The following table sets forth selected historical financial information as of and for each of the fiscal years in the five-year period ended December 30, 2012. We derived the selected historical financial information for the balance sheets for the fiscal years ended December 30, 2012 and January 1, 2012 and the statement of operations for each of the fiscal years in the three-year period ended December 30, 2012 from our audited consolidated financial statements which are included elsewhere in this annual report on Form 10-K. We derived the selected historical financial information for the statements of operations for the fiscal years ended January 3, 2010 and December 28, 2008 from our audited consolidated financial statements which are not included in this annual report on Form 10-K. We derived the selected historical financial information for the balance sheets as of January 2, 2011, January 3, 2010 and December 28, 2008 from our audited consolidated financial statements which are not included in this annual report on Form 10-K. We adjusted the information in the consolidated financial statements for the fiscal years ended January 3, 2010 and December 28, 2008, where appropriate, to account for the adoption of new guidance applicable to certain of our health care businesses, our change in accounting for pension and other postretirement benefit plans and for discontinued operations.
Our historical financial information may not be indicative of our future results of operations or financial position.
The following selected historical financial information should be read together with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements, including the related notes, included elsewhere in this annual report on Form 10-K.
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| Fiscal Years Ended | | | | | | | | | | | | | | | | | | |
| December 30, 2012 | | | | January 1, 2012 | | | | January 2, 2011 | | | | January 3, 2010 | | | | December 28, 2008 | | |
| | | | | (As adjusted) | | | | | | | | | | | | | | |
| (In thousands, except per share data) | | | | | | | | | | | | | | | | | | |
| Statement of Operations Data: | | | | | | | | | | | | | | | | | | | |
| Revenue | $ | 2,115,205 | | | $ | 1,918,508 | | | $ | 1,701,767 | | | $ | 1,546,790 | | | $ | 1,653,388 | |
| Operating income from continuing operations(1)(2)(3)(4)(5)(6) | 98,543 | | | | 91,128 | | | | 157,568 | | | | 115,946 | | | | 75,882 | | |
| Interest and other expense (income), net(7)(8)(9) | 47,956 | | | | 26,774 | | | | (8,383 | | ) | | 15,787 | | | | 44,039 | | |
| Income from continuing operations before income taxes | 50,587 | | | | 64,354 | | | | 165,951 | | | | 100,159 | | | | 31,843 | | |
| Income from continuing operations, net of income taxes(10)(11)(12)(13)(14) | 68,441 | | | | 1,172 | | | | 138,908 | | | | 73,461 | | | | 45,333 | | |
| Income from discontinued operations and dispositions, net of income taxes(14)(15) | 1,499 | | | | 6,483 | | | | 252,075 | | | | 8,620 | | | | 23,973 | | |
| Net income | $ | 69,940 | | | $ | 7,655 | | | $ | 390,983 | | | $ | 82,081 | | | $ | 69,306 | |
| Basic earnings per share: | | | | | | | | | | | | | | | | | | | |
| Continuing operations | $ | 0.60 | | | $ | 0.01 | | | $ | 1.19 | | | $ | 0.63 | | | $ | 0.39 | |
| Discontinued operations | 0.01 | | | | 0.06 | | | | 2.15 | | | | 0.07 | | | | 0.20 | | |
| Net income | $ | 0.61 | | | $ | 0.07 | | | $ | 3.34 | | | $ | 0.71 | | | $ | 0.59 | |
| Diluted earnings per share: | | | | | | | | | | | | | | | | | | | |
| Continuing operations | $ | 0.60 | | | $ | 0.01 | | | $ | 1.18 | | | $ | 0.63 | | | $ | 0.38 | |
| Discontinued operations | 0.01 | | | | 0.06 | | | | 2.14 | | | | 0.07 | | | | 0.20 | | |
| Net income | $ | 0.61 | | | $ | 0.07 | | | $ | 3.31 | | | $ | 0.70 | | | $ | 0.58 | |
| Weighted-average common shares outstanding: | | | | | | | | | | | | | | | | | | | |
| Basic: | 113,728 | | | | 112,976 | | | | 117,109 | | | | 116,250 | | | | 117,659 | | |
| Diluted: | 114,860 | | | | 113,864 | | | | 117,982 | | | | 116,590 | | | | 118,687 | | |
| Cash dividends declared per common share | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | |
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| As of | | | | | | | | | | | | | | | | | | |
| December 30, 2012 | | | | January 1, 2012 | | | | January 2, 2011 | | | | January 3, 2010 | | | | December 28, 2008 | | |
| | | | | (As adjusted) | | | | | | | | | | | | | | |
| (In thousands) | | | | | | | | | | | | | | | | | | |
| Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
| Total assets(15) | $ | 3,901,762 | | | $ | 3,855,641 | | | $ | 3,208,946 | | | $ | 3,058,754 | | | $ | 2,932,923 | |
| Short-term debt | 1,772 | | | | — | | | | 2,255 | | | | 146 | | | | 40 | | |
| Long-term debt(16)(17)(18) | 938,824 | | | | 944,908 | | | | 424,000 | | | | 558,197 | | | | 509,040 | | |
| Stockholders’ equity(2)(19) | 1,939,812 | | | | 1,842,216 | | | | 1,925,391 | | | | 1,628,671 | | | | 1,569,099 | | |
| Common shares outstanding(19) | 115,036 | | | | 113,157 | | | | 115,715 | | | | 117,023 | | | | 117,112 | | |
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| (1) | In fiscal year 2012, we adopted new guidance for certain of our health care businesses that recognize patient service revenue at the time the services are rendered where we do not assess the patient's ability to pay at such time. The effects of the adoption on our consolidated statements of operations were decreases to revenue with corresponding decreases to selling, general and administrative expenses of $2.8 million in fiscal year 2012, $2.8 million in fiscal year 2011, $2.6 million in fiscal year 2010, $4.0 million in fiscal year 2009 and $6.3 million in fiscal year 2008. |
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| (2) | The expense related to mark-to-market on postretirement benefit plans was a pre-tax loss of $31.8 million in fiscal year 2012, a pre-tax loss of $67.9 million in fiscal year 2011, a pre-tax loss of $0.2 million in fiscal year 2010, a pre-tax loss of $6.4 million in fiscal year 2009 and a pre-tax loss of $75.2 million in fiscal year 2008. |
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| (3) | We adopted the authoritative guidance for stock compensation on January 2, 2006. The total incremental pre-tax compensation expense recorded in continuing operations related to stock options was $5.1 million in fiscal year 2012, $4.5 million in fiscal year 2011, $6.2 million in fiscal year 2010, $7.9 million in fiscal year 2009 and $9.2 million in fiscal year 2008. |
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| (4) | We incurred pre-tax restructuring and contract termination charges, net, of $25.1 million in fiscal year 2012, $13.5 million in fiscal year 2011, $19.0 million in fiscal year 2010, $18.0 million in fiscal year 2009, and $6.7 million in fiscal year 2008. |
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| (5) | On April 27, 2010 we sold a building which provided net proceeds of $11.0 million. We recorded a pre-tax gain of $3.4 million in operating income. |
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| (6) | In fiscal year 2012, we incurred pre-tax impairment charges of $74.2 million as a result of a review of certain of our trade names within our portfolio as part of a realignment of our marketing strategy. In fiscal year 2011, we incurred a pre-tax impairment charge of $3.0 million for the full impairment of license agreements, that we no longer intend to use. |
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| (7) | In fiscal year 2012 and fiscal year 2011, interest expense was $45.8 million and $24.8 million, respectively, primarily due to the increased debt and the higher interest rates on those debt balances with the issuance of the senior unsecured notes due 2021. For fiscal year 2011, acquisition related financing costs related to certain acquisitions added an additional expense of $3.1 million, and is included in interest expense. |
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| (8) | In fiscal year 2010, we acquired the remaining fifty percent equity interest in our joint venture (the "ICPMS Joint Venture") with the company previously known as MDS, Inc. for the development and manufacturing of our Inductively Coupled Plasma Mass Spectrometry product line. The fair value of the acquisition was $67.7 million, including cash consideration of $35.0 million, non-cash consideration of $2.6 million for certain non-exclusive rights to intangible assets we own, and $30.4 million representing the fair value of our fifty percent equity interest in the ICPMS Joint Venture held prior to the acquisition. We recognized a pre-tax gain of $25.6 million from the re-measurement to fair value of our previously held equity interest in the ICPMS Joint Venture. This pre-tax gain is reported in interest and other (income) expense, net, for fiscal year 2010. |
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| (9) | In fiscal year 2008, we settled forward interest rate contracts with notional amounts totaling $150.0 million upon the issuance of our 6% senior unsecured notes, and recognized $8.4 million, net of taxes of $5.4 million, of accumulated derivative losses in other comprehensive (loss) income. We also discontinued forward interest rate contracts with notional amounts totaling $150.0 million during fiscal year 2008. The discontinued cash flow hedges were immediately settled with counterparties, and the $17.5 million loss was recognized as interest and other (income) expense, net. In addition, during fiscal year 2008, interest expense was $23.7 million due to higher outstanding debt balances with the issuance of our 6% senior unsecured notes that primarily related to the purchase of ViaCell, Inc., which was partially offset by lower interest rates on our amended senior unsecured revolving credit facility. |
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| (10) | The fiscal year 2012 benefit from income taxes was primarily due to a tax benefit of $7.0 million related to discrete items and losses in higher tax rate jurisdictions, which included the pre-tax impairment charges of $74.2 million, partially offset by a provision from income taxes related to profits in lower tax rate jurisdictions. |
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| (11) | The fiscal year 2011 effective tax rate on continuing operations of 98.2% was primarily due to the fiscal year 2011 provision of $79.7 million related to our planned $350.0 million repatriation of previously unremitted earnings. |
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| (12) | The fiscal year 2010 effective tax rate on continuing operations of 16.3% was primarily due to the favorable impact related to the gain on the previously held equity interest in the ICPMS Joint Venture. |
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| (13) | The fiscal year 2008 effective tax rate on continuing operations of 12.3% was primarily due to a $15.6 million benefit related to the settlement of various income tax audits. |
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| (14) | In fiscal year 2008, our Board of Directors (our "Board") approved separate plans to shut down our ViaCyteSM and Cellular Therapy Technology businesses, and our Cellular Screening Fluorescence and Luminescence workstations, Analytical Proteomics Instruments and Proteomics and Genomics Instruments businesses. We recognized a pre-tax loss of $12.8 million related to lease and severance costs and the reduction of fixed assets and inventory to net realizable value. |
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| (15) | In November 2010, we sold our Illumination and Detection Solutions (“IDS”) business for approximately $500.0 million, $482.0 million net of payments for acquired cash balances, subject to an adjustment for working capital as of the closing date. We recognized a pre-tax gain of $315.3 million, inclusive of the net working capital adjustment, in fiscal year 2010 as a result of the sale of our IDS business. The gain was recognized as a gain on the disposition of discontinued operations. |
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| (16) | In May 2008, we issued and sold seven-year senior notes at a rate of 6% with a face value of $150.0 million and received $150.0 million in gross proceeds from the issuance. The debt, which matures in May 2015, is unsecured. |
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| (17) | In October 2011, we issued and sold ten-year senior notes at a rate of 5% with a face value of $500.0 million and received $496.9 million of net proceeds from the issuance. The debt, which matures in November 2021, is unsecured. |
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| (18) | In June 2009, our consolidated subsidiary exercised the right to terminate the receivables purchase agreement with a third-party financial institution releasing both parties of their rights, liabilities and obligations under this agreement. We had an undivided interest in the receivables that had been sold to the third-party financial institution under this agreement of $40.0 million as of December 28, 2008. |
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| (19) | In fiscal year 2012, we did not repurchase any shares of common stock under either of the stock purchase repurchase programs. In fiscal year 2011, we repurchased in the open market approximately 4.0 million shares of our common stock at an aggregate cost of $107.8 million, including commissions. In fiscal year 2010, we repurchased in the open market approximately 3.0 million shares of our common stock at an aggregate cost of $71.5 million, including commissions. In fiscal year 2009, we repurchased in the open market approximately 1.0 million shares of our common stock at an aggregate cost of $14.2 million, including commissions. In fiscal year 2008, we repurchased in the open market approximately 3.0 million shares of our common stock at an aggregate cost of $75.5 million, including commissions. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. These repurchases were made pursuant to our stock repurchase program announced in October 2008, as modified in August 2010, which expired in October 2012. |
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