XML 25 R17.htm IDEA: XBRL DOCUMENT
v3.20.1

EQUITY AND NONCONTROLLING INTERESTS | 3 Months Ended
--- | ---
Mar. 28, 2020
Equity [Abstract] |
EQUITY AND NONCONTROLLING INTERESTS | EQUITY AND NONCONTROLLING INTERESTS Earnings Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
| Three Months Ended |  |  |  |  |  |
| March 28, 2020 |  | March 30, 2019 |  |  |  |
| (in thousands) |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 50,837 |  |  | $ | 55,688 |  |  |  |  |
Less: Net income attributable to noncontrolling interests | 68 |  |  | 555 |  |  |  |  |
Net income attributable to common shareholders | $ | 50,769 |  |  | $ | 55,133 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding - Basic | 49,189 |  |  | 48,458 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options, restricted stock units and performance share units | 777 |  |  | 1,004 |  |  |  |  |
Weighted-average shares outstanding - Diluted | 49,966 |  |  | 49,462 |  |  |  |  |
Options to purchase 0.4 million shares for each of the three months ended March 28, 2020 and March 30, 2019, as well as an insignificant number of 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. Basic weighted-average shares outstanding for the three months ended March 28, 2020 and March 30, 2019 excluded the impact of 0.6 million and 1.0 million shares of non-vested RSUs and PSUs, respectively. Treasury Shares During the three months ended March 28, 2020 and March 30, 2019, the Company did not repurchase any shares under its authorized stock repurchase program. As of March 28, 2020, the Company had $129.1 million remaining on the authorized stock repurchase program. The Company’s stock-based compensation plans permit the netting of common stock upon vesting of RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. During the three months ended March 28, 2020 and March 30, 2019, the Company acquired 0.1 million shares for $23.7 million and 0.1 million shares for $17.8 million, respectively, from such nett ing. Accumulated Other Comprehensive Income (Loss) Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
| Foreign Currency Translation Adjustment and Other |  | Pension and Other Post-Retirement Benefit Plans |  | Total
| (in thousands) |  |  |  |
December 28, 2019 | $ | (87,578) |  |  | $ | (90,441) |  |  | $ | (178,019) |
Other comprehensive loss before reclassifications | (44,311) |  |  | — |  |  | (44,311) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 1,374 |  |  | 1,374 |
Net current period other comprehensive income (loss) | (44,311) |  |  | 1,374 |  |  | (42,937) |
Income tax expense (benefit) | (2,330) |  |  | 291 |  |  | (2,039) |
March 28, 2020 | $ | (129,559) |  |  | $ | (89,358) |  |  | $ | (218,917) |
Nonredeemable Noncontrolling Interest The Company has an investment in an entity whose financial results are consolidated in the Company’s unaudited condensed consolidated 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 within Equity in the accompanying unaudited condensed consolidated balance sheets. The activity within the nonredeemable noncontrolling interest was immaterial during the three months ended March 28, 2020 and March 30, 2019, respectively. Redeemable Noncontrolling Interests The Company has a 92% equity interest in Vital River with an 8% redeemable noncontrolling interest. The Company has the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 8% equity interest at a contractually defined redemption value, subject to a redemption floor, which represents a derivative embedded within the equity instrument. These rights are exercisable beginning in 2022 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 ($14.7 million as of March 28, 2020) and the 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 8% interest, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, which is presented above the equity section and below liabilities. The amount that the Company could be required to pay to purchase the remaining 8% equity interest is not limited. As part of the Citoxlab acquisition in 2019, the Company acquired an approximate 90% equity interest in a subsidiary that is fully consolidated under the voting interest model, which included an approximate 10% redeemable noncontrolling interest. In February 2020, the Company purchased the remaining approximate 10% noncontrolling interest for approximately $4 million and assumption of a contingent consideration liability of approximately $2 million payable to the former shareholders. See Note 7. “Fair Value”. In 2019, the Company acquired an 80% equity interest in a supplier that is fully consolidated, which includes a 20% redeemable noncontrolling interest. The Company has the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 20% equity interest at its appraised value. These rights are exercisable beginning in 2022. 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 appraised value and the carrying amount adjusted for net income (loss) attributable to the noncontrolling interest or a predetermined floor value. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 20% interest, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, which is presented above the equity section and below liabilities. The amount that the Company could be required to pay to purchase the remaining 20% equity interest is not limited. The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:
| Three Months Ended |  |
| March 28, 2020 |  | March 30, 2019
| (in thousands) |  |
Beginning balance | $ | 28,647 |  |  | $ | 18,525 |
Acquisition of noncontrolling interest | (3,732) |  |  | — |
Adjustment to Vital River redemption value | — |  |  | 1,451 |
Net (loss) income attributable to noncontrolling interests | (332) |  |  | 85 |
Foreign currency translation | (544) |  |  | 458 |
Ending balance | $ | 24,039 |  |  | $ | 20,519 |

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://fasb.org/us-gaap/role/ref/legacyRef -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