Document and Entity Information (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2010
|
Feb. 14, 2011
|
Jun. 30, 2010
|
|
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2010 | ||
Document Fiscal Year Focus | 2010 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | XRAY | ||
Entity Registrant Name | DENTSPLY INTERNATIONAL INC /DE/ | ||
Entity Central Index Key | 0000818479 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 142,145,313 | ||
Entity Public Float | $ 4,482,457,185 |
X | ||||||||||
- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
|
X | ||||||||||
- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
|
X | ||||||||||
- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
|
X | ||||||||||
- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
|
X | ||||||||||
- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
|
X | ||||||||||
- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
|
X | ||||||||||
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
|
X | ||||||||||
- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
|
X | ||||||||||
- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
|
X | ||||||||||
- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
|
X | ||||||||||
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
|
X | ||||||||||
- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
|
X | ||||||||||
- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
|
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
Net sales | $ 2,221,014 | $ 2,159,378 | $ 2,191,465 |
Cost of products sold | 1,090,856 | 1,053,015 | 1,043,565 |
Gross profit | 1,130,158 | 1,106,363 | 1,147,900 |
Selling, general and administrative expenses | 738,901 | 718,230 | 735,084 |
Restructuring and other costs | 10,984 | 6,890 | 32,355 |
Operating income | 380,273 | 381,243 | 380,461 |
Other income and expenses: | |||
Interest expense | 25,089 | 21,896 | 32,527 |
Interest income | (4,254) | (5,032) | (17,089) |
Other expense (income), net | 1,782 | 1,023 | 10,150 |
Income before income taxes | 357,656 | 363,356 | 354,873 |
Provision for income taxes | 89,225 | 88,944 | 71,603 |
Equity in net loss of unconsolidated affilated company | (1,096) | ||
Net income | 267,335 | 274,412 | 283,270 |
Less: Net income (loss) attributable to noncontrolling interests | 1,627 | 154 | (599) |
Net income attributable to DENTSPLY International | $ 265,708 | $ 274,258 | $ 283,869 |
Earnings per common share: | |||
Basic | $ 1.85 | $ 1.85 | $ 1.90 |
Diluted | $ 1.82 | $ 1.83 | $ 1.87 |
Weighted average common shares outstanding: | |||
Basic | 143,980 | 148,319 | 149,069 |
Diluted | 145,985 | 150,102 | 151,679 |
X | ||||||||||
- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
|
X | ||||||||||
- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount provided for estimated restructuring charges, remediation costs, and asset impairment loss during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). No definition available.
|
X | ||||||||||
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
|
X | ||||||||||
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
|
X | ||||||||||
- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer. AND Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet due to materiality considerations. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No definition available.
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Dec. 31, 2010
|
Dec. 31, 2009
|
---|---|---|
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 0.25 | 0.25 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200.0 | 200.0 |
Common stock, shares issued | 162.8 | 162.8 |
Treasury stock, shares | 21.0 | 15.8 |
X | ||||||||||
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Cash dividends declared by an entity during the period for all classes of stock (common, preferred). This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
An entity often discloses the amount of cash contributions paid to the ESOP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions to noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The after-tax amount of the change in the additional pension liability not yet recognized pursuant to FAS 87 par 37 and 38 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a reduction of other comprehensive income, before adjusting for tax effects. If in a subsequent measurement, the amount of minimum liability is eliminated or adjusted, this adjustment is offset against other comprehensive income in Accumulated Comprehensive Income. This line also includes changes in an entity's share of an equity investee's increase (decrease) in additional pension liability not yet recognized as a net periodic pension cost. Eliminated upon adoption of FAS 158. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cash dividends declared - RSUs No definition available.
|
X | ||||||||||
- Definition
Exercise Of Stock Options, Related Tax Benefit And Tax Effect Of Expirations No definition available.
|
X | ||||||||||
- Definition
Decrease in noncontrolling interest and adjustments to Additional Paid In Capital as a result of redeeming or purchasing the interests of noncontrolling shareholders. No definition available.
|
CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME (Parenthetical) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
Cash dividends, per share | $ 0.200 | $ 0.200 | $ 0.185 |
X | ||||||||||
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of intangible assets over their estimated remaining economic lives. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net change during the reporting period in the value of this group of assets within the working capital section. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period for interest owed on money borrowed, net of interest capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for payments to purchase life insurance policies for which the entity is the beneficiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for securities or other assets acquired with excess cash, having ready marketability, which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from securities or other assets sold, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Adjustment to remove noncash portion of restructuring costs and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net change during the reporting period in income taxes, net. No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting period in other noncurrent operating assets not otherwise defined in the taxonomy. No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting period in other noncurrent operating liabilities not otherwise defined in the taxonomy. No definition available.
|
X | ||||||||||
- Definition
Net Decrease Increase In Short Term Borrowings No definition available.
|
X | ||||||||||
- Definition
Proceeds From Issuance Of Long Term Debt, Net No definition available.
|
SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Description of Business
DENTSPLY
International Inc. (“DENTSPLY” or the
“Company”), designs, develops, manufactures and markets
a broad range of professional dental products. The
Company believes that it is the world's leading manufacturer and
distributor of dental prosthetics, endodontic
instruments and materials, and ultrasonic scalers; the leading
United States manufacturer and distributor of denture teeth, dental
handpieces, dental x-ray film holders, film mounts and prophylaxis
paste; and a leading worldwide manufacturer or distributor of
dental injectable anesthetics, impression materials, orthodontic
appliances, dental cutting instruments, dental implants and
restorative dental materials, dental sealants, and crown and bridge
materials. The Company distributes its dental products in over 120
countries under some of the most well established brand names in
the industry.
DENTSPLY
is committed to the development of innovative, high quality, cost
effective products for the dental market.
Use of Estimates
The
preparation of financial statements in conformity with generally
accepted accounting principles in the United States of America
(“US GAAP”) requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities
as of the date of the financial statements and the reported amounts
of revenue and expense during the reporting
period. Actual results could differ from those
estimates, and such differences may be material to the consolidated
financial statements.
Principles of Consolidation
The
consolidated financial statements include the accounts of the
Company. The Company also consolidates all variable interest
entities (“VIE”) where the Company has
determined that it has the power to direct the activities that most
significantly impact the VIE’s economic performance and
shares in either the significant risks or rewards of the VIE. The
Company continually reassesses its VIE to determine if
consolidation is appropriate. All significant
intercompany accounts and transactions are eliminated in
consolidation.
Investments
in nonconsolidated affiliates (20-50 percent owned companies, joint
ventures and partnerships as well as less than 20 percent ownership
positions where the Company maintains significant influence over
the subsidiary) are accounted for using the equity
method.
Cash and Cash
Equivalents
Cash
and cash equivalents include deposits with banks as well as highly
liquid time deposits with maturities at the date of purchase of
ninety days or less.
Short-term Investments
Short-term
investments are highly liquid time deposits with original
maturities at the date of purchase greater than ninety days and
with remaining maturities of one year or less.
Accounts and Notes Receivable-Trade
The
Company sells dental products through a worldwide network of
distributors and directly to end users. For customers on
credit terms, the Company performs ongoing credit evaluation of
those customers' financial condition and generally does not require
collateral from them. The Company establishes allowances
for doubtful accounts for estimated losses resulting from the
inability of its customers to make required
payments. The Company records a provision for doubtful
accounts, which is included in “Selling, general and
administrative expenses.”
Accounts
receivable – trade is stated net of these allowances that
were $8.8 million and $12.2 million at December 31, 2010 and 2009,
respectively. For the years ended December 31, 2010 and
2009, the Company wrote-off $2.6 million and $4.3 million,
respectively, of accounts receivable that were previously
reserved. The tighter credit markets caused the Company
to reassess and tighten its controls over customer credit terms,
increase collection efforts and analyze accounts receivable
activity. This, along with improved customer liquidity,
enabled the Company to reduce the provision for doubtful accounts
by $0.2 million and $3.1 million in 2010 and 2009,
respectively.
Additionally,
notes receivable – trade is stated net of these allowances
that were $0.8 million and $1.1 million at December 31, 2010 and
2009, respectively. The Company recorded provisions for
doubtful accounts on notes receivable – trade of $0.7 million
for 2010 and $0.5 million for 2009. Additionally, the
Company wrote-off $1.0 million in 2010.
Inventories
Inventories
are stated at the lower of cost or market. At December
31, 2010 and 2009, the cost of $6.9 million, or 2.2%, and $7.8
million, or 2.7%, respectively, of inventories was determined by
the last in, first-out (“LIFO”) method. The
cost of other inventories was determined by the first-in, first-out
(“FIFO”) or average cost methods. The
Company establishes reserves for inventory estimated to be obsolete
or unmarketable equal to the difference between the cost of
inventory and estimated market value based upon assumptions about
future demand and market conditions.
If
the FIFO method had been used to determine the cost of LIFO
inventories, the amounts at which net inventories are stated would
be higher than reported at December 31, 2010 and 2009 by $4.9
million and $4.0 million, respectively.
Valuation of Goodwill and Other Long-Lived Assets
Assessment
of the potential impairment of goodwill and other long-lived assets
is an integral part of the Company’s normal ongoing review of
operations. Testing for potential impairment of these
assets is significantly dependent on assumptions and reflects
management’s best estimates at a particular point in
time. The dynamic economic environments in which the
Company’s businesses operate and key economic and business
assumptions with respect to projected selling prices, increased
competition and introductions of new technologies can significantly
affect the outcome of impairment tests. Estimates based
on these assumptions may differ significantly from actual
results. Changes in factors and assumptions used in
assessing potential impairments can have a significant impact on
the existence and magnitude of impairments, as well as the time at
which such impairments are recognized. If there are
unfavorable changes in these assumptions, the future cash flows, a
key variable in assessing the impairment of these assets, may
decrease and as a result the Company may be required to recognize
impairment charges. Future changes in the environment
and the economic outlook for the assets being evaluated could also
result in additional impairment charges being
recognized. The following information outlines the
Company’s significant accounting policies on long-lived
assets by type.
Goodwill
US
GAAP requires that at least an annual impairment test be applied to
goodwill. The Company performs impairment tests using a
fair value approach. If impairment is identified on
goodwill, the resulting charge is determined by recalculating
goodwill through a hypothetical purchase price allocation of the
fair value and reducing the current carrying value to the extent it
exceeds the recalculated goodwill.
The
Company’s fair value approach involves using a discounted
cash flow model with market-based support as its valuation
technique to measure the fair value for its reporting
units. The discounted cash flow model uses five year
forecasted cash flows plus a terminal value based on a multiple of
earnings. In addition, the Company applies gross profit
and operating expense assumptions consistent with its historical
trends. The total cash flows were discounted based on
market participant data, which included the Company’s
weighted-average cost of capital. The Company considered
the current market conditions when determining its
assumptions. Lastly, the Company reconciled the
aggregate fair values of its reporting units to its market
capitalization, which included a reasonable control premium based
on market conditions. Additional information related to
the testing for goodwill impairment is provided in Note 8, Goodwill
and Intangible Assets.
Identifiable Definite-Lived Intangible Assets
Identifiable
definite-lived intangible assets, which primarily consist of
patents, trademarks, brand names, non-compete agreements and
licensing agreements, are amortized on a straight-line basis over
their estimated useful lives. These assets are reviewed
for impairment whenever events or circumstances suggest that the
carrying amount of the asset may not be recoverable. The
Company closely monitors certain intangible assets related to new
and existing technologies for indicators of impairment as these
assets have more risk of becoming impaired. Impairment
is based upon an initial evaluation of the identifiable
undiscounted cash flows. If the initial evaluation
identifies a potential impairment, a fair value is determined by
using a discounted cash flows valuation. If impaired,
the resulting charge reflects the excess of the asset’s
carrying cost over its fair value.
Property, Plant and Equipment
Property,
plant and equipment are stated at cost, net of accumulated
depreciation. Except for leasehold improvements,
depreciation for financial reporting purposes is computed by the
straight-line method over the following estimated useful lives:
buildings - generally 40 years and machinery and equipment - 4 to
15 years. The cost of leasehold improvements is
amortized over the shorter of the estimated useful life or the term
of the lease. Maintenance and repairs are expensed as
incurred to the statement of operations; replacements and major
improvements are capitalized. These assets groups are
reviewed for impairment whenever events or circumstances suggest
that the carrying amount of the asset group may not be
recoverable. Impairment is based upon an evaluation of
the identifiable undiscounted cash flows. If impaired,
the resulting charge reflects the excess of the asset group’s
carrying cost over its fair value.
Marketable Security
The
Company’s marketable securities consist of debt instruments
that are classified as available-for-sale in “Other
noncurrent assets” on the consolidated balance sheets as the
instruments mature in December 2015. The Company determined the
appropriate classification at the time of purchase and will
re-evaluate such designation as of each balance sheet date. In
addition, the Company reviews the securities each quarter for
indications of possible impairment. Once impairment is identified,
the determination of whether the impairment is temporary or
other-than-temporary requires significant judgment. The primary
factors that the Company considers in classifying the impairment
include the extent and time the fair value of each investment has
been below cost and the existence of a credit loss. If a decline in
fair value is judged other-than-temporary, the basis of the
securities is written down to fair value and the amount of the
write-down is included as a realized loss.
Derivative Financial Instruments
The
Company requires that all derivative instruments be recorded on the
balance sheet at fair value and that changes in fair value be
recorded each period in current earnings or accumulated other
comprehensive income (“AOCI”).
The
Company employs derivative financial instruments to hedge certain
anticipated transactions, firm commitments, and assets and
liabilities denominated in foreign
currencies. Additionally, the Company utilizes interest
rate swaps to convert floating rate debt to fixed rate, fixed rate
debt to floating rate, cross currency basis swaps to convert debt
denominated in one currency to another currency, and commodity
swaps to fix its variable raw materials costs.
Pension and Other Postretirement Benefits
Substantially
all of the employees of the Company and its subsidiaries are
covered by government or Company-sponsored defined benefit or
defined contribution plans. Additionally, certain union
and salaried employee groups in the United States are covered by
postretirement healthcare plans. Costs for
Company-sponsored plans are based on expected return on plan
assets, discount rates, employee compensation increase rates and
health care cost trends. Expected return on plan assets,
discount rates and health care cost trend assumptions are
particularly important when determining the Company’s benefit
obligations and net periodic benefit costs associated with
postretirement benefits. Changes in these assumptions
can impact the Company’s earnings before income
taxes. In determining the cost of postretirement
benefits, certain assumptions are established annually to reflect
market conditions and plan experience to appropriately reflect the
expected costs as actuarially determined. These
assumptions include medical inflation trend rates, discount rates,
employee turnover and mortality rates. The Company
predominantly uses liability durations in establishing its discount
rates, which are observed from indices of high-grade corporate bond
yields in the respective economic regions of the
plans. The expected return on plan assets is the
weighted average long-term expected return based upon asset
allocations and historic average returns for the markets where the
assets are invested, principally in foreign
locations. The Company reports the funded status of its
defined benefit pension and other postretirement benefit plans on
its consolidated balance sheets as a net liability or
asset. Additional information related to the impact of
changes in these assumptions is provided in Note 13, Benefit
Plans.
Accruals for Self-Insured Losses
The
Company maintains insurance for certain risks, including
workers’ compensation, general liability, product liability
and vehicle liability, and is self-insured for employee related
health care benefits. The Company accrues for the
expected costs associated with these risks by considering
historical claims experience, demographic factors, severity factors
and other relevant information. Costs are recognized in
the period the claim is incurred, and the financial statement
accruals include an estimate of claims incurred but not yet
reported. The Company has stop-loss coverage to limit
its exposure to any significant exposure on a per claim
basis.
Litigation
The
Company and its subsidiaries are from time to time parties to
lawsuits arising out of their respective operations. The Company
records liabilities when a loss is probable and can be reasonably
estimated. These estimates are typically in the form of ranges, and
the Company records the liabilities at the low point of the ranges.
The ranges established by management are based on an analysis made
by internal and external legal counsel who considers information
known at the time. If the Company determines a liability to be only
reasonably possible, it considers the same information to estimate
the possible exposure and disclose any material potential
liability. These loss contingencies are monitored regularly for a
change in fact or circumstance that would require an accrual
adjustment. The Company believes it has estimated liabilities for
probable losses well in the past; however, the unpredictability of
litigation and court decisions could cause a liability to be
incurred in excess of estimates. Legal costs related to these
lawsuits are expensed as incurred.
Accumulated Other Comprehensive Income
AOCI
includes foreign currency translation adjustments related to the
Company’s foreign subsidiaries, net of the related changes in
certain financial instruments hedging these foreign currency
investments. In addition, changes in the Company’s fair value
of certain derivative financial instruments, net unrealized holding
gain on available-for-sale securities and pension liability
adjustments and prior service costs, net are recorded in AOCI.
These changes are recorded in AOCI net of any related tax
adjustments. For the years ended December 31, 2010, 2009 and 2008,
these tax adjustments were $158.7 million, $143.0 million and
$138.5 million, respectively, primarily related to foreign currency
translation adjustments.
The
balances included in AOCI in the consolidated balance sheets are as
follows:
The
cumulative foreign currency translation adjustments included
translation gains of $294.6 million and $327.8 million as of
December 31, 2010 and 2009, respectively, offset by losses of
$124.0 million and $107.7 million, respectively, on loans
designated as hedges of net investments.
Foreign Currency Translation
The
functional currency for foreign operations, except for those in
highly inflationary economies, has been determined to be the local
currency.
Assets
and liabilities of foreign subsidiaries are translated at foreign
exchange rates on the balance sheet date; revenue and expenses are
translated at the average year-to-date foreign exchange rates. The
effects of these translation adjustments are reported in Equity
within AOCI of the consolidated balance sheets. During the year
ended December 31, 2010, the Company had losses of $16.3 million on
its loans designated as hedges of net investments and translation
losses of $33.2 million. During the year ended December 31, 2009,
the Company had gains of $0.9 million on its loans designated as
hedges of net investments and translation gains of $49.7
million.
Foreign
exchange gains and losses arising from transactions denominated in
a currency other than the functional currency of the entity
involved and remeasurement adjustments in countries with highly
inflationary economies are included in income. Net foreign exchange
losses of $3.3 million, net foreign exchange gains of $0.3 million
and net foreign exchange losses of $8.9 million in 2010, 2009, and
2008, respectively, are included in “Other expense (income),
net.”
Revenue Recognition
Revenue,
net of related discounts and allowances, is recognized when the
earnings process is complete. This occurs when products are shipped
to or received by the customer in accordance with the terms of the
agreement, title and risk of loss have been transferred,
collectability is reasonably assured and pricing is fixed or
determinable. Net sales include shipping and handling costs
collected from customers in connection with the sale. Sales taxes,
value added taxes and other similar types of taxes collected from
customers in connection with the sale are recorded by the Company
on a net basis and are not included in the statement of
operations.
Certain
of the Company’s customers are offered cash rebates based on
targeted sales increases. In accounting for these rebate programs,
the Company records an accrual as a reduction of net sales for the
estimated rebate as sales take place throughout the
year.
A
portion of the Company’s net sales is comprised of sales of
precious metals generated through its precious metal dental alloy
product offerings. As the precious metal content of the
Company’s sales is largely a pass-through to customers, the
Company uses its cost of precious metal purchased as a proxy for
the precious metal content of sales, as the precious metal content
of sales is not separately tracked and invoiced to customers. The
Company believes that it is reasonable to use the cost of precious
metal content purchased in this manner since precious metal alloy
sale prices are typically adjusted when the prices of underlying
precious metals change. The precious metals content of sales was
$189.2 million, $168.7 million and $200.0 million for 2010, 2009
and 2008, respectively.
Cost of Products Sold
Cost
of products sold represents costs directly related to the
manufacture and distribution of the Company’s products.
Primary costs include raw materials, packaging, direct labor,
overhead, shipping and handling, warehousing and the depreciation
of manufacturing, warehousing and distribution facilities. Overhead
and related expenses include salaries, wages, employee benefits,
utilities, lease costs, maintenance and property
taxes.
Warranties
The
Company provides warranties on certain equipment products.
Estimated warranty costs are accrued when sales are made to
customers. Estimates for warranty costs are based primarily on
historical warranty claim experience. Warranty costs are included
in “Cost of products sold.”
Selling, General and Administrative Expenses
Selling,
general and administrative expenses represent costs incurred in
generating revenues and in managing the business of the Company.
Such costs include advertising and other marketing expenses,
salaries, employee benefits, incentive compensation, research and
development, travel, office expenses, lease costs, amortization of
capitalized software and depreciation of administrative
facilities.
Research and Development Costs
Research and development (“R&D”) costs relate
primarily to internal costs for salaries and direct overhead
expenses. In addition, the Company contracts with outside vendors
to conduct R&D activities. All such R&D costs are charged
to expense when incurred. The Company capitalizes the costs of
equipment that have general R&D uses and expenses such
equipment that is solely for specific R&D projects. The
depreciation expense related to this capitalized equipment is
included in the Company’s R&D costs. R&D costs are
included in “Selling, general and administrative
expenses” and amounted to $49.4 million, $50.3 million and
$48.5 million for 2010, 2009 and 2008, respectively.
The year-over-year
comparisons for 2010 versus 2009 and 2009 versus 2008 were both
impacted by foreign currency translation which decreased the
reported expense variations.
Stock
Compensation
The
Company recognizes the compensation cost relating to share-based
payment transactions in the financial statements. The cost of
share-based payment transactions is measured at the grant date,
based on the calculated fair value of the award, and is recognized
as an expense over the employee’s requisite service period
(generally the vesting period of the equity awards). The
compensation cost is only recognized for the portion of the awards
that are expected to vest.
Income
Taxes
The
Company’s tax expense includes U.S. and international income
taxes plus the provision for U.S. taxes on undistributed earnings
of international subsidiaries not deemed to be permanently
invested. Tax credits and other incentives reduce tax expense in
the year the credits are claimed. Certain items of income and
expense are not reported in tax returns and financial statements in
the same year. The tax effect of such temporary differences is
reported as deferred income taxes. Deferred tax assets are
recognized if it is more likely than not that the assets will be
realized in future years. The Company establishes a valuation
allowance for deferred tax assets for which realization is not
likely.
The
Company applies a recognition threshold and measurement attribute
for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return. The Company
recognizes in the financial statements, the impact of a tax
position, if that position is more likely than not of being
sustained on audit, based on the technical merits of the
position.
Earnings Per Share
Basic
earnings per share are calculated by dividing net earnings by the
weighted average number of shares outstanding for the period.
Diluted earnings per share is calculated by dividing net earnings
by the weighted average number of shares outstanding for the
period, adjusted for the effect of an assumed exercise of all
dilutive options outstanding at the end of the period.
Business
Acquisitions
The
Company acquires businesses as well as partial interests in
businesses. Acquired businesses are accounted for using the
acquisition method of accounting which requires that the purchase
price be allocated to net assets at their respective fair values.
Any excess of the purchase price over estimated fair values of net
assets is recorded as goodwill. Under the acquisition method,
amounts allocated to acquired in-process research and development
and contingent consideration are recorded to the consolidated
balance sheet at the date of acquisition at their respective fair
values. The assumptions made in determining fair value assigned to
acquired assets and liabilities as well as asset lives can
materially impact the results of operations.
The
Company obtains information during due diligence and through other
sources to get respective fair values. Examples of factors and
information that the Company uses to determine the fair values
include: tangible and intangible asset evaluations and appraisals;
evaluations of existing contingencies and liabilities; product line
integration information; and information systems compatibilities.
If the initial accounting for an acquisition is incomplete by the
end of the quarter in which the acquisition occurred, the Company
will record a provisional estimate in the financial statements. The
provisional estimate will be finalized as soon as information
becomes available but will only occur up to one year from the
acquisition date.
Equity Method Investments
Investments
in partnerships, joint ventures and less-than-majority-owned
subsidiaries in which the Company has significant influence are
accounted for under the equity method.
Equity
investments are carried at original cost adjusted for the
proportionate share of the investees’ income, losses and
distributions. The Company assesses the carrying value of its
equity investments when an indicator of a loss in value is present
and record a loss in value of the investment when the assessment
indicates that an other-than-temporary decline in the investment
exists.
The
Company classifies its equity in net earnings of unconsolidated
affiliates in the consolidated statements of operations under the
title of “Equity in net loss of unconsolidated affiliated
company”.
Noncontrolling Interests
The
Company reports noncontrolling interest (“NCI”) in a
subsidiary as a separate component of Equity in the consolidated
balance sheets. Additionally, the Company reports the portion of
net income and comprehensive income (loss) attributed to the
Company and NCI separately in the consolidated statements of
operations. The Company also includes a separate column for NCI in
the consolidated statements of changes in equity and comprehensive
income.
Variable Interest Entities
On
January 1, 2010, the Company adopted the new accounting guidance
for variable interest entities (“VIE”). The guidance
includes: (1) the elimination of the exemption from consolidation
for qualifying special purpose entities, (2) a new approach for
determining the primary beneficiary of a VIE, which requires that
the primary beneficiary have both (i) the power to control the most
significant activities of the VIE and (ii) either the obligation to
absorb losses or the right to receive benefits that could
potentially be significant to the VIE, and (3) the requirement to
continually reassess who should consolidate a VIE. The adoption did
not have a material impact on the Company’s financial
position and results of operations.
The
Company consolidates all VIE where the Company has determined that
it has the power to direct the activities that most significantly
impact the VIE’s economic performance and shares in either
the significant risks or rewards of the VIE. The Company
continually reassesses VIE to determine if consolidation is
appropriate. The Company continues to believe that it is the
primary beneficiary of Materialise Dental N.V.
(“Materialise”) and Zhermack S.p.A.
(“Zhermack”) under this new accounting guidance for
VIE. The accounting for Materialise and Zhermack are discussed
further in Note 3, Business Acquisitions.
Segment Reporting
The
Company has numerous operating businesses covering a wide range of
products and geographic regions, primarily serving the professional
dental market. Professional dental products represented
approximately 97% of sales in 2010, 2009 and 2008. The Company has
four reportable segments and a description of the activities of
these segments is included in Note 4, Segment and Geographic
Information.
Fair Value Measurement
Recurring Basis
The
Company records certain financial assets and liabilities at fair
value in accordance with the accounting guidance, which defines
fair value as the exchange price that would be received for an
asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in
an orderly transaction between market participants on the
measurement date. The accounting guidance establishes a hierarchal
disclosure framework associated with the level of pricing
observability utilized in measuring financial instruments at fair
value. The three broad levels defined by the fair value hierarchy
are as follows:
Level
1 – Quoted prices are available in active markets for
identical assets or liabilities as of the reported
date.
Level
2 – Pricing inputs are other than quoted prices in active
markets, which are either directly or indirectly observable as of
the reported date. The nature of these financial instruments
include, derivative instruments whose fair value have been derived
using a model where inputs to the model are directly observable in
the market, or can be derived principally from or corroborated by
observable market data.
Level
3 – Instruments that have little to no pricing observability
as of the reported date. These financial instruments do not have
two-way markets and are measured using management’s best
estimate of fair value, where the inputs into the determination of
fair value require significant management judgment or
estimation.
The
degree of judgment utilized in measuring the fair value of certain
financial assets and liabilities generally correlates to the level
of pricing observability. Pricing observability is impacted by a
number of factors, including the type of financial instrument.
Financial assets and liabilities with readily available active
quoted prices or for which fair value can be measured from actively
quoted prices generally will have a higher degree of pricing
observability and a lesser degree of judgment utilized in measuring
fair value. Conversely, financial assets and liabilities rarely
traded or not quoted will generally have less, or no pricing
observability and a higher degree of judgment utilized in measuring
fair value.
The
Company primarily applies the market approach for recurring fair
value measurements and endeavors to utilize the best available
information. Accordingly, the Company utilizes valuation techniques
that maximize the use of observable inputs and minimize the use of
unobservable inputs. Additionally, the Company considers its credit
risks and its counterparties' credit risks when determining the
fair values of its financial assets and liabilities. The Company
has presented the required disclosures in Note 16, Fair Value
Measurement.
Non-Recurring Basis
When
events or circumstances require an asset or liability to be fair
valued that otherwise is generally recorded based on another
valuation method, such as, net realizable value, the Company will
utilize the valuation techniques described above.
Reclassification of Prior Year Amounts
Certain
reclassifications have been made to prior years' data in order to
conform to current year presentation.
|
X | ||||||||||
- Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
EARNINGS PER COMMON SHARE
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE |
NOTE 2 - EARNINGS PER COMMON SHARE
The
following table sets forth the computation of basic and diluted
earnings per common share:
Options
to purchase 3.1 million, 2.9 million and 1.6 million shares of
common stock that were outstanding during the years ended 2010,
2009 and 2008, respectively, were not included in the computation
of diluted earnings per common share since the options' exercise
prices were greater than the average market price of the common
shares and, therefore, the effect would be
antidilutive.
|
X | ||||||||||
- Definition
This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
BUSINESS ACQUISITIONS AND INVESTMENTS IN AFFILIATES
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUISITIONS AND INVESTMENTS IN AFFILIATES |
NOTE 3 - BUSINESS ACQUISITIONS AND INVESTMENTS IN
AFFILIATES
During
2010, the acquisition related activity was $35.6 million, net of
cash acquired, which included a payment for a non-controlling
interest investment in DIO Corporation (“DIO”). In
2009, the acquisition related activity was $3.0 million, net of
cash. This activity was related to an additional earn-out payment
on a prior acquisition from 2007 and the acquisition of a small
sales and marketing organization of 3D digital implantology
products.
Investment in Affiliates
On
December 9, 2010, the Company purchased an initial ownership
interest of 16% of the outstanding shares of DIO. The Company
accounts for the ownership in DIO under the equity method of
accounting as it has significant influence over DIO. In addition,
on December 9, 2010, the Company invested $49.7 million in the
corporate convertible bonds of DIO, which may be converted into
commons shares after a one year period. The bonds are designated by
the Company as available-for-sale securities which are reported in,
“Other noncurrent assets, net,” on the consolidated
balance sheets and the changes in fair value are reported in AOCI.
The convertible feature of the bond has not been bifurcated from
the underlying bond as the feature does not contain a
net-settlement feature, nor would the Company be able to achieve a
hypothetical net-settlement that would substantially place the
Company in a comparable cash settlement position. As such, the
derivative is not accounted for separately from the bond. The cash
paid by the Company is equal to the face value of the bonds issued
by DIO, and therefore, the Company has not recorded any bond
premium or discount on acquiring the bonds. At December 31, 2010,
the amortized cost and fair value of the DIO bond was $49.7 million
and $66.0 million, respectively, and $11.0 million of unrealized
holding gains on available-for-sale securities, net of tax, have
been recorded in AOCI. The contractual maturity of the bond is in
December 2015.
DIO
is located in Busan, South Korea and manufactures a wide range of
dental implants including STEADY®, BioTite-H, SM implant,
internal implant, external implant, ProTem implant, and SM Extra
Wide implant systems. In addition, DIO offers various dental
devices including implant surgical devices, handpieces, dental
materials, impression materials sterilizers, toothpaste that
contains dyrdoxyapatite, and the iTero® 3D intra-oral scanner
(Cadent Inc.).
Business Acquisitions
The
business acquisitions were related to the purchase of several small
distributors that sell dental specialty products. The purchase
agreements for three of the acquisitions provide for additional
payments to be made based upon the achievement of certain operating
performance of the respective businesses; however, the Company does
not expect the additional payments to be material to the financial
statements. The results of operations for these businesses have
been included in the accompanying financial statements since the
effective date of the respective transactions. The purchase prices
have been allocated on the basis of preliminary estimates of the
fair values of assets acquired and liabilities
assumed.
Variable Interest Entities
The
Company adopted new accounting guidance for VIE on January 1, 2010,
which is discussed in Note 1, Significant Accounting Policies. The
Company continues to believe that it will be the primary
beneficiary of Materialise and Zhermack under this accounting
guidance for VIE.
Additional Earn-out Payments
Several
of the Company’s 2005, 2007 and 2008 acquisitions included
provisions for possible additional payments based on the future
performance of the individual businesses (generally for two to
three years). During 2010, the Company paid $5.1 million in
additional purchase price under these agreements.
Fair Value Allocations for the Business Acquisitions and Additional
Earnout Payments
As
of December 31, 2010, the Company has recorded a total of $20.4
million in goodwill related to four business combinations, one
investment in an unconsolidated affiliate, and additional earn-out
payments on acquisitions from prior years. None of this goodwill is
expected to be deductible for tax purposes.
The
following table summarizes the estimated fair values of the
indentified assets acquired and liabilities assumed (in
thousands):
Also, as a result of the finalization of fair values assigned to
assets acquired and liabilities assumed from 2010 acquisition
related activity, the Company has recorded a total of $0.7 million
in intangible assets as non-compete agreements and customer lists
with an average weighted life of 5.0 years.
Goodwill
was assigned to the following four segments:
|
X | ||||||||||
- Definition
Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SEGMENT AND GEOGRAPHIC INFORMATION
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2010
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION |
NOTE 4 – SEGMENT AND GEOGRAPHIC INFORMATION
The
operating businesses are combined into operating groups, which have
overlapping product offerings, geographical presence, customer
bases, distribution channels and regulatory oversight. These
operating groups are considered the Company’s reportable
segments as the Company’s chief operating decision-maker
regularly reviews financial results at the operating group level
and uses this information to manage the Company’s operations.
The accounting policies of the segments are consistent with those
described for the consolidated financial statements in the summary
of significant accounting policies (see Note 1, Significant
Accounting Policies). The Company measures segment income for
reporting purposes as net operating income before restructuring,
impairments, and other costs, interest and taxes. Additionally, net
operating income is derived from net third party sales, excluding
precious metal content. A description of the services provided
within each of the Company’s four reportable segments is
provided below. The disclosure below reflects the Company’s
segment reporting structure.
In
January 2010, the Company moved the reporting responsibility for
several locations between segments as a result of a change to the
management structure. This change also helped the Company gain
operating efficiencies and effectiveness. The segment information
below reflects this revised structure for all periods
shown.
United States, Germany and Certain Other European Regions
Consumable Businesses
This
business group includes responsibility for the design,
manufacturing, sales and distribution of certain small equipment
and chairside consumable products in the United States, Germany and
certain other European regions. It also has responsibility for the
sales and distribution of certain Endodontic products in
Germany.
France, United Kingdom, Italy and Certain Other European Countries,
CIS, Middle East, Africa, Pacific Rim Businesses
This
business group includes responsibility for the sales and
distribution for certain small equipment, chairside consumable
products, certain laboratory products and certain Endodontic
products in France, United Kingdom, Italy, the Commonwealth of
Independent States (“CIS”), Middle East, Africa, Asia
(excluding Japan), Japan and Australia, as well as the sale and
distribution of implant products and bone substitute/grafting
materials in France, Italy, Asia and Australia. This business group
also includes the responsibility for sales and distribution for
certain laboratory products, implants products and bone
substitution/grafting materials for Austria. It also is responsible
for sales and distribution of certain small equipment and chairside
consumable products, certain laboratory products, implant products
and bone substation/grafting materials in certain other European
countries. In addition this business group also includes the
manufacturing and sale of Orthodontic products and certain
laboratory products in Japan, and the manufacturing of certain
laboratory and certain Endodontic products in Asia.
Canada/Latin America/Endodontics/Orthodontics
This
business group includes responsibility for the design, manufacture,
and/or sales and distribution of certain small equipment, chairside
consumable products, certain laboratory products and Endodontic
products in Brazil. It also has responsibility for the sales and
distribution of most of the Company’s dental products sold in
Latin America and Canada. This business group also includes the
responsibility for the design and manufacturing of Endodontic
products in the United States, Switzerland and Germany and is
responsible for the sales and distribution of the Company’s
Endodontic products in the United States, Canada, Switzerland,
Benelux, Scandinavia, Austria, Latin America and Eastern Europe,
and for certain Endodontic products in Germany. This business group
is also responsible for the world-wide sales and distribution,
excluding Japan, as well as some manufacturing of the
Company’s Orthodontic products. In addition, this business
group is also responsible for sales and distribution in the United
States of implant and bone substitute/grafting materials and the
sales and distribution of implants in Brazil. This business group
is also responsible for the manufacture and sale of certain
products in the Company’s non-dental business.
Dental Laboratory Business/Implants/Non-Dental
This
business group includes the responsibility for the design,
manufacture, sales and distribution of most laboratory products,
excluding certain countries mentioned previously, and the design,
manufacture, and/or sales and distribution of the Company’s
dental implant products and bone substitute/grafting materials,
excluding sales and distribution of implants and bone
substitute/grafting materials in the United States; France, Italy,
Austria, and certain other Eastern European countries; and
Australia. This business group is also responsible for most of the
Company’s non-dental business.
Significant
interdependencies exist among the Company’s operations in
certain geographic areas. Inter-group sales are at prices intended
to provide a reasonable profit to the manufacturing unit after
recovery of all manufacturing costs and to provide a reasonable
profit for purchasing locations after coverage of marketing, sales,
distribution and general and administrative costs.
Generally,
the Company evaluates performance of the operating groups based on
the groups’ operating income, excluding restructuring,
impairments and other costs, interest and taxes, and net third
party sales, excluding precious metal content. The Company
considers net third party sales, excluding precious metal content,
as the appropriate sales measurement due to the fluctuations of
precious metal prices and due to the fact that the precious metal
content is largely a pass-through to customers and has a minimal
effect on earnings.
The
following table sets forth information about the Company’s
operating groups for the years ended December 31, 2010, 2009 and
2008.
Third Party Net Sales
Third Party Net Sales, Excluding Precious Metal
Content
Intersegment Net Sales
Depreciation and Amortization
Segment Operating Income
Capital Expenditures
Geographic Information
The
following table sets forth information about the Company's
operations in different geographic areas for the years ended
December 31, 2010, 2009 and 2008. Net sales reported below
represent revenues for shipments made by operating businesses
located in the country or territory identified, including export
sales. Assets reported represent those held by the operating
businesses located in the respective geographic
areas.
|