2016 Q4 Form 10-Q Financial Statement

#000003179116000023 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q1 2015 Q4
Revenue $514.5M $569.9M $563.4M
YoY Change -8.68% 17.71% -7.39%
Cost Of Revenue $265.9M $228.8M $308.8M
YoY Change -13.88% -21.52% -6.65%
Gross Profit $248.6M $267.7M $254.6M
YoY Change -2.38% 22.14% -8.29%
Gross Profit Margin 48.31% 46.98% 45.19%
Selling, General & Admin $142.6M $146.9M $147.7M
YoY Change -3.45% 0.7% -31.81%
% of Gross Profit 57.37% 54.87% 58.01%
Research & Development $29.51M $16.60M $31.10M
YoY Change -5.1% -48.32% 0.32%
% of Gross Profit 11.87% 6.2% 12.22%
Depreciation & Amortization $21.10M $21.60M $27.20M
YoY Change -22.43% -23.77% 14.77%
% of Gross Profit 8.49% 8.07% 10.68%
Operating Expenses $172.1M $163.6M $178.8M
YoY Change -3.74% -8.09% -27.79%
Operating Profit $75.78M $77.22M $75.80M
YoY Change -0.03% 65.11% 147.98%
Interest Expense $11.00M -$9.200M -$9.700M
YoY Change -213.38% -198.0% 10.23%
% of Operating Profit 14.51% -11.91% -12.8%
Other Income/Expense, Net -$11.26M -$700.0K -$2.200M
YoY Change 411.95% -92.57% 100.0%
Pretax Income $64.52M $67.31M $64.00M
YoY Change 0.81% 80.22% 209.97%
Income Tax $10.60M -$5.000M $9.100M
% Of Pretax Income 16.43% -7.43% 14.22%
Net Earnings $58.13M $68.25M $54.90M
YoY Change 5.88% 69.22% 78.32%
Net Earnings / Revenue 11.3% 11.98% 9.74%
Basic Earnings Per Share $0.53 $0.61
Diluted Earnings Per Share $0.53 $0.61 $484.1K
COMMON SHARES
Basic Shares Outstanding 109.2M shares 109.8M shares 111.9M shares
Diluted Shares Outstanding 110.1M shares

Balance Sheet

Concept 2016 Q4 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.7M $237.9M $195.1M
YoY Change 59.76% 40.85% 11.61%
Cash & Equivalents $311.7M $237.9M $195.1M
Short-Term Investments
Other Short-Term Assets $92.59M $64.35M $151.5M
YoY Change -38.9% -56.26% 10.04%
Inventory $306.0M $259.5M $313.0M
Prepaid Expenses
Receivables $443.3M $415.1M $414.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.154B $1.033B $1.074B
YoY Change 7.42% 1.04% 0.49%
LONG-TERM ASSETS
Property, Plant & Equipment $175.2M $137.6M $164.2M
YoY Change 6.73% -18.36% -6.82%
Goodwill $2.314B $2.237B $2.254B
YoY Change 2.66% -0.73% 0.44%
Intangibles $452.5M $485.6M $424.2M
YoY Change 6.65% 3.32% -13.47%
Long-Term Investments $1.500M $1.600M
YoY Change -6.25% 0.0%
Other Assets $207.9M $198.0M $113.9M
YoY Change 82.5% 76.16% 6.52%
Total Long-Term Assets $3.151B $3.133B $2.958B
YoY Change 6.53% 4.24% -3.31%
TOTAL ASSETS
Total Short-Term Assets $1.154B $1.033B $1.074B
Total Long-Term Assets $3.151B $3.133B $2.958B
Total Assets $4.305B $4.166B $4.032B
YoY Change 6.77% 3.43% -2.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $162.3M $141.0M $149.7M
YoY Change 8.44% -10.47% -13.95%
Accrued Expenses $373.2M $382.3M $389.3M
YoY Change -4.13% 1.53% -3.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.160M $1.123M $1.107M
YoY Change 4.79% 3.69% 2.98%
Total Short-Term Liabilities $548.0M $561.5M $554.3M
YoY Change -1.13% 1.98% -7.2%
LONG-TERM LIABILITIES
Long-Term Debt $1.132B $1.012B $1.027B
YoY Change 10.19% -0.29% -1.73%
Other Long-Term Liabilities $489.2M $465.5M $395.8M
YoY Change 23.6% 15.47% -10.61%
Total Long-Term Liabilities $1.621B $1.477B $1.423B
YoY Change 13.92% 4.19% -4.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $548.0M $561.5M $554.3M
Total Long-Term Liabilities $1.621B $1.477B $1.423B
Total Liabilities $2.169B $2.056B $1.977B
YoY Change 9.7% 4.44% -5.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.061B $1.991B $1.931B
YoY Change 6.76% 8.06% 6.65%
Common Stock $128.7M $165.0M $156.7M
YoY Change -17.85% -23.58% -24.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.135B $2.110B $2.054B
YoY Change
Total Liabilities & Shareholders Equity $4.305B $4.166B $4.032B
YoY Change 6.77% 3.43% -2.32%

Cashflow Statement

Concept 2016 Q4 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $58.13M $68.25M $54.90M
YoY Change 5.88% 69.22% 78.32%
Depreciation, Depletion And Amortization $21.10M $21.60M $27.20M
YoY Change -22.43% -23.77% 14.77%
Cash From Operating Activities $73.60M $125.2M $60.80M
YoY Change 21.05% 232.42% -37.06%
INVESTING ACTIVITIES
Capital Expenditures -$8.100M -$10.40M -$7.700M
YoY Change 5.19% -332.19% 54.0%
Acquisitions
YoY Change
Other Investing Activities -$62.40M -$54.70M $800.0K
YoY Change -7900.0% 1089.13% -100.3%
Cash From Investing Activities -$70.40M -$65.20M -$6.900M
YoY Change 920.29% 621.32% -97.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.80M -14.70M -44.00M
YoY Change -235.91% -40.46% -128.46%
NET CHANGE
Cash From Operating Activities 73.60M 125.2M 60.80M
Cash From Investing Activities -70.40M -65.20M -6.900M
Cash From Financing Activities 59.80M -14.70M -44.00M
Net Change In Cash 63.00M 45.30M 9.900M
YoY Change 536.36% 1051.5% -147.37%
FREE CASH FLOW
Cash From Operating Activities $73.60M $125.2M $60.80M
Capital Expenditures -$8.100M -$10.40M -$7.700M
Free Cash Flow $81.70M $135.6M $68.50M
YoY Change 19.27% 308.63% -32.58%

Facts In Submission

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332095000 USD
CY2016Q4 us-gaap Cost Of Services
CostOfServices
110178000 USD
us-gaap Cost Of Services
CostOfServices
328073000 USD
CY2016Q4 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
14200000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
83757000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79287000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
-3000 USD
CY2016Q4 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
630000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
619000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
8000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
6000 USD
CY2016Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
0 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
0 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
39000 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
13000 USD
CY2016Q4 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
252000 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-2355000 USD
CY2016Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
7700000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.55
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.27
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.54
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-13451000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2672000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
400000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
300000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1400000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4100000 USD
CY2016Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2300000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9200000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
70000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-11000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
4051000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
9678000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0.000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
475000.000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
26000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
36000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
14000 USD
CY2013Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
91000 USD
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
475000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
519000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
57350000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
62878000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
66915000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
17400000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
42300000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
51500000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
63700000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
65700000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
420227000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
381874000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1300000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-23900000 USD
CY2016Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1600000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2000000 USD
CY2016Q4 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-1553000 USD
us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-3500000 USD
us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
19900000 USD
CY2016Q4 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-2100000 USD
us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-1100000 USD
CY2016Q1 us-gaap Goodwill
Goodwill
2276149000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
2313900000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-938000 USD
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
-7923000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
54897000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
144204000 USD
CY2016Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
57749000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
166476000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63954000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
169202000 USD
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
69965000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
193446000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.49
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.28
CY2016Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.53
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.52
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.48
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.27
CY2016Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.52
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.51
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-34000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-33000 USD
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
378000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2974000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.03
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9057000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24998000 USD
CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12216000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26970000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-19916000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8986000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-36361000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1848000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
50824000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12350000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-59000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2000000 USD
CY2016Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
490811000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
452458000 USD
us-gaap Interest Expense
InterestExpense
9874000 USD
us-gaap Interest Expense
InterestExpense
28564000 USD
CY2016Q4 us-gaap Interest Expense
InterestExpense
10998000 USD
us-gaap Interest Expense
InterestExpense
30778000 USD
CY2016Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
0 USD
CY2016Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
171186000 USD
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
183780000 USD
CY2016Q1 us-gaap Inventory Net
InventoryNet
288028000 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
306041000 USD
CY2016Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
98984000 USD
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
101815000 USD
CY2016Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
17858000 USD
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
20446000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
147000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
488000 USD
CY2016Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
124000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
361000 USD
CY2016Q1 us-gaap Liabilities
Liabilities
2055854000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
2169134000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4166295000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4304556000 USD
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
561485000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
547991000 USD
CY2016Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
2100000 USD
CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
2170000 USD
CY2016Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1123000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1160000 USD
CY2016Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1011762000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1131925000 USD
CY2016Q1 us-gaap Long Term Investments
LongTermInvestments
1586000 USD
CY2016Q4 us-gaap Long Term Investments
LongTermInvestments
1539000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-92430000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-52642000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35733000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-78191000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
161859000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
201892000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
161929000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
198918000 USD
us-gaap Net Income Loss
NetIncomeLoss
54863000 USD
us-gaap Net Income Loss
NetIncomeLoss
144171000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
58127000 USD
us-gaap Net Income Loss
NetIncomeLoss
169450000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-11944000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-32208000 USD
CY2016Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-11263000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-27742000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segments
us-gaap Operating Income Loss
OperatingIncomeLoss
75898000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
201410000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
81228000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
221188000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
68186000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
92587000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
197559000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
207867000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-46629000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-58055000 USD
CY2016Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-9441000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-8868000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-46709000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-58198000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-9432000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-8829000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-80000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-143000 USD
CY2016Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
39000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
482607000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
489218000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2217000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4132000 USD
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-389000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2887000 USD
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
99000 USD
us-gaap Payments For Proceeds From Hedge Financing Activities
PaymentsForProceedsFromHedgeFinancingActivities
-19210000 USD
us-gaap Payments For Proceeds From Hedge Financing Activities
PaymentsForProceedsFromHedgeFinancingActivities
-1674000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
76158000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
151640000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
7868000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
23737000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
23131000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17814000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25311000 USD
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
21000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
546190000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
757000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
44000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
347000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
375507000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-800000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-835000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13081000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12081000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10783000 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10810000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10612000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10922000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10396000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10100000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4412000 USD
us-gaap Product Warranty Accrual Payments
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3905000 USD
us-gaap Product Warranty Accrual Payments
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12189000 USD
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129000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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-459000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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-740000 USD
us-gaap Product Warranty Accrual Warranties Issued
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4240000 USD
us-gaap Product Warranty Accrual Warranties Issued
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12728000 USD
us-gaap Research And Development Expense
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95898000 USD
CY2016Q4 us-gaap Product Warranty Accrual Warranties Issued
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4038000 USD
us-gaap Product Warranty Accrual Warranties Issued
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11890000 USD
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CY2016Q4 us-gaap Property Plant And Equipment Gross
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167029000 USD
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175226000 USD
us-gaap Repayments Of Lines Of Credit
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371000000 USD
us-gaap Repayments Of Lines Of Credit
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804507000 USD
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0.200
us-gaap Research And Development Expense
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33175000 USD
us-gaap Research And Development Expense
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us-gaap Restructuring Charges
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7108000 USD
CY2016Q1 us-gaap Restructuring Reserve
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22197000 USD
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12877000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
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17090000 USD
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9133000 USD
CY2016Q1 us-gaap Restructuring Reserve Noncurrent
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5100000 USD
CY2016Q4 us-gaap Restructuring Reserve Noncurrent
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3800000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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1991431000 USD
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2061487000 USD
us-gaap Sales Revenue Goods Net
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378325000 USD
us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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1659405000 USD
us-gaap Sales Revenue Services Net
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185111000 USD
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527887000 USD
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179595000 USD
us-gaap Sales Revenue Services Net
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532526000 USD
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us-gaap Selling General And Administrative Expense
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440343000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
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145793000 USD
us-gaap Selling General And Administrative Expense
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447332000 USD
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0.006
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.006
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0.265
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.252
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.013
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37.64
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23.58
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12.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.012
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1401000 shares
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32.61
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30800000 USD
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P2Y9M
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P4Y
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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CY2016Q4 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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30000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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217000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
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512000 shares
CY2014Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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8000000 shares
CY2016Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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8000000 shares
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8000000 shares
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3200000 shares
us-gaap Stock Repurchased During Period Value
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us-gaap Tax Adjustments Settlements And Unusual Provisions
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1800000 USD
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Gross Of Tax
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-10200000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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27600000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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25900000 USD
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113565000 shares
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110078000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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110372000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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112632000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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112763000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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109192000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109524000 shares
us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the &#8220;Company&#8221;), in accordance with accounting principles generally accepted in the United&#160;States of America (the &#8220;U.S.&#8221; or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company&#8217;s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;">, filed with the SEC (the &#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> Form&#160;10-K&#8221;). The balance sheet amounts at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> in this report were derived from the Company&#8217;s audited </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> consolidated financial statements included in the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company&#8217;s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">October&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">October&#160;4, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. </font></div><div style="line-height:120%;text-indent:32px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the Sunday nearest December&#160;31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;"> ("</font><font style="font-family:inherit;font-size:10pt;">fiscal year 2016</font><font style="font-family:inherit;font-size:10pt;">") will include </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> weeks, while the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> ("</font><font style="font-family:inherit;font-size:10pt;">fiscal year 2015</font><font style="font-family:inherit;font-size:10pt;">") included </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;"> weeks. The additional week in fiscal year 2015 was reflected in the Company's third quarter, which consisted of </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> weeks as compared to the Company's third quarter of fiscal year 2016, which consisted of </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;"> weeks.</font></div><div style="line-height:120%;text-indent:32px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Adopted and Issued Accounting Pronouncements: </font><font style="font-family:inherit;font-size:10pt;">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&#8217;s condensed consolidated financial position, results of operations and cash flows or do not apply to the Company&#8217;s operations.</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued Accounting Standards Update No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other topics. The provisions of this guidance are to be applied using a retrospective transition method to each period presented, and if it is impracticable to apply the amendments retrospectively for some of the issues, ASU 2016-15 allows the amendments for those issues to be applied prospectively as of the earliest date practicable. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.</font></div><div style="line-height:120%;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued Accounting Standards Update No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("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 &#8220;expected credit loss&#8221; 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 (&#8220;AFS&#8221;) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. </font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued Accounting Standards Update No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation&#8212;Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting </font><font style="font-family:inherit;font-size:10pt;">("ASU No. 2016-09"). The new standard simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the related classification in the statement of cash flows. The new standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The standard requires an entity to recognize all excess tax benefits and tax deficiencies as income tax benefit or expense in the income statement as discrete items in the reporting period in which they occur, and such tax benefits and tax deficiencies are not included in the estimate of an entity&#8217;s annual effective tax rate, applied on a prospective basis. Further, the standard eliminates the requirement to defer the recognition of excess tax benefits until the benefit is realized through a reduction to taxes payable. All excess tax benefits previously unrecognized, along with any valuation allowance, should be recognized on a modified retrospective basis as a cumulative adjustment to retained earnings as of the date of adoption. Under ASU No. 2016-09, an entity that applies the treasury stock method in calculating diluted earnings per share is required to exclude excess tax benefits and deficiencies from the calculation of assumed proceeds since such amounts are recognized in the income statement. Excess tax benefits should also be classified as operating activities in the same manner as other cash flows related to income taxes on the statement of cash flows, as such excess tax benefits no longer represent financing activities since they are recognized in the income statement, and should be applied prospectively or retrospectively to all periods presented. The Company adopted ASU No. 2016-09 at the beginning of the first quarter of fiscal year 2016. The Company recorded a cumulative increase of </font><font style="font-family:inherit;font-size:10pt;">$14.2 million</font><font style="font-family:inherit;font-size:10pt;"> in the beginning of the first quarter of fiscal year 2016 retained earnings with a corresponding increase in deferred tax assets related to the prior years' unrecognized excess tax benefits. Excess tax benefits related to exercised options and vested restricted stock and restricted stock units during the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> have been recognized in the current period&#8217;s income statement. The Company also excluded the excess tax benefits from the calculation of diluted earnings per share for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;">. The Company applied the cash flow presentation section of the guidance on a prospective basis, and the prior period statement of cash flows was not adjusted. ASU No. 2016-09 also allows an entity to elect as an accounting policy either to continue to estimate the total number of awards for which the requisite service period will not be rendered or to account for forfeitures for service based awards as they occur. An entity that elects to account for forfeitures as they occur should apply the accounting change on a modified retrospective basis as a cumulative effect adjustment to retained earnings as of the date of adoption. The Company has elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company&#8217;s consolidated financial position, results of operations and cash flows.</font></div><div style="line-height:120%;text-indent:30px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued Accounting Standards Update No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The new guidance requires lessees to recognize a lease liability and right-of-use asset on the balance sheet for financing and operating leases. The provisions of this guidance are to be applied using a modified retrospective approach and are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued Accounting Standards Update No. 2015-11,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Measurement of Inventory</font><font style="font-family:inherit;font-size:10pt;">. Under this new guidance, companies that use inventory measurement methods other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The provisions of this guidance are to be applied prospectively and are effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the requirements of this guidance. The adoption is not expected to have a material impact on the Company&#8217;s consolidated financial position, results of operations and cash flows.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued Accounting Standards Update No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers </font><font style="font-family:inherit;font-size:10pt;">("ASU 2014-09"). Under this new guidance, an entity should use a five-step process to recognize revenue, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires new disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Subsequent to the issuance of the standard, the FASB decided to defer the effective date for one year to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. In May 2016, the FASB also issued Accounting Standards Update No. 2016-12,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-12")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">which amended its revenue recognition guidance in ASU 2014-09 on transition, collectibility, non-cash consideration and the presentation of sales and other similar taxes. In April 2016, the FASB also issued Accounting Standards Update No. 2016-10,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-10")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">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. ASU 2016-12, ASU 2016-10 and ASU 2014-09 may be adopted either using a full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of the foregoing standards and has not yet determined the impact of their adoption on the Company&#8217;s consolidated financial position, results of operations and cash flows. The Company intends to adopt these standards using the modified retrospective approach, and the Company does not intend to early adopt these standards.</font></div></div>

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