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«2013 Annual Report breakthrough technologies and services focused on Dear Fellow Shareholders, addressing specific customer and market needs. Several ...»

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Q2 2012 Restructuring Plan During the second quarter of fiscal year 2012, the Company’s management approved a plan to realign operations, research and development resources, and production resources as a result of previous acquisitions (the “Q2 2012 Plan”). As a result of the Q2 2012 Plan, and during fiscal year 2012, the Company recognized a $7.2 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and recognized a $0.2 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities. During fiscal year 2013, the Company recorded an additional $2.1 million pre-tax restructuring charge in the Human Health segment for services that were provided for one-time benefits in which the employee was required to render service beyond the legal notification period. In addition during fiscal year 2013, the Company recorded a pre-tax restructuring reversal of $0.3 million due to lower than expected costs associated with remaining severance payments. The Company expects to recognize an additional $0.1 million of incremental restructuring expense in future periods as services are provided for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits. This expense will be recognized ratably over the required service period. As part of the Q2 2012 Plan, the Company will reduce headcount by 203 employees. All employees were notified of termination under the Q2 2012 Plan by July 1, 2012.

The following table summarizes the Q2 2012 Plan activity:

–  –  –

The Company anticipates that the remaining severance payments of $1.3 million for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2014.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Q1 2012 Restructuring Plan During the first quarter of fiscal year 2012, the Company’s management approved a plan to realign operations and production resources as a result of previous acquisitions (the “Q1 2012 Plan”). As a result of the Q1 2012 Plan, and during fiscal year 2012, the Company recognized a $5.4 million pre-tax restructuring charge in the Human Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space and recognized a $1.0 million pre-tax restructuring charge in the Environmental Health segment related to a workforce reduction from reorganization activities. During fiscal year 2013, the Company recorded a pre-tax restructuring reversal of $0.4 million in the Human Health segment and a pre-tax restructuring reversal of $0.1 million in the Environmental Health segment due to lower than expected costs associated with remaining severance payments. As part of the Q1 2012 Plan, the Company reduced headcount by 112 employees.

All employees were notified of termination and the Company completed all actions related to the closure of excess facility space under the Q1 2012 Plan by April 1, 2012.

The following table summarizes the Q1 2012 Plan activity:

–  –  –

The Company anticipates that the remaining severance payments of $0.1 million for workforce reductions will be substantially completed by the end of the fourth quarter of fiscal year 2014. The closure of the excess facility space will not require any additional payments.

Previous Restructuring and Integration Plans The principal actions of the restructuring and integration plans from fiscal years 2001 through 2011 were workforce reductions related to the integration of the Company’s businesses in order to reduce costs and achieve operational efficiencies as well as workforce reductions in both the Human Health and Environmental Health segments by shifting resources into geographic regions and end markets that are more consistent with the Company’s growth strategy. During fiscal year 2013, the Company paid $2.4 million related to these plans and recorded a reversal of $1.1 million primarily related to lower than expected costs associated with workforce reductions within both the Human Health and the Environmental Health segments. As of December 29, 2013, the Company had $7.5 million of remaining liabilities associated with these restructuring and integration plans, primarily for residual lease obligations related to closed facilities and remaining severance payments for workforce reductions in both the Human Health and Environmental Health segments. The Company expects to make payments for these leases, the terms of which vary in length, through fiscal year 2022.

Contract Termination Charges The Company has terminated various contractual commitments in connection with certain disposal activities and have recorded charges, to the extent applicable, for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Company. The Company recorded an additional pre-tax charge of $0.7 million in fiscal year 2013, a pre-tax charge of $1.5 million in fiscal year 2012 and a pre-tax charge of $2.0 million in fiscal year 2011, primarily as a result of terminating various contractual commitments in the Environmental Health segment. The Company made payments for these obligations of $1.0 million during fiscal year 2013, $2.9 million during fiscal year 2012, and $0.4 million during fiscal year 2011. The remaining balance of these accruals as of December 29, 2013 was $0.3 million.





Note 5: Interest and Other Expense, Net

Interest and other expense, net, consisted of the following for the fiscal years ended:

–  –  –

In December 2013, the Company redeemed all of its 6% senior unsecured notes due in 2015 (the “2015 Notes”) for a redemption price that included the outstanding principal amount of $150.0 million and a prepayment premium of $11.1 million, which is included in other expense, net. The transaction also resulted in the write-off of $2.8 million for the remaining unamortized derivative losses for previously settled cash flow hedges and the write-off of $0.2 million for the remaining deferred debt issuance costs. Both of these amounts are included in interest expense.

Note 6: Income Taxes The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of

evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when:

(i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/ or (iii) the statute of limitations expires regarding a tax position.

The tabular reconciliation of the total amounts of unrecognized tax benefits is as follows for the fiscal years

ended:

–  –  –

The Company classifies interest and penalties as a component of income tax expense. At December 29, 2013, the Company had accrued interest and penalties of approximately $4.0 million and $0.4 million, respectively. During fiscal year 2013, the Company recognized a benefit of approximately $3.9 million for interest and a benefit of $3.7 million for penalties in its total tax provision primarily due to settlements and statues that had lapsed. During fiscal year 2012, the Company recognized a charge of approximately $1.1 million for interest and a benefit of $2.2 million for penalties in its total tax provision. During fiscal year 2011, the Company recognized interest and penalties of approximately $0.5 million and zero, respectively, in its total tax provision. At December 29, 2013, the Company had gross tax effected unrecognized tax benefits of $39.4 million, of which $33.4 million, if recognized, would affect the continuing operations effective tax rate. The remaining amount, if recognized, would affect discontinued operations.

The Company believes that it is reasonably possible that approximately $4.0 million of its uncertain tax positions at December 29, 2013, including accrued interest and penalties, and net of tax benefits, may be resolved over the next twelve months as a result of lapses in applicable statues of limitations and potential settlements.

Various tax years after 2006 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as China, Finland, Germany, Italy, Netherlands, Singapore, the United Kingdom and the United States. The tax years under examination vary by jurisdiction.

During fiscal year 2013, the Company recorded net discrete income tax benefits of $24.0 million primarily for reversals of uncertain tax position reserves and resolution of other tax matters.

The components of (loss) income from continuing operations before income taxes were as follows for the

fiscal years ended:

–  –  –

On a U. S. income tax basis, the Company has reported significant taxable income over the three year period ended December 29, 2013. The Company has utilized tax attributes to minimize cash taxes paid on that taxable income.

–  –  –

A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax

provision (benefit) is as follows for the fiscal years ended:

–  –  –

At December 29, 2013, the Company had state net operating loss carryforwards of $275.0 million, foreign net operating loss carryforwards of $177.2 million, state tax credit carryforwards of $11.9 million, general business tax credit carryforwards of $29.6 million, and foreign tax credit carryforwards of $5.0 million. These are subject to expiration in years ranging from 2014 to 2032, and without expiration for certain foreign net operating loss carryforwards and certain state credit carryforwards. At December 29, 2013, the Company also had U.S.

federal net operating loss carryforwards of $113.4 million as a result of acquisitions. The Company acquired estimated utilizable U.S. federal loss carryforwards of $223.4 million as a result of the Caliper acquisition during fiscal year 2011, of which $88.8 million remain at December 29, 2013. The utilization of these losses and credits is subject to annual limitations based on Section 382 of the Internal Revenue Code of 1986, as amended. These federal losses and credits will expire in fiscal years 2014 through 2030.

Valuation allowances take into consideration limitations imposed upon the use of the tax attributes and reduce the value of such items to the likely net realizable amount. The Company regularly evaluates positive and negative evidence available to determine if valuation allowances are required or if existing valuation allowances are no longer required. Valuation allowances have been provided on state net operating loss and state tax credit carryforwards and on certain foreign tax attributes that the Company has determined are not more likely than not to be realized. There were $10.4 million of valuation allowances provided on acquired tax attributes in connection with business combinations occurring in fiscal year 2011. The decrease in the valuation allowance in fiscal year 2013 is primarily due to the anticipated utilization of attributes in certain foreign jurisdictions. The change in the Company’s valuation allowance during fiscal year 2012 was primarily due to the reversal of valuation allowances for two of the Company’s non-U.S. subsidiaries when it became more likely than not that the subsidiaries’ deferred tax assets would be realized.

Current deferred tax assets of $78.3 million and $34.9 million were included in other current assets at December 29, 2013 and December 30, 2012, respectively. Long-term deferred tax liabilities of $45.3 million and $32.4 million were included in other long-term liabilities at December 29, 2013 and December 30, 2012, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

–  –  –



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