XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Equity and Redeemable Noncontrolling Interest | 6 Months Ended
--- | ---
Jul. 01, 2017
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Earnings Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
| Three Months Ended |  | Six Months Ended
| July 1, 2017 |  | June 25, 2016 |  | July 1, 2017 |  | June 25, 2016
| (in thousands)
Numerator: |  |  |  |  |  |  |
Income from continuing operations, net of income taxes | $ | 54,673 |  |  | $ | 35,545 |  |  | $ | 101,636 |  |  | $ | 73,120 |
Income (loss) from discontinued operations, net of income taxes | (71 | ) |  | 12 |  |  | (75 | ) |  | (14 | )
Less: Net income attributable to noncontrolling interests | 650 |  |  | 350 |  |  | 831 |  |  | 756 |
Net income attributable to common shareholders | $ | 53,952 |  |  | $ | 35,207 |  |  | $ | 100,730 |  |  | $ | 72,350 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares outstanding - Basic | 47,591 |  |  | 47,061 |  |  | 47,569 |  |  | 46,852 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options, restricted stock units, performance share units and restricted stock | 751 |  |  | 858 |  |  | 835 |  |  | 939 |
Weighted-average shares outstanding - Diluted | 48,342 |  |  | 47,919 |  |  | 48,404 |  |  | 47,791 |
Options to purchase 0.6 million and 0.8 million shares for the three months ended July 1, 2017 and June 25, 2016, respectively, as well as an insignificant number of restricted shares, restricted stock units (RSUs), and performance share units (PSUs), were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Options to purchase 0.6 million and 0.9 million shares for the six months ended July 1, 2017 and June 25, 2016, respectively, as well as an insignificant number of restricted shares, RSUs and PSUs were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted average shares outstanding for both the six months ended July 1, 2017 and June 25, 2016 excluded the impact of 1.1 million shares of non-vested restricted stock and restricted stock units. Treasury Shares During the six months ended July 1, 2017, the Company repurchased 0.6 million shares totaling $54.6 million under its authorized stock repurchase program. No shares were repurchased in the six months ended June 25, 2016. On May 9, 2017, the Company’s Board of Directors increased the stock repurchase authorization by $150 million, to an aggregate amount of $1.3 billion. As of July 1, 2017, the Company had $165.1 million remaining on the authorized stock repurchase program. The Company’s stock-based compensation plans permit the netting of common stock upon vesting of restricted stock, RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. During the six months ended July 1, 2017 and June 25, 2016, the Company acquired 0.2 million shares for $16.3 million and 0.2 million shares for $12.2 million, respectively, from such netting. Accumulated Other Comprehensive Income Changes to each component of accumulated other comprehensive income, net of income taxes, are as follows:
| Foreign Currency Translation Adjustment and Other |  | Pension and Other Post-Retirement Benefit Plans |  | Total
| (in thousands)
December 31, 2016 | $ | (154,595 | ) |  | $ | (99,169 | ) |  | $ | (253,764 | )
Other comprehensive loss before reclassifications | 44,305 |  |  | — |  |  | 44,305 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 1,755 |  |  | 1,755 |
Net current period other comprehensive income | 44,305 |  |  | 1,755 |  |  | 46,060 |
Income tax expense | — |  |  | 623 |  |  | 623 |
July 1, 2017 | $ | (110,290 | ) |  | $ | (98,037 | ) |  | $ | (208,327 | )
Nonredeemable Noncontrolling Interest The Company has an investment in an entity whose financial results are consolidated in the Company’s financial statements, as it has the ability to exercise control over this entity. The interest of the noncontrolling party in this entity has been recorded as noncontrolling interest. The activity within the nonredeemable noncontrolling interest was not significant during the three and six months ended July 1, 2017 and June 25, 2016. Redeemable Noncontrolling Interest The Company’s redeemable noncontrolling interest resulted from an acquisition of a 75% ownership interest in Vital River in January 2013 and a purchase of an additional 12% equity interest in Vital River in July 2016, totaling an ownership of 87%. Prior to the purchase of an additional 12% equity interest on July 7, 2016, the redeemable noncontrolling interest was reported at fair value. Concurrent with the purchase of an additional equity interest, the original agreement was amended providing the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 13% equity interest at a contractually defined redemption value, subject to a redemption floor (embedded derivative). These rights are exercisable beginning in 2019 and are accelerated in certain events. The redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value ($14.6 million as of July 1, 2017) and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 13% interest, the noncontrolling interest is classified in the mezzanine section of the condensed consolidated balance sheet, which is presented above the equity section and below liabilities. The agreement does not limit the amount that the Company could be required to pay to purchase the remaining 13% equity interest. The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interest:
| Six Months Ended
| July 1, 2017 |  | June 25, 2016
| (in thousands)
Beginning balance | $ | 14,659 |  |  | $ | 28,008 |
Total gains or losses (realized/unrealized): |  |  |
Net income attributable to noncontrolling interest | 291 |  |  | 320 |
Foreign currency translation | 367 |  |  | (653 | )
Change in fair value, included in additional paid-in capital | — |  |  | (1,851 | )
Ending balance | $ | 15,317 |  |  | $ | 25,824 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration