These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
x
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the Quarter Ended July 3,
2010
|
o
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
Delaware
|
04-2209186
|
(State
of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
81
Wyman Street
|
|
Waltham,
Massachusetts
|
02451
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Class
|
Outstanding
at July 3, 2010
|
|
Common
Stock, $1.00 par value
|
407,430,585
|
|
July
3,
|
December
31,
|
|||||
(In
millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Assets
|
|
|
|||||
Current
Assets:
|
|
|
|||||
Cash and cash equivalents
|
$ | 1,307.4 | $ | 1,564.1 | |||
Short-term investments, at quoted market value (cost of $9.9 and
$7.7)
|
9.2 | 7.1 | |||||
Accounts receivable, less allowances of $42.1 and $47.2
|
1,472.5 | 1,409.6 | |||||
Inventories:
|
|||||||
Raw materials
|
282.7 | 262.8 | |||||
Work in process
|
120.5 | 115.5 | |||||
Finished goods
|
745.3 | 753.1 | |||||
Deferred
tax assets
|
162.9 | 160.0 | |||||
Other current assets
|
247.5 | 258.7 | |||||
|
|||||||
|
4,348.0 | 4,530.9 | |||||
|
|||||||
Property,
Plant and Equipment, at Cost
|
2,088.5 | 2,071.8 | |||||
Less: Accumulated depreciation and amortization
|
(790.8 | ) | (738.4 | ) | |||
|
|||||||
|
1,297.7 | 1,333.4 | |||||
|
|||||||
Acquisition-related
Intangible Assets, net of Accumulated Amortization
of
$2,326.6 and $2,074.1
|
6,052.9 | 6,337.0 | |||||
|
|||||||
Other
Assets
|
482.1 | 440.8 | |||||
|
|||||||
Goodwill
|
9,100.2 | 8,982.9 | |||||
|
|||||||
|
$ | 21,280.9 | $ | 21,625.0 |
|
July
3,
|
December
31,
|
|||||
(In
millions except share amounts)
|
2010
|
2009
|
|||||
|
|
|
|||||
Liabilities
and Shareholders' Equity
|
|
|
|||||
Current
Liabilities:
|
|
|
|||||
Short-term obligations and current maturities of long-term
obligations
|
$ | 106.0 | $ | 117.5 | |||
Accounts payable
|
568.5 | 533.6 | |||||
Accrued payroll and employee benefits
|
248.9 | 286.0 | |||||
Accrued income taxes
|
16.1 | 28.4 | |||||
Deferred revenue
|
163.8 | 139.8 | |||||
Other accrued expenses
|
512.7 | 534.0 | |||||
|
|||||||
|
1,616.0 | 1,639.3 | |||||
|
|||||||
Deferred
Income Taxes
|
1,752.5 | 1,933.8 | |||||
|
|||||||
Other
Long-term Liabilities
|
534.5 | 555.1 | |||||
|
|||||||
Long-term
Obligations
|
2,027.6 | 2,064.0 | |||||
|
|||||||
|
|||||||
Incremental
Convertible Debt Obligation
|
5.2 | 1.9 | |||||
|
|||||||
Shareholders'
Equity:
|
|||||||
Preferred stock, $100 par value, 50,000 shares authorized; none
issued
|
|||||||
Common stock, $1 par value, 1,200,000,000 shares authorized;
425,837,821
and 423,875,260 shares issued
|
425.8 | 423.9 | |||||
Capital in excess of par value
|
11,019.9 | 11,140.7 | |||||
Retained earnings
|
4,820.4 | 4,350.8 | |||||
Treasury stock at cost, 18,407,236 and 14,564,637 shares
|
(770.9 | ) | (576.5 | ) | |||
Accumulated other comprehensive items
|
(150.1 | ) | 92.0 | ||||
|
|||||||
|
15,345.1 | 15,430.9 | |||||
|
|||||||
|
$ | 21,280.9 | $ | 21,625.0 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions except per share amounts)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Revenues
|
|
|
|
|
|||||||||
Product revenues
|
$ | 2,247.6 | $ | 2,090.7 | $ | 4,528.6 | $ | 3,989.3 | |||||
Service revenues
|
401.4 | 393.4 | 795.5 | 749.9 | |||||||||
|
|||||||||||||
|
2,649.0 | 2,484.1 | 5,324.1 | 4,739.2 | |||||||||
|
|||||||||||||
Costs
and Operating Expenses:
|
|||||||||||||
Cost of product revenues
|
1,335.0 | 1,272.3 | 2,685.4 | 2,432.0 | |||||||||
Cost of service revenues
|
231.0 | 223.5 | 459.4 | 432.0 | |||||||||
Selling, general and administrative expenses
|
692.5 | 660.9 | 1,411.6 | 1,285.9 | |||||||||
Research and development expenses
|
70.3 | 58.1 | 137.1 | 116.3 | |||||||||
Restructuring and other costs, net
|
8.2 | 10.3 | 25.6 | 23.9 | |||||||||
|
|||||||||||||
|
2,337.0 | 2,225.1 | 4,719.1 | 4,290.1 | |||||||||
|
|||||||||||||
Operating
Income
|
312.0 | 259.0 | 605.0 | 449.1 | |||||||||
Other
Expense, Net
|
(36.8 | ) | (26.9 | ) | (61.7 | ) | (49.8 | ) | |||||
|
|||||||||||||
Income
from Continuing Operations Before
Provision
for Income Taxes
|
275.2 | 232.1 | 543.3 | 399.3 | |||||||||
Provision
for Income Taxes
|
(37.9 | ) | (25.2 | ) | (76.2 | ) | (43.5 | ) | |||||
|
|||||||||||||
Income
from Continuing Operations
|
237.3 | 206.9 | 467.1 | 355.8 | |||||||||
Gain
on Disposal of Discontinued Operations,
Net
(net of income tax benefit of $1.5 in
2010)
|
— | — | 2.5 | — | |||||||||
|
|||||||||||||
Net
Income
|
$ | 237.3 | $ | 206.9 | $ | 469.6 | $ | 355.8 | |||||
|
|||||||||||||
Earnings
per Share from Continuing
Operations
|
|||||||||||||
Basic
|
$ | .58 | $ | .50 | $ | 1.14 | $ | .85 | |||||
Diluted
|
$ | .57 | $ | .49 | $ | 1.12 | $ | .84 | |||||
|
|||||||||||||
Earnings
per Share
|
|||||||||||||
Basic
|
$ | .58 | $ | .50 | $ | 1.15 | $ | .85 | |||||
Diluted
|
$ | .57 | $ | .49 | $ | 1.13 | $ | .84 | |||||
|
|||||||||||||
Weighted
Average Shares
|
|||||||||||||
Basic
|
409.3 | 415.3 | 409.4 | 416.5 | |||||||||
Diluted
|
415.9 | 423.7 | 417.1 | 424.5 |
|
Six
Months Ended
|
||||||
|
July
3,
|
June
27,
|
|||||
(In
millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Operating
Activities
|
|
|
|||||
Net Income
|
$ | 469.6 | $ | 355.8 | |||
Gain on disposal of discontinued operations
|
(2.5 | ) | — | ||||
|
|||||||
Income from continuing operations
|
467.1 | 355.8 | |||||
|
|||||||
Adjustments to reconcile income from continuing operations
to
net cash provided by operating activities:
|
|||||||
Depreciation and amortization
|
390.9 | 384.6 | |||||
Change in deferred income taxes
|
(134.4 | ) | (117.6 | ) | |||
Non-cash stock-based compensation
|
41.4 | 35.8 | |||||
Non-cash interest expense on convertible debt
|
5.3 | 11.3 | |||||
Tax benefits from stock-based compensation awards
|
(7.8 | ) | (1.3 | ) | |||
Other non-cash expenses, net
|
30.5 | 28.1 | |||||
Changes in assets and liabilities, excluding the effects of
acquisitions
and dispositions:
|
|||||||
Accounts receivable
|
(100.6 | ) | 41.4 | ||||
Inventories
|
(51.1 | ) | 20.5 | ||||
Other assets
|
(9.4 | ) | 34.6 | ||||
Accounts payable
|
51.7 | 34.6 | |||||
Other liabilities
|
(47.9 | ) | (85.0 | ) | |||
Contributions to retirement plans
|
(8.7 | ) | (8.1 | ) | |||
|
|||||||
Net cash provided by continuing operations
|
627.0 | 734.7 | |||||
Net cash used in discontinued operations
|
(0.2 | ) | (0.7 | ) | |||
|
|||||||
Net cash provided by operating activities
|
626.8 | 734.0 | |||||
|
|||||||
Investing
Activities
|
|||||||
Acquisitions, net of cash acquired
|
(287.8 | ) | (146.0 | ) | |||
Purchase of property, plant and equipment
|
(109.0 | ) | (83.0 | ) | |||
Proceeds from sale of property, plant and equipment
|
2.3 | 7.6 | |||||
Proceeds from sale of available-for-sale investments
|
0.4 | 0.4 | |||||
Proceeds from sale of businesses, net of cash divested
|
— | 2.7 | |||||
Increase in other assets
|
(0.5 | ) | (0.3 | ) | |||
|
|||||||
Net cash used in continuing operations
|
(394.6 | ) | (218.6 | ) | |||
Net cash provided by discontinued operations
|
4.1 | — | |||||
|
|||||||
Net cash used in investing activities
|
$ | (390.5 | ) | $ | (218.6 | ) |
Six Months Ended | |||||||
(In millions) |
July
3,
2010
|
June
27,
2009
|
|||||
|
|
|
|||||
Financing
Activities
|
|
|
|||||
Net proceeds from issuance of long-term debt
|
$ | 741.6 | $ | 4.1 | |||
Settlement of convertible debt
|
(600.8 | ) | — | ||||
Redemption and repayment of long-term obligations
|
(502.2 | ) | (0.1 | ) | |||
Purchases of company common stock
|
(187.5 | ) | (414.6 | ) | |||
Net proceeds from issuance of company common stock
|
49.4 | 11.9 | |||||
Tax benefits from stock-based compensation awards
|
7.8 | 1.3 | |||||
Increase (decrease) in short-term notes payable
|
(0.1 | ) | 0.4 | ||||
|
|||||||
Net cash used in financing activities
|
(491.8 | ) | (397.0 | ) | |||
|
|||||||
Exchange
Rate Effect on Cash of Continuing Operations
|
(1.2 | ) | 18.5 | ||||
|
|||||||
Increase
(Decrease) in Cash and Cash Equivalents
|
(256.7 | ) | 136.9 | ||||
Cash
and Cash Equivalents at Beginning of Period
|
1,564.1 | 1,280.5 | |||||
|
|||||||
Cash
and Cash Equivalents at End of Period
|
$ | 1,307.4 | $ | 1,417.4 | |||
|
|||||||
Supplemental
Cash Flow Information
|
|||||||
Fair value of assets of acquired businesses
|
$ | 406.1 | $ | 171.4 | |||
Cash paid for acquired businesses
|
(305.4 | ) | (137.2 | ) | |||
|
|||||||
Fair value of liabilities assumed of acquired businesses
|
$ | 100.7 | $ | 34.2 | |||
|
|||||||
Issuance of restricted stock
|
$ | 1.4 | $ | 1.1 | |||
|
|||||||
Issuance of stock upon vesting of restricted stock units
|
$ | 15.5 | $ | 7.0 |
(In
millions)
|
Ahura
Scientific
|
Finnzymes
|
Other
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Purchase
Price
|
|
|
|
|
|||||||||
Cash paid
|
$ | 164.0 | $ | 59.3 | $ | 82.1 | $ | 305.4 | |||||
Debt assumed
|
0.6 | — | 0.8 | 1.4 | |||||||||
Purchase price payable (receivable)
|
— | (0.3 | ) | 1.1 | 0.8 | ||||||||
Fair value of contingent consideration
|
19.6 | — | 3.9 | 23.5 | |||||||||
Cash acquired
|
(17.8 | ) | (0.7 | ) | (2.4 | ) | (20.9 | ) | |||||
|
|||||||||||||
|
$ | 166.4 | $ | 58.3 | $ | 85.5 | $ | 310.2 | |||||
|
|||||||||||||
Allocation
|
|||||||||||||
Current assets
|
$ | 22.3 | $ | 6.0 | $ | 9.7 | $ | 38.0 | |||||
Property, plant and equipment
|
3.3 | 3.4 | 0.4 | 7.1 | |||||||||
Intangible assets:
|
|||||||||||||
Customer relationships
|
46.1 | 16.1 | 15.5 | 77.7 | |||||||||
Product technology
|
30.4 | 18.6 | 19.4 | 68.4 | |||||||||
In-process research and development
|
— | — | 4.4 | 4.4 | |||||||||
Tradenames and other
|
0.4 | 0.2 | 1.8 | 2.4 | |||||||||
Goodwill
|
109.9 | 26.3 | 43.6 | 179.8 | |||||||||
Other assets
|
0.1 | — | 7.3 | 7.4 | |||||||||
Liabilities assumed
|
(46.1 | ) | (12.3 | ) | (16.6 | ) | (75.0 | ) | |||||
|
|||||||||||||
|
$ | 166.4 | $ | 58.3 | $ | 85.5 | $ | 310.2 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Revenues
|
|
|
|
|
|||||||||
Analytical Technologies
|
$ | 1,101.4 | $ | 1,003.3 | $ | 2,208.4 | $ | 1,942.1 | |||||
Laboratory Products and Services
|
1,680.5 | 1,599.3 | 3,375.7 | 3,022.3 | |||||||||
Eliminations
|
(132.9 | ) | (118.5 | ) | (260.0 | ) | (225.2 | ) | |||||
|
|||||||||||||
Consolidated revenues
|
2,649.0 | 2,484.1 | 5,324.1 | 4,739.2 | |||||||||
|
|||||||||||||
Segment
Income
|
|||||||||||||
Analytical Technologies (a)
|
227.0 | 201.4 | 459.4 | 374.9 | |||||||||
Laboratory Products and Services (a)
|
238.7 | 217.2 | 474.0 | 392.7 | |||||||||
|
|||||||||||||
Subtotal reportable segments (a)
|
465.7 | 418.6 | 933.4 | 767.6 | |||||||||
|
|||||||||||||
Cost of revenues charges
|
(3.7 | ) | (0.9 | ) | (8.8 | ) | (0.9 | ) | |||||
Selling, general and administrative c
harges,
net
|
0.2 | (1.3 | ) | (0.9 | ) | (1.3 | ) | ||||||
Restructuring and other costs, net
|
(8.2 | ) | (10.3 | ) | (25.6 | ) | (23.9 | ) | |||||
Amortization of acquisition-related
intangible
assets
|
(142.0 | ) | (147.1 | ) | (293.1 | ) | (292.4 | ) | |||||
|
|||||||||||||
Consolidated operating income
|
312.0 | 259.0 | 605.0 | 449.1 | |||||||||
Other expense, net (b)
|
(36.8 | ) | (26.9 | ) | (61.7 | ) | (49.8 | ) | |||||
|
|||||||||||||
Income
from continuing operations before
provision
for income taxes
|
$ | 275.2 | $ | 232.1 | $ | 543.3 | $ | 399.3 | |||||
|
|||||||||||||
Depreciation
|
|||||||||||||
Analytical Technologies
|
$ | 22.0 | $ | 21.4 | $ | 44.0 | $ | 41.7 | |||||
Laboratory Products and Services
|
27.2 | 25.8 | 53.8 | 50.5 | |||||||||
|
|||||||||||||
Consolidated depreciation
|
$ | 49.2 | $ | 47.2 | $ | 97.8 | $ | 92.2 |
Represents
operating income before certain charges to cost of revenues and selling,
general and administrative expenses; restructuring and other costs, net;
and
amortization
of acquisition-related intangibles.
|
(b)
|
The
company does not allocate other expense, net to its
segments.
|
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Interest
Income
|
$ | 2.9 | $ | 4.7 | $ | 5.3 | $ | 10.0 | |||||
Interest
Expense
|
(23.8 | ) | (29.6 | ) | (46.1 | ) | (59.8 | ) | |||||
Other
Items, Net
|
(15.9 | ) | (2.0 | ) | (20.9 | ) | — | ||||||
|
|||||||||||||
|
$ | (36.8 | ) | $ | (26.9 | ) | $ | (61.7 | ) | $ | (49.8 | ) |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Stock
Option Awards
|
$ | 12.8 | $ | 13.3 | $ | 24.4 | $ | 23.4 | |||||
Restricted
Share/Unit Awards
|
9.5 | 7.3 | 17.0 | 12.4 | |||||||||
|
|||||||||||||
Total
Stock-based Compensation Expense
|
$ | 22.3 | $ | 20.6 | $ | 41.4 | $ | 35.8 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 1.6 | $ | 1.9 | $ | 3.0 | $ | 3.4 | |||||
Selling,
General and Administrative Expenses
|
20.3 | 18.0 | 37.5 | 31.2 | |||||||||
Research
and Development Expenses
|
0.4 | 0.7 | 0.9 | 1.2 | |||||||||
|
|||||||||||||
Total
Stock-based Compensation Expense
|
$ | 22.3 | $ | 20.6 | $ | 41.4 | $ | 35.8 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Service
Cost
|
$ | 2.5 | $ | 2.5 | $ | 5.3 | $ | 5.0 | |||||
Interest
Cost on Benefit Obligation
|
12.8 | 12.4 | 26.0 | 24.4 | |||||||||
Expected
Return on Plan Assets
|
(13.4 | ) | (12.6 | ) | (27.2 | ) | (24.9 | ) | |||||
Amortization
of Net Loss
|
0.5 | 0.5 | 1.0 | 0.8 | |||||||||
Amortization
of Prior Service Benefit
|
— | — | — | 0.1 | |||||||||
Settlement/Curtailment
Gain
|
— | (0.2 | ) | — | (0.2 | ) | |||||||
Special
Termination Benefits
|
0.3 | 0.1 | 0.3 | 0.3 | |||||||||
|
|||||||||||||
Net
Periodic Benefit Cost
|
$ | 2.7 | $ | 2.7 | $ | 5.4 | $ | 5.5 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Service
Cost
|
$ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||
Interest
Cost on Benefit Obligation
|
0.5 | 0.4 | 1.0 | 0.8 | |||||||||
Amortization
of Net Gain
|
(0.1 | ) | — | (0.2 | ) | — | |||||||
|
|||||||||||||
Net
Periodic Benefit Cost
|
$ | 0.5 | $ | 0.5 | $ | 1.0 | $ | 1.0 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions except per share amounts)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Income
from Continuing Operations
|
$ | 237.3 | $ | 206.9 | $ | 467.1 | $ | 355.8 | |||||
Gain
on Disposal of Discontinued
Operations,
Net
|
— | — | 2.5 | — | |||||||||
|
|||||||||||||
Net
Income
|
237.3 | 206.9 | 469.6 | 355.8 | |||||||||
|
|||||||||||||
Income
Allocable to Participating Securities
|
(0.1 | ) | (0.2 | ) | (0.1 | ) | (0.3 | ) | |||||
|
|||||||||||||
Net
Income for Earnings per Share
|
$ | 237.2 | $ | 206.7 | $ | 469.5 | $ | 355.5 | |||||
|
|||||||||||||
Basic
Weighted Average Shares
|
409.3 | 415.3 | 409.4 | 416.5 | |||||||||
Effect
of:
|
|||||||||||||
Convertible debentures
|
3.2 | 7.0 | 4.3 | 6.7 | |||||||||
Stock options, restricted stock/units
|
3.4 | 1.4 | 3.4 | 1.3 | |||||||||
|
|||||||||||||
Diluted
Weighted Average Shares
|
415.9 | 423.7 | 417.1 | 424.5 | |||||||||
|
|||||||||||||
Basic
Earnings per Share:
|
|||||||||||||
Continuing operations
|
$ | .58 | $ | .50 | $ | 1.14 | $ | .85 | |||||
Discontinued operations
|
— | — | .01 | — | |||||||||
|
|||||||||||||
|
$ | .58 | $ | .50 | $ | 1.15 | $ | .85 | |||||
|
|||||||||||||
Diluted
Earnings per Share:
|
|||||||||||||
Continuing operations
|
$ | .57 | $ | .49 | $ | 1.12 | $ | .84 | |||||
Discontinued operations
|
— | — | .01 | — | |||||||||
|
|||||||||||||
|
$ | .57 | $ | .49 | $ | 1.13 | $ | .84 |
|
July
3,
|
December
31,
|
|||||
(In
millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Principal
Amount of Convertible Debt
|
$ | 329.3 | $ | 668.8 | |||
Unamortized
Discount
|
5.2 | 10.9 | |||||
Net
Carrying Amount
|
324.1 | 657.9 | |||||
Incremental
Convertible Debt Obligation (Temporary Equity)
|
5.2 | 1.9 | |||||
Capital
in Excess of Par Value
|
12.9 | 30.7 |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Contractual
Coupon Interest
|
$ | 2.7 | $ | 4.6 | $ | 5.6 | $ | 9.6 | |||||
Amortization
of Discount on Convertible Debt
|
1.9 | 5.7 | 5.3 | 11.3 | |||||||||
|
|||||||||||||
Interest
Expense
|
$ | 4.6 | $ | 10.3 | $ | 10.9 | $ | 20.9 | |||||
|
|||||||||||||
Effective
Interest Rate
|
4.4% | 4.4% | 4.2% | 4.5% |
|
July
3,
|
Quoted
Prices in Active Markets
|
Significant
Other Observable Inputs
|
Significant
Unobservable Inputs
|
|||||||||
(In
millions)
|
2010
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|||||||||
Cash equivalents
|
$ | 579.7 | $ | 579.7 | $ | — | $ | — | |||||
Investments in mutual funds, unit trusts
and
other similar instruments
|
34.8 | 34.8 | — | — | |||||||||
Insurance contracts
|
29.4 | — | 29.4 | — | |||||||||
Auction rate securities
|
4.9 | — | — | 4.9 | |||||||||
Derivative contracts
|
32.2 | — | 32.2 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 681.0 | $ | 614.5 | $ | 61.6 | $ | 4.9 | |||||
|
|||||||||||||
Liabilities
|
|||||||||||||
Derivative contracts
|
$ | 6.7 | $ | — | $ | 6.7 | $ | — | |||||
|
|||||||||||||
Total Liabilities
|
$ | 6.7 | $ | — | $ | 6.7 | $ | — |
|
December
31,
|
Quoted
Prices in Active Markets
|
Significant
Other Observable Inputs
|
Significant
Unobservable Inputs
|
|||||||||
(In
millions)
|
2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|||||||||
Cash equivalents
|
$ | 1,081.7 | $ | 1,081.7 | $ | — | $ | — | |||||
Investments in mutual funds, unit trusts
and
other similar instruments
|
32.9 | 32.9 | — | — | |||||||||
Insurance contracts
|
31.9 | — | 31.9 | — | |||||||||
Auction rate securities
|
5.4 | — | — | 5.4 | |||||||||
Derivative contracts
|
4.5 | — | 4.5 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 1,156.4 | $ | 1,114.6 | $ | 36.4 | $ | 5.4 | |||||
|
|||||||||||||
Liabilities
|
|||||||||||||
Derivative contracts
|
$ | 10.3 | $ | — | $ | 10.3 | $ | — | |||||
|
|||||||||||||
Total Liabilities
|
$ | 10.3 | $ | — | $ | 10.3 | $ | — |
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Beginning
Balance
|
$ | 5.2 | $ | 6.3 | $ | 5.4 | $ | 5.7 | |||||
Sale
of securities
|
(0.2 | ) | — | (0.4 | ) | — | |||||||
Total
unrealized gains (losses) included in
other
comprehensive income
|
(0.1 | ) | (0.3 | ) | (0.1 | ) | 0.3 | ||||||
|
|||||||||||||
Ending
Balance
|
$ | 4.9 | $ | 6.0 | $ | 4.9 | $ | 6.0 |
|
Fair
Value – Assets
|
Fair
Value – Liabilities
|
|||||||||||
|
July
3,
|
December
31,
|
July
3,
|
December
31,
|
|||||||||
(In
millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Derivatives
Designated as Hedging
Instruments
|
|
|
|
|
|||||||||
Interest rate swaps (a)
|
$ | 31.1 | $ | — | $ | — | $ | 9.5 | |||||
Derivatives
Not Designated as Hedging
Instruments
|
|||||||||||||
Foreign currency exchange contracts (b)
|
1.1 | 4.5 | 6.7 | 0.8 | |||||||||
|
|||||||||||||
Total derivatives
|
$ | 32.2 | $ | 4.5 | $ | 6.7 | $ | 10.3 |
(a)
|
The
fair value of the interest rate swaps are included in the consolidated
balance sheet under the captions other assets or other long-term
liabilities.
|
|||||||||||||
(b)
|
The
fair value of the foreign currency exchange contracts are included in the
consolidated balance sheet under the captions other current assets or
other accrued
expenses.
|
Gain (Loss) Recognized | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
(In millions) |
July
3,
2010
|
June
27,
2009
|
July
3,
2010
|
June
27,
2009
|
|||||||||
|
|
|
|
|
|||||||||
Derivatives
Designated as Fair Value
Hedges
|
|
|
|
|
|||||||||
Interest rate contracts
|
$ | 5.2 | $ | — | $ | 8.6 | $ | — | |||||
Derivatives
Not Designated as Fair Value
Hedges
|
|||||||||||||
Foreign currency exchange contracts
|
21.1 | (18.2 | ) | 39.0 | (7.2 | ) |
|
July
3, 2010
|
December
31, 2009
|
|||||||||||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||
(In
millions)
|
Value
|
Value
|
Value
|
Value
|
|||||||||
|
|
|
|
|
|||||||||
Notes
Receivable
|
$ | 7.0 | $ | 7.0 | $ | 6.8 | $ | 6.8 | |||||
|
|||||||||||||
Debt
Obligations:
|
|||||||||||||
Convertible obligations
|
324.1 | 403.4 | 657.9 | 992.0 | |||||||||
Senior notes
|
1,778.5 | 1,813.5 | 989.6 | 1,016.1 | |||||||||
Senior subordinated notes
|
— | — | 500.0 | 520.1 | |||||||||
Other
|
31.0 | 31.0 | 34.0 | 34.0 | |||||||||
|
|||||||||||||
|
$ | 2,133.6 | $ | 2,247.9 | $ | 2,181.5 | $ | 2,562.2 |
|
Six
Months Ended
|
||||||
|
July
3,
|
June
27,
|
|||||
(In
millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Beginning
Balance
|
$ | 45.2 | $ | 44.1 | |||
Provision charged to income
|
20.9 | 15.9 | |||||
Usage
|
(20.5 | ) | (20.9 | ) | |||
Acquisitions
|
0.2 | 0.1 | |||||
Adjustments to previously provided warranties, net
|
0.2 | 0.9 | |||||
Other, net (a)
|
(2.0 | ) | — | ||||
|
|||||||
Ending
Balance
|
$ | 44.0 | $ | 40.1 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 2.5 | $ | 1.2 | $ | — | $ | 3.7 | |||||
Selling,
General and Administrative Expenses
|
— | (0.2 | ) | — | (0.2 | ) | |||||||
Restructuring
and Other Costs, Net
|
4.5 | 3.6 | 0.1 | 8.2 | |||||||||
|
|||||||||||||
|
$ | 7.0 | $ | 4.6 | $ | 0.1 | $ | 11.7 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 6.4 | $ | 2.4 | $ | — | $ | 8.8 | |||||
Selling,
General and Administrative Expenses
|
1.1 | (0.2 | ) | — | 0.9 | ||||||||
Restructuring
and Other Costs, Net
|
12.5 | 12.9 | 0.2 | 25.6 | |||||||||
|
|||||||||||||
|
$ | 20.0 | $ | 15.1 | $ | 0.2 | $ | 35.3 |
|
|
Abandonment
|
|
|
|||||||||
(In
millions)
|
Severance
|
of
Excess Facilities
|
Other
(a)
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Pre-2009
Restructuring Plans
|
|
|
|
|
|||||||||
Balance At December 31, 2009
|
$ | 2.5 | $ | 4.3 | $ | 0.3 | $ | 7.1 | |||||
Costs incurred in 2010 (b)
|
0.1 | 1.0 | — | 1.1 | |||||||||
Reserves reversed
|
(0.1 | ) | (0.4 | ) | — | (0.5 | ) | ||||||
Payments
|
(0.7 | ) | (1.5 | ) | (0.3 | ) | (2.5 | ) | |||||
Currency translation
|
(0.1 | ) | (0.1 | ) | — | (0.2 | ) | ||||||
|
|||||||||||||
Balance At July 3, 2010
|
$ | 1.7 | $ | 3.3 | $ | — | $ | 5.0 | |||||
|
|||||||||||||
2009
Restructuring Plans
|
|||||||||||||
Balance At December 31, 2009
|
$ | 21.0 | $ | 2.3 | $ | 1.8 | $ | 25.1 | |||||
Costs incurred in 2010 (b)
|
6.9 | 2.3 | 3.9 | 13.1 | |||||||||
Reserves reversed
|
(1.0 | ) | (0.1 | ) | (0.3 | ) | (1.4 | ) | |||||
Payments
|
(12.3 | ) | (1.7 | ) | (3.8 | ) | (17.8 | ) | |||||
Currency translation
|
(1.7 | ) | — | — | (1.7 | ) | |||||||
|
|||||||||||||
Balance At July 3, 2010
|
$ | 12.9 | $ | 2.8 | $ | 1.6 | $ | 17.3 | |||||
|
|||||||||||||
2010
Restructuring Plans
|
|||||||||||||
Costs incurred in 2010 (b)
|
$ | 4.1 | $ | 1.8 | $ | 1.5 | $ | 7.4 | |||||
Payments
|
(2.8 | ) | (0.9 | ) | (1.4 | ) | (5.1 | ) | |||||
Currency translation
|
0.2 | — | — | 0.2 | |||||||||
|
|||||||||||||
Balance At July 3, 2010
|
$ | 1.5 | $ | 0.9 | $ | 0.1 | $ | 2.5 |
Other
includes employee retention costs which are accrued ratably over the
period through which employees must work to qualify for a
payment.
|
(b)
|
Excludes
an aggregate of $6 million non-cash charges, net, which are detailed by
segment above.
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||||||
|
July
3,
|
June
27,
|
July
3,
|
June
27,
|
|||||||||||||||||
(Dollars
in millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||||||||
Analytical
Technologies
|
$ | 1,101.4 | 41.6% | $ | 1,003.3 | 40.4% | $ | 2,208.4 | 41.5% | $ | 1,942.1 | 41.0% | |||||||||
Laboratory
Products
and
Services
|
1,680.5 | 63.4% | 1,599.3 | 64.4% | 3,375.7 | 63.4% | 3,022.3 | 63.8% | |||||||||||||
Eliminations
|
(132.9 | ) | (5.0)% | (118.5 | ) | (4.8)% | (260.0 | ) | (4.9)% | (225.2 | ) | (4.8)% | |||||||||
|
|||||||||||||||||||||
|
$ | 2,649.0 | 100% | $ | 2,484.1 | 100% | $ | 5,324.1 | 100% | $ | 4,739.2 | 100% |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Overview of Results of Operations and Liquidity
(continued)
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
(continued)
|
|
Three
Months Ended
|
|
|
|
|
||||||||||||||
|
July
3,
|
June
27,
|
Total
|
Currency
|
Acquisitions/
|
|
|||||||||||||
(In
millions)
|
2010
|
2009
|
Change
|
Translation
|
Divestitures
|
Operations
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Revenues
|
|
|
|
|
|
|
|||||||||||||
Analytical
Technologies
|
$ | 1,101.4 | $ | 1,003.3 | $ | 98.1 | $ | (13.2 | ) | $ | 57.6 | $ | 53.7 | ||||||
Laboratory
Products
and
Services
|
1,680.5 | 1,599.3 | 81.2 | (5.9 | ) | 8.3 | 78.8 | ||||||||||||
Eliminations
|
(132.9 | ) | (118.5 | ) | (14.4 | ) | 0.6 | — | (15.0 | ) | |||||||||
|
|||||||||||||||||||
Consolidated
Revenues
|
$ | 2,649.0 | $ | 2,484.1 | $ | 164.9 | $ | (18.5 | ) | $ | 65.9 | $ | 117.5 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
|
Three
Months Ended
|
||||||||
|
July
3,
|
June
27,
|
|
||||||
(Dollars
in millions)
|
2010
|
2009
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
|
|
|
||||||
Analytical Technologies
|
$ | 1,101.4 | $ | 1,003.3 | 10% | ||||
Laboratory Products and Services
|
1,680.5 | 1,599.3 | 5% | ||||||
Eliminations
|
(132.9 | ) | (118.5 | ) | 12% | ||||
|
|||||||||
Consolidated Revenues
|
$ | 2,649.0 | $ | 2,484.1 | 7% | ||||
|
|||||||||
Segment
Income
|
|||||||||
Analytical Technologies
|
$ | 227.0 | $ | 201.4 | 13% | ||||
Laboratory Products and Services
|
238.7 | 217.2 | 10% | ||||||
|
|||||||||
Subtotal Reportable Segments
|
465.7 | 418.6 | 11% | ||||||
|
|||||||||
Cost of Revenues Charges
|
(3.7 | ) | (0.9 | ) | |||||
Selling, General and Administrative Charges, Net
|
0.2 | (1.3 | ) | ||||||
Restructuring and Other Costs, Net
|
(8.2 | ) | (10.3 | ) | |||||
Amortization of Acquisition-related Intangible Assets
|
(142.0 | ) | (147.1 | ) | |||||
|
|||||||||
Consolidated Operating Income
|
$ | 312.0 | $ | 259.0 | 20% | ||||
|
|||||||||
Reportable
Segments Operating Income Margin
|
17.6% | 16.8% | |||||||
|
|||||||||
Consolidated
Operating Income Margin
|
11.8% | 10.4% |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
Three Months Ended | |||||||||
(Dollars in millions) |
July
3,
2010
|
June
27,
2009
|
Change | ||||||
|
|
|
|
||||||
Revenues
|
$ | 1,101.4 | $ | 1,003.3 | 10% | ||||
|
|||||||||
Operating
Income Margin
|
20.6% | 20.1% | 0.5 |
Three Months Ended | |||||||||
(Dollars in millions) |
July
3,
2010
|
June
27,
2009
|
Change | ||||||
|
|
|
|
||||||
Revenues
|
$ | 1,680.5 | $ | 1,599.3 | 5% | ||||
|
|||||||||
Operating
Income Margin
|
14.2% | 13.6% | 0.6 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
|
Six
Months Ended
|
|
|
|
|
||||||||||||||
|
July
3,
|
June
27,
|
Total
|
Currency
|
Acquisitions/
|
|
|||||||||||||
(In
millions)
|
2010
|
2009
|
Change
|
Translation
|
Divestitures
|
Operations
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Revenues
|
|
|
|
|
|
|
|||||||||||||
Analytical
Technologies
|
$ | 2,208.4 | $ | 1,942.1 | $ | 266.3 | $ | 16.8 | $ | 104.5 | $ | 145.0 | |||||||
Laboratory
Products
and
Services
|
3,375.7 | 3,022.3 | 353.4 | 30.4 | 33.6 | 289.4 | |||||||||||||
Eliminations
|
(260.0 | ) | (225.2 | ) | (34.8 | ) | (1.1 | ) | — | (33.7 | ) | ||||||||
|
|||||||||||||||||||
Consolidated
Revenues
|
$ | 5,324.1 | $ | 4,739.2 | $ | 584.9 | $ | 46.1 | $ | 138.1 | $ | 400.7 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
|
Six
Months Ended
|
||||||||
|
July
3,
|
June
27,
|
|
||||||
(Dollars
in millions)
|
2010
|
2009
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
|
|
|
||||||
Analytical Technologies
|
$ | 2,208.4 | $ | 1,942.1 | 14% | ||||
Laboratory Products and Services
|
3,375.7 | 3,022.3 | 12% | ||||||
Eliminations
|
(260.0 | ) | (225.2 | ) | 15% | ||||
|
|||||||||
Consolidated Revenues
|
$ | 5,324.1 | $ | 4,739.2 | 12% | ||||
|
|||||||||
Segment
Income
|
|||||||||
Analytical Technologies
|
$ | 459.4 | $ | 374.9 | 23% | ||||
Laboratory Products and Services
|
474.0 | 392.7 | 21% | ||||||
|
|||||||||
Subtotal Reportable Segments
|
933.4 | 767.6 | 22% | ||||||
|
|||||||||
Cost of Revenues Charges
|
(8.8 | ) | (0.9 | ) | |||||
Selling, General and Administrative Charges, Net
|
(0.9 | ) | (1.3 | ) | |||||
Restructuring and Other Costs, Net
|
(25.6 | ) | (23.9 | ) | |||||
Amortization of Acquisition-related Intangible Assets
|
(293.1 | ) | (292.4 | ) | |||||
|
|||||||||
Consolidated Operating Income
|
$ | 605.0 | $ | 449.1 | 35% | ||||
|
|||||||||
Reportable
Segments Operating Income Margin
|
17.5% | 16.2% | |||||||
|
|||||||||
Consolidated
Operating Income Margin
|
11.4% | 9.5% |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
Six Months Ended | |||||||||
(Dollars in millions) |
July
3,
2010
|
June
27,
2009
|
Change | ||||||
|
|
|
|
||||||
Revenues
|
$ | 2,208.4 | $ | 1,942.1 | 14% | ||||
|
|||||||||
Operating
Income Margin
|
20.8% | 19.3% | 1.5 |
Six Months Ended | |||||||||
(Dollars in million) |
July
3,
2010
|
June
27,
2009
|
Change | ||||||
|
|
|
|
||||||
Revenues
|
$ | 3,375.7 | $ | 3,022.3 | 12% | ||||
|
|||||||||
Operating
Income Margin
|
14.0% | 13.0% | 1.0 |
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Results of Operations (continued)
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations –
Liquidity and Capital Resources
(continued)
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Item
4.
|
Controls
and Procedures
|
|
•
|
finding
new markets for our products;
|
|
•
|
developing
new applications for our
technologies;
|
|
•
|
combining
sales and marketing operations in appropriate markets to compete more
effectively;
|
|
•
|
allocating
research and development funding to products with higher growth
prospects;
|
|
•
|
continuing
key customer initiatives;
|
|
•
|
expanding
our service offerings;
|
|
•
|
strengthening
our presence in selected geographic markets;
and
|
|
•
|
continuing
the development of commercial tools and infrastructure to increase and
support cross-selling opportunities of products and services to take
advantage of our breadth in product
offerings.
|
|
•
|
reduced
demand for some of our products;
|
|
•
|
increased
rate of order cancellations or
delays;
|
|
•
|
increased
risk of excess and obsolete
inventories;
|
|
•
|
increased
pressure on the prices for our products and services;
and
|
|
•
|
greater
difficulty in collecting accounts
receivable.
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
Period
|
|
Total
Number
of
Shares
Purchased
|
|
Average
Price
Paid
per
Share
|
|
Total
Number
of
Shares
Purchased
as
Part
of
Publicly
Announced
Plans
or
Programs
(1)
|
|
Maximum
Dollar
Amount
of
Shares That
May
Yet Be
Purchased
Under
the
Plans or
Programs
(1)
(in
millions)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
April
4 – May 8
|
|
120,000
|
|
$
|
52.94
|
|
120,000
|
|
$
|
743.6
|
|
May
9 – June 5
|
|
2,328,409
|
|
|
50.95
|
|
2,328,409
|
|
|
625.0
|
|
June
6 – July 3
|
|
1,254,228
|
|
|
49.85
|
|
1,254,228
|
|
|
562.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Second Quarter
|
|
3,702,637
|
|
$
|
50.64
|
|
3,702,637
|
|
$
|
562.5
|
THERMO
FISHER SCIENTIFIC INC.
|
|
/s/
Peter M. Wilver
|
|
Peter
M. Wilver
|
|
Senior
Vice President and Chief Financial Officer
|
|
/s/
Peter E. Hornstra
|
|
Peter
E. Hornstra
|
|
Vice
President and Chief Accounting
Officer
|
Exhibit
Number
|
Description
of Exhibit
|
||
31.1 | Certification of Chief Executive Officer required by Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2
|
Certification
of Chief Financial Officer required by Exchange Act Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
||
32.1
|
Certification
of Chief Executive Officer required by Exchange Act Rules 13a-14(b) and
15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.**
|
||
32.2
|
Certification
of Chief Financial Officer required by Exchange Act Rules 13a-14(b) and
15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.**
|
||
The Registrant agrees, pursuant to Item
601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission upon
request, a copy of each instrument with respect to long-term debt of the
Registrant or its consolidated subsidiaries.
|
|||
101.INS
|
XBRL
Instance Document.
|
||
101.SCH
|
XBRL
Taxonomy Extension Schema Document.
|
||
101.CAL
|
XBRL
Taxonomy Calculation Linkbase Document.
|
||
101.DEF
|
XBRL
Taxonomy Definition Linkbase Document.
|
||
101.LAB
|
XBRL
Taxonomy Label Linkbase Document.
|
||
101.PRE
|
XBRL
Taxonomy Presentation Linkbase Document.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|