x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT
OF 1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
New
York
|
11-1806155
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
50
Marcus Drive, Melville, New York
|
11747
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer x
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨ (do not
check if a smaller reporting company)
|
Smaller
reporting company ¨
|
Page
|
|||
Part
I.
|
Financial
Information
|
||
Item
1.
|
Financial
Statements
|
||
Consolidated
Statements of Operations
|
3
|
||
Consolidated
Balance Sheets
|
4
|
||
Consolidated
Statements of Cash Flows
|
5
|
||
Notes
to Consolidated Financial Statements
|
6
|
||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
25
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
34
|
|
Item
4.
|
Controls
and Procedures
|
35
|
|
Part
II.
|
Other
Information
|
||
Item
1A.
|
Risk
Factors
|
36
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
36
|
|
Item
6.
|
Exhibits
|
37
|
|
Signature
|
38
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Sales
|
$ | 4,657,841 | $ | 3,671,865 | $ | 13,506,514 | $ | 10,481,116 | ||||||||
Costs
and expenses:
|
||||||||||||||||
Cost of sales
|
4,049,047 | 3,250,804 | 11,771,311 | 9,226,865 | ||||||||||||
Selling, general and
administrative expenses
|
390,727 | 321,503 | 1,133,352 | 965,645 | ||||||||||||
Depreciation and
amortization
|
19,210 | 16,919 | 55,447 | 50,262 | ||||||||||||
Restructuring, integration, and
other charges
|
14,338 | 37,583 | 27,424 | 80,853 | ||||||||||||
4,473,322 | 3,626,809 | 12,987,534 | 10,323,625 | |||||||||||||
Operating
income
|
184,519 | 45,056 | 518,980 | 157,491 | ||||||||||||
Equity
in earnings of affiliated companies
|
1,633 | 1,883 | 4,566 | 3,233 | ||||||||||||
Loss
on prepayment of debt
|
- | 5,312 | 1,570 | 5,312 | ||||||||||||
Interest
and other financing expense, net
|
18,921 | 18,033 | 57,362 | 58,150 | ||||||||||||
Income
before income taxes
|
167,231 | 23,594 | 464,614 | 97,262 | ||||||||||||
Provision
for income taxes
|
48,729 | 11,018 | 142,878 | 36,868 | ||||||||||||
Consolidated
net income
|
118,502 | 12,576 | 321,736 | 60,394 | ||||||||||||
Noncontrolling
interests
|
- | (5 | ) | (5 | ) | (25 | ) | |||||||||
Net
income attributable to shareholders
|
$ | 118,502 | $ | 12,581 | $ | 321,741 | $ | 60,419 | ||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 1.01 | $ | .10 | $ | 2.71 | $ | .50 | ||||||||
Diluted
|
$ | 1.00 | $ | .10 | $ | 2.68 | $ | .50 | ||||||||
Average
number of shares outstanding:
|
||||||||||||||||
Basic
|
116,958 | 119,888 | 118,813 | 119,745 | ||||||||||||
Diluted
|
118,235 | 120,785 | 120,270 | 120,238 |
October 2,
2010
|
December 31,
2009
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 509,724 | $ | 1,137,007 | ||||
Accounts
receivable, net
|
3,602,733 | 3,136,141 | ||||||
Inventories
|
2,013,711 | 1,397,668 | ||||||
Other
current assets
|
215,130 | 168,812 | ||||||
Total current assets
|
6,341,298 | 5,839,628 | ||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
23,745 | 23,584 | ||||||
Buildings
and improvements
|
134,631 | 137,539 | ||||||
Machinery
and equipment
|
845,058 | 779,105 | ||||||
1,003,434 | 940,228 | |||||||
Less:
Accumulated depreciation and amortization
|
(506,912 | ) | (479,522 | ) | ||||
Property,
plant and equipment, net
|
496,522 | 460,706 | ||||||
Investments
in affiliated companies
|
57,096 | 53,010 | ||||||
Cost
in excess of net assets of companies acquired
|
1,253,092 | 926,296 | ||||||
Other
assets
|
560,877 | 482,726 | ||||||
Total
assets
|
$ | 8,708,885 | $ | 7,762,366 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 3,072,831 | $ | 2,763,237 | ||||
Accrued expenses
|
626,926 | 445,914 | ||||||
Short-term borrowings, including
current portion of long-term debt
|
16,854 | 123,095 | ||||||
Total current
liabilities
|
3,716,611 | 3,332,246 | ||||||
Long-term
debt
|
1,627,501 | 1,276,138 | ||||||
Other
liabilities
|
224,061 | 236,685 | ||||||
Equity:
|
||||||||
Shareholders'
equity:
|
||||||||
Common
stock, par value $1:
|
||||||||
Authorized -
160,000 shares in 2010 and 2009
|
||||||||
Issued -
125,337 and 125,287 shares in 2010 and 2009, respectively
|
125,337 | 125,287 | ||||||
Capital
in excess of par value
|
1,056,035 | 1,056,704 | ||||||
Treasury
stock (9,539 and 5,459 shares in 2010 and 2009, respectively), at
cost
|
(283,064 | ) | (179,152 | ) | ||||
Retained
earnings
|
2,016,258 | 1,694,517 | ||||||
Foreign
currency translation adjustment
|
228,614 | 229,019 | ||||||
Other
|
(2,468 | ) | (9,415 | ) | ||||
Total
shareholders' equity
|
3,140,712 | 2,916,960 | ||||||
Noncontrolling
interests
|
- | 337 | ||||||
Total
equity
|
3,140,712 | 2,917,297 | ||||||
Total
liabilities and equity
|
$ | 8,708,885 | $ | 7,762,366 |
Nine Months Ended
|
||||||||
October 2,
2010
|
October 3,
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Consolidated net
income
|
$
|
321,736
|
$
|
60,394
|
||||
Adjustments
to reconcile consolidated net income to net cash provided by (used for)
operations:
|
||||||||
Depreciation and
amortization
|
55,447
|
50,262
|
||||||
Amortization of stock-based
compensation
|
24,992
|
19,219
|
||||||
Amortization of deferred
financing costs and discount on notes
|
1,686
|
1,681
|
||||||
Equity in earnings of affiliated
companies
|
(4,566
|
)
|
(3,233
|
)
|
||||
Deferred income
taxes
|
29,027
|
21,933
|
||||||
Restructuring, integration, and
other charges
|
19,146
|
61,268
|
||||||
Excess tax benefits from
stock-based compensation arrangements
|
(1,740
|
)
|
1,741
|
|||||
Loss
on prepayment of debt
|
964
|
3,228
|
||||||
Change in assets and liabilities,
net of effects of acquired businesses:
|
||||||||
Accounts
receivable
|
(351,362
|
)
|
413,790
|
|||||
Inventories
|
(595,588
|
)
|
331,098
|
|||||
Accounts payable
|
243,797
|
(157,827
|
)
|
|||||
Accrued expenses
|
89,250
|
(158,527
|
)
|
|||||
Other assets and
liabilities
|
(74,058
|
)
|
4,292
|
|||||
Net
cash provided by (used for) operating activities
|
(241,269
|
)
|
649,319
|
|||||
Cash
flows from investing activities:
|
||||||||
Acquisition of property, plant and
equipment
|
(83,373
|
)
|
(99,022
|
)
|
||||
Cash consideration paid for
acquired businesses
|
(460,001
|
)
|
-
|
|||||
Proceeds
from sale of properties
|
16,971
|
1,153
|
||||||
Other
|
-
|
(272
|
)
|
|||||
Net cash used for investing
activities
|
(526,403
|
)
|
(98,141
|
)
|
||||
Cash
flows from financing activities:
|
||||||||
Change in short-term and other
borrowings
|
(902
|
)
|
(32,009
|
)
|
||||
Proceeds from long-term bank
borrowings, net
|
360,400
|
-
|
||||||
Repurchase/repayment
of senior notes
|
(69,545
|
)
|
(135,658
|
)
|
||||
Net proceeds from note
offering
|
-
|
297,430
|
||||||
Proceeds from exercise of stock
options
|
3,196
|
3,069
|
||||||
Excess tax benefits from
stock-based compensation arrangements
|
1,740
|
(1,741
|
)
|
|||||
Repurchases of common
stock
|
(131,266
|
)
|
(2,323
|
)
|
||||
Net cash provided by financing
activities
|
163,623
|
128,768
|
||||||
Effect
of exchange rate changes on cash
|
(23,234
|
)
|
19,552
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(627,283
|
)
|
699,498
|
|||||
Cash
and cash equivalents at beginning of period
|
1,137,007
|
451,272
|
||||||
Cash
and cash equivalents at end of period
|
$
|
509,724
|
$
|
1,150,770
|
Accounts
receivable, net
|
$ | 41,117 | ||
Inventories
|
4,514 | |||
Property,
plant and equipment
|
7,503 | |||
Other
assets
|
5,226 | |||
Identifiable
intangible assets
|
113,700 | |||
Cost
in excess of net assets of companies acquired
|
188,196 | |||
Accounts
payable
|
(20,235 | ) | ||
Accrued
expenses
|
(36,268 | ) | ||
Other
liabilities
|
(42,465 | ) | ||
Cash
consideration paid, net of cash acquired
|
$ | 261,288 |
Quarter Ended
October 2, 2010
|
Nine Months Ended
October 2, 2010
|
|||||||||||||||
As Reported
|
Pro Forma
|
As Reported
|
Pro Forma
|
|||||||||||||
Sales
|
$ | 4,657,841 | $ | 4,698,701 | $ | 13,506,514 | $ | 13,804,092 | ||||||||
Net
income attributable to shareholders
|
118,502 | 118,574 | 321,741 | 328,913 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 1.01 | $ | 1.01 | $ | 2.71 | $ | 2.77 | ||||||||
Diluted
|
$ | 1.00 | $ | 1.00 | $ | 2.68 | $ | 2.73 |
Quarter Ended
October 3, 2009
|
Nine Months Ended
October 3, 2009
|
|||||||||||||||
As Reported
|
Pro Forma
|
As Reported
|
Pro Forma
|
|||||||||||||
Sales
|
$ | 3,671,865 | $ | 3,846,558 | $ | 10,481,116 | $ | 11,011,137 | ||||||||
Net
income attributable to shareholders
|
12,581 | 14,801 | 60,419 | 71,960 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | .10 | $ | .12 | $ | .50 | $ | .60 | ||||||||
Diluted
|
$ | .10 | $ | .12 | $ | .50 | $ | .60 |
Global
Components
|
Global ECS
|
Total
|
||||||||||
December
31, 2009
|
$ | 473,421 | $ | 452,875 | $ | 926,296 | ||||||
Acquisitions
|
117,426 | 212,755 | 330,181 | |||||||||
Foreign
currency translation
|
- | (3,385 | ) | (3,385 | ) | |||||||
October
2, 2010
|
$ | 590,847 | $ | 662,245 | $ | 1,253,092 |
October 2,
2010
|
December 31,
2009
|
|||||||
Marubun/Arrow
|
$ | 40,686 | $ | 37,649 | ||||
Altech
Industries
|
16,410 | 15,361 | ||||||
$ | 57,096 | $ | 53,010 |
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Marubun/Arrow
|
$ | 1,262 | $ | 1,529 | $ | 3,739 | $ | 2,448 | ||||||||
Altech
Industries
|
371 | 354 | 827 | 803 | ||||||||||||
Other
|
- | - | - | (18 | ) | |||||||||||
$ | 1,633 | $ | 1,883 | $ | 4,566 | $ | 3,233 |
October 2,
2010
|
December 31,
2009
|
|||||||
Accounts
receivable
|
$ | 3,641,841 | $ | 3,175,815 | ||||
Allowances
for doubtful accounts
|
(39,108 | ) | (39,674 | ) | ||||
Accounts
receivable, net
|
$ | 3,602,733 | $ | 3,136,141 |
October 2,
2010
|
December 31,
2009
|
|||||||
9.15%
senior notes, due 2010
|
$ | - | $ | 69,544 | ||||
Cross-currency
swap, due 2010
|
- | 41,943 | ||||||
Interest
rate swaps designated as fair value hedges
|
- | 2,036 | ||||||
Short-term
borrowings in various countries
|
16,854 | 9,572 | ||||||
$ | 16,854 | $ | 123,095 |
October 2,
2010
|
December 31,
2009
|
|||||||
Revolving
credit facility, due 2012
|
$ | 360,400 | $ | - | ||||
Bank
term loan, due 2012
|
200,000 | 200,000 | ||||||
6.875%
senior notes, due 2013
|
349,816 | 349,765 | ||||||
6.875%
senior debentures, due 2018
|
198,398 | 198,241 | ||||||
6.00%
notes, due 2020
|
299,916 | 299,909 | ||||||
7.5%
senior debentures, due 2027
|
197,715 | 197,610 | ||||||
Cross-currency
swap, due 2011
|
- | 12,497 | ||||||
Interest
rate swaps designated as fair value hedges
|
17,787 | 9,556 | ||||||
Other
obligations with various interest rates and due dates
|
3,469 | 8,560 | ||||||
$ | 1,627,501 | $ | 1,276,138 |
October 2,
2010
|
December 31,
2009
|
|||||||
9.15%
senior notes, due 2010
|
$ | - | $ | 73,000 | ||||
6.875%
senior notes, due 2013
|
389,000 | 378,000 | ||||||
6.875%
senior debentures, due 2018
|
226,000 | 214,000 | ||||||
6.00%
notes, due 2020
|
324,000 | 300,000 | ||||||
7.5%
senior debentures, due 2027
|
206,000 | 208,000 |
Level
1
|
Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or
liabilities.
|
Level
2
|
Quoted
prices in markets that are not active; or other inputs that are
observable, either directly or indirectly, for substantially the full term
of the asset or liability.
|
Level
3
|
Prices
or valuation techniques that require inputs that are both significant to
the fair value measurement and
unobservable.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash
equivalents
|
$ | - | $ | 135,154 | $ | - | $ | 135,154 | ||||||||
Available-for-sale
securities
|
67,593 | - | - | 67,593 | ||||||||||||
Interest
rate swaps
|
- | 17,787 | - | 17,787 | ||||||||||||
Foreign
exchange contracts
|
- | (2,086 | ) | - | (2,086 | ) | ||||||||||
$ | 67,593 | $ | 150,855 | $ | - | $ | 218,448 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash
equivalents
|
$ | - | $ | 744,125 | $ | - | $ | 744,125 | ||||||||
Available-for-sale
securities
|
56,464 | - | - | 56,464 | ||||||||||||
Interest
rate swaps
|
- | 11,592 | - | 11,592 | ||||||||||||
Cross-currency
swaps
|
- | (54,440 | ) | - | (54,440 | ) | ||||||||||
Foreign
exchange contracts
|
- | 544 | - | 544 | ||||||||||||
$ | 56,464 | $ | 701,821 | $ | - | $ | 758,285 |
October 2, 2010
|
December 31, 2009
|
|||||||||||||||
Marubun
|
WPG
|
Marubun
|
WPG
|
|||||||||||||
Cost
basis
|
$ | 10,016 | $ | 10,798 | $ | 10,016 | $ | 10,798 | ||||||||
Unrealized
holding gain
|
552 | 46,227 | 4,408 | 31,242 | ||||||||||||
Fair
value
|
$ | 10,568 | $ | 57,025 | $ | 14,424 | $ | 42,040 |
Asset/(Liability) Derivatives
|
||||||||||
Fair Value
|
||||||||||
Balance Sheet
Location
|
October 2,
2010
|
December 31,
2009
|
||||||||
Derivative instruments designated
as hedges:
|
||||||||||
Interest
rate swaps designated as fair value hedges
|
Other
current assets
|
$ | - | $ | 2,036 | |||||
Interest
rate swaps designated as fair value hedges
|
Other
assets
|
17,787 | 9,556 | |||||||
Cross-currency
swaps designated as net investment hedges
|
Short-term
borrowings
|
- | (41,943 | ) | ||||||
Cross-currency
swaps designated as net investment hedges
|
Long-term
debt
|
- | (12,497 | ) | ||||||
Foreign
exchange contracts designated as cash flow hedges
|
Other
current assets
|
718 | 406 | |||||||
Foreign
exchange contracts designated as cash flow hedges
|
Accrued
expenses
|
(50 | ) | (272 | ) | |||||
Total
derivative instruments designated as hedging instruments
|
18,455 | (42,714 | ) | |||||||
Derivative
instruments not designated as hedges:
|
||||||||||
Foreign
exchange contracts
|
Other
current assets
|
3,270 | 2,362 | |||||||
Foreign
exchange contracts
|
Accrued
expenses
|
(6,024 | ) | (1,952 | ) | |||||
Total
derivative instruments not designated as hedging
instruments
|
(2,754 | ) | 410 | |||||||
Total
|
$ | 15,701 | $ | (42,304 | ) |
Gain/(Loss) Recognized in Income
|
||||||||||||||||
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Fair value hedges:
|
||||||||||||||||
Interest
rate swaps (a)
|
$
|
-
|
$
|
4,097
|
$
|
-
|
$
|
4,097
|
||||||||
Total
|
$
|
-
|
$
|
4,097
|
$
|
-
|
$
|
4,097
|
||||||||
Derivative
instruments not designated as hedges:
|
||||||||||||||||
Foreign
exchange contracts (b)
|
$
|
(4,608
|
)
|
$
|
(4,540
|
)
|
$
|
(1,171
|
)
|
$
|
(8,700
|
)
|
||||
Total
|
$
|
(4,608
|
)
|
$
|
(4,540
|
)
|
$
|
(1,171
|
)
|
$
|
(8,700
|
)
|
Quarter Ended October 2, 2010
|
Nine Months Ended October 2, 2010
|
|||||||||||||||||||||||
Effective Portion
|
Ineffective
Portion
|
Effective Portion
|
Ineffective
Portion
|
|||||||||||||||||||||
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized
in Income
|
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized
in Income
|
|||||||||||||||||||
Cash
Flow Hedges:
|
||||||||||||||||||||||||
Foreign
exchange contracts (d)
|
$ | 1,257 | $ | 83 | $ | - | $ | 637 | $ | (7 | ) | $ | - | |||||||||||
Total
|
$ | 1,257 | $ | 83 | $ | - | $ | 637 | $ | (7 | ) | $ | - | |||||||||||
Net
Investment Hedges:
|
||||||||||||||||||||||||
Cross-currency
swaps (c)
|
$ | - | $ | - | $ | - | $ | 52,158 | $ | - | $ | (91 | ) | |||||||||||
Total
|
$ | - | $ | - | $ | - | $ | 52,158 | $ | - | $ | (91 | ) |
Quarter Ended October 3, 2009
|
Nine Months Ended October 3, 2009
|
|||||||||||||||||||||||
Effective Portion
|
Ineffective
Portion
|
Effective Portion
|
Ineffective
Portion
|
|||||||||||||||||||||
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized
in Income
|
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized
in Income
|
|||||||||||||||||||
Cash Flow Hedges:
|
||||||||||||||||||||||||
Interest
rate swaps (c)
|
$ | 637 | $ | - | $ | - | $ | 1,379 | $ | - | $ | - | ||||||||||||
Foreign
exchange contracts (d)
|
772 | 56 | - | (1,673 | ) | 7 | - | |||||||||||||||||
Total
|
$ | 1,409 | $ | 56 | $ | - | $ | (294 | ) | $ | 7 | $ | - | |||||||||||
Net
Investment Hedges:
|
||||||||||||||||||||||||
Cross-currency
swaps (c)
|
$ | (14,638 | ) | $ | - | $ | 382 | $ | (13,262 | ) | $ | - | $ | 2,066 | ||||||||||
Total
|
$ | (14,638 | ) | $ | - | $ | 382 | $ | (13,262 | ) | $ | - | $ | 2,066 |
(a)
|
The
amount of gain/(loss) recognized in income on derivatives is recorded in
"Loss on prepayment of debt" in the accompanying consolidated statements
of operations.
|
(b)
|
The
amount of gain/(loss) recognized in income on derivatives is recorded in
"Cost of sales" in the accompanying consolidated statements of
operations.
|
(c)
|
Both
the effective and ineffective portions of any gain/(loss) reclassified or
recognized in income is recorded in "Interest and other financing expense,
net" in the accompanying consolidated statements of
operations.
|
(d)
|
Both
the effective and ineffective portions of any gain/(loss) reclassified or
recognized in income is recorded in "Cost of sales" in the accompanying
consolidated statements of
operations.
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Restructuring
charges - current period actions
|
$ | 8,432 | $ | 35,333 | $ | 19,419 | $ | 78,761 | ||||||||
Restructuring
and integration charges - actions taken in prior periods
|
314 | 2,250 | 1,407 | 2,092 | ||||||||||||
Acquisition-related
expenses
|
5,592 | - | 6,598 | - | ||||||||||||
$ | 14,338 | $ | 37,583 | $ | 27,424 | $ | 80,853 |
Personnel
Costs
|
Facilities
|
Other
|
Total
|
|||||||||||||
Restructuring
charge
|
$ | 12,389 | $ | 2,429 | $ | 4,601 | $ | 19,419 | ||||||||
Payments
|
(9,507 | ) | (308 | ) | (2,104 | ) | (11,919 | ) | ||||||||
Non-cash
usage
|
- | - | (657 | ) | (657 | ) | ||||||||||
Foreign
currency translation
|
62 | 15 | 94 | 171 | ||||||||||||
October
2, 2010
|
$ | 2,944 | $ | 2,136 | $ | 1,934 | $ | 7,014 |
Personnel
Costs
|
Facilities
|
Other
|
Total
|
|||||||||||||
December
31, 2009
|
$ | 25,380 | $ | 6,287 | $ | 224 | $ | 31,891 | ||||||||
Restructuring
charge (credit)
|
2,828 | (1,586 | ) | - | 1,242 | |||||||||||
Payments
|
(24,206 | ) | (369 | ) | (158 | ) | (24,733 | ) | ||||||||
Foreign
currency translation
|
(1,584 | ) | (334 | ) | (17 | ) | (1,935 | ) | ||||||||
October
2, 2010
|
$ | 2,418 | $ | 3,998 | $ | 49 | $ | 6,465 |
Personnel
Costs
|
Facilities
|
Other
|
Total
|
|||||||||||||
December
31, 2009
|
$ | 1,728 | $ | 6,676 | $ | 1,822 | $ | 10,226 | ||||||||
Restructuring
and integration charges (credits)
|
(187 | ) | 556 | (204 | ) | 165 | ||||||||||
Payments
|
(1,211 | ) | (1,524 | ) | - | (2,735 | ) | |||||||||
Non-cash
usage
|
- | (582 | ) | - | (582 | ) | ||||||||||
Foreign
currency translation
|
(17 | ) | (164 | ) | (9 | ) | (190 | ) | ||||||||
October
2, 2010
|
$ | 313 | $ | 4,962 | $ | 1,609 | $ | 6,884 |
·
|
The
accruals for personnel costs of $5,675 to cover the termination of
personnel are primarily expected to be spent within one year.
|
·
|
The
accruals for facilities totaling $11,096 relate to vacated leased
properties that have scheduled payments of $5,016 in 2010, $3,818 in 2011,
$1,211 in 2012, $824 in 2013, $190 in 2014, and $37
thereafter.
|
·
|
Other
accruals of $3,592 are expected to be utilized over several
years.
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Net
income attributable to shareholders
|
$ | 118,502 | $ | 12,581 | $ | 321,741 | $ | 60,419 | ||||||||
Weighted
average shares outstanding - basic
|
116,958 | 119,888 | 118,813 | 119,745 | ||||||||||||
Net
effect of various dilutive stock-based compensation awards
|
1,277 | 897 | 1,457 | 493 | ||||||||||||
Weighted
average shares outstanding - diluted
|
118,235 | 120,785 | 120,270 | 120,238 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 1.01 | $ | .10 | $ | 2.71 | $ | .50 | ||||||||
Diluted
(a)
|
$ | 1.00 | $ | .10 | $ | 2.68 | $ | .50 |
(a)
|
Stock-based
compensation awards for the issuance of 4,455 and 3,281 shares for the
third quarter and first nine months of 2010 and 3,339 and 3,915 shares for
the third quarter and first nine months of 2009, respectively, were
excluded from the computation of net income per share on a diluted basis
as their effect was
anti-dilutive.
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||
Consolidated
net income
|
$ | 118,502 | $ | 12,576 | $ | 321,736 | $ | 60,394 | ||||||||
Foreign
currency translation adjustments (a)
|
131,040 | 54,933 | (405 | ) | 72,909 | |||||||||||
Other
(b)
|
6,867 | 4,346 | 6,947 | 17,664 | ||||||||||||
Comprehensive
income
|
256,409 | 71,855 | 328,278 | 150,967 | ||||||||||||
Comprehensive
loss attributable to noncontrolling interests
|
- | (9 | ) | - | (37 | ) | ||||||||||
Comprehensive
income attributable to shareholders
|
$ | 256,409 | $ | 71,864 | $ | 328,278 | $ | 151,004 |
(a)
|
Except
for unrealized gains or losses resulting from the company's cross-currency
swaps, foreign currency translation adjustments were not tax effected as
investments in international affiliates are deemed to be
permanent.
|
(b)
|
Other
includes unrealized gains or losses on securities, unrealized gains or
losses on interest rate swaps designated as cash flow hedges, and other
employee benefit plan items. Each of these items is net of
related taxes.
|
Quarter Ended
|
Nine Months Ended
|
|||||||||||||||
October 2,
2010
|
October 3,
2009
|
October 2,
2010
|
October 3,
2009
|
|||||||||||||