þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended June 30, 2009 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 36-2369491 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No. | ) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, par value $0.05 | The Nasdaq Stock Market, Inc. | |
Class A Common Stock, par value $0.05 | The Nasdaq Stock Market, Inc. |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting companyo |
Common Stock | ||||
Class A Common Stock | ||||
Class B Common Stock | 94,255 |
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Item 1. | Business |
• | Globalization. Synergistic opportunities exist for the industry to design, manufacture and sell electronic products in different countries around the world in an efficient and seamless process. For example, electronic products may be designed in Japan, manufactured in China, and sold in the United States. | |
• | Convergence of markets. Traditionally separate markets such as consumer electronics, data products and telecommunications are converging, resulting in single devices offering broad-based functionality. | |
• | Increasing electronics content. Consumer demand for advanced product features, convenience and connectivity is driving connector growth at rates faster than the growth rates of the underlying electronics markets. | |
• | Product size reduction. High-density, micro-miniature technologies are expanding to markets such as data and mobile phones, leading to smaller devices and greater mobility. | |
• | Consolidating supply base. Generally, global OEMs are consolidating their supply chain by selecting global companies possessing broad product lines for the majority of their connector | |
• | Price erosion. As unit volumes grow, production experience is accumulated and costs decrease, and as a result, prices decline. |
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Percentage of Fiscal | Primary End Use Products | |||||||
Markets | Net Revenue | Supported by Molex | ||||||
Telecommunications | 26 | % | Mobile phones and devices, networking equipment, switches and transmission equipment | |||||
Data Products | % | Desktop and notebook computers, peripheral equipment, servers, storage, copiers, printers and scanners | ||||||
Consumer | % | Digital electronics, CD and DVD players, cameras, flat panel display, plasma and LCD televisions, electronic games and major appliances | ||||||
Industrial | % | Factory automation, robotics, automated test equipment, vision systems and diagnostic equipment | ||||||
Automotive | 14 | % | Engine control units, body electronics, safety electronics, sensors, panel instrumentation and other automotive electronics | |||||
Other | 3 | % | Electronic and electrical devices for a variety of markets | |||||
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• | Broad and deep technological knowledge of microelectronic devices and techniques, power sources, coatings and materials; | |
• | Strong intellectual property portfolio that underlies many key products; | |
• | High product quality standards, backed with stringent systems designed to ensure consistent performance, that meet or surpass customers’ expectations; | |
• | Strong technical collaboration with customers; | |
• | Extensive experience with the product development process; | |
• | Broad geographical presence in developed and developing markets; | |
• | Continuous effort to develop an efficient, low-cost manufacturing footprint; and | |
• | A broad range of products both for specific applications and for general consumption. |
• | Concentrate on core markets. We focus on markets where we have the expertise, qualifications and leadership position to sustain a competitive advantage. We have been an established supplier of interconnect solutions for | |
• | Grow through the development and release of new products.We invest strategically in the tools and resources to develop and market new products and to expand existing product lines. New products are essential to enable our customers to advance their solutions and their market leadership positions. In fiscal | |
• | Optimize | |
• | Leverage financial strength. We use our expected cash flow from operations and strong balance sheet to invest aggressively in new product development, to pursue synergistic acquisitions, to align manufacturing capacity with customer requirements and to pursue productivity improvements. We invested approximately |
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• |
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Positions Held with Registrant | Year | |||||||||
Name | During the Last Five Years | Age | Employed | |||||||
Frederick A. Krehbiel(a) | Co-Chairman (1999-); Chief Executive Officer (2004-2005); Co-Chief Executive Officer (1999-2001). | 67 | 1965 | (b) | ||||||
John H. Krehbiel, Jr.(a) | Co-Chairman (1999-); Co-Chief Executive Officer (1999-2001). | 71 | 1959 | (b) | ||||||
Martin P. Slark | Vice-Chairman and Chief Executive Officer (2005-); President and Chief Operating Officer (2001-2005); Executive Vice President (1999-2001). | 53 | 1976 | |||||||
Liam McCarthy | President and Chief Operating Officer (2005-); Regional Vice President of Operations, Europe (2000-2005); Interim General Manager of Molex Ireland Ltd. (2002-2004). | 52 | 1976 | |||||||
David D. Johnson | Executive Vice President, Treasurer and Chief Financial Officer (2005-); Vice President, Treasurer and Chief Financial Officer, Sypris Solutions, Inc.(1998-2005). | 52 | 2005 |
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Positions Held with Registrant | Year | Positions Held with Registrant | Year | |||||||||||||||||
Name | During the Last Five Years | Age | Employed | During the Last Five Years | Age | Employed | ||||||||||||||
Frederick A. Krehbiel(a) | Co-Chairman (1999-); Chief Executive Officer (2004-2005); Co-Chief Executive Officer (1999-2001). | 68 | 1965 | (b) | ||||||||||||||||
John H. Krehbiel, Jr.(a) | Co-Chairman (1999-); Co-Chief Executive Officer (1999-2001). | 72 | 1959 | (b) | ||||||||||||||||
Martin P. Slark | Vice-Chairman and Chief Executive Officer (2005-); 54 1976 President and Chief Operating Officer (2001-2005). | |||||||||||||||||||
Liam McCarthy | President and Chief Operating Officer (2005-); Vice President of Operations, Europe (2000-2005). | 53 | 1976 | |||||||||||||||||
David D. Johnson | Executive Vice President, Treasurer and Chief Financial Officer (2005-); Vice President, Treasurer and Chief Financial Officer, Sypris Solutions, Inc. (1998-2005). | 53 | 2005 | |||||||||||||||||
Graham C. Brock | Executive Vice President (2005-) and President, Global Sales & Marketing Division (2006) and Regional President, Europe (2005-); Regional Vice President — Sales & Marketing, Europe (2000-2005). | 54 | 1976 | Executive Vice President (2005-) and President, Global Sales & Marketing Division (2006-) and Regional President, Europe (2005); Regional Vice President — Sales & Marketing, Europe (2000-2005). | 55 | 1976 | ||||||||||||||
James E. Fleischhacker | Executive Vice President (2001-) and President, Global Transportation Products Division (2007); Corporate Vice President (1994-2001); Regional President, Asia Pacific South (1998-2001, 2003-2004). | 64 | 1984 | Executive Vice President (2001-); President, Global Commercial Products Division (2009-); President, Global Transportation Products Division (2007-2009); and Corporate Vice President (1994-2001). | 65 | 1984 | ||||||||||||||
Katsumi Hirokawa | Executive Vice President (2005-) and President, Global Micro Products Division (2007). Positions at Molex Japan Co., Ltd.: President (2002-); Executive Vice President- Sales (2002-2002); Senior Director-Sales (1996-2002). | 61 | 1995 | Executive Vice President (2005-) and President, Global Micro Products Division (2007-); Vice President and President, Asia-Pacific North (2005-2007); President (2002-); Executive Vice President — Sales (2002), Molex Japan Co. Ltd. | 62 | 1995 | ||||||||||||||
David B. Root | Executive Vice President and President, Global Commercial Products Division (2007); Vice President and Regional President, Americas (2005-); Vice President, Sales Americas (2004-2005); President, Connector Products Division (2002-2004); President, Data Comm Division (2001-2002). | 54 | 1982 | |||||||||||||||||
J. Michael Nauman | Senior Vice President and President, Global Integrated Products Division (2007-); President, Integrated Products Division, Americas Region (2005-2007); President, High Performance Products Division, Americas Region (2004-2005); President, Fiber Optics Division, Americas Region (2003-2004); General Manager, High Performance Cable Assembly and Adapter Business Units (1999-2003). | 46 | 1994 | Executive Vice President and President, Global Integrated Products Division (2009-); Senior Vice President and President, Global Integrated Products Division (2007-2009); President, Integrated Products Division, Americas Region (2005-2007). | 47 | 1994 | ||||||||||||||
Hans A. van Delft | Senior Vice President and President, Global Automation & Electrical Products Division (2007-); President, Woodhead Group (2006-2007); Division Manager, General Products Division, Europe (2003-2006); Division Manager, Telecom Division (2001-2003); General Manager, Molex Singapore (1999-2000). | 53 | 1987 |
(a) | John H. Krehbiel, Jr. and Frederick A. Krehbiel (the Krehbiel Family) are brothers. The members of the Krehbiel Family may be considered to be “control persons” of the Registrant. The other executive officers listed above have no relationship, family or otherwise, to the Krehbiel Family, the Registrant or each other. | |
(b) | Includes period employed by our predecessor company. |
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Item 1A. | Risk Factors |
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• | International business conditions including the relationships between the U.S. | |
• | Unexpected changes in laws, regulations, trade, monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. | |
• | Tariffs, quotas, customs and other import or export restrictions and other trade barriers; | |
• | Difficulties in staffing and management; | |
• | Language and cultural | |
• | Potentially adverse tax consequences. |
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• | lose revenue; | |
• | incur increased costs such as warranty expense and costs associated with customer support; | |
• | experience delays, cancellations or rescheduling of orders for our products; | |
• | experience increased product returns or discounts; or | |
• | damage |
• | Successfully identifying and completing transactions; | |
• | Difficulty in integrating acquired operations, technology and products or realizing cost savings or other anticipated benefits from integration; | |
• | Retaining customers and existing contracts; | |
• | Retaining the key employees of the acquired operation; | |
• | Potential disruption of our or the acquired company’s ongoing business; | |
• | Charges for impairment of long-term assets; | |
• | Unanticipated expenses related to integration; and | |
• | Potential unknown liabilities associated with the acquired company. |
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• | the effects of a mix of profits or losses earned by us and our subsidiaries in numerous foreign tax jurisdictions with a broad range of tax rates; | |
• | our ability to use recorded deferred tax assets; | |
• | changes in uncertain tax positions, interest or penalties resulting from tax audits; and | |
• | changes in tax laws or the interpretation of these laws. |
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Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
• | Americas: United States | |
• | ||
• | Europe: France, Germany, Italy, Poland, Slovakia and Ireland |
Item 3. | Legal Proceedings |
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
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2008 | 2007 | 2006 | ||||||||||||||||||||||||||
Low — High | Low — High | Low — High | ||||||||||||||||||||||||||
Common Stock | 1st | $ | 23.89 | $ | 30.66 | $ | 29.66 | $ | 39.27 | $ | 25.34 | $ | 29.20 | |||||||||||||||
2nd | 26.77 | 29.12 | 30.91 | 39.49 | 24.07 | 28.02 | ||||||||||||||||||||||
3rd | 21.82 | 26.85 | 28.15 | 31.70 | 25.89 | 33.39 | ||||||||||||||||||||||
4th | 23.97 | 29.95 | 28.01 | 31.53 | 32.48 | 39.36 |
2009 | 2008 | |||||||||||||||||||
Low — High | Low — High | |||||||||||||||||||
Common Stock | 1st | $ | 22.00 | $ | 25.96 | $ | 23.89 | $ | 30.66 | |||||||||||
2nd | 10.72 | 22.19 | 26.77 | 29.12 | ||||||||||||||||
3rd | 9.72 | 15.86 | 21.82 | 26.85 | ||||||||||||||||
4th | 14.00 | 17.08 | 23.97 | 29.95 |
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2008 | 2007 | 2006 | ||||||||||||||||||||||||||
Low — High | Low — High | Low — High | ||||||||||||||||||||||||||
Class A Common Stock | 1st | $ | 22.82 | $ | 27.54 | $ | 25.57 | $ | 33.12 | $ | 23.54 | $ | 26.50 | |||||||||||||||
2nd | 25.25 | 27.68 | 27.22 | 33.27 | 22.82 | 27.15 | ||||||||||||||||||||||
3rd | 21.08 | 25.89 | 24.72 | 27.78 | 24.33 | 29.87 | ||||||||||||||||||||||
4th | 22.11 | 27.50 | 24.66 | 28.20 | 27.94 | 33.47 |
2009 | 2008 | |||||||||||||||||||
Low — High | Low — High | |||||||||||||||||||
Class A Common Stock | 1st | $ | 20.55 | $ | 24.59 | $ | 22.82 | $ | 27.54 | |||||||||||
2nd | 9.24 | 20.66 | 25.25 | 27.68 | ||||||||||||||||
3rd | 8.94 | 14.16 | 21.08 | 25.89 | ||||||||||||||||
4th | 12.88 | 15.65 | 22.11 | 27.50 |
Class A | ||||||||||||||||||||||||
Common Stock | Common Stock | |||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2009 | 2008 | |||||||||||||||||||
Quarter ended: | ||||||||||||||||||||||||
September 30 | $ | 0.1125 | $ | 0.0750 | $ | 0.1125 | $ | 0.0750 | $ | 0.1525 | $ | 0.1125 | ||||||||||||
December 31 | 0.1125 | 0.0750 | 0.1125 | 0.0750 | 0.1525 | 0.1125 | ||||||||||||||||||
March 31 | 0.1125 | 0.0750 | 0.1125 | 0.0750 | 0.1525 | 0.1125 | ||||||||||||||||||
June 30 | 0.1125 | 0.0750 | 0.1125 | 0.0750 | 0.1525 | 0.1125 | ||||||||||||||||||
Total | $ | 0.4500 | $ | 0.3000 | $ | 0.4500 | $ | 0.3000 | $ | 0.6100 | $ | 0.4500 | ||||||||||||
Total Number of | Total Number of | |||||||||||||||||||||||
Shares Purchased as | Shares Purchased as | |||||||||||||||||||||||
Total Number of | Average Price | Part of Publicly | Total Number of | Average Price | Part of Publicly | |||||||||||||||||||
Shares Purchased | Paid per Share | Announced Plan | Shares Purchased* | Paid per Share | Announced Plan | |||||||||||||||||||
April 1 — April 30 | ||||||||||||||||||||||||
Common Stock | — | $ | — | — | — | $ | — | — | ||||||||||||||||
Class A Common Stock | 14 | $ | 21.89 | — | 19 | $ | 12.71 | — | ||||||||||||||||
May 1 — May 31 | ||||||||||||||||||||||||
Common Stock | 175 | $ | 29.10 | 175 | — | $ | — | — | ||||||||||||||||
Class A Common Stock | 894 | $ | 26.92 | 850 | 51 | $ | 15.60 | — | ||||||||||||||||
June 1 — June 30 | ||||||||||||||||||||||||
Common Stock | — | $ | — | — | — | $ | — | — | ||||||||||||||||
Class A Common Stock | 212 | $ | 26.39 | 205 | 2 | $ | 14.58 | — | ||||||||||||||||
Total | 1,295 | $ | 27.07 | 1,230 | 72 | $ | 14.81 | — | ||||||||||||||||
* | The shares purchased include exercises of employee stock options. |
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06/30/03 | 06/30/04 | 06/30/05 | 06/30/06 | 06/30/07 | 06/30/08 | |||||||||||||||||||||||||
Molex Incorporated | $ | 100.00 | $ | 119.16 | $ | 97.25 | $ | 126.33 | $ | 114.00 | $ | 94.36 | ||||||||||||||||||
Molex Incorporated Class A | 100.00 | 119.01 | 103.06 | 127.17 | 118.79 | 104.42 | ||||||||||||||||||||||||
S&P 500 | 100.00 | 119.11 | 126.64 | 137.57 | 165.90 | 144.13 | ||||||||||||||||||||||||
Peer Group | 100.00 | 137.60 | 126.97 | 148.41 | 177.61 | 159.37 | ||||||||||||||||||||||||
06/30/04 | 06/30/05 | 06/30/06 | 06/30/07 | 06/30/08 | 06/30/09 | |||||||||||||||||||||||||
Molex Incorporated | $ | 100.00 | $ | 81.61 | $ | 106.02 | $ | 95.67 | $ | 79.19 | $ | 52.41 | ||||||||||||||||||
Molex Incorporated Class A | 100.00 | 86.60 | 106.86 | 99.82 | 87.74 | 57.44 | ||||||||||||||||||||||||
S&P 500 | 100.00 | 106.32 | 115.50 | 139.28 | 121.01 | 89.29 | ||||||||||||||||||||||||
Peer Group | 100.00 | 95.31 | 111.87 | 133.80 | 120.17 | 79.34 | ||||||||||||||||||||||||
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Item 6. | Selected Financial Data |
2008 | 2007 | 2006 | 2005 | 2004 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 3,328,347 | $ | 3,265,874 | $ | 2,861,289 | $ | 2,554,458 | $ | 2,249,018 | $ | 2,581,841 | $ | 3,328,347 | $ | 3,265,874 | $ | 2,861,289 | $ | 2,554,458 | ||||||||||||||||||||
Gross profit | 1,014,235 | 1,016,708 | 942,630 | 832,662 | 732,832 | 656,177 | 1,014,235 | 1,016,708 | 942,630 | 832,662 | ||||||||||||||||||||||||||||||
Income from operations | 317,950 | 321,550 | 309,744 | 203,264 | 213,462 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 338,648 | 338,257 | 327,884 | 223,201 | 231,757 | |||||||||||||||||||||||||||||||||||
Net income(1) | 215,437 | 240,768 | 236,091 | 150,116 | 168,096 | |||||||||||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | (346,196 | ) | 327,268 | 328,236 | 310,536 | 204,572 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (318,888 | ) | 338,648 | 338,257 | 327,884 | 223,201 | ||||||||||||||||||||||||||||||||||
Net (loss) income(1) | (321,287 | ) | 215,437 | 240,768 | 236,091 | 150,116 | ||||||||||||||||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.19 | $ | 1.31 | $ | 1.27 | $ | 0.80 | $ | 0.88 | $ | (1.84 | ) | $ | 1.19 | $ | 1.31 | $ | 1.27 | $ | 0.80 | |||||||||||||||||||
Diluted | 1.19 | 1.30 | 1.26 | 0.79 | 0.87 | (1.84 | ) | 1.19 | 1.30 | 1.26 | 0.79 | |||||||||||||||||||||||||||||
Net income percent of net revenue | 6.5 | % | 7.4 | % | 8.3 | % | 5.9 | % | 7.5 | % | ||||||||||||||||||||||||||||||
Net (loss) income percent of net revenue | (12.4 | )% | 6.5 | % | 7.4 | % | 8.3 | % | 5.9 | % | ||||||||||||||||||||||||||||||
Capital expenditures | $ | 234,626 | $ | 296,861 | $ | 276,783 | $ | 230,895 | $ | 189,724 | $ | 177,943 | $ | 234,626 | $ | 296,861 | $ | 276,783 | $ | 230,895 | ||||||||||||||||||||
Return on invested capital(2) | 7.4 | % | 9.0 | % | 10.3 | % | 6.7 | % | 8.1 | % | (12.4 | )% | 7.4 | % | 9.0 | % | 10.3 | % | 6.7 | % | ||||||||||||||||||||
Financial Position: | ||||||||||||||||||||||||||||||||||||||||
Current assets | $ | 1,782,960 | $ | 1,590,827 | $ | 1,548,233 | $ | 1,374,063 | $ | 1,165,508 | $ | 1,447,573 | $ | 1,782,960 | $ | 1,590,827 | $ | 1,548,233 | $ | 1,374,063 | ||||||||||||||||||||
Current liabilities | 649,438 | 530,951 | 594,812 | 469,504 | 424,766 | 714,152 | 649,438 | 530,951 | 594,812 | 469,504 | ||||||||||||||||||||||||||||||
Working capital(3) | 1,133,522 | 1,059,876 | 953,421 | 904,559 | 740,742 | 733,421 | 1,133,522 | 1,059,876 | 953,421 | 904,559 | ||||||||||||||||||||||||||||||
Current ratio(4) | 2.7 | 3.0 | 2.6 | 2.9 | 2.7 | 2.0 | 2.7 | 3.0 | 2.6 | 2.9 | ||||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 1,172,395 | $ | 1,121,369 | $ | 1,025,852 | $ | 984,237 | $ | 1,023,020 | $ | 1,080,417 | $ | 1,172,395 | $ | 1,121,369 | $ | 1,025,852 | $ | 984,237 | ||||||||||||||||||||
Total assets | 3,599,537 | 3,316,108 | 2,974,420 | 2,730,162 | 2,575,286 | 2,942,157 | 3,599,537 | 3,316,108 | 2,974,420 | 2,730,162 | ||||||||||||||||||||||||||||||
Long-term debt and capital leases | 151,085 | 130,779 | 8,815 | 9,975 | 14,039 | |||||||||||||||||||||||||||||||||||
Long-term debt | 30,311 | 146,333 | 127,821 | 7,093 | 9,975 | |||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,676,846 | 2,523,031 | 2,281,869 | 2,170,754 | 2,070,422 | 2,062,564 | 2,676,846 | 2,523,031 | 2,281,869 | 2,170,754 | ||||||||||||||||||||||||||||||
Dividends declared per share | $ | 0.45 | $ | 0.30 | $ | 0.225 | $ | 0.15 | $ | 0.10 | $ | 0.61 | $ | 0.45 | $ | 0.30 | $ | 0.225 | $ | 0.15 | ||||||||||||||||||||
Average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
Basic | 180,474 | 183,961 | 185,521 | 188,646 | 190,207 | 174,598 | 180,474 | 183,961 | 185,521 | 188,646 | ||||||||||||||||||||||||||||||
Diluted | 181,395 | 185,565 | 187,416 | 190,572 | 192,186 | 174,598 | 181,395 | 185,565 | 187,416 | 190,572 |
(1) |
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
After-tax restructuring costs and asset impairments | $ | 111,798 | $ | 20,988 | $ | 30,255 | $ | 19,180 | $ | 23,047 | ||||||||||
Goodwill impairments | 264,140 | — | — | — | 22,876 |
(2) | Return on invested capital is defined as the current year net income (loss) divided by the sum of average total assets less average current liabilities for the year. | |
(3) | Working capital is defined as current assets minus current liabilities. | |
(4) | Current ratio is defined as current assets divided by current liabilities. |
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Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Percentage of Net Revenue | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Telecommunication | 26 | % | 25 | % | 25 | % | ||||||
Data | 21 | 20 | 20 | |||||||||
Consumer | 21 | 20 | 20 | |||||||||
Industrial | 15 | 16 | 18 | |||||||||
Automotive | 14 | 17 | 16 | |||||||||
Other | 3 | 2 | 1 | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
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Percentage of Net Revenue | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Consumer | 18 | % | 18 | % | 19 | % | ||||||
Telecommunication | 26 | 26 | 30 | |||||||||
Automotive | 18 | 18 | 18 | |||||||||
Data | 22 | 21 | 22 | |||||||||
Industrial | 13 | 15 | 9 | |||||||||
Other | 3 | 2 | 2 | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
2009 | 2008 | 2007 | ||||||||||
Americas | 26.9 | % | 27.6 | % | 28.7 | % | ||||||
Asia-Pacific | 54.4 | 52.0 | 51.1 | |||||||||
Europe | 18.7 | 20.4 | 20.2 | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
2009 | 2008 | 2007 | ||||||||||
Connector | 69.3 | % | 71.4 | % | 72.2 | % | ||||||
Custom & Electrical | 30.6 | 28.3 | 27.3 | |||||||||
Corporate & Other | 0.1 | 0.3 | 0.5 | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
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Percentage of | Percentage of | Percentage of | ||||||||||||||||||||||
2009 | Revenue | 2008 | Revenue | 2007 | Revenue | |||||||||||||||||||
Net revenue | $ | 2,581,841 | 100.0 | % | $ | 3,328,347 | 100.0 | % | $ | 3,265,874 | 100.0 | % | ||||||||||||
Cost of sales | 1,925,664 | 74.6 | % | 2,314,112 | 69.5 | % | 2,249,166 | 68.9 | % | |||||||||||||||
Gross profit | 656,177 | 25.4 | % | 1,014,235 | 30.5 | % | 1,016,708 | 31.1 | % | |||||||||||||||
Selling, general & administrative | 586,702 | 22.7 | % | 665,038 | 20.0 | % | 658,289 | 20.1 | % | |||||||||||||||
Restructuring costs and asset impairments | 151,531 | 5.9 | % | 31,247 | 0.9 | % | 36,869 | 1.1 | % | |||||||||||||||
Goodwill impairments | 264,140 | 10.2 | % | — | 0.0 | % | — | 0.0 | % | |||||||||||||||
Income (loss) from operations | (346,196 | ) | (13.4 | )% | 317,950 | 9.6 | % | 321,550 | 9.9 | % | ||||||||||||||
Other income, net | 27,308 | 1.0 | % | 20,698 | 0.6 | % | 16,707 | 0.5 | % | |||||||||||||||
Income (loss) before income taxes | (318,888 | ) | (12.4 | )% | 338,648 | 10.2 | % | 338,257 | 10.4 | % | ||||||||||||||
Income taxes | 2,399 | (0.0 | )% | 123,211 | 3.7 | % | 97,489 | 3.0 | % | |||||||||||||||
Net (loss) income | $ | (321,287 | ) | (12.4 | )% | $ | 215,437 | 6.5 | % | $ | 240,768 | 7.4 | % | |||||||||||
2009 | 2008 | |||||||
Net revenue for prior year | $ | 3,328,347 | $ | 3,265,874 | ||||
Components of net revenue (decrease) increase: | ||||||||
Organic net revenue decline | (769,296 | ) | (106,863 | ) | ||||
Currency translation | 5,243 | 169,336 | ||||||
Acquisitions | 17,547 | — | ||||||
Total change in net revenue from prior year | (746,506 | ) | 62,473 | |||||
Net revenue for current year | $ | 2,581,841 | $ | 3,328,347 | ||||
Organic net revenue (decline) as a percentage of net revenue for prior year | (23.1 | )% | (3.3 | )% |
27
June 30, 2009 | June 30, 2008 | |||||||||||||||||||||||
Local | Currency | Net | Local | Currency | Net | |||||||||||||||||||
Currency | Translation | Change | Currency | Translation | Change | |||||||||||||||||||
Americas | $ | (226,735 | ) | $ | (2,627 | ) | $ | (229,362 | ) | $ | (23,304 | ) | $ | 3,637 | $ | (19,667 | ) | |||||||
Asia-Pacific | (354,081 | ) | 27,594 | (326,487 | ) | (26,974 | ) | 89,405 | 62,431 | |||||||||||||||
Europe | (177,647 | ) | (19,724 | ) | (197,371 | ) | (54,735 | ) | 76,294 | 21,559 | ||||||||||||||
Corporate & Other | 6,714 | — | 6,714 | (1,850 | ) | — | (1,850 | ) | ||||||||||||||||
Net change | $ | (751,749 | ) | $ | 5,243 | $ | (746,506 | ) | $ | (106,863 | ) | $ | 169,336 | $ | 62,473 | |||||||||
2009 | 2008 | |||||||
Americas | (24.7 | )% | (2.5 | )% | ||||
Asia-Pacific | (20.5 | ) | (1.6 | ) | ||||
Europe | (26.1 | ) | (8.3 | ) | ||||
Total | (22.6 | )% | (3.3 | )% | ||||
2009 | 2008 | |||||||
Telecommunications | (18 | )% | 3 | % | ||||
Consumer | (18 | ) | 2 | |||||
Data | (18 | ) | 4 | |||||
Industrial | (27 | ) | (7 | ) | ||||
Automotive | (35 | ) | 6 |
28
2009 | 2008 | 2007 | ||||||||||
Gross profit | $ | 656,177 | $ | 1,014,235 | $ | 1,016,708 | ||||||
Gross margin | 25.4 | % | 30.5 | % | 31.1 | % |
2009 | 2008 | 2007 | ||||||||||
Average Price Copper (price per pound) | $ | 2.69 | $ | 3.49 | $ | 3.20 | ||||||
Gold (price per troy ounce) | 872.00 | 825.00 | 636.00 |
29
2009 | 2008 | |||||||
Price erosion | $ | (97,643 | ) | $ | (132,758 | ) | ||
Currency translation | 4,590 | 48,842 | ||||||
Currency transaction | (14,382 | ) | (18,393 | ) |
2009 | 2008 | 2007 | ||||||||||
Selling, general & administrative | $ | 586,702 | $ | 665,038 | $ | 658,289 | ||||||
Selling, general & administrative as a percentage of revenue | 22.7 | % | 20.0 | % | 20.1 | % | ||||||
Restructuring costs and asset impairments | 151,531 | 31,247 | 36,869 | |||||||||
Goodwill impairments | 264,140 | — | — |
30
2009 | 2008 | 2007 | Total | |||||||||||||
Severance costs | $ | 110,155 | $ | 17,648 | $ | 26,702 | $ | 154,505 | ||||||||
Asset impairments | 21,128 | 13,599 | 8,667 | 43,394 | ||||||||||||
Restructuring costs | 131,283 | 31,247 | 35,369 | 197,899 | ||||||||||||
Intangible asset impairments | 16,300 | — | — | 16,300 | ||||||||||||
Other charges | 3,948 | — | 1,500 | 5,448 | ||||||||||||
Total restructuring charges and asset impairments | $ | 151,531 | $ | 31,247 | $ | 36,869 | $ | 219,647 | ||||||||
31
2009 | 2008 | 2007 | ||||||||||
Effective tax rate | (0.8 | )% | 36.4 | % | 28.8 | % |
32
2009 | 2008 | |||||||
Net revenue for prior year | $ | 2,377,584 | $ | 2,357,688 | ||||
Components of net revenue increase (decrease): | ||||||||
Organic net revenue decline | (614,321 | ) | (104,637 | ) | ||||
Currency translation | 18,572 | 124,533 | ||||||
Acquisitions | 7,304 | — | ||||||
Total change in net revenue from prior year | (588,445 | ) | 19,896 | |||||
Net revenue for current year | $ | 1,789,139 | $ | 2,377,584 | ||||
Organic net revenue decline as a percentage of net revenue for prior year | (25.8 | )% | (5.4 | )% |
2009 | 2008 | 2007 | ||||||||||
Income (loss) from operations | $ | (125,604 | ) | $ | 322,226 | $ | 365,654 | |||||
Operating margin | (7.0 | )% | 17.1 | % | 19.4 | % |
2009 | 2008 | |||||||
Net revenue for prior year | $ | 941,365 | $ | 892,756 | ||||
Components of net revenue increase: | ||||||||
Organic net revenue (decline) growth | (147,648 | ) | 4,455 | |||||
Currency translation | (13,359 | ) | 44,154 | |||||
Acquisition | 10,243 | — | ||||||
Total change in net revenue from prior year | (150,764 | ) | 48,609 | |||||
Net revenue for current year | $ | 790,601 | $ | 941,365 | ||||
Organic net revenue (decline) growth as a percentage of net revenue for prior year | (15.7 | )% | 0.5 | % |
33
2009 | 2008 | 2007 | ||||||||||
Income (loss) from operations | $ | (152,443 | ) | $ | 97,393 | $ | 54,955 | |||||
Operating margin | (19.3 | )% | 10.3 | % | 6.2 | % |
2009 | 2008 | 2007 | ||||||||||
Cash provided from operating activities | $ | 369,898 | $ | 479,134 | $ | 451,434 | ||||||
Cash used for investing activities | (253,086 | ) | (218,156 | ) | (446,129 | ) | ||||||
Cash (used for) provided by financing activities | (155,582 | ) | (197,306 | ) | 28,529 | |||||||
Effect of exchange rate changes on cash | (12,030 | ) | 33,474 | 11,712 | ||||||||
Net (decrease) increase in cash and cash equivalents | $ | (50,800 | ) | $ | 97,146 | $ | 45,546 | |||||
34
2335
Less Than | 1-3 | 3-5 | More Than | |||||||||||||||||
Total | 1 Year | Years | Years | 5 Years | ||||||||||||||||
Operating lease obligations | $ | 33,648 | $ | 12,367 | $ | 14,294 | $ | 3,722 | $ | 3,265 | ||||||||||
Capital lease obligations | 3,108 | 2,060 | 1,046 | 2 | — | |||||||||||||||
Other long-term liabilities | 14,512 | 3,520 | 1,335 | 239 | 9,418 | |||||||||||||||
Debt obligations | 238,946 | 208,635 | 30,279 | 32 | — | |||||||||||||||
Total(1) | $ | 290,214 | $ | 226,582 | $ | 46,954 | $ | 3,995 | $ | 12,683 | ||||||||||
(1) | Total does not include contractual obligations recorded on the balance sheet as current liabilities or certain purchase obligations, as discussed below. Debt and capital lease obligations include interest payments. |
36
37
24
38
25
Increase (Decrease) | Increase (Decrease) | Increase (Decrease) | Increase (Decrease) | |||||||||||||||||||||||||||||
in PBO | in Pension Expense | in PBO | in Pension Expense | |||||||||||||||||||||||||||||
U.S. Plan | Int’l Plans | U.S. Plan | Int’l Plans | U.S. Plan | Int’l Plans | U.S. Plan | Int’l Plans | |||||||||||||||||||||||||
Discount rate change: | ||||||||||||||||||||||||||||||||
Increase 50 basis points | $ | (3,795 | ) | $ | (8,306 | ) | $ | (325 | ) | $ | (103 | ) | $ | (4,024 | ) | $ | (8,534 | ) | $ | (279 | ) | $ | (132 | ) | ||||||||
Decrease 50 basis points | 4,104 | 9,331 | 336 | 123 | 4,491 | 9,649 | 287 | 141 | ||||||||||||||||||||||||
Expected rate of return change: | ||||||||||||||||||||||||||||||||
Increase 100 basis points | N/A | N/A | (566 | ) | (689 | ) | N/A | N/A | (600 | ) | (723 | ) | ||||||||||||||||||||
Decrease 100 basis points | N/A | N/A | 566 | 689 | N/A | N/A | 600 | 723 |
2008 | 2007 | 2006 | ||||||||||
Increase (decrease) in total annual service and interest cost: | ||||||||||||
Increase 100 basis points | $ | 1,219 | $ | 1,287 | $ | 1,476 | ||||||
Decrease 100 basis points | (968 | ) | (1,014 | ) | (1,211 | ) | ||||||
Increase (decrease) in APBO: | ||||||||||||
Increase 100 basis points | $ | 7,987 | $ | 9,057 | $ | 9,951 | ||||||
Decrease 100 basis points | (6,452 | ) | (7,270 | ) | (8,164 | ) |
Increase (Decrease) | ||||||||
Total Annual Service | Increase (Decrease) | |||||||
and Interest Cost | in APBO | |||||||
Increase 100 basis points: | $ | 708 | $ | 4,882 | ||||
Decrease 100 basis points: | (588 | ) | (4,095 | ) |
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Total | Markets for | Other | Significant | |||||||||||||
Measured | Identical | Observable | Unobservable | |||||||||||||
at Fair | Assets | Inputs | Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Available for sale and trading securities | $ | 52,401 | $ | 52,401 | $ | — | $ | — | ||||||||
Derivative financial instruments, net | 2,601 | — | 2,601 | — | ||||||||||||
Total | $ | 55,002 | $ | 52,401 | $ | 2,601 | $ | — | ||||||||
39
26
40
27
41
Percentage of | Percentage of | Percentage of | ||||||||||||||||||||||
2008 | Revenue | 2007 | Revenue | 2006 | Revenue | |||||||||||||||||||
Net revenue | $ | 3,328,347 | 100.0 | % | $ | 3,265,874 | 100.0 | % | $ | 2,861,289 | 100.0 | % | ||||||||||||
Cost of sales | 2,314,112 | 69.5 | % | 2,249,166 | 68.9 | % | 1,918,659 | 67.1 | % | |||||||||||||||
Gross profit | 1,014,235 | 30.5 | % | 1,016,708 | 31.1 | % | 942,630 | 32.9 | % | |||||||||||||||
Selling, general & administrative | 665,038 | 20.0 | % | 658,289 | 20.1 | % | 606,532 | 21.1 | % | |||||||||||||||
Restructuring costs and asset impairments | 31,247 | 0.9 | % | 36,869 | 1.1 | % | 26,354 | 0.9 | % | |||||||||||||||
Income from operations | 317,950 | 9.6 | % | 321,550 | 9.9 | % | 309,744 | 10.8 | % | |||||||||||||||
Other income, net | 20,698 | 0.6 | % | 16,707 | 0.5 | % | 18,140 | 0.7 | % | |||||||||||||||
Income before income taxes | 338,648 | 10.2 | % | 338,257 | 10.4 | % | 327,884 | 11.5 | % | |||||||||||||||
Income taxes | 123,211 | 3.7 | % | 97,489 | 3.0 | % | 91,793 | 3.2 | % | |||||||||||||||
�� | ||||||||||||||||||||||||
Net income | $ | 215,437 | 6.5 | % | $ | 240,768 | 7.4 | % | $ | 236,091 | 8.3 | % | ||||||||||||
2008 | 2007 | |||||||
Consumer | 3 | % | 9 | % | ||||
Telecommunications | 3 | 3 | ||||||
Automotive | 7 | 11 | ||||||
Data | 4 | 6 | ||||||
Industrial | (11 | ) | 100 |
28
2008 | 2007 | 2006 | ||||||||||
Americas | 27.6 | % | 28.7 | % | 28.6 | % | ||||||
Asia Pacific | 52.0 | 51.1 | 52.6 | |||||||||
Europe | 20.4 | 20.2 | 18.8 | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
2008 | 2007 | |||||||
Net revenue for prior year | $ | 3,265,874 | $ | 2,861,289 | ||||
Components of net revenue (decrease) increase: | ||||||||
Organic net revenue growth (decline) | (106,863 | ) | 141,887 | |||||
Currency translation | 169,336 | 60,219 | ||||||
Woodhead acquisition | — | 202,479 | ||||||
Total change in net revenue from prior year | 62,473 | 404,585 | ||||||
Net revenue for current year | $ | 3,328,347 | $ | 3,265,874 | ||||
Organic net revenue growth (decline) as a percentage of net revenue for prior year | (3.3 | )% | 5.0 | % |
29
June 30, 2008 | June 30, 2007 | |||||||||||||||||||||||
Local | Currency | Net | Local | Currency | Net | |||||||||||||||||||
Currency | Translation | Change | Currency | Translation | Change | |||||||||||||||||||
Americas | $ | (23,304 | ) | $ | 3,637 | $ | (19,667 | ) | $ | 116,022 | $ | 1,640 | $ | 117,662 | ||||||||||
Asia Pacific | (26,974 | ) | 89,405 | 62,431 | 145,537 | 17,158 | 162,695 | |||||||||||||||||
Europe | (54,735 | ) | 76,294 | 21,559 | 74,165 | 47,148 | 121,313 | |||||||||||||||||
Corporate & Other | (1,850 | ) | — | (1,850 | ) | 2,915 | — | 2,915 | ||||||||||||||||
Net change | $ | (106,863 | ) | $ | 169,336 | $ | 62,473 | $ | 338,639 | $ | 65,946 | $ | 404,585 | |||||||||||
2008 | 2007 | |||||||
Americas | (2.5 | )% | 14.2 | % | ||||
Asia Pacific | (1.6 | ) | 9.7 | |||||
Europe | (8.3 | ) | 13.8 | |||||
Total | (3.3 | )% | 11.8 | % | ||||
2008 | 2007 | 2006 | ||||||||||
Connector | $ | 1,879,443 | $ | 1,885,431 | $ | 1,721,459 | ||||||
Transportation | 498,141 | 472,257 | 424,740 | |||||||||
Custom & Electrical | 941,365 | 892,756 | 650,332 | |||||||||
Corporate & Other | 9,398 | 15,430 | 64,758 | |||||||||
Total | $ | 3,328,347 | $ | 3,265,874 | $ | 2,861,289 | ||||||
2008 | 2007 | 2006 | ||||||||||
Gross profit | $ | 1,014,235 | $ | 1,016,708 | $ | 942,630 | ||||||
Gross margin | 30.5 | % | 31.1 | % | 32.9 | % |
2008 | 2007 | 2006 | ||||||||||
Copper (price per pound) | $ | 3.49 | $ | 3.20 | $ | 2.28 | ||||||
Gold (price per troy ounce) | 825.00 | 636.00 | 525.00 |
30
2008 | 2007 | |||||||
Price erosion | $ | (132,758 | ) | $ | (131,435 | ) | ||
Currency translation | 48,842 | 12,595 | ||||||
Currency transaction | (18,393 | ) | 18,166 |
2008 | 2007 | 2006 | ||||||||||
Selling, general & administrative | $ | 665,038 | $ | 658,289 | $ | 606,532 | ||||||
Selling, general & administrative as a percentage of revenue | 20.0 | % | 20.1 | % | 21.1 | % | ||||||
Restructuring costs and asset impairments | 31,247 | 36,869 | 26,354 |
31
2008 | 2007 | 2006 | ||||||||||
Effective tax rate | 36.4 | % | 28.8 | % | 28.0 | % |
2008 | 2007 | 2006 | ||||||||||
Backlog | $ | 436,487 | $ | 332,479 | $ | 369,966 |
32
2008 | 2007 | |||||||
Net revenue for prior year | $ | 1,885,431 | $ | 1,721,459 | ||||
Components of net revenue increase (decrease): | ||||||||
Organic net revenue (decline) growth | (101,466 | ) | 130,530 | |||||
Currency translation | 95,478 | 33,442 | ||||||
Total change in net revenue from prior year | (5,988 | ) | 163,972 | |||||
Net revenue for current year | $ | 1,879,443 | $ | 1,885,431 | ||||
Organic net revenue (decline) growth as a percentage of net revenue for prior year | (5.4 | )% | 7.6 | % |
2008 | 2007 | 2006 | ||||||||||
Income from operations | $ | 302,240 | $ | 354,358 | $ | 411,329 | ||||||
Operating margin | 16.1 | % | 18.8 | % | 23.9 | % |
33
2008 | 2007 | |||||||
Net revenue for prior year | $ | 472,257 | $ | 424,740 | ||||
Components of net revenue increase (decrease): | ||||||||
Organic net revenue (decline) growth | (3,171 | ) | 39,565 | |||||
Currency translation | 29,055 | 7,952 | ||||||
Total change in net revenue from prior year | 25,884 | 47,517 | ||||||
Net revenue for current year | $ | 498,141 | $ | 472,257 | ||||
Organic net revenue (decline) growth as a percentage of net revenue for prior year | (0.7 | )% | 9.3 | % |
2008 | 2007 | 2006 | ||||||||||
Income from operations | $ | 15,356 | $ | 7,476 | $ | (4,472 | ) | |||||
Operating margin | 3.1 | % | 1.6 | % | (1.1 | )% |
2008 | 2007 | |||||||
Net revenue for prior year | $ | 892,756 | $ | 650,332 | ||||
Components of net revenue increase: | ||||||||
Organic net revenue growth | 4,455 | 16,292 | ||||||
Currency translation | 44,154 | 23,653 | ||||||
Acquisitions | — | 202,479 | ||||||
Total change in net revenue from prior year | 48,609 | 242,424 | ||||||
Net revenue for current year | $ | 941,365 | $ | 892,756 | ||||
Organic net revenue growth as a percentage of net revenue for prior year | 0.5 | % | 2.5 | % |
34
2008 | 2007 | 2006 | ||||||||||
Income from operations | $ | 94,076 | $ | 52,898 | $ | 29,047 | ||||||
Operating margin | 10.0 | % | 5.9 | % | 4.5 | % |
2008 | 2007 | 2006 | ||||||||||
Cash provided from operating activities | $ | 479,134 | $ | 451,434 | $ | 443,856 | ||||||
Cash used for investing activities | (218,156 | ) | (446,129 | ) | (240,779 | ) | ||||||
Cash provided by (used for) financing activities | (197,306 | ) | 28,529 | (189,814 | ) | |||||||
Effect of exchange rate changes on cash | 33,474 | 11,712 | 9,796 | |||||||||
Net increase in cash and cash equivalents | $ | 97,146 | $ | 45,546 | $ | 23,059 | ||||||
35
36
Less Than | 1-3 | 3-5 | More Than | |||||||||||||||||
Total | 1 Year | Years | Years | 5 Years | ||||||||||||||||
Operating lease obligations | $ | 39,831 | $ | 13,774 | $ | 11,797 | $ | 8,757 | $ | 5,503 | ||||||||||
Capital lease obligations | 5,118 | 2,858 | 2,212 | 47 | 1 | |||||||||||||||
Other long-term liabilities | 17,798 | 4,673 | 3,930 | 626 | 8,569 | |||||||||||||||
Debt obligations | 147,626 | 1,398 | 145,668 | 488 | 72 | |||||||||||||||
Total(1) | $ | 210,373 | $ | 22,703 | $ | 163,607 | $ | 9,918 | $ | 14,145 | ||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
37
42
3843
Item 8. | Financial Statements and Supplementary Data |
Page | ||||
Operations | ||||
3944
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2009 | 2008 | |||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 475,507 | $ | 378,361 | $ | 424,707 | $ | 475,507 | ||||||||
Marketable securities | 34,298 | 82,549 | 43,234 | 34,298 | ||||||||||||
Accounts receivable, less allowances of $40,243 in 2008 and $31,064 in 2007 | 740,827 | 685,666 | ||||||||||||||
Accounts receivable, less allowances of $32,593 in 2009 and $40,243 in 2008 | 528,907 | 740,827 | ||||||||||||||
Inventories | 458,295 | 392,680 | 354,337 | 458,295 | ||||||||||||
Deferred income taxes | 23,444 | 16,171 | 27,939 | 23,444 | ||||||||||||
Prepaid expenses | 50,589 | 35,400 | 68,449 | 50,589 | ||||||||||||
Total current assets | 1,782,960 | 1,590,827 | 1,447,573 | 1,782,960 | ||||||||||||
Property, plant and equipment, net | 1,172,395 | 1,121,369 | 1,080,417 | 1,172,395 | ||||||||||||
Goodwill | 373,623 | 334,791 | 128,494 | 373,623 | ||||||||||||
Non-current deferred income taxes | 62,521 | 103,626 | 89,332 | 62,521 | ||||||||||||
Other assets | 208,038 | 165,495 | 196,341 | 208,038 | ||||||||||||
Total assets | $ | 3,599,537 | $ | 3,316,108 | $ | 2,942,157 | $ | 3,599,537 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term loans | $ | 66,687 | $ | 1,537 | $ | 224,340 | $ | 66,687 | ||||||||
Accounts payable | 350,413 | 279,847 | 266,633 | 350,413 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Salaries, commissions and bonuses | 74,689 | 66,532 | 55,109 | 74,689 | ||||||||||||
Restructuring | 69,928 | 19,842 | ||||||||||||||
Other | 84,525 | 121,358 | 93,392 | 64,683 | ||||||||||||
Income taxes payable | 73,124 | 61,677 | 4,750 | 73,124 | ||||||||||||
Total current liabilities | 649,438 | 530,951 | 714,152 | 649,438 | ||||||||||||
Other non-current liabilities | 21,346 | 25,612 | 21,862 | 21,346 | ||||||||||||
Accrued pension and other postretirement benefits | 105,574 | 108,693 | 113,268 | 105,574 | ||||||||||||
Long-term debt | 146,333 | 127,821 | 30,311 | 146,333 | ||||||||||||
Total liabilities | 922,691 | 793,077 | 879,593 | 922,691 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common Stock, $0.05 par value; 200,000 shares authorized; 112,195 shares issued at 2008 and 111,730 shares issued at 2007 | 5,610 | 5,587 | ||||||||||||||
Class A Common Stock, $0.05 par value; 200,000 shares authorized; 109,841 shares issued at 2008 and 108,562 shares issued at 2007 | 5,492 | 5,428 | ||||||||||||||
Class B Common Stock, $0.05 par value; 146 shares authorized; 94 shares issued at 2008 and 2007 | 5 | 5 | ||||||||||||||
Common Stock, $0.05 par value; 200,000 shares authorized; 112,204 shares issued at 2009 and 112,195 shares issued at 2008 | 5,610 | 5,610 | ||||||||||||||
Class A Common Stock, $0.05 par value; 200,000 shares authorized; 110,468 shares issued at 2009 and 109,841 shares issued at 2008 | 5,523 | 5,492 | ||||||||||||||
Class B Common Stock, $0.05 par value; 146 shares authorized; 94 shares issued at 2009 and 2008 | 5 | 5 | ||||||||||||||
Paid-in capital | 569,046 | 520,037 | 601,459 | 569,046 | ||||||||||||
Retained earnings | 2,785,099 | 2,650,470 | 2,355,991 | 2,785,099 | ||||||||||||
Treasury stock (Common Stock, 13,744 shares at 2008 and 12,297 shares at 2007; Class A Common Stock, 30,948 shares at 2008 and 24,040 shares at 2007), at cost | (1,009,021 | ) | (799,894 | ) | ||||||||||||
Treasury stock (Common Stock, 16,644 shares at 2009 and 13,744 shares at 2008; Class A Common Stock, 32,789 shares at 2009 and 30,948 shares at 2008), at cost | (1,089,322 | ) | (1,009,021 | ) | ||||||||||||
Accumulated other comprehensive income | 320,615 | 141,398 | 183,298 | 320,615 | ||||||||||||
Total stockholders’ equity | 2,676,846 | 2,523,031 | 2,062,564 | 2,676,846 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 3,599,537 | $ | 3,316,108 | $ | 2,942,157 | $ | 3,599,537 | ||||||||
4045
Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Net revenue | $ | 3,328,347 | $ | 3,265,874 | $ | 2,861,289 | $ | 2,581,841 | $ | 3,328,347 | $ | 3,265,874 | ||||||||||||
Cost of sales | 2,314,112 | 2,249,166 | 1,918,659 | 1,925,664 | 2,314,112 | 2,249,166 | ||||||||||||||||||
Gross profit | 1,014,235 | 1,016,708 | 942,630 | 656,177 | 1,014,235 | 1,016,708 | ||||||||||||||||||
Selling, general and administrative | 665,038 | 658,289 | 606,532 | 586,702 | 665,038 | 658,289 | ||||||||||||||||||
Restructuring costs and asset impairments | 31,247 | 36,869 | 26,354 | 151,531 | 31,247 | 36,869 | ||||||||||||||||||
Goodwill impairments | 264,140 | — | — | |||||||||||||||||||||
Total operating expenses | 696,285 | 695,158 | 632,886 | 1,002,373 | 696,285 | 695,158 | ||||||||||||||||||
Income from operations | 317,950 | 321,550 | 309,744 | |||||||||||||||||||||
Gain (loss) on investments | (119 | ) | 1,159 | (1,245 | ) | |||||||||||||||||||
Equity income | 11,625 | 6,966 | 9,456 | |||||||||||||||||||||
Income (loss) from operations | (346,196 | ) | 317,950 | 321,550 | ||||||||||||||||||||
Interest income, net | 9,192 | 8,582 | 9,929 | 1,961 | 9,192 | 8,582 | ||||||||||||||||||
Other income (loss) | 25,347 | 11,506 | 8,125 | |||||||||||||||||||||
Total other income, net | 20,698 | 16,707 | 18,140 | 27,308 | 20,698 | 16,707 | ||||||||||||||||||
Income before income taxes | 338,648 | 338,257 | 327,884 | |||||||||||||||||||||
Income (loss) before income taxes | (318,888 | ) | 338,648 | 338,257 | ||||||||||||||||||||
Income taxes | 123,211 | 97,489 | 91,793 | 2,399 | 123,211 | 97,489 | ||||||||||||||||||
Net income | $ | 215,437 | $ | 240,768 | $ | 236,091 | ||||||||||||||||||
Net (loss) income | $ | (321,287 | ) | $ | 215,437 | $ | 240,768 | |||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||
Basic | $ | 1.19 | $ | 1.31 | $ | 1.27 | $ | (1.84 | ) | $ | 1.19 | $ | 1.31 | |||||||||||
Diluted | $ | 1.19 | $ | 1.30 | $ | 1.26 | $ | (1.84 | ) | $ | 1.19 | $ | 1.30 | |||||||||||
Average common shares outstanding: | ||||||||||||||||||||||||
Basic | 180,474 | 183,961 | 185,521 | 174,598 | 180,474 | 183,961 | ||||||||||||||||||
Diluted | 181,395 | 185,565 | 187,416 | 174,598 | 181,395 | 185,565 |
4146
Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net income | $ | 215,437 | $ | 240,768 | $ | 236,091 | ||||||||||||||||||
Add (deduct) non-cash items included in net income: | ||||||||||||||||||||||||
Net (loss) income | $ | (321,287 | ) | $ | 215,437 | $ | 240,768 | |||||||||||||||||
Add (deduct) non-cash items included in net income (loss): | ||||||||||||||||||||||||
Depreciation and amortization | 252,344 | 237,912 | 214,657 | 251,902 | 252,344 | 237,912 | ||||||||||||||||||
Goodwill impairment | 264,140 | — | — | |||||||||||||||||||||
Asset write-downs included in restructuring costs | 13,599 | 8,667 | 2,870 | 41,376 | 13,599 | 8,667 | ||||||||||||||||||
(Gain) loss on investments | 111 | (1,154 | ) | 1,245 | (143 | ) | 111 | (1,154 | ) | |||||||||||||||
Deferred income taxes | 31,096 | 20,998 | (8,501 | ) | (26,606 | ) | 31,096 | 20,998 | ||||||||||||||||
Loss (gain) on sale of property, plant and equipment | 296 | 1,800 | (701 | ) | ||||||||||||||||||||
Loss on sale of property, plant and equipment | 2,478 | 296 | 1,800 | |||||||||||||||||||||
Share-based compensation | 24,249 | 27,524 | 30,548 | 26,508 | 24,249 | 27,524 | ||||||||||||||||||
Other non-cash items | (6,778 | ) | 23,373 | 3,859 | (8,124 | ) | (6,778 | ) | 23,373 | |||||||||||||||
Changes in assets and liabilities, excluding effects of foreign currency adjustments and acquisitions: | ||||||||||||||||||||||||
Accounts receivable | 478 | 27,913 | (112,873 | ) | 201,080 | 478 | 27,913 | |||||||||||||||||
Inventories | (26,240 | ) | (16,514 | ) | (45,987 | ) | 95,529 | (26,240 | ) | (16,514 | ) | |||||||||||||
Accounts payable | 34,197 | (57,479 | ) | 43,875 | (84,502 | ) | 34,197 | (57,479 | ) | |||||||||||||||
Other current assets and liabilities | (45,798 | ) | (60,421 | ) | 58,857 | (24,967 | ) | (45,798 | ) | (60,421 | ) | |||||||||||||
Other assets and liabilities | (13,857 | ) | (1,953 | ) | 19,916 | (47,486 | ) | (13,857 | ) | (1,953 | ) | |||||||||||||
Cash provided from operating activities | 479,134 | 451,434 | 443,856 | 369,898 | 479,134 | 451,434 | ||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | (234,626 | ) | (296,861 | ) | (276,783 | ) | (177,943 | ) | (234,626 | ) | (296,861 | ) | ||||||||||||
Proceeds from sales of property, plant and equipment | 14,978 | 9,946 | 24,436 | 9,574 | 14,978 | 9,946 | ||||||||||||||||||
Proceeds from sales or maturities of marketable securities | 811,724 | 4,856,301 | 1,351,165 | 29,549 | 811,724 | 4,856,301 | ||||||||||||||||||
Purchases of marketable securities | (764,966 | ) | (4,785,080 | ) | (1,313,829 | ) | (42,751 | ) | (764,966 | ) | (4,785,080 | ) | ||||||||||||
Acquisitions, net of cash acquired | (42,503 | ) | (238,072 | ) | (24,565 | ) | (74,789 | ) | (42,503 | ) | (238,072 | ) | ||||||||||||
Other investing activities | (2,763 | ) | 7,637 | (1,203 | ) | 3,274 | (2,763 | ) | 7,637 | |||||||||||||||
Cash used for investing activities | (218,156 | ) | (446,129 | ) | (240,779 | ) | (253,086 | ) | (218,156 | ) | (446,129 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from revolving credit facility and short-term loans | 139,590 | 44,000 | — | 245,000 | 139,590 | 44,000 | ||||||||||||||||||
Payments on revolving credit facility | (75,000 | ) | (44,000 | ) | — | (295,000 | ) | (75,000 | ) | (44,000 | ) | |||||||||||||
Proceeds from issuance of long-term debt | — | 131,045 | — | 78,060 | — | 131,045 | ||||||||||||||||||
Payments of long-term debt | (1,948 | ) | (26,937 | ) | (3,693 | ) | (1,827 | ) | (1,948 | ) | (26,937 | ) | ||||||||||||
Cash dividends paid | (74,598 | ) | (55,176 | ) | (34,843 | ) | (99,640 | ) | (74,598 | ) | (55,176 | ) | ||||||||||||
Exercise of stock options | 16,732 | 15,416 | 15,783 | 1,692 | 16,732 | 15,416 | ||||||||||||||||||
Excess tax benefits from share-based compensation | 1,677 | 1,714 | 369 | 1,693 | 1,677 | 1,714 | ||||||||||||||||||
Purchase of treasury stock | (199,583 | ) | (34,889 | ) | (165,323 | ) | (76,342 | ) | (199,583 | ) | (34,889 | ) | ||||||||||||
Other financing activities | (4,176 | ) | (2,644 | ) | (2,107 | ) | (9,218 | ) | (4,176 | ) | (2,644 | ) | ||||||||||||
Cash provided from (used for) financing activities | (197,306 | ) | 28,529 | (189,814 | ) | |||||||||||||||||||
Cash (used for) provided from financing activities | (155,582 | ) | (197,306 | ) | 28,529 | |||||||||||||||||||
Effect of exchange rate changes on cash | 33,474 | 11,712 | 9,796 | (12,030 | ) | 33,474 | 11,712 | |||||||||||||||||
Net increase in cash and cash equivalents | 97,146 | 45,546 | 23,059 | |||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (50,800 | ) | 97,146 | 45,546 | ||||||||||||||||||||
Cash and cash equivalents, beginning of year | 378,361 | 332,815 | 309,756 | 475,507 | 378,361 | 332,815 | ||||||||||||||||||
Cash and cash equivalents, end of year | $ | 475,507 | $ | 378,361 | $ | 332,815 | $ | 424,707 | $ | 475,507 | $ | 378,361 | ||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | 3,599 | $ | 2,857 | $ | 928 | $ | 5,487 | $ | 3,599 | $ | 2,857 | ||||||||||||
Income taxes paid | $ | 64,641 | $ | 96,531 | $ | 70,092 | $ | 83,904 | $ | 64,641 | $ | 96,531 |
4247
Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Common stock | $ | 11,107 | $ | 11,020 | $ | 10,900 | $ | 11,138 | $ | 11,107 | $ | 11,020 | ||||||||||||
Paid-in capital: | ||||||||||||||||||||||||
Beginning balance | $ | 520,037 | $ | 442,586 | $ | 425,259 | $ | 569,046 | $ | 520,037 | $ | 442,586 | ||||||||||||
Reclassification from deferred unearned compensation | — | — | (38,357 | ) | ||||||||||||||||||||
Stock-based compensation | 24,249 | 27,524 | 30,548 | 26,508 | 24,249 | 27,524 | ||||||||||||||||||
Exercise of stock options | 22,738 | 37,101 | 23,958 | 4,183 | 22,738 | 37,101 | ||||||||||||||||||
Issuance of stock awards | 1,743 | 2,059 | — | 1,586 | 1,743 | 2,059 | ||||||||||||||||||
Reclass of directors’ deferred compensation plan | — | 6,059 | — | — | — | 6,059 | ||||||||||||||||||
Other | 279 | 4,708 | 1,178 | 136 | 279 | 4,708 | ||||||||||||||||||
Ending balance | $ | 569,046 | $ | 520,037 | $ | 442,586 | $ | 601,459 | $ | 569,046 | $ | 520,037 | ||||||||||||
Retained earnings: | ||||||||||||||||||||||||
Beginning balance | $ | 2,650,470 | $ | 2,464,889 | $ | 2,270,677 | $ | 2,785,099 | $ | 2,650,470 | $ | 2,464,889 | ||||||||||||
Net income | 215,437 | 240,768 | 236,091 | |||||||||||||||||||||
Net (loss) income | (321,287 | ) | 215,437 | 240,768 | ||||||||||||||||||||
Dividends | (80,756 | ) | (55,205 | ) | (41,613 | ) | (106,110 | ) | (80,756 | ) | (55,205 | ) | ||||||||||||
Other | (52 | ) | 18 | (266 | ) | (1,711 | ) | (52 | ) | 18 | ||||||||||||||
Ending balance | $ | 2,785,099 | $ | 2,650,470 | $ | 2,464,889 | $ | 2,355,991 | $ | 2,785,099 | $ | 2,650,470 | ||||||||||||
Treasury stock: | ||||||||||||||||||||||||
Beginning balance | $ | (799,894 | ) | $ | (743,219 | ) | $ | (568,917 | ) | $ | (1,009,021 | ) | $ | (799,894 | ) | $ | (743,219 | ) | ||||||
Purchase of treasury stock | (199,583 | ) | (34,889 | ) | (165,323 | ) | (76,342 | ) | (199,583 | ) | (34,889 | ) | ||||||||||||
Exercise of stock options | (9,544 | ) | (21,801 | ) | (8,736 | ) | (3,959 | ) | (9,544 | ) | (21,801 | ) | ||||||||||||
Other | — | 15 | (243 | ) | — | — | 15 | |||||||||||||||||
Ending balance | $ | (1,009,021 | ) | $ | (799,894 | ) | $ | (743,219 | ) | $ | (1,089,322 | ) | $ | (1,009,021 | ) | $ | (799,894 | ) | ||||||
Deferred unearned compensation: | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | (38,357 | ) | |||||||||||||||||
Reclassification to paid-in capital | — | — | 38,357 | |||||||||||||||||||||
Ending balance | $ | — | $ | — | $ | — | ||||||||||||||||||
Accumulated other comprehensive income, net of tax: | ||||||||||||||||||||||||
Beginning balance | $ | 141,398 | $ | 106,713 | $ | 71,296 | $ | 320,615 | $ | 141,398 | $ | 106,713 | ||||||||||||
Translation adjustments | 165,706 | 51,009 | 34,934 | (115,029 | ) | 165,706 | 51,009 | |||||||||||||||||
Pension adjustments, net of tax | 3,309 | (3,135 | ) | — | (22,137 | ) | 3,309 | (3,135 | ) | |||||||||||||||
Adjustment for initially applying SFAS No. 158, net of tax | — | (17,965 | ) | — | — | — | (17,965 | ) | ||||||||||||||||
Unrealized investment gain, net of tax | 10,202 | 4,776 | 483 | |||||||||||||||||||||
Unrealized investment gain (loss), net of tax | (151 | ) | 10,202 | 4,776 | ||||||||||||||||||||
Ending balance | $ | 320,615 | $ | 141,398 | $ | 106,713 | $ | 183,298 | $ | 320,615 | $ | 141,398 | ||||||||||||
Total stockholders’ equity | $ | 2,676,846 | $ | 2,523,031 | $ | 2,281,869 | $ | 2,062,564 | $ | 2,676,846 | $ | 2,523,031 | ||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||
Net income | $ | 215,437 | $ | 240,768 | $ | 236,091 | ||||||||||||||||||
Comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||
Net (loss) income | $ | (321,287 | ) | $ | 215,437 | $ | 240,768 | |||||||||||||||||
Translation adjustments | 165,706 | 51,009 | 34,934 | (101,945 | ) | 165,706 | 51,009 | |||||||||||||||||
Pension adjustments, net of tax | 3,309 | (3,135 | ) | — | (35,221 | ) | 3,309 | (3,135 | ) | |||||||||||||||
Unrealized investment gain, net of tax | 10,202 | 4,776 | 483 | (151 | ) | 10,202 | 4,776 | |||||||||||||||||
Total comprehensive income, net of tax | $ | 394,654 | $ | 293,418 | $ | 271,508 | ||||||||||||||||||
Total comprehensive (loss) income, net of tax | $ | (458,604 | ) | $ | 394,654 | $ | 293,418 | |||||||||||||||||
4348
1. | Organization and Basis of Presentation |
2. | Summary of Significant Accounting Policies |
4449
Buildings | 25 — 40 years | |||
Machinery and equipment | 3 — 10 years | |||
Molds and dies | 2 — 4 years |
50
45
51
46
52
47
53
3. | Earnings Per Share |
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Net income | $ | 215,437 | $ | 240,768 | $ | 236,091 | ||||||||||||||||||
Net (loss) income | $ | (321,287 | ) | $ | 215,437 | $ | 240,768 | |||||||||||||||||
Basic average common shares outstanding | 180,474 | 183,961 | 185,521 | 174,598 | 180,474 | 183,961 | ||||||||||||||||||
Effect of dilutive stock options | 921 | 1,604 | 1,895 | — | 921 | 1,604 | ||||||||||||||||||
Diluted average common shares outstanding | 181,395 | 185,565 | 187,416 | 174,598 | 181,395 | 185,565 | ||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||
Basic | $ | 1.19 | $ | 1.31 | $ | 1.27 | $ | (1.84 | ) | $ | 1.19 | $ | 1.31 | |||||||||||
Diluted | $ | 1.19 | $ | 1.30 | $ | 1.26 | $ | (1.84 | ) | $ | 1.19 | $ | 1.30 |
4. | Acquisitions |
54
Current assets | $ | 95,724 | $ | 95,724 | ||||
Land and depreciable assets | 47,946 | 47,946 | ||||||
Goodwill | 177,093 | 177,093 | ||||||
Intangible assets | 39,000 | 39,000 | ||||||
Assets acquired | 359,763 | 359,763 | ||||||
Liabilities assumed | 100,109 | 100,109 | ||||||
Restructuring (See Note 5) | 3,999 | |||||||
Restructuring (see Note 5) | 3,999 | |||||||
Non-current deferred tax liabilities, net | 17,583 | 17,583 | ||||||
Total purchase price | $ | 238,072 | $ | 238,072 | ||||
48
Net revenue | $ | 3,084,000 | ||
Income from operations | 325,000 | |||
Net income | 246,000 | |||
Net income per common share — basic | 1.33 | |||
Net income per common share — diluted | 1.31 |
5. | Restructuring Costs and Asset Impairments |
2009 | 2008 | 2007 | Total | |||||||||||||
Severance costs | $ | 110,155 | $ | 17,648 | $ | 26,702 | $ | 154,505 | ||||||||
Asset impairments | 21,128 | 13,599 | 8,667 | 43,394 | ||||||||||||
Restructuring costs | 131,283 | 31,247 | 35,369 | 197,899 | ||||||||||||
Intangible asset impairments | 16,300 | — | — | 16,300 | ||||||||||||
Other charges | 3,948 | — | 1,500 | 5,448 | ||||||||||||
Total restructuring charges and asset impairments | $ | 151,531 | $ | 31,247 | $ | 36,869 | $ | 219,647 | ||||||||
55
4956
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Connector: | ||||||||||||||||||||||||
Severance costs | $ | 2,492 | $ | 3,492 | $ | 1,519 | $ | 73,658 | $ | 3,154 | $ | 6,674 | ||||||||||||
Asset impairments | 9,482 | — | — | 18,468 | 11,380 | 2,732 | ||||||||||||||||||
Total | $ | 11,974 | $ | 3,492 | $ | 1,519 | ||||||||||||||||||
Transportation: | ||||||||||||||||||||||||
Severance costs | $ | 662 | $ | 3,182 | $ | 7,789 | ||||||||||||||||||
Asset impairments | 1,898 | 2,732 | 1,373 | |||||||||||||||||||||
Other | 1,750 | — | — | |||||||||||||||||||||
Total | $ | 2,560 | $ | 5,914 | $ | 9,162 | $ | 93,876 | $ | 14,534 | $ | 9,406 | ||||||||||||
Custom & Electrical: | ||||||||||||||||||||||||
Severance costs | $ | 3,144 | $ | 8,721 | $ | 6,863 | $ | 22,483 | $ | 3,144 | $ | 8,721 | ||||||||||||
Asset impairments | 193 | 3,485 | 426 | 529 | 193 | 3,485 | ||||||||||||||||||
Other | 16,300 | — | — | |||||||||||||||||||||
Total | $ | 3,337 | $ | 12,206 | $ | 7,289 | $ | 39,312 | $ | 3,337 | $ | 12,206 | ||||||||||||
Corporate and Other: | ||||||||||||||||||||||||
Severance costs | $ | 11,350 | $ | 11,307 | $ | 7,313 | $ | 14,014 | $ | 11,350 | $ | 11,307 | ||||||||||||
Asset impairments | 2,026 | 2,450 | 1,071 | 2,131 | 2,026 | 2,450 | ||||||||||||||||||
Other | — | 1,500 | — | 2,198 | — | 1,500 | ||||||||||||||||||
Total | $ | 13,376 | $ | 15,257 | $ | 8,384 | $ | 18,343 | $ | 13,376 | $ | 15,257 | ||||||||||||
Total: | ||||||||||||||||||||||||
Severance costs | $ | 17,648 | $ | 26,702 | $ | 23,484 | $ | 110,155 | $ | 17,648 | $ | 26,702 | ||||||||||||
Asset impairments | 13,599 | 8,667 | 2,870 | 21,128 | 13,599 | 8,667 | ||||||||||||||||||
Other | — | 1,500 | — | 20,248 | — | 1,500 | ||||||||||||||||||
Total | $ | 31,247 | $ | 36,869 | $ | 26,354 | $ | 151,531 | $ | 31,247 | $ | 36,869 | ||||||||||||
50
57
Restructuring Plans | Restructuring Plans | |||||||||||||||||||||||
Molex | Woodhead | Total | Molex | Woodhead | Total | |||||||||||||||||||
Balance at June 30, 2005 | $ | 10,285 | $ | — | $ | 10,285 | ||||||||||||||||||
Charges to expense | 23,484 | — | 23,484 | |||||||||||||||||||||
Cash payments | (17,828 | ) | — | (17,828 | ) | |||||||||||||||||||
Balance at June 30, 2006 | $ | 15,941 | $ | — | $ | 15,941 | $ | 15,941 | $ | — | $ | 15,941 | ||||||||||||
Charges to expense | 26,702 | — | 26,702 | 26,702 | — | 26,702 | ||||||||||||||||||
Purchase accounting allocation | — | 3,999 | 3,999 | — | 3,999 | 3,999 | ||||||||||||||||||
Cash payments | (11,788 | ) | (30 | ) | (11,818 | ) | (11,788 | ) | (30 | ) | (11,818 | ) | ||||||||||||
Non-cash related costs | (2,659 | ) | — | (2,659 | ) | (2,659 | ) | — | (2,659 | ) | ||||||||||||||
Balance at June 30, 2007 | $ | 28,196 | $ | 3,969 | $ | 32,165 | $ | 28,196 | $ | 3,969 | $ | 32,165 | ||||||||||||
Charges to expense | 20,711 | 655 | 21,366 | 20,711 | 655 | 21,366 | ||||||||||||||||||
Cash payments | (31,481 | ) | (3,498 | ) | (34,979 | ) | (31,481 | ) | (3,498 | ) | (34,979 | ) | ||||||||||||
Non-cash related costs | 1,368 | (78 | ) | 1,290 | 1,368 | (78 | ) | 1,290 | ||||||||||||||||
Balance at June 30, 2008 | $ | 18,794 | $ | 1,048 | $ | 19,842 | $ | 18,794 | $ | 1,048 | $ | 19,842 | ||||||||||||
Charges to expense | 110,155 | — | 110,155 | |||||||||||||||||||||
Cash payments | (55,168 | ) | (535 | ) | (55,703 | ) | ||||||||||||||||||
Non-cash related costs | (3,897 | ) | (469 | ) | (4,366 | ) | ||||||||||||||||||
Balance at June 30, 2009 | $ | 69,884 | $ | 44 | $ | 69,928 | ||||||||||||||||||
6. | Inventories |
2008 | 2007 | 2009 | 2008 | |||||||||||||
Raw materials | $ | 81,407 | $ | 85,320 | $ | 58,720 | $ | 81,407 | ||||||||
Work in progress | 144,683 | 107,394 | 113,782 | 144,683 | ||||||||||||
Finished goods | 232,205 | 199,966 | 181,835 | 232,205 | ||||||||||||
Total inventories | $ | 458,295 | $ | 392,680 | $ | 354,337 | $ | 458,295 | ||||||||
51
7. | Property, Plant and Equipment |
2008 | 2007 | 2009 | 2008 | |||||||||||||
Land and improvements | $ | 69,104 | $ | 67,943 | $ | 68,262 | $ | 69,104 | ||||||||
Buildings and leasehold improvements | 663,524 | 614,466 | 692,108 | 663,524 | ||||||||||||
Machinery and equipment | 1,641,110 | 1,502,406 | 1,625,312 | 1,641,110 | ||||||||||||
Molds and dies | 754,589 | 668,452 | 761,748 | 754,589 | ||||||||||||
Construction in progress | 115,763 | 92,157 | 67,249 | 115,763 | ||||||||||||
Total | 3,244,090 | 2,945,424 | 3,214,679 | 3,244,090 | ||||||||||||
Accumulated depreciation | (2,071,695 | ) | (1,824,055 | ) | (2,134,262 | ) | (2,071,695 | ) | ||||||||
Net property, plant and equipment | $ | 1,172,395 | $ | 1,121,369 | $ | 1,080,417 | $ | 1,172,395 | ||||||||
58
8. | Goodwill |
2008 | 2007 | 2009 | 2008 | |||||||||||||
Beginning balance | $ | 334,791 | $ | 149,458 | $ | 373,623 | $ | 334,791 | ||||||||
Additions | 29,147 | 183,677 | 28,605 | 29,147 | ||||||||||||
Impairment | (264,140 | ) | — | |||||||||||||
Foreign currency translation | 9,685 | 1,656 | (9,594 | ) | 9,685 | |||||||||||
Ending balance | $ | 373,623 | $ | 334,791 | $ | 128,494 | $ | 373,623 | ||||||||
9. | Other Intangible Assets |
5259
June 30, 2008 | June 30, 2007 | June 30, 2009 | June 30, 2008 | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||||||||||||||||
Customer-related | $ | 24,546 | $ | (3,120 | ) | $ | 21,426 | $ | 18,591 | $ | (1,425 | ) | $ | 17,166 | $ | 31,191 | $ | (4,567 | ) | $ | 26,624 | $ | 24,546 | $ | (3,120 | ) | $ | 21,426 | ||||||||||||||||||||
Technology-based | 19,192 | (5,431 | ) | 13,761 | 13,306 | (2,859 | ) | 10,447 | 21,403 | (9,404 | ) | 11,999 | 19,192 | (5,431 | ) | 13,761 | ||||||||||||||||||||||||||||||||
License fees | 9,561 | (5,144 | ) | 4,417 | 6,120 | (4,799 | ) | 1,321 | 7,660 | (4,467 | ) | 3,193 | 9,561 | (5,144 | ) | 4,417 | ||||||||||||||||||||||||||||||||
Total | $ | 53,299 | $ | (13,695 | ) | $ | 39,604 | $ | 38,017 | $ | (9,083 | ) | $ | 28,934 | $ | 60,254 | $ | (18,438 | ) | $ | 41,816 | $ | 53,299 | $ | (13,695 | ) | $ | 39,604 | ||||||||||||||||||||
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||
2008 | 2007 | 2009 | 2008 | |||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||
Carrying | Average | Carrying | Average | Carrying | Average | Carrying | Average | |||||||||||||||||||||||||
Amount | Life | Amount | Life | Amount | Life | Amount | Life | |||||||||||||||||||||||||
Customer-related | $ | 5,900 | 20 years | $ | 16,696 | 22 years | $ | 8,600 | 14 years | $ | 5,900 | 20 years | ||||||||||||||||||||
Technology-based | 5,800 | 10 years | 6,200 | 5 years | 400 | 5 years | 5,800 | 10 years | ||||||||||||||||||||||||
License fees | 4,390 | 5 years | 50 | 1 year | 150 | 5 years | 4,390 | 5 years | ||||||||||||||||||||||||
Trade names | 1,900 | Indefinite | 18,700 | Indefinite | — | Indefinite | 1,900 | Indefinite | ||||||||||||||||||||||||
Total | $ | 17,990 | $ | 41,646 | $ | 9,150 | $ | 17,990 | ||||||||||||||||||||||||
Amount | Amount | |||||||
2009 | $ | 5,578 | ||||||
2010 | 5,168 | $ | 5,892 | |||||
2011 | 4,099 | 4,717 | ||||||
2012 | 4,019 | 4,690 | ||||||
2013 and thereafter | 20,740 | |||||||
2013 | 3,461 | |||||||
2014 and thereafter | 23,056 | |||||||
Total | $ | 39,604 | $ | 41,816 | ||||
10. |
53
Income Taxes |
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
United States | $ | 133,969 | $ | 86,229 | $ | 57,177 | $ | (215,328 | ) | $ | 133,969 | $ | 86,229 | |||||||||||
International | 204,679 | 252,028 | 270,707 | (103,560 | ) | 204,679 | 252,028 | |||||||||||||||||
Income before income taxes | $ | 338,648 | $ | 338,257 | $ | 327,884 | ||||||||||||||||||
Income (loss) before income taxes | $ | (318,888 | ) | $ | 338,648 | $ | 338,257 | |||||||||||||||||
60
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Current: | ||||||||||||||||||||||||
U.S. Federal | $ | 26,211 | $ | 5,406 | $ | 8,204 | $ | 5,613 | $ | 26,211 | $ | 5,406 | ||||||||||||
State | 2,803 | 318 | 1,649 | 1,122 | 2,803 | 318 | ||||||||||||||||||
International | 63,101 | 70,767 | 90,441 | 22,270 | 63,101 | 70,767 | ||||||||||||||||||
Total currently payable | $ | 92,115 | $ | 76,491 | $ | 100,294 | $ | 29,005 | $ | 92,115 | $ | 76,491 | ||||||||||||
Deferred: | ||||||||||||||||||||||||
U.S. Federal | $ | 42,183 | $ | 12,579 | $ | 296 | $ | (3,653 | ) | $ | 42,183 | $ | 12,579 | |||||||||||
State | (89 | ) | 370 | (289 | ) | 759 | (89 | ) | 370 | |||||||||||||||
International | (10,998 | ) | 8,049 | (8,508 | ) | (23,712 | ) | (10,998 | ) | 8,049 | ||||||||||||||
Total deferred | 31,096 | 20,998 | (8,501 | ) | (26,606 | ) | 31,096 | 20,998 | ||||||||||||||||
Total income tax expense | $ | 123,211 | $ | 97,489 | $ | 91,793 | $ | 2,399 | $ | 123,211 | $ | 97,489 | ||||||||||||
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
U.S. Federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | ||||||||||||
Permanent tax exemptions | (1.3 | ) | (1.6 | ) | (2.6 | ) | 0.8 | (1.3 | ) | (1.6 | ) | |||||||||||||
Repatriation of foreign earnings | (0.5 | ) | (4.5 | ) | (4.3 | ) | (1.4 | ) | (0.5 | ) | (4.5 | ) | ||||||||||||
Tax examinations and settlements | (0.2 | ) | (1.4 | ) | (0.9 | ) | — | (0.2 | ) | (1.4 | ) | |||||||||||||
Provision for tax contingencies | 1.0 | — | — | (2.5 | ) | 1.0 | — | |||||||||||||||||
Valuation allowance | (0.3 | ) | 0.4 | 1.6 | (8.3 | ) | (0.3 | ) | 0.4 | |||||||||||||||
Investments | — | — | (0.8 | ) | ||||||||||||||||||||
Goodwill impairment | (30.1 | ) | — | — | ||||||||||||||||||||
State income taxes, net of Federal tax benefit | 0.8 | 0.4 | 0.4 | (0.2 | ) | 0.8 | 0.4 | |||||||||||||||||
Foreign tax rates less than U.S. Federal rate (net) | (4.4 | ) | (0.8 | ) | (0.8 | ) | 4.3 | (4.4 | ) | (0.8 | ) | |||||||||||||
Adjustments to foreign tax credits | 5.1 | — | — | — | 5.1 | — | ||||||||||||||||||
Other | 1.2 | 1.3 | 0.4 | 1.6 | 1.2 | 1.3 | ||||||||||||||||||
Effective tax rate | 36.4 | % | 28.8 | % | 28.0 | % | (0.8 | )% | 36.4 | % | 28.8 | % | ||||||||||||
54
61
2008 | 2007 | 2009 | 2008 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Pension and other postretirement liabilities | $ | 40,339 | $ | 37,548 | $ | 44,518 | $ | 40,339 | ||||||||
Stock option and other benefits | 24,968 | 22,619 | 23,215 | 24,968 | ||||||||||||
Capitalized research and development | 16,602 | 20,549 | 12,730 | 16,602 | ||||||||||||
Foreign tax credits | — | 24,157 | ||||||||||||||
Foreign Tax Credits | 3,086 | — | ||||||||||||||
Net operating losses | 38,931 | 39,917 | 93,672 | 38,931 | ||||||||||||
Depreciation and amortization | 2,812 | — | 2,887 | 2,812 | ||||||||||||
Inventory | 15,134 | 11,905 | 13,970 | 15,134 | ||||||||||||
Minimum tax credit | — | 15,414 | ||||||||||||||
Allowance for doubtful accounts | 8,683 | 4,648 | 7,346 | 8,683 | ||||||||||||
Patents | 6,070 | 5,873 | ||||||||||||||
Severance | 6,793 | 3,983 | ||||||||||||||
Other, net | 14,117 | 15,003 | 13,793 | 4,261 | ||||||||||||
Total deferred tax assets before valuation allowance | 161,586 | 191,760 | 228,080 | 161,586 | ||||||||||||
Valuation allowance | (38,289 | ) | (39,366 | ) | (77,399 | ) | (38,289 | ) | ||||||||
Total deferred tax assets | 123,297 | 152,394 | 150,681 | 123,297 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Investments | (25,465 | ) | (20,136 | ) | (27,877 | ) | (25,465 | ) | ||||||||
Depreciation and amortization | (11,867 | ) | (12,461 | ) | (5,533 | ) | (11,867 | ) | ||||||||
Total deferred tax liabilities | (37,332 | ) | (32,597 | ) | (33,410 | ) | (37,332 | ) | ||||||||
Total net deferred tax assets | $ | 85,965 | $ | 119,797 | $ | 117,271 | $ | 85,965 | ||||||||
2008 | 2007 | 2009 | 2008 | |||||||||||||
Net deferred taxes: | ||||||||||||||||
Current asset | $ | 23,444 | $ | 16,171 | $ | 27,939 | $ | 23,444 | ||||||||
Non-current asset | 62,521 | 103,626 | 89,332 | 62,521 | ||||||||||||
Total | $ | 85,965 | $ | 119,797 | $ | 117,271 | $ | 85,965 | ||||||||
55
62
2008 | 2009 | |||||||||||||||
June 30 | July 1 | June 30 | July 1 | |||||||||||||
Unrecognized tax benefits | $ | 14,559 | $ | 12,581 | $ | 23,509 | $ | 14,559 | ||||||||
Portion that, if recognized, would reduce tax expense and effective tax rate | 14,559 | 10,481 | 23,509 | 14,559 |
2008 | 2008 | |||||||
Balance as of July 1, 2007 | $ | 12,581 | ||||||
Balance as of July 1, 2008 | $ | 14,559 | ||||||
Additions based on tax positions related to the current year | 874 | 10,327 | ||||||
Additions for tax positions of prior years | 4,735 | 4,783 | ||||||
Reductions for tax positions of prior years | (3,010 | ) | (5,356 | ) | ||||
Reductions due to lapse of applicable statute of limitations | (621 | ) | (804 | ) | ||||
Balance at June 30, 2008 | $ | 14,559 | ||||||
Balance at June 30, 2009 | $ | 23,509 | ||||||
Profit Sharing, Pension and Post Retirement Medical Benefit Plans |
56
63
U.S. Pension | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | ||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Accumulated benefit obligation | $ | 47,609 | $ | 48,004 | $ | 99,677 | $ | 93,330 | $ | 46,779 | $ | 50,756 |
U.S. Pension | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Accumulated benefit obligation | $ | 49,758 | $ | 47,609 | $ | 101,084 | $ | 99,677 | $ | 36,781 | $ | 46,779 |
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Non-U.S. Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning benefit obligation | $ | 60,401 | $ | 39,768 | $ | 107,097 | $ | 94,587 | $ | 50,756 | $ | 42,191 | $ | 52,980 | $ | 60,401 | $ | 115,436 | $ | 107,097 | $ | 46,779 | $ | 50,756 | ||||||||||||||||||||||||
Service cost | 3,380 | 2,687 | 5,783 | 5,531 | 2,923 | 2,329 | 2,404 | 3,380 | 5,872 | 5,783 | 1,741 | 2,923 | ||||||||||||||||||||||||||||||||||||
Interest cost | 3,683 | 2,962 | 4,222 | 3,700 | 3,106 | 2,629 | 3,612 | 3,683 | 4,319 | 4,222 | 2,883 | 3,106 | ||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 293 | 293 | 584 | 460 | — | — | 207 | 293 | 831 | 584 | ||||||||||||||||||||||||||||||||||||
Actuarial loss/(gain) | (9,804 | ) | 4,737 | (7,120 | ) | 3,034 | (8,564 | ) | 4,480 | (2,506 | ) | (9,804 | ) | 8,834 | (7,120 | ) | (2,970 | ) | (8,564 | ) | ||||||||||||||||||||||||||||
Plan amendment | — | — | — | 3,106 | — | — | — | — | — | — | (11,958 | ) | — | |||||||||||||||||||||||||||||||||||
Special termination benefits | — | — | — | — | 321 | — | ||||||||||||||||||||||||||||||||||||||||||
Divestitures | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Retained Earnings Adjustment | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Actual expenses | — | — | (86 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Effect of curtailment/settlement | (2,336 | ) | (10 | ) | (3,211 | ) | — | — | — | (1,940 | ) | (2,336 | ) | (13,219 | ) | (3,211 | ) | — | ||||||||||||||||||||||||||||||
Business combination | — | 11,288 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Impact of Measurement Date Change | 1,504 | — | — | — | 1,407 | — | ||||||||||||||||||||||||||||||||||||||||||
Benefits paid to plan participants | (2,344 | ) | (1,031 | ) | (6,182 | ) | (3,126 | ) | (2,026 | ) | (1,333 | ) | (1,554 | ) | (2,344 | ) | (2,653 | ) | (6,182 | ) | (2,253 | ) | (2,026 | ) | ||||||||||||||||||||||||
Changes in foreign currency | — | — | 14,554 | (28 | ) | — | — | — | — | (1,929 | ) | 14,554 | — | — | ||||||||||||||||||||||||||||||||||
Ending projected benefit obligation | $ | 52,980 | $ | 60,401 | $ | 115,436 | $ | 107,097 | $ | 46,779 | $ | 50,756 | $ | 54,500 | $ | 52,980 | $ | 116,781 | $ | 115,436 | $ | 36,781 | $ | 46,779 | ||||||||||||||||||||||||
5764
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Non-U.S. Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning fair value of plan assets | $ | 57,311 | $ | 41,916 | $ | 61,019 | $ | 42,977 | $ | — | $ | — | $ | 58,840 | $ | 57,311 | $ | 66,463 | $ | 61,019 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 623 | 5,436 | (9,505 | ) | 7,951 | — | — | (11,707 | ) | 623 | (14,069 | ) | (9,505 | ) | — | — | ||||||||||||||||||||||||||||||||
Employer contributions | 3,250 | 3,000 | 12,340 | 10,343 | 1,573 | 1,151 | 4,472 | 3,250 | 14,388 | 12,340 | 1,422 | 1,573 | ||||||||||||||||||||||||||||||||||||
Settlements | (1,486 | ) | — | (12,776 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Contributions to fund termination benefits | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Divestitures | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Actual expenses | — | — | (86 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 293 | 293 | 584 | 460 | — | — | 207 | 293 | 831 | 584 | ||||||||||||||||||||||||||||||||||||
Business combination | — | 7,989 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Benefits paid to plan participants | (2,344 | ) | (1,031 | ) | (6,182 | ) | (3,126 | ) | (2,157 | ) | (1,611 | ) | (1,554 | ) | (2,344 | ) | (2,653 | ) | (6,182 | ) | (2,253 | ) | (2,157 | ) | ||||||||||||||||||||||||
Changes in foreign currency | — | — | 8,498 | 2,581 | — | — | — | — | (4,897 | ) | 8,498 | — | — | |||||||||||||||||||||||||||||||||||
Ending fair value of plan assets | $ | 58,840 | $ | 57,310 | $ | 66,463 | $ | 61,019 | $ | — | $ | — | $ | 48,565 | $ | 58,840 | $ | 46,577 | $ | 66,463 | $ | — | $ | — | ||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | ||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Funded Status | $ | 5,860 | $ | (3,091 | ) | $ | (48,973 | ) | $ | (46,078 | ) | $ | (46,779 | ) | $ | (50,756 | ) |
U.S. Pension | Non-U.S. Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Funded Status | $ | (5,935 | ) | $ | 5,860 | $ | (70,204 | ) | $ | (48,973 | ) | $ | (36,781 | ) | $ | (46,779 | ) |
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Non-U.S. Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses | $ | 7,275 | $ | 595 | $ | 8,406 | $ | 8,110 | $ | — | $ | — | $ | — | $ | 7,275 | $ | — | $ | 8,406 | $ | — | $ | — | ||||||||||||||||||||||||
Accrued pension and other post retirement benefits | (1,415 | ) | (3,686 | ) | (57,379 | ) | (54,251 | ) | (46,779 | ) | (50,756 | ) | (5,935 | ) | (1,415 | ) | (70,204 | ) | (57,379 | ) | (36,781 | ) | (46,779 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive income | (1,426 | ) | 4,333 | 20,160 | 12,328 | 7,695 | 16,850 | 12,894 | (1,426 | ) | 41,932 | 20,160 | (2,672 | ) | 7,695 | |||||||||||||||||||||||||||||||||
Net amount recognized | $ | 4,434 | $ | 1,242 | $ | (28,813 | ) | $ | (33,813 | ) | $ | (39,084 | ) | $ | (33,906 | ) | $ | 6,959 | $ | 4,434 | $ | (28,272 | ) | $ | (28,813 | ) | $ | (39,453 | ) | $ | (39,084 | ) | ||||||||||||||||
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Non-U.S. Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Net transition liability | $ | — | $ | — | $ | 224 | $ | 250 | $ | — | $ | — | $ | — | $ | — | $ | 167 | $ | 224 | $ | — | $ | — | ||||||||||||||||||||||||
Net actuarial (gain) loss | (1,447 | ) | 4,308 | 16,967 | 9,309 | 13,750 | 23,572 | 12,880 | (1,447 | ) | 39,215 | 16,967 | 9,804 | 13,750 | ||||||||||||||||||||||||||||||||||
Net prior service costs | 21 | 25 | 2,969 | 2,769 | (6,055 | ) | (6,722 | ) | 14 | 21 | 2,550 | 2,969 | (12,476 | ) | (6,055 | ) | ||||||||||||||||||||||||||||||||
Defined benefit plans, net | $ | (1,426 | ) | $ | 4,333 | $ | 20,160 | $ | 12,328 | $ | 7,695 | $ | 16,850 | $ | 12,894 | $ | (1,426 | ) | $ | 41,932 | $ | 20,160 | $ | (2,672 | ) | $ | 7,695 | |||||||||||||||||||||
65
58
Non-U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Discount rate | 6.9 | % | 6.2 | % | 4.0 | % | 3.8 | % | 6.9 | % | 6.2 | % | 7.0 | % | 6.9 | % | 3.8 | % | 4.0 | % | 6.9 | % | 6.9 | % | ||||||||||||||||||||||||
Rate of compensation increase | 3.7 | % | 3.7 | % | 3.4 | % | 3.5 | % | — | — | 3.5 | % | 3.7 | % | 3.4 | % | 3.4 | % | — | — | ||||||||||||||||||||||||||||
Health care cost trend | — | — | — | — | 10.0 | % | 10.0 | % | — | — | — | — | 9.0 | % | 10.0 | % | ||||||||||||||||||||||||||||||||
Ultimate health care cost trend | — | — | — | — | 5.0 | % | 5.0 | % | — | — | — | — | 5.0 | % | 5.0 | % | ||||||||||||||||||||||||||||||||
Years of ultimate rate | — | — | — | — | 2013 | 2012 | — | — | — | — | 2017 | 2013 |
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Effect on total service and interest cost: | ||||||||||||||||||||||||
Increase 100 basis points | $ | 1,219 | $ | 1,287 | $ | 1,476 | $ | 708 | $ | 1,219 | $ | 1,287 | ||||||||||||
Decrease 100 basis points | (968 | ) | (1,014 | ) | (1,211 | ) | (588 | ) | (968 | ) | (1,014 | ) | ||||||||||||
Effect on benefit obligation: | ||||||||||||||||||||||||
Increase 100 basis points | $ | 7,987 | $ | 9,057 | $ | 9,951 | $ | 4,882 | $ | 7,987 | $ | 9,057 | ||||||||||||
Decrease 100 basis points | (6,452 | ) | (7,270 | ) | (8,164 | ) | (4,095 | ) | (6,452 | ) | (7,270 | ) |
U.S. Pension | Non-U.S. Pension | Postretirement | U.S. Pension | Non-U.S. Pension | Postretirement | |||||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | Medical Benefits | Benefits | Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||
Discount rate | 6.2 | % | 6.3 | % | 3.8 | % | 3.9 | % | 6.2 | % | 6.3 | % | 6.9 | % | 6.2 | % | 4.0 | % | 3.8 | % | 6.9 | % | 6.2 | % | ||||||||||||||||||||||||
Expected return on plan assets | 8.2 | % | 8.4 | % | 6.5 | % | 6.5 | % | — | — | 8.3 | % | 8.2 | % | 5.8 | % | 6.5 | % | — | — | ||||||||||||||||||||||||||||
Rate of compensation increase | 3.7 | % | 3.7 | % | 3.5 | % | 3.4 | % | — | — | 3.7 | % | 3.7 | % | 3.4 | % | 3.5 | % | — | — | ||||||||||||||||||||||||||||
Health care cost trend | — | — | — | — | 10.0 | % | 10.0 | % | — | — | — | — | 9.0 | % | 10.0 | % | ||||||||||||||||||||||||||||||||
Ultimate health care cost trend | — | — | — | — | 5.0 | % | 5.0 | % | — | — | — | — | 5.0 | % | 5.0 | % | ||||||||||||||||||||||||||||||||
Years of ultimate rate | — | — | — | — | 2012 | 2011 | — | — | — | — | 2017 | 2012 |
66
59
Postretirement | Postretirement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Medical Benefits | U.S. Pension Benefits | Non-U.S. Pension Benefits | Medical Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 3,380 | $ | 2,687 | $ | 3,239 | $ | 5,783 | $ | 5,531 | $ | 5,946 | $ | 2,923 | $ | 2,329 | $ | 2,566 | $ | 2,404 | $ | 3,380 | $ | 2,687 | $ | 5,872 | $ | 5,783 | $ | 5,531 | $ | 1,741 | $ | 2,923 | $ | 2,329 | ||||||||||||||||||||||||||||||||||||
Interest cost | 3,683 | 2,962 | 2,291 | 4,222 | 3,700 | 3,100 | 3,106 | 2,629 | 2,387 | 3,612 | 3,683 | 2,962 | 4,319 | 4,222 | 3,700 | 2,883 | 3,106 | 2,629 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (4,652 | ) | (3,939 | ) | (3,070 | ) | (4,306 | ) | (2,901 | ) | (2,098 | ) | — | — | — | (4,789 | ) | (4,652 | ) | (3,939 | ) | (3,345 | ) | (4,306 | ) | (2,901 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 4 | 4 | 110 | 232 | 218 | — | (667 | ) | (676 | ) | (71 | ) | 4 | 4 | 4 | 257 | 232 | 218 | (1,354 | ) | (667 | ) | (676 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized transition obligation | — | — | — | 43 | 40 | 40 | — | — | — | — | — | — | 40 | 43 | 40 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized actuarial losses | — | — | 716 | 362 | 176 | 741 | 1,257 | 1,102 | 1,039 | — | — | — | 647 | 362 | 176 | 818 | 1,257 | 1,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Curtailment (gain)/loss | (2,356 | ) | (12 | ) | 4 | (3,209 | ) | — | (45 | ) | 132 | 278 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Curtailment / settlement loss (gain) | 158 | (2,356 | ) | (12 | ) | 3,606 | (3,209 | ) | — | (3,702 | ) | 132 | 278 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 59 | $ | 1,702 | $ | 3,290 | $ | 3,127 | $ | 6,764 | $ | 7,684 | $ | 6,751 | $ | 5,662 | $ | 5,921 | $ | 1,389 | $ | 59 | $ | 1,702 | $ | 11,396 | $ | 3,127 | $ | 6,764 | $ | 386 | $ | 6,751 | $ | 5,662 | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2009 | 2008 | |||||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | |||||||||||||||||||||||||||||
U.S. Plan | Plan | U.S. Plan | Plan | U.S. Plan | Plan | U.S. Plan | Plan | |||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Assets | Assets | Assets | Assets | |||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||
Equity | 65 | % | 64 | % | 68 | % | 70 | % | 65 | % | 58 | % | 65 | % | 64 | % | ||||||||||||||||
Bonds | 35 | % | 19 | % | 32 | % | 21 | % | 35 | % | 29 | % | 35 | % | 19 | % | ||||||||||||||||
Other | — | 17 | % | — | 9 | % | — | 13 | % | — | 17 | % |
67
60
Debt |
68
Operating Leases |
Operating | ||||||||
Leases | ||||||||
Year ending June 30: | ||||||||
2009 | $ | 13,774 | ||||||
2010 | 7,065 | $ | 12,367 | |||||
2011 | 4,732 | 6,531 | ||||||
2012 | 3,740 | 4,714 | ||||||
2013 | 2,880 | 3,049 | ||||||
2014 and thereafter | 7,640 | |||||||
2014 | 1,896 | |||||||
2015 and thereafter | 5,091 | |||||||
Total lease payments | $ | 39,831 | $ | 33,648 | ||||
14. | Fair Value Measurements |
• | Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. | |
• | Level 2: Observable inputs other than quoted prices substantiated by market data and observable, either directly or indirectly for the asset or liability. This includes quoted prices for similar assets or liabilities in active markets. | |
• | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. |
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Total | Markets for | Other | Significant | |||||||||||||
Measured | Identical | Observable | Unobservable | |||||||||||||
at Fair | Assets | Inputs | Inputs | |||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Available for sale and trading securities | $ | 52,401 | $ | 52,401 | $ | — | $ | — | ||||||||
Derivative financial instruments, net | 2,601 | — | 2,601 | — | ||||||||||||
Total | $ | 55,002 | $ | 52,401 | $ | 2,601 | $ | — | ||||||||
6169
15. | Capital Stock |
Class A | Class A | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | Treasury Stock | Common Stock | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2005 | 110,814 | $ | 5,541 | 104,998 | $ | 5,250 | 28,049 | $ | 568,917 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 483 | 24 | 1,584 | 79 | 309 | 8,736 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | 6,018 | 165,323 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of stock awards | — | — | 16 | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 8 | 243 | ||||||||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2006 | 111,297 | $ | 5,565 | 106,598 | $ | 5,330 | 34,384 | $ | 743,219 | 111,297 | $ | 5,565 | 106,598 | $ | 5,330 | 34,384 | $ | 743,219 | ||||||||||||||||||||||||||||||
Exercise of stock options | 426 | 21 | 1,890 | 95 | 705 | 21,801 | 426 | 21 | 1,890 | 95 | 705 | 21,801 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | 1,248 | 34,889 | — | — | — | — | 1,248 | 34,889 | ||||||||||||||||||||||||||||||||||||
Issuance of stock awards | — | — | 25 | 1 | — | — | — | — | 25 | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Other | 7 | 1 | 49 | 2 | — | (15 | ) | 7 | 1 | 49 | 2 | — | (15 | ) | ||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2007 | 111,730 | $ | 5,587 | 108,562 | $ | 5,428 | 36,337 | $ | 799,894 | 111,730 | $ | 5,587 | 108,562 | $ | 5,428 | 36,337 | $ | 799,894 | ||||||||||||||||||||||||||||||
Exercise of stock options | 457 | 23 | 1,210 | 60 | 376 | 9,543 | 457 | 23 | 1,210 | 60 | 376 | 9,543 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | 7,979 | 199,584 | — | — | — | — | 7,979 | 199,584 | ||||||||||||||||||||||||||||||||||||
Issuance of stock awards | — | — | 10 | 1 | — | — | — | — | 10 | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Other | 8 | — | 59 | 3 | — | — | 8 | — | 59 | 3 | — | — | ||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2008 | 112,195 | $ | 5,610 | 109,841 | $ | 5,492 | 44,692 | $ | 1,009,021 | 112,195 | $ | 5,610 | 109,841 | $ | 5,492 | 44,692 | $ | 1,009,021 | ||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 539 | 27 | 234 | 3,959 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | 4,507 | 76,342 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of stock awards | — | — | 7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other | 9 | — | 81 | 4 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2009 | 112,204 | $ | 5,610 | 110,468 | $ | 5,523 | 49,433 | $ | 1,089,322 | |||||||||||||||||||||||||||||||||||||||
6270
16. | Accumulated Other Comprehensive Income |
2008 | 2007 | 2009 | 2008 | |||||||||||||
Foreign currency translation adjustments | $ | 322,709 | $ | 157,002 | $ | 222,183 | $ | 335,793 | ||||||||
Non-current deferred tax asset | 8,637 | 12,411 | 12,734 | 8,637 | ||||||||||||
Accumulated transition obligation | (224 | ) | (250 | ) | (167 | ) | (224 | ) | ||||||||
Accumulated prior service credit | 3,064 | 3,928 | 9,912 | 3,064 | ||||||||||||
Accumulated net loss | (29,269 | ) | (37,189 | ) | ||||||||||||
Accumulated actuarial net loss | (61,899 | ) | (29,269 | ) | ||||||||||||
Unrealized gains on investments | 15,698 | 5,496 | 535 | 2,614 | ||||||||||||
Total | $ | 320,615 | $ | 141,398 | $ | 183,298 | $ | 320,615 | ||||||||
17. | Stock Incentive Plans |
6371
Exercise | Exercise | |||||||||||||||
Shares | Price | Shares | Price | |||||||||||||
Outstanding at June 30, 2005 | 10,544 | $ | 18.94 | |||||||||||||
Granted | 1,989 | 18.98 | ||||||||||||||
Exercised | (1,872 | ) | 12.85 | |||||||||||||
Forfeited or expired | (241 | ) | 19.72 | |||||||||||||
Outstanding at June 30, 2006 | 10,420 | $ | 20.02 | 10,420 | $ | 20.02 | ||||||||||
Granted | 2,264 | 20.65 | 2,264 | 20.65 | ||||||||||||
Exercised | (2,122 | ) | 17.46 | (2,122 | ) | 17.46 | ||||||||||
Forfeited or expired | (343 | ) | 21.93 | (343 | ) | 21.93 | ||||||||||
Outstanding at June 30, 2007 | 10,219 | $ | 20.98 | 10,219 | $ | 20.98 | ||||||||||
Granted | 1,728 | 17.63 | 1,728 | 17.63 | ||||||||||||
Exercised | (1,433 | ) | 15.91 | (1,433 | ) | 15.91 | ||||||||||
Forfeited or expired | (1,111 | ) | 27.81 | (1,111 | ) | 27.81 | ||||||||||
Outstanding at June 30, 2008 | 9,403 | $ | 20.38 | 9,403 | $ | 20.38 | ||||||||||
Granted | 2,573 | 17.95 | ||||||||||||||
Exercised | (343 | ) | 12.27 | |||||||||||||
Forfeited or expired | (815 | ) | 23.32 | |||||||||||||
Exercisable at June 30, 2008 | 3,988 | $ | 24.04 | |||||||||||||
Outstanding at June 30, 2009 | 10,818 | $ | 19.83 | |||||||||||||
Exercisable at June 30, 2009 | 4,436 | $ | 23.32 | |||||||||||||
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Weighted-average fair value of options granted: | ||||||||||||||||||||||||
At market value of underlying stock | $ | 6.22 | $ | 9.82 | $ | 8.15 | $ | 3.91 | $ | 6.22 | $ | 9.82 | ||||||||||||
At less than market value of underlying stock | $ | 11.36 | $ | 14.68 | $ | 17.18 | $ | 10.73 | $ | 11.36 | $ | 14.68 | ||||||||||||
Assumptions: | ||||||||||||||||||||||||
Dividend yield | 1.95 | % | 1.06 | % | 0.72 | % | 3.61 | % | 1.95 | % | 1.06 | % | ||||||||||||
Expected volatility | 27.44 | % | 28.44 | % | 28.25 | % | 32.33 | % | 27.44 | % | 28.44 | % | ||||||||||||
Risk-free interest rate | 3.55 | % | 4.79 | % | 4.06 | % | 2.53 | % | 3.55 | % | 4.79 | % | ||||||||||||
Expected life of option (years) | 4.14 | 3.94 | 3.66 | 5.37 | 4.14 | 3.94 |
6472
Fair Market | Fair Market | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Nonvested shares at June 30, 2005 | 446 | $ | 24.06 | |||||||||||||
Granted | 249 | 24.56 | ||||||||||||||
Vested | (195 | ) | 20.43 | |||||||||||||
Nonvested shares at June 30, 2006 | 500 | $ | 24.33 | 500 | $ | 24.33 | ||||||||||
Granted | 271 | 29.51 | 271 | 29.51 | ||||||||||||
Vested | (168 | ) | 23.57 | (168 | ) | 23.57 | ||||||||||
Forfeited | (62 | ) | 25.05 | (62 | ) | 25.05 | ||||||||||
Nonvested shares at June 30, 2007 | 541 | $ | 27.08 | 541 | $ | 27.08 | ||||||||||
Granted | 295 | 22.82 | 295 | 22.82 | ||||||||||||
Vested | (233 | ) | 26.47 | (233 | ) | 26.47 | ||||||||||
Forfeited | (32 | ) | 26.80 | (32 | ) | 26.80 | ||||||||||
Nonvested shares at June 30, 2008 | 571 | $ | 25.14 | 571 | $ | 25.14 | ||||||||||
Granted | 944 | 19.48 | ||||||||||||||
Vested | (196 | ) | 25.26 | |||||||||||||
Forfeited | (23 | ) | 23.38 | |||||||||||||
Nonvested shares at June 30, 2009 | 1,296 | $ | 21.03 | |||||||||||||
18. | Segment and Related Information |
73
• | The Connector segment designs and manufactures products for high-speed, high-density, high signal-integrity applications as well as fine-pitch, low-profile connectors for the consumer and commercial markets. |
65
• | The Custom & Electrical segment designs and manufactures integrated and customizable electronic components across all industries that provide original, differentiated solutions to customer requirements. It also leverages expertise in the use of signal, power and interface technology in industrial automation and other harsh environment applications. |
Trans- | Custom & | Corporate | Custom & | Corporate | ||||||||||||||||||||||||||||||||
Connector | portation | Electrical | & Other | Total | Connector | Electrical | & Other | Total | ||||||||||||||||||||||||||||
2009: | ||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,789,139 | $ | 790,601 | $ | 2,101 | $ | 2,581,841 | ||||||||||||||||||||||||||||
Income (loss) from operations(1) | (125,604 | ) | (152,443 | ) | (68,149 | ) | (346,196 | ) | ||||||||||||||||||||||||||||
Depreciation & amortization | 201,303 | 33,283 | 17,316 | 251,902 | ||||||||||||||||||||||||||||||||
Capital expenditures | 144,176 | 18,613 | 15,153 | 177,942 | ||||||||||||||||||||||||||||||||
2008: | ||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,879,443 | $ | 498,141 | $ | 941,365 | $ | 9,398 | $ | 3,328,347 | $ | 2,377,584 | $ | 941,365 | $ | 9,398 | $ | 3,328,347 | ||||||||||||||||||
Income (loss) from operations | 302,240 | 15,356 | 94,076 | (93,722 | ) | 317,950 | 317,596 | 94,076 | (93,722 | ) | 317,950 | |||||||||||||||||||||||||
Depreciation & amortization | 162,601 | 39,076 | 35,495 | 15,172 | 252,344 | 201,677 | 35,495 | 15,172 | 252,344 | |||||||||||||||||||||||||||
Capital expenditures | 138,558 | 42,331 | 22,705 | 31,032 | 234,626 | 180,889 | 22,705 | 31,032 | 234,626 | |||||||||||||||||||||||||||
2007: | ||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,885,431 | $ | 472,257 | $ | 892,756 | $ | 15,430 | $ | 3,265,874 | $ | 2,357,688 | $ | 892,756 | $ | 15,430 | $ | 3,265,874 | ||||||||||||||||||
Income (loss) from operations | 354,358 | 7,476 | 52,898 | (93,182 | ) | 321,550 | 361,834 | 52,898 | (93,182 | ) | 321,550 | |||||||||||||||||||||||||
Depreciation & amortization | 140,191 | 38,422 | 41,197 | 18,102 | 237,912 | 178,613 | 41,197 | 18,102 | 237,912 | |||||||||||||||||||||||||||
Capital expenditures | 176,263 | 66,213 | 34,100 | 20,285 | 296,861 | 242,476 | 34,100 | 20,285 | 296,861 | |||||||||||||||||||||||||||
2006: | ||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,721,459 | $ | 424,740 | $ | 650,332 | $ | 64,758 | $ | 2,861,289 | ||||||||||||||||||||||||||
Income (loss) from operations | 411,329 | (4,472 | ) | 29,047 | (126,160 | ) | 309,744 | |||||||||||||||||||||||||||||
Depreciation & amortization | 137,605 | 29,764 | 28,570 | 18,718 | 214,657 | |||||||||||||||||||||||||||||||
Capital expenditures | 206,490 | 18,442 | 24,163 | 27,688 | 276,783 |
(1) | Fiscal 2009 operating results include the following charges (in thousands): |
Custom & | Corporate | |||||||||||||||
Connector | Electrical | & Other | Total | |||||||||||||
Restructuring costs and asset impairments | $ | 93,876 | $ | 23,012 | $ | 18,343 | $ | 135,231 | ||||||||
Goodwill impairments | 93,140 | 171,000 | — | 264,140 | ||||||||||||
Intangible asset impairments | — | 16,300 | — | 16,300 |
74
2008 | 2007 | 2006 | 2009 | 2008 | 2007 | |||||||||||||||||||
Customer revenue: | ||||||||||||||||||||||||
United States | $ | 888,941 | $ | 896,625 | $ | 764,074 | $ | 535,079 | $ | 888,941 | $ | 896,625 | ||||||||||||
Japan | 517,087 | 484,613 | 421,603 | 444,043 | 517,087 | 484,613 | ||||||||||||||||||
China | 735,657 | 717,735 | 642,369 | 613,743 | 735,657 | 717,735 | ||||||||||||||||||
Net property, plant and equipment: | ||||||||||||||||||||||||
United States | $ | 296,843 | $ | 313,109 | $ | 293,055 | $ | 274,840 | $ | 296,843 | $ | 313,109 | ||||||||||||
Japan | 299,447 | 280,246 | 276,696 | 272,753 | 299,447 | 280,246 | ||||||||||||||||||
China | 231,764 | 188,670 | 161,717 | 233,487 | 231,764 | 188,670 |
66
Trans- | Custom & | Corporate | Custom & | Corporate | ||||||||||||||||||||||||||||||||
Connector | portation | Electrical | & Other | Total | Connector | Electrical | & Other | Total | ||||||||||||||||||||||||||||
2009 | $ | 1,388,110 | $ | 390,906 | $ | 184,645 | $ | 1,963,661 | ||||||||||||||||||||||||||||
2008 | $ | 1,293,342 | $ | 413,233 | $ | 500,197 | $ | 164,745 | $ | 2,371,517 | 1,706,575 | 500,197 | 164,745 | 2,371,517 | ||||||||||||||||||||||
2007 | 1,167,163 | 407,034 | 454,730 | 170,788 | 2,199,715 |
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2008 | 2007 | 2009 | 2008 | |||||||||||||
Segment assets | $ | 2,371,517 | $ | 2,199,715 | $ | 1,963,661 | $ | 2,371,517 | ||||||||
Other current assets | 583,838 | 512,481 | 564,329 | 583,838 | ||||||||||||
Other non current assets | 644,182 | 603,912 | 414,167 | 644,182 | ||||||||||||
Consolidated total assets | $ | 3,599,537 | $ | 3,316,108 | $ | 2,942,157 | $ | 3,599,537 | ||||||||
19. | Quarterly Financial Information (Unaudited) |
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net revenue | $ | 792,610 | $ | 841,560 | $ | 822,285 | $ | 871,892 | ||||||||
Gross profit | 236,150 | 253,115 | 254,461 | 270,509 | ||||||||||||
Net income | 53,304 | 59,216 | 50,306 | 52,611 | ||||||||||||
Basic earnings per share | 0.29 | 0.33 | 0.28 | 0.30 | ||||||||||||
Diluted earnings per share | 0.29 | 0.33 | 0.28 | 0.29 |
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net revenue | $ | 838,985 | $ | 666,728 | $ | 505,539 | $ | 570,589 | ||||||||
Gross profit | 249,472 | 176,072 | 93,396 | 137,237 | ||||||||||||
Net income (loss) | 44,297 | (87,244 | ) | (58,600 | ) | (219,740 | ) | |||||||||
Basic earnings (loss) per share | 0.25 | (0.50 | ) | (0.34 | ) | (1.27 | ) | |||||||||
Diluted earnings (loss) per share | 0.25 | (0.50 | ) | (0.34 | ) | (1.27 | ) |
75
First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
Net revenue | $ | 829,545 | $ | 837,467 | $ | 807,014 | $ | 791,848 | $ | 792,610 | $ | 841,560 | $ | 822,285 | $ | 871,892 | ||||||||||||||||
Gross profit | 269,409 | 258,509 | 250,988 | 237,802 | 236,150 | 253,115 | 254,461 | 270,509 | ||||||||||||||||||||||||
Net income | 76,501 | 66,227 | 65,318 | 32,722 | 53,304 | 59,216 | 50,306 | 52,611 | ||||||||||||||||||||||||
Basic earnings per share | 0.42 | 0.36 | 0.36 | 0.18 | 0.29 | 0.33 | 0.28 | 0.30 | ||||||||||||||||||||||||
Diluted earnings per share | 0.41 | 0.36 | 0.35 | 0.18 | 0.29 | 0.33 | 0.28 | 0.29 |
67
Restructuring | Foreign | Restructuring | ||||||||||||||||||
Charges | Tax Credits | Costs and | ||||||||||||||||||
Asset | Goodwill | Foreign | ||||||||||||||||||
Impairments | Impairment | Tax Credits | ||||||||||||||||||
Fiscal 2009: | ||||||||||||||||||||
First quarter | $ | 15,666 | $ | — | $ | — | ||||||||||||||
Second quarter | 29,899 | 93,140 | — | |||||||||||||||||
Third quarter | 34,009 | — | — | |||||||||||||||||
Fourth quarter | 32,224 | 171,000 | — | |||||||||||||||||
Fiscal 2008: | ||||||||||||||||||||
First quarter | $ | 1,476 | $ | — | $ | 1,476 | $ | — | $ | — | ||||||||||
Second quarter | 4,716 | — | 4,716 | — | — | |||||||||||||||
Third quarter | 4,902 | 6,344 | 4,902 | — | 6,344 | |||||||||||||||
Fourth quarter | 9,894 | 10,871 | 9,894 | — | 10,871 | |||||||||||||||
Fiscal 2007: | ||||||||||||||||||||
Fourth quarter | 30,255 | — |
6876
6977
7078
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
7179
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
80
Item 11. | Executive Compensation |
72
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
(c) | ||||||||||||||||||||||||
Number of securities | ||||||||||||||||||||||||
remaining available | ||||||||||||||||||||||||
(a) | (b) | for future issuance | ||||||||||||||||||||||
Number of shares | Weighted-average | under equity | ||||||||||||||||||||||
to be issued upon | exercise price | compensation plans | ||||||||||||||||||||||
exercise of outstanding | of outstanding | (excluding shares | ||||||||||||||||||||||
options | options | reflected in column (a)) | ||||||||||||||||||||||
Common | Class A | Common | Class A | Common | Class A | |||||||||||||||||||
Plan Category | Stock | Stock | Stock | Stock | Stock | Stock | ||||||||||||||||||
Equity compensation plans approved by stockholders | 106,250 | 12,007,451 | $ | 27.55 | $ | 17.62 | — | 10,098,583 | ||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | — | — | — |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
81
Item 15. | Exhibits and Financial Statement Schedules |
7382
Balance at | Other/ | Balance at | Balance at | Other/ | Balance at | |||||||||||||||||||||||||||||||||||
Beginning of | Charges to | Currency | End of | Beginning | Charges | Currency | End | |||||||||||||||||||||||||||||||||
Period | Income | Write-Offs | Translation | Period | of Period | to Income | Write-Offs | Translation | of Period | |||||||||||||||||||||||||||||||
Receivable Reserves: | ||||||||||||||||||||||||||||||||||||||||
Year ended 2009 | $ | 40,243 | $ | 83,696 | $ | (89,794 | ) | $ | (1,552 | ) | $ | 32,593 | ||||||||||||||||||||||||||||
Year ended 2008 | $ | 31,064 | $ | 69,020 | $ | (62,520 | ) | $ | 2,679 | $ | 40,243 | $ | 31,064 | $ | 69,020 | $ | (62,520 | ) | $ | 2,679 | $ | 40,243 | ||||||||||||||||||
Year ended 2007 | $ | 26,513 | $ | 71,245 | $ | (67,422 | ) | $ | 728 | $ | 31,064 | $ | 26,513 | $ | 71,245 | $ | (67,422 | ) | $ | 728 | $ | 31,064 | ||||||||||||||||||
Year ended 2006 | $ | 20,293 | $ | 69,187 | $ | (63,524 | ) | $ | 557 | $ | 26,513 | |||||||||||||||||||||||||||||
Inventory Reserves: | ||||||||||||||||||||||||||||||||||||||||
Year ended 2009: | ||||||||||||||||||||||||||||||||||||||||
Slow and Excess | $ | 39,395 | $ | 21,607 | $ | (21,492 | ) | $ | (1,329 | ) | $ | 38,181 | ||||||||||||||||||||||||||||
Blocked Stock | 1,063 | 272 | — | (135 | ) | 1,200 | ||||||||||||||||||||||||||||||||||
Other | 2,344 | (364 | ) | — | (309 | ) | 1,671 | |||||||||||||||||||||||||||||||||
Total | $ | 42,802 | $ | 21,515 | $ | (21,492 | ) | $ | (1,773 | ) | $ | 41,052 | ||||||||||||||||||||||||||||
Year ended 2008: | ||||||||||||||||||||||||||||||||||||||||
Slow and Excess | $ | 39,956 | $ | 15,453 | $ | (16,946 | ) | $ | 932 | $ | 39,395 | $ | 39,956 | $ | 15,453 | $ | (16,946 | ) | $ | 932 | $ | 39,395 | ||||||||||||||||||
Blocked Stock | 835 | 251 | — | (23 | ) | 1,063 | 835 | 251 | — | (23 | ) | 1,063 | ||||||||||||||||||||||||||||
Other | 1,936 | 237 | — | 171 | 2,344 | 1,936 | 237 | — | 171 | 2,344 | ||||||||||||||||||||||||||||||
Total | $ | 42,727 | $ | 15,941 | $ | (16,946 | ) | $ | 1,080 | $ | 42,802 | $ | 42,727 | $ | 15,941 | $ | (16,946 | ) | $ | 1,080 | $ | 42,802 | ||||||||||||||||||
Year ended 2007: | ||||||||||||||||||||||||||||||||||||||||
Slow and Excess | $ | 30,309 | $ | 23,607 | $ | (20,983 | ) | $ | 7,023 | $ | 39,956 | $ | 30,309 | $ | 23,607 | $ | (20,983 | ) | $ | 7,023 | $ | 39,956 | ||||||||||||||||||
Blocked Stock | 936 | 94 | — | (195 | ) | 835 | 936 | 94 | — | (195 | ) | 835 | ||||||||||||||||||||||||||||
Other | 2,689 | (299 | ) | — | (454 | ) | 1,936 | 2,689 | (299 | ) | — | (454 | ) | 1,936 | ||||||||||||||||||||||||||
Total | $ | 33,934 | $ | 23,402 | $ | (20,983 | ) | $ | 6,374 | $ | 42,727 | $ | 33,934 | $ | 23,402 | $ | (20,983 | ) | $ | 6,374 | $ | 42,727 | ||||||||||||||||||
Year ended 2006: | ||||||||||||||||||||||||||||||||||||||||
Slow and Excess | $ | 29,511 | $ | 18,014 | $ | (17,959 | ) | $ | 743 | $ | 30,309 | |||||||||||||||||||||||||||||
Blocked Stock | 1,626 | (690 | ) | — | — | 936 | ||||||||||||||||||||||||||||||||||
Other | 3,061 | (372 | ) | — | — | 2,689 | ||||||||||||||||||||||||||||||||||
Total | $ | 34,198 | $ | 16,952 | $ | (17,959 | ) | $ | 743 | $ | 33,934 | |||||||||||||||||||||||||||||
Deferred tax asset valuation allowance: | ||||||||||||||||||||||||||||||||||||||||
Year ended 2009 | $ | 38,289 | $ | 39,110 | $ | — | $ | — | $ | 77,399 | ||||||||||||||||||||||||||||||
Year ended 2008 | $ | 39,366 | $ | — | $ | (1,077 | ) | $ | — | $ | 38,289 | $ | 39,366 | $ | — | $ | (1,077 | ) | $ | — | $ | 38,289 | ||||||||||||||||||
Year ended 2007 | $ | 33,920 | $ | 1,308 | $ | — | $ | 4,138 | $ | 39,366 | $ | 33,920 | $ | 1,308 | $ | — | 4,138 | $ | 39,366 | |||||||||||||||||||||
Year ended 2006 | $ | 28,700 | $ | 5,345 | $ | (125 | ) | — | $ | 33,920 |
7483
Exhibit | Exhibit | Exhibit | ||||||||||
Number | Number | Description | Location | Number | Description | Location | ||||||
3 | .1 | Certificate of Incorporation (as amended and restated) | Incorporated by reference to Exhibit 3.1 to our annual report on Form 10-K for the year ended June 30, 2000 | 3 | .1 | Certificate of Incorporation (as amended and restated) | Incorporated by reference to Exhibit 3.1 to our annual report onForm 10-K for the year ended June 30, 2000. (FileNo. 000-07491) | |||||
3 | .2 | By-laws (as amended and restated) | Incorporated by reference to Exhibit 3.1(ii) to our Form 8-K filed on November 19, 2007 | 3 | .2 | By-laws (as amended and restated) | Incorporated by reference to Exhibit 3.1(ii) to ourForm 8-K filed on November 19, 2007. (FileNo. 000-07491) | |||||
4 | Instruments defining rights of security holders | See Exhibit 3.1 | 4 | Instruments defining rights of security holders | See Exhibit 3.1 | |||||||
10 | .1 | Foreign Service Employees Policies and Procedures | Incorporated by reference to Exhibit 10.15 to our quarterly report on Form 10-Q for the period ended March 31, 2005 | 10 | .1 | Foreign Service Employees Policies and Procedures | Incorporated by reference to Exhibit 10.15 to our quarterly report onForm 10-Q for the period ended March 31, 2005. (FileNo. 000-07491) | |||||
10 | .2 | Employment Offer Letter to David D. Johnson | Incorporated by reference to Exhibit 10.18 to our quarterly report on Form 10-Q for the period ended March 31, 2005 | 10 | .2 | Employment Offer Letter to David D. Johnson | Incorporated by reference to Exhibit 10.18 to our quarterly report onForm 10-Q for the period ended March 31, 2005. (FileNo. 000-07491) | |||||
10 | .3 | Deferred Compensation Agreement between Molex and Frederick A. Krehbiel | Incorporated by reference to Exhibit 10.12 to our quarterly report on Form 10-Q for the period ended March 31, 2005 | 10 | .3 | Deferred Compensation Agreement between Molex and Frederick A. Krehbiel | Incorporated by reference to Exhibit 10.12 to our quarterly report onForm 10-Q for the period ended March 31, 2005. (FileNo. 000-07491) | |||||
10 | .4 | Deferred Compensation Agreement between Molex and John H. Krehbiel, Jr. | Incorporated by reference to Exhibit 10.13 to our quarterly report on Form 10-Q for the period ended March 31, 2005 | 10 | .4 | Deferred Compensation Agreement between Molex and John H. Krehbiel, Jr. | Incorporated by reference to Exhibit 10.13 to our quarterly report onForm 10-Q for the period ended March 31, 2005. (FileNo. 000-07491) | |||||
10 | .5 | 2005 Molex Supplemental Executive Retirement Plan | Filed herewith | 10 | .5 | 2005 Molex Supplemental Executive Retirement Plan | Incorporated by reference to Exhibit 10.5 to our annual report onForm 10-K for the year ended June 30, 2008. (FileNo. 000-07491) | |||||
10 | .6 | Molex Executive Deferred Compensation Plan | Filed herewith | 10 | .6 | Molex Executive Deferred Compensation Plan | Incorporated by reference to Exhibit 10.6 to our annual report onForm 10-K for the year ended June 30, 2008. (FileNo. 000-07491) | |||||
10 | .7 | Summary of Non-Employee Director Compensation | Filed herewith | 10 | .7 | Summary of Non-Employee Director Compensation | Incorporated by reference to Exhibit 10.7 to our annual report onForm 10-K for the year ended June 30, 2008. (FileNo. 000-07491) | |||||
10 | .8 | Molex Outside Directors’ Deferred Compensation Plan | Incorporated by reference to Exhibit 99.1 to our Form 8-K filed on August 1, 2006 | 10 | .8 | Molex Outside Directors’ Deferred Compensation Plan | Incorporated by reference to Exhibit 99.1 to ourForm 8-K filed on August 1, 2006. (FileNo. 000-07491) | |||||
10 | .9 | 2000 Molex Long-Term Stock Plan, as amended and restated | Incorporated by reference to Appendix V to our 2007 Proxy Statement | 10 | .9 | 2000 Molex Long-Term Stock Plan, as amended and restated | Incorporated by reference to Appendix V to our 2007 Proxy Statement. (FileNo. 000-07491) | |||||
10 | .10 | Form of Stock Option Agreement under the 2000 Molex Long-Term Stock Plan | Filed herewith | 10 | .10 | Form of Stock Option Agreement under the 2000 Molex Long-Term Stock Plan | Incorporated by reference to Exhibit 10.10 to our annual report onForm 10-K for the year ended June 30, 2008. (FileNo. 000-07491) | |||||
10 | .11 | Form of Restricted Stock Agreement under the 2000 Molex Long-Term Stock Plan | Filed herewith | 10 | .11 | Form of Restricted Stock Agreement under the 2000 Molex Long-Term Stock Plan | Incorporated by reference to Exhibit 10.11 to our annual report onForm 10-K for the year ended June 30, 2008. (FileNo. 000-07491) | |||||
10 | .12 | 2005 Molex Incentive Stock Option Plan, as amended and restated | Incorporated by reference to Appendix VI to our 2007 Proxy Statement | 10 | .12 | 2005 Molex Incentive Stock Option Plan, as amended and restated | Incorporated by reference to Appendix VI to our 2007 Proxy Statement. (FileNo. 000-07491) | |||||
10 | .13 | Form of Stock Option Agreement under the 2005 Molex Incentive Stock Option Plan | Incorporated by reference to Exhibit 10.12 to our Form 10-K for the period ended June 30, 2007 | 10 | .13 | Form of Stock Option Agreement under the 2005 Molex Incentive Stock Option Plan | Incorporated by reference to Exhibit 10.12 to ourForm 10-K for the period ended June 30, 2007. (FileNo. 000-07491) | |||||
21 | Subsidiaries of the Company | Filed herewith | 10 | .14 | Molex Incorporated Annual Incentive Plan | Incorporated by reference to Appendix III to our 2008 Proxy Statement. (FileNo. 000-07491) | ||||||
23 | Consent of Ernst & Young, LLP | Filed herewith | 10 | .15 | 2008 Molex Stock Incentive Plan | Incorporated by reference to Appendix IV to our 2008 Proxy Statement. (FileNo. 000-07491) | ||||||
31 | .1 | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | 10 | .16 | Separation Agreement between David B. Root and Molex Incorporated dated April 6, 2009. | Incorporated by reference to Exhibit 10.1 to ourForm 8-K filed on April 9, 2009. (FileNo. 000-07491) | |||||
31 | .2 | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||
32 | .1 | Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | |||||||||
32 | .2 | Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith |
84
Exhibit | ||||||
Number | Description | Location | ||||
10 | .17 | Credit Agreement dated June 24, 2009 among Molex Incorporated, the Lenders named therein, J.P. Morgan Chase Bank, N.A. as Administrative Agent, Standard Charter Bank as Syndication Agent, The Northern Trust Company as Documentation Agent | Incorporated by reference to Exhibit 10.1 to ourForm 8-K filed on June 30, 2009. (FileNo. 000-07491) | |||
21 | Subsidiaries of the Company | Filed herewith | ||||
23 | Consent of Ernst & Young, LLP | Filed herewith | ||||
31 | .1 | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||
31 | .2 | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||
32 | .1 | Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith | |||
32 | .2 | Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished herewith |
7585
By: | /s/ DAVID D. JOHNSON |
August | Co-Chairman of the Board | /s/ FREDERICK A. KREHBIEL Frederick A. Krehbiel | ||
August | Co-Chairman of the Board | /s/ JOHN H. KREHBIEL, JR. John H. Krehbiel, | ||
August | Vice Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | /s/ MARTIN P. SLARK Martin P. Slark | ||
August | Executive Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer) | /s/ DAVID D. JOHNSON David D. Johnson | ||
August | Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer) | /s/ K. TRAVIS GEORGE K. Travis George | ||
August | Director | /s/ FRED L. KREHBIEL Fred L. Krehbiel | ||
August | Director | /s/ MICHAEL J. BIRCK Michael J. Birck | ||
August | Director | /s/ MICHELLE L. COLLINS Michelle L. Collins | ||
August | Director | /s/ EDGAR D. JANNOTTA Edgar D. Jannotta |
7686
August | ||||
Director | /s/ DAVID L. LANDSITTEL David L. Landsittel | |||
August | Director | /s/ JOE W. LAYMON Joe W. Laymon | ||
August | Director | /s/ DONALD G. LUBIN Donald G. Lubin | ||
August | Director | /s/ JAMES S. METCALF James S. Metcalf | ||
August | Director | /s/ ROBERT J. POTTER Robert J. Potter |
7787