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Condensed Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jul. 01, 2012
Jun. 26, 2011
Jul. 01, 2012
Jun. 26, 2011
Net revenues $ 383,332 $ 381,168 $ 763,899 $ 726,749
Cost of goods sold 198,968 199,817 395,421 383,351
Gross profit 184,364 181,351 368,478 343,398
Selling, general and administrative expenses 105,951 109,838 218,087 211,548
Research and development expenses 13,702 12,455 25,255 23,486
Goodwill impairment     332,128  
Restructuring and other impairment charges 321 3,176 (1,004) 3,771
Gain on sales of businesses and assets (332)   (332)  
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes 64,722 55,882 (205,656) 104,593
Interest expense 18,240 15,785 36,451 31,931
Interest income (506) (253) (984) (358)
Loss on extinguishments of debt   816   15,413
Income (loss) from continuing operations before taxes 46,988 39,534 (241,123) 57,607
Taxes (benefit) on income (loss) from continuing operations (278) 8,436 (4,276) 13,009
Income (loss) from continuing operations 47,266 31,098 (236,847) 44,598
Operating income (loss) from discontinued operations (including gain (loss) on disposal of $2,264 for the three and six month periods in 2012 and ($4,504) and $52,269 for the three and six month periods in 2011, respectively) (8,049) (3,593) (7,120) 61,117
Taxes (benefit) on income (loss) from discontinued operations (3,682) [1] (6,982) [1] (3,358) [1] (6,966) [1]
Income (loss) from discontinued operations (4,367) 3,389 (3,762) 68,083
Net income (loss) 42,899 34,487 (240,609) 112,681
Less: Income from continuing operations attributable to noncontrolling interest 286 258 513 481
Income from discontinued operations attributable to noncontrolling interest   159   318
Net income (loss) attributable to common shareholders 42,613 34,070 (241,122) 111,882
Basic:        
Income (loss) from continuing operations $ 1.15 $ 0.76 $ (5.82) $ 1.09
Income (loss) from discontinued operations $ (0.11) $ 0.08 $ (0.09) $ 1.69
Net income (loss) $ 1.04 $ 0.84 $ (5.91) $ 2.78
Diluted:        
Income (loss) from continuing operations $ 1.14 $ 0.75 $ (5.82) $ 1.09
Income (loss) from discontinued operations $ (0.10) $ 0.08 $ (0.09) $ 1.66
Net income (loss) $ 1.04 $ 0.83 $ (5.91) $ 2.75
Dividends per common share $ 0.34 $ 0.34 $ 0.68 $ 0.68
Weighted average common shares outstanding:        
Basic 40,834 40,536 40,801 40,297
Diluted 41,076 40,872 40,801 40,648
Amounts attributable to common shareholders:        
Income (loss) from continuing operations, net of tax 46,980 30,840 (237,360) 44,117
Income (loss) from discontinued operations, net of tax (4,367) 3,230 (3,762) 67,765
Net income (loss) $ 42,613 $ 34,070 $ (241,122) $ 111,882
[1] The provision for income taxes for the three and six months ended July 1, 2012 was impacted favorably by the realization of a tax benefit on impairment of goodwill. The provision for income taxes for the three months ended June 26, 2011 was impacted favorably by the realization of net tax benefits resulting from the resolution (including the expiration of statutes of limitation) of U.S. federal, state, and foreign tax matters relating to prior years. In addition, the provision for income taxes for the six months ended June 26, 2011 was further impacted favorably because taxes on the sale of the marine business were incurred at a rate that was significantly lower than the statutory tax rate.