|
Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
|
Sep. 28, 2013
|
| Accounting Policies [Abstract] |
|
| Summary of Marketable Securities |
The Company has
one investment in a publicly traded security and the following
reconciles its cost basis to its fair market value as of
September 28, 2013 and September 29, 2012. There were no
marketable securities at September 24, 2011.
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| |
|
Cost |
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Gross Unrealized
Gains |
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|
Gross Unrealized
Losses |
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Fair Value |
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|
Equity security as of
September 28, 2013
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|
$ |
5,931 |
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$ |
12,156 |
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|
$ |
— |
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|
$ |
18,087 |
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|
Equity security as of
September 29, 2012
|
|
$ |
5,931 |
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|
$ |
98 |
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$ |
— |
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$ |
6,029 |
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| Supplemental Cash Flow Statement Information |
Supplemental Cash Flow
Statement Information
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Years
ended |
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| |
September 28,
2013 |
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|
September 29,
2012 |
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September 24,
2011 |
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|
Cash paid during the period
for income taxes
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$ |
79,893 |
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$ |
166,565 |
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$ |
118,850 |
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Cash paid during the period
for interest
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$ |
192,794 |
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$ |
55,045 |
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$ |
36,268 |
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Non-Cash Investing
Activities:
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Fair value of stock options
assumed in the Gen-Probe acquisition
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$ |
— |
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$ |
2,655 |
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$ |
— |
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Additional acquisition
contingent consideration accrued
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$ |
— |
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$ |
— |
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$ |
18,924 |
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Non-Cash Financing
Activities:
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Fair value of contingent
consideration at acquisition
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$ |
525 |
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$ |
— |
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$ |
86,600 |
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Deferred payments for
acquisitions
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$ |
— |
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$ |
1,655 |
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$ |
47,258 |
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| Schedule of Inventories |
Inventories
consisted of the following:
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September 28,
2013 |
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September 29,
2012 |
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Raw materials
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$ |
115,575 |
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$ |
134,983 |
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Work-in-process
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|
51,171 |
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|
93,218 |
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Finished goods
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|
122,617 |
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|
138,990 |
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$ |
289,363 |
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$ |
367,191 |
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| Estimated Useful Lives of Property and Equipments |
Property, plant
and equipment are depreciated over the following estimated useful
lives:
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Asset
Classification
|
|
Estimated
Useful Life
|
| Building and improvements |
|
35–40
years |
| Equipment and software |
|
3–10
years |
| Equipment under customer usage agreements |
|
3–8 years |
| Furniture and fixtures |
|
5–7 years |
| Leasehold improvements |
|
Shorter of the
Original Term of Lease
or Estimated
Useful Life
|
|
| Schedule of Intangible Assets |
Intangible
assets consist of the following:
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September 28, 2013 |
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September 29, 2012 |
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|
Description
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Developed technology
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$ |
4,008,947 |
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$ |
1,094,435 |
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$ |
3,784,689 |
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$ |
788,274 |
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In-process research and
development
|
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|
24,000 |
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|
— |
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|
227,000 |
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|
— |
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Customer relationships and
contracts
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|
1,101,870 |
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|
296,481 |
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|
1,097,842 |
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|
205,612 |
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Trade names
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238,103 |
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81,844 |
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240,092 |
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60,318 |
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Patents
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13,026 |
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8,495 |
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11,417 |
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|
7,906 |
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Business
licenses
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|
2,647 |
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|
616 |
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2,577 |
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|
344 |
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Non-compete
agreements
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|
296 |
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|
296 |
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|
310 |
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223 |
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$ |
5,388,889 |
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$ |
1,482,167 |
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$ |
5,363,927 |
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$ |
1,062,677 |
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|
| Schedule of Estimated Amortization Expense |
The estimated
amortization expense at September 28, 2013 for each of the
five succeeding fiscal years is as follows:
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Fiscal 2014
|
|
$ |
417,053 |
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Fiscal 2015
|
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|
402,177 |
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Fiscal 2016
|
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|
388,370 |
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Fiscal 2017
|
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|
379,260 |
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Fiscal 2018
|
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|
368,505 |
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|
| Rollforward of Goodwill Activity by Reportable Segment |
A rollforward
of goodwill activity by reportable segment from September 29,
2012 to September 28, 2013 is as follows:
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Breast Health |
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Diagnostics |
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GYN Surgical |
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Skeletal Health |
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Total |
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Balance at
September 29, 2012
|
|
$ |
635,741 |
|
|
$ |
2,283,447 |
|
|
$ |
1,015,466 |
|
|
$ |
8,125 |
|
|
$ |
3,942,779 |
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|
Impairment
charge
|
|
|
— |
|
|
|
(1,117,369 |
) |
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|
— |
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|
— |
|
|
|
(1,117,369 |
) |
|
Disposition of portion of a
reporting unit
|
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|
— |
|
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|
(1,257 |
) |
|
|
— |
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|
|
— |
|
|
|
(1,257 |
) |
|
Gen-Probe acquisition
adjustments
|
|
|
— |
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|
|
4,226 |
|
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|
— |
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|
— |
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|
4,226 |
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|
Gen-Probe valuation
revision adjustment
|
|
|
— |
|
|
|
(15,750 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15,750 |
) |
|
Chindex
acquisition
|
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|
1,798 |
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|
|
— |
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|
— |
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|
— |
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|
1,798 |
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|
SenoRx
acquisition
|
|
|
692 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
692 |
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|
Tax adjustments
|
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|
— |
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|
(868 |
) |
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|
12 |
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|
— |
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|
(856 |
) |
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Foreign currency
|
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|
(1,866 |
) |
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|
1,125 |
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|
978 |
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28 |
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|
265 |
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Balance at
September 28, 2013
|
|
$ |
636,365 |
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$ |
1,153,554 |
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$ |
1,016,456 |
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$ |
8,153 |
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$ |
2,814,528 |
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| Rollforward of Accumulated Goodwill Impairment Losses by Reportable Segment |
A rollforward
of accumulated goodwill impairment losses by reportable segment
from September 29, 2012 to September 28, 2013 is as
follows:
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| |
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Breast Health |
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|
Diagnostics |
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|
GYN Surgical |
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Total |
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|
Balance at
September 29, 2012
|
|
$ |
348,419 |
|
|
$ |
908,349 |
|
|
$ |
1,165,804 |
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|
$ |
2,422,572 |
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|
Impairment
charge
|
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|
— |
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|
1,117,369 |
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|
— |
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|
1,117,369 |
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Balance at
September 28, 2013
|
|
$ |
348,419 |
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|
$ |
2,025,718 |
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$ |
1,165,804 |
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$ |
3,539,941 |
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| Schedule of Other Assets |
Other assets
consist of the following:
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September 28,
2013 |
|
|
September 29,
2012 |
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Other
Assets
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Deferred financing
costs
|
|
$ |
60,620 |
|
|
$ |
82,760 |
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|
Life insurance
contracts
|
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|
33,864 |
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|
25,978 |
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Mutual funds
|
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|
6,861 |
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|
|
6,995 |
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|
Marketable
security
|
|
|
18,087 |
|
|
|
6,029 |
|
|
Manufacturing access
fees
|
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|
15,971 |
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|
18,323 |
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|
Cost-method equity
investments
|
|
|
12,558 |
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|
|
15,976 |
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|
Other
|
|
|
15,941 |
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|
|
6,006 |
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|
|
|
|
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|
|
$ |
163,902 |
|
|
$ |
162,067 |
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| Components of Accumulated Other Comprehensive Income |
The components
of accumulated other comprehensive income consisted of the
following:
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| |
|
September 28,
2013 |
|
|
September 29,
2012 |
|
|
Foreign currency
translation adjustment
|
|
$ |
8,584 |
|
|
$ |
7,211 |
|
|
Unrealized gains on
available-for-sale securities
|
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|
12,156 |
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|
62 |
|
|
Minimum pension liability,
net of tax of $150 and $207, respectively
|
|
|
(349 |
) |
|
|
(483 |
) |
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|
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|
$ |
20,391 |
|
|
$ |
6,790 |
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| Accounts Receivable Reserve Activity |
Accounts
receivable reserve activity for fiscal 2013, 2012 and 2011 is as
follows:
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Balance at
Beginning
of Period |
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Charged to
Costs and
Expenses |
|
|
Write-
offs and
Payments |
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Balance at
End of
Period |
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Period Ended:
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|
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|
|
|
|
|
September 28,
2013
|
|
$ |
6,396 |
|
|
$ |
4,296 |
|
|
$ |
(1,894 |
) |
|
$ |
8,798 |
|
|
September 29,
2012
|
|
$ |
6,516 |
|
|
$ |
3,270 |
|
|
$ |
(3,390 |
) |
|
$ |
6,396 |
|
|
September 24,
2011
|
|
$ |
7,769 |
|
|
$ |
1,614 |
|
|
$ |
(2,867 |
) |
|
$ |
6,516 |
|
|
| Schedule of Reconciliation of Basic and Diluted Share Amounts |
A
reconciliation of basic and diluted share amounts for fiscal 2013,
2012, and 2011 is as follows:
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| |
|
September 28,
2013 |
|
|
September 29,
2012 |
|
|
September 24,
2011 |
|
|
Basic weighted average
common shares outstanding
|
|
|
268,704 |
|
|
|
264,041 |
|
|
|
261,099 |
|
|
Weighted average common
stock equivalents from assumed exercise of stock options and
restricted stock units
|
|
|
— |
|
|
|
— |
|
|
|
3,206 |
|
|
|
|
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|
Diluted weighted average
common shares outstanding
|
|
|
268,704 |
|
|
|
264,041 |
|
|
|
264,305 |
|
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Weighted-average
anti-dilutive shares related to:
|
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|
Outstanding stock
options
|
|
|
8,445 |
|
|
|
10,491 |
|
|
|
7,747 |
|
|
Restricted stock
units
|
|
|
1,109 |
|
|
|
1,378 |
|
|
|
— |
|
|
| Schedule of Product Warranty Activity |
Product
warranty activity for fiscal 2013 and 2012 is as
follows:
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| |
|
Balance at
Beginning of
Period |
|
|
Provisions |
|
|
Acquired |
|
|
Settlements/
Adjustments |
|
|
Balance at End
of Period |
|
|
Period ended:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28,
2013
|
|
$ |
6,179 |
|
|
$ |
12,827 |
|
|
$ |
— |
|
|
$ |
(9,748 |
) |
|
$ |
9,258 |
|
|
September 29,
2012
|
|
$ |
4,448 |
|
|
$ |
9,535 |
|
|
$ |
230 |
|
|
$ |
(8,034 |
) |
|
$ |
6,179 |
|
|