biotech Co., Ltd. | China | PerkinElmer Holding Luxembourg S.à r.l. | ||
47. | Shanghai Spectrum Instruments Co., Ltd. | China | Wellesley B.V. | ||
48. | Suzhou PerkinElmer Medical Laboratory Co., Ltd. | China | PerkinElmer Healthcare Diagnostics (Shanghai) Co., Ltd. (70%)7 | ||
49. | Suzhou Sym-Bio Lifescience Co., Ltd. | China | PerkinElmer Healthcare Diagnostics (Shanghai) Co., Ltd. | ||
50. | PerkinElmer Danmark A/S | Denmark | Wallac Oy | ||
51. | PerkinElmer Finland Oy | Finland | Wallac Oy | ||
52. | PerkinElmer Investments Ky | Finland | PerkinElmer Finance Luxembourg S.à r.l.8 | ||
53. | PerkinElmer Oy | Finland | Wellesley B.V. | ||
54. | Wallac Oy | Finland | PerkinElmer Oy | ||
55. | Bio Evolution SAS | France | EUROIMMUN France SAS | ||
56. | EUROIMMUN France SAS | France | EUROIMMUN Medizinische Labordiagnostika AG | ||
57. | PerkinElmer SAS | France | PerkinElmer Nederland B.V. | ||
58. | Perten Instruments France SASU | France | Perten Instruments AB | ||
59. | EUROIMMUN Medizinische Labordiagnostika AG | Germany | PerkinElmer Germany Diagnostics GmbH | ||
60. | PerkinElmer Cellular Technologies Germany GmbH | Germany | PerkinElmer LAS (Germany) GmbH | ||
61. | PerkinElmer chemagen Technologie GmbH | Germany | PerkinElmer Cellular Technologies Germany GmbH | ||
62. | PerkinElmer Germany Diagnostics Financing GmbH | Germany | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
63. | PerkinElmer Germany Diagnostics GmbH | Germany | PerkinElmer Global Diagnostics S.à r.l. | ||
64. | PerkinElmer LAS (Germany) GmbH | Germany | PerkinElmer Germany Diagnostics GmbH | ||
65. | Perten Instruments GmbH | Germany | Perten Instruments AB | ||
66. | PerkinElmer (Hong Kong) Ltd. | Hong Kong | PerkinElmer Holdings, Inc. | ||
67. | Orchid Biomedical Systems Pvt Ltd. | India | Tulip Diagnostics Pvt Ltd. | ||
68. | PerkinElmer Health Sciences Pvt Ltd. | India | PerkinElmer IVD Pte Ltd. (91%)9 | ||
69. | PerkinElmer (India) Pvt Ltd. | India | PerkinElmer Singapore Pte Ltd.10 | ||
70. | Tulip Diagnostics Pvt Ltd. | India | PerkinElmer Holding Luxembourg S.à r.l. (99%)11 | ||
71. | PerkinElmer (Ireland) Ltd. | Ireland | Wellesley B.V. | ||
72. | PerkinElmer Israel Ltd. | Israel | PerkinElmer Holding Luxembourg S.à r.l. | ||
73. | Dani Analitica S.r.l. | Italy | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
74. | EUROIMMUN Italia Diagnostica Medica S.r.l. | Italy | EUROIMMUN Medizinische Labordiagnostika AG | ||
75. | Perkin Elmer Italia SpA | Italy | Wellesley B.V. | ||
76. | Perten Instruments Italia S.r.l. | Italy | Perten Instruments AB | ||
77. | PerkinElmer Japan Co. Ltd. | Japan | PerkinElmer Life Sciences International Holdings (97%)12 | ||
78. | Perkin Elmer Yuhan Hoesa | Korea | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
79. | PerkinElmer Diagnostics Global Holdings S.à r.l. | Luxembourg | PerkinElmer Global Holdings S.à r.l. | ||
80. | PerkinElmer Finance Luxembourg S.à r.l. | Luxembourg | PerkinElmer Holding Luxembourg S.à r.l. | ||
81. | PerkinElmer Global Diagnostics S.à r.l. | Luxembourg | PerkinElmer Global Financing S.à r.l. | ||
82. | PerkinElmer Global Financing S.à r.l. | Luxembourg | PerkinElmer Global Holdings S.à r.l. | ||
83. | PerkinElmer Global Holdings S.à r.l. | Luxembourg | PerkinElmer Holdings, Inc. | ||
84. | PerkinElmer Holding Luxembourg S.à r.l. | Luxembourg | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
85. | DNA Laboratories Sdn. Bhd. | Malaysia | Perkin Elmer Sdn. Bhd. | ||
86. | Perkin Elmer Sdn. Bhd. | Malaysia | PerkinElmer Diagnostics Global Holdings S.à r.l. | ||
87. | Perkin Elmer de Mexico, S.A. | Mexico | PerkinElmer Holdings, Inc.13 | ||
88. | Delta Instruments B.V. | Netherlands | PerkinElmer Health Sciences B.V. | ||
89. | PerkinElmer Health Sciences B.V. | Netherlands | PerkinElmer Life Sciences International Holdings | ||
90. | PerkinElmer International C.V. | Netherlands | PerkinElmer Global Holdings S.à r.l.14 | ||
91. | PerkinElmer Nederland B.V. | Netherlands | Wellesley B.V. | ||
92. | Wellesley B.V. | Netherlands | PerkinElmer Holding Luxembourg S.à r.l. | ||
93. | PerkinElmer Norge AS | Norway | Wallac Oy | ||
94. | Perkin-Elmer Instruments (Philippines) Corporation | Philippines | PerkinElmer Holdings, Inc. | ||
95. | EUROIMMUN Polska Spólka z o.o. | Poland | EUROIMMUN Medizinische Labordiagnostika AG | ||
96. | PerkinElmer Polska Sp z o.o. | Poland | Wellesley B.V. | ||
97. | PerkinElmer Shared Services Sp z o.o. | Poland | Wellesley B.V. | ||
98. | EUROIMMUN Portugal Unipessoal Lda. | Portugal | EUROIMMUN Medizinische Labordiagnostika AG | ||
99. | EUROIMMUN (South East Asia) Pte Ltd. | Singapore | EUROIMMUN Medizinische Labordiagnostika AG | ||
100. | PerkinElmer IVD Pte Ltd. | Singapore | Wallac Oy | ||
101. | PerkinElmer Singapore Pte Ltd. | Singapore | PerkinElmer International C.V. |
Name of Company | State or Country of Incorporation or Organization | Name of Parent | |||
102. | EUROIMMUN Medical Laboratory Diagnostics South Africa (Pty) Ltd. | South Africa | EUROIMMUN Medizinische Labordiagnostika AG | ||
103. | PerkinElmer South Africa (Pty) Ltd. | South Africa | Wellesley B.V. | ||
104. | EUROIMMUN Diagnostics España, S.L.U. | Spain | EUROIMMUN Medizinische Labordiagnostika AG | ||
105. | Integromics, S.L. | Spain | PerkinElmer España, S.L. | ||
106. | PerkinElmer España, S.L. | Spain | Wellesley B.V. | ||
107. | PerkinElmer Sverige AB | Sweden | Wallac Oy | ||
108. | PerkinElmer Sweden Health Sciences Holdings AB | Sweden | Perten Instruments AB | ||
109. | Perten Instruments AB | Sweden | PerkinElmer Holding Luxembourg S.à r.l. (73%)15 | ||
110. | Vanadis Diagnostics AB | Sweden | Perten Instruments AB | ||
111. | EUROIMMUN Schweiz AG | Switzerland | EUROIMMUN Medizinische Labordiagnostika AG | ||
112. | PerkinElmer (Schweiz) AG | Switzerland | Wellesley B.V. | ||
113. | PerkinElmer Taiwan Corporation | Taiwan | PerkinElmer Holding Luxembourg S.à r.l. | ||
114. | PerkinElmer Limited | Thailand | PerkinElmer, Inc. | ||
115. | Özmen Tibbi Laboratuar Teshisleri A.S. | Turkey | EUROIMMUN Medizinische Labordiagnostika AG16 | ||
116. | PerkinElmer Saðlýk ve Çevre Bilimleri Ltd. | Turkey | PerkinElmer Holding Luxembourg S.à r.l. | ||
117. | EUROIMMUN UK Ltd. | United Kingdom | EUROIMMUN Medizinische Labordiagnostika AG | ||
118. | PerkinElmer LAS (UK) Ltd. | United Kingdom | PerkinElmer (UK) Holdings Ltd. | ||
119. | PerkinElmer Life Sciences International Holdings | United Kingdom | PerkinElmer Health Sciences, Inc. | ||
120. | PerkinElmer Ltd. | United Kingdom | PerkinElmer (UK) Holdings Ltd. | ||
121. | 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 a de minimus share. |
4 | PerkinElmer Holdings, Inc. owns 1%; PerkinElmer Health Sciences, Inc. owns a de minimus share. |
5 | PerkinElmer Holdings, Inc. owns 32%. |
6 | PerkinElmer (Shanghai) Equity Investment Fund Management Co., Ltd. owns 2%. |
7 | Shanghai Sai Ke Si Medical Technology L.P. owns 30%. |
8 | PerkinElmer Holding Luxembourg S.à r.l. owns a de minimus share. |
9 | Surendra Genetic Laboratory & Research Centre Pvt Ltd. owns 9%. |
10 | Wellesley B.V. owns a de minimus share. |
11 | Individual shareholders own 1%. |
12 | Wallac Oy owns 3%. |
13 | PerkinElmer, Inc. owns a de minimus share. |
14 | PerkinElmer CV Holdings, LLC owns 1%. |
15 | PerkinElmer Diagnostics Global Holdings S.à r.l. owns 27%. |
16 | Individual shareholders own de minimus shares. |
/s/ DELOITTE & TOUCHE LLP |
Boston, Massachusetts |
February 26, 2019 |
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 26, 2019 | /S/ ROBERT F. FRIEL |
Robert F. Friel | ||
Chairman and Chief Executive Officer |
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 26, 2019 | /s/ JAMES M. MOCK |
James M. Mock 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 26, 2019 | /S/ ROBERT F. FRIEL |
Robert F. Friel | ||
Chairman and Chief Executive Officer |
Date: | February 26, 2019 | /s/ JAMES M. MOCK |
James M. Mock Senior Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Feb. 22, 2019 |
Jun. 29, 2018 |
|
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PERKINELMER INC | ||
Trading Symbol | PKI | ||
Entity Central Index Key | 0000031791 | ||
Current Fiscal Year End Date | --12-30 | ||
Document Period End Date | Dec. 30, 2018 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 110,800,020 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7,944,359,992 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
||||
Revenue | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,777,996 | $ 2,256,982 | $ 2,115,517 | |||||||||||
Cost of Goods and Services Sold | 1,437,057 | |||||||||||||
Selling, general and administrative expenses | 811,913 | 626,018 | 590,471 | |||||||||||
Research and development expenses | 193,998 | 139,464 | 124,184 | |||||||||||
Restructuring and contract termination charges, net | $ (1,942) | $ 6,508 | $ 0 | $ 6,578 | $ (263) | $ 3,269 | $ 0 | $ 9,651 | 11,144 | 12,657 | 5,124 | |||
Operating income from continuing operations | 115,683 | [1] | 80,202 | 88,064 | 39,935 | 93,583 | 78,038 | 74,183 | 49,811 | 323,884 | 295,615 | 294,582 | ||
Interest and other expense, net | 66,201 | (1,103) | 50,514 | |||||||||||
Income from continuing operations before income taxes | 79,429 | [1] | 78,041 | 71,708 | 28,505 | 80,889 | 105,054 | 70,792 | 39,983 | 257,683 | 296,718 | 244,068 | ||
Provision for income taxes | 20,208 | 139,828 | 28,362 | |||||||||||
Income from continuing operations | 71,322 | [1] | 75,445 | 64,673 | 26,035 | (38,444) | 96,546 | 62,726 | 36,062 | 237,475 | 156,890 | 215,706 | ||
Income from discontinued operations before income taxes | 0 | 650 | 22,229 | |||||||||||
(Loss) gain on disposition of discontinued operations before income taxes | (859) | 179,615 | 619 | |||||||||||
(Benefit from) provision for income taxes on discontinued operations and dispositions | (1,311) | 44,522 | 4,255 | |||||||||||
Income from discontinued operations and dispositions | (30) | 1,103 | (610) | (11) | (2,673) | (5,468) | 141,343 | 2,541 | 452 | 135,743 | 18,593 | |||
Net income | $ 71,292 | [1] | $ 76,548 | $ 64,063 | $ 26,024 | $ (41,117) | $ 91,078 | $ 204,069 | $ 38,603 | $ 237,927 | $ 292,633 | $ 234,299 | ||
Basic earnings per share: | ||||||||||||||
Income from continuing operations | $ 0.64 | [1] | $ 0.68 | $ 0.59 | $ 0.24 | $ (0.35) | $ 0.88 | $ 0.57 | $ 0.33 | $ 2.15 | $ 1.43 | $ 1.97 | ||
Income from discontinued operations and dispositions | 0.00 | 0.01 | (0.01) | 0.00 | (0.02) | (0.05) | 1.29 | 0.02 | 0.00 | 1.24 | 0.17 | |||
Net income | 0.64 | [1] | 0.69 | 0.58 | 0.24 | (0.37) | 0.83 | 1.86 | 0.35 | 2.15 | 2.67 | 2.14 | ||
Diluted earnings per share: | ||||||||||||||
Income from continuing operations | 0.64 | [1] | 0.68 | 0.58 | 0.23 | (0.35) | 0.87 | 0.57 | 0.33 | 2.13 | 1.42 | 1.96 | ||
Income from discontinued operations and dispositions | 0.00 | 0.01 | (0.01) | 0.00 | (0.02) | (0.05) | 1.28 | 0.02 | 0.00 | 1.22 | 0.17 | |||
Net income | $ 0.64 | [1] | $ 0.69 | $ 0.57 | $ 0.23 | $ (0.37) | $ 0.82 | $ 1.84 | $ 0.35 | $ 2.13 | $ 2.64 | $ 2.12 | ||
Product [Member] | ||||||||||||||
Revenue | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,935,493 | $ 1,477,414 | $ 1,396,896 | |||||||||||
Cost of Goods and Services Sold | 908,228 | 707,962 | 663,795 | |||||||||||
Service [Member] | ||||||||||||||
Revenue | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 842,503 | 779,568 | 718,621 | |||||||||||
Cost of Goods and Services Sold | $ 528,829 | $ 475,266 | $ 437,361 | |||||||||||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments Reclassification From AOCI to Earnings Due to ASU 2018-02 | $ 6,489 | $ 0 | $ 0 |
Net income | 237,927 | 292,633 | 234,299 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments, net of tax | (123,388) | 54,341 | (54,077) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments Reclassification From AOCI to Earnings Due to ASU 2018-02 | 6,489 | 0 | 0 |
Unrecognized prior service costs, net of tax | (77) | (77) | (860) |
Unrealized (losses) gains on securities, net of tax | (9) | 79 | 32 |
Other comprehensive (loss) income | (129,963) | 54,343 | (54,905) |
Comprehensive income | $ 107,964 | $ 346,976 | $ 179,394 |
Consolidated Balance Sheet Parenthetical - $ / shares |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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 | 110,597,000 | 110,361,000 |
Common stock, outstanding | 110,597,000 | 110,361,000 |
Nature of Operations and Accounting Policies |
12 Months Ended |
---|---|
Dec. 30, 2018 | |
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, life sciences and applied markets. Through its advanced technologies and differentiated solutions, critical issues are addressed that help to improve lives and the world around us. 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 has two operating segments: Discovery & Analytical Solutions and Diagnostics. The Company's Discovery & Analytical Solutions segment focuses on service and innovating for customers spanning the life sciences and applied markets. The Company's Diagnostics segment is targeted towards meeting the needs of clinically-oriented customers, especially within the growing areas of reproductive health, emerging market diagnostics and applied genomics. 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 December 30, 2018 ("fiscal year 2018"), December 31, 2017 ("fiscal year 2017") and January 1, 2017 ("fiscal year 2016") included 52 weeks. The fiscal year ending December 29, 2019 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 enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive in exchange for the promised products or services when a performance obligation is satisfied by transferring control of those products or services to customers. Taxes that are collected by the Company from a customer and assessed by a governmental authority, that are both imposed on and concurrent with a specific revenue-producing transaction, are excluded from revenue. 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. When the Company determines during the period that previously undistributed earnings of certain international subsidiaries no longer meet the requirements of indefinite reinvestment, the Company recognizes the income tax expense in that period. 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 8 below for additional details. The Company uses an individual unit of account approach for releasing the income tax effects of unrealized gains and losses from Accumulated Other Comprehensive Income ("AOCI"). 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 8 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 the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. This annual impairment assessment is performed by the Company on the later of January 1 or the first day of each fiscal year. 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 up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. The intangible asset will then be amortized prospectively over its 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 14 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 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 20 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 6 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 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 August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). Specifically, ASU 2018-15 amends Intangibles-Goodwill and Other (Topic 350) to include in its scope implementation costs incurred in a hosting arrangement that is a service contract and clarifies that a customer should apply Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The provisions of this guidance are to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years with early adoption permitted. The Company is currently 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 2018, the FASB issued Accounting Standards Update No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. Further, ASU 2018-14 removes guidance that currently requires the following disclosures: the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; the amount and timing of plan assets expected to be returned to the employer; information about (1) benefits covered by related-party insurance and annuity contracts and (2) significant transactions between the plan and related parties; and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. ASU 2018-14 also clarifies the guidance in Compensation-Retirement Benefits (Topic 715-20-50-3) on defined benefit plans to require disclosure of (1) the projected benefit obligation ("PBO") and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation ("ABO") and fair value of plan assets for pension plans with ABOs in excess of plan assets. The provisions of this guidance are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-14 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years with early adoption permitted. The Company is currently 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 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 adds, removes, and modifies certain disclosures related to fair value measurements. ASU 2018-13 adds requirements for an entity to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies existing disclosure requirements related to measurement uncertainty. The amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for any removed or modified disclosures. The Company is currently 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 June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which supersedes Subtopic 505-50, Equity - Equity-Based Payments to Non-employees, and expands the scope of Topic 718 (which currently only includes share-based payments to employees) to also include share-based payments issued to non-employees for goods and services, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards, except for financing transactions, or awards issued to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers ("Topic 606"). The provisions of this guidance are to be applied using a modified retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year, for all (1) liability-classified non-employee awards that have not been settled as of the adoption date and (2) equity-classified non-employee awards for which a measurement date has not been established. ASU 2018-07 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606. The Company early adopted the provisions of this guidance effective July 2, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flow. In March 2018, the FASB Issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). ASU 2018-05 was issued to incorporate into Topic 740 recent SEC guidance related to the income tax accounting implications of the Tax Cut and Jobs Act (the "Tax Act"). The SEC issued Staff Accounting Bulletin No. 118 ("SAB 118") to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Act in the period of enactment. SAB 118 permits companies to disclose that some or all of the income tax effects from the Tax Act are incomplete by the due date of the financial statements, and if possible, disclose a reasonable estimate of such tax effects. ASU 2018-05 is effective immediately. The Company is applying the guidance in ASU 2018-05 when accounting for the enactment date effects of the Tax Act. At December 30, 2018, the Company completed the accounting for all of the tax effects of the Tax Act using reasonable estimates of their effects based on currently available information. These estimates may be affected as additional clarification and implementation guidance becomes available. These changes could be material to the Company's income tax expense. See Note 8 for further disclosures. In February 2018, the FASB Issued Accounting Standards Update No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2018-03"). ASU 2018-03 was issued to clarify certain aspects of guidance concerning the recognition of financial assets and liabilities established in Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). This includes treatment for discontinuations and adjustments for equity securities without a readily determinable market value, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. ASU 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Early adoption is permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as the Company has adopted ASU 2016-01. The Company adopted the provisions of this guidance effective July 2, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In February 2018, the FASB Issued Accounting Standards Update No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). ASU 2018-02 provides entities with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. ASU 2018-02 requires entities to disclose a description of the accounting policy for releasing income tax effects from AOCI; whether they elect to reclassify the stranded income tax effects from the Tax Act; and information about the other income tax effects that are reclassified. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, and entities should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company adopted ASU 2018-02 on December 30, 2018. The adoption of the standard resulted in an increase in retained earnings at December 30, 2018 in the amount of $6.5 million, with a corresponding decrease in AOCI. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), which amends the hedge accounting recognition and presentation requirements in Topic 815. ASU 2017-12 makes targeted changes to the existing hedge accounting model to better align an entity’s financial reporting for hedging relationships with the entity’s risk management activities, and to reduce the complexity of, and simplify the application of, the hedge accounting model. Specifically, ASU 2017-12 expands the types of transactions eligible for hedge accounting, eliminates the requirement to separately measure and present hedge ineffectiveness, simplifies the way assessments of hedge ineffectiveness may be performed, relaxes the documentation requirements for entering into hedging positions, provides targeted improvements to fair value hedges of interest rate risk, and permits an entity to exclude the change in the fair value of cross-currency basis spreads in currency swaps from the assessment of hedge effectiveness. The standard also requires entities to provide new disclosures about the impact fair value and cash flow hedges have on their income statements and about cumulative basis adjustments arising from fair value hedges. The provisions of this guidance are to be applied using a modified retrospective approach to existing hedging relationships as of the adoption date. However, the transition provisions allow for certain elections at the date of adoption and entities may choose to apply any of the provided elections. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted, including adoption in any interim period. The Company early adopted the provisions of this guidance effective January 1, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting ("ASU 2017-09"), which amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. If an entity modifies its awards and concludes that it is not required to apply modification accounting under the standard, it must still consider whether the modification affects its application of other guidance. Additionally, if a significant modification does not result in incremental compensation cost, entities are required to disclose the “lack of” incremental compensation cost resulting from such significant modification. The standard also removes the guidance in Topic 718 stating that modification accounting is not required when an entity adds an antidilution provision as long as that modification is not made in contemplation of an equity restructuring. The provisions of this guidance are to be applied on a prospective basis to awards modified on or after the effective date. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2017-09 effective January 1, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"), which amends the requirements in Topic 715 related to the income statement presentation of the components of net periodic benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current employee compensation costs in their income statements and (2) present the other components elsewhere in their income statements and outside of income from operations, and disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. Additionally, the standard requires that only the service-cost component of net benefit cost is eligible for capitalization (e.g., as part of inventory or property, plant, and equipment). The change in income statement presentation requires retrospective application, while the change in capitalized benefit cost is to be applied prospectively. ASU 2017-07 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The standard provides a practical expedient that permits entities to use the components of cost disclosed in prior years as a basis for the retrospective application of the new income statement presentation. Entities need to disclose the use of the practical expedient. The Company adopted ASU 2017-07 effective January 1, 2018 using a retrospective approach for each period presented. For the fiscal years 2017 and 2016, $(9.2) million and $11.5 million, respectively, of net periodic pension (credit) cost previously presented within operating income has been presented outside of operating income in the line item "Interest and other expense, net" in the consolidated statements of operations due to the retrospective adoption of ASU 2017-07. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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, Revenue from Contracts with Customers. 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 adopted ASU 2017-01 effective January 1, 2018. The adoption did not 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 adopted ASU 2016-18 effective January 1, 2018. For the fiscal years 2017 and 2016, $17.2 million and $(17.0) million, respectively, of changes in restricted cash balances that were previously presented within investing activities in the consolidated statements of cash flows have been excluded from the cash flows used in investing activities and the effect of exchange rate changes increased by $0.2 million in fiscal year 2017, due to the retrospective adoption of ASU 2016-18. Restricted cash amounting to $17.3 million and $0.2 million at January 1, 2017 and December 31, 2017, respectively, have been included with the cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the consolidated statement of cash flows for the fiscal year ended December 31, 2017. Restricted cash amounting to $0.3 million and $17.3 million at January 3, 2016 and January 1, 2017, respectively, have been included with the cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the consolidated statement of cash flows for the fiscal year ended January 1, 2017. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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 Topic 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 adopted ASU 2016-16 on January 1, 2018. The adoption of the standard resulted in a decrease in the retained earnings at January 1, 2018 of approximately $2.1 million with corresponding increase in deferred tax assets of $10.7 million and decrease in prepaid taxes of $12.8 million related to prior years’ intra-entity transfers of assets other than inventory. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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 2016-15 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company adopted ASU 2016-15 effective January 1, 2018. The adoption did not 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 currently 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 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 of assets will primarily 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. Subsequent to the issuance of ASU 2016-02, in July 2018, the FASB issued Accounting Standards Update No. 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and Accounting Standards Update No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"). The amendments in ASU 2018-10 clarify, correct or remove inconsistencies in the guidance provided under ASU 2016-02 related to sixteen specific issues identified. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in the period of adoption will continue to be in accordance with ASC 840, Leases ("ASC 840"). An entity that elects this additional (and optional) transition method must provide the required disclosures under ASC 840 for all periods that continue to be in accordance with ASC 840. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if certain criteria are met. The effective date and transition requirements for these two standards are the same as the effective date and transition requirements of ASU 2016-02. The standards were effective for the Company beginning on December 31, 2018. The Company did not early adopt these standards and adopted these standards using the optional transition method. The Company elected to apply the modified retrospective approach, and applied the new leases standard at December 31, 2018, with a cumulative effect adjustment recognized in the opening balance of retained earnings in fiscal year 2019. As a lessee, the most significant impact of the standards relates to the recognition of the right-of-use assets and lease liabilities for the operating leases in the balance sheet. In addition, the Company had deferred gains from a sale-leaseback transaction that are being amortized in operating expenses over the lease term and the lease is accounted for as an operating lease under ASC 840. Under the new standards, the Company will recognize the deferred gains from the sale as a cumulative-effect adjustment in retained earnings at December 31, 2018. The Company will also derecognize the impact of its build-to-suit arrangement in which the Company was the deemed owner during the construction period, for which the construction is complete and the lease commenced before the initial date of adoption. The adoption of the standards will result in an increase in retained earnings at December 31, 2018 of approximately $19.1 million for the cumulative effect of initially applying the standards as of that date. In addition, the adoption of the standards will result in recognition of right-of-use assets of approximately $190.7 million and lease liabilities of approximately $137.7 million, primarily related to the facilities operating leases, a decrease in property and equipment of approximately $31.9 million and an increase in deferred tax liabilities of $2.1 million for the tax impact of the cumulative adjustments. The adoption will have no impact to cash from or used in operating, investing or financing activities in the Company's consolidated statement of cash flows at December 31, 2018. 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 November 2017, the FASB also issued Accounting Standards Update No. 2017-14, Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606). ASU 2017-14 includes amendments to certain SEC paragraphs within the FASB Accounting Standards Codification ("Codification"). ASU 2017-14 amends the Codification to incorporate SEC Staff Accounting Bulletin No. 116 and SEC Interpretive Release on Vaccines for Federal Government Stockpiles (SEC Release No. 33-10403) to align existing SEC staff guidance with Revenue from Contracts with Customers (Topic 606). 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, collectability, 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 2017-14, 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 standards were effective for the Company beginning on January 1, 2018. The Company did not early adopt these standards and adopted these standards using the modified retrospective approach. The most significant impact of the standards relates to the accounting for certain transactions with multiple elements or “bundled” arrangements. Specifically, for sales of software subscriptions or sales of licenses and maintenance, the Company will recognize the license revenue predominantly at the time of billing and delivery rather than recognizing the entire sales price ratably over the maintenance period, which is the Company's previous practice. In addition, for certain sales of instruments that include customer-specified acceptance criteria, the Company will recognize revenue when the customer obtains control of the instrument which is typically upon delivery or when title has transferred to the customer, as the Company believes acceptance is perfunctory. The Company will also capitalize incremental commission fees as a result of obtaining contracts when these fees are recoverable and will amortize the assets based on the transfer of goods or services to which the assets relate which typically range from two to six years. The Company elected to apply the modified retrospective approach only to contracts not completed as of January 1, 2018. The adoption of the standards resulted in an increase in the retained earnings at January 1, 2018 of approximately $10.2 million for the cumulative effect of initially applying the standards at January 1, 2018. In addition, the adoption of the standards resulted primarily in a reduction in deferred revenue of approximately $11.5 million, mainly driven by the upfront recognition of license revenue and certain multi-year software subscriptions, and an increase in deferred tax liability of approximately $3.0 million for the tax impact of the cumulative adjustments. The cumulative effect of recognizing instrument sales upon delivery or transfer of title and capitalizing the incremental commission fees were not material at January 1, 2018. The adoption of the standards had no impact to cash from or used in operating, investing, or financing activities in the Company's consolidated statement of cash flows at January 1, 2018. Refer to Note 3, Changes in Accounting Policies, for the impact of adoption of the standards on the Company's consolidated financial statements for the fiscal year ended December 30, 2018. Also refer to Note 2, Revenue, for the disclosures required by the standards. |
Revenue (Notes) - USD ($) $ in Thousands |
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Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenue Nature of goods and services The following is a description of principal activities, by reportable segments, from which the Company generates its revenue. For more detailed information about the reportable segments, see Note 25. i. Discovery & Analytical Solutions The Discovery & Analytical Solutions ("DAS") segment of the Company principally generates revenue from sales of (a) instruments, consumables and services in the applied markets and (b) instruments, reagents, informatics, detection and imaging technologies, extended warranties, training and services in the life sciences market. Products and services may be sold separately or in bundled packages. The typical length of a contract for service is 12 to 36 months. For bundled packages, the Company accounts for individual products and services separately if they are distinct - i.e. if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products, extended warranties, and services. For items that are not sold separately, the Company estimates stand-alone selling prices by reference to the amount charged for similar items on a stand-alone basis. The Company sells products and services 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 distributors. Payment terms granted to distributors are the same as those granted to end-customers and payments are not dependent upon the distributor's receipt of payment from their end-user customers. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company determined that the contracts generally do not include a significant financing component. The primary purpose of its invoicing terms is to provide customers with simplified and predictable ways of purchasing products and services, rather than to receive financing from the customers or to provide customers with financing. Examples include invoicing at the beginning of a subscription term with revenue recognized ratably over the contract period, and multi-year software licenses or software subscriptions that are invoiced annually with revenue recognized upfront. In limited circumstances where the Company provides the customer with a significant benefit of financing, the Company uses the practical expedient and only adjusts the transaction price for the effects of the time value of money and only on contracts where the duration of financing is more than one year.
ii. Diagnostics The Diagnostics segment of the Company principally generates revenue from sales of instruments, solutions, consumables, reagents, extended warranties and services in the diagnostics market. Products and services may be sold separately or in bundled packages. For bundled packages, the Company accounts for individual products and services separately if they are distinct - i.e. if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products, extended warranties, and services. For items that are not sold separately, the Company estimates stand-alone selling prices by reference to the amount charged for similar items on a stand-alone basis. The Company sells products and services 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 distributors. Payment terms granted to distributors are the same as those granted to end-customers and payments are not dependent upon the distributor's receipt of payment from their end-user customers. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company determined that the contracts generally do not include a significant financing component. The primary purpose of its invoicing terms is to provide customers with simplified and predictable ways of purchasing products and services, rather than to receive financing from the customers or to provide customers with financing. Examples include invoicing at the beginning of a storage period with revenue recognized ratably over the contract period. In limited circumstances where the Company provides the customer with a significant benefit of financing, the Company uses the practical expedient and only adjusts the transaction price for the effects of the time value of money and only on contracts where the duration of financing is more than one year.
Disaggregation of revenue In the following tables, revenue is disaggregated by primary geographical market, end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments revenue.
Contract Balances Contract assets: The unbilled receivables (contract assets) primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. The unbilled receivables are transferred to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in "Accounts receivable, net" in the consolidated balance sheet. The balance of contract assets as of December 30, 2018 and as of the date of adoption of ASC 606 were $31.9 million and $22.7 million, respectively. The amount of unbilled receivables recognized at the beginning of the period that were transferred to trade receivables during the fiscal year ended December 30, 2018 was $21.9 million. The increase in unbilled receivables during the fiscal year ended December 30, 2018 as a result of recognition of revenue before billing to customers, excluding amounts transferred to trade receivables during the period, amounted to $31.1 million. Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related installation for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in "Accounts payable" or long-term in "Long-term liabilities" in the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. The balance of contract liabilities as of December 30, 2018 and as of the date of adoption of ASC 606 were $30.8 million and $29.0 million, respectively. The increase in contract liabilities during the fiscal year ended December 30, 2018 due to cash received, excluding amounts recognized as revenue during the period, was $23.6 million. The amount of revenue recognized during the fiscal year ended December 30, 2018 that was included in the contract liability balance at the beginning of the period was $21.8 million. Contract costs: The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the period and are included in other current and long-term assets on the consolidated balance sheet. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company's internal sales force compensation program, as the Company determined that annual compensation is commensurate with annual sales activities. Transaction price allocated to the remaining performance obligations The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The estimated revenue expected to be recognized beyond one year in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company. The remaining performance obligations primarily include noncancelable purchase orders and noncancelable software subscriptions and cloud service contracts. |
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Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,777,996 | $ 2,256,982 | $ 2,115,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transferred at Point in Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,202,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transferred over Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 575,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,065,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 778,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 934,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,084,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Sciences [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 934,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Applied Markets [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 758,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,693,211 | 1,578,459 | 1,512,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,199,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Transferred over Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 493,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Americas [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 680,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Europe [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 494,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Asia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 518,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Diagnostics [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Life Sciences [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 934,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discovery & Analytical Solutions [Member] | Applied Markets [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 758,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,084,785 | $ 678,523 | $ 602,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Transferred at Point in Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,002,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Transferred over Time [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Americas [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 385,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Europe [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 283,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Asia [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 416,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Diagnostics [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,084,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Life Sciences [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics [Member] | Applied Markets [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 |
Business Combinations and Asset Purchases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Asset Purchases | Business Combinations Acquisitions in fiscal year 2018 During fiscal year 2018, the Company completed the acquisition of four businesses for aggregate consideration of $106.0 million. The excess of the purchase price over the fair value 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 workforces acquired, and has been allocated to goodwill, which is not tax deductible. 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 11.2 years. The total purchase price for the acquisitions in fiscal year 2018 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
Acquisitions in fiscal year 2017 Acquisition of EUROIMMUN Medizinische Labordiagnostika AG. During fiscal year 2017, the Company completed the acquisition of 99.98% of the outstanding stock of EUROIMMUN Medizinische Labordiagnostika AG (“EUROIMMUN”) for aggregate consideration of €1.2 billion (equivalent to $1.4 billion at December 19, 2017, the time of closing). The purchase price was funded by borrowings from the Company's senior unsecured revolving credit facility and senior unsecured term loan credit facility of $710.0 million and $200.0 million, respectively, and available cash on hand of $503.1 million. 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. As a result of the acquisition, the Company recorded goodwill of $591.3 million, which is not tax deductible, and intangible assets of $907.4 million. The Company has reported the operations for this acquisition within the results of the Company's Diagnostics segment from the acquisition date. Identifiable definite-lived intangible assets, such as core technology, trade names and customer relationships, acquired as part of this acquisition had a weighted average amortization period of 16.1 years. Other acquisitions in 2017. During fiscal year 2017, the Company also completed the acquisition of two other businesses for aggregate consideration of $142.0 million. The acquired businesses were Tulip Diagnostics Private Limited (“Tulip”), which was acquired for total consideration of $127.3 million in cash and one other business acquired for total consideration of $14.7 million in cash. At the acquisition date, the Company had a potential obligation to pay the former shareholders of Tulip up to INR1.6 billion in additional consideration over a two year period, equivalent to $25.2 million, and is accounted for as compensation expense in the Company's financial statements over a two year period and is excluded from the purchase price allocation shown below. The excess of the purchase prices over the fair values 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 workforces acquired, and has been allocated to goodwill, which is not tax deductible. The Company has reported the operations of Tulip within the results of the Company's Diagnostics segment and the other acquired business within the results of the Company's Discovery & Analytical Solutions segment from the acquisition date. 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 11.8 years. During fiscal year 2018, the Company paid the former shareholders of Tulip a portion of the additional consideration amounting to INR716.3 million (equivalent to $11.3 million). As of December 30, 2018, the Company may have to pay the former shareholders of Tulip additional consideration of up to INR803.6 million (currently equivalent to $11.4 million) in the first quarter of fiscal year 2019. The total purchase price for the acquisitions in fiscal year 2017 have been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
EUROIMMUN's revenue and net loss for the period from the acquisition date to December 31, 2017 were $13.5 million and $1.0 million, respectively. The following unaudited pro forma information presents the combined financial results for the Company and EUROIMMUN as if the acquisition of EUROIMMUN had been completed at the beginning of fiscal year 2016:
The unaudited pro forma information for fiscal years 2017 and 2016 have been calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. The fiscal year 2017 unaudited pro forma income from continuing operations was adjusted to exclude approximately $9.8 million of acquisition-related transaction costs. The fiscal year 2016 pro forma income from continuing operations was adjusted to include these acquisition-related transaction costs and the nonrecurring expenses related to the fair value adjustments. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as fair value adjustment to inventory, increased interest expense on debt obtained to finance the transaction, and increased amortization for the fair value of acquired intangible assets. The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the combination occurred at the beginning of each period presented, or of future results of the consolidated entities. Acquisitions in fiscal year 2016 During fiscal year 2016, the Company completed the acquisition of two businesses for total consideration of $72.3 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 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 workforces acquired. As a result of the acquisitions, the Company recorded goodwill of $43.1 million, which is not tax deductible, and intangible assets of $22.1 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 9.4 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:
The Company does not consider the acquisitions completed during fiscal years 2018, 2017 and 2016, with the exception of the EUROIMMUN acquisition, to be material to its consolidated results of operations; therefore, the Company is only presenting pro forma financial information of operations for the EUROIMMUN acquisition. The aggregate revenue and the results of operations for the acquisitions completed during fiscal year 2018 for the period from their acquisition dates to December 30, 2018 were not material. The aggregate revenue for the acquisitions, with the exception of EUROIMMUN, completed during fiscal year 2017 for the period from their acquisition dates to December 31, 2017 was $38.5 million and the results of operations were not material. The aggregate revenue and results of operations for the acquisitions completed during fiscal year 2016 for the period from their respective acquisition dates to January 1, 2017 were minimal. The Company has also determined that the presentation of the results of operations for each of those acquisitions, from the date of acquisition, is impracticable due to the integration of the operations upon acquisition. As of December 30, 2018, the allocations of purchase prices for acquisitions completed in fiscal years 2017 and 2016 were final. The preliminary allocations of the purchase prices for acquisitions completed in fiscal year 2018 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 2018, the Company obtained information relevant to determining the fair values of certain tangible and intangible assets acquired, and liabilities assumed, related to recent acquisitions and adjusted its purchase price allocations. Based on this information, for the EUROIMMUN acquisition, the Company recognized an increase in intangible assets of $10.0 million, an increase in other assets of $21.7 million, an increase in liabilities assumed of $12.3 million, a decrease in property and equipment of $20.1 million, a decrease in deferred tax liabilities of $23.6 million, and a decrease in goodwill of $23.5 million. 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 December 30, 2018, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $76.5 million. As of December 30, 2018, the Company has recorded contingent consideration obligations of $69.7 million, of which $67.0 million was recorded in accrued expenses and other current liabilities, and $2.7 million was recorded in long-term liabilities. As of December 31, 2017, the Company has recorded contingent consideration obligations of $65.3 million, of which $52.2 million was recorded in accrued expenses and other current liabilities, and $13.1 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 1.78 years from December 30, 2018, and the remaining weighted average expected earnout period at December 30, 2018 was 5 months. 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 acquisition and divestiture-related costs (income) for fiscal years 2018, 2017 and 2016 were $15.8 million, $(8.5) million and $1.2 million, respectively. These amounts include $6.9 million of compensation expense and $0.7 million of net foreign exchange gain related to the foreign currency denominated stay bonus associated with the Tulip acquisition for fiscal year 2018 and $35.6 million of net foreign exchange gain related to the foreign currency forward contracts associated with the acquisition of EUROIMMUN and $14.9 million of compensation expense associated with the Tulip acquisition for fiscal year 2017. The acquisition-related interest expense amounted to $0.7 million and $0.3 million in fiscal years 2018 and 2017, respectively. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other (income) expense, net in the Company's consolidated statements of operations. |
Changes in Accounting Policies (Notes) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | Changes in Accounting Policies Except for the changes described below, the Company has consistently applied the accounting policies to all periods presented in these consolidated financial statements. The Company adopted ASC 606 with a date of the initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below. The Company applied ASC 606 using the modified retrospective method only to contracts that are not completed contracts as of January 1, 2018, and the cumulative effect of initially applying ASC 606 is recognized as an adjustment to the beginning retained earnings. Therefore, the comparative information has not been adjusted and continues to be reported under ASC 605. The details of the significant changes and quantitative impact of the changes are disclosed below. A. Sales of software subscriptions or sales of licenses and maintenance in bundled arrangements The Company previously recognized revenue from software licenses sold together with maintenance and/or consulting services upon shipment using the residual method, provided that the undelivered items in the arrangement have value to the customer on a stand-alone basis and vendor-specific objective evidence ("VSOE") of fair value can be determined. If VSOE of fair value for the undelivered elements cannot be established, the Company deferred 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 undelivered element is maintenance, then the Company recognized the entire fee ratably over the maintenance period. Under ASC 606, the total consideration in the contract is allocated to all products and services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which the Company sells the software license, software subscription, maintenance and/or consulting services. Accordingly, the Company now recognizes higher license revenue upfront and less service revenue over time. B. Sales of instruments The Company previously recognized revenue from sale of instruments when persuasive evidence of an arrangement existed, delivery had occurred, the price to the buyer was fixed or determinable, and collectability was reasonably assured. For certain sales of instruments that included customer-specified acceptance criteria, the Company previously recognized revenue after the acceptance criteria had been met. Under ASC 606, revenue is recognized when the Company satisfies a performance obligation by transferring control of the product to a customer. Accordingly, the Company now recognizes product revenue upon delivery or when title has transferred to the customer, as the Company believes acceptance is perfunctory. C. Sales commissions The Company previously recognized commission fees related to sales of products and services as selling expenses when they were incurred. Under ASC 606, the Company capitalizes those commission fees as costs of obtaining a contract, when they are incremental and, if they are expected to be recovered, the Company amortizes them consistently with the pattern of transfer of the product or service to which the asset relates. If the expected amortization period is one year or less, the commission fee is expensed when incurred. D. Impacts on financial statements The following tables summarize the impacts of ASC 606 adoption on the Company's consolidated financial statements for the fiscal year ended December 30, 2018. Consolidated Balance Sheet
Consolidated Statement of Operations
The adoption of ASC 606 increased comprehensive income by $15.8 million in the Company's consolidated statement of comprehensive income for the fiscal year ended December 30, 2018. The adoption of ASC 606 had no impact on cash from or used in operating, investing, or financing activities in the Company's consolidated statement of cash flows as of and for the fiscal year ended December 30, 2018. |
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 Accounting Standards Update 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 consolidated balance sheets as of December 30, 2018 and December 31, 2017. 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:
On May 1, 2017 (the "Closing Date"), the Company completed the sale of its Medical Imaging business to Varex Imaging Corporation ("Varex") pursuant to the terms of the Master Purchase and Sale Agreement, dated December 21, 2016 (the “Agreement”), by and between the Company and Varian Medical Systems, Inc. ("Varian") and the subsequent Assignment and Assumption Agreement, dated January 27, 2017, between Varian and Varex, pursuant to which Varian assigned its rights under the Agreement to Varex. On the Closing Date, the Company received consideration of approximately $277.4 million for the sale of the Medical Imaging business. During fiscal year 2017, the Company paid Varex $4.2 million to settle a post-closing working capital adjustment. During fiscal year 2017, the Company recorded a pre-tax gain of $179.6 million and income tax expense of $43.1 million related to the sale of the Medical Imaging business in discontinued operations and dispositions. The corresponding tax liability was recorded within the other tax liabilities in the consolidated balance sheet, and the Company expects to utilize tax attributes to minimize the tax liability. Following the closing, the Company provided certain customary transitional services during a period of up to 12 months. Commercial transactions between the parties following the closing of the transaction were not significant. During the third quarter of fiscal year 2018, the Company completed the sale of substantially all of the assets and liabilities related to its multispectral imaging business for aggregate consideration of $37.3 million, recognizing a pre-tax gain of $13.0 million. The pre-tax gain is included in interest and other expense, net in the consolidated statement of operations. The multispectral imaging business was a component of the Company's DAS segment. The divestiture of the multispectral imaging business 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 2017, the Company sold Suzhou PerkinElmer Medical Laboratory Co., Ltd. for aggregate consideration of $2.3 million, recognizing a pre-tax loss of $1.1 million. The pre-tax loss recognized in fiscal year 2017 is included in interest and other expense, net in the consolidated statement of operations. Suzhou PerkinElmer Medical Laboratory Co., Ltd. was a component of the Company's Diagnostics segment. The divestiture of Suzhou PerkinElmer Medical Laboratory Co., Ltd. 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 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. During fiscal year 2017, the Company recognized an additional pre-tax gain of $1.1 million relating to the earn-out consideration received from the buyer. PerkinElmer Labs, Inc. was a component of the Company's Diagnostics segment. The pre-tax gain recognized in fiscal years 2017 and 2016 is included in interest and other expense, net in the 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. In August 1999, the Company sold the assets of its Technical Service business. The Company recorded a pre-tax gain of $1.8 million in fiscal year 2016 for a contingency related to this business. This was recognized as a gain on disposition of discontinued operations before income taxes. The summary pre-tax operating results of the discontinued operations were as follows during the three fiscal years ended:
The Company recorded a (benefit from) provision for income taxes of $(1.3) million, $44.5 million and $4.3 million on discontinued operations and dispositions in fiscal years 2018, 2017 and 2016, respectively. |
Restructuring and Contract Termination Charges, Net |
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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 each of the first, third and fourth quarters of fiscal year 2018 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q1 2018 Plan", "Q3 2018 Plan" and "Q4 2018 Plan", respectively). The Company implemented a restructuring plan in each of the fourth and third quarters of fiscal year 2017 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q4 2017 Plan and "Q3 2017 Plan", respectively). The Company implemented a restructuring plan in the first quarter of fiscal year 2017 consisting of workforce reductions and the closure of excess facility space principally intended to focus resources on higher growth end markets (the "Q1 2017 Plan"). 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"). 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 2018, 2017 and 2016 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 $5.0 million, $3.6 million and $0.1 million in the Discovery & Analytical Solutions segment during fiscal years 2018, 2017 and 2016, respectively, and $0.5 million during fiscal year 2017 in the Diagnostics segment as a result of these contract terminations. At December 30, 2018, the Company had $6.2 million recorded for accrued restructuring and contract termination charges, of which $4.8 million was recorded in short-term accrued restructuring and $1.4 million was recorded in long-term liabilities. At December 31, 2017, the Company had $14.0 million recorded for accrued restructuring and contract termination charges, of which $8.8 million was recorded in short-term accrued restructuring, $2.3 million was recorded in long-term liabilities and $2.9 million was recorded in other reserves. 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 2018, 2017 and 2016 in continuing operations:
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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 were $9.4 million, $29.2 million and $1.5 million in fiscal years 2018, 2017 and 2016, respectively. Net losses (gains) from forward currency hedge contracts were $11.7 million, $(4.5) million and $5.4 million in fiscal years 2018, 2017 and 2016, respectively. The other components of net periodic pension cost (credit) were $11.5 million, $(9.2) million and $11.5 million in fiscal years 2018, 2017 and 2016 , respectively. These amounts were included in other expense (income), 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 December 30, 2018 and December 31, 2017, the Company had accrued interest and penalties of $2.5 million and $1.9 million, respectively. During fiscal years 2018, 2017 and 2016, the Company recognized a net expense (benefit) of $0.4 million, $(0.3) million and $(0.1) million, respectively, for interest and penalties in its total tax provision primarily due to settlements and statutes of limitations that had lapsed. At December 30, 2018, the Company had gross tax effected unrecognized tax benefits of $33.0 million, of which $31.3 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 $2.3 million of its uncertain tax positions at December 30, 2018, 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. On December 22, 2017, the President of the United States signed the Tax Act, which makes broad and complex changes to the U.S. Internal Revenue Code. Changes include, but are not limited to: (1) the lowering of the U.S. corporate tax rate from 35% to 21%; (2) the transition of U.S. international taxation from a worldwide tax system to a modified territorial system with a one-time transition tax on the deemed repatriation of cumulative foreign earnings as of December 31, 2017; (3) a new provision designed to tax global intangible low-taxed income (GILTI); (4) the creation of the base erosion anti-abuse tax (BEAT), which is effectively a new minimum tax; (5) the deduction for foreign-derived intangible income (FDII); (6) a new limitation on deductible interest expense; (7) the repeal of the domestic production activity deduction; and (8) limitations on the deductibility of certain executive compensation. ASU 2018-05 was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company is applying the guidance in ASU 2018-05 (see Note 1, Basis of Presentation) when accounting for the enactment date effects of the Tax Act. The end of the measurement period for purposes of applying the provisions of ASU 2018-05 was December 22, 2018. As a result, the Company has completed the analysis based on legislative updates relating to the Tax Act currently available and has recorded the impact in tax expense from continuing operations as explained below. Remeasurement: The Company remeasured its future tax benefits and liabilities at the enacted tax rate of 21% and provided a provisional amount of $21.5 million during fiscal year 2017. During the fiscal year ended December 30, 2018, the Company recognized a tax benefit of $0.3 million for the remeasurement of certain future tax liabilities and included these adjustments as a component of the provision for income tax from continuing operations. One-Time Transition Tax: The Tax Act requires the Company to pay a one-time transition tax on the unremitted earnings of foreign subsidiaries. Based on available information, the Company estimated the tax on the deemed repatriation of foreign earnings and recorded a tax expense of $85.0 million in continuing operations at December 31, 2017. During the fiscal year ended December 30, 2018, the Company refined its calculations of the one-time transition tax based on newly issued guidance from the Internal Revenue Service and recorded a tax benefit of $4.6 million in continuing operations. GILTI, FDII, and other provisions: For fiscal year beginning in 2018, the Company is subject to several provisions of the Tax Act including computations under GILTI, FDII, and other provisions. Management has made a reasonable estimate of the impact of each provision of the Tax Act on the Company's effective tax rate for the fiscal year ended December 30, 2018. Management will continue to refine the provisional estimates for the computations of the GILTI, FDII, and other provisions as additional clarification and implementation guidance becomes available. For the fiscal year ended December 30, 2018, the Company has decided to adopt the period cost method and has not recorded any potential deferred tax effects related to GILTI and FDII in the financial statements. During fiscal year 2018, the Company recorded net discrete income tax benefit of $8.1 million, of which $2.0 million was a result of the enactment of the Tax Act, along with an additional discrete benefit of $7.2 million related to the recognition of excess tax benefits on stock compensation partially offset by $1.1 million expense related to other tax matters. During fiscal years 2017 and 2016, the Company recorded net discrete income tax expense of $98.6 million and income tax benefits of $9.6 million, respectively. The $98.6 million tax expense in fiscal year 2017 was primarily related to $106.5 million as a result of the Tax Act, partially offset by a discrete benefit of $5.1 million related to the recognition of excess tax benefits on stock compensation, while the $9.6 million of tax benefit in fiscal year 2016 was primarily related to the recognition of excess tax benefits on stock compensation, reversals of uncertain tax position reserves, and the resolution of other tax matters. The components of income 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 December 30, 2018. The Company has utilized tax attributes to minimize cash taxes paid on that taxable income. The components of the provision for income taxes on 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 the Netherlands, which are taxed at rates lower than the U.S. federal statutory rate, resulting in a benefit from income taxes of $18.7 million in fiscal year 2018, $55.9 million in fiscal year 2017 and $48.2 million in fiscal year 2016. These amounts include $10.3 million in fiscal year 2018, $10.1 million in fiscal year 2017 and $11.4 million in fiscal year 2016 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 2018 was $0.09 and $0.09, respectively, for fiscal year 2017 was $0.09 and $0.09, respectively, and for fiscal year 2016 was $0.10 and $0.10, respectively. The tax holiday in one of the Company's subsidiaries in China expired in 2017 and the tax holiday in one other subsidiary in China is scheduled to expire in fiscal year 2019. The tax holiday in one of the Company's subsidiaries in Singapore is scheduled to expire in fiscal year 2023. The tax effects of temporary differences and attributes that gave rise to deferred income tax assets and liabilities as of December 30, 2018 and December 31, 2017 were as follows:
The components of net deferred tax liabilities as of December 30, 2018 and December 31, 2017 were recognized in the consolidated balance sheets as follows:
At December 30, 2018, for income tax return purposes, the Company had U.S. federal net operating loss carryforwards of $38.3 million, state net operating loss carryforwards of $200.6 million, foreign net operating loss carryforwards of $515.5 million, state tax credit carryforwards of $6.8 million, general business tax credit carryforwards of $10.9 million, and foreign tax credit carryforwards of $0.1 million. These are subject to expiration in years ranging from 2019 to 2038, 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 increase in the valuation allowance of $33.2 million in fiscal year 2018 is primarily due to an increase in tax attributes that the Company does not expect to realize for one of its non-U.S. subsidiaries. The components of net deferred tax (liabilities) assets as of December 30, 2018 and December 31, 2017 were as follows:
Historically, deferred income tax expense has not been provided on the cumulative undistributed earnings of the Company's international subsidiaries. During fiscal year 2018, the Company has determined that previously undistributed earnings of certain international subsidiaries of $1.0 billion no longer met the requirements of indefinite reinvestment and therefore recognized $2.9 million of income tax expense in fiscal year 2018. The Company’s intent is to continue to reinvest the remaining undistributed earnings of its international subsidiaries indefinitely. While federal income tax expense has been recognized as a result of the Tax Act, the Company has not provided any additional deferred taxes with respect to items such as foreign withholding taxes, state income tax or foreign exchange gain or loss. In addition, no additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. As of December 30, 2018, 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 additional incremental tax cost has been provided, other than the $80.4 million from the one-time transition tax on deemed repatriation, was approximately $652.1 million. It is not practicable for the Company to calculate the unrecognized deferred tax liability related to such incremental tax costs 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 $30.6 million and $31.3 million as of December 30, 2018 and December 31, 2017, respectively. |
Inventories, Net |
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Inventories, Net | Inventories Inventories as of December 30, 2018 and December 31, 2017 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 as of December 30, 2018 and December 31, 2017, consisted of the following:
Depreciation expense on property, plant and equipment for the fiscal years ended December 30, 2018, December 31, 2017 and January 1, 2017 was $44.7 million, $31.3 million and $28.5 million, respectively. |
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Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities and Investments | Marketable Securities and Investments Investments as of December 30, 2018 and December 31, 2017 consisted of the following:
Marketable securities. 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 2018 and 2017. 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 December 30, 2018 and December 31, 2017 consisted of the following:
Cost method investments. The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control and are accounted for using under the cost method. Under the cost method, the Company records the investment at cost and recognizes income for any dividends declared from distribution of investee’s earnings. The Company’s investments consist of (i) investments carried at fair value, including available-for-sale securities, and (ii) investments accounted for using the cost method of accounting. The Company regularly reviews its investments for impairment, including when the carrying value of an investment exceeds its market value. If the Company determines that an investment has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings that is included in Impairment of long-term investments and other assets. Factors that are considered by the Company in determining whether an other-than-temporary decline in value has occurred include (i) the market value of the security in relation to its cost basis, (ii) the financial condition of the investee, and (iii) the Company’s intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment. For investments accounted for using the cost method of accounting, the Company evaluates information available (e.g., budgets, business plans, financial statements, etc.) in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline include recurring operating losses, credit defaults and subsequent rounds of financing at an amount below the cost basis of the Company’s investment. |
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 the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 1, 2018, its annual impairment date for fiscal year 2018. Non-amortizing intangibles are also subject to an annual impairment test. The Company consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible asset. 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 up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of our non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of our non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. This intangible asset will then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. The changes in the carrying amount of goodwill for fiscal years 2018 and 2017 are as follows:
Identifiable intangible asset balances at December 30, 2018 by category and by business segment were as follows:
Identifiable intangible asset balances at December 31, 2017 by category and business segment were as follows:
Total amortization expense related to definite-lived intangible assets was $135.9 million in fiscal year 2018, $73.7 million in fiscal year 2017 and $71.5 million in fiscal year 2016. Estimated amortization expense related to definite-lived intangible assets for each of the next five years is $149.7 million in fiscal year 2019, $152.0 million in fiscal year 2020, $136.7 million in fiscal year 2021, $126.6 million in fiscal year 2022, and $109.1 million in fiscal year 2023. 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 2017 and 2016, the Company paid $5.1 million and $9.4 million, respectively, for additional prepaid royalties. As of December 30, 2018, the Company recorded prepaid royalties of $65.0 million, of which $5.6 million was recorded in other current assets, and $59.4 million was recorded in other assets. 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 Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Senior Unsecured Revolving Credit Facility. The Company's senior unsecured revolving credit facility provides for $1.0 billion of revolving loans and has an initial maturity of August 11, 2021. As of December 30, 2018, 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 senior unsecured revolving credit facility. As of December 30, 2018, the Company had $570.6 million available for additional borrowing under the facility. The Company uses the 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%. The Eurocurrency margin as of December 30, 2018 was 110 basis points. The weighted average Eurocurrency interest rate as of December 30, 2018 was 2.51%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 3.61%, which was the interest applicable to the borrowings outstanding under the Eurocurrency rate as of December 30, 2018. As of December 30, 2018, the senior unsecured revolving credit facility had outstanding borrowings of $418.0 million, and $2.4 million of unamortized debt issuance costs. As of December 31, 2017, the senior unsecured revolving credit facility had $625.0 million outstanding borrowings, and $3.3 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. Senior Unsecured Term Loan Credit Facility. The Company entered into a senior unsecured term loan credit facility on August 11, 2017 that provided for $200.0 million of term loans and had an initial maturity of twelve months from December 19, 2017, the date of the initial draw. The Company utilized the senior unsecured term loan facility for the acquisition of EUROIMMUN. The interest rates under the senior unsecured term loan credit facility were based on the Eurocurrency rate or the base rate at the time of the borrowing, plus a margin. The base rate was 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%. In April 2018, the Company paid in full the outstanding balance of $200.0 million on the Company’s senior unsecured term loan credit facility, from the proceeds of the 0.6% senior unsecured notes due in 2021 that were issued in April 2018. 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 “November 2021 Notes”) in a registered public offering and received $493.6 million of net proceeds from the issuance. The November 2021 Notes were issued at 99.4% of the principal amount, which resulted in a discount of $3.1 million. As of December 30, 2018, the November 2021 Notes had an aggregate carrying value of $497.4 million, net of $1.1 million of unamortized original issue discount and $1.6 million of unamortized debt issuance costs. As of December 31, 2017, the November 2021 Notes had an aggregate carrying value of $496.6 million, net of $1.4 million of unamortized original issue discount and $2.0 million of unamortized debt issuance costs. The November 2021 Notes mature in November 2021 and bear interest at an annual rate of 5%. Interest on the November 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 November 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 November 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 November 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 November 2021 Notes, at its option, at a redemption price equal to 100% of the principal amount of the November 2021 Notes to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the November 2021 Notes) and a contemporaneous downgrade of the November 2021 Notes below investment grade, each holder of November 2021 Notes will have the right to require the Company to repurchase such holder's November 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 December 30, 2018, the 2026 Notes had an aggregate carrying value of $564.5 million, net of $4.0 million of unamortized original issue discount and $3.8 million of unamortized debt issuance costs. As of December 31, 2017, the 2026 Notes had an aggregate carrying value of $591.7 million, net of $4.7 million of unamortized original issue discount and $4.3 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. 0.6% Senior Unsecured Notes due in 2021. On April 11, 2018, the Company issued €300.0 million aggregate principal amount of senior unsecured notes due in 2021 (the “April 2021 Notes”) in a registered public offering and received approximately €298.7 million of net proceeds from the issuance. The April 2021 Notes were issued at 99.95% of the principal amount, which resulted in a discount of €0.2 million. As of December 30, 2018, the April 2021 Notes had an aggregate carrying value of $341.3 million, net of $0.1 million of unamortized original issue discount and $2.0 million of unamortized debt issuance costs. The April 2021 Notes mature in April 2021 and bear interest at an annual rate of 0.6%. Interest on the April 2021 Notes is payable annually on April 9th each year. The proceeds from the April 2021 Notes were used to pay in full the outstanding balance of the Company’s senior unsecured term loan credit facility, and a portion of the outstanding senior unsecured revolving credit facility, and in each case the borrowings were incurred to pay a portion of the purchase price for the Company's acquisition of EUROIMMUN, which closed on December 19, 2017. Prior to the maturity date of the April 2021 Notes, the Company may redeem them 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 April 2021 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 April 2021 Notes being redeemed, discounted on an annual basis, at the applicable Comparable Government Bond Rate (as defined in the indenture governing the April 2021 Notes) plus 15 basis points; plus, in each case, accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the April 2021 Notes) and a contemporaneous downgrade of the April 2021 Notes below investment grade, the Company will, in certain circumstances, make an offer to purchase the April 2021 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. Other Debt Facilities. The Company's other debt facilities include Euro-denominated bank loans with an aggregate carrying value of $32.1 million (or €28.0 million) and $57.2 million (or €47.6 million) as of December 30, 2018 and December 31, 2017, respectively. These bank loans are primarily utilized for financing fixed assets and are repaid in monthly or quarterly installments with maturity dates extending to 2028. Of these bank loans, loans in the aggregate amount of $31.9 million bear fixed interest rates between 1.1% and 5.5% and a loan in the amount of $0.2 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5%. An aggregate amount of $4.8 million of the bank loans are secured by mortgages on real property and the remaining $27.3 million are unsecured. Certain credit agreements for the unsecured bank loans include financial covenants which are based on an equity ratio or an equity ratio and minimum interest coverage ratio. In addition, the Company had other unsecured revolving credit facilities and a secured bank loan in the amount of $5.8 million and $0.3 million, respectively, as of December 30, 2018 and $2.7 million and $0.3 million, respectively, as of December 31, 2017. The unsecured revolving debt facilities bear fixed interest rates between 2.3% and 17.6%. The secured bank loan of $0.3 million bears a fixed annual interest rate of 1.95% and is repaid in monthly installments until 2027. 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 December 30, 2018, the Company had $34.5 million recorded for these financing lease obligations, of which $1.5 million was recorded as short-term debt and $33.0 million was recorded as long-term debt. At December 31, 2017, the Company had $35.9 million recorded for these financing lease obligations, of which $1.4 million was recorded as short-term debt and $34.5 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. Upon adoption of ASC 842, the Company will derecognize the impact of this build-to-suit arrangement. The following table summarizes the maturities of the Company’s indebtedness as of December 30, 2018:
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Accrued Expenses and Other Current Liabilities |
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of December 30, 2018 and December 31, 2017 consisted of the following:
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Employee Benefit Plans |
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Retirement Benefits [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 $13.2 million in fiscal year 2018, $12.5 million in fiscal year 2017, and $12.8 million in fiscal year 2016. 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 (credit) for U.S. and non-U.S. plans included the following components for fiscal years ended:
The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1, Basis of Presentation. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. As discussed in Note 1, the Company adopted ASU 2017-07 on January 1, 2018. Actuarial gains and losses are now recognized in the line item "Interest and other expense, net" in the consolidated statements of operations. Actuarial gains and losses were presented within operating income prior to the adoption. As such, prior year amounts, including other components of periodic pension cost, have been reclassified to "Interest and other expense, net" in the Company's consolidated statements of operations due to the retrospective adoption of ASU 2017-07. 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 December 30, 2018 and December 31, 2017.
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 December 30, 2018 and December 31, 2017, and target asset allocations for fiscal year 2019 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. During fiscal year 2016, for the plans in the United States, 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 Company adopted a further updated projection scale, MP-2017, as of December 31, 2017. The adoption of MP-2017 resulted in a $2.6 million decrease to the projected benefit obligation at December 31, 2017. During fiscal year 2018, the Society of Actuaries issued MP-2018 mortality improvement rates to replace MP-2017 rates for use with the RP-2014 mortality table, which incorporates an additional year (2016) of U.S. population. The Company adopted MP-2018 as of December 30, 2018. The adoption of MP-2018 resulted in a $1.0 million decrease to the projected benefit obligation at December 30, 2018. 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 2018 and 2017 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 December 30, 2018 and December 31, 2017 by asset category, classified in the three levels of inputs described in Note 23 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 December 30, 2018 compared to December 31, 2017. 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, foreign real estate 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 2018, 2017 and 2016 is as follows:
With respect to plans outside of the United States, the Company expects to contribute $8.3 million in the aggregate during fiscal year 2019. During fiscal year 2018, the Company contributed $8.5 million, in the aggregate, to pension plans outside of the United States and $15.0 million to its defined benefit pension plan in the United States for the plan year 2017. During fiscal year 2017, the Company made contributions of $8.4 million, in the aggregate, to plans outside of the United States. During fiscal year 2016, the Company contributed $9.6 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 December 30, 2018 and December 31, 2017, the projected benefit obligations were $22.1 million and $23.7 million, respectively. Assets with a fair value of $1.8 million and $1.4 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 December 30, 2018 and December 31, 2017, respectively. Pension expenses and income for this plan netted to income of $0.3 million in fiscal year 2018, expense of $3.2 million in fiscal year 2017 and expense of $1.6 million in fiscal year 2016. 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 cost (credit) 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 December 30, 2018 and December 31, 2017.
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 December 30, 2018 and December 31, 2017 by asset category, classified in the three levels of inputs described in Note 23, 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 2018, 2017 and 2016 is as follows:
The Company does not expect to make any contributions to the postretirement medical plan during fiscal year 2019. 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 $1.1 million at December 30, 2018 and $1.0 million at December 31, 2017. |
Contingencies |
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Dec. 30, 2018 | |
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 $7.9 million and $9.4 million as of December 30, 2018 and December 31, 2017, 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. 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 December 30, 2018 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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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 30, 2018, December 31, 2017 and January 1, 2017 is as follows:
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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 restricted stock units, 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 restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s consolidated statements of operations for fiscal years 2018, 2017 and 2016:
The total income tax benefit recognized in the consolidated statements of operations for stock-based compensation was $13.6 million in fiscal year 2018, $14.5 million in fiscal year 2017 and $10.5 million in fiscal year 2016. Stock-based compensation costs capitalized as part of inventory were $0.3 million as of each of December 30, 2018 and December 31, 2017. 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 December 30, 2018:
The aggregate intrinsic value for stock options outstanding at December 30, 2018 was $43.8 million with a weighted-average remaining contractual term of 4.2 years. The aggregate intrinsic value for stock options exercisable at December 30, 2018 was $31.6 million with a weighted-average remaining contractual term of 3.2 years. At December 30, 2018, there were 1.8 million stock options that were vested, and expected to vest in the future, with an aggregate intrinsic value of $43.0 million and a weighted-average remaining contractual term of 4.2 years. The weighted-average per-share grant-date fair value of options granted during fiscal years 2018, 2017 and 2016 was $17.56, $11.83, and $10.20, respectively. The total intrinsic value of options exercised during fiscal years 2018, 2017 and 2016 was $35.0 million, $17.6 million, and $16.6 million, respectively. Cash received from option exercises for fiscal years 2018, 2017 and 2016 was $24.8 million, $18.0 million, and $14.4 million, respectively. The total compensation expense recognized related to the Company’s outstanding options was $5.4 million in fiscal year 2018, $4.7 million in fiscal year 2017 and $4.4 million in fiscal year 2016. There was $6.7 million of total unrecognized compensation cost related to nonvested stock options granted as of December 30, 2018. 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 December 30, 2018:
The fair value of restricted stock awards vested during fiscal years 2018, 2017 and 2016 was $10.4 million, $10.6 million, and $8.4 million, respectively. The total compensation expense recognized related to the restricted stock awards was $11.7 million in fiscal year 2018, $10.3 million in fiscal year 2017 and $9.3 million in fiscal year 2016. As of December 30, 2018, there was $16.0 million of total unrecognized compensation cost, related to nonvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.4 years. Performance Restricted Stock Units: As part of the Company's executive compensation program, the Company granted 39,133 and 54,337 performance restricted stock units during fiscal years 2018 and 2017, respectively, that will vest based on performance of the Company. The weighted-average per-share grant date fair value of performance restricted stock units granted during fiscal years 2018 and 2017 was $80.31 and $52.78, respectively. During fiscal year 2018, 5,797 performance restricted stock units were forfeited. The total compensation expense recognized related to the performance restricted stock units was $3.2 million in fiscal year 2018 and $0.9 million in fiscal year 2017. As of December 30, 2018, there were 87,673 performance restricted stock units outstanding. 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 37,281 performance units, 49,845 performance units, and 72,164 performance units during fiscal years 2018, 2017 and 2016, respectively. The weighted-average per-share grant-date fair value of performance units granted during fiscal years 2018, 2017 and 2016 was $73.23, $52.69, and $42.79, respectively. During fiscal year 2018, no performance units were forfeited. During fiscal years 2017 and 2016, 15,139 and 19,584 performance units were forfeited, respectively. The total compensation expense related to performance units was $7.7 million, $8.7 million, and $2.7 million for fiscal years 2018, 2017 and 2016, respectively. As of December 30, 2018, there were 144,151 performance units outstanding subject to forfeiture, with a corresponding liability of $14.0 million recorded in accrued expenses and long-term liabilities. Stock Awards: The Company’s stock award program provides an annual equity award to non-employee directors. For fiscal years 2018, 2017 and 2016, 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 2018, 2017 and 2016, the Company awarded 11,088 shares, 12,006 shares, and 15,419 shares, respectively, to non-employee directors. The weighted-average per-share grant-date fair value of stock awards granted during fiscal years 2018, 2017 and 2016 was $72.17, $63.14, and $54.58, respectively. The total compensation expense recognized related to these stock awards was $0.8 million in each of fiscal years 2018, 2017 and 2016. 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 2018, the Company issued 21,321 shares of common stock under the Company’s Employee Stock Purchase Plan at a weighted-average price of $69.57 per share. During fiscal year 2017, the Company issued 36,769 shares under this plan at a weighted-average price of $67.09 per share. During fiscal year 2016, the Company issued 49,578 shares under this plan at a weighted-average price of $49.67 per share. At December 30, 2018 there remains available for sale to employees an aggregate of 0.8 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 Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive (loss) income consisted of the following:
During fiscal years 2018, 2017 and 2016, pre-tax expense of $0.1 million, $0.1 million, and $0.9 million, respectively, was reclassified from accumulated other comprehensive income into selling, general and administrative expenses as a component of net periodic pension cost. Stock Repurchases: On July 27, 2016, 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 23, 2018, the Board authorized the Company to immediately terminate the Repurchase Program and further authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a new stock repurchase program (the "New Repurchase Program"). The New Repurchase Program will expire on July 23, 2020 unless terminated earlier by the Board and may be suspended or discontinued at any time. During fiscal year 2018, the Company had no stock repurchases under the Repurchase Program. No shares remain available for repurchase under the Repurchase Program due to its cancellation. During the fourth quarter of fiscal year 2018, the Company repurchased 650,000 shares of common stock under the New Repurchase Program at an aggregate cost of $52.2 million. As of December 30, 2018, $197.8 million remained available for aggregate repurchases of shares under the New Repurchase Program. In addition, 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 the fiscal year 2018, the Company repurchased 66,506 shares of common stock for this purpose at an aggregate cost of $5.2 million. During fiscal year 2017, the Company repurchased 78,644 shares of common stock for this purpose at an aggregate cost of $4.4 million. During fiscal year 2016, the Company repurchased 75,198 shares of common stock for this purpose at an aggregate cost of $3.6 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 2018 and 2017. At December 30, 2018, the Company had accrued $7.7 million for a dividend declared on October 24, 2018 for the fourth quarter of fiscal year 2018 that was paid in February 2019. On January 24, 2019, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2019 that will be payable in May 2019. 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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Dec. 30, 2018 | |
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 70% 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 statements of cash flows. Principal hedged currencies include the British Pound, Euro, Swedish Krona, Chinese Yuan and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $223.3 million at December 30, 2018, $212.1 million at December 31, 2017, and $137.5 million at January 1, 2017, 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 2018, 2017 and 2016. In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, 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 statements of cash flows. The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements, included combined Euro notional amounts of €37.3 million and combined U.S. Dollar notional amounts of $5.7 million as of December 30, 2018, combined Euro notional amounts of €57.2 million and combined U.S. Dollar notional amounts of $1.3 billion as of December 31, 2017, and 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 as of January 1, 2017. 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 2018 and 2017. The Company paid $34.1 million and $13.8 million during the fiscal years 2018 and 2017, respectively, from the settlement of these hedges. During fiscal year 2018, the Company entered into a series of foreign currency forward contracts with a notional amount of €298.7 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 AOCI, which offsets 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 second quarter of 2018 and the Company recorded a net realized foreign exchange loss in AOCI of $2.6 million for the fiscal year ended December 30, 2018. During fiscal year 2016, the Company designated the 2026 Notes to hedge its investments in certain foreign subsidiaries. In January 2018, the Company removed the hedging relationship of its 2026 Notes and investments in certain foreign subsidiaries and recognized $2.1 million of unrealized foreign exchange gain in AOCI. In April 2018, the Company designated a portion of the 2026 Notes to hedge its investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of AOCI, which offsets 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 December 30, 2018, the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was €216.0 million. The unrealized foreign exchange gain recorded in AOCI related to the net investment hedge was $9.3 million for the fiscal year ended December 30, 2018. During fiscal year 2018, the Company designated the April 2021 Notes to hedge its investments in certain foreign subsidiaries. Unrealized translation adjustments from the April 2021 Notes were included in the foreign currency translation component of AOCI, which offsets 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 December 30, 2018, the total notional amount of the April 2021 Notes that was designated to hedge investments in foreign subsidiaries was €298.7 million. The unrealized foreign exchange gain recorded in AOCI related to the net investment hedge was $27.5 million for the fiscal year ended December 30, 2018. 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 Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 30, 2018. The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during fiscal years 2018 and 2017. 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 December 30, 2018 and December 31, 2017 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 December 30, 2018 and December 31, 2017, 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 fiscal year 2018, the Company updated the fair value of the contingent consideration and recorded a liability of $63.2 million as of December 30, 2018. The key assumptions used to determine the fair value of the contingent consideration as of December 30, 2018 included projected milestone dates in 2019, discount rates ranging from 3.7% to 6.8%, conditional probabilities of success of each individual milestone ranging from 95% to 100% and cumulative probabilities of success for each individual milestone ranging from 89.3% to 100%. 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. During the fiscal year 2018, the Company recorded a contingent consideration obligation relating to other acquisitions with an estimated fair value of $6.5 million and the Company paid $16.5 million of contingent consideration to the former shareholders of Vanadis, of which $12.8 million was included in financing activities and $3.7 million was included in operating activities in the consolidated statements of cash flows. 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 December 30, 2018, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $76.5 million. The expected maximum earnout period for acquisitions with open contingency period does not exceed 1.78 years from the December 30, 2018, and the remaining weighted average expected earnout period at December 30, 2018 was 5 months. 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 December 30, 2018, the Company’s senior unsecured revolving credit facility, which provides for $1.0 billion of revolving loans, had a carrying value of $415.6 million, net of $2.4 million of unamortized debt issuance costs. As of December 31, 2017, the Company's senior unsecured revolving credit facility had a carrying value of $621.7 million, net of $3.3 million of unamortized debt issuance costs. The interest rate on the Company’s 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 2018. Consequently, the carrying value approximates fair value and were classified as Level 2. The Company's November 2021 Notes, with a face value of $500.0 million, had an aggregate carrying value of $497.4 million, net of $1.1 million of unamortized original issue discount and $1.6 million of unamortized debt issuance costs as of December 30, 2018. The November 2021 Notes had an aggregate carrying value of $496.6 million, net of $1.4 million of unamortized original issue discount and $2.0 million of unamortized debt issuance costs as of December 31, 2017. The November 2021 Notes had a fair value of $516.1 million and $536.6 million as of December 30, 2018 and December 31, 2017, respectively. The fair value of the November 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 $564.5 million, net of $4.0 million of unamortized original issue discount and $3.8 million of unamortized debt issuance costs as of December 30, 2018. The 2026 Notes had an aggregate carrying value of $591.7 million, net of $4.7 million of unamortized original issue discount and $4.3 million of unamortized debt issuance costs as of December 31, 2017. The 2026 Notes had a fair value of €496.1 million and €508.9 million as of December 30, 2018 and December 31, 2017, respectively. 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 April 2021 Notes, with a face value of €300.0 million, had an aggregate carrying value of $341.3 million, net of $0.1 million of unamortized original issue discount and $2.0 million of unamortized debt issuance costs as of December 30, 2018. The April 2021 Notes had a fair value of €300.5 million as of December 30, 2018. The fair value of the April 2021 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company’s other debt facilities that were assumed from the EUROIMMUN acquisition had an aggregate carrying value of $38.2 million and $60.2 million as of December 30, 2018 and December 31, 2017, respectively. As of December 30, 2018, these consisted of bank loans in the aggregate amount of $38.0 million bearing fixed interest rates between 1.1% and 17.6% and a bank loan in the amount of $0.2 million bearing a variable interest rate based on the Euribor rate plus a margin of 1.5%. The Company had no change in credit standing during fiscal year 2018. Consequently, the carrying value approximates fair value. As of December 30, 2018, the April 2021 Notes, November 2021 Notes, 2026 Notes and other debt facilities were classified as Level 2. The Company's financing lease obligations had an aggregate carrying value of $34.5 million and $35.9 million as of December 30, 2018 and December 31, 2017, respectively. The non-cash finance lease liabilities due to build-to-suit accounting amounted to $21.7 million as of each of the year ended December 30, 2018 and December 31, 2017. The remaining carrying amounts 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 December 30, 2018, 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 |
12 Months Ended |
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Dec. 30, 2018 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain property and equipment under operating leases. Rental expense charged to continuing operations for fiscal years 2018, 2017 and 2016 amounted to $62.3 million, $54.0 million, and $52.0 million, respectively. Minimum rental commitments under noncancelable operating leases are as follows: $56.4 million in fiscal year 2019, $46.6 million in fiscal year 2020, $33.5 million in fiscal year 2021, $22.1 million in fiscal year 2022, $15.6 million in fiscal year 2023 and $67.6 million in fiscal year 2024 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 2018, 2017 and 2016. The deferred gains remaining to be amortized were $17.0 million at December 30, 2018, of which $1.8 million was recorded in accrued expenses and other current liabilities, and $15.3 million was recorded in long-term liabilities. The deferred gains remaining to be amortized were $18.8 million at December 31, 2017, of which $1.8 million was recorded in accrued expenses and other current liabilities, and $17.0 million was recorded in long-term liabilities. Upon adoption of ASC 842, the Company will recognize the unamortized deferred gains in retained earnings. |
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. 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 December 30, 2018:
The following geographic area information for continuing operations includes revenue based on location of external customers for the three fiscal years ended December 30, 2018 and net long-lived assets based on physical location as of December 30, 2018 and December 31, 2017:
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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) |
12 Months Ended |
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Dec. 30, 2018 | |
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 December 30, 2018 ("fiscal year 2018"), December 31, 2017 ("fiscal year 2017") and January 1, 2017 ("fiscal year 2016") included 52 weeks. |
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 adopted ASC 606 with a date of the initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below. The Company applied ASC 606 using the modified retrospective method only to contracts that are not completed contracts as of January 1, 2018, and the cumulative effect of initially applying ASC 606 is recognized as an adjustment to the beginning retained earnings. Therefore, the comparative information has not been adjusted and continues to be reported under ASC 605. The details of the significant changes and quantitative impact of the changes are disclosed below. A. Sales of software subscriptions or sales of licenses and maintenance in bundled arrangements The Company previously recognized revenue from software licenses sold together with maintenance and/or consulting services upon shipment using the residual method, provided that the undelivered items in the arrangement have value to the customer on a stand-alone basis and vendor-specific objective evidence ("VSOE") of fair value can be determined. If VSOE of fair value for the undelivered elements cannot be established, the Company deferred 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 undelivered element is maintenance, then the Company recognized the entire fee ratably over the maintenance period. Under ASC 606, the total consideration in the contract is allocated to all products and services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which the Company sells the software license, software subscription, maintenance and/or consulting services. Accordingly, the Company now recognizes higher license revenue upfront and less service revenue over time. B. Sales of instruments The Company previously recognized revenue from sale of instruments when persuasive evidence of an arrangement existed, delivery had occurred, the price to the buyer was fixed or determinable, and collectability was reasonably assured. For certain sales of instruments that included customer-specified acceptance criteria, the Company previously recognized revenue after the acceptance criteria had been met. Under ASC 606, revenue is recognized when the Company satisfies a performance obligation by transferring control of the product to a customer. Accordingly, the Company now recognizes product revenue upon delivery or when title has transferred to the customer, as the Company believes acceptance is perfunctory. C. Sales commissions The Company previously recognized commission fees related to sales of products and services as selling expenses when they were incurred. Under ASC 606, the Company capitalizes those commission fees as costs of obtaining a contract, when they are incremental and, if they are expected to be recovered, the Company amortizes them consistently with the pattern of transfer of the product or service to which the asset relates. If the expected amortization period is one year or less, the commission fee is expensed when incurred. |
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. When the Company determines during the period that previously undistributed earnings of certain international subsidiaries no longer meet the requirements of indefinite reinvestment, the Company recognizes the income tax expense in that period. 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 8 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 8 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 the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. This annual impairment assessment is performed by the Company on the later of January 1 or the first day of each fiscal year. 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 up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. The intangible asset will then be amortized prospectively over its 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 14 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 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 20 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 6 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 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 August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). Specifically, ASU 2018-15 amends Intangibles-Goodwill and Other (Topic 350) to include in its scope implementation costs incurred in a hosting arrangement that is a service contract and clarifies that a customer should apply Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The provisions of this guidance are to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years with early adoption permitted. The Company is currently 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 2018, the FASB issued Accounting Standards Update No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. Further, ASU 2018-14 removes guidance that currently requires the following disclosures: the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; the amount and timing of plan assets expected to be returned to the employer; information about (1) benefits covered by related-party insurance and annuity contracts and (2) significant transactions between the plan and related parties; and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. ASU 2018-14 also clarifies the guidance in Compensation-Retirement Benefits (Topic 715-20-50-3) on defined benefit plans to require disclosure of (1) the projected benefit obligation ("PBO") and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation ("ABO") and fair value of plan assets for pension plans with ABOs in excess of plan assets. The provisions of this guidance are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-14 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years with early adoption permitted. The Company is currently 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 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 adds, removes, and modifies certain disclosures related to fair value measurements. ASU 2018-13 adds requirements for an entity to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies existing disclosure requirements related to measurement uncertainty. The amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for any removed or modified disclosures. The Company is currently 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 June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which supersedes Subtopic 505-50, Equity - Equity-Based Payments to Non-employees, and expands the scope of Topic 718 (which currently only includes share-based payments to employees) to also include share-based payments issued to non-employees for goods and services, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards, except for financing transactions, or awards issued to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers ("Topic 606"). The provisions of this guidance are to be applied using a modified retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year, for all (1) liability-classified non-employee awards that have not been settled as of the adoption date and (2) equity-classified non-employee awards for which a measurement date has not been established. ASU 2018-07 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606. The Company early adopted the provisions of this guidance effective July 2, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flow. In March 2018, the FASB Issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"). ASU 2018-05 was issued to incorporate into Topic 740 recent SEC guidance related to the income tax accounting implications of the Tax Cut and Jobs Act (the "Tax Act"). The SEC issued Staff Accounting Bulletin No. 118 ("SAB 118") to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Act in the period of enactment. SAB 118 permits companies to disclose that some or all of the income tax effects from the Tax Act are incomplete by the due date of the financial statements, and if possible, disclose a reasonable estimate of such tax effects. ASU 2018-05 is effective immediately. The Company is applying the guidance in ASU 2018-05 when accounting for the enactment date effects of the Tax Act. At December 30, 2018, the Company completed the accounting for all of the tax effects of the Tax Act using reasonable estimates of their effects based on currently available information. These estimates may be affected as additional clarification and implementation guidance becomes available. These changes could be material to the Company's income tax expense. See Note 8 for further disclosures. In February 2018, the FASB Issued Accounting Standards Update No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2018-03"). ASU 2018-03 was issued to clarify certain aspects of guidance concerning the recognition of financial assets and liabilities established in Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). This includes treatment for discontinuations and adjustments for equity securities without a readily determinable market value, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. ASU 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Early adoption is permitted for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as the Company has adopted ASU 2016-01. The Company adopted the provisions of this guidance effective July 2, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In February 2018, the FASB Issued Accounting Standards Update No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). ASU 2018-02 provides entities with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. ASU 2018-02 requires entities to disclose a description of the accounting policy for releasing income tax effects from AOCI; whether they elect to reclassify the stranded income tax effects from the Tax Act; and information about the other income tax effects that are reclassified. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, and entities should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company adopted ASU 2018-02 on December 30, 2018. The adoption of the standard resulted in an increase in retained earnings at December 30, 2018 in the amount of $6.5 million, with a corresponding decrease in AOCI. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), which amends the hedge accounting recognition and presentation requirements in Topic 815. ASU 2017-12 makes targeted changes to the existing hedge accounting model to better align an entity’s financial reporting for hedging relationships with the entity’s risk management activities, and to reduce the complexity of, and simplify the application of, the hedge accounting model. Specifically, ASU 2017-12 expands the types of transactions eligible for hedge accounting, eliminates the requirement to separately measure and present hedge ineffectiveness, simplifies the way assessments of hedge ineffectiveness may be performed, relaxes the documentation requirements for entering into hedging positions, provides targeted improvements to fair value hedges of interest rate risk, and permits an entity to exclude the change in the fair value of cross-currency basis spreads in currency swaps from the assessment of hedge effectiveness. The standard also requires entities to provide new disclosures about the impact fair value and cash flow hedges have on their income statements and about cumulative basis adjustments arising from fair value hedges. The provisions of this guidance are to be applied using a modified retrospective approach to existing hedging relationships as of the adoption date. However, the transition provisions allow for certain elections at the date of adoption and entities may choose to apply any of the provided elections. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted, including adoption in any interim period. The Company early adopted the provisions of this guidance effective January 1, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation - Stock Compensation (Topic 718), Scope of Modification Accounting ("ASU 2017-09"), which amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. If an entity modifies its awards and concludes that it is not required to apply modification accounting under the standard, it must still consider whether the modification affects its application of other guidance. Additionally, if a significant modification does not result in incremental compensation cost, entities are required to disclose the “lack of” incremental compensation cost resulting from such significant modification. The standard also removes the guidance in Topic 718 stating that modification accounting is not required when an entity adds an antidilution provision as long as that modification is not made in contemplation of an equity restructuring. The provisions of this guidance are to be applied on a prospective basis to awards modified on or after the effective date. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, including adoption in any interim period. The Company adopted ASU 2017-09 effective January 1, 2018. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"), which amends the requirements in Topic 715 related to the income statement presentation of the components of net periodic benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. ASU 2017-07 requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current employee compensation costs in their income statements and (2) present the other components elsewhere in their income statements and outside of income from operations, and disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. Additionally, the standard requires that only the service-cost component of net benefit cost is eligible for capitalization (e.g., as part of inventory or property, plant, and equipment). The change in income statement presentation requires retrospective application, while the change in capitalized benefit cost is to be applied prospectively. ASU 2017-07 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The standard provides a practical expedient that permits entities to use the components of cost disclosed in prior years as a basis for the retrospective application of the new income statement presentation. Entities need to disclose the use of the practical expedient. The Company adopted ASU 2017-07 effective January 1, 2018 using a retrospective approach for each period presented. For the fiscal years 2017 and 2016, $(9.2) million and $11.5 million, respectively, of net periodic pension (credit) cost previously presented within operating income has been presented outside of operating income in the line item "Interest and other expense, net" in the consolidated statements of operations due to the retrospective adoption of ASU 2017-07. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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, Revenue from Contracts with Customers. 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 adopted ASU 2017-01 effective January 1, 2018. The adoption did not 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 adopted ASU 2016-18 effective January 1, 2018. For the fiscal years 2017 and 2016, $17.2 million and $(17.0) million, respectively, of changes in restricted cash balances that were previously presented within investing activities in the consolidated statements of cash flows have been excluded from the cash flows used in investing activities and the effect of exchange rate changes increased by $0.2 million in fiscal year 2017, due to the retrospective adoption of ASU 2016-18. Restricted cash amounting to $17.3 million and $0.2 million at January 1, 2017 and December 31, 2017, respectively, have been included with the cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the consolidated statement of cash flows for the fiscal year ended December 31, 2017. Restricted cash amounting to $0.3 million and $17.3 million at January 3, 2016 and January 1, 2017, respectively, have been included with the cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the consolidated statement of cash flows for the fiscal year ended January 1, 2017. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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 Topic 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 adopted ASU 2016-16 on January 1, 2018. The adoption of the standard resulted in a decrease in the retained earnings at January 1, 2018 of approximately $2.1 million with corresponding increase in deferred tax assets of $10.7 million and decrease in prepaid taxes of $12.8 million related to prior years’ intra-entity transfers of assets other than inventory. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows, other than the impact discussed above. 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 2016-15 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company adopted ASU 2016-15 effective January 1, 2018. The adoption did not 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 currently 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 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 of assets will primarily 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. Subsequent to the issuance of ASU 2016-02, in July 2018, the FASB issued Accounting Standards Update No. 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and Accounting Standards Update No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"). The amendments in ASU 2018-10 clarify, correct or remove inconsistencies in the guidance provided under ASU 2016-02 related to sixteen specific issues identified. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in the period of adoption will continue to be in accordance with ASC 840, Leases ("ASC 840"). An entity that elects this additional (and optional) transition method must provide the required disclosures under ASC 840 for all periods that continue to be in accordance with ASC 840. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if certain criteria are met. The effective date and transition requirements for these two standards are the same as the effective date and transition requirements of ASU 2016-02. The standards were effective for the Company beginning on December 31, 2018. The Company did not early adopt these standards and adopted these standards using the optional transition method. The Company elected to apply the modified retrospective approach, and applied the new leases standard at December 31, 2018, with a cumulative effect adjustment recognized in the opening balance of retained earnings in fiscal year 2019. As a lessee, the most significant impact of the standards relates to the recognition of the right-of-use assets and lease liabilities for the operating leases in the balance sheet. In addition, the Company had deferred gains from a sale-leaseback transaction that are being amortized in operating expenses over the lease term and the lease is accounted for as an operating lease under ASC 840. Under the new standards, the Company will recognize the deferred gains from the sale as a cumulative-effect adjustment in retained earnings at December 31, 2018. The Company will also derecognize the impact of its build-to-suit arrangement in which the Company was the deemed owner during the construction period, for which the construction is complete and the lease commenced before the initial date of adoption. The adoption of the standards will result in an increase in retained earnings at December 31, 2018 of approximately $19.1 million for the cumulative effect of initially applying the standards as of that date. In addition, the adoption of the standards will result in recognition of right-of-use assets of approximately $190.7 million and lease liabilities of approximately $137.7 million, primarily related to the facilities operating leases, a decrease in property and equipment of approximately $31.9 million and an increase in deferred tax liabilities of $2.1 million for the tax impact of the cumulative adjustments. The adoption will have no impact to cash from or used in operating, investing or financing activities in the Company's consolidated statement of cash flows at December 31, 2018. 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 November 2017, the FASB also issued Accounting Standards Update No. 2017-14, Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606). ASU 2017-14 includes amendments to certain SEC paragraphs within the FASB Accounting Standards Codification ("Codification"). ASU 2017-14 amends the Codification to incorporate SEC Staff Accounting Bulletin No. 116 and SEC Interpretive Release on Vaccines for Federal Government Stockpiles (SEC Release No. 33-10403) to align existing SEC staff guidance with Revenue from Contracts with Customers (Topic 606). 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, collectability, 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 2017-14, 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 standards were effective for the Company beginning on January 1, 2018. The Company did not early adopt these standards and adopted these standards using the modified retrospective approach. The most significant impact of the standards relates to the accounting for certain transactions with multiple elements or “bundled” arrangements. Specifically, for sales of software subscriptions or sales of licenses and maintenance, the Company will recognize the license revenue predominantly at the time of billing and delivery rather than recognizing the entire sales price ratably over the maintenance period, which is the Company's previous practice. In addition, for certain sales of instruments that include customer-specified acceptance criteria, the Company will recognize revenue when the customer obtains control of the instrument which is typically upon delivery or when title has transferred to the customer, as the Company believes acceptance is perfunctory. The Company will also capitalize incremental commission fees as a result of obtaining contracts when these fees are recoverable and will amortize the assets based on the transfer of goods or services to which the assets relate which typically range from two to six years. The Company elected to apply the modified retrospective approach only to contracts not completed as of January 1, 2018. The adoption of the standards resulted in an increase in the retained earnings at January 1, 2018 of approximately $10.2 million for the cumulative effect of initially applying the standards at January 1, 2018. In addition, the adoption of the standards resulted primarily in a reduction in deferred revenue of approximately $11.5 million, mainly driven by the upfront recognition of license revenue and certain multi-year software subscriptions, and an increase in deferred tax liability of approximately $3.0 million for the tax impact of the cumulative adjustments. The cumulative effect of recognizing instrument sales upon delivery or transfer of title and capitalizing the incremental commission fees were not material at January 1, 2018. The adoption of the standards had no impact to cash from or used in operating, investing, or financing activities in the Company's consolidated statement of cash flows at January 1, 2018. Refer to Note 3, Changes in Accounting Policies, for the impact of adoption of the standards on the Company's consolidated financial statements for the fiscal year ended December 30, 2018. Also refer to Note 2, Revenue, for the disclosures required by the standards. |
Revenue (Tables) |
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Disaggregation of Revenue [Table Text Block] | In the following tables, revenue is disaggregated by primary geographical market, end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments revenue.
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Business Combinations and Asset Purchases (Tables) |
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Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information presents the combined financial results for the Company and EUROIMMUN as if the acquisition of EUROIMMUN had been completed at the beginning of fiscal year 2016:
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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 2018 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 2017 have been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:
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Changes in Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | Impacts on financial statements The following tables summarize the impacts of ASC 606 adoption on the Company's consolidated financial statements for the fiscal year ended December 30, 2018. Consolidated Balance Sheet
Consolidated Statement of Operations
The adoption of ASC 606 increased comprehensive income by $15.8 million in the Company's consolidated statement of comprehensive income for the fiscal year ended December 30, 2018. The adoption of ASC 606 had no impact on cash from or used in operating, investing, or financing activities in the Company's consolidated statement of cash flows as of and for the fiscal year ended December 30, 2018. |
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 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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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 2018, 2017 and 2016 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 2018, 2017 and 2016 in continuing operations:
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Interest and Other Expense (Income), Net (Tables) |
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Dec. 30, 2018 |
Dec. 31, 2017 |
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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 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 income taxes on 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 December 30, 2018 and December 31, 2017 were as follows:
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Schedule of Deferred Income Taxes, Domestic and Foreign [Table Text Block] | The components of net deferred tax (liabilities) assets as of December 30, 2018 and December 31, 2017 were as follows:
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Components of net deferred tax asset recognized [Table Text Block] | The components of net deferred tax liabilities as of December 30, 2018 and December 31, 2017 were recognized in the consolidated balance sheets as follows:
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Deferred tax assets, other assets, net | $ 79,312 | $ 67,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities, Long-term liabilities | (227,332) | (316,928) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Liabilities, Net | $ (148,020) | $ (249,648) |
Earnings Per Share (Tables) |
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Inventories | Inventories as of December 30, 2018 and December 31, 2017 consisted of the following:
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Property, Plant and Equipment, Net (Tables) |
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment as of December 30, 2018 and December 31, 2017, 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 December 30, 2018 and December 31, 2017 consisted of the following:
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Available-for-sale Securities [Table Text Block] | Marketable securities classified as available for sale as of December 30, 2018 and December 31, 2017 consisted of the following:
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Goodwill and Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for fiscal years 2018 and 2017 are as follows:
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Identifiable Intangible Asset Balances | Identifiable intangible asset balances at December 30, 2018 by category and by business segment were as follows:
Identifiable intangible asset balances at December 31, 2017 by category and business segment were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 30, 2018:
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Accrued Expenses and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses and other current liabilities as of December 30, 2018 and December 31, 2017 consisted of the following:
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Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 |
Dec. 31, 2017 |
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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 (credit) 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 December 30, 2018 and December 31, 2017.
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 December 30, 2018 and December 31, 2017, and target asset allocations for fiscal year 2019 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 December 30, 2018 and December 31, 2017 by asset category, classified in the three levels of inputs described in Note 23 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 2018, 2017 and 2016 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 cost (credit) 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 December 30, 2018 and December 31, 2017.
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 December 30, 2018 and December 31, 2017 by asset category, classified in the three levels of inputs described in Note 23, 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 2018, 2017 and 2016 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Reserve Activity | A summary of warranty reserve activity for the fiscal years ended December 30, 2018, December 31, 2017 and January 1, 2017 is as follows:
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Stock Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 restricted stock units, performance units and stock grants, net of estimated forfeitures, included in the Company’s consolidated statements of operations for fiscal years 2018, 2017 and 2016:
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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 December 30, 2018:
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Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the fiscal year ended December 30, 2018:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 30, 2018 and December 31, 2017 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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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 30, 2018:
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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 December 30, 2018 and net long-lived assets based on physical location as of December 30, 2018 and December 31, 2017:
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Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | Selected quarterly financial information is as follows for the fiscal years ended:
____________________________
|
Discontinued Operations Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | $ (859) | $ 179,615 | $ 619 |
(Benefit from) provision for income taxes on discontinued operations and dispositions | (1,311) | 44,522 | 4,255 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2,165 | 2,102 | |
Technical Services Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | 0 | 0 | 1,753 |
Fluid Sciences Segment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | (66) | 0 | (1,134) |
PerkinElmer Labs, Inc. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | 7,114 | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 20,000 | ||
Gain (Loss) on Disposition of Business | $ 1,100 | ||
Capital loss on disposition of a business | 7300 | ||
Tax effect of disposition of a business | 2500 | ||
Medical Imaging Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Period of Continuing Involvement after Disposal | 12 months | ||
(Loss) gain on disposition of discontinued operations before income taxes | (793) | $ 179,615 | $ 0 |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 43,131 | ||
Disposal Group, Including Discontinued Operation, Consideration | 277,400 | ||
Disposal Group, Including Discontinued Operation, Working Capital Adjustment | 4,200 | ||
Suzhou PerkinElmer Medical Laboratory Co. Ltd [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | (1,108) | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,300 | ||
Multispectral Imaging Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on disposition of discontinued operations before income taxes | 13,031 | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 37,300 |
Summary Operating Results of Discontinued Operations for the Periods Prior to Disposition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 44,343 | $ 146,217 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 32,933 | 95,395 |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 0 | 5,869 | 13,657 |
Disposal Group, Including Discontinued Operations, Research and development expenses | 0 | 4,891 | 14,368 |
Disposal Group, Including Discontinued Operations, Restructuring and contract termination charges, net | 0 | 0 | 568 |
Loss from discontinued operations before income taxes | $ 0 | $ 650 | $ 22,229 |
Restructuring and Contract Termination Charges, Net (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and contract termination charges, net | $ (1,942) | $ 6,508 | $ 0 | $ 6,578 | $ (263) | $ 3,269 | $ 0 | $ 9,651 | $ 11,144 | $ 12,657 | $ 5,124 | |
Accrued restructuring and contract termination costs | 6,180 | 13,969 | 6,180 | 13,969 | 10,541 | $ 22,150 | ||||||
Accrued restructuring and contract termination costs | 4,834 | 8,759 | 4,834 | 8,759 | ||||||||
Restructuring Reserve, Noncurrent | 1,400 | 2,300 | 1,400 | 2,300 | ||||||||
Contract Termination [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Accrued restructuring and contract termination costs | $ 137 | $ 3,048 | 137 | 3,048 | 117 | $ 132 | ||||||
Discovery & Analytical Solutions [Member] | Contract Termination [Member] | 2018 Contract Termination Charges [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and contract termination charges, net | $ 4,971 | |||||||||||
Discovery & Analytical Solutions [Member] | Contract Termination [Member] | 2017 Contract Termination Charges [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and contract termination charges, net | $ 3,612 | |||||||||||
Discovery & Analytical Solutions [Member] | Contract Termination [Member] | 2016 Contract Termination Charges [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring and contract termination charges, net | $ 88 |
Restructuring and Contract Termination Charges, Net Restructuring and Contract Termination Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018
USD ($)
employees
|
Sep. 30, 2018
USD ($)
employees
|
Jul. 01, 2018
USD ($)
|
Apr. 01, 2018
USD ($)
employees
|
Dec. 31, 2017
USD ($)
employees
|
Oct. 01, 2017
USD ($)
employees
|
Jul. 02, 2017
USD ($)
|
Apr. 02, 2017
USD ($)
employees
|
Oct. 02, 2016
USD ($)
employees
|
Jul. 03, 2016
USD ($)
employees
|
Dec. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ (1,942) | $ 6,508 | $ 0 | $ 6,578 | $ (263) | $ 3,269 | $ 0 | $ 9,651 | $ 11,144 | $ 12,657 | $ 5,124 | ||
Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 1 | ||||||||||||
Restructuring and contract termination charges, net | $ 348 | ||||||||||||
Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 61 | ||||||||||||
Restructuring and contract termination charges, net | $ 1,764 | ||||||||||||
Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 47 | ||||||||||||
Restructuring and contract termination charges, net | $ 5,998 | ||||||||||||
Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 29 | ||||||||||||
Restructuring and contract termination charges, net | $ 1,935 | ||||||||||||
Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 27 | ||||||||||||
Restructuring and contract termination charges, net | $ 2,342 | ||||||||||||
Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 90 | ||||||||||||
Restructuring and contract termination charges, net | $ 6,697 | ||||||||||||
Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 22 | ||||||||||||
Restructuring and contract termination charges, net | $ 1,820 | ||||||||||||
Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 72 | ||||||||||||
Restructuring and contract termination charges, net | $ 4,667 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 618 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 902 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 255 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,021 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,631 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 41 | ||||||||||||
Diagnostics [Member] | Severance [Member] | Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 561 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 33 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Facility Closing [Member] | Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 348 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,146 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 5,096 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,680 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,321 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 5,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 1,779 | ||||||||||||
Discovery & Analytical Solutions [Member] | Severance [Member] | Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | 4,106 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 33 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 |
Restructuring and Contract Termination Charges, Net (Schedule of Restructuring Plan Activity) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve, Current Other | $ 2,900,000 | $ 2,900,000 | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | $ 13,969,000 | $ 10,541,000 | $ 13,969,000 | 10,541,000 | $ 22,150,000 | ||||||||
Restructuring Charges and Changes in Estimates | 11,144,000 | 12,657,000 | 5,124,000 | ||||||||||
Amounts paid and foreign currency translation | (18,933,000) | (9,229,000) | (16,733,000) | ||||||||||
Ending balance | $ 6,180,000 | 13,969,000 | 6,180,000 | 13,969,000 | 10,541,000 | ||||||||
Restructuring and contract termination charges, net | (1,942,000) | $ 6,508,000 | $ 0 | 6,578,000 | (263,000) | $ 3,269,000 | $ 0 | 9,651,000 | 11,144,000 | 12,657,000 | 5,124,000 | ||
Employee Severance and Facility Closing [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 10,921,000 | 10,424,000 | 10,921,000 | 10,424,000 | 22,018,000 | ||||||||
Restructuring Charges and Changes in Estimates | 6,402,000 | 9,406,000 | 5,036,000 | ||||||||||
Amounts paid and foreign currency translation | (11,280,000) | (8,909,000) | (16,630,000) | ||||||||||
Ending balance | 6,043,000 | 10,921,000 | 6,043,000 | 10,921,000 | 10,424,000 | ||||||||
Contract Termination [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 3,048,000 | 117,000 | 3,048,000 | 117,000 | 132,000 | ||||||||
Restructuring Charges and Changes in Estimates | 4,742,000 | 3,251,000 | 88,000 | ||||||||||
Amounts paid and foreign currency translation | (7,653,000) | (320,000) | (103,000) | ||||||||||
Ending balance | 137,000 | 3,048,000 | 137,000 | 3,048,000 | 117,000 | ||||||||
Previous restructuring and integration plans [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 4,399,000 | 7,780,000 | 4,399,000 | 7,780,000 | 22,018,000 | ||||||||
Restructuring Charges and Changes in Estimates | 338,000 | (537,000) | (1,451,000) | ||||||||||
Amounts paid and foreign currency translation | (2,425,000) | (2,844,000) | (12,787,000) | ||||||||||
Ending balance | 2,312,000 | 4,399,000 | 2,312,000 | 4,399,000 | 7,780,000 | ||||||||
Q4 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 348,000 | ||||||||||||
Q4 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 348,000 | 0 | 0 | ||||||||||
Amounts paid and foreign currency translation | 0 | 0 | 0 | ||||||||||
Ending balance | 348,000 | 0 | 348,000 | 0 | 0 | ||||||||
Q3 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 1,764,000 | ||||||||||||
Q3 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 2,054,000 | 0 | 0 | ||||||||||
Amounts paid and foreign currency translation | (639,000) | 0 | 0 | ||||||||||
Ending balance | 1,415,000 | 0 | 1,415,000 | 0 | 0 | ||||||||
Q1 2018 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 5,998,000 | ||||||||||||
Q1 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 5,998,000 | 0 | 0 | ||||||||||
Amounts paid and foreign currency translation | (4,389,000) | 0 | 0 | ||||||||||
Ending balance | 1,609,000 | 0 | 1,609,000 | 0 | 0 | ||||||||
Q4 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 1,935,000 | ||||||||||||
Q4 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 1,919,000 | 0 | 1,919,000 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | (381,000) | 1,935,000 | 0 | ||||||||||
Amounts paid and foreign currency translation | (1,538,000) | (16,000) | 0 | ||||||||||
Ending balance | 0 | 1,919,000 | 0 | 1,919,000 | 0 | ||||||||
Q3 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 2,342,000 | ||||||||||||
Q3 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 2,072,000 | 0 | 2,072,000 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | (1,204,000) | 2,342,000 | 0 | ||||||||||
Amounts paid and foreign currency translation | (868,000) | (270,000) | 0 | ||||||||||
Ending balance | 0 | 2,072,000 | 0 | 2,072,000 | 0 | ||||||||
Q1 2017 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 6,697,000 | ||||||||||||
Q1 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 2,498,000 | 0 | 2,498,000 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | (983,000) | 6,631,000 | 0 | ||||||||||
Amounts paid and foreign currency translation | (1,232,000) | (4,133,000) | 0 | ||||||||||
Ending balance | 283,000 | 2,498,000 | 283,000 | 2,498,000 | 0 | ||||||||
Q1 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 33,000 | 0 | 33,000 | 0 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 0 | 66,000 | 0 | ||||||||||
Amounts paid and foreign currency translation | (33,000) | (33,000) | 0 | ||||||||||
Ending balance | 0 | 33,000 | 0 | 33,000 | 0 | ||||||||
Q3 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 1,820,000 | ||||||||||||
Q3 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 0 | 1,208,000 | 0 | 1,208,000 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 0 | (202,000) | 1,820,000 | ||||||||||
Amounts paid and foreign currency translation | 0 | (1,006,000) | 612,000 | ||||||||||
Ending balance | 0 | 0 | 0 | 0 | 1,208,000 | ||||||||
Q2 2016 Restructuring Plan [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 4,667,000 | ||||||||||||
Q2 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Beginning balance | 0 | 1,436,000 | 0 | 1,436,000 | 0 | ||||||||
Restructuring Charges and Changes in Estimates | 232,000 | (829,000) | 4,667,000 | ||||||||||
Amounts paid and foreign currency translation | (156,000) | (607,000) | (3,231,000) | ||||||||||
Ending balance | 76,000 | 0 | 76,000 | 0 | $ 1,436,000 | ||||||||
Diagnostics [Member] | Q4 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q4 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q3 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 618,000 | ||||||||||||
Diagnostics [Member] | Q3 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q1 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 902,000 | ||||||||||||
Diagnostics [Member] | Q1 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | 2017 Contract Termination Charges [Member] | Contract Termination [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 517,000 | ||||||||||||
Diagnostics [Member] | Q4 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | (200,000) | ||||||||||||
Restructuring and contract termination charges, net | 255,000 | ||||||||||||
Diagnostics [Member] | Q4 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q3 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | (400,000) | ||||||||||||
Restructuring and contract termination charges, net | 1,021,000 | ||||||||||||
Diagnostics [Member] | Q3 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q1 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | 0 | ||||||||||||
Restructuring and contract termination charges, net | 1,631,000 | ||||||||||||
Diagnostics [Member] | Q1 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 33,000 | ||||||||||||
Diagnostics [Member] | Q3 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 41,000 | ||||||||||||
Diagnostics [Member] | Q3 2016 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Diagnostics [Member] | Q2 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 561,000 | ||||||||||||
Diagnostics [Member] | Q2 2016 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q4 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 348,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q4 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 1,146,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q1 2018 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 5,096,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q1 2018 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | 2017 Contract Termination Charges [Member] | Contract Termination [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 3,612,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q4 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | (200,000) | ||||||||||||
Restructuring and contract termination charges, net | 1,680,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q4 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | (800,000) | ||||||||||||
Restructuring and contract termination charges, net | 1,321,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q1 2017 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Change in estimates | $ (1,000,000) | ||||||||||||
Restructuring and contract termination charges, net | 5,000,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q1 2017 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 33,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 1,779,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q3 2016 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q2 2016 Restructuring Plan [Member] | Severance [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | 4,106,000 | ||||||||||||
Discovery & Analytical Solutions [Member] | Q2 2016 Restructuring Plan [Member] | Closure Of Excess Facility Space [Member] | |||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||
Restructuring and contract termination charges, net | $ 0 |
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Foreign Currency Transaction Gain (Loss), before Tax | $ (9,400) | $ (29,200) | $ (1,500) |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 11,700 | (4,500) | 5,400 |
Gain on disposition of businesses and assets, net | (12,844) | 309 | (5,562) |
Defined Benefit Plan, Other Cost (Credit) | 11,500 | (9,200) | 11,500 |
Interest income | (1,141) | (2,571) | (702) |
Interest expense | 66,976 | 43,940 | 41,528 |
Other expense, net | 13,210 | (42,781) | 15,250 |
Total interest and other expense, net | $ 66,201 | $ (1,103) | $ 50,514 |
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Income Tax Contingency [Line Items] | |||
Income Tax Holiday, Aggregate Dollar Amount | $ (10,300) | $ (10,100) | $ (11,400) |
Impact of benefits derived from tax holidays on earnings per share, basic | $ 0.09 | $ (0.09) | $ (0.10) |
Impact of benefits derived from tax holidays on earnings per share, diluted | $ (0.09) | $ (0.09) | $ (0.10) |
Valuation Allowance, Amount | $ 102,087 | $ 68,895 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of period | 30,308 | 29,607 | $ 28,143 |
Gross increases - tax positions in prior period | 6,931 | 749 | 1,514 |
Gross decreases - tax positions in prior period | (1,622) | (828) | (183) |
Gross increases - current-period tax positions | 0 | 2,346 | 3,547 |
Settlements | (2,253) | (324) | 0 |
Lapse of statute of limitations | (181) | (1,371) | (4,109) |
Foreign currency translation adjustments | (174) | 129 | 695 |
Unrecognized tax benefits, end of period | 33,009 | 30,308 | 29,607 |
Income Tax Penalties and Interest Accrued | 2,500 | 1,900 | |
Income Tax Penalties and Interest Expense | 400 | (300) | (100) |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 31,300 | ||
Unrecognized Tax Benefits Expected To Be Resolved With In A Year | 2,300 | ||
Undistributed Earnings of Foreign Subsidiaries Not Meeting Requirements to be Reinvested | 1,000,000 | ||
Income Tax Expense (Benefits) on Undistributed Foreign Earnings | 2,900 | ||
Foreign earnings invested outside U.S. | $ 652,100 | ||
Open Tax Years by Major Tax Jurisdiction, Begin Date | 2010 | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ 8,100 | 98,600 | (9,600) |
Excess tax benefit from exercise of common stock options | 0 | 0 | |
2017 Tax Cuts and Jobs Act [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Expense on Repatriated Earnings | 80,400 | 85,000 | |
Tax Adjustments, Settlements, and Unusual Provisions | (2,025) | 106,500 | $ 0 |
Discrete Income Tax Expense (Benefit), Tax Reform True-up | 2,000 | ||
Other Tax Matters [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Adjustments, Settlements, and Unusual Provisions | 1,130 | ||
Excess tax benefits on stock compensation [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Adjustments, Settlements, and Unusual Provisions | 7,200 | 5,100 | |
2017 Tax Cuts and Jobs Act, Refinement [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Expense on Repatriated Earnings | (4,600) | ||
2017 Tax Cuts and Jobs Act, Remeasurement [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Adjustments, Settlements, and Unusual Provisions | (300) | $ 21,500 | |
General Business [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 10,900 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 200,600 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 6,800 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 515,500 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Tax Credit Carryforward, Amount | 100 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 38,300 | ||
China [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Holiday, Termination Date | 12/31/2019 | ||
Singapore [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Income Tax Holiday, Termination Date | 12/31/2023 |
Income Taxes Income Before Income taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 |
[1] | Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|||
Income Tax Contingency [Line Items] | ||||||||||||||
U.S. | $ 32,627 | $ 3,743 | $ 39,689 | |||||||||||
Non-U.S. | 225,056 | 292,975 | 204,379 | |||||||||||
Income from continuing operations before income taxes | $ 79,429 | $ 78,041 | $ 71,708 | $ 28,505 | $ 80,889 | $ 105,054 | $ 70,792 | $ 39,983 | $ 257,683 | $ 296,718 | $ 244,068 | |||
|
Income Taxes Components of the Provision (Benefits from) Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ (27,281) | $ (65,836) | $ (52,648) |
Federal current | 7,938 | 62,003 | 14 |
Federal deferred expense (benefit) | (5,250) | 35,435 | 2,994 |
Federal total | 2,688 | 97,438 | 3,008 |
State current | 2,345 | 3,332 | 2,143 |
State deferred expense (benefit) | 2,572 | (792) | (575) |
State total | 4,917 | 2,540 | 1,568 |
Non-U.S. current | 61,028 | 45,639 | 30,754 |
Non-U.S.deferred expense benefit | (48,425) | (5,789) | (6,968) |
Non-U.S. total | 12,603 | 39,850 | 23,786 |
Total current | 71,311 | 110,974 | 32,911 |
Total deferred expense (benefit) | (51,103) | 28,854 | (4,549) |
Total | 20,208 | 139,828 | 28,362 |
Discontinued operations | (1,311) | 44,522 | 4,255 |
Total provision for income taxes | 18,897 | 184,350 | 32,617 |
Singapore, Finland, Netherlands and China [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 18,700 | $ 55,900 | $ 48,200 |
Income Taxes Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Income Tax Contingency [Line Items] | |||
Tax at statutory rate | $ 54,114 | $ 103,851 | $ 85,424 |
Non-U.S. rate differential, net | (27,281) | (65,836) | (52,648) |
U.S. taxation of multinational operations | 7,047 | 5,408 | 6,941 |
State income taxes, net | 2,028 | 1,810 | 1,509 |
Prior year tax matters | (6,034) | (7,955) | (9,621) |
Federal tax credits | (3,738) | (8,249) | (7,189) |
Change in valuation allowance | (759) | 1,951 | (2,755) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 0 | 0 | 5,701 |
Tax Adjustments, Settlements, and Unusual Provisions | 8,100 | 98,600 | (9,600) |
Other, net | (3,144) | 2,310 | 1,000 |
Total | 20,208 | 139,828 | 28,362 |
Singapore, Finland, Netherlands and China [Member] | |||
Income Tax Contingency [Line Items] | |||
Non-U.S. rate differential, net | 18,700 | 55,900 | 48,200 |
2017 Tax Cuts and Jobs Act [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ (2,025) | $ 106,500 | $ 0 |
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
|
Income Tax Contingency [Line Items] | ||
Inventory | $ 0 | $ 6,376 |
Reserves and accruals | 39,487 | 26,657 |
Accrued compensation | 21,709 | 17,333 |
Net operating loss and credit carryforwards | 144,421 | 88,503 |
Accrued pension | 31,146 | 34,682 |
Restructuring reserve | 1,780 | 2,586 |
Deferred revenue | 31,045 | 28,478 |
Deferred Tax Assets, Unrealized Currency Losses | 0 | 10,910 |
Deferred Tax Assets, Gross | 269,588 | 215,525 |
Deferred Tax Liabilities, Inventory | (278) | 0 |
Postretirement health benefits | (3,406) | (3,391) |
Depreciation and amortization | (309,958) | (392,293) |
Deferred Tax Liabilities, Other | (1,879) | (594) |
Total deferred tax liabilities | (315,521) | (396,278) |
Valuation allowance | (102,087) | (68,895) |
Deferred Tax Liabilities, Net | (148,020) | (249,648) |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (33,200) | |
Domestic Country [Member] | ||
Income Tax Contingency [Line Items] | ||
Net deferred tax liabilities | (52,469) | (44,974) |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Net | $ (200,489) | $ (294,622) |
Income Taxes Summary of Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
|
Income Tax Contingency [Line Items] | ||
Valuation Allowance, Amount | $ 102,087 | $ 68,895 |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 200,600 | |
Tax Credit Carryforward, Amount | 6,800 | |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 515,500 | |
Tax Credit Carryforward, Amount | 100 | |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | 38,300 | |
General Business [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Amount | $ 10,900 | |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Jan. 01, 2019 | |
Maximum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2038 |
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Earnings Per Share [Abstract] | |||
Number of common shares-basic | 110,561 | 109,857 | 109,478 |
Effect of dilutive securities, Stock options | 761 | 708 | 640 |
Effect of dilutive securities, Restricted stock | 212 | 294 | 195 |
Number of common shares-diluted | 111,534 | 110,859 | 110,313 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 349 | 287 | 458 |
Accounts Receivable, Net (Details) - USD ($) $ in Millions |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Reserves for doubtful accounts | $ 30.6 | $ 31.3 |
Inventories, Net (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 119,115 | $ 122,100 |
Work in progress | 18,110 | 18,452 |
Finished goods | 201,122 | 211,123 |
Total inventories | $ 338,347 | $ 351,675 |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 680,183 | $ 630,919 | |
Accumulated depreciation | (361,593) | (332,853) | |
Total property, plant and equipment, net | 318,590 | 298,066 | |
Depreciation expense | 44,700 | 31,300 | $ 28,500 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,482 | 5,624 | |
Building and leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 272,277 | 262,657 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 402,424 | $ 362,638 |
Marketable Securities and Investments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized (losses) gains on securities, net of tax | $ (9) | $ 79 | $ 32 |
Marketable securities | 2,447 | 2,208 | |
Cost Method Investments | 16,783 | 10,783 | |
Marketable Securities and Investments | 19,230 | 12,991 | |
Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 1,037 | 1,161 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 671 | 811 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (366) | (350) | |
Fixed Income Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 22 | 22 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 22 | 22 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Securities, Other [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 1,817 | 1,438 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 1,754 | 1,375 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (63) | (63) | |
Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 2,876 | 2,621 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Market value | 2,447 | 2,208 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ (429) | $ (413) |
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Dec. 29, 2013 |
Dec. 30, 2012 |
|
Goodwill and Intangible Assets Net [Line Items] | |||||
Total amortization expense related to finite-lived intangible assets | $ 135,900 | $ 73,700 | $ 71,500 | ||
Future Amortization Expense, Year One | 149,700 | ||||
Future Amortization Expense, Year Two | 152,000 | ||||
Future Amortization Expense, Year Three | 136,700 | ||||
Future Amortization Expense, Year Four | 126,600 | ||||
Future Amortization Expense, Year Five | 109,100 | ||||
Finite-Lived Intangible Assets, Net | 1,129,083 | 1,276,356 | |||
Goodwill | $ 2,952,608 | 3,002,198 | 2,247,966 | ||
Impairment Testing Date | 1/1/2018 | ||||
Trade Names And Trademarks [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 44,345 | 52,724 | |||
Licenses [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 7,755 | 10,665 | |||
Discovery & Analytical Solutions [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 162,388 | 184,747 | |||
Goodwill | 1,334,992 | 1,344,235 | 1,303,936 | ||
Discovery & Analytical Solutions [Member] | Trade Names And Trademarks [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 8,083 | 9,928 | |||
Discovery & Analytical Solutions [Member] | Licenses [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 5,802 | 8,441 | |||
Diagnostics [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 966,695 | 1,091,609 | |||
Goodwill | 1,617,616 | 1,657,963 | 944,030 | ||
Diagnostics [Member] | Trade Names And Trademarks [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 36,262 | 42,796 | |||
Diagnostics [Member] | Licenses [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 1,953 | 2,224 | |||
Other Asset Acquisitions [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 7,000 | $ 6,800 | |||
Prepaid Royalties | 65,000 | $ 40,300 | $ 25,000 | ||
Prepaid Royalties, Other Current Asset | 5,600 | ||||
Prepaid Royalties, Other Assets | $ 59,400 | ||||
Payments of Additional Prepaid Royalties | $ 5,100 | 9,400 | |||
Other Asset Acquisitions extension [Member] | |||||
Goodwill and Intangible Assets Net [Line Items] | |||||
Prepaid Royalties | $ 6,000 |
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
|
Changes in the carrying amount of goodwill | ||
Foreign currency translation | $ (67,478) | $ 66,737 |
Acquisitions, earn outs and other | 17,888 | 687,495 |
Ending balance | 2,952,608 | 3,002,198 |
Diagnostics [Member] | ||
Changes in the carrying amount of goodwill | ||
Foreign currency translation | (35,289) | 29,091 |
Acquisitions, earn outs and other | (5,058) | 684,842 |
Ending balance | 1,617,616 | 1,657,963 |
Discovery & Analytical Solutions [Member] | ||
Changes in the carrying amount of goodwill | ||
Foreign currency translation | (32,189) | 37,646 |
Acquisitions, earn outs and other | 22,946 | 2,653 |
Ending balance | $ 1,334,992 | $ 1,344,235 |
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 1,129,083 | $ 1,276,356 |
Totals | 1,199,667 | 1,346,940 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 42,646 | 39,959 |
Less: Accumulated amortization | (37,753) | (35,085) |
Net amortizable intangible assets | 4,893 | 4,874 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 78,146 | 80,974 |
Less: Accumulated amortization | (33,801) | (28,250) |
Net amortizable intangible assets | 44,345 | 52,724 |
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 | 53,305 | 53,300 |
Less: Accumulated amortization | (45,550) | (42,635) |
Net amortizable intangible assets | 7,755 | 10,665 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 540,911 | 479,759 |
Less: Accumulated amortization | (265,744) | (250,343) |
Net amortizable intangible assets | 275,167 | 229,416 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,089,527 | 1,141,511 |
Less: Accumulated amortization | (293,964) | (242,840) |
Net amortizable intangible assets | 795,563 | 898,671 |
In Process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,360 | 80,006 |
Diagnostics [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | 966,695 | 1,091,609 |
Totals | 966,695 | 1,091,609 |
Diagnostics [Member] | Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 14,616 | 11,911 |
Less: Accumulated amortization | (11,775) | (10,637) |
Net amortizable intangible assets | 2,841 | 1,274 |
Diagnostics [Member] | Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 48,335 | 51,024 |
Less: Accumulated amortization | (12,073) | (8,228) |
Net amortizable intangible assets | 36,262 | 42,796 |
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 | 3,127 | 10,239 |
Less: Accumulated amortization | (1,174) | (8,015) |
Net amortizable intangible assets | 1,953 | 2,224 |
Diagnostics [Member] | Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 300,177 | 243,435 |
Less: Accumulated amortization | (76,711) | (59,920) |
Net amortizable intangible assets | 223,466 | 183,515 |
Diagnostics [Member] | Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 866,635 | 907,938 |
Less: Accumulated amortization | (165,822) | (126,144) |
Net amortizable intangible assets | 700,813 | 781,794 |
Diagnostics [Member] | In Process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,360 | 80,006 |
Discovery & Analytical Solutions [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | 162,388 | 184,747 |
Totals | 232,972 | 255,331 |
Discovery & Analytical Solutions [Member] | Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 28,030 | 28,048 |
Less: Accumulated amortization | (25,978) | (24,448) |
Net amortizable intangible assets | 2,052 | 3,600 |
Discovery & Analytical Solutions [Member] | Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 29,811 | 29,950 |
Less: Accumulated amortization | (21,728) | (20,022) |
Net amortizable intangible assets | 8,083 | 9,928 |
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 | 50,178 | 43,061 |
Less: Accumulated amortization | (44,376) | (34,620) |
Net amortizable intangible assets | 5,802 | 8,441 |
Discovery & Analytical Solutions [Member] | Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 240,734 | 236,324 |
Less: Accumulated amortization | (189,033) | (190,423) |
Net amortizable intangible assets | 51,701 | 45,901 |
Discovery & Analytical Solutions [Member] | Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 222,892 | 233,573 |
Less: Accumulated amortization | (128,142) | (116,696) |
Net amortizable intangible assets | 94,750 | 116,877 |
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 | $ 0 | $ 0 |
Debt (Details) € in Millions |
1 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 11, 2018
USD ($)
|
Jul. 19, 2016
USD ($)
|
Oct. 25, 2011
USD ($)
|
Dec. 30, 2018
USD ($)
|
Dec. 30, 2012
USD ($)
|
Dec. 30, 2018
EUR (€)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
EUR (€)
|
Aug. 11, 2016
USD ($)
|
Jul. 19, 2016
EUR (€)
|
Sep. 30, 2012
USD ($)
|
|
Unamortized discount and debt issuance costs | $ (14,968,000) | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 14,856,000 | ||||||||||
2018 | 10,124,000 | ||||||||||
2019 | 1,271,272,000 | ||||||||||
2020 | 5,564,000 | ||||||||||
2021 | 4,322,000 | ||||||||||
Thereafter | 578,622,000 | ||||||||||
Long-term Debt Before Unamortized Discount | 1,884,760,000 | ||||||||||
Non-cash Finance Lease, Liabilities | 21,700,000 | ||||||||||
Total | 1,891,480,000 | ||||||||||
Other Long-term Debt, Current | 14,856,000 | $ 217,306,000 | |||||||||
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 | 570,600,000 | ||||||||||
Letters of credit issued and outstanding | $ 11,400,000 | ||||||||||
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 weighted average Eurocurrency interest rate as of December 30, 2018 was 2.51%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 3.61%, | ||||||||||
Aggregate borrowings under the amended facility | $ 418,000,000 | 625,000,000 | |||||||||
Unamortized discount and debt issuance costs | (2,401,000) | ||||||||||
Unamortized Debt Issuance Expense | 2,400,000 | 3,300,000 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 0 | ||||||||||
2018 | 0 | ||||||||||
2019 | 418,000,000 | ||||||||||
2020 | 0 | ||||||||||
2021 | 0 | ||||||||||
Thereafter | 0 | ||||||||||
Long-term Debt Before Unamortized Discount | 418,000,000 | ||||||||||
Total | $ 415,599,000 | 621,700,000 | |||||||||
Line of Credit, Maturing August 11, 2021 [Member] | Base Rate Option Three [Member] | Line of Credit [Member] | |||||||||||
Basis spread on variable rate | 1.00% | ||||||||||
Line of Credit, Maturing August 11, 2021 [Member] | Eurocurrency Rate [Member] | |||||||||||
Basis spread on variable rate | 1.10% | ||||||||||
Line of Credit, Maturing August 11, 2021 [Member] | Eurocurrency Rate [Member] | Line of Credit [Member] | |||||||||||
Basis spread on variable rate | 1.10% | ||||||||||
Line of Credit, Maturing August 11, 2021 [Member] | Base Rate Option Two [Member] | Line of Credit [Member] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Line of Credit, Maturing December 16, 2016 [Member] | Eurocurrency Rate [Member] | |||||||||||
Description of variable rate basis | Eurocurrency margin | ||||||||||
Line of Credit, Maturing December 16, 2016 [Member] | Base Rate Option Two [Member] | |||||||||||
Description of variable rate basis | Federal Funds | ||||||||||
2021 Notes [Member] | |||||||||||
Interest rate terms under amended senior unsecured revolving credit facility | Interest on the November 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 November 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 November 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 November 2021 Notes being redeemed, discounted on a semi-annual basis, at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest. | ||||||||||
Unsecured senior notes, interest rate percent | 5.00% | ||||||||||
Unsecured senior notes, face value | $ 500,000,000 | ||||||||||
Gross proceeds from the issuance of debt instrument | $ 493,600,000 | ||||||||||
Senior unsecured notes issuance as percentage of principal amount | 99.372% | ||||||||||
Unamortized discount and debt issuance costs | $ (2,628,000) | ||||||||||
Unamortized Debt Issuance Expense | 1,600,000 | 2,000,000 | |||||||||
Debt Instrument, Redemption Percentage Upon Change of Control and Downgrade of Debt Instrument | 101.00% | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 0 | ||||||||||
2018 | 0 | ||||||||||
2019 | 500,000,000 | ||||||||||
2020 | 0 | ||||||||||
2021 | 0 | ||||||||||
Thereafter | 0 | ||||||||||
Long-term Debt Before Unamortized Discount | 500,000,000 | ||||||||||
Total | $ 497,372,000 | 496,600,000 | |||||||||
2021 Notes [Member] | Treasury Rate [Member] | |||||||||||
Basis spread on variable rate | 0.45% | ||||||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||||||||
Debt Instrument, Maturity Date | Jul. 19, 2026 | ||||||||||
Unsecured senior notes, interest rate percent | 1.875% | ||||||||||
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 | $ (7,806,000) | ||||||||||
Unamortized Debt Issuance Expense | 3,800,000 | 4,300,000 | |||||||||
Debt Instrument, Redemption Percentage Upon Change of Control and Downgrade of Debt Instrument | 101.00% | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 0 | ||||||||||
2018 | 0 | ||||||||||
2019 | 0 | ||||||||||
2020 | 0 | ||||||||||
2021 | 0 | ||||||||||
Thereafter | 572,350,000 | ||||||||||
Long-term Debt Before Unamortized Discount | 572,350,000 | ||||||||||
Total | 564,544,000 | 591,700,000 | |||||||||
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 | 1,532,000 | ||||||||||
2018 | 1,597,000 | ||||||||||
2019 | 1,665,000 | ||||||||||
2020 | 1,657,000 | ||||||||||
2021 | 1,681,000 | ||||||||||
Thereafter | 4,698,000 | ||||||||||
Long-term Debt Before Unamortized Discount | 12,830,000 | ||||||||||
Non-cash Finance Lease, Liabilities | 21,700,000 | ||||||||||
Total | 34,518,000 | ||||||||||
Other Long-term Debt | $ 29,300,000 | ||||||||||
Other Long-term Debt, Current | 1,500,000 | 1,400,000 | |||||||||
Other Long-term Debt, Noncurrent | $ 33,000,000 | 34,500,000 | |||||||||
Term Loan Credit Facility, 12 Months Maturity [Member] | |||||||||||
Short-term Debt, Terms | twelve months | ||||||||||
Short-term Debt, Maximum Amount Outstanding During Period | $ 200,000,000 | ||||||||||
Interest rate terms under amended senior unsecured revolving credit facility | The interest rates under the senior unsecured term loan credit facility were based on the Eurocurrency rate or the base rate at the time of the borrowing, plus a margin. The base rate was 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%. | ||||||||||
Weighted average interest rates under amended senior unsecured revolving credit facility | The weighted average Eurocurrency interest rate as of December 31, 2017 was 1.56%, resulting in a weighted average effective Eurocurrency rate, including the margin, of 2.66%, which was the interest applicable to the borrowings outstanding under the Eurocurrency rate as of December 31, 2017 | ||||||||||
Term Loan Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||||
Term Loan Credit Facility, 12 Months Maturity [Member] | Base Rate Option Three [Member] | |||||||||||
Basis spread on variable rate | 1.00% | ||||||||||
Term Loan Credit Facility, 12 Months Maturity [Member] | Base Rate Option Two [Member] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Other Debt Facilities - EUROIMMUN [Member] | |||||||||||
Interest rate terms under amended senior unsecured revolving credit facility | Of these bank loans, loans in the aggregate amount of $31.9 million bear fixed interest rates between 1.1% and 5.5% and a loan in the amount of $0.2 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5%. | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 38.0 | ||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | € | € 0.2 | ||||||||||
Other Debt Facilities - EUROIMMUN [Member] | Minimum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 1.10% | 1.10% | |||||||||
Other Debt Facilities - EUROIMMUN [Member] | Maximum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 17.60% | 17.60% | |||||||||
Other Debt Facilities - EUROIMMUN [Member] | Euribor Rate [Member] | |||||||||||
Basis spread on variable rate | 1.50% | ||||||||||
Other Debt Facilities [Member] | |||||||||||
Unamortized discount and debt issuance costs | $ 0 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 13,324,000 | ||||||||||
2018 | 8,527,000 | ||||||||||
2019 | 8,197,000 | ||||||||||
2020 | 3,907,000 | ||||||||||
2021 | 2,641,000 | ||||||||||
Thereafter | 1,574,000 | ||||||||||
Long-term Debt Before Unamortized Discount | 38,170,000 | ||||||||||
Total | 38,170,000 | ||||||||||
Other Unsecured Revolving Debt Facilities [Member] | |||||||||||
Other Unsecured Revolving Credit Facility | $ 5,800,000 | $ 2,700,000 | |||||||||
Interest rate terms under amended senior unsecured revolving credit facility | The unsecured revolving debt facilities bear fixed interest rates between 2.3% and 17.6%. | ||||||||||
Other Unsecured Revolving Debt Facilities [Member] | Minimum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 2.30% | 2.30% | |||||||||
Other Unsecured Revolving Debt Facilities [Member] | Maximum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 17.60% | 17.60% | |||||||||
Other Secured Bank Loan [Member] | |||||||||||
Interest rate terms under amended senior unsecured revolving credit facility | The secured bank loan of $0.3 million bears a fixed annual interest rate of 1.95% and is repaid in monthly installments until 2027. | ||||||||||
Unsecured senior notes, interest rate percent | 1.95% | 1.95% | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Secured Debt | € | € 0.3 | € 0.3 | |||||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | |||||||||||
Interest rate terms under amended senior unsecured revolving credit facility | Interest on the April 2021 Notes is payable annually on April 9th each year. | ||||||||||
Unsecured senior notes, interest rate percent | 0.60% | ||||||||||
Gross proceeds from the issuance of debt instrument | $ 298,700,000 | ||||||||||
Senior unsecured notes issuance as percentage of principal amount | 99.95% | ||||||||||
Unamortized discount and debt issuance costs | $ (2,133,000) | ||||||||||
Unamortized Debt Issuance Expense | 2,000,000 | ||||||||||
Debt Instrument, Redemption Percentage Upon Change of Control and Downgrade of Debt Instrument | 101.00% | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2017 | 0 | ||||||||||
2018 | 0 | ||||||||||
2019 | 343,410,000 | ||||||||||
2020 | 0 | ||||||||||
2021 | 0 | ||||||||||
Thereafter | 0 | ||||||||||
Long-term Debt Before Unamortized Discount | 343,410,000 | ||||||||||
Total | $ 341,277,000 | ||||||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | Treasury Rate [Member] | |||||||||||
Basis spread on variable rate | 0.15% | ||||||||||
Euro Member Countries, Euro | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||||||||
Unsecured senior notes, face value | € | € 500.0 | ||||||||||
Euro Member Countries, Euro | Other Debt Facilities - EUROIMMUN [Member] | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Other Long-term Debt | € | 28.0 | 47.6 | |||||||||
Euro Member Countries, Euro | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | |||||||||||
Unsecured senior notes, face value | $ 300,000,000 | ||||||||||
United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Other Long-term Debt | € | 32.1 | € 57.2 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | 31.9 | ||||||||||
Secured Debt | € | 4.8 | ||||||||||
Unsecured Debt | € | € 27.3 | ||||||||||
United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | Minimum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 1.10% | 1.10% | |||||||||
United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | Maximum [Member] | |||||||||||
Unsecured senior notes, interest rate percent | 5.50% | 5.50% |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payroll and incentives | $ 86,549 | $ 66,955 |
Employee benefits | 44,060 | 37,354 |
Deferred revenue | 155,064 | 159,923 |
Federal, non-U.S. and state income taxes | 30,687 | 10,800 |
Other accrued operating expenses | 212,467 | 225,610 |
Total accrued expenses and other current liabilities | $ 528,827 | $ 500,642 |
Employee Benefit Plans (Schedule of Net Benefit Costs, Pension Plans) (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 6,853 | $ 4,951 | $ 4,337 |
Interest cost | 16,146 | 16,707 | 18,638 |
Expected return on plan assets | (28,939) | (26,401) | (24,245) |
Actuarial loss (gain) | 17,146 | (7,085) | 15,890 |
Amortization of prior service cost | 375 | (195) | (210) |
Net periodic benefit cost | $ 11,581 | $ (12,023) | $ 14,410 |
Employee Benefit Plans (Schedule of Net Funded Status, Pension Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Change in benefit obligations: | ||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | $ 1,000 | $ 2,600 | $ 5,500 | |
Change in plan assets: | ||||
Employer's contributions | 8,422 | |||
Actuarial assumptions as of the year-end measurement date: | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 180,560 | 187,329 | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 183,424 | 190,265 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 | ||
Foreign Plan [Member] | ||||
Change in plan assets: | ||||
Employer's contributions | 8,500 | $ 8,400 | 9,562 | |
UNITED STATES | ||||
Change in plan assets: | ||||
Employer's contributions | 15,000 | |||
Other Pension Plan [Member] | ||||
Actuarial assumptions as of the year-end measurement date: | ||||
Rate of compensation increase | 3.50% | |||
Foreign Plan [Member] | ||||
Actuarial present value of benefit obligations: [Abstract] | ||||
Accumulated benefit obligations | 304,065 | $ 334,151 | ||
Change in benefit obligations: | ||||
Projected benefit obligations at beginning of year | 343,410 | 279,522 | ||
Service cost | 4,528 | 2,201 | ||
Interest cost | 5,484 | 4,870 | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 176 | 189 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 537 | 39,293 | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 533 | 0 | ||
Actuarial loss (gain) | (13,141) | (1,486) | ||
Effect of exchange rate changes | (17,278) | 32,059 | ||
Projected benefit obligations at end of year | 311,168 | 343,410 | 279,522 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 179,736 | 153,281 | ||
Actual return on plan assets | (5,653) | 15,866 | ||
Benefits paid and plan expenses | (13,081) | (13,238) | ||
Employer's contributions | 8,480 | |||
Participant's contributions | 176 | 189 | ||
Effect of exchange rate changes | (10,495) | 15,216 | ||
Fair value of plan assets at end of year | 159,163 | 179,736 | $ 153,281 | |
Net amounts recognized in the consolidated balance sheets consist of: | ||||
Net amounts recognized in the consolidated balance sheets | (152,005) | (163,674) | ||
Assets for Plan Benefits, Defined Benefit Plan | 31,419 | 26,591 | ||
Current liabilities | (6,752) | (7,017) | ||
Noncurrent liabilities | (176,672) | (183,248) | ||
Net amounts recognized in accumulated other comprehensive income consist of: | ||||
Prior service cost | $ (278) | $ (457) | ||
Actuarial assumptions as of the year-end measurement date: | ||||
Discount rate | 2.07% | 1.99% | 2.06% | 2.88% |
Rate of compensation increase | 3.48% | 3.50% | 3.64% | 3.26% |
Expected rate of return on assets | 5.90% | 6.00% | 5.30% | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 13,081 | $ 13,238 | ||
UNITED STATES | ||||
Actuarial present value of benefit obligations: [Abstract] | ||||
Accumulated benefit obligations | 283,310 | 308,713 | ||
Change in benefit obligations: | ||||
Projected benefit obligations at beginning of year | 308,713 | 300,650 | ||
Service cost | 2,325 | 2,750 | ||
Interest cost | 10,662 | 11,836 | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | 0 | 0 | ||
Actuarial loss (gain) | (18,681) | 13,509 | ||
Effect of exchange rate changes | 0 | 0 | ||
Projected benefit obligations at end of year | 283,310 | 308,713 | $ 300,650 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 253,427 | 243,817 | ||
Actual return on plan assets | (14,376) | 29,642 | ||
Benefits paid and plan expenses | (19,709) | (20,032) | ||
Employer's contributions | 15,000 | 0 | ||
Participant's contributions | 0 | 0 | ||
Effect of exchange rate changes | 0 | 0 | ||
Fair value of plan assets at end of year | 234,342 | 253,427 | $ 243,817 | |
Net amounts recognized in the consolidated balance sheets consist of: | ||||
Net amounts recognized in the consolidated balance sheets | (48,968) | (55,286) | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Noncurrent liabilities | (48,968) | (55,286) | ||
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 | 4.05% | 3.56% | 4.06% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% | 0.00% |
Expected rate of return on assets | 7.25% | 7.25% | 7.25% | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 19,709 | $ 20,032 |
Employee Benefit Plans (Schedule of Allocation of Plan Assets, Pension Plans) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 29, 2019 |
Dec. 30, 2018 |
Dec. 31, 2017 |
|
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | |
Minimum [Member] | Equity Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 45.00% | ||
Minimum [Member] | Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 40.00% | ||
Minimum [Member] | Debt Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 45.00% | ||
Minimum [Member] | Debt Securities [Member] | UNITED STATES | |||
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 Plan [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 0.00% | ||
Maximum [Member] | Equity Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 55.00% | ||
Maximum [Member] | Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 50.00% | ||
Maximum [Member] | Debt Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 55.00% | ||
Maximum [Member] | Debt Securities [Member] | UNITED STATES | |||
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 Plan [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit, Target Asset Allocation Percentage | 5.00% | ||
Other Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 1.00% | 0.00% | |
Other Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 0.00% | 0.00% | |
Debt Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 51.00% | 49.00% | |
Debt Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 61.00% | 59.00% | |
Equity Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 48.00% | 51.00% | |
Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 39.00% | 41.00% | |
Scenario, Forecast [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 1 | ||
Scenario, Forecast [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 1 |
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets, Pension Plans) (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 393,505 | $ 433,163 | ||
Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,928 | 2,104 | ||
Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,326 | 4,307 | ||
Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,072 | 30,008 | ||
Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 24,175 | 32,613 | ||
Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11,993 | 14,348 | ||
Equity Securities, Equity Index Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 54,342 | 90,838 | ||
Equity Securities, Domestic Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,353 | 1,401 | ||
Equity Securities, Foreign Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22,196 | |||
Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 886 | 7,387 | ||
Debt Security, Government, Non-US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,352 | 24,946 | ||
Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 131,211 | 138,948 | ||
Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 24,848 | 27,571 | ||
Fixed Income Funds, High Yield Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,186 | 5,912 | ||
Other Types of Investments, Multi-strategy hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,934 | 16,789 | ||
Other Types of Investments, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,703 | 35,991 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 135,052 | 138,370 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Small-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,928 | 2,104 | ||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,326 | 4,307 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, U.S. Large-cap [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,072 | 30,008 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, International large-cap value[Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 24,175 | 32,613 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Emerging Markets Growth [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11,993 | 14,348 | ||
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 | 1,353 | 1,401 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Foreign Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Commodity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 886 | 7,387 | ||
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [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 | 48,133 | 40,290 | ||
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 | 5,186 | 5,912 | ||
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, 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 | 219,323 | 278,004 | ||
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 | 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 | 54,342 | 90,838 | ||
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, Foreign Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 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] | Debt Security, Government, Non-US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23,352 | 24,946 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Corporate Debt Instruments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 83,078 | 98,658 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Corporate Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 24,848 | 27,571 | ||
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, Non U.S. Government Index Linked Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,703 | 35,991 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 39,130 | 16,789 | $ 23,790 | $ 23,416 |
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 | 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, Foreign Real Estate Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22,196 | |||
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] | Debt Security, Government, Non-US [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 | 16,934 | 16,789 | 23,790 | 23,415 |
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 | 0 | $ 0 | $ 1 |
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) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 17,374 | $ 15,453 | |
Realized gains (losses) | (1,621) | 741 | $ 539 |
Fair value of plan assets at end of year | 16,279 | 17,374 | 15,453 |
Other Postretirement Benefits Plan [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 | 1,151 | ||
Fair value of plan assets at end of year | 1,176 | 1,151 | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 433,163 | ||
Fair value of plan assets at end of year | 393,505 | 433,163 | |
Pension Plans, Defined Benefit | 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 | 16,789 | ||
Fair value of plan assets at end of year | 16,934 | 16,789 | |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,151 | ||
Fair value of plan assets at end of year | 1,176 | 1,151 | |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [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 | 1,151 | 1,508 | 1,374 |
Realized gains (losses) | 229 | ||
Unrealized gains (losses) | 25 | (24) | 134 |
Fair value of plan assets at end of year | 1,176 | 1,151 | 1,508 |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 22,196 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | (8,189) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 16,789 | 23,790 | 23,416 |
Realized gains (losses) | 1,542 | (1) | |
Unrealized gains (losses) | 145 | (354) | 375 |
Fair value of plan assets at end of year | 39,130 | 16,789 | 23,790 |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | Venture Capital Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 0 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | 1 |
Realized gains (losses) | 0 | (1) | |
Unrealized gains (losses) | 0 | 0 | 0 |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | Foreign Real Estate Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 22,196 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Realized gains (losses) | 0 | 0 | |
Unrealized gains (losses) | 0 | 0 | 0 |
Fair value of plan assets at end of year | 22,196 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | Multi-strategy hedge funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 0 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | (8,189) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 16,789 | 23,790 | 23,415 |
Realized gains (losses) | 1,542 | 0 | |
Unrealized gains (losses) | 145 | (354) | 375 |
Fair value of plan assets at end of year | $ 16,934 | $ 16,789 | $ 23,790 |
Employee Benefit Plans (Schedule of Expected Benefit Payments, Pension Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Dec. 29, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 8,422 | |||
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
2018 | $ 11,313 | |||
2019 | 11,654 | |||
2020 | 12,200 | |||
2021 | 12,267 | |||
2022 | 12,551 | |||
2023-2026 | 67,457 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 8,500 | $ 8,400 | $ 9,562 | |
Foreign Plan [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions in next fiscal year | $ 8,300 | |||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
2018 | 18,774 | |||
2019 | 18,948 | |||
2020 | 19,176 | |||
2021 | 19,353 | |||
2022 | 19,462 | |||
2023-2026 | 95,403 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 15,000 |
Employee Benefit Plans (Schedule of Net Benefit Costs, Other Postretirement Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 6,853 | $ 4,951 | $ 4,337 |
Interest cost | 16,146 | 16,707 | 18,638 |
Expected return on plan assets | (28,939) | (26,401) | (24,245) |
Actuarial loss (gain) | (17,146) | 7,085 | (15,890) |
Amortization of prior service cost | 375 | (195) | (210) |
Net periodic benefit cost | 11,581 | (12,023) | 14,410 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 106 | 92 | 101 |
Interest cost | 120 | 125 | 142 |
Expected return on plan assets | (1,254) | (1,114) | (1,035) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1,621 | (741) | (539) |
Actuarial loss (gain) | (611) | 187 | |
Net periodic benefit cost | $ 593 | $ (1,638) | $ (1,331) |
Employee Benefit Plans (Schedule of Net Funded Status, Other Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 4.11% | 4.34% |
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | $ 3,413 | $ 3,131 | |
Service cost | 106 | 92 | $ 101 |
Interest cost | 120 | 125 | 142 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 117 | 122 | |
Actuarial loss (gain) | (611) | 187 | |
Change in accumulated benefit obligations during the year | (502) | 282 | |
Projected benefit obligations at end of year | 2,911 | 3,413 | 3,131 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 17,374 | 15,453 | |
Actual return on plan assets | (993) | 1,921 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (102) | 0 | |
Fair value of plan assets at end of year | 16,279 | 17,374 | $ 15,453 |
Net amounts recognized in the consolidated balance sheets | 13,368 | 13,961 | |
Assets for Plan Benefits, Defined Benefit Plan | 13,368 | 13,961 | |
Prior service cost | $ 0 | $ 0 | |
Discount rate | 4.09% | 3.60% | |
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 | $ 688 | $ 804 | |
Projected benefit obligations at end of year | 583 | 688 | $ 804 |
Active Employees Eligible to Retire [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | 408 | 379 | |
Projected benefit obligations at end of year | 362 | 408 | 379 |
Other Active Employees [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | 2,317 | 1,948 | |
Projected benefit obligations at end of year | $ 1,966 | $ 2,317 | $ 1,948 |
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets, Other Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|---|---|
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 393,505 | $ 433,163 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16,279 | 17,374 | $ 15,453 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 135,052 | 138,370 | ||
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 9,332 | 9,459 | ||
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 219,323 | 278,004 | ||
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 5,771 | 6,764 | ||
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 39,130 | 16,789 | 23,790 | $ 23,416 |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,176 | 1,151 | ||
Cash [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,326 | 4,307 | ||
Cash [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 390 | 268 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,326 | 4,307 | ||
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 | 390 | 268 | ||
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 | 35,072 | 30,008 | ||
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 | 2,436 | 2,057 | ||
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 | 35,072 | 30,008 | ||
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 | 2,436 | 2,057 | ||
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 | 24,175 | 32,613 | ||
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 | 1,679 | 2,236 | ||
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 | 24,175 | 32,613 | ||
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 | 1,679 | 2,236 | ||
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 | 54,342 | 90,838 | ||
Equity Securities, Equity Index Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 833 | 984 | ||
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 | 833 | 984 | ||
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 | 54,342 | 90,838 | ||
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 | 1,353 | 1,401 | ||
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 | 94 | 96 | ||
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 | 1,353 | 1,401 | ||
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 | 94 | 96 | ||
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, Foreign Real Estate Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22,196 | |||
Equity Securities, Foreign 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 | 0 | |||
Equity Securities, Foreign 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 | |||
Equity Securities, Foreign 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 | 22,196 | |||
Equity Securities, Commodity Funds [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 886 | 7,387 | ||
Equity Securities, Commodity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 62 | 506 | ||
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 | 886 | 7,387 | ||
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 | 62 | 506 | ||
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 | 131,211 | 138,948 | ||
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 | 9,115 | 9,526 | ||
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 | 48,133 | 40,290 | ||
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 | 3,344 | 2,762 | ||
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 | 83,078 | 98,658 | ||
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 | 5,771 | 6,764 | ||
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 | 24,848 | 27,571 | ||
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 | 24,848 | 27,571 | ||
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 | 5,186 | 5,912 | ||
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 | 360 | 406 | ||
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 | 5,186 | 5,912 | ||
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 | 360 | 406 | ||
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 | 16,934 | 16,789 | ||
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 | 1,176 | 1,151 | ||
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 | 16,934 | 16,789 | 23,790 | 23,415 |
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 | 1,176 | 1,151 | 1,508 | 1,374 |
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 | 0 | $ 0 | $ 1 |
Equity Securities, U.S. Small-cap [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,928 | 2,104 | ||
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 | 134 | 144 | ||
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 | 1,928 | 2,104 | ||
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 | 134 | 144 | ||
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 | 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 | 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 | 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 | $ 0 |
Employee Benefit Plans (Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets, Other Postretirement Benefit Plans) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 17,374 | $ 15,453 | |
Realized gains (losses) | (1,621) | 741 | $ 539 |
Fair value of plan assets at end of year | 16,279 | 17,374 | 15,453 |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,151 | ||
Fair value of plan assets at end of year | 1,176 | 1,151 | |
Multi-strategy hedge funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,151 | ||
Fair value of plan assets at end of year | 1,176 | 1,151 | |
Multi-strategy hedge funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | (562) | ||
Fair value of plan assets at beginning of year | 1,151 | 1,508 | 1,374 |
Realized gains (losses) | 229 | ||
Unrealized gains (losses) | 25 | (24) | 134 |
Fair value of plan assets at end of year | $ 1,176 | $ 1,151 | $ 1,508 |
Employee Benefit Plans (Schedule of Expected Benefit Payments, Other Postretirement Benefits) (Details) - USD ($) $ in Thousands |
Dec. 29, 2019 |
Dec. 30, 2018 |
---|---|---|
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2018 | $ 11,313 | |
2019 | 11,654 | |
2020 | 12,200 | |
2021 | 12,267 | |
2022 | 12,551 | |
2023-2026 | 67,457 | |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2018 | 18,774 | |
2019 | 18,948 | |
2020 | 19,176 | |
2021 | 19,353 | |
2022 | 19,462 | |
2023-2026 | 95,403 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2018 | 136 | |
2019 | 149 | |
2020 | 168 | |
2021 | 184 | |
2022 | 194 | |
2023-2026 | $ 1,050 | |
Scenario, Forecast [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 8,300 |
Employee Benefit Plans (Savings Plan) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
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 | $ 13.2 | $ 12.5 | $ 12.8 |
Employee Benefit Plans (Supplemental Executive Retirement Plan) (Details) - Supplemental Employee Retirement Plans, Defined Benefit [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 22.1 | $ 23.7 | |
Fair value of plan assets | 1.8 | 1.4 | |
Pension expense | $ (0.3) | $ 3.2 | $ 1.6 |
Employee Benefit Plans (Nonqualified Deferred Compensation Plans) (Details) - USD ($) $ in Millions |
Dec. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Management [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1.1 | $ 1.0 |
Contingencies (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2018
USD ($)
years
|
Dec. 31, 2017
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition of known environmental matters | $ | $ 7.9 | $ 9.4 |
Number of years over which estimated environmental cost will be paid | years | 10 |
Warranty Reserves (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018
USD ($)
years
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
USD ($)
|
|
Warranty reserve activity | |||
Period of warranty protection beyond date of sale (in years) | years | 1 | ||
Balance beginning of period | $ 9,050 | $ 9,012 | $ 9,843 |
Provision charged to income | 13,545 | 13,700 | 14,901 |
Payments | (13,775) | (14,245) | (14,749) |
Adjustments to previously provided warranties, net | (157) | (815) | (850) |
Foreign currency and acquisitions | (270) | 1,398 | (133) |
Balance end of period | $ 8,393 | $ 9,050 | $ 9,012 |
Stock Plans (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018
USD ($)
plan
$ / shares
shares
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Jan. 01, 2017
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 | $ 13,600,000 | $ 14,500,000 | $ 10,500,000 |
Stock-based compensation costs capitalized as part of inventory | 300,000 | ||
Options related excess tax benefit, classified as a financing cash activity | 0 | 0 | |
Aggregate intrinsic value for stock options outstanding | $ 43,800,000 | ||
Weighted average remaining contractual term of options (in years) | 4 years 2 months | ||
Aggregate intrinsic value for stock options exercisable | $ 31,600,000 | ||
Weighted average remaining contractual term of options exercisable (in years) | 3 years 2 months | ||
Number of shares vested and expected to vest in the future | shares | 1,800,000 | ||
Aggregate intrinsic value of vested and expected to vest stock options | $ 43,000,000 | ||
Weighted average remaining contractual term for options vested and expected to vest | 4 years 2 months | ||
Total pre-tax stock-based compensation expense | $ 28,767,000 | $ 25,421,000 | $ 17,158,000 |
Deferred compensation liability | $ 14,000,000 | ||
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 | $ 73.23 | $ 52.69 | $ 42.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 0 | 15,139 | 19,584 |
Total pre-tax stock-based compensation expense | $ 7,700,000 | $ 8,700,000 | $ 2,700,000 |
Shares/units granted | shares | 37,281 | 49,845 | 72,164 |
Awards/units outstanding | shares | 144,151 | ||
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 | $ 72.17 | $ 63.14 | $ 54.58 |
Total pre-tax stock-based compensation expense | $ 800,000 | $ 800,000 | |
Shares/units granted | shares | 11,088 | 12,006 | 15,419 |
Stock award program for non-employees Directors, fair market value | $ 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 | $ 76.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 39,000 | ||
Fair value of restricted stock awards vested | $ 10,400,000 | 10,600,000 | $ 8,400,000 |
Total pre-tax stock-based compensation expense | 11,700,000 | $ 10,300,000 | $ 9,300,000 |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 16,000,000 | ||
Shares/units granted | shares | 214,000 | ||
Awards/units outstanding | shares | 465,000 | 496,000 | |
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 | $ 69.57 | $ 67.09 | $ 49.67 |
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 | 21,321 | 36,769 | 49,578 |
Shares available for grant under employee stock purchase plan | shares | 800,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options | $ / shares | $ 17.56 | $ 11.83 | $ 10.20 |
Total intrinsic value of options exercised | $ 35,000,000 | $ 17,600,000 | $ 16,600,000 |
Cash received from option exercises | 24,800,000 | 18,000,000 | 14,400,000 |
Total pre-tax stock-based compensation expense | 5,400,000 | $ 4,700,000 | $ 4,400,000 |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 6,700,000 | ||
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 | ||
Performance Restricted Stock 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 | $ 80.31 | $ 52.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 5,797 | ||
Total pre-tax stock-based compensation expense | $ 3,200,000 | $ 900,000 | |
Shares/units granted | shares | 39,133 | 54,337 | |
Awards/units outstanding | shares | 87,673 | ||
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 | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 28,767 | $ 25,421 | $ 17,158 |
Cost of sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,466 | 1,254 | 1,031 |
Research and development expenses [Member ] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,359 | 1,389 | 902 |
Selling, general and administrative and other expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 25,942 | $ 22,778 | $ 15,225 |
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 3.00% | 2.00% | 1.70% |
Expected dividend yield | 0.40% | 0.40% | 0.60% |
Expected lives, years | 5 years | 5 years | 5 years |
Expected stock volatility | 20.70% | 22.40% | 25.20% |
Stock Plans (Summary of Stock Option Activity) (Details) shares in Thousands |
12 Months Ended |
---|---|
Dec. 30, 2018
$ / shares
shares
| |
Stock option activity | |
Shares outstanding at beginning of the year | 2,154 |
Shares granted | 364 |
Shares exercised | (709) |
Shares forfeited | (44) |
Shares outstanding at end of year | 1,765 |
Shares exercisable at end of year | 965 |
Number of shares vested and expected to vest in the future | 1,800 |
Weighted-average price, outstanding at beginning of year (per share) | $ / shares | $ 42.77 |
Weighted-average price, granted (per share) | $ / shares | 77.84 |
Weighted-average price, exercised (per share) | $ / shares | 35.02 |
Weighted-average price, forfeited (per share) | $ / shares | 51.56 |
Weighted-average price, outstanding at end of year (per share) | $ / shares | 52.91 |
Weighted-average price, exercisable at end of year (per share) | $ / shares | $ 44.60 |
Stock Plans (Summary of Restricted Stock Award Activity) (Details) shares in Thousands |
12 Months Ended |
---|---|
Dec. 30, 2018
$ / 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 | 496 |
Shares, granted | shares | 214 |
Shares, vested | shares | (206) |
Shares, forfeited | shares | (39) |
Nonvested at end of year | shares | 465 |
Weighted-average grant-date fair value, nonvested at beginning of year (per share) | $ / shares | $ 50.30 |
Weighted-average grant-date fair value of stock granted (per share) | $ / shares | 76.00 |
Weighted-average grant-date fair value, vested (per share) | $ / shares | 50.37 |
Weighted-average grant-date fair value, forfeited (per share) | $ / shares | 55.73 |
Weighted-average grant-date fair value, nonvested at end of year (per share) | $ / shares | $ 61.72 |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 30, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Jun. 30, 2019 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jul. 23, 2018 |
Jul. 27, 2016 |
|
Schedule of Stockholders' Equity [Line Items] | |||||||||||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 66,506 | 78,644 | 75,198 | ||||||||||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $ 5,200 | $ 4,400 | $ 3,600 | ||||||||||||
Stock repurchase program, number of shares authorized to be repurchased | 8,000,000 | ||||||||||||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | |||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | $ 57,393 | $ 4,367 | 151,801 | ||||||||||||
Dividends accrued | $ 7,700 | 7,700 | |||||||||||||
Unrecognized prior service costs, net of tax | $ (77) | $ (77) | $ (860) | ||||||||||||
Dividends Payable, Date Declared | Oct. 24, 2018 | ||||||||||||||
Dividends Payable, Date to be Paid | Feb. 08, 2019 | ||||||||||||||
New Repurchase Program, 07/23/2018 [Member] | |||||||||||||||
Schedule of Stockholders' Equity [Line Items] | |||||||||||||||
Number of common stock repurchased in open market | 650,000 | ||||||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | $ 52,200 | ||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 197,800 | $ 197,800 | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Schedule of Stockholders' Equity [Line Items] | |||||||||||||||
Cash dividends (per share) | $ 0.07 | ||||||||||||||
Dividends Payable, Date Declared | Jan. 24, 2019 | ||||||||||||||
Dividends Payable, Date to be Paid | May 10, 2019 |
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
|
Cumulative Translation Adjustment Summary [Roll Forward] | ||||
Foreign currency translation adjustment, net of tax, beginning of year | $ (46,582) | $ (100,923) | $ (46,846) | |
Current year change | (123,388) | 54,341 | (54,077) | |
Foreign currency translation adjustment, net of tax, end of year | (176,459) | (46,582) | (100,923) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6,489) | |||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | (123,474) | |||
Unrecognized prior service costs, net of tax | 245 | 322 | 399 | $ 1,259 |
Unrecognized prior service costs, net of tax, current year change | (77) | (77) | (860) | |
Unrealized (losses) gains on securities, net of tax | (267) | (258) | (337) | (369) |
Unrealized (losses) gains on securities, net of tax, current year change | (9) | 79 | 32 | |
Other comprehensive (loss) income | (129,963) | 54,343 | (54,905) | |
Accumulated other comprehensive income (loss) | (176,481) | (46,518) | (100,861) | $ (45,956) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments Reclassification From AOCI to Earnings Due to ASU 2018-02 | $ 6,489 | $ 0 | $ 0 |
Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Apr. 01, 2018
USD ($)
|
Dec. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
USD ($)
|
Dec. 30, 2018
EUR (€)
|
Apr. 27, 2018
EUR (€)
|
Dec. 31, 2017
EUR (€)
|
Jan. 01, 2017
EUR (€)
|
|
Derivative [Line Items] | ||||||||
Proceeds from Derivative Instrument, Investing Activities | $ 0 | $ 36,541 | $ 0 | |||||
Company's business conducted outside United States | 70.00% | |||||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 34,132 | $ 13,824 | 1,900 | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 0 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 2,600 | |||||||
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 | ||||||
Fair Value Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 223,300 | $ 212,100 | 137,500 | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | (750) | (1,431) | ||||||
Notional Amount of SEK Derivatives [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 969.5 | |||||||
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 5,700 | $ 1,253,000 | $ 8,700 | |||||
Notional Amount of Euro Derivatives [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 298.7 | |||||||
Notional Amount of Euro Derivatives [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 37.3 | € 57.2 | € 58.6 | |||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Net Investment Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount of Nonderivative Instruments | 216,000 | |||||||
Unrealized Gain (Loss) on Net Investment Hedge in AOCI | $ (2,100) | (9,300) | ||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | Net Investment Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional Amount of Nonderivative Instruments | 298,700 | |||||||
Unrealized Gain (Loss) on Net Investment Hedge in AOCI | $ (27,500) |
Fair Value Measurements (Narrative) (Details) € in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
USD ($)
|
Jan. 03, 2016
USD ($)
|
Dec. 30, 2018
EUR (€)
|
Apr. 11, 2018
USD ($)
|
Dec. 31, 2017
EUR (€)
|
Aug. 11, 2016
USD ($)
|
Jul. 19, 2016
USD ($)
|
Jul. 19, 2016
EUR (€)
|
Sep. 30, 2012
USD ($)
|
Oct. 25, 2011
USD ($)
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 76,500,000 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 69,661,000 | $ 65,328,000 | $ 63,201,000 | $ 57,350,000 | ||||||||
Long-term Debt | $ 1,891,480,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 1 year 9 months 11 days | |||||||||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 5 years | |||||||||||
Non-cash Finance Lease, Liabilities | $ 21,700,000 | |||||||||||
Payments for acquisition related contingent consideration | (12,800,000) | (8,940,000) | $ (155,000) | |||||||||
Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 38.0 | |||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | € | € 0.2 | |||||||||||
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 | 415,599,000 | 621,700,000 | ||||||||||
Revolving credit facility outstanding balance | 418,000,000 | 625,000,000 | ||||||||||
Unamortized Debt Issuance Expense | 2,400,000 | 3,300,000 | ||||||||||
Term Loan Credit Facility, 12 Months Maturity [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Short-term Debt, Maximum Amount Outstanding During Period | 200,000,000 | |||||||||||
Term Loan Credit Facility, Maximum Borrowing Capacity | 200,000,000 | |||||||||||
2021 Notes [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Unsecured senior notes, face value | $ 500,000,000 | |||||||||||
Long-term Debt | 497,372,000 | 496,600,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||
Discount on senior unsecured notes | (1,100,000) | (1,400,000) | $ (3,100,000) | |||||||||
Unamortized Debt Issuance Expense | 1,600,000 | 2,000,000 | ||||||||||
Unsecured senior notes, fair value | 516,100,000 | 536,600,000 | ||||||||||
Financing Lease Obligations [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Long-term Debt | 34,518,000 | |||||||||||
Other Long-term Debt | $ 29,300,000 | |||||||||||
Finance Lease, Liability | 34,500,000 | 35,900,000 | ||||||||||
Non-cash Finance Lease, Liabilities | 21,700,000 | |||||||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Long-term Debt | 564,544,000 | 591,700,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | ||||||||||
Discount on senior unsecured notes | (4,000,000) | (4,700,000) | $ (4,400,000) | |||||||||
Unamortized Debt Issuance Expense | 3,800,000 | 4,300,000 | ||||||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Long-term Debt | 341,277,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.60% | |||||||||||
Discount on senior unsecured notes | (100,000) | $ (200,000) | ||||||||||
Unamortized Debt Issuance Expense | $ 2,000,000 | |||||||||||
Minimum [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% | ||||||||||
Maximum [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 17.60% | 17.60% | ||||||||||
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 | |||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 12,800,000 | |||||||||||
Payment for Contingent Consideration Liability, Operating Activities | 3,700,000 | |||||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 63,200,000 | $ (56,878,000) | ||||||||||
Payments for acquisition related contingent consideration | $ 16,500,000 | |||||||||||
Vanadis Diagnostics AB [Member] | Minimum [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Projected milestone date | 2016 | |||||||||||
Conditional probability of success | 95.00% | 85.00% | 95.00% | |||||||||
Cumulative probability of success | 89.30% | 53.00% | 89.30% | |||||||||
Vanadis Diagnostics AB [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Measurement Inputs, Discount Rate | 3.70% | 3.10% | ||||||||||
Vanadis Diagnostics AB [Member] | Maximum [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Projected milestone date | 2019 | 2019 | ||||||||||
Conditional probability of success | 100.00% | 95.00% | 100.00% | |||||||||
Cumulative probability of success | 100.00% | 90.00% | 100.00% | |||||||||
Vanadis Diagnostics AB [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Measurement Inputs, Discount Rate | 6.80% | 11.30% | ||||||||||
Euro Member Countries, Euro | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Other Long-term Debt | € | € 28.0 | € 47.6 | ||||||||||
Euro Member Countries, Euro | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Unsecured senior notes, face value | € | € 500.0 | |||||||||||
Unsecured senior notes, fair value | $ 496,100,000 | $ 508,900,000 | ||||||||||
Euro Member Countries, Euro | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Unsecured senior notes, face value | $ 300,000,000 | |||||||||||
Unsecured senior notes, fair value | $ 300,500,000 | |||||||||||
United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Other Long-term Debt | € | 32.1 | 57.2 | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 31.9 | |||||||||||
United States of America, Dollars | Minimum [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% | ||||||||||
United States of America, Dollars | Maximum [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||
United States of America, Dollars | Fiscal Year 2018 Other Acquisitions [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | $ 6,500,000 | |||||||||||
Fair Value, Inputs, Level 2 [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Other Long-term Debt | € | € 38.2 | € 60.2 | ||||||||||
Fair Value, Inputs, Level 2 [Member] | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Long-term Debt | $ 341,300,000 |
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
Jan. 03, 2016 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 69,661 | $ 65,328 | $ 63,201 | $ 57,350 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | (2,447) | (2,208) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 750 | 1,431 | ||
Foreign exchange derivative liabilities, net | (594) | (23,638) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 69,661 | 65,328 | ||
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 | (2,447) | (2,208) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | ||
Foreign exchange derivative liabilities, net | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, 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 | 750 | 1,431 | ||
Foreign exchange derivative liabilities, net | (594) | (23,638) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, 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 Reconciliation, Recurring Basis, Liability Value | $ 69,661 | $ 65,328 |
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance beginning of period | $ (65,328) | $ (63,201) | $ (57,350) |
Additions | (6,200) | 0 | 0 |
Payments | (16,507) | (34) | (332) |
Reclassified to other current liabilities for milestone achieved | 10,000 | ||
Change in fair value (included within selling, general and administrative expenses) | (14,640) | (2,161) | (16,183) |
Balance end of period | $ (69,661) | $ (65,328) | $ (63,201) |
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
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 | 17.0 | $ 18.8 | ||||
Sales Leaseback Transaction, Short-Term Deferred Gain | 1.8 | 1.8 | ||||
Sales Leaseback Transaction, Long-Term Deferred Gain | 15.3 | 17.0 | ||||
Rental expense charged to continiuing operations | 62.3 | $ 54.0 | $ 52.0 | |||
Minimum rental commitments in next fiscal year | 56.4 | |||||
Minimum rental commitments due in two years | 46.6 | |||||
Minimum rental commitments due in three year | 33.5 | |||||
Minimum rental commitments due in four years | 22.1 | |||||
Minimum rental commitments due in five years | 15.6 | |||||
Minimum rental commitments due in six years and thereafter | $ 67.6 |
Schedule of Sales and Operating Income from Continuing Operations by Operating Segment (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018
USD ($)
|
[1] |
Sep. 30, 2018
USD ($)
|
Jul. 01, 2018
USD ($)
|
Apr. 01, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Oct. 01, 2017
USD ($)
|
Jul. 02, 2017
USD ($)
|
Apr. 02, 2017
USD ($)
|
Dec. 30, 2018
USD ($)
segments
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
USD ($)
|
||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Operating income from continuing operations | $ 115,683 | $ 80,202 | $ 88,064 | $ 39,935 | $ 93,583 | $ 78,038 | $ 74,183 | $ 49,811 | $ 323,884 | $ 295,615 | $ 294,582 | ||||||||||
Number of Operating Segments | segments | 2 | ||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,777,996 | 2,256,982 | 2,115,517 | ||||||||||||||||||
Interest and other expense (income), net | 66,201 | (1,103) | 50,514 | ||||||||||||||||||
Income from continuing operations before income taxes | $ 79,429 | $ 78,041 | $ 71,708 | $ 28,505 | $ 80,889 | $ 105,054 | $ 70,792 | $ 39,983 | 257,683 | 296,718 | 244,068 | ||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) on Mark-to-Market | 21,400 | (2,100) | |||||||||||||||||||
Diagnostics [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Operating income from continuing operations | 153,196 | 146,862 | 147,996 | ||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,084,785 | 678,523 | 602,533 | ||||||||||||||||||
Discovery & Analytical Solutions [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Operating income from continuing operations | [2] | 230,481 | 205,259 | 196,508 | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,693,211 | 1,578,459 | 1,512,984 | ||||||||||||||||||
Corporate [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Operating income from continuing operations | [3],[4] | (59,793) | (56,506) | (49,922) | |||||||||||||||||
Particular Diagnostics Case [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Legal Fees | 200 | ||||||||||||||||||||
Particular Discovery & Analytical Solutions Case [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Legal Fees | 5,300 | 2,700 | |||||||||||||||||||
Product [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,935,493 | 1,477,414 | 1,396,896 | ||||||||||||||||||
Product [Member] | Diagnostics [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 924,594 | 536,086 | 462,798 | ||||||||||||||||||
Product [Member] | Discovery & Analytical Solutions [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,010,899 | 941,328 | 934,098 | ||||||||||||||||||
Service [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 842,503 | 779,568 | 718,621 | ||||||||||||||||||
Service [Member] | Diagnostics [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 160,191 | 142,437 | 139,735 | ||||||||||||||||||
Service [Member] | Discovery & Analytical Solutions [Member] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 682,312 | $ 637,131 | $ 578,886 | ||||||||||||||||||
|
Industry Segment and Geographic Area Information Schedule of Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | $ 180,588 | $ 105,000 | $ 99,972 |
Payments to Acquire Property, Plant, and Equipment | 93,253 | 39,089 | 31,702 |
Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 107,434 | 31,204 | 25,339 |
Payments to Acquire Property, Plant, and Equipment | 54,737 | 11,262 | 8,556 |
Discovery & Analytical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 70,362 | 72,590 | 72,484 |
Payments to Acquire Property, Plant, and Equipment | 34,852 | 26,200 | 21,486 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 2,792 | 1,206 | 2,149 |
Payments to Acquire Property, Plant, and Equipment | 3,664 | 1,627 | 1,660 |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 180,588 | 105,000 | 99,972 |
Payments to Acquire Property, Plant, and Equipment | 93,253 | 39,089 | 31,702 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 0 | 929 | 6,266 |
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 182 | $ 1,302 |
Industry Segment and Geographic Area Information Schedule of Total Assets by Segment (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
---|---|---|---|
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 5,975,522 | $ 6,091,463 | |
Diagnostics [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 3,358,964 | 3,447,437 | $ 1,505,381 |
Discovery & Analytical Solutions [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 2,567,054 | 2,611,737 | 2,612,757 |
Corporate [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | 49,504 | 32,289 | 31,171 |
Net current and long-term assets of discontinued operations [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 0 | $ 0 | 127,374 |
Total assets [Member] | |||
Schedule of Total Assets, by segment [Line Items] | |||
Assets | $ 4,276,683 |
Industry Segment and Geographic Area Information Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
|
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,777,996 | $ 2,256,982 | $ 2,115,517 |
UNITED STATES | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 906,398 | 837,018 | 842,364 |
CHINA | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 559,865 | 374,931 | 336,728 |
UNITED KINGDOM | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,124 | 65,164 | 65,904 |
GERMANY | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 142,411 | 91,669 | 89,839 |
INDIA | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,327 | 84,812 | 43,891 |
ITALY | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 95,908 | 77,477 | 70,948 |
FRANCE | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 97,990 | 80,153 | 71,104 |
JAPAN | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 79,238 | 76,322 | 65,980 |
Other International [Member] | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 731,735 | 569,436 | 528,759 |
Total international [Member] | |||
Sales by Geographic Area [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,871,598 | $ 1,419,964 | $ 1,273,153 |
Industry Segment and Geographic Area Information Schedule of Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
---|---|---|---|
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | $ 490,311 | $ 476,044 | $ 275,050 |
UNITED STATES | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 201,649 | 210,116 | 182,186 |
CHINA | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 61,261 | 64,815 | 36,458 |
UNITED KINGDOM | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 33,429 | 28,028 | 14,638 |
INDIA | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 14,636 | 14,820 | 2,020 |
FINLAND | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 16,211 | 14,764 | 12,295 |
SINGAPORE | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 14,942 | 9,240 | 6,820 |
BRAZIL | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 8,237 | 7,963 | 1,452 |
NETHERLANDS | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 3,750 | 4,281 | 4,162 |
ITALY | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 11,324 | 10,334 | 3,398 |
SWEDEN | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 3,038 | 3,869 | 2,645 |
GERMANY | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 99,181 | 88,249 | 1,292 |
Other International [Member] | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | 22,653 | 19,565 | 7,684 |
Total international [Member] | |||
Long-lived assets by Geographic Area [Line Items] | |||
Total net long-lived assets | $ 288,662 | $ 265,928 | $ 92,864 |
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Jan. 01, 2017 |
||||
Quarterly Financial Data [Abstract] | ||||||||||||||
Revenue | $ 756,349 | $ 674,313 | $ 703,362 | $ 643,972 | $ 641,630 | $ 554,275 | $ 546,962 | $ 514,115 | $ 2,777,996 | $ 2,256,982 | ||||
Gross profit | 376,250 | 332,327 | 340,140 | 292,222 | 307,429 | 268,967 | 257,602 | 239,756 | 1,340,939 | 1,073,754 | ||||
Restructuring and contract termination charges, net | (1,942) | 6,508 | 0 | 6,578 | (263) | 3,269 | 0 | 9,651 | 11,144 | 12,657 | $ 5,124 | |||
Operating income from continuing operations | 115,683 | [1] | 80,202 | 88,064 | 39,935 | 93,583 | 78,038 | 74,183 | 49,811 | 323,884 | 295,615 | 294,582 | ||
Income from continuing operations before income taxes | 79,429 | [1] | 78,041 | 71,708 | 28,505 | 80,889 | 105,054 | 70,792 | 39,983 | 257,683 | 296,718 | 244,068 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (30) | 1,103 | (610) | (11) | (2,673) | (5,468) | 141,343 | 2,541 | 452 | 135,743 | 18,593 | |||
Operating income from continuing operations | 71,322 | [1] | 75,445 | 64,673 | 26,035 | (38,444) | 96,546 | 62,726 | 36,062 | 237,475 | 156,890 | 215,706 | ||
Net income | $ 71,292 | [1] | $ 76,548 | $ 64,063 | $ 26,024 | $ (41,117) | $ 91,078 | $ 204,069 | $ 38,603 | $ 237,927 | $ 292,633 | $ 234,299 | ||
Basic earnings per share: | ||||||||||||||
Income from continuing operations | $ 0.64 | [1] | $ 0.68 | $ 0.59 | $ 0.24 | $ (0.35) | $ 0.88 | $ 0.57 | $ 0.33 | $ 2.15 | $ 1.43 | $ 1.97 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.00 | 0.01 | (0.01) | 0.00 | (0.02) | (0.05) | 1.29 | 0.02 | 0.00 | 1.24 | 0.17 | |||
Net income | 0.64 | [1] | 0.69 | 0.58 | 0.24 | (0.37) | 0.83 | 1.86 | 0.35 | 2.15 | 2.67 | 2.14 | ||
Diluted earnings per share: | ||||||||||||||
Income from continuing operations | 0.64 | [1] | 0.68 | 0.58 | 0.23 | (0.35) | 0.87 | 0.57 | 0.33 | 2.13 | 1.42 | 1.96 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.00 | 0.01 | (0.01) | 0.00 | (0.02) | (0.05) | 1.28 | 0.02 | 0.00 | 1.22 | 0.17 | |||
Net income | 0.64 | [1] | 0.69 | 0.57 | 0.23 | (0.37) | 0.82 | 1.84 | 0.35 | 2.13 | 2.64 | $ 2.12 | ||
Cash dividends per common share | $ 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 | $ 21,400 | $ (2,100) | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 8,100 | 98,600 | $ (9,600) | |||||||||||
Diagnostics [Member] | ||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||
Operating income from continuing operations | $ 153,196 | $ 146,862 | $ 147,996 | |||||||||||
|
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 238,270,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 10,209,000 |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,062,000) |
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