Stockholders' Equity

6 Months Ended

Jul. 01, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

The components of accumulated other comprehensive income consisted of the following:

	July 1, 2012			January 1, 2012
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	39,586		$	56,164
Unrecognized prior service costs, net of income taxes	2,169			2,169
Unrealized and realized losses on derivatives, net of income taxes	(3,490		)	(4,088		)
Unrealized net losses on securities, net of income taxes	(137		)	(159		)
Accumulated other comprehensive income	$	38,128		$	54,086

The tax effects on the foreign currency translation component of other comprehensive (loss) income have historically been minimal due to the Company’s position that undistributed earnings of foreign subsidiaries are indefinitely reinvested. During fiscal year 2011, as a result of the Caliper acquisition, the Company concluded that certain foreign operations did not require the same level of capital as previously expected, and therefore the Company plans to repatriate approximately $350.0 million of previously unremitted earnings and has provided for the estimated taxes on the repatriation of those earnings. Taxes have not been provided for unremitted earnings that the Company continues to consider indefinitely reinvested, which is based on its future operational and capital requirements.

During the fourth quarter of fiscal year 2011 the Company changed its method of recognizing defined benefit pension and other postretirement benefit costs. Accordingly, the financial data for all periods presented has been retrospectively adjusted to reflect the effect of these accounting changes. See Note 1 for a discussion of the Company's changes in accounting and reporting for its pension and other postretirement benefits.

Stock Repurchase Program:

On October 23, 2008, the Company announced that the Board of Directors (the “Board”) authorized the Company to repurchase up to 10.0 million shares of common stock under a stock repurchase program (the “Repurchase Program”). On August 31, 2010, the Company announced that the Board had authorized the Company to repurchase an additional 5.0 million shares of common stock under the Repurchase Program. The Repurchase Program will expire on October 22, 2012 unless terminated earlier by the Board, and may be suspended or discontinued at any time. During the first six months of fiscal year 2012, the Company did not repurchase any shares of common stock in the open market under the Repurchase Program. As of July 1, 2012, 6.0 million shares of the Company’s common stock remained available for repurchase from the 15.0 million shares authorized by the Board under the Repurchase Program.

The Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans. During the first six months of fiscal year 2012, the Company repurchased 80,690 shares of common stock for this purpose at an aggregate cost of $2.1 million. The repurchased shares have been reflected as a reduction in shares outstanding, but remain available to be reissued 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 the first two quarters of fiscal year 2012 and in each quarter of fiscal year 2011. At July 1, 2012, the Company has accrued $8.0 million for dividends declared prior to quarter end. On July 27, 2012, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2012 that will be payable in November 2012. 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.