| Debt
|
|
|
|
|
|
|
|
Assets acquired | |||
Current assets | $ | 9,519 | |
Property, plant and equipment | 1,106 | ||
Amortizing intangible assets | 6,100 | ||
Goodwill | 8,321 | ||
Total assets acquired | 25,046 | ||
Liabilities assumed | |||
Current liabilities | 3,874 | ||
Deferred income taxes | 1,590 | ||
Total liabilities assumed | 5,464 | ||
Net assets acquired | $ | 19,582 |
Amortizing Intangible Assets | Fair Value Assigned | Weighted Average Amortization Period (Years) | Weighted Average Discount Rate | |||||
Technology | $ | 1,400 | 10 | 18% | ||||
Customer lists | 4,600 | 10 | 18% | |||||
Trademarks and tradenames | 100 | 2 | 18% | |||||
6,100 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales | $ | 173,413 | $ | 171,158 | $ | 526,631 | $ | 497,610 | |||||||
Net income | 14,219 | 11,407 | 42,165 | 27,495 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.57 | $ | 0.47 | 1.70 | 1.15 | |||||||||
Diluted | $ | 0.55 | $ | 0.45 | 1.63 | 1.10 |
|
Nine Months Ended | |||||||
(in thousands) | October 3, 2014 | September 27, 2013 | |||||
Noncash investing and financing activities: | |||||||
Common stock contributed to 401(k) Plan | $ | 4,341 | $ | 2,477 | |||
Property, plant and equipment purchases included in accounts payable | 2,618 | 711 | |||||
Cash paid during the period for: | |||||||
Interest | $ | 2,736 | $ | 4,388 | |||
Income taxes | 11,791 | 31,755 | |||||
Acquisition of noncash assets | $ | 21,282 | $ | — | |||
Liabilities assumed | 5,464 | — |
|
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
Raw materials | $ | 74,718 | $ | 67,939 | |||
Work-in-process | 39,604 | 36,670 | |||||
Finished goods | 14,405 | 13,749 | |||||
Total | $ | 128,727 | $ | 118,358 |
|
Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation | Net Carrying Amount | ||||||||||||
At October 3, 2014 | |||||||||||||||
Technology and patents | $ | 95,776 | $ | (74,287 | ) | $ | 1,966 | $ | 23,455 | ||||||
Customer lists | 72,857 | (29,705 | ) | 1,374 | 44,526 | ||||||||||
Other | 4,534 | (4,555 | ) | 803 | 782 | ||||||||||
Total amortizing intangible assets | $ | 173,167 | $ | (108,547 | ) | $ | 4,143 | $ | 68,763 | ||||||
At January 3, 2014 | |||||||||||||||
Technology and patents | $ | 97,376 | $ | (69,026 | ) | $ | 1,980 | $ | 30,330 | ||||||
Customer lists | 68,257 | (24,671 | ) | 1,367 | 44,953 | ||||||||||
Other | 4,434 | (4,399 | ) | 804 | 839 | ||||||||||
Total amortizing intangible assets | $ | 170,067 | $ | (98,096 | ) | $ | 4,151 | $ | 76,122 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Cost of sales | $ | 1,567 | $ | 1,668 | $ | 4,696 | $ | 5,207 | |||||||
Selling, general and administrative expenses | 1,756 | 1,446 | 5,190 | 4,343 | |||||||||||
Research, development and engineering costs, net | 164 | 137 | 565 | 409 | |||||||||||
Total intangible asset amortization expense | $ | 3,487 | $ | 3,251 | $ | 10,451 | $ | 9,959 |
Estimated Amortization Expense | |||
Remainder of 2014 | $ | 3,426 | |
2015 | 12,988 | ||
2016 | 10,676 | ||
2017 | 9,520 | ||
2018 | 7,232 | ||
Thereafter | 24,921 | ||
Total estimated amortization expense | $ | 68,763 |
Trademarks and Tradenames | |||
At January 3, 2014 | $ | 20,288 | |
At October 3, 2014 | $ | 20,288 |
Greatbatch Medical | QiG | Total | |||||||||
At January 3, 2014 | $ | 304,856 | $ | 41,800 | $ | 346,656 | |||||
Goodwill acquired | — | 8,321 | 8,321 | ||||||||
Foreign currency translation | (394 | ) | — | (394 | ) | ||||||
At October 3, 2014 | $ | 304,462 | $ | 50,121 | $ | 354,583 |
|
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
Revolving line of credit | $ | — | $ | — | |||
Variable rate term loan | 190,000 | 197,500 | |||||
Total long-term debt | $ | 190,000 | $ | 197,500 |
Instrument | Type of Hedge | Notional Amount | Start Date | End Date | Pay Fixed Rate | Current Receive Floating Rate | Fair Value October 3, 2014 | Balance Sheet Location | |||||||||||||
Interest rate swap | Cash flow | $ | 100,000 | Feb-13 | Feb-16 | 0.573 | % | 0.154 | % | $ | (191 | ) | Other Long-Term Liabilities |
Remainder of 2014 | $ | 2,500 | |
2015 | 11,250 | ||
2016 | 16,250 | ||
2017 | 20,000 | ||
2018 | 20,000 | ||
Thereafter | 120,000 | ||
Total | $ | 190,000 |
Three Months ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Contractual interest | $ | — | $ | — | $ | — | $ | 634 | |||||||
Discount amortization | — | — | — | 5,368 |
At January 3, 2014 | $ | 3,860 | |
Amortization during the period | (580 | ) | |
At October 3, 2014 | $ | 3,280 |
|
At January 3, 2014 | $ | 1,691 | |
Net defined benefit cost | 229 | ||
Benefit payments | (96 | ) | |
Foreign currency translation | (153 | ) | |
At October 3, 2014 | $ | 1,671 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Service cost | $ | 51 | $ | 76 | $ | 155 | $ | 227 | |||||||
Interest cost | 18 | 41 | 57 | 144 | |||||||||||
Curtailment gain (Other Operating Expenses, Net) | — | — | — | (1,150 | ) | ||||||||||
Amortization of net loss | 6 | — | 17 | — | |||||||||||
Net defined benefit (income) cost | $ | 75 | $ | 117 | $ | 229 | $ | (779 | ) |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Stock options | $ | 595 | $ | 1,374 | $ | 1,811 | $ | 2,784 | |||||||
Restricted stock and units | 1,850 | 2,013 | 5,008 | 4,958 | |||||||||||
401(k) Plan stock contribution | 1,357 | 679 | 3,712 | 3,671 | |||||||||||
Total stock-based compensation expense | $ | 3,802 | $ | 4,066 | $ | 10,531 | $ | 11,413 | |||||||
Cost of sales | $ | 1,129 | $ | 1,117 | $ | 3,187 | $ | 3,246 | |||||||
Selling, general and administrative expenses | 1,951 | 1,598 | 5,872 | 6,052 | |||||||||||
Research, development and engineering costs, net | 429 | 215 | 1,179 | 979 | |||||||||||
Modification expense – Other Operating Expenses, Net (Note 9) | 293 | 1,136 | 293 | 1,136 | |||||||||||
Total stock-based compensation expense | $ | 3,802 | $ | 4,066 | $ | 10,531 | $ | 11,413 |
Nine Months Ended | |||||||
October 3, 2014 | September 27, 2013 | ||||||
Weighted average fair value | $ | 16.43 | $ | 8.38 | |||
Risk-free interest rate | 1.73 | % | 0.73 | % | |||
Expected volatility | 39 | % | 39 | % | |||
Expected life (in years) | 5 | 5 | |||||
Expected dividend yield | — | % | — | % |
Number of Time-Vested Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (In Millions) | |||||||||
Outstanding at January 3, 2014 | 1,616,409 | $ | 22.92 | |||||||||
Granted | 183,571 | 43.84 | ||||||||||
Exercised | (191,501 | ) | 22.94 | |||||||||
Forfeited or expired | (33,279 | ) | 27.82 | |||||||||
Outstanding at October 3, 2014 | 1,575,200 | 25.26 | 6.3 | $ | 28.9 | |||||||
Exercisable at October 3, 2014 | 1,159,129 | 23.09 | 5.5 | $ | 23.7 |
Number of Performance- Vested Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (In Millions) | |||||||||
Outstanding at January 3, 2014 | 177,261 | $ | 23.27 | |||||||||
Exercised | (56,243 | ) | 23.34 | |||||||||
Outstanding at October 3, 2014 | 121,018 | 23.25 | 3.2 | $ | 2.5 | |||||||
Exercisable at October 3, 2014 | 121,018 | 23.25 | 3.2 | $ | 2.5 |
Time-Vested Activity | Weighted Average Fair Value | |||||
Nonvested at January 3, 2014 | 67,575 | $ | 26.37 | |||
Granted | 63,817 | 44.78 | ||||
Vested | (14,118 | ) | 43.80 | |||
Forfeited | (7,073 | ) | 33.79 | |||
Nonvested at October 3, 2014 | 110,201 | 34.32 |
Performance- Vested Activity | Weighted Average Fair Value | |||||
Nonvested at January 3, 2014 | 779,678 | $ | 16.41 | |||
Granted | 186,825 | 31.33 | ||||
Vested | (221,470 | ) | 18.51 | |||
Forfeited | (28,870 | ) | 18.42 | |||
Nonvested at October 3, 2014 | 716,163 | 19.57 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
2014 investments in capacity and capabilities | $ | 2,787 | $ | — | $ | 5,005 | $ | — | |||||||
2013 operating unit realignment | (31 | ) | 2,214 | 1,004 | 3,066 | ||||||||||
Orthopaedic facility optimization costs | 996 | 1,420 | 1,032 | 6,723 | |||||||||||
Medical device facility optimization | — | 52 | 11 | 282 | |||||||||||
ERP system upgrade (income) costs | — | (121 | ) | (82 | ) | 264 | |||||||||
Acquisition and integration (income) costs | 133 | (522 | ) | (248 | ) | (340 | ) | ||||||||
Asset dispositions, severance and other | 2,291 | 457 | 3,501 | 565 | |||||||||||
$ | 6,176 | $ | 3,500 | $ | 10,223 | $ | 10,560 |
• | Functions currently performed at the Company’s facility in Plymouth, MN to manufacture catheters and introducers will transfer into the Company’s existing facility in Tijuana, Mexico by the first half of 2016. |
• | Functions currently performed at the Company’s facilities in Beaverton, OR and Raynham, MA to manufacture products for the portable medical market will transfer to a new facility in Tijuana, Mexico by the end of 2015. Products currently manufactured at the Beaverton facility, which do not serve the portable medical market, are planned to transfer to the Company’s Raynham facility. |
• | Establishing a R&D hub in the Minneapolis/St. Paul, MN area for the Company's Global R&D QiG - Medical Device Systems team, which will serve as the technical center of expertise for active implantable medical device development, implantable leads design, system level design verification testing, and continuation engineering. As part of this initiative, the design engineering responsibilities currently performed at our Cleveland, OH facility will be transferred to the new R&D hub by the end of 2014. |
• | Establishing a commercial operations hub at the Company's global headquarters in Frisco, Texas. This initiative will build upon the investment the Company has made in its global sales and marketing function and is expected to be completed during the first half of 2015. |
Severance and Retention | Accelerated Depreciation/Asset Write-offs | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring charges | 1,445 | 33 | 3,527 | 5,005 | |||||||||||
Write-offs | — | (33 | ) | — | (33 | ) | |||||||||
Cash payments | (434 | ) | — | (2,838 | ) | (3,272 | ) | ||||||||
At October 3, 2014 | $ | 1,011 | $ | — | $ | 689 | $ | 1,700 |
• | Severance and retention: $5.0 million – $5.2 million; and |
• | Other: $1.6 million – $1.8 million. |
Severance and Retention | Other | Total | |||||||||
At January 3, 2014 | $ | 465 | $ | 746 | $ | 1,211 | |||||
Restructuring charges | 849 | 155 | 1,004 | ||||||||
Cash payments | (1,314 | ) | (901 | ) | (2,215 | ) | |||||
At October 3, 2014 | $ | — | $ | — | $ | — |
• | Severance and retention: approximately $11 million; |
• | Accelerated depreciation and asset write-offs: approximately $13 million; and |
• | Other: $19 million – $24 million. |
Severance and Retention | Accelerated Depreciation/Asset Write-offs | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | 857 | $ | 857 | |||||||
Restructuring charges (income) | — | (2,655 | ) | 3,687 | 1,032 | ||||||||||
Cash (payments) receipts | — | 2,655 | (4,004 | ) | (1,349 | ) | |||||||||
At October 3, 2014 | $ | — | $ | — | $ | 540 | $ | 540 |
• | Production inefficiencies, moving and revalidation: $0.7 million; |
• | Personnel: $0.6 million; and |
• | Other: approximately $0.5 million - $0.7 million. |
Production Inefficiencies, Moving and Revalidation | Personnel | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring charges | — | 1 | 10 | 11 | |||||||||||
Cash payments | — | (1 | ) | (10 | ) | (11 | ) | ||||||||
At October 3, 2014 | $ | — | $ | — | $ | — | $ | — |
• | Training and consulting costs: $3.3 million; and |
• | Accelerated depreciation and asset write-offs: $2.5 million. |
Training & Consulting Costs | Accelerated Depreciation/Asset Write-offs | Total | |||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | |||||
Restructuring income | (82 | ) | — | (82 | ) | ||||||
Cash receipts | 82 | — | 82 | ||||||||
At October 3, 2014 | $ | — | $ | — | $ | — |
|
|
At January 3, 2014 | $ | 1,819 | |
Increase to warranty reserve | 680 | ||
Warranty claims paid | (1,934 | ) | |
At October 3, 2014 | $ | 565 |
Remainder of 2014 | $ | 1,285 | |
2015 | 5,635 | ||
2016 | 5,036 | ||
2017 | 2,548 | ||
2018 | 2,099 | ||
Thereafter | 6,352 | ||
Total estimated operating lease expense | $ | 22,955 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Reduction in cost of sales | $ | (48 | ) | $ | (346 | ) | $ | (204 | ) | $ | (908 | ) | |||
Ineffective portion of change in fair value | — | — | — | — |
Instrument | Type of Hedge | Aggregate Notional Amount | Start Date | End Date | $/Peso | Fair Value | Balance Sheet Location | ||||||||||||
FX Contract | Cash flow | $ | 1,927 | Jan-14 | Dec-14 | 0.0767 | $ | (72 | ) | Accrued expenses | |||||||||
FX Contract | Cash flow | $ | 1,580 | Jan-14 | Dec-14 | 0.0752 | $ | (30 | ) | Accrued expenses |
|
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At July 4, 2014 | $ | (672 | ) | $ | (218 | ) | $ | 15,741 | $ | 14,851 | $ | 459 | $ | 15,310 | |||||||||
Unrealized loss on cash flow hedges | — | (133 | ) | — | (133 | ) | 46 | (87 | ) | ||||||||||||||
Realized gain on foreign currency hedges | — | (48 | ) | — | (48 | ) | 17 | (31 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 106 | — | 106 | (37 | ) | 69 | ||||||||||||||||
Foreign currency translation loss | — | — | (3,211 | ) | (3,211 | ) | — | (3,211 | ) | ||||||||||||||
At October 3, 2014 | $ | (672 | ) | $ | (293 | ) | $ | 12,530 | $ | 11,565 | $ | 485 | $ | 12,050 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At January 3, 2014 | $ | (672 | ) | $ | (468 | ) | $ | 14,952 | $ | 13,812 | $ | 546 | $ | 14,358 | |||||||||
Unrealized gain on cash flow hedges | — | 35 | — | 35 | (12 | ) | 23 | ||||||||||||||||
Realized gain on foreign currency hedges | — | (204 | ) | — | (204 | ) | 71 | (133 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 344 | — | 344 | (120 | ) | 224 | ||||||||||||||||
Foreign currency translation loss | — | — | (2,422 | ) | (2,422 | ) | — | (2,422 | ) | ||||||||||||||
At October 3, 2014 | $ | (672 | ) | $ | (293 | ) | $ | 12,530 | $ | 11,565 | $ | 485 | $ | 12,050 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At June 28, 2013 | $ | (365 | ) | $ | 178 | $ | 10,999 | $ | 10,812 | $ | 338 | $ | 11,150 | ||||||||||
Unrealized loss on cash flow hedges | — | (419 | ) | — | (419 | ) | 147 | (272 | ) | ||||||||||||||
Realized gain on foreign currency hedges | — | (346 | ) | — | (346 | ) | 121 | (225 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 145 | — | 145 | (51 | ) | 94 | ||||||||||||||||
Foreign currency translation gain | — | — | 3,579 | 3,579 | — | 3,579 | |||||||||||||||||
At September 27, 2013 | $ | (365 | ) | $ | (442 | ) | $ | 14,578 | $ | 13,771 | $ | 555 | $ | 14,326 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At December 28, 2012 | $ | (962 | ) | $ | 120 | $ | 13,431 | $ | 12,589 | $ | 358 | $ | 12,947 | ||||||||||
Unrealized gain on cash flow hedges | — | 2 | — | 2 | (1 | ) | 1 | ||||||||||||||||
Realized gain on foreign currency hedges | — | (908 | ) | — | (908 | ) | 318 | (590 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 344 | — | 344 | (120 | ) | 224 | ||||||||||||||||
Net defined benefit plan gain (Note 7) | 597 | — | — | 597 | — | 597 | |||||||||||||||||
Foreign currency translation gain | — | — | 1,147 | 1,147 | — | 1,147 | |||||||||||||||||
At September 27, 2013 | $ | (365 | ) | $ | (442 | ) | $ | 14,578 | $ | 13,771 | $ | 555 | $ | 14,326 |
Nine Months Ended | |||
September 27, 2013 | |||
Net gain occurring during the period | $ | (171 | ) |
Amortization of losses | (581 | ) | |
Prior service cost | 155 | ||
Pre-tax adjustment | (597 | ) | |
Taxes | — | ||
Net gain | $ | (597 | ) |
|
At January 3, 2014 | $ | 840 | |
Fair value adjustments | (750 | ) | |
At October 3, 2014 | $ | 90 |
Contingent Consideration Liability | Fair Value at October 3, 2014 | Valuation Technique | Unobservable Inputs | |||||||||
Development milestone | $ | 90 | Discounted cash flow | Discount rate | 20 | % | ||||||
Projected year of payment | 2015 | |||||||||||
Probability weighted payment amount | $ | 100 |
Fair Value Measurements Using | ||||||||||||||||
At October 3, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency contracts (Note 11) | $ | 102 | $ | — | $ | 102 | $ | — | ||||||||
Interest rate swap (Note 6) | 191 | — | 191 | — | ||||||||||||
Accrued contingent consideration (Note 14) | 90 | — | — | 90 |
|
• | Cardiac/Neuromodulation: Products include batteries, capacitors, filtered and unfiltered feed-throughs, engineered components, implantable stimulation leads, and enclosures used in implantable medical devices. |
• | Orthopaedic: Products include hip and shoulder joint reconstruction implants, bone plates and spinal devices, and instruments and delivery systems used in hip and knee replacement, trauma fixation, and spinal surgeries. |
• | Portable Medical: Products include batteries, chargers and power supplies for a wide range of medical devices including automated external defibrillators, portable oxygen concentrators, ventilators, and powered surgical tools. |
• | Vascular: Products include introducers, medical coatings, steerable sheaths, and catheters that deliver therapies for various markets such as coronary and neurovascular disease, peripheral vascular disease, interventional radiology, vascular access, atrial fibrillation, and interventional cardiology, plus products for medical imaging and pharmaceutical delivery. |
• | Energy, Military, and Environmental (“EME”): Products include primary and rechargeable batteries and battery packs for demanding applications such as down hole drilling tools. |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales: | |||||||||||||||
Greatbatch Medical | |||||||||||||||
Cardiac/Neuromodulation | $ | 85,618 | $ | 86,302 | $ | 252,403 | $ | 240,003 | |||||||
Orthopaedic | 32,489 | 30,079 | 106,785 | 92,043 | |||||||||||
Portable Medical | 17,199 | 19,320 | 53,139 | 60,376 | |||||||||||
Vascular | 14,903 | 12,279 | 43,210 | 35,152 | |||||||||||
Energy, Military, Environmental | 19,016 | 19,072 | 58,499 | 57,594 | |||||||||||
Total Greatbatch Medical | 169,225 | 167,052 | 514,036 | 485,168 | |||||||||||
QiG | 2,474 | 678 | 4,025 | 2,158 | |||||||||||
Total sales | $ | 171,699 | $ | 167,730 | $ | 518,061 | $ | 487,326 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Segment income from operations: | |||||||||||||||
Greatbatch Medical | $ | 31,121 | $ | 28,236 | $ | 98,688 | $ | 84,596 | |||||||
QiG | (6,796 | ) | (6,946 | ) | (18,882 | ) | (21,679 | ) | |||||||
Total segment income from operations | 24,325 | 21,290 | 79,806 | 62,917 | |||||||||||
Unallocated operating expenses | (8,142 | ) | (4,288 | ) | (21,560 | ) | (14,441 | ) | |||||||
Operating income as reported | 16,183 | 17,002 | 58,246 | 48,476 | |||||||||||
Unallocated other income (expense) | 2,717 | (1,458 | ) | 847 | (10,855 | ) | |||||||||
Income before provision for income taxes | $ | 18,900 | $ | 15,544 | $ | 59,093 | $ | 37,621 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales by geographic area: | |||||||||||||||
United States | $ | 76,330 | $ | 81,736 | $ | 235,203 | $ | 242,304 | |||||||
Non-Domestic locations: | |||||||||||||||
Puerto Rico | 34,581 | 31,936 | 101,064 | 87,592 | |||||||||||
Belgium | 13,722 | 14,947 | 47,351 | 49,895 | |||||||||||
Rest of world | 47,066 | 39,111 | 134,443 | 107,535 | |||||||||||
Total sales | $ | 171,699 | $ | 167,730 | $ | 518,061 | $ | 487,326 |
Three Months Ended | Nine Months Ended | ||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||
Customer A | 19 | % | 21 | % | 19 | % | 20 | % | |||
Customer B | 15 | % | 16 | % | 16 | % | 16 | % | |||
Customer C | 11 | % | 11 | % | 12 | % | 13 | % | |||
Total | 45 | % | 48 | % | 47 | % | 49 | % |
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
United States | $ | 113,310 | $ | 116,484 | |||
Rest of world | 29,026 | 29,289 | |||||
Total | $ | 142,336 | $ | 145,773 |
|
|
|
Assets acquired | |||
Current assets | $ | 9,519 | |
Property, plant and equipment | 1,106 | ||
Amortizing intangible assets | 6,100 | ||
Goodwill | 8,321 | ||
Total assets acquired | 25,046 | ||
Liabilities assumed | |||
Current liabilities | 3,874 | ||
Deferred income taxes | 1,590 | ||
Total liabilities assumed | 5,464 | ||
Net assets acquired | $ | 19,582 |
Amortizing Intangible Assets | Fair Value Assigned | Weighted Average Amortization Period (Years) | Weighted Average Discount Rate | |||||
Technology | $ | 1,400 | 10 | 18% | ||||
Customer lists | 4,600 | 10 | 18% | |||||
Trademarks and tradenames | 100 | 2 | 18% | |||||
6,100 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales | $ | 173,413 | $ | 171,158 | $ | 526,631 | $ | 497,610 | |||||||
Net income | 14,219 | 11,407 | 42,165 | 27,495 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.57 | $ | 0.47 | 1.70 | 1.15 | |||||||||
Diluted | $ | 0.55 | $ | 0.45 | 1.63 | 1.10 |
|
Nine Months Ended | |||||||
(in thousands) | October 3, 2014 | September 27, 2013 | |||||
Noncash investing and financing activities: | |||||||
Common stock contributed to 401(k) Plan | $ | 4,341 | $ | 2,477 | |||
Property, plant and equipment purchases included in accounts payable | 2,618 | 711 | |||||
Cash paid during the period for: | |||||||
Interest | $ | 2,736 | $ | 4,388 | |||
Income taxes | 11,791 | 31,755 | |||||
Acquisition of noncash assets | $ | 21,282 | $ | — | |||
Liabilities assumed | 5,464 | — |
|
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
Raw materials | $ | 74,718 | $ | 67,939 | |||
Work-in-process | 39,604 | 36,670 | |||||
Finished goods | 14,405 | 13,749 | |||||
Total | $ | 128,727 | $ | 118,358 |
|
Gross Carrying Amount | Accumulated Amortization | Foreign Currency Translation | Net Carrying Amount | ||||||||||||
At October 3, 2014 | |||||||||||||||
Technology and patents | $ | 95,776 | $ | (74,287 | ) | $ | 1,966 | $ | 23,455 | ||||||
Customer lists | 72,857 | (29,705 | ) | 1,374 | 44,526 | ||||||||||
Other | 4,534 | (4,555 | ) | 803 | 782 | ||||||||||
Total amortizing intangible assets | $ | 173,167 | $ | (108,547 | ) | $ | 4,143 | $ | 68,763 | ||||||
At January 3, 2014 | |||||||||||||||
Technology and patents | $ | 97,376 | $ | (69,026 | ) | $ | 1,980 | $ | 30,330 | ||||||
Customer lists | 68,257 | (24,671 | ) | 1,367 | 44,953 | ||||||||||
Other | 4,434 | (4,399 | ) | 804 | 839 | ||||||||||
Total amortizing intangible assets | $ | 170,067 | $ | (98,096 | ) | $ | 4,151 | $ | 76,122 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Cost of sales | $ | 1,567 | $ | 1,668 | $ | 4,696 | $ | 5,207 | |||||||
Selling, general and administrative expenses | 1,756 | 1,446 | 5,190 | 4,343 | |||||||||||
Research, development and engineering costs, net | 164 | 137 | 565 | 409 | |||||||||||
Total intangible asset amortization expense | $ | 3,487 | $ | 3,251 | $ | 10,451 | $ | 9,959 |
Estimated Amortization Expense | |||
Remainder of 2014 | $ | 3,426 | |
2015 | 12,988 | ||
2016 | 10,676 | ||
2017 | 9,520 | ||
2018 | 7,232 | ||
Thereafter | 24,921 | ||
Total estimated amortization expense | $ | 68,763 |
Trademarks and Tradenames | |||
At January 3, 2014 | $ | 20,288 | |
At October 3, 2014 | $ | 20,288 |
Greatbatch Medical | QiG | Total | |||||||||
At January 3, 2014 | $ | 304,856 | $ | 41,800 | $ | 346,656 | |||||
Goodwill acquired | — | 8,321 | 8,321 | ||||||||
Foreign currency translation | (394 | ) | — | (394 | ) | ||||||
At October 3, 2014 | $ | 304,462 | $ | 50,121 | $ | 354,583 |
|
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
Revolving line of credit | $ | — | $ | — | |||
Variable rate term loan | 190,000 | 197,500 | |||||
Total long-term debt | $ | 190,000 | $ | 197,500 |
Instrument | Type of Hedge | Notional Amount | Start Date | End Date | Pay Fixed Rate | Current Receive Floating Rate | Fair Value October 3, 2014 | Balance Sheet Location | |||||||||||||
Interest rate swap | Cash flow | $ | 100,000 | Feb-13 | Feb-16 | 0.573 | % | 0.154 | % | $ | (191 | ) | Other Long-Term Liabilities |
Remainder of 2014 | $ | 2,500 | |
2015 | 11,250 | ||
2016 | 16,250 | ||
2017 | 20,000 | ||
2018 | 20,000 | ||
Thereafter | 120,000 | ||
Total | $ | 190,000 |
Three Months ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Contractual interest | $ | — | $ | — | $ | — | $ | 634 | |||||||
Discount amortization | — | — | — | 5,368 |
At January 3, 2014 | $ | 3,860 | |
Amortization during the period | (580 | ) | |
At October 3, 2014 | $ | 3,280 |
|
At January 3, 2014 | $ | 1,691 | |
Net defined benefit cost | 229 | ||
Benefit payments | (96 | ) | |
Foreign currency translation | (153 | ) | |
At October 3, 2014 | $ | 1,671 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Service cost | $ | 51 | $ | 76 | $ | 155 | $ | 227 | |||||||
Interest cost | 18 | 41 | 57 | 144 | |||||||||||
Curtailment gain (Other Operating Expenses, Net) | — | — | — | (1,150 | ) | ||||||||||
Amortization of net loss | 6 | — | 17 | — | |||||||||||
Net defined benefit (income) cost | $ | 75 | $ | 117 | $ | 229 | $ | (779 | ) |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Stock options | $ | 595 | $ | 1,374 | $ | 1,811 | $ | 2,784 | |||||||
Restricted stock and units | 1,850 | 2,013 | 5,008 | 4,958 | |||||||||||
401(k) Plan stock contribution | 1,357 | 679 | 3,712 | 3,671 | |||||||||||
Total stock-based compensation expense | $ | 3,802 | $ | 4,066 | $ | 10,531 | $ | 11,413 | |||||||
Cost of sales | $ | 1,129 | $ | 1,117 | $ | 3,187 | $ | 3,246 | |||||||
Selling, general and administrative expenses | 1,951 | 1,598 | 5,872 | 6,052 | |||||||||||
Research, development and engineering costs, net | 429 | 215 | 1,179 | 979 | |||||||||||
Modification expense – Other Operating Expenses, Net (Note 9) | 293 | 1,136 | 293 | 1,136 | |||||||||||
Total stock-based compensation expense | $ | 3,802 | $ | 4,066 | $ | 10,531 | $ | 11,413 |
Nine Months Ended | |||||||
October 3, 2014 | September 27, 2013 | ||||||
Weighted average fair value | $ | 16.43 | $ | 8.38 | |||
Risk-free interest rate | 1.73 | % | 0.73 | % | |||
Expected volatility | 39 | % | 39 | % | |||
Expected life (in years) | 5 | 5 | |||||
Expected dividend yield | — | % | — | % |
Number of Time-Vested Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (In Millions) | |||||||||
Outstanding at January 3, 2014 | 1,616,409 | $ | 22.92 | |||||||||
Granted | 183,571 | 43.84 | ||||||||||
Exercised | (191,501 | ) | 22.94 | |||||||||
Forfeited or expired | (33,279 | ) | 27.82 | |||||||||
Outstanding at October 3, 2014 | 1,575,200 | 25.26 | 6.3 | $ | 28.9 | |||||||
Exercisable at October 3, 2014 | 1,159,129 | 23.09 | 5.5 | $ | 23.7 |
Number of Performance- Vested Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value (In Millions) | |||||||||
Outstanding at January 3, 2014 | 177,261 | $ | 23.27 | |||||||||
Exercised | (56,243 | ) | 23.34 | |||||||||
Outstanding at October 3, 2014 | 121,018 | 23.25 | 3.2 | $ | 2.5 | |||||||
Exercisable at October 3, 2014 | 121,018 | 23.25 | 3.2 | $ | 2.5 |
Time-Vested Activity | Weighted Average Fair Value | |||||
Nonvested at January 3, 2014 | 67,575 | $ | 26.37 | |||
Granted | 63,817 | 44.78 | ||||
Vested | (14,118 | ) | 43.80 | |||
Forfeited | (7,073 | ) | 33.79 | |||
Nonvested at October 3, 2014 | 110,201 | 34.32 |
Performance- Vested Activity | Weighted Average Fair Value | |||||
Nonvested at January 3, 2014 | 779,678 | $ | 16.41 | |||
Granted | 186,825 | 31.33 | ||||
Vested | (221,470 | ) | 18.51 | |||
Forfeited | (28,870 | ) | 18.42 | |||
Nonvested at October 3, 2014 | 716,163 | 19.57 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
2014 investments in capacity and capabilities | $ | 2,787 | $ | — | $ | 5,005 | $ | — | |||||||
2013 operating unit realignment | (31 | ) | 2,214 | 1,004 | 3,066 | ||||||||||
Orthopaedic facility optimization costs | 996 | 1,420 | 1,032 | 6,723 | |||||||||||
Medical device facility optimization | — | 52 | 11 | 282 | |||||||||||
ERP system upgrade (income) costs | — | (121 | ) | (82 | ) | 264 | |||||||||
Acquisition and integration (income) costs | 133 | (522 | ) | (248 | ) | (340 | ) | ||||||||
Asset dispositions, severance and other | 2,291 | 457 | 3,501 | 565 | |||||||||||
$ | 6,176 | $ | 3,500 | $ | 10,223 | $ | 10,560 |
Training & Consulting Costs | Accelerated Depreciation/Asset Write-offs | Total | |||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | |||||
Restructuring income | (82 | ) | — | (82 | ) | ||||||
Cash receipts | 82 | — | 82 | ||||||||
At October 3, 2014 | $ | — | $ | — | $ | — |
Severance and Retention | Accelerated Depreciation/Asset Write-offs | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring charges | 1,445 | 33 | 3,527 | 5,005 | |||||||||||
Write-offs | — | (33 | ) | — | (33 | ) | |||||||||
Cash payments | (434 | ) | — | (2,838 | ) | (3,272 | ) | ||||||||
At October 3, 2014 | $ | 1,011 | $ | — | $ | 689 | $ | 1,700 |
Severance and Retention | Other | Total | |||||||||
At January 3, 2014 | $ | 465 | $ | 746 | $ | 1,211 | |||||
Restructuring charges | 849 | 155 | 1,004 | ||||||||
Cash payments | (1,314 | ) | (901 | ) | (2,215 | ) | |||||
At October 3, 2014 | $ | — | $ | — | $ | — |
Severance and Retention | Accelerated Depreciation/Asset Write-offs | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | 857 | $ | 857 | |||||||
Restructuring charges (income) | — | (2,655 | ) | 3,687 | 1,032 | ||||||||||
Cash (payments) receipts | — | 2,655 | (4,004 | ) | (1,349 | ) | |||||||||
At October 3, 2014 | $ | — | $ | — | $ | 540 | $ | 540 |
Production Inefficiencies, Moving and Revalidation | Personnel | Other | Total | ||||||||||||
At January 3, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring charges | — | 1 | 10 | 11 | |||||||||||
Cash payments | — | (1 | ) | (10 | ) | (11 | ) | ||||||||
At October 3, 2014 | $ | — | $ | — | $ | — | $ | — |
|
At January 3, 2014 | $ | 1,819 | |
Increase to warranty reserve | 680 | ||
Warranty claims paid | (1,934 | ) | |
At October 3, 2014 | $ | 565 |
Remainder of 2014 | $ | 1,285 | |
2015 | 5,635 | ||
2016 | 5,036 | ||
2017 | 2,548 | ||
2018 | 2,099 | ||
Thereafter | 6,352 | ||
Total estimated operating lease expense | $ | 22,955 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Reduction in cost of sales | $ | (48 | ) | $ | (346 | ) | $ | (204 | ) | $ | (908 | ) | |||
Ineffective portion of change in fair value | — | — | — | — |
Instrument | Type of Hedge | Aggregate Notional Amount | Start Date | End Date | $/Peso | Fair Value | Balance Sheet Location | ||||||||||||
FX Contract | Cash flow | $ | 1,927 | Jan-14 | Dec-14 | 0.0767 | $ | (72 | ) | Accrued expenses | |||||||||
FX Contract | Cash flow | $ | 1,580 | Jan-14 | Dec-14 | 0.0752 | $ | (30 | ) | Accrued expenses |
|
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At July 4, 2014 | $ | (672 | ) | $ | (218 | ) | $ | 15,741 | $ | 14,851 | $ | 459 | $ | 15,310 | |||||||||
Unrealized loss on cash flow hedges | — | (133 | ) | — | (133 | ) | 46 | (87 | ) | ||||||||||||||
Realized gain on foreign currency hedges | — | (48 | ) | — | (48 | ) | 17 | (31 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 106 | — | 106 | (37 | ) | 69 | ||||||||||||||||
Foreign currency translation loss | — | — | (3,211 | ) | (3,211 | ) | — | (3,211 | ) | ||||||||||||||
At October 3, 2014 | $ | (672 | ) | $ | (293 | ) | $ | 12,530 | $ | 11,565 | $ | 485 | $ | 12,050 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At January 3, 2014 | $ | (672 | ) | $ | (468 | ) | $ | 14,952 | $ | 13,812 | $ | 546 | $ | 14,358 | |||||||||
Unrealized gain on cash flow hedges | — | 35 | — | 35 | (12 | ) | 23 | ||||||||||||||||
Realized gain on foreign currency hedges | — | (204 | ) | — | (204 | ) | 71 | (133 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 344 | — | 344 | (120 | ) | 224 | ||||||||||||||||
Foreign currency translation loss | — | — | (2,422 | ) | (2,422 | ) | — | (2,422 | ) | ||||||||||||||
At October 3, 2014 | $ | (672 | ) | $ | (293 | ) | $ | 12,530 | $ | 11,565 | $ | 485 | $ | 12,050 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At June 28, 2013 | $ | (365 | ) | $ | 178 | $ | 10,999 | $ | 10,812 | $ | 338 | $ | 11,150 | ||||||||||
Unrealized loss on cash flow hedges | — | (419 | ) | — | (419 | ) | 147 | (272 | ) | ||||||||||||||
Realized gain on foreign currency hedges | — | (346 | ) | — | (346 | ) | 121 | (225 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 145 | — | 145 | (51 | ) | 94 | ||||||||||||||||
Foreign currency translation gain | — | — | 3,579 | 3,579 | — | 3,579 | |||||||||||||||||
At September 27, 2013 | $ | (365 | ) | $ | (442 | ) | $ | 14,578 | $ | 13,771 | $ | 555 | $ | 14,326 |
Defined Benefit Plan Liability | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total Pre-Tax Amount | Tax | Net-of-Tax Amount | ||||||||||||||||||
At December 28, 2012 | $ | (962 | ) | $ | 120 | $ | 13,431 | $ | 12,589 | $ | 358 | $ | 12,947 | ||||||||||
Unrealized gain on cash flow hedges | — | 2 | — | 2 | (1 | ) | 1 | ||||||||||||||||
Realized gain on foreign currency hedges | — | (908 | ) | — | (908 | ) | 318 | (590 | ) | ||||||||||||||
Realized loss on interest rate swap hedges | — | 344 | — | 344 | (120 | ) | 224 | ||||||||||||||||
Net defined benefit plan gain (Note 7) | 597 | — | — | 597 | — | 597 | |||||||||||||||||
Foreign currency translation gain | — | — | 1,147 | 1,147 | — | 1,147 | |||||||||||||||||
At September 27, 2013 | $ | (365 | ) | $ | (442 | ) | $ | 14,578 | $ | 13,771 | $ | 555 | $ | 14,326 |
Nine Months Ended | |||
September 27, 2013 | |||
Net gain occurring during the period | $ | (171 | ) |
Amortization of losses | (581 | ) | |
Prior service cost | 155 | ||
Pre-tax adjustment | (597 | ) | |
Taxes | — | ||
Net gain | $ | (597 | ) |
|
At January 3, 2014 | $ | 840 | |
Fair value adjustments | (750 | ) | |
At October 3, 2014 | $ | 90 |
Contingent Consideration Liability | Fair Value at October 3, 2014 | Valuation Technique | Unobservable Inputs | |||||||||
Development milestone | $ | 90 | Discounted cash flow | Discount rate | 20 | % | ||||||
Projected year of payment | 2015 | |||||||||||
Probability weighted payment amount | $ | 100 |
Fair Value Measurements Using | ||||||||||||||||
At October 3, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Description | 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency contracts (Note 11) | $ | 102 | $ | — | $ | 102 | $ | — | ||||||||
Interest rate swap (Note 6) | 191 | — | 191 | — | ||||||||||||
Accrued contingent consideration (Note 14) | 90 | — | — | 90 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales: | |||||||||||||||
Greatbatch Medical | |||||||||||||||
Cardiac/Neuromodulation | $ | 85,618 | $ | 86,302 | $ | 252,403 | $ | 240,003 | |||||||
Orthopaedic | 32,489 | 30,079 | 106,785 | 92,043 | |||||||||||
Portable Medical | 17,199 | 19,320 | 53,139 | 60,376 | |||||||||||
Vascular | 14,903 | 12,279 | 43,210 | 35,152 | |||||||||||
Energy, Military, Environmental | 19,016 | 19,072 | 58,499 | 57,594 | |||||||||||
Total Greatbatch Medical | 169,225 | 167,052 | 514,036 | 485,168 | |||||||||||
QiG | 2,474 | 678 | 4,025 | 2,158 | |||||||||||
Total sales | $ | 171,699 | $ | 167,730 | $ | 518,061 | $ | 487,326 |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Segment income from operations: | |||||||||||||||
Greatbatch Medical | $ | 31,121 | $ | 28,236 | $ | 98,688 | $ | 84,596 | |||||||
QiG | (6,796 | ) | (6,946 | ) | (18,882 | ) | (21,679 | ) | |||||||
Total segment income from operations | 24,325 | 21,290 | 79,806 | 62,917 | |||||||||||
Unallocated operating expenses | (8,142 | ) | (4,288 | ) | (21,560 | ) | (14,441 | ) | |||||||
Operating income as reported | 16,183 | 17,002 | 58,246 | 48,476 | |||||||||||
Unallocated other income (expense) | 2,717 | (1,458 | ) | 847 | (10,855 | ) | |||||||||
Income before provision for income taxes | $ | 18,900 | $ | 15,544 | $ | 59,093 | $ | 37,621 |
Three Months Ended | Nine Months Ended | ||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||
Customer A | 19 | % | 21 | % | 19 | % | 20 | % | |||
Customer B | 15 | % | 16 | % | 16 | % | 16 | % | |||
Customer C | 11 | % | 11 | % | 12 | % | 13 | % | |||
Total | 45 | % | 48 | % | 47 | % | 49 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
October 3, 2014 | September 27, 2013 | October 3, 2014 | September 27, 2013 | ||||||||||||
Sales by geographic area: | |||||||||||||||
United States | $ | 76,330 | $ | 81,736 | $ | 235,203 | $ | 242,304 | |||||||
Non-Domestic locations: | |||||||||||||||
Puerto Rico | 34,581 | 31,936 | 101,064 | 87,592 | |||||||||||
Belgium | 13,722 | 14,947 | 47,351 | 49,895 | |||||||||||
Rest of world | 47,066 | 39,111 | 134,443 | 107,535 | |||||||||||
Total sales | $ | 171,699 | $ | 167,730 | $ | 518,061 | $ | 487,326 |
As of | |||||||
October 3, 2014 | January 3, 2014 | ||||||
United States | $ | 113,310 | $ | 116,484 | |||
Rest of world | 29,026 | 29,289 | |||||
Total | $ | 142,336 | $ | 145,773 |
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