2019 Q1 Form 10-Q Financial Statement
#000109428519000080 Filed on April 29, 2019
Income Statement
Concept | 2019 Q1 | 2018 Q2 |
---|---|---|
Revenue | $745.2M | $695.6M |
YoY Change | 22.88% | |
Cost Of Revenue | $463.9M | $438.2M |
YoY Change | 22.75% | |
Gross Profit | $281.3M | $257.4M |
YoY Change | 23.1% | |
Gross Profit Margin | 37.75% | 37.0% |
Selling, General & Admin | $184.0M | $169.0M |
YoY Change | 9.53% | |
% of Gross Profit | 65.41% | 65.66% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $27.60M | $28.80M |
YoY Change | 26.32% | |
% of Gross Profit | 9.81% | 11.19% |
Operating Expenses | $184.0M | $169.0M |
YoY Change | 9.53% | |
Operating Profit | $97.30M | $88.40M |
YoY Change | 61.31% | |
Interest Expense | $5.400M | $7.100M |
YoY Change | -13.41% | |
% of Operating Profit | 5.55% | 8.03% |
Other Income/Expense, Net | -$1.200M | -$2.500M |
YoY Change | -73.12% | |
Pretax Income | $92.90M | $82.20M |
YoY Change | 102.46% | |
Income Tax | $17.60M | $15.70M |
% Of Pretax Income | 18.95% | 19.1% |
Net Earnings | $75.30M | $66.50M |
YoY Change | 118.03% | |
Net Earnings / Revenue | 10.1% | 9.56% |
Basic Earnings Per Share | $2.09 | $1.87 |
Diluted Earnings Per Share | $2.02 | $1.81 |
COMMON SHARES | ||
Basic Shares Outstanding | 36.10M shares | 35.60M shares |
Diluted Shares Outstanding | 37.20M shares | 36.80M shares |
Balance Sheet
Concept | 2019 Q1 | 2018 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $106.2M | $79.90M |
YoY Change | 14.63% | |
Cash & Equivalents | $106.2M | $79.90M |
Short-Term Investments | ||
Other Short-Term Assets | $53.90M | $63.70M |
YoY Change | 15.82% | |
Inventory | $393.0M | $381.8M |
Prepaid Expenses | ||
Receivables | $410.4M | $386.6M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $1.118B | $1.060B |
YoY Change | 7.62% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $450.7M | $441.9M |
YoY Change | -0.25% | |
Goodwill | $1.885B | $1.803B |
YoY Change | 7.88% | |
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $90.30M | $87.20M |
YoY Change | 15.5% | |
Total Long-Term Assets | $3.044B | $2.860B |
YoY Change | 6.4% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $1.118B | $1.060B |
Total Long-Term Assets | $3.044B | $2.860B |
Total Assets | $4.162B | $3.920B |
YoY Change | 6.73% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $227.3M | $198.0M |
YoY Change | 8.73% | |
Accrued Expenses | $364.6M | $348.0M |
YoY Change | 5.01% | 10.83% |
Deferred Revenue | $111.2M | $115.2M |
YoY Change | 0.82% | |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $131.8M | $9.200M |
YoY Change | -91.11% | |
Total Short-Term Liabilities | $723.7M | $555.2M |
YoY Change | -7.4% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $610.1M | $1.014B |
YoY Change | -15.68% | |
Other Long-Term Liabilities | $237.9M | $289.8M |
YoY Change | 11.59% | |
Total Long-Term Liabilities | $848.0M | $1.304B |
YoY Change | -10.84% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $723.7M | $555.2M |
Total Long-Term Liabilities | $848.0M | $1.304B |
Total Liabilities | $1.812B | $1.864B |
YoY Change | -9.89% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $2.599B | $2.209B |
YoY Change | 21.28% | 13.72% |
Common Stock | $350.2M | $336.2M |
YoY Change | 0.12% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | $129.9M | $180.3M |
YoY Change | -21.85% | |
Treasury Stock Shares | 1.465M shares | 1.959M shares |
Shareholders Equity | $2.350B | $2.056B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $4.162B | $3.920B |
YoY Change | 6.73% |
Cashflow Statement
Concept | 2019 Q1 | 2018 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $75.30M | $66.50M |
YoY Change | 118.03% | |
Depreciation, Depletion And Amortization | $27.60M | $28.80M |
YoY Change | 26.32% | |
Cash From Operating Activities | $80.10M | $71.60M |
YoY Change | 34.08% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | $21.30M | $19.80M |
YoY Change | 57.14% | |
Acquisitions | $222.5M | $0.00 |
YoY Change | -100.0% | |
Other Investing Activities | -$222.5M | $200.0K |
YoY Change | -100.03% | |
Cash From Investing Activities | -$243.8M | -$19.60M |
YoY Change | -97.4% | |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $124.3M | -$42.60M |
YoY Change | -106.37% | |
NET CHANGE | ||
Cash From Operating Activities | $80.10M | $71.60M |
Cash From Investing Activities | -$243.8M | -$19.60M |
Cash From Financing Activities | $124.3M | -$42.60M |
Net Change In Cash | -$36.30M | $9.000M |
YoY Change | -129.41% | |
FREE CASH FLOW | ||
Cash From Operating Activities | $80.10M | $71.60M |
Capital Expenditures | $21.30M | $19.80M |
Free Cash Flow | $58.80M | $51.80M |
YoY Change | 26.96% |
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CY2018Q4 | us-gaap |
Inventory Net
InventoryNet
|
364300000 | USD |
CY2019Q1 | us-gaap |
Inventory Net
InventoryNet
|
393000000 | USD |
CY2018Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
205600000 | USD |
CY2019Q1 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
221100000 | USD |
CY2018Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
117500000 | USD |
CY2019Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
125400000 | USD |
CY2018Q4 | us-gaap |
Lifo Inventory Amount
LIFOInventoryAmount
|
42300000 | USD |
CY2019Q1 | us-gaap |
Lifo Inventory Amount
LIFOInventoryAmount
|
41900000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.0409 | |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
175200000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
79900000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
22500000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
15600000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
16900000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
19300000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
21000000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
31200000 | USD |
CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
1579600000 | USD |
CY2019Q1 | us-gaap |
Liabilities
Liabilities
|
1812200000 | USD |
CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
3809300000 | USD |
CY2019Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
4161700000 | USD |
CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
720800000 | USD |
CY2019Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
723700000 | USD |
CY2018Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
137400000 | USD |
CY2019Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
131800000 | USD |
CY2018Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
610100000 | USD |
CY2019Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
724600000 | USD |
CY2018Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-42600000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
124300000 | USD |
CY2018Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-19600000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-243800000 | USD |
CY2018Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
71600000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
80100000 | USD |
CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
66500000 | USD |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
75300000 | USD |
CY2018Q2 | us-gaap |
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
|
-3400000 | USD |
CY2019Q1 | us-gaap |
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
|
-2200000 | USD |
CY2019Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
4 | segment |
CY2018Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
88400000 | USD |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
97300000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
23200000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
5800000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
144000000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
18000000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
126000000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
134300000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P10Y | |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
140600000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
11800000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
18400000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
18400000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
20600000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
48200000 | USD |
CY2018Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
84600000 | USD |
CY2019Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
90300000 | USD |
CY2018Q2 | us-gaap |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
|
-4300000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
|
-4600000 | USD |
CY2018Q2 | us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
-1600000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
1800000 | USD |
CY2018Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
17200000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
17000000 | USD |
CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
14500000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
20300000 | USD |
CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
19900000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
23400000 | USD |
CY2018Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
248700000 | USD |
CY2019Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
237900000 | USD |
CY2018Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-2500000 | USD |
CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1200000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
222500000 | USD |
CY2018Q2 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
19800000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
21300000 | USD |
CY2018Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2019Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2018Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2019Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2018Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2019Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
45800000 | USD |
CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
53900000 | USD |
CY2018Q4 | us-gaap |
Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
|
88200000 | USD |
CY2019Q1 | us-gaap |
Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
|
94800000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
120000000 | USD |
CY2018Q2 | us-gaap |
Proceeds From Other Debt
ProceedsFromOtherDebt
|
1600000 | USD |
CY2018Q2 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-2000000 | USD |
CY2018Q2 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
200000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
0 | USD |
CY2018Q2 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
12300000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
10200000 | USD |
CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
442600000 | USD |
CY2019Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
450700000 | USD |
CY2018Q2 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-5400000 | USD |
CY2019Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-3100000 | USD |
CY2018Q2 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
54500000 | USD |
CY2019Q1 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
5900000 | USD |
CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
2523700000 | USD |
CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
2599000000 | USD |
CY2018Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
695600000 | USD |
CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
745200000 | USD |
CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
1760000000 | USD |
CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
|
P1Y | |
CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
|
||
CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.79 | |
CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.21 | |
CY2018Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
169000000 | USD |
CY2019Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
184000000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.267 | |
CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y6M30D | |
CY2017Q4 | us-gaap |
Standard Product Warranty Accrual
StandardProductWarrantyAccrual
|
21100000 | USD |
CY2018Q2 | us-gaap |
Standard Product Warranty Accrual
StandardProductWarrantyAccrual
|
22000000 | USD |
CY2018Q4 | us-gaap |
Standard Product Warranty Accrual
StandardProductWarrantyAccrual
|
21000000 | USD |
CY2019Q1 | us-gaap |
Standard Product Warranty Accrual
StandardProductWarrantyAccrual
|
20600000 | USD |
CY2018Q2 | us-gaap |
Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
|
0 | USD |
CY2019Q1 | us-gaap |
Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
|
300000 | USD |
CY2018Q2 | us-gaap |
Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
|
2200000 | USD |
CY2019Q1 | us-gaap |
Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
|
2900000 | USD |
CY2018Q2 | us-gaap |
Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
|
3100000 | USD |
CY2019Q1 | us-gaap |
Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
|
2200000 | USD |
CY2018Q2 | us-gaap |
Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
|
6600000 | USD |
CY2019Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
|
10900000 | USD |
CY2018Q2 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
6500000 | USD |
CY2019Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
10800000 | USD |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1947300000 | USD |
CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2055900000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2229700000 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2349500000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
2229700000 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
2349500000 | USD |
CY2018Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1610568 | shares |
CY2019Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1465267 | shares |
CY2018Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
144900000 | USD |
CY2019Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
129900000 | USD |
CY2019Q1 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
0 | USD |
CY2018Q2 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
0 | USD |
CY2018Q4 | us-gaap |
Unbilled Receivables Current
UnbilledReceivablesCurrent
|
145300000 | USD |
CY2019Q1 | us-gaap |
Unbilled Receivables Current
UnbilledReceivablesCurrent
|
154000000 | USD |
CY2018Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1200000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
1100000 | shares |
CY2018Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36800000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
37200000 | shares |
CY2018Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
35600000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
36100000 | shares |
CY2019Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (“Teledyne” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States (“GAAP”) as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne’s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (“</font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K”).</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of Teledyne’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne’s consolidated financial position as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and the consolidated results of operations, consolidated comprehensive income and consolidated cash flows for the three months then ended. The results of operations and cash flows for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the second quarter of 2018, we realigned the reporting structure for certain of our microwave product groupings. These products, acquired with the acquisition of e2v technologies plc (“e2v”) were formerly reported as part of the Aerospace and Defense Electronics segment and are now reported as part of the Digital Imaging segment. Previously reported segment data has been adjusted to reflect this change. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Cuts and Jobs Act (“Tax Act”) by allowing a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the Tax Act reduction of the U.S. federal corporate income tax rate. The guidance is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted. In 2018, we elected to early adopt this ASU and elected to reclassify, in the period of enactment, stranded tax effects totaling </font><font style="font-family:inherit;font-size:10pt;">$47.6 million</font><font style="font-family:inherit;font-size:10pt;"> from AOCI to retained earnings in our condensed consolidated balance sheet. The reclassification amount primarily included income tax effects related to our pension and postretirement benefit plans. Income tax effects remaining in AOCI will be released into earnings as the related pretax amounts are reclassified to earnings. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities.” This new guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships and expands and refines hedge accounting for both nonfinancial and financial risk components. This new guidance also simplifies and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This new guidance is effective for fiscal years beginning after December 15, 2018 and for interim periods therein, with early adoption permitted. We adopted the new guidance as of December 31, 2018 using the modified retrospective approach, there was no cumulative adjustment to retained earnings related to hedge ineffectiveness for the year ended December 31, 2018. Additionally, as a result of the adoption, we no longer disclose the ineffective portion of the change in fair value of our derivative financial instruments.  The entire change in the fair value of the cash flow hedging instruments aside from components excluded from the assessment of hedge effectiveness will now be recorded in other comprehensive income and subsequently reclassified to earnings in the period the hedged item impacts earnings.   The adoption of this standard did not have a material impact on our condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We expect the adoption of this guidance will reduce the complexity surrounding the evaluation of goodwill for impairment. The impact of this new guidance for the Company will depend on the outcomes of future goodwill impairment tests.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new guidance requires lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. We adopted the new guidance on December 31, 2018, the beginning of our 2019 fiscal year using the modified retrospective transition method. Prior period comparative information was not adjusted. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. The adoption of this guidance did not have a material impact related to existing leases and as a result, a cumulative-effect adjustment was not recorded. Also, the adoption of the new guidance did not have a material impact on our results of operations or cash flows. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Lease Commitments</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We determine if an arrangement is a lease at inception. Effective December 31, 2018, operating leases are recorded as right-of-use assets, other long-term lease liabilities and current accrued liabilities in our condensed consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our condensed consolidated balance sheets.  </font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Since most of our leases do not provide an implicit rate, we use our incremental borrowing rate to determine the present value of lease payments at the commencement date. We use the implicit rate when readily determinable. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Many lease agreements contain renewal options at either a fixed cost, fixed increase or market value adjustment. For those leases with renewal options, we will include the renewal options that are reasonably certain to be exercised, for purposes of calculating the lease liability and corresponding right of use asset. Teledyne will evaluate the likelihood of exercising each renewal option based on many factors, including the length of the renewal option and the future new lease cost, if known, or the estimated future new lease cost if it is not a fixed amount.  </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Operating Leases</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Teledyne has approximately </font><font style="font-family:inherit;font-size:10pt;">120</font><font style="font-family:inherit;font-size:10pt;"> operating lease agreements, which are primarily for manufacturing facilities and office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 31, 2019, Teledyne has right-of-use assets of </font><font style="font-family:inherit;font-size:10pt;">$134.3 million</font><font style="font-family:inherit;font-size:10pt;"> and a total lease liability for operating leases of </font><font style="font-family:inherit;font-size:10pt;">$144.0 million</font><font style="font-family:inherit;font-size:10pt;"> of which </font><font style="font-family:inherit;font-size:10pt;">$126.0 million</font><font style="font-family:inherit;font-size:10pt;"> is included in long-term lease liabilities and </font><font style="font-family:inherit;font-size:10pt;">$18.0 million</font><font style="font-family:inherit;font-size:10pt;"> is included in current accrued liabilities.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At March 31, 2019, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:90%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">22.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">21.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">19.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">16.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">15.6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">79.9</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total minimum lease payments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">175.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Imputed interest</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(31.2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current portion</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(18.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Present value of minimum lease payments, net of current portion</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">126.0</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The weighted average remaining lease term for operating leases is approximately </font><font style="font-family:inherit;font-size:10pt;">10 years</font><font style="font-family:inherit;font-size:10pt;"> and the weighted average discount rate is </font><font style="font-family:inherit;font-size:10pt;">4.09%</font><font style="font-family:inherit;font-size:10pt;">. Operating lease expense was </font><font style="font-family:inherit;font-size:10pt;">$5.8 million</font><font style="font-family:inherit;font-size:10pt;"> for the first quarter of 2019. </font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As previously disclosed in Note 13 of the Notes to Consolidated Financial Statements included in our 2018 Form 10-K and under the previous lease accounting, future minimum lease payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows (in millions):</font></div><div style="line-height:120%;padding-bottom:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:78%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">23.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">20.6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">18.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">18.4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">11.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">48.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total minimum lease payments</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">140.6</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Other</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our finance leases and subleases are not material.</font></div></div> |