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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Charles River Laboratories International Inc | NYSE:CRL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 232.56 | 0 | 09:09:36 |
|
Delaware
|
|
06-1397316
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
251 Ballardvale Street
Wilmington, Massachusetts
(Address of Principal Executive Offices)
|
|
01887
(Zip Code)
|
|
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if smaller
reporting company)
|
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Service revenue
|
$
|
326,711
|
|
|
$
|
292,849
|
|
|
$
|
960,640
|
|
|
$
|
806,397
|
|
Product revenue
|
137,521
|
|
|
132,871
|
|
|
418,484
|
|
|
408,246
|
|
||||
Total revenue
|
464,232
|
|
|
425,720
|
|
|
1,379,124
|
|
|
1,214,643
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of services provided (excluding amortization of intangible assets)
|
219,368
|
|
|
200,118
|
|
|
640,904
|
|
|
543,588
|
|
||||
Cost of products sold (excluding amortization of intangible assets)
|
67,660
|
|
|
69,332
|
|
|
203,655
|
|
|
204,270
|
|
||||
Selling, general and administrative
|
92,863
|
|
|
85,650
|
|
|
278,886
|
|
|
269,067
|
|
||||
Amortization of intangible assets
|
10,357
|
|
|
11,825
|
|
|
30,913
|
|
|
29,390
|
|
||||
Operating income
|
73,984
|
|
|
58,795
|
|
|
224,766
|
|
|
168,328
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
134
|
|
|
523
|
|
|
497
|
|
|
1,008
|
|
||||
Interest expense
|
(7,667
|
)
|
|
(7,079
|
)
|
|
(22,053
|
)
|
|
(20,199
|
)
|
||||
Other income, net
|
6,488
|
|
|
1,017
|
|
|
24,692
|
|
|
10,059
|
|
||||
Income from continuing operations, before income taxes
|
72,939
|
|
|
53,256
|
|
|
227,902
|
|
|
159,196
|
|
||||
Provision for income taxes
|
19,945
|
|
|
15,565
|
|
|
73,272
|
|
|
48,385
|
|
||||
Income from continuing operations, net of income taxes
|
52,994
|
|
|
37,691
|
|
|
154,630
|
|
|
110,811
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
(39
|
)
|
|
342
|
|
|
(114
|
)
|
|
328
|
|
||||
Net income
|
52,955
|
|
|
38,033
|
|
|
154,516
|
|
|
111,139
|
|
||||
Less: Net income attributable to noncontrolling interests
|
481
|
|
|
298
|
|
|
1,312
|
|
|
1,054
|
|
||||
Net income attributable to common shareholders
|
$
|
52,474
|
|
|
$
|
37,735
|
|
|
$
|
153,204
|
|
|
$
|
110,085
|
|
Earnings per common share
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common shareholders
|
$
|
1.11
|
|
|
$
|
0.79
|
|
|
$
|
3.23
|
|
|
$
|
2.34
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income attributable to common shareholders
|
$
|
1.11
|
|
|
$
|
0.80
|
|
|
$
|
3.22
|
|
|
$
|
2.34
|
|
Diluted:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common shareholders
|
$
|
1.09
|
|
|
$
|
0.78
|
|
|
$
|
3.17
|
|
|
$
|
2.29
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
Net income attributable to common shareholders
|
$
|
1.08
|
|
|
$
|
0.79
|
|
|
$
|
3.16
|
|
|
$
|
2.30
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Net income
|
$
|
52,955
|
|
|
$
|
38,033
|
|
|
$
|
154,516
|
|
|
$
|
111,139
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment and other
|
24,570
|
|
|
(16,888
|
)
|
|
69,242
|
|
|
(32,798
|
)
|
||||
Amortization of net loss and prior service benefit included in net periodic cost for pension and other post-retirement benefit plans
|
883
|
|
|
1,176
|
|
|
2,638
|
|
|
1,961
|
|
||||
Comprehensive income, before income taxes
|
78,408
|
|
|
22,321
|
|
|
226,396
|
|
|
80,302
|
|
||||
Income tax expense related to items of other comprehensive income (Note 9)
|
153
|
|
|
140
|
|
|
776
|
|
|
424
|
|
||||
Comprehensive income, net of income taxes
|
78,255
|
|
|
22,181
|
|
|
225,620
|
|
|
79,878
|
|
||||
Less: Comprehensive income (loss) related to noncontrolling interests, net of income taxes
|
766
|
|
|
—
|
|
|
1,964
|
|
|
(9
|
)
|
||||
Comprehensive income attributable to common shareholders, net of income taxes
|
$
|
77,489
|
|
|
$
|
22,181
|
|
|
$
|
223,656
|
|
|
$
|
79,887
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
123,618
|
|
|
$
|
117,626
|
|
Trade receivables, net
|
422,335
|
|
|
364,050
|
|
||
Inventories
|
107,372
|
|
|
95,833
|
|
||
Prepaid assets
|
42,695
|
|
|
34,315
|
|
||
Other current assets
|
86,358
|
|
|
45,008
|
|
||
Total current assets
|
782,378
|
|
|
656,832
|
|
||
Property, plant and equipment, net
|
767,192
|
|
|
755,827
|
|
||
Goodwill
|
800,247
|
|
|
787,517
|
|
||
Client relationships, net
|
304,382
|
|
|
320,157
|
|
||
Other intangible assets, net
|
71,065
|
|
|
74,291
|
|
||
Deferred tax assets
|
30,856
|
|
|
28,746
|
|
||
Other assets
|
109,798
|
|
|
88,430
|
|
||
Total assets
|
$
|
2,865,918
|
|
|
$
|
2,711,800
|
|
Liabilities, Redeemable Noncontrolling Interest and Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt and capital leases
|
$
|
27,090
|
|
|
$
|
27,313
|
|
Accounts payable
|
66,232
|
|
|
68,485
|
|
||
Accrued compensation
|
86,402
|
|
|
93,471
|
|
||
Deferred revenue
|
108,984
|
|
|
127,731
|
|
||
Accrued liabilities
|
91,783
|
|
|
84,470
|
|
||
Other current liabilities
|
33,614
|
|
|
26,500
|
|
||
Current liabilities of discontinued operations
|
1,650
|
|
|
1,623
|
|
||
Total current liabilities
|
415,755
|
|
|
429,593
|
|
||
Long-term debt, net and capital leases
|
1,155,998
|
|
|
1,207,696
|
|
||
Deferred tax liabilities
|
81,783
|
|
|
55,717
|
|
||
Other long-term liabilities
|
167,493
|
|
|
159,239
|
|
||
Long-term liabilities of discontinued operations
|
4,395
|
|
|
5,771
|
|
||
Total liabilities
|
1,825,424
|
|
|
1,858,016
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Redeemable noncontrolling interest
|
15,785
|
|
|
14,659
|
|
||
Equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 120,000 shares authorized; 87,417 shares issued and 47,324 shares outstanding as of September 30, 2017, and 86,301 shares issued and 47,363 shares outstanding as of December 31, 2016
|
874
|
|
|
863
|
|
||
Additional paid-in capital
|
2,545,351
|
|
|
2,477,371
|
|
||
Retained earnings
|
318,507
|
|
|
165,303
|
|
||
Treasury stock, at cost 40,093 shares and 38,938 shares as of September 30, 2017, and December 31, 2016, respectively
|
(1,659,907
|
)
|
|
(1,553,005
|
)
|
||
Accumulated other comprehensive loss
|
(183,312
|
)
|
|
(253,764
|
)
|
||
Total equity attributable to common shareholders
|
1,021,513
|
|
|
836,768
|
|
||
Noncontrolling interests
|
3,196
|
|
|
2,357
|
|
||
Total equity
|
1,024,709
|
|
|
839,125
|
|
||
Total liabilities, redeemable noncontrolling interest and equity
|
$
|
2,865,918
|
|
|
$
|
2,711,800
|
|
|
|
|
|
||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
Cash flows relating to operating activities
|
|
|
|
||||
Net income
|
$
|
154,516
|
|
|
$
|
111,139
|
|
Less: Income (loss) from discontinued operations, net of income taxes
|
(114
|
)
|
|
328
|
|
||
Income from continuing operations, net of income taxes
|
154,630
|
|
|
110,811
|
|
||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
97,675
|
|
|
91,116
|
|
||
Stock-based compensation
|
32,902
|
|
|
32,647
|
|
||
Deferred income taxes
|
18,176
|
|
|
(270
|
)
|
||
Gain on divestiture
|
(10,577
|
)
|
|
—
|
|
||
Other, net
|
(3,579
|
)
|
|
92
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Trade receivables, net
|
(42,712
|
)
|
|
(43,260
|
)
|
||
Inventories
|
(9,500
|
)
|
|
(4,352
|
)
|
||
Accounts payable
|
(6,160
|
)
|
|
17,184
|
|
||
Accrued compensation
|
(10,548
|
)
|
|
8,163
|
|
||
Other assets and liabilities, net
|
(26,469
|
)
|
|
(13,879
|
)
|
||
Net cash provided by operating activities
|
193,838
|
|
|
198,252
|
|
||
Cash flows relating to investing activities
|
|
|
|
||||
Acquisition of businesses and assets, net of cash acquired
|
(22,474
|
)
|
|
(597,607
|
)
|
||
Capital expenditures
|
(53,928
|
)
|
|
(29,609
|
)
|
||
Purchases of investments
|
(42,135
|
)
|
|
(20,278
|
)
|
||
Proceeds from sale of investments and distributions from venture capital investments
|
6,604
|
|
|
26,035
|
|
||
Proceeds from divestiture
|
72,462
|
|
|
—
|
|
||
Other, net
|
(288
|
)
|
|
3,790
|
|
||
Net cash used in investing activities
|
(39,759
|
)
|
|
(617,669
|
)
|
||
Cash flows relating to financing activities
|
|
|
|
||||
Proceeds from long-term debt and revolving credit facility
|
229,255
|
|
|
926,781
|
|
||
Proceeds from exercises of stock options
|
35,089
|
|
|
21,643
|
|
||
Payments on long-term debt, revolving credit facility and capital lease obligations
|
(309,258
|
)
|
|
(526,983
|
)
|
||
Purchase of treasury stock
|
(106,902
|
)
|
|
(12,226
|
)
|
||
Other, net
|
(3,650
|
)
|
|
(4,533
|
)
|
||
Net cash (used in) provided by financing activities
|
(155,466
|
)
|
|
404,682
|
|
||
Discontinued operations
|
|
|
|
||||
Net cash used in operating activities from discontinued operations
|
(1,489
|
)
|
|
(1,434
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
9,135
|
|
|
4,325
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
6,259
|
|
|
(11,844
|
)
|
||
Cash, cash equivalents, and restricted cash, beginning of period
|
119,894
|
|
|
119,963
|
|
||
Cash, cash equivalents, and restricted cash, end of period
|
$
|
126,153
|
|
|
$
|
108,119
|
|
|
|
|
|
||||
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
123,618
|
|
|
$
|
105,722
|
|
Restricted cash included in Other current assets
|
591
|
|
|
572
|
|
||
Restricted cash included in Other assets
|
1,944
|
|
|
1,825
|
|
||
Cash, cash equivalents, and restricted cash, end of period
|
$
|
126,153
|
|
|
$
|
108,119
|
|
|
|
|
|
||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
August 4, 2017
|
||
|
(in thousands)
|
||
Trade receivables (contractual amount of $1,146)
|
$
|
1,146
|
|
Other current assets (excluding cash)
|
670
|
|
|
Property, plant and equipment
|
664
|
|
|
Other long-term assets
|
13
|
|
|
Definite-lived intangible assets
|
9,300
|
|
|
Goodwill
|
12,324
|
|
|
Current liabilities
|
(863
|
)
|
|
Deferred revenue
|
(405
|
)
|
|
Long-term liabilities
|
(2,203
|
)
|
|
Total purchase price allocation
|
$
|
20,646
|
|
|
Definite-Lived Intangible Assets
|
|
Weighted Average Amortization Life
|
||
|
(in thousands)
|
|
(in years)
|
||
Client relationships
|
$
|
7,000
|
|
|
13
|
Other intangible assets
|
2,300
|
|
|
10
|
|
Total definite-lived intangible assets
|
$
|
9,300
|
|
|
12
|
|
September 28, 2016
|
||
|
(in thousands)
|
||
Trade receivables (contractual amount of $4,799)
|
$
|
4,799
|
|
Other current assets (excluding cash)
|
794
|
|
|
Property, plant and equipment
|
3,907
|
|
|
Other long-term assets
|
11
|
|
|
Definite-lived intangible assets
|
21,900
|
|
|
Goodwill
|
44,517
|
|
|
Current liabilities
|
(3,812
|
)
|
|
Long-term liabilities
|
(10,091
|
)
|
|
Total purchase price allocation
|
$
|
62,025
|
|
|
Definite-Lived Intangible Assets
|
|
Weighted Average Amortization Life
|
||
|
(in thousands)
|
|
(in years)
|
||
Client relationships
|
$
|
16,700
|
|
|
17
|
Other intangible assets
|
5,200
|
|
|
4
|
|
Total definite-lived intangible assets
|
$
|
21,900
|
|
|
14
|
|
June 27, 2016
|
||
|
(in thousands)
|
||
Trade receivables (contractual amount of $1,104)
|
$
|
1,104
|
|
Other current assets (excluding cash)
|
15
|
|
|
Property, plant and equipment
|
912
|
|
|
Other long-term assets
|
187
|
|
|
Definite-lived intangible assets
|
1,230
|
|
|
Goodwill
|
10,334
|
|
|
Current liabilities
|
(1,132
|
)
|
|
Long-term liabilities
|
(901
|
)
|
|
Total purchase price allocation
|
$
|
11,749
|
|
|
Definite-Lived Intangible Assets
|
|
Weighted Average Amortization Life
|
||
|
(in thousands)
|
|
(in years)
|
||
Client relationships
|
$
|
650
|
|
|
10
|
Other intangible assets
|
580
|
|
|
5
|
|
Total definite-lived intangible assets
|
$
|
1,230
|
|
|
7
|
|
April 4, 2016
|
||
|
(in thousands)
|
||
Trade receivables (contractual amount of $48,625)
|
$
|
48,157
|
|
Inventories
|
2,296
|
|
|
Other current assets (excluding cash)
|
3,814
|
|
|
Property, plant and equipment
|
129,066
|
|
|
Other long-term assets
|
1,060
|
|
|
Definite-lived intangible assets
|
164,800
|
|
|
Goodwill
|
330,175
|
|
|
Deferred revenue
|
(39,103
|
)
|
|
Other current liabilities
|
(27,386
|
)
|
|
Long-term liabilities
|
(35,488
|
)
|
|
Total purchase price allocation
|
$
|
577,391
|
|
|
Definite-Lived Intangible Assets
|
|
Weighted Average Amortization Life
|
||
|
(in thousands)
|
|
(in years)
|
||
Client relationships
|
$
|
137,500
|
|
|
15
|
Developed technology
|
20,700
|
|
|
3
|
|
Backlog
|
6,600
|
|
|
1
|
|
Total definite-lived intangible assets
|
$
|
164,800
|
|
|
13
|
|
September 24, 2016
|
||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
(in thousands, except per share amounts)
|
||||||
Revenue
|
$
|
425,720
|
|
|
$
|
1,275,175
|
|
Net income attributable to common shareholders
|
39,530
|
|
|
129,050
|
|
||
Earnings per common share
|
|
|
|
||||
Basic
|
$
|
0.84
|
|
|
$
|
2.75
|
|
Diluted
|
$
|
0.82
|
|
|
$
|
2.70
|
|
Assets
|
|
||
Current assets
|
$
|
5,505
|
|
Property, plant and equipment, net
|
11,174
|
|
|
Goodwill
|
35,857
|
|
|
Long-term assets
|
17,154
|
|
|
Total assets
|
$
|
69,690
|
|
Liabilities
|
|
||
Deferred revenue
|
$
|
4,878
|
|
Other current liabilities
|
1,158
|
|
|
Total liabilities
|
$
|
6,036
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Client receivables
|
$
|
321,472
|
|
|
$
|
283,997
|
|
Unbilled revenue
|
103,389
|
|
|
82,203
|
|
||
Total
|
424,861
|
|
|
366,200
|
|
||
Less: Allowance for doubtful accounts
|
(2,526
|
)
|
|
(2,150
|
)
|
||
Trade receivables, net
|
$
|
422,335
|
|
|
$
|
364,050
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Raw materials and supplies
|
$
|
19,256
|
|
|
$
|
18,893
|
|
Work in process
|
13,163
|
|
|
13,681
|
|
||
Finished products
|
74,953
|
|
|
63,259
|
|
||
Inventories
|
$
|
107,372
|
|
|
$
|
95,833
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Investments
|
$
|
30,351
|
|
|
$
|
3,771
|
|
Prepaid income taxes
|
55,416
|
|
|
40,705
|
|
||
Restricted cash
|
591
|
|
|
532
|
|
||
Other current assets
|
$
|
86,358
|
|
|
$
|
45,008
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Life insurance policies
|
$
|
32,739
|
|
|
$
|
29,456
|
|
Venture capital investments
|
59,511
|
|
|
45,331
|
|
||
Restricted cash
|
1,944
|
|
|
1,736
|
|
||
Other
|
15,604
|
|
|
11,907
|
|
||
Other assets
|
$
|
109,798
|
|
|
$
|
88,430
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Accrued income taxes
|
$
|
32,931
|
|
|
$
|
25,621
|
|
Other
|
683
|
|
|
879
|
|
||
Other current liabilities
|
$
|
33,614
|
|
|
$
|
26,500
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Long-term pension liability
|
$
|
91,991
|
|
|
$
|
89,984
|
|
Accrued executive supplemental life insurance retirement plan and deferred compensation plan
|
33,926
|
|
|
32,880
|
|
||
Other
|
41,576
|
|
|
36,375
|
|
||
Other long-term liabilities
|
$
|
167,493
|
|
|
$
|
159,239
|
|
•
|
Level 1 - Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access,
|
•
|
Level 2 - Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates,
|
•
|
Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|
•
|
Cash equivalents - Valued at market prices determined through third-party pricing services;
|
•
|
Mutual funds - Valued at the unadjusted quoted net asset value of shares held by the Company;
|
•
|
Foreign currency forward contracts - Valued using market observable inputs, such as forward foreign exchange points and foreign exchanges rates;
|
•
|
Life insurance policies - Valued at cash surrender value based on the fair value of underlying investments; and
|
•
|
Contingent consideration - Valued based on a probability weighting of the future cash flows associated with the potential outcomes.
|
|
September 30, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Cash equivalents
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Other assets:
|
|
|
|
|
|
|
|
||||||||
Life insurance policies
|
—
|
|
|
25,218
|
|
|
—
|
|
|
25,218
|
|
||||
Total assets measured at fair value
|
$
|
—
|
|
|
$
|
25,239
|
|
|
$
|
—
|
|
|
$
|
25,239
|
|
|
|
|
|
|
|
|
|
||||||||
Other current liabilities:
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
296
|
|
|
$
|
296
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
296
|
|
|
$
|
296
|
|
|
December 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Cash equivalents
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Other assets:
|
|
|
|
|
|
|
|
||||||||
Life insurance policies
|
—
|
|
|
22,121
|
|
|
—
|
|
|
22,121
|
|
||||
Total assets measured at fair value
|
$
|
—
|
|
|
$
|
22,142
|
|
|
$
|
—
|
|
|
$
|
22,142
|
|
|
|
|
|
|
|
|
|
||||||||
Other current liabilities:
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,621
|
|
|
$
|
3,621
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,621
|
|
|
$
|
3,621
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
|
(in thousands)
|
||||||
Beginning balance
|
$
|
3,621
|
|
|
$
|
1,370
|
|
Additions
|
296
|
|
|
3,600
|
|
||
Payments
|
(3,606
|
)
|
|
(874
|
)
|
||
Total gains or losses (realized/unrealized):
|
|
|
|
||||
Reversal of previously recorded contingent liability and change in fair value
|
(15
|
)
|
|
30
|
|
||
Ending balance
|
$
|
296
|
|
|
$
|
4,126
|
|
|
|
|
Adjustments to Goodwill
|
|
|
||||||||||
|
December 31, 2016
|
|
Acquisitions / (Divestitures)
|
|
Foreign Exchange
|
|
September 30, 2017
|
||||||||
|
(in thousands)
|
||||||||||||||
RMS
|
$
|
56,397
|
|
|
$
|
—
|
|
|
$
|
1,262
|
|
|
$
|
57,659
|
|
DSA
|
563,476
|
|
|
12,523
|
|
|
26,072
|
|
|
602,071
|
|
||||
Manufacturing
|
167,644
|
|
|
(36,000
|
)
|
|
8,873
|
|
|
140,517
|
|
||||
Total
|
$
|
787,517
|
|
|
$
|
(23,477
|
)
|
|
$
|
36,207
|
|
|
$
|
800,247
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Backlog
|
$
|
8,065
|
|
|
$
|
(7,751
|
)
|
|
$
|
314
|
|
|
$
|
8,370
|
|
|
$
|
(6,390
|
)
|
|
$
|
1,980
|
|
Technology
|
80,256
|
|
|
(23,865
|
)
|
|
56,391
|
|
|
71,425
|
|
|
(14,314
|
)
|
|
57,111
|
|
||||||
Trademarks and trade names
|
8,617
|
|
|
(4,417
|
)
|
|
4,200
|
|
|
8,177
|
|
|
(4,124
|
)
|
|
4,053
|
|
||||||
Other
|
17,404
|
|
|
(7,244
|
)
|
|
10,160
|
|
|
16,775
|
|
|
(5,628
|
)
|
|
11,147
|
|
||||||
Other intangible assets
|
114,342
|
|
|
(43,277
|
)
|
|
71,065
|
|
|
104,747
|
|
|
(30,456
|
)
|
|
74,291
|
|
||||||
Client relationships
|
535,814
|
|
|
(231,432
|
)
|
|
304,382
|
|
|
519,123
|
|
|
(198,966
|
)
|
|
320,157
|
|
||||||
Intangible assets
|
$
|
650,156
|
|
|
$
|
(274,709
|
)
|
|
$
|
375,447
|
|
|
$
|
623,870
|
|
|
$
|
(229,422
|
)
|
|
$
|
394,448
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in thousands)
|
||||||
Term loans
|
$
|
609,375
|
|
|
$
|
633,750
|
|
Revolving credit facility
|
545,373
|
|
|
578,759
|
|
||
Other long-term debt
|
3,675
|
|
|
185
|
|
||
Total debt
|
1,158,423
|
|
|
1,212,694
|
|
||
Less: current portion of long-term debt
|
(24,481
|
)
|
|
(24,560
|
)
|
||
Long-term debt
|
1,133,942
|
|
|
1,188,134
|
|
||
Debt discount and debt issuance costs
|
(6,233
|
)
|
|
(7,633
|
)
|
||
Long-term debt, net
|
$
|
1,127,709
|
|
|
$
|
1,180,501
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations, net of income taxes
|
$
|
52,994
|
|
|
$
|
37,691
|
|
|
$
|
154,630
|
|
|
$
|
110,811
|
|
Income (loss) from discontinued operations, net of income taxes
|
(39
|
)
|
|
342
|
|
|
(114
|
)
|
|
328
|
|
||||
Less: Net income attributable to noncontrolling interests
|
481
|
|
|
298
|
|
|
1,312
|
|
|
1,054
|
|
||||
Net income attributable to common shareholders
|
$
|
52,474
|
|
|
$
|
37,735
|
|
|
$
|
153,204
|
|
|
$
|
110,085
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding - Basic
|
47,451
|
|
|
47,160
|
|
|
47,530
|
|
|
46,954
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options, restricted stock units, performance share units and restricted stock
|
939
|
|
|
874
|
|
|
910
|
|
|
884
|
|
||||
Weighted-average shares outstanding - Diluted
|
48,390
|
|
|
48,034
|
|
|
48,440
|
|
|
47,838
|
|
|
Foreign Currency Translation Adjustment
and Other
|
|
Pension and Other Post-Retirement Benefit Plans
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
December 31, 2016
|
$
|
(154,595
|
)
|
|
$
|
(99,169
|
)
|
|
$
|
(253,764
|
)
|
Other comprehensive loss before reclassifications
|
68,590
|
|
|
—
|
|
|
68,590
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
2,638
|
|
|
2,638
|
|
|||
Net current period other comprehensive income
|
68,590
|
|
|
2,638
|
|
|
71,228
|
|
|||
Income tax expense
|
—
|
|
|
776
|
|
|
776
|
|
|||
September 30, 2017
|
$
|
(86,005
|
)
|
|
$
|
(97,307
|
)
|
|
$
|
(183,312
|
)
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
|
(in thousands)
|
||||||
Beginning balance
|
$
|
14,659
|
|
|
$
|
28,008
|
|
Purchase of 12% equity interest
|
—
|
|
|
(12,360
|
)
|
||
Total gains or losses (realized/unrealized):
|
|
|
|
||||
Net income attributable to noncontrolling interest
|
474
|
|
|
462
|
|
||
Foreign currency translation
|
652
|
|
|
(875
|
)
|
||
Modification of 13% purchase option
|
—
|
|
|
1,495
|
|
||
Change in fair value, included in additional paid-in capital
|
—
|
|
|
(1,690
|
)
|
||
Ending balance
|
$
|
15,785
|
|
|
$
|
15,040
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Service cost
|
$
|
749
|
|
|
$
|
655
|
|
|
$
|
2,277
|
|
|
$
|
1,848
|
|
Interest cost
|
2,663
|
|
|
2,773
|
|
|
8,428
|
|
|
9,357
|
|
||||
Expected return on plan assets
|
(3,476
|
)
|
|
(3,038
|
)
|
|
(10,411
|
)
|
|
(11,028
|
)
|
||||
Amortization of prior service credit
|
(134
|
)
|
|
(142
|
)
|
|
(392
|
)
|
|
(430
|
)
|
||||
Amortization of net loss
|
1,017
|
|
|
503
|
|
|
3,030
|
|
|
1,594
|
|
||||
Settlements
|
—
|
|
|
788
|
|
|
—
|
|
|
788
|
|
||||
Net periodic cost
|
$
|
819
|
|
|
$
|
1,539
|
|
|
$
|
2,932
|
|
|
$
|
2,129
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of revenue
|
$
|
1,700
|
|
|
$
|
1,608
|
|
|
$
|
4,989
|
|
|
$
|
4,957
|
|
Selling, general and administrative
|
9,826
|
|
|
8,992
|
|
|
27,913
|
|
|
27,690
|
|
||||
Stock-based compensation, before income taxes
|
11,526
|
|
|
10,600
|
|
|
32,902
|
|
|
32,647
|
|
||||
Provision for income taxes
|
(4,099
|
)
|
|
(3,785
|
)
|
|
(11,683
|
)
|
|
(11,653
|
)
|
||||
Stock-based compensation, net of income taxes
|
$
|
7,427
|
|
|
$
|
6,815
|
|
|
$
|
21,219
|
|
|
$
|
20,994
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Location of Gain
|
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
|
(in thousands)
|
||||||||||||||
Other income, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,373
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Beginning balance
|
$
|
4,004
|
|
|
$
|
3,678
|
|
|
$
|
3,680
|
|
|
$
|
2,969
|
|
Expense
|
690
|
|
|
4,015
|
|
|
2,900
|
|
|
8,135
|
|
||||
Payments / utilization
|
(991
|
)
|
|
(2,323
|
)
|
|
(3,084
|
)
|
|
(5,676
|
)
|
||||
Foreign currency adjustments
|
103
|
|
|
2
|
|
|
310
|
|
|
(56
|
)
|
||||
Ending balance
|
$
|
3,806
|
|
|
$
|
5,372
|
|
|
$
|
3,806
|
|
|
$
|
5,372
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of services provided and products sold (excluding amortization of intangible assets)
|
$
|
240
|
|
|
$
|
3,985
|
|
|
$
|
1,717
|
|
|
$
|
4,478
|
|
Selling, general and administrative
|
450
|
|
|
30
|
|
|
1,183
|
|
|
3,657
|
|
||||
Total severance and transition costs
|
$
|
690
|
|
|
$
|
4,015
|
|
|
$
|
2,900
|
|
|
$
|
8,135
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
RMS
|
$
|
108
|
|
|
$
|
618
|
|
|
$
|
291
|
|
|
$
|
618
|
|
DSA
|
135
|
|
|
3,367
|
|
|
675
|
|
|
7,487
|
|
||||
Manufacturing
|
472
|
|
|
30
|
|
|
1,799
|
|
|
30
|
|
||||
Unallocated corporate
|
(25
|
)
|
|
—
|
|
|
135
|
|
|
—
|
|
||||
Total severance and transition costs
|
$
|
690
|
|
|
$
|
4,015
|
|
|
$
|
2,900
|
|
|
$
|
8,135
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
RMS
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
122,020
|
|
|
$
|
120,928
|
|
|
$
|
373,183
|
|
|
$
|
369,325
|
|
Operating income
|
30,726
|
|
|
31,224
|
|
|
102,016
|
|
|
103,055
|
|
||||
Depreciation and amortization
|
5,272
|
|
|
5,245
|
|
|
15,309
|
|
|
15,613
|
|
||||
Capital expenditures
|
6,762
|
|
|
2,532
|
|
|
13,769
|
|
|
5,966
|
|
||||
DSA
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
246,946
|
|
|
$
|
215,817
|
|
|
$
|
726,796
|
|
|
$
|
594,859
|
|
Operating income
|
46,616
|
|
|
31,303
|
|
|
136,966
|
|
|
94,514
|
|
||||
Depreciation and amortization
|
20,333
|
|
|
20,671
|
|
|
58,667
|
|
|
51,228
|
|
||||
Capital expenditures
|
10,127
|
|
|
4,509
|
|
|
25,552
|
|
|
13,860
|
|
||||
Manufacturing
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
95,266
|
|
|
$
|
88,975
|
|
|
$
|
279,145
|
|
|
$
|
250,459
|
|
Operating income
|
31,923
|
|
|
26,711
|
|
|
87,565
|
|
|
73,447
|
|
||||
Depreciation and amortization
|
5,572
|
|
|
6,181
|
|
|
17,321
|
|
|
18,682
|
|
||||
Capital expenditures
|
2,879
|
|
|
1,862
|
|
|
7,111
|
|
|
8,247
|
|
|
Operating Income
|
|
Depreciation and Amortization
|
|
Capital Expenditures
|
||||||||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Total reportable segments
|
$
|
109,265
|
|
|
$
|
89,238
|
|
|
$
|
31,177
|
|
|
$
|
32,097
|
|
|
$
|
19,768
|
|
|
$
|
8,903
|
|
Unallocated corporate
|
(35,281
|
)
|
|
(30,443
|
)
|
|
2,288
|
|
|
2,011
|
|
|
2,243
|
|
|
665
|
|
||||||
Total consolidated
|
$
|
73,984
|
|
|
$
|
58,795
|
|
|
$
|
33,465
|
|
|
$
|
34,108
|
|
|
$
|
22,011
|
|
|
$
|
9,568
|
|
|
Operating Income
|
|
Depreciation and Amortization
|
|
Capital Expenditures
|
||||||||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Total reportable segments
|
$
|
326,547
|
|
|
$
|
271,016
|
|
|
$
|
91,297
|
|
|
$
|
85,523
|
|
|
$
|
46,432
|
|
|
$
|
28,073
|
|
Unallocated corporate
|
(101,781
|
)
|
|
(102,688
|
)
|
|
6,378
|
|
|
5,593
|
|
|
7,496
|
|
|
1,536
|
|
||||||
Total consolidated
|
$
|
224,766
|
|
|
$
|
168,328
|
|
|
$
|
97,675
|
|
|
$
|
91,116
|
|
|
$
|
53,928
|
|
|
$
|
29,609
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
RMS
|
$
|
122,020
|
|
|
$
|
120,928
|
|
|
$
|
373,183
|
|
|
$
|
369,325
|
|
DSA
|
246,946
|
|
|
215,817
|
|
|
726,796
|
|
|
594,859
|
|
||||
Manufacturing
|
95,266
|
|
|
88,975
|
|
|
279,145
|
|
|
250,459
|
|
||||
Total revenue
|
$
|
464,232
|
|
|
$
|
425,720
|
|
|
$
|
1,379,124
|
|
|
$
|
1,214,643
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
Stock-based compensation
|
$
|
7,255
|
|
|
$
|
6,739
|
|
|
$
|
20,259
|
|
|
$
|
20,593
|
|
Compensation, benefits, and other employee-related expenses
|
11,771
|
|
|
9,048
|
|
|
37,812
|
|
|
29,327
|
|
||||
External consulting and other service expenses
|
6,729
|
|
|
4,545
|
|
|
16,581
|
|
|
16,377
|
|
||||
Information technology
|
3,237
|
|
|
2,903
|
|
|
9,247
|
|
|
8,399
|
|
||||
Depreciation
|
2,287
|
|
|
2,011
|
|
|
6,378
|
|
|
5,593
|
|
||||
Acquisition and integration
|
1,327
|
|
|
2,033
|
|
|
2,539
|
|
|
13,056
|
|
||||
Other general unallocated corporate
|
2,675
|
|
|
3,164
|
|
|
8,965
|
|
|
9,343
|
|
||||
Total unallocated corporate expense
|
$
|
35,281
|
|
|
$
|
30,443
|
|
|
$
|
101,781
|
|
|
$
|
102,688
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
Service revenue
|
$
|
326.7
|
|
|
$
|
292.8
|
|
|
$
|
33.9
|
|
|
11.6
|
%
|
Product revenue
|
137.5
|
|
|
132.9
|
|
|
4.6
|
|
|
3.5
|
%
|
|||
Total revenue
|
$
|
464.2
|
|
|
$
|
425.7
|
|
|
$
|
38.5
|
|
|
9.0
|
%
|
|
Three Months Ended
|
|
|
|
|
|
|
||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|
Impact of FX
|
||||||||
|
(in millions, except percentages)
|
||||||||||||||||
RMS
|
$
|
122.0
|
|
|
$
|
120.9
|
|
|
$
|
1.1
|
|
|
0.9
|
%
|
|
0.5
|
%
|
DSA
|
246.9
|
|
|
215.8
|
|
|
31.1
|
|
|
14.4
|
%
|
|
0.9
|
%
|
|||
Manufacturing
|
95.3
|
|
|
89.0
|
|
|
6.3
|
|
|
7.1
|
%
|
|
1.8
|
%
|
|||
Total revenue
|
$
|
464.2
|
|
|
$
|
425.7
|
|
|
$
|
38.5
|
|
|
9.0
|
%
|
|
1.0
|
%
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
Cost of services provided
|
$
|
219.3
|
|
|
$
|
200.1
|
|
|
$
|
19.2
|
|
|
9.6
|
%
|
Cost of products sold
|
67.7
|
|
|
69.4
|
|
|
(1.7
|
)
|
|
(2.4
|
)%
|
|||
Total cost of services provided and products sold (excluding amortization of intangible assets)
|
$
|
287.0
|
|
|
$
|
269.5
|
|
|
$
|
17.5
|
|
|
6.5
|
%
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
RMS
|
$
|
75.7
|
|
|
$
|
73.0
|
|
|
$
|
2.7
|
|
|
3.7
|
%
|
DSA
|
167.0
|
|
|
152.5
|
|
|
14.5
|
|
|
9.5
|
%
|
|||
Manufacturing
|
44.3
|
|
|
44.0
|
|
|
0.3
|
|
|
0.9
|
%
|
|||
Total cost of services provided and products sold
(excluding amortization of intangible assets)
|
$
|
287.0
|
|
|
$
|
269.5
|
|
|
$
|
17.5
|
|
|
6.5
|
%
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
RMS
|
$
|
15.2
|
|
|
$
|
16.1
|
|
|
$
|
(0.9
|
)
|
|
(5.9
|
)%
|
DSA
|
25.7
|
|
|
23.5
|
|
|
2.2
|
|
|
9.8
|
%
|
|||
Manufacturing
|
16.7
|
|
|
15.7
|
|
|
1.0
|
|
|
6.5
|
%
|
|||
Unallocated corporate
|
35.3
|
|
|
30.4
|
|
|
4.9
|
|
|
15.9
|
%
|
|||
Total selling, general and administrative
|
$
|
92.9
|
|
|
$
|
85.7
|
|
|
$
|
7.2
|
|
|
8.4
|
%
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
Service revenue
|
$
|
960.6
|
|
|
$
|
806.4
|
|
|
$
|
154.2
|
|
|
19.1
|
%
|
Product revenue
|
418.5
|
|
|
408.2
|
|
|
10.3
|
|
|
2.5
|
%
|
|||
Total revenue
|
$
|
1,379.1
|
|
|
$
|
1,214.6
|
|
|
$
|
164.5
|
|
|
13.5
|
%
|
|
Nine Months Ended
|
|
|
|
|
|
|
||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|
Impact of FX
|
||||||||
|
(in millions, except percentages)
|
||||||||||||||||
RMS
|
$
|
373.2
|
|
|
$
|
369.3
|
|
|
$
|
3.9
|
|
|
1.0
|
%
|
|
(1.1
|
)%
|
DSA
|
726.8
|
|
|
594.8
|
|
|
132.0
|
|
|
22.2
|
%
|
|
(1.1
|
)%
|
|||
Manufacturing
|
279.1
|
|
|
250.5
|
|
|
28.6
|
|
|
11.5
|
%
|
|
(0.4
|
)%
|
|||
Total revenue
|
$
|
1,379.1
|
|
|
$
|
1,214.6
|
|
|
$
|
164.5
|
|
|
13.5
|
%
|
|
(1.0
|
)%
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
Cost of services provided
|
$
|
640.9
|
|
|
$
|
543.6
|
|
|
$
|
97.3
|
|
|
17.9
|
%
|
Cost of products sold
|
203.7
|
|
|
204.3
|
|
|
(0.6
|
)
|
|
(0.3
|
)%
|
|||
Total cost of services provided and products sold (excluding amortization of intangible assets)
|
$
|
844.6
|
|
|
$
|
747.9
|
|
|
$
|
96.7
|
|
|
12.9
|
%
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
RMS
|
$
|
224.8
|
|
|
$
|
217.3
|
|
|
$
|
7.5
|
|
|
3.5
|
%
|
DSA
|
488.2
|
|
|
409.8
|
|
|
78.4
|
|
|
19.1
|
%
|
|||
Manufacturing
|
131.6
|
|
|
120.8
|
|
|
10.8
|
|
|
8.9
|
%
|
|||
Total cost of services provided and products sold
(excluding amortization of intangible assets) |
$
|
844.6
|
|
|
$
|
747.9
|
|
|
$
|
96.7
|
|
|
12.9
|
%
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
$ change
|
|
% change
|
|||||||
|
(in millions, except percentages)
|
|||||||||||||
RMS
|
$
|
45.1
|
|
|
$
|
47.2
|
|
|
$
|
(2.1
|
)
|
|
(4.4
|
)%
|
DSA
|
79.6
|
|
|
71.5
|
|
|
8.1
|
|
|
11.3
|
%
|
|||
Manufacturing
|
52.4
|
|
|
47.7
|
|
|
4.7
|
|
|
10.0
|
%
|
|||
Unallocated corporate
|
101.8
|
|
|
102.7
|
|
|
(0.9
|
)
|
|
(0.9
|
)%
|
|||
Total selling, general and administrative
|
$
|
278.9
|
|
|
$
|
269.1
|
|
|
$
|
9.8
|
|
|
3.6
|
%
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents:
|
|
|
|
||||
Held in U.S. entities
|
$
|
8.7
|
|
|
$
|
10.6
|
|
Held in non-U.S. entities
|
114.9
|
|
|
107.0
|
|
||
Total cash and cash equivalents
|
123.6
|
|
|
117.6
|
|
||
Investments:
|
|
|
|
||||
Held in non-U.S. entities
|
30.4
|
|
|
3.8
|
|
||
Total cash, cash equivalents and investments
|
$
|
154.0
|
|
|
$
|
121.4
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(in millions)
|
||||||
Term loans
|
$
|
609.4
|
|
|
$
|
633.8
|
|
Revolving credit facility
|
545.4
|
|
|
578.8
|
|
||
Total
|
$
|
1,154.8
|
|
|
$
|
1,212.6
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
|
(in millions)
|
||||||
Income from continuing operations
|
$
|
154.6
|
|
|
$
|
110.8
|
|
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities
|
134.6
|
|
|
123.6
|
|
||
Changes in operating assets and liabilities
|
(95.4
|
)
|
|
(36.1
|
)
|
||
Net cash provided by operating activities
|
$
|
193.8
|
|
|
$
|
198.3
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
|
(in millions)
|
||||||
Acquisition of businesses and assets, net of cash acquired
|
$
|
(22.5
|
)
|
|
$
|
(597.6
|
)
|
Capital expenditures
|
(53.9
|
)
|
|
(29.6
|
)
|
||
Investments, net
|
(35.6
|
)
|
|
5.7
|
|
||
Proceeds from divestiture
|
72.5
|
|
|
—
|
|
||
Other, net
|
(0.3
|
)
|
|
3.8
|
|
||
Net cash used in investing activities
|
$
|
(39.8
|
)
|
|
$
|
(617.7
|
)
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
|
(in millions)
|
||||||
Proceeds from long-term debt and revolving credit facility
|
$
|
229.3
|
|
|
$
|
926.8
|
|
Proceeds from exercises of stock options
|
35.1
|
|
|
21.6
|
|
||
Payments on long-term debt, revolving credit facility and capital lease obligations
|
(309.3
|
)
|
|
(527.0
|
)
|
||
Purchase of treasury stock
|
(106.9
|
)
|
|
(12.2
|
)
|
||
Other, net
|
(3.7
|
)
|
|
(4.5
|
)
|
||
Net cash (used in) provided by financing activities
|
$
|
(155.5
|
)
|
|
$
|
404.7
|
|
|
Total Number
of Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Approximate Dollar
Value of Shares
That May Yet Be
Purchased Under
the Plans or Programs
|
||||||
|
|
|
|
|
|
|
(in thousands)
|
||||||
July 2, 2017 to July 29, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
165,138
|
|
July 30, 2017 to August 26, 2017
|
250,355
|
|
|
101.44
|
|
|
250,000
|
|
|
139,776
|
|
||
August 27, 2017 to September 30, 2017
|
100,042
|
|
|
106.71
|
|
|
100,000
|
|
|
129,105
|
|
||
Total
|
350,397
|
|
|
|
|
|
350,000
|
|
|
|
|
31.1
|
32.1+
|
|
|
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
|
|
|
|
|
|
|
November 9, 2017
|
/s/ JAMES C. FOSTER
|
|
|
|
James C. Foster
Chairman, President and Chief Executive Officer
|
|
|
|
|
|
|
November 9, 2017
|
/s/ DAVID R. SMITH
|
|
|
|
David R. Smith
Corporate Executive Vice President and Chief Financial Officer |
1 Year Charles River Laboratories Chart |
1 Month Charles River Laboratories Chart |
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