Annual report pursuant to Section 13 and 15(d)

Basis of Presentation (Tables)

v2.4.0.8
Basis of Presentation (Tables)
12 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
Effects of Prior Period Errors in Consolidated Financial Statements

The effects of these prior period errors in the consolidated financial statements are as follows:

Consolidated Balance Sheets

 

     December 31, 2012      December 31, 2011  
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Prepaid expenses and other current assets

   $ 125,425       $ 145,624       $ 117,073       $ 134,605   

Deferred income taxes

   $ 49,339       $ 49,339       $ 55,615       $ 54,949   

Total current assets

   $ 963,848       $ 984,047       $ 768,819       $ 785,685   

Total assets

   $ 1,703,944       $ 1,724,143       $ 1,446,209       $ 1,463,075   

Income taxes payable

   $ 15,854       $ 61,325       $ 31,415       $ 62,283   

Total current liabilities

   $ 716,891       $ 762,362       $ 548,689       $ 579,557   

Deferred income taxes

   $ 62,982       $ 62,982       $ 72,348       $ 70,390   

Total liabilities

   $ 1,283,189       $ 1,328,660       $ 886,021       $ 914,931   

Retained earnings

   $ 148,368       $ 123,096       $ 305,931       $ 293,887   

Total shareholders’ equity

   $ 420,755       $ 395,483       $ 560,188       $ 548,144   

Total liabilities and shareholders’ equity

   $ 1,703,944       $ 1,724,143       $ 1,446,209       $ 1,463,075   

Consolidated Statements of Income

 

     Three months Ended
March 31, 2012
(Unaudited)
     Three months Ended
June 30, 2012
(Unaudited)
     Three months Ended
September 30, 2012
(Unaudited)
 
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Income taxes

   $ 44,570       $ 44,801       $ 50,169       $ 51,586       $ 39,518       $ 45,424   

Net Income

   $ 108,162       $ 107,931       $ 133,368       $ 131,951       $ 117,779       $ 111,873   

Basic earnings per share

   $ 0.93       $ 0.93       $ 1.14       $ 1.13       $ 1.08       $ 1.03   

Diluted earnings per share

   $ 0.88       $ 0.88       $ 1.10       $ 1.09       $ 1.04       $ 0.98   
     Three months Ended
December 31, 2012
(Unaudited)
     Three months Ended
March 31, 2011
(Unaudited)
     Three months Ended
June 30, 2011
(Unaudited)
 
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Income taxes

   $ 39,459       $ 45,133       $ 32,733       $ 31,925       $ 41,139       $ 43,718   

Net Income

   $ 117,881       $ 112,207       $ 88,019       $ 88,827       $ 111,180       $ 108,601   

Basic earnings per share

   $ 1.10       $ 1.04       $ 0.74       $ 0.75       $ 0.93       $ 0.91   

Diluted earnings per share

   $ 1.05       $ 1.00       $ 0.70       $ 0.71       $ 0.88       $ 0.86   

 

     Three months Ended
September 30, 2011
(Unaudited)
     Three months Ended
December 31, 2011
(Unaudited)
 
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Income taxes

   $ 42,980       $ 43,543       $ 30,349       $ 25,634   

Net Income

   $ 108,022       $ 107,459       $ 105,357       $ 110,072   

Basic earnings per share

   $ 0.92       $ 0.92       $ 0.91       $ 0.95   

Diluted earnings per share

   $ 0.87       $ 0.86       $ 0.86       $ 0.90   

 

     Year Ended
December 31, 2012
     Year Ended
December 31, 2011
     Year Ended
December 31, 2010
 
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Income taxes

   $ 173,716       $ 186,944       $ 147,201       $ 144,820       $ 80,880       $ 87,212   

Net Income

   $ 477,190       $ 463,962       $ 412,578       $ 414,959       $ 299,215       $ 292,883   

Basic earnings per share

   $ 4.25       $ 4.13       $ 3.51       $ 3.53       $ 2.51       $ 2.46   

Diluted earnings per share

   $ 4.05       $ 3.94       $ 3.30       $ 3.32       $ 2.37       $ 2.32   

Consolidated Statements of Comprehensive Income

 

     Year Ended
December 31, 2012
     Year Ended
December 31, 2011
     Year Ended
December 31, 2010
 
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Net Income

   $ 477,190       $ 463,962       $ 412,578       $ 414,959       $ 299,215       $ 292,883   

Total comprehensive income

   $ 483,304       $ 470,076       $ 402,054       $ 404,435       $ 295,326       $ 288,994   

Consolidated Statements of Changes in Shareholders’ Equity

 

     Paid-in Capital in Excess of par
Value
     Retained Earnings      Total Shareholders’ Equity  
     As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted      As Previously
Reported
     As Adjusted  
     (In thousands, except per share amount)  

Balance at December 31, 2009

   $ 222,882       $ 222,882       $ 159,705       $ 151,612       $ 359,311       $ 351,218   

Excess tax benefit from exercise of stock options, SARs and restricted stock grants

   $ 8,045       $ 9,254             $ 8,045       $ 9,254   

Net income

         $ 299,215       $ 292,883       $ 299,215       $ 292,883   

Balance at December 31, 2010

   $ 248,693       $ 249,902       $ 265,686       $ 251,261       $ 487,212       $ 473,996   

Excess tax benefit from exercise of stock options, SARs and restricted stock grants

   $ 27,450       $ 26,241             $ 27,450       $ 26,241   

Net income

         $ 412,578       $ 414,959       $ 412,578       $ 414,959   

Balance at December 31, 2011

   $ 291,950       $ 291,950       $ 305,931       $ 293,887       $ 560,188       $ 548,144   

Net income

         $ 477,190       $ 463,962       $ 477,190       $ 463,962   

Balance at December 31, 2012

   $ 303,975       $ 303,975       $ 148,368       $ 123,096       $ 420,755       $ 395,483   

 

Consolidated Statement of Cash Flows

 

     Year Ended
December 31, 2012
    Year Ended
December 31, 2011
    Year Ended
December 31, 2010
 
     As Previously
Reported
    As Adjusted     As Previously
Reported
    As Adjusted     As Previously
Reported
    As Adjusted  
     (In thousands, except per share amount)  

Net income

   $ 477,190      $ 463,962      $ 412,578      $ 414,959      $ 299,215      $ 292,883   

Excess tax benefits from share-based payment arrangements

   $ (29,684   $ (29,684   $ (27,450   $ (26,241   $ (7,728   $ (8,937

Deferred income taxes

   $ (9,050   $ (7,758   $ (12,984   $ (21,271   $ (33,313   $ (33,338

Income taxes

   $ 16,106      $ 28,042      $ 42,659      $ 48,565      $ (8,807   $ (2,450

Net cash provided by operating activities

   $ 567,784      $ 567,784      $ 509,331      $ 510,540      $ 389,084      $ 387,875   

Excess tax benefits from share-based payment arrangements

   $ 29,684      $ 29,684      $ 27,450      $ 26,241      $ 7,728      $ 8,937   

Net cash used in financing activities

   $ (371,241   $ (371,241   $ (337,799   $ (339,008   $ (263,162   $ (261,953
Components of Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) consisted of the following (in thousands):

 

     December 31,  
     2012     2011     2010  

Foreign currency translation adjustment, net of tax

   $ (28,788   $ (38,609   $ (21,852

Unrealized loss on derivatives, net of tax

     (2,907     800        (5,433
  

 

 

   

 

 

   

 

 

 

Total accumulated other comprehensive income (loss)

   $ (31,695   $ (37,809   $ (27,285
  

 

 

   

 

 

   

 

 

 
Common Share Amounts Used to Compute Basic and Diluted Earnings Per Share

The following are the common share amounts used to compute the basic and diluted earnings per share for each period (in thousands):

 

     Year Ended December 31,  
     2012      2011      2010  

Weighted average shares used in basic computations

     112,359         117,540         119,004   

Dilutive effect of exercise of equity grants outstanding

     5,457         7,046         7,059   

Dilutive effect of warrants

     40         260         432   
  

 

 

    

 

 

    

 

 

 

Weighted average shares used in diluted computations

     117,856         124,846         126,495