Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2013
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Jul. 29, 2013
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Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | iart | |
Entity Registrant Name | INTEGRA LIFESCIENCES HOLDINGS CORP | |
Entity Central Index Key | 0000917520 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,000,208 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Total revenue, net | $ 205,547 | $ 210,170 | $ 402,199 | $ 406,355 |
Costs and Expenses: | ||||
Cost of goods sold | 83,068 | 78,274 | 163,336 | 152,949 |
Research and development | 11,809 | 13,131 | 24,525 | 25,043 |
Selling, general and administrative | 99,619 | 96,097 | 199,780 | 183,508 |
Intangible asset amortization | 3,073 | 4,647 | 6,624 | 9,367 |
Total costs and expenses | 197,569 | 192,149 | 394,265 | 370,867 |
Operating income | 7,978 | 18,021 | 7,934 | 35,488 |
Interest income | 289 | 415 | 352 | 793 |
Interest expense | (4,965) | (7,103) | (9,765) | (15,032) |
Other income (expense), net | (307) | 236 | (1,281) | (87) |
Income (loss) before income taxes | 2,995 | 11,569 | (2,760) | 21,162 |
Income tax (benefit) expense | (445) | 3,055 | (2,150) | 5,955 |
Net income (loss) | 3,440 | 8,514 | (610) | 15,207 |
Basic net income per common share (in dollars per share) | $ 0.12 | $ 0.30 | $ (0.02) | $ 0.54 |
Diluted net income per common share (in dollars per share) | $ 0.12 | $ 0.30 | $ (0.02) | $ 0.53 |
Weighted average common shares outstanding (See Note 11): | ||||
Basic (in shares) | 27,873 | 28,419 | 27,834 | 28,382 |
Diluted (in shares) | 28,118 | 28,609 | 27,834 | 28,549 |
Comprehensive income (loss) (See Note 12) | $ 5,317 | $ (2,730) | $ (5,217) | $ 10,911 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Trade accounts receivable, allowances | $ 9,637 | $ 7,221 |
Preferred Stock, par value (in dollars per share) | ||
Preferred Stock, authorized shares (in shares) | 15,000,000 | 15,000,000 |
Preferred Stock, outstanding (in shares) | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 36,969,000 | 36,852,000 |
Treasury stock, shares (in shares) | 8,903,000 | 8,903,000 |
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BASIS OF PRESENTATION
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6 Months Ended |
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Jun. 30, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION General The terms “we,” “our,” “us,” “Company” and “Integra” refer to Integra LifeSciences Holdings Corporation, a Delaware corporation, and its subsidiaries unless the context suggests otherwise. In the opinion of management, the June 30, 2013 unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K. The December 31, 2012 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. Operating results for the three and six-month periods ended June 30, 2013 are not necessarily indicative of the results to be expected for the entire year. The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenues and expenses. Significant estimates affecting amounts reported or disclosed in the consolidated financial statements include allowances for doubtful accounts receivable and sales returns and allowances, net realizable value of inventories, valuation of intangible assets including in-process research and development, amortization periods for acquired intangible assets, discount rates and estimated projected cash flows used to value and test impairments of long-lived assets and goodwill, estimates of projected cash flows and depreciation and amortization periods for long-lived assets, computation of taxes, valuation allowances recorded against deferred tax assets, the valuation of stock-based compensation, valuation of pension assets and liabilities, valuation of derivative instruments, valuation of the equity component of convertible debt instruments, valuation of contingent liabilities, the fair value of debt instruments and loss contingencies. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the current circumstances. Actual results could differ from these estimates. Certain amounts from the prior year’s financial statements have been reclassified in order to conform to the current year’s presentation. Recently Issued Accounting Standards There have been no recently issued accounting standards that have an impact on the Company's financial statements. |
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BUSINESS ACQUISITIONS
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Tarsus Medical, Inc. On January 24, 2013, the Company acquired all outstanding preferred and common stock of Tarsus Medical, Inc. for a total of $4.7 million consisting of $2.8 million in cash (less cash acquired) and contingent consideration with an estimated acquisition date fair value of approximately $1.6 million. The potential maximum undiscounted contingent consideration consists of the first milestone payment of up to $1.5 million and the second payment of up to $11.5 million. These payments are based on reaching certain sales of acquired products. Tarsus Medical, Inc. is a podiatry device company addressing clinical needs associated with diseases and injuries of the foot and ankle. The following summarizes the final allocation of the purchase price based on fair value of the assets acquired and liabilities assumed:
Management determined the preliminary fair value of net assets acquired during the first quarter of 2013 and finalized the working capital adjustment in the second quarter of 2013. The Company accounts for the contingent consideration by recording its fair value as a liability on the date of the acquisition. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Changes in fair value of contingent consideration are recognized in earnings. Accordingly, on January 24, 2013 the Company recorded $1.6 million representing the initial fair value estimate of the contingent consideration that will be earned through December 31, 2015. At June 30, 2013 there was no change in the fair value of the contingent consideration. The fair value of this liability is based on future sales projections of the Tarsus Medical product under various potential scenarios and weighting the probability of these outcomes for the period ended December 31, 2015. At the date of the acquisition, the first milestone cash flow projection was discounted using a rate of 4.3% based on an estimated after tax cost of debt; the second milestone cash flow projection was discounted using a weighted average cost of capital of 16.5%. These fair value measurements were based on significant inputs not observed in the market and thus represented a Level 3 measurement. The goodwill recorded in connection with this acquisition is based on (i) expected cost savings, operating synergies and other benefits expected to result from the combined operations, (ii) the value of the going-concern element of Tarsus’ existing business (that is, the higher rate of return on the assembled net assets versus if the Company had acquired all of the net assets separately), and (iii) intangible assets that do not qualify for separate recognition such as Tarsus’ assembled workforce. The goodwill acquired will not be deductible for tax purposes. The impact of the Tarsus acquisition is not material to the consolidated operating results of the Company; therefore, the pro-forma impact of the acquisition has not been presented. |
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INVENTORIES
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Jun. 30, 2013
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INVENTORIES | INVENTORIES Inventories, net consisted of the following:
The finished goods inventory includes $4.6 million of capitalized medical device excise tax at June 30, 2013. |
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GOODWILL AND OTHER INTANGIBLE ASSETS
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The excess of the cost over the fair value of net assets of acquired businesses is recorded as goodwill. Goodwill is not subject to amortization, but is reviewed for impairment at the reporting unit level annually, or more frequently if impairment indicators arise. The Company's assessment of the recoverability of goodwill is based upon a comparison of the carrying value of goodwill with its estimated fair value. This assessment is performed annually during the third quarter and was performed most recently on July 31, 2012 resulting in no impairment. However, if future results do not meet or exceed the Company's forecasts, or if unfavorable changes occur in the weighted-average cost of capital, growth assumptions for future revenue, terminal value growth rate and/or forecasted cash flows utilized in the discounted cash flow analysis, the Company may record an impairment of this goodwill at a future date. The Company has experienced a decline in sales relative to the previous forecasts, partially with respect to its U.S. Spine and Private Label reporting units which has recorded goodwill of $46.8 million and $8.9 million, respectively. This decline is in part attributable to the recall, as well as lower sales to customers. The Company currently believes this impact is temporary. However, in the event that sales and operating results of the U.S. Spine and Private Label reporting units in the second half of the year continue to deteriorate, or in the event that management revises its forecasts, an impairment of goodwill may be recognized. Changes in the carrying amount of goodwill for the six months ended June 30, 2013 were as follows:
The components of the Company’s identifiable intangible assets were as follows:
Based on quarter-end exchange rates, annual amortization expense is expected to approximate $19.4 million in 2013, $18.4 million in 2014, $16.6 million in 2015, $14.3 million in 2016 and $12.5 million in 2017. Identifiable intangible assets are initially recorded at fair market value at the time of acquisition using an income or cost approach. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Amended and Restated Senior Credit Agreement On August 10, 2010, the Company entered into an amended and restated credit agreement with a syndicate of lending banks (the “Senior Credit Facility”). The Company amended the Senior Credit Facility on June 8, 2011, and further amended it on May 11, 2012 and June 21, 2013. The June 8, 2011 amendment:
On May 11, 2012, the Company entered into another amendment to the Senior Credit Facility (the “2012 Amendment”). The 2012 Amendment modified certain financial and negative covenants. The 2012 Amendment provides that the Company’s Maximum Consolidated Total Leverage Ratio (a measure of net debt to consolidated EBITDA, in each case as defined in the Senior Credit Facility, as amended) during any consecutive four quarter period should not be greater than 3.75 to 1.00 during any such period ending on December 31, 2013 (instead of March 31, 2012). In addition, when calculating consolidated EBITDA for any period, the 2012 Amendment permits the addition of certain costs and expenses in the calculation of consolidated net income for such period, to the extent deducted in the calculation of consolidated net income. On June 21, 2013, the Company entered into a second amendment to the Senior Credit Facility (the “2013 Amendment”). The 2013 Amendment modified certain financial and negative covenants and increased the Company’s Maximum Consolidated Total Leverage Ratio (a measure of net debt to consolidated EBITDA, in each case as defined in the Senior Credit Facility, as amended) to 4.25 through June 30, 2014, with a step-down to 4.00 through March 31, 2015, and then with another step-down to 3.75 thereafter. In addition, when calculating consolidated EBITDA for any period, the 2013 Amendment permits the addition of certain costs and expenses in the calculation of consolidated net income for such period, to the extent deducted in the calculation of consolidated net income. The effect of the 2013 Amendment is to increase the ability of the Company to borrow under the Senior Credit Facility during the affected periods. The Company capitalized $1.0 million of incremental financing costs in connection with the 2013 Amendment, which will be amortized through the maturity date of the Senior Credit Facility. The Senior Credit Facility is collateralized by substantially all of the assets of the Company’s U.S. subsidiaries, excluding intangible assets. The Senior Credit Facility is subject to various financial and negative covenants and at June 30, 2013, the Company was in compliance with all such covenants. Borrowings under the Senior Credit Facility currently bear interest, at the Company’s option, at a rate equal to (i) the Eurodollar Rate (as defined in the Senior Credit Facility, which definition has not changed) in effect from time to time plus the applicable rate (ranging from 1.00% to 1.75%) or (ii) the highest of (x) the weighted average overnight Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.5%, (y) the prime lending rate of Bank of America, N.A. or (z) the one-month Eurodollar Rate plus 1.0%. The applicable rates are based on the Company’s consolidated total leverage ratio (defined as the ratio of (a) consolidated funded indebtedness less cash in excess of $40 million that is not subject to any restriction of the use or investment thereof to (b) consolidated EBITDA) at the time of the applicable borrowing. The Company also pays an annual commitment fee (ranging from 0.15% to 0.30%, based on the Company’s consolidated total leverage ratio) on the daily amount by which the revolving credit facility exceeds the outstanding loans and letters of credit under the credit facility. At June 30, 2013 and December 31, 2012, there was $341.9 million and $321.9 million outstanding under the Senior Credit Facility at a weighted average interest rate of 2.0% and 1.8%, respectively. At June 30, 2013, there was approximately $258.1 million available for borrowing under the Senior Credit Facility. The fair value of outstanding borrowings under the Senior Credit Facility at June 30, 2013 was approximately $335.9 million. The fair value of the Senior Credit Facility was determined by using a discounted cash flow model based on current market interest rates available to the Company. These inputs are corroborated by observable market data for similar liabilities and therefore classified within Level 2 of the fair value hierarchy. Level 2 inputs represent inputs that are observable for the asset or liability, either directly or indirectly and are other than active market observable inputs that reflect unadjusted quoted prices for identical assets or liabilities. The Company considers the balance to be long term in nature based on its current intent and ability to repay the borrowing outside of the next twelve-month period. 2016 Convertible Senior Notes On June 15, 2011, the Company issued $230.0 million aggregate principal amount of its 1.625% Convertible Senior Notes due in 2016 (the “2016 Notes”). The 2016 Notes mature on December 15, 2016, and bear interest at a rate of 1.625% per annum payable semi-annually in arrears on December 15 and June 15 of each year. The portion of the debt proceeds that was classified as equity at the time of the offering was $43.2 million, an equivalent of that amount is being amortized to interest expense using the effective interest method through December 2016. The effective interest rate implicit in the liability component is 5.6%. At June 30, 2013, the carrying amount of the liability component was $201.4 million, the remaining unamortized discount was $28.6 million, and the principal amount outstanding was $230.0 million. The fair value of the 2016 Notes at June 30, 2013 was approximately $230.1 million. At December 31, 2012, the carrying amount of the liability component was $197.7 million, the remaining unamortized discount was $32.3 million and the principal amount outstanding was $230.0 million. The fair value of the liability of the 2016 Notes was determined using a discounted cash flow model based on current market interest rates available to the Company. These inputs are corroborated by observable market data for similar liabilities and therefore classified within Level 2. The 2016 Notes are senior, unsecured obligations of the Company, and are convertible into cash and, if applicable, shares of its common stock based on an initial conversion rate, subject to adjustment of 17.4092 shares per $1,000 principal amount of 2016 Notes (which represents an initial conversion price of approximately $57.44 per share). The Company will satisfy any conversion of the 2016 Notes with cash up to the principal amount of the 2016 Notes pursuant to the net share settlement mechanism set forth in the indenture and, with respect to any excess conversion value, with shares of the Company’s common stock. The 2016 Notes are convertible only in the following circumstances: (1) if the closing sale price of the Company’s common stock exceeds 150% of the conversion price during a period as defined in the indenture; (2) if the average trading price per $1,000 principal amount of the 2016 Notes is less than or equal to 98% of the average conversion value of the 2016 Notes during a period as defined in the indenture; (3) at any time on or after June 15, 2016; or (4) if specified corporate transactions occur. The issue price of the 2016 Notes was equal to their face amount, which is also the amount holders are entitled to receive at maturity if the 2016 Notes are not converted. As of June 30, 2013, none of these conditions existed with respect to the 2016 Notes and as a result, the 2016 Notes are classified as long term. In connection with the issuance of the 2016 Notes, the Company entered into call transactions and warrant transactions, primarily with affiliates of the initial purchasers of such notes (the “hedge participants”). The initial strike price of the call transaction is approximately $57.44 per share, subject to customary anti-dilution adjustments. The initial strike price of the warrant transaction is approximately $70.05 per share, subject to customary anti-dilution adjustments. Convertible Note Interest The interest expense components of the Company’s convertible notes are as follows:
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DERIVATIVE INSTRUMENTS
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Jun. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Interest Rate Hedging The Company’s interest rate risk relates to U.S. dollar denominated variable LIBOR interest rate borrowings. The Company uses an interest rate swap derivative instrument entered into on August 10, 2010 with an effective date of December 31, 2010 to manage its earnings and cash flow exposure to changes in interest rates by converting a portion of its floating-rate debt into fixed-rate debt beginning on December 31, 2010. This interest rate swap expires on August 10, 2015. The Company designates this derivative instrument as a cash flow hedge. The Company records the effective portion of any change in the fair value of a derivative instrument designated as a cash flow hedge as unrealized gains or losses in accumulated other comprehensive income (“AOCI”), net of tax, until the hedged item affects earnings, at which point the effective portion of any gain or loss will be reclassified to earnings. If the hedged cash flow does not occur, or if it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to interest expense at that time. The Company expects that approximately $1.7 million of pre-tax losses recorded as net in AOCI related to the interest rate hedge could be reclassified to earnings within the next twelve months. Foreign Currency Hedging From time to time the Company enters into foreign currency hedge contracts intended to protect the U.S. dollar value of certain forecasted foreign currency denominated transactions. The Company records the effective portion of any change in the fair value of foreign currency cash flow hedges in AOCI, net of tax, until the hedged item affects earnings. Once the related hedged item affects earnings, the Company reclassifies the effective portion of any related unrealized gain or loss on the foreign currency cash flow hedge to earnings. If the hedged forecasted transaction does not occur, or if it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. The success of the Company’s hedging program depends, in part, on forecasts of certain activity denominated in euros. The Company may experience unanticipated currency exchange gains or losses to the extent that there are differences between forecasted and actual activity during periods of currency volatility. In addition, changes in currency exchange rates related to any unhedged transactions may affect its earnings and cash flows. Counterparty Credit Risk The Company manages its concentration of counterparty credit risk on its derivative instruments by limiting acceptable counterparties to a group of major financial institutions with investment grade credit ratings, and by actively monitoring their credit ratings and outstanding positions on an ongoing basis. Therefore, the Company considers the credit risk of the counterparties to be low. Furthermore, none of the Company’s derivative transactions are subject to collateral or other security arrangements, and none contain provisions that depend upon the Company’s credit ratings from any credit rating agency. Fair Value of Derivative Instruments The Company has classified all of its derivative instruments within Level 2 of the fair value hierarchy because observable inputs are available for substantially the full term of the derivative instruments. The fair value of the foreign currency forward exchange contracts related to inventory purchases is determined by comparing the forward rate as of the period end and the settlement rate specified in each contract. The fair value of the interest rate swaps was developed using a market approach based on publicly available market yield curves and the terms of the related swap. The Company performs ongoing assessments of counterparty credit risk. The following table summarizes the fair value and presentation in the condensed consolidated balance sheets for derivatives designated as hedging instruments as of June 30, 2013 and December 31, 2012:
The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying consolidated statements of operations during the three and six months ended June 30, 2013 and 2012:
The Company recognized no gains or losses resulting from ineffectiveness of cash flow hedges during the three and six months ended June 30, 2013 and 2012. |
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STOCK-BASED COMPENSATION
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Jun. 30, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION As of June 30, 2013, the Company had stock options, restricted stock awards, performance stock awards, contract stock awards and restricted stock unit awards outstanding under three plans, the 2000 Equity Incentive Plan (the “2000 Plan”), the 2001 Equity Incentive Plan (the “2001 Plan”), and the 2003 Equity Incentive Plan (the “2003 Plan,” and collectively, the “Plans”). Stock options issued under the Plans become exercisable over specified periods, generally within four years from the date of grant for officers and directors, and generally expire from six to ten years for directors and certain executive officers. Restricted stock issued under the Plans vests over specified periods, generally three years after the date of grant. Performance stock vesting, issued under the Plans, is subject to service and performance conditions. Stock Options There were 32,468 stock options granted during the six months ended June 30, 2013. As of June 30, 2013, there were approximately $1.8 million of total unrecognized compensation costs related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately one year. Awards of Restricted Stock, Performance Stock and Contract Stock Performance stock, restricted stock and contract stock awards generally have requisite service periods of three years. Performance stock awards are subject to graded vesting conditions and the Company expenses their fair value over the requisite service period. The Company expenses the fair value of restricted stock and contract stock awards on a straight-line basis over the vesting period or requisite service period, whichever is shorter. The Company granted approximately 174,000 restricted stock awards/stock units and 55,000 performance shares during the six months ended June 30, 2013. As of June 30, 2013, there were approximately $16.2 million of total unrecognized compensation costs related to these unvested awards. The Company expects to recognize these costs over a weighted-average period of approximately two years. The Company has no formal policy related to the repurchase of shares for the purpose of satisfying stock-based compensation obligations. The Company also maintains an Employee Stock Purchase Plan (the “ESPP”), which provides eligible employees with the opportunity to acquire shares of common stock at periodic intervals by means of accumulated payroll deductions. The ESPP is a non-compensatory plan based on its terms. |
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TREASURY STOCK
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Jun. 30, 2013
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Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | |
TREASURY STOCK | TREASURY STOCK On October 23, 2012, the Company's Board of Directors authorized a repurchase of up to $75.0 million of its outstanding common stock through December 2014. The Company has not repurchased any of its outstanding shares of common stock during the three and six month periods ended June 30, 2013 and 2012. As of June 30, 2013, there remained $75.0 million available for repurchases under this authorization. |
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RETIREMENT BENEFIT PLANS
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS The Company maintains defined benefit pension plans that cover employees in its manufacturing plants located in Andover, United Kingdom (the “UK Plan”) and Tuttlingen, Germany (the “Germany Plan”). The Company closed the Tuttlingen, Germany plant in December 2005. The Company did not terminate the Germany Plan, and the Company remains obligated for the accrued pension benefits related to this plan. Effective March 31, 2011, the Company froze the benefits due to the participants of the UK Plan in their entirety; this curtailment resulted in a $0.3 million reduction in the projected benefit obligations which the Company recorded on that date. The plans cover certain current and former employees. Net periodic benefit costs for the Company’s defined benefit pension plans included the following amounts:
The Company made $0.4 million of contributions to its defined benefit pension plans during the six months ended June 30, 2013 and 2012. |
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INCOME TAXES
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The following table provides a summary of the Company’s effective tax rate:
The Company’s effective income tax rates for the three months ended June 30, 2013 and 2012 were (14.9)% and 26.4%, respectively. For the three months ended June 30, 2013, the reduction in the income tax rate compared to the same period in 2012 was primarily the result of a change in the jurisdictional mix of year-to-date worldwide pretax income and the establishment of the Irish research and development credit. During the quarter, the Company was granted an Irish research and development credit for 2011 and 2012, which resulted in a benefit of $0.5 million. The Company also recorded a benefit of $0.8 million for the release of uncertain tax positions due to the expiration of the statute of limitation in certain state jurisdictions, which is offset by an expense of $0.3 million due to additional non-U.S. tax contingency reserves. The Company's effective income tax rates for the six months ended June 30, 2013 and 2012 were 77.9% and 28.1%, respectively. For the six months ended June 30, 2013, the increase in the income tax rate compared to the same period in 2012 primarily resulted from a change in the jurisdictional mix of year-to-date worldwide pretax income, a reinstatement of the Federal research and development credit of, which resulted in a benefit $0.9 million and the establishment of the Irish research and development credit. The Company expects its effective income tax rate for the full year to be approximately 4.5% resulting in part from foreign earnings taxed at lower tax rates, the expected release of tax contingency reserves, and the benefit from the Federal research credit. This estimate could be revised in the future as additional information is presented to the Company. |
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NET INCOME PER SHARE
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NET INCOME PER SHARE | NET INCOME PER SHARE Basic and diluted net income per share was as follows:
At June 30, 2013 and 2012, the Company had 1.7 million of outstanding stock options. The Company also has warrants outstanding relating to its 2016 Notes at June 30, 2013 and 2012. Stock options, restricted stock and warrants are included in the diluted earnings per share calculation using the treasury stock method, unless the effect of including the stock options would be anti-dilutive. For the three months ended June 30, 2013 and 2012, 1.0 million and 1.2 million of anti-dilutive stock options, respectively, were excluded from the diluted earnings per share calculation. As the strike price of the warrants exceeded the Company’s average stock price for the period, the warrants are anti-dilutive and the entire number of warrants was also excluded from the diluted earnings per share calculation. For the six months ended June 30, 2013, all stock options, restricted stock and warrants are excluded in the diluted earnings per share calculation using the treasury stock method because of their anti-dilutive effect. |
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COMPREHENSIVE (LOSS) INCOME
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Jun. 30, 2013
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | COMPREHENSIVE (LOSS) INCOME Comprehensive (loss) income was as follows:
Changes in Accumulated Other Comprehensive Income by component between December 31, 2012 and June 30, 2013 are presented in the table below, net of tax:
The reclassification adjustments out of Accumulated Other Comprehensive (Loss) Income during the three and six months ended June 30, 2013 were as follows:
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SEGMENT AND GEOGRAPHIC INFORMATION
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company internally manages and reports the results of its businesses to its chief operating decision maker through five reportable segments. The five reportable segments are U.S. Neurosurgery, U.S. Instruments, U.S. Extremities, U.S. Spine and Other, and International. The U.S. Neurosurgery segment sells a full line of products specifically for neurosurgery and critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment. The U.S. Instruments business sells more than 60,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, and dental, podiatry, and veterinary offices. The U.S. Extremities segment includes the U.S. Extremity reconstruction business, which includes such offerings as skin and wound repair, bone and joint fixation, implants in the upper and lower extremities, bone grafts and nerve and tendon repair. The U.S. Spine and Other segment includes (i) the U.S. Spine business, which focuses on spinal fusion, spinal implants, and deformity correction, together with bone graft substitutes and other related medical devices that are used to enhance the repair and regeneration of bone in various types of orthopedic surgical procedures, and (ii) the Private Label business, which sells the Company’s regenerative medicine and other products to strategic partners. The International segment sells similar products to those discussed above, but are managed through the following geographies: (i) Europe, Middle East and Africa, and (ii) Central/South America, Asia-Pacific and Canada. The Corporate and other category includes (i) various legal, finance, executive, and human resource functions, (ii) brand management, (iii) share-based compensation costs, and (iv) costs related to procurement, manufacturing operations and logistics for the Company’s entire organization. The operating results of the various reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions, and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the operating segment results. Net sales and profit by reportable segment for the three and six months ended June 30, 2013 and 2012 and three months ended March 31, 2013 and 2012 are as follows:
The segment profits for the U.S. Instruments and U.S. Extremities segments, and Corporate and Other for the three and six months ended June 30, 2012 have been revised. The segment profits for the U.S. Instruments and U.S. Extremities segments for the three months ended March 31, 2013 and 2012 have been also revised. Revenue by major product category consisted of the following:
The Company attributes revenues to geographic areas based on the location of the customer. There are certain revenues that the various U.S. segments manage that are generated from non-U.S. customers and therefore are included in Europe and the Rest of World revenues below. Total revenue by major geographic area consisted of the following:
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COMMITMENTS AND CONTINGENCIES
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6 Months Ended |
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In consideration for certain technology, manufacturing, distribution, and selling rights and licenses granted to the Company, the Company has agreed to pay royalties on sales of certain products that we sell. The royalty payments that the Company made under these agreements were not significant for any of the periods presented. The Company is subject to various claims, lawsuits and proceedings in the ordinary course of the Company's business, including claims by current or former employees, distributors and competitors and with respect to its products and product liability claims, lawsuits and proceedings, some of which have been settled by the Company. In the opinion of management, such claims are either adequately covered by insurance or otherwise indemnified, or are not expected, individually or in the aggregate, to result in a material adverse effect on our financial condition. However, it is possible that the Company's results of operations, financial position and cash flows in a particular period could be materially affected by these contingencies. On June 6, 2012, the Company was contacted by the United States Attorney's Office for the District of New Jersey regarding the activities of sales representatives in a single region within our Extremities Reconstruction division. The U.S. Attorney's Office is investigating the activities of three sales representatives, one of whom was a supervisor until terminated by the Company for failure to cooperate with this investigation. The activities at issue pertain to alleged improper billing of products for extremities indications. The Company is cooperating with the United States Attorney's Office on a voluntary basis and is not a subject or target of an investigation at this time. The Company accrues for loss contingencies when it is deemed probable that a loss has been incurred and that loss is estimable. The amounts accrued are based on the full amount of the estimated loss before considering insurance proceeds, and do not include an estimate for legal fees expected to be incurred in connection with the loss contingency. The Company consistently accrues legal fees expected to be incurred in connection with loss contingencies as those fees are incurred by outside counsel as a period cost. |
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SUBSEQUENT EVENTS
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6 Months Ended |
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Jun. 30, 2013
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 1, 2013, the Company entered into a Lease Agreement with 109 Morgan Lane, LLC (the "Landlord") (the "Lease"). The Lease terminates and replaces the prior lease between the Company and the Landlord dated May 15, 2008, as amended. The Company is leasing approximately 58,011 square feet located at 109 Morgan Lane, Plainsboro, New Jersey (the "Premises") for general office, labs (research & development and/or product development), manufacturing and warehouse purposes. The term of the Lease is 20 years from July 1, 2013 to June 30, 2033 with a 5 year renewal option. The rent for the Premises is $585.9 thousand per year, with monthly rent payments of $48.8 thousand. Additional payments are also required to be made by the Company to the Landlord consisting of $290.1 thousand per year, with monthly payments of $24.2 thousand for taxes and operating expenses as well as other charges. In addition, pursuant to the Lease, the Landlord agreed to pay the Company (i) $40.0 thousand of the total cost to replace the existing roof on the building and (ii) $100.0 thousand of the total cost to replace all of the existing windows in the building. |
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BUSINESS ACQUISITIONS (Tables) (Tarsus Medical, Inc.)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Tarsus Medical, Inc.
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Schedule of Purchase Price Allocation | The following summarizes the final allocation of the purchase price based on fair value of the assets acquired and liabilities assumed:
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INVENTORIES (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventory, Net | Inventories, net consisted of the following:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2013 were as follows:
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Components Of Company's Identifiable Intangible Assets | The components of the Company’s identifiable intangible assets were as follows:
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Schedule Of Definite And Indefinite Lived Intangible Assets [Table Text Block] No definition available.
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DEBT (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Interest Expense | The interest expense components of the Company’s convertible notes are as follows:
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Components Of Interest Expense [Table Text Block] No definition available.
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DERIVATIVE INSTRUMENTS (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Fair Value In Balance Sheet For Derivatives Designated As Hedging Instruments | The following table summarizes the fair value and presentation in the condensed consolidated balance sheets for derivatives designated as hedging instruments as of June 30, 2013 and December 31, 2012:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect Of Derivative Instruments Designated As Cash Flow Hedges On Statements Of Operations | The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying consolidated statements of operations during the three and six months ended June 30, 2013 and 2012:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
RETIREMENT BENEFIT PLANS (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Costs For Defined Benefit Pension Plans | Net periodic benefit costs for the Company’s defined benefit pension plans included the following amounts:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a summary of the Company’s effective tax rate:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NET INCOME PER SHARE (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic And Diluted Net Income Per Share | Basic and diluted net income per share was as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
COMPREHENSIVE (LOSS) INCOME (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive (Loss) Income | Comprehensive (loss) income was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by component between December 31, 2012 and June 30, 2013 are presented in the table below, net of tax:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The reclassification adjustments out of Accumulated Other Comprehensive (Loss) Income during the three and six months ended June 30, 2013 were as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Sales And Operating Income By Reportable Segment | Net sales and profit by reportable segment for the three and six months ended June 30, 2013 and 2012 and three months ended March 31, 2013 and 2012 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues By Market Category | Revenue by major product category consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue By Major Geographic Area | Total revenue by major geographic area consisted of the following:
|
X | ||||||||||
- Definition
Schedule Of Net Sales And Operating Income By Reportable Segment [Table Text Block] No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
BUSINESS ACQUISITIONS (Additional Information) (Details) (Tarsus Medical, Inc., USD $)
|
0 Months Ended |
---|---|
Jan. 24, 2013
|
|
Business Acquisition [Line Items] | |
Business combination, consideration transferred | $ 4,665,000 |
Payments to acquire business net of cash acquired | 2,800,000 |
Business combination, contingent consideration, liability | 1,600,000 |
Cash Consideration One
|
|
Business Acquisition [Line Items] | |
Business combination, contingent consideration arrangements, range of outcomes, value, low | 1,500,000 |
Fair value inputs, discount rate | 4.30% |
Cash Consideration Two
|
|
Business Acquisition [Line Items] | |
Business acquisition, additional cash consideration payable upon completion of milestones | $ 11,500,000 |
Fair value inputs, discount rate | 16.50% |
X | ||||||||||
- Definition
Payments To Acquire Business Net Of Cash Acquired No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
BUSINESS ACQUISITIONS (Schedule of Purchase Price Allocation) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jan. 24, 2013
Tarsus Medical, Inc.
|
Jun. 30, 2013
Tarsus Medical, Inc.
Completed Technology
Minimum
|
Jun. 30, 2013
Tarsus Medical, Inc.
Completed Technology
Maximum
|
|
Business Acquisition [Line Items] | |||||
Cash | $ 85 | ||||
Prepaid expenses | 13 | ||||
Technology | 5,040 | ||||
In-process research and development | 340 | ||||
Deferred tax asset - long term | 1,334 | ||||
Goodwill | 292,881 | 294,067 | 116 | ||
Total assets acquired | 6,928 | ||||
Accounts payable and other liabilities | 111 | ||||
Deferred tax liability | 2,152 | ||||
Net assets acquired | $ 4,665 | ||||
Weighted average useful life | 10 years | 14 years |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INVENTORIES (Inventory, Net) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Inventory, Net [Abstract] | ||
Finished goods | $ 118,464 | $ 102,401 |
Work-in process | 44,771 | 39,944 |
Raw materials | 32,222 | 29,461 |
Inventories, net | $ 195,457 | $ 171,806 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INVENTORIES Inventory Narrative (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
---|---|
Inventory Disclosure [Abstract] | |
Inventory, medical device tax | $ 4.6 |
X | ||||||||||
- Definition
Medical Device Tax capitalized into inventory No definition available.
|
X | ||||||||||
- Details
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 292,881,000 | $ 294,067,000 |
Annual amortization expense expected to approximate in 2013 | 19,400,000 | |
Annual amortization expense expected to approximate in 2014 | 18,400,000 | |
Annual amortization expense expected to approximate in 2015 | 16,600,000 | |
Annual amortization expense expected to approximate in 2016 | 14,300,000 | |
Annual amortization expense expected to approximate in 2017 | $ 12,500,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Changes in Carrying Amount of Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Tarsus Medical, Inc.
|
Jan. 24, 2013
Tarsus Medical, Inc.
|
Jun. 30, 2013
U.S. Neurosurgery
|
Dec. 31, 2012
U.S. Neurosurgery
|
Jun. 30, 2013
U.S. Instruments
|
Dec. 31, 2012
U.S. Instruments
|
Jun. 30, 2013
U.S. Extremities
|
Dec. 31, 2012
U.S. Extremities
|
Jun. 30, 2013
U.S. Extremities
Tarsus Medical, Inc.
|
Jun. 30, 2013
U.S. Spine And Other
|
Dec. 31, 2012
U.S. Spine And Other
|
Jun. 30, 2013
International
|
Dec. 31, 2012
International
|
|
Goodwill [Line Items] | |||||||||||||||
Goodwill, gross | $ 294,067 | $ 94,312 | $ 57,514 | $ 60,353 | $ 56,219 | $ 25,669 | |||||||||
Accumulated impairment losses | |||||||||||||||
Goodwill [Roll Forward] | |||||||||||||||
Beginning period, December 31, 2012 | 294,067 | 116 | 94,312 | 57,514 | 60,353 | 56,219 | 25,669 | ||||||||
Goodwill acquired during period | 116 | 116 | |||||||||||||
Foreign currency translation | (1,302) | (417) | (255) | (267) | (249) | (114) | |||||||||
Ending period, June 30, 2013 | $ 292,881 | $ 116 | $ 93,895 | $ 57,259 | $ 60,202 | $ 55,970 | $ 25,555 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Components of Company's Identifiable Intangible Assets) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Cost | $ 348,402 | $ 344,913 | ||||
Accumulated Amortization | (141,518) | (132,646) | ||||
Net | 206,884 | 212,267 | ||||
Completed technology
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Life | 12 years | 12 years | ||||
Cost | 80,456 | 75,692 | ||||
Accumulated Amortization | (41,496) | (38,402) | ||||
Net | 38,960 | 37,290 | ||||
Customer relationships
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Life | 12 years | 12 years | ||||
Cost | 146,333 | 147,690 | ||||
Accumulated Amortization | (74,633) | (70,005) | ||||
Net | 71,700 | 77,685 | ||||
Trademarks/brand names
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Life | 31 years | 31 years | ||||
Cost | 33,578 | 33,807 | ||||
Accumulated Amortization | (15,164) | (15,034) | ||||
Net | 18,414 | 18,773 | ||||
Trademarks/brand names indefinite
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Cost | 48,484 | 48,484 | ||||
Accumulated Amortization | 0 | 0 | ||||
Net | 48,484 | 48,484 | ||||
Supplier relationships
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Life | 27 years | 27 years | ||||
Cost | 34,721 | 34,721 | ||||
Accumulated Amortization | (8,561) | (7,817) | ||||
Net | 26,160 | 26,904 | ||||
All other
|
||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted Average Life | 4 years | [1] | 4 years | [1] | ||
Cost | 4,830 | [1] | 4,519 | [1] | ||
Accumulated Amortization | (1,664) | [1] | (1,388) | [1] | ||
Net | $ 3,166 | [1] | $ 3,131 | [1] | ||
|
X | ||||||||||
- Definition
Cost Of Definite And Indefinite Lived Intangible Assets Gross Excluding Goodwill. No definition available.
|
X | ||||||||||
- Definition
Definite And Indefinite Lived Intangible Assets Net Excluding Goodwill. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Components of Company's Identifiable Intangible Assets) (Parenthetical) (Details) (In-Process Research And Development, USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
In-Process Research And Development
|
||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived in-process research and development | $ 2.1 | $ 1.7 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Reporting units at risk) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Reporting Unit [Line Items] | ||
Goodwill | $ 292,881 | $ 294,067 |
U.S. Spine
|
||
Reporting Unit [Line Items] | ||
Goodwill | 46,800 | |
Private Label
|
||
Reporting Unit [Line Items] | ||
Goodwill | $ 8,900 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
DEBT (Additional Information) (Detail) (USD $)
|
6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Revolving Credit Facility
|
Dec. 31, 2012
Revolving Credit Facility
|
Jun. 30, 2013
Revolving Credit Facility
Option (ii), (x)
|
Jun. 30, 2013
Revolving Credit Facility
Option (ii), (z)
|
Jun. 30, 2013
Revolving Credit Facility
Minimum
|
Jun. 30, 2013
Revolving Credit Facility
Minimum
Option (i)
|
Jun. 30, 2013
Revolving Credit Facility
Maximum
|
Jun. 30, 2013
Revolving Credit Facility
Maximum
Option (i)
|
Jun. 30, 2013
Revolving Credit Facility
August 2010 Amendment
|
Jun. 30, 2013
Revolving Credit Facility
June 2011 Amendment
|
Jun. 30, 2013
Revolving Credit Facility
June 2011 Amendment
Minimum
|
Jun. 30, 2013
Revolving Credit Facility
June 2011 Amendment
Maximum
|
Jun. 30, 2013
Revolving Credit Facility
May 2012 Amendment
Maximum
|
Jun. 30, 2013
Revolving Credit Facility
June 2013 Amendment
|
Jun. 30, 2013
Revolving Credit Facility
June 2013 Amendment
Maximum
|
Jun. 30, 2013
Revolving Credit Facility
June 2013 Amendment
Leverage Ratio after March 31, 2015
|
Jun. 30, 2013
Revolving Credit Facility
June 2013 Amendment
Maximum Levarage Ratio July 01, 2014 through March 31.2015
|
Jun. 30, 2013
2016 Convertible Senior Notes
|
Dec. 31, 2012
2016 Convertible Senior Notes
|
Jun. 15, 2011
2016 Convertible Senior Notes
|
|
Debt Instrument [Line Items] | ||||||||||||||||||||||
Senior credit facility, maximum borrowing capacity | $ 450,000,000 | $ 600,000,000 | ||||||||||||||||||||
Reallocated term loan | 150,000,000 | |||||||||||||||||||||
Additional commitments | 200,000,000 | |||||||||||||||||||||
Line of credit facility, expiration date | Aug. 10, 2015 | Jun. 08, 2016 | ||||||||||||||||||||
Leverage ratio | 3.75 | 4.25 | 3.75 | 4.00 | ||||||||||||||||||
Debt issuance costs | 1,000,000 | |||||||||||||||||||||
Interest rates available to the Company at its option | 0.50% | 1.00% | 1.00% | 1.75% | ||||||||||||||||||
Cash balance threshold above which excess amount is not subject to any restriction of use or investment | 40,000,000 | |||||||||||||||||||||
Line of credit, commitment fee percentage | 0.15% | 0.30% | ||||||||||||||||||||
Line of credit facility outstanding | 341,900,000 | 321,900,000 | ||||||||||||||||||||
Weighted average interest rate on debt | 2.00% | 1.80% | ||||||||||||||||||||
Available borrowings under senior secured revolving credit facility | 258,100,000 | |||||||||||||||||||||
Fair value of outstanding borrowings | 335,900,000 | 230,100,000 | ||||||||||||||||||||
Principal amount outstanding | 230,000,000 | 230,000,000 | 230,000,000 | |||||||||||||||||||
Interest rate on debt | 1.625% | |||||||||||||||||||||
Portion of the debt proceeds that was classified as equity at the time of the offering | 43,200,000 | |||||||||||||||||||||
Effective interest rate implicit in the liability component | 5.60% | |||||||||||||||||||||
Carrying amount of liability | 201,375,000 | 197,672,000 | 201,400,000 | 197,700,000 | ||||||||||||||||||
Unamortized discount | 28,600,000 | 32,300,000 | ||||||||||||||||||||
Common stock based on initial conversion rate ratio (in shares) | 17.4092 | |||||||||||||||||||||
Principal amount to be considered for conversion purpose | 1,000 | |||||||||||||||||||||
Initial conversion price, per share | $ 57.44 | |||||||||||||||||||||
Maximum selling price of company's common stock | 150.00% | |||||||||||||||||||||
Principal amount of notes per average trading price | $ 1,000 | |||||||||||||||||||||
Maximum average conversion value of the Notes | 98.00% | |||||||||||||||||||||
Earliest conversion date | June 15, 2016 | |||||||||||||||||||||
Strike price of the call transaction (in dollars per share) | $ 57.44 | |||||||||||||||||||||
Strike price of warrant transactions (in dollars per share) | $ 70.05 |
X | ||||||||||
- Definition
The potential increase in the total borrowing capacity with further commitments from the lending syndicate. No definition available.
|
X | ||||||||||
- Definition
Cash Balance Threshold Above Which Excess Cash Is Not Subject to Restriction of Use No definition available.
|
X | ||||||||||
- Definition
Derivative price of the call transaction, strike price. No definition available.
|
X | ||||||||||
- Definition
The earliest conversion date if none of the other conversion criteria are met No definition available.
|
X | ||||||||||
- Definition
Excess cash which is used in the consolidated total leverage ratio, that is not subject to any restriction on the use or investment. No definition available.
|
X | ||||||||||
- Definition
The notes are convertible if the average trading price per $1000 principal amount of notes is less than or equal to this percentage of the average conversion value of the notes during a period as defined in the indenture. No definition available.
|
X | ||||||||||
- Definition
Principal amount of notes for determining if the average trading price is in excess of this percentage of the conversion value. No definition available.
|
X | ||||||||||
- Definition
Principal amount of notes for each initial conversion into common shares. No definition available.
|
X | ||||||||||
- Definition
Amount of term loan reallocated to revolving credit facility in connection with the second amendment to the agreement. No definition available.
|
X | ||||||||||
- Definition
Strike price of the warrant transactions entered into with affiliates of the initial purchasers of the Notes. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
DEBT (Components of Interest Expense) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
2016 Convertible Senior Notes
|
||||
Debt Instrument [Line Items] | ||||
Amortization of the discount on the liability component | $ 1,622 | $ 1,763 | $ 3,232 | $ 3,502 |
Cash interest related to the contractual interest coupon | 813 | 934 | 1,631 | 1,869 |
Total | 2,435 | 2,697 | 4,863 | 5,371 |
2012 Senior Convertible Notes
|
||||
Debt Instrument [Line Items] | ||||
Amortization of the discount on the liability component | 0 | 1,206 | 0 | 2,995 |
Cash interest related to the contractual interest coupon | 0 | 653 | 0 | 1,633 |
Total | $ 0 | $ 1,859 | $ 0 | $ 4,628 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
DERIVATIVE INSTRUMENTS (Additional Information) (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Derivative [Line Items] | |
Interest rate swap expiration date | August 10, 2015 |
Interest Rate Swap
|
|
Derivative [Line Items] | |
Pretax losses expected to be reclassified from AOCI in next 12 months | $ 1.7 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
DERIVATIVE INSTRUMENTS (Summary of Fair Value in Balance Sheet for Derivatives Designated Hedging Instruments) (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
||||||
---|---|---|---|---|---|---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||||
Fair value of derivative liabilities | $ 3,030 | [1] | $ 4,126 | [1] | ||||
Foreign Exchange Contract | Other current assets
|
||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||||
Fair value of derivative assets | (27) | [1] | 0 | [1] | ||||
Notional amount derivative instruments | 1,392 | [1] | ||||||
Interest Rate Swap
|
||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||||
Notional amount derivative instruments | 120,000 | 127,500 | ||||||
Interest Rate Swap | Accrued expenses and other current liabilities
|
||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||||
Fair value of derivative liabilities | 1,748 | [1],[2] | 1,888 | [1],[2] | ||||
Interest Rate Swap | Other liabilities
|
||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||||||
Fair value of derivative liabilities | $ 1,282 | [1],[2] | $ 2,238 | [1],[2] | ||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
DERIVATIVE INSTRUMENTS (Summary of Fair Value in Balance Sheet for Derivatives Designated Hedging Instruments) (Parenthetical) (Detail) (Interest Rate Swap, USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Interest Rate Swap
|
||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Notional amount derivative instruments | $ 120,000,000 | $ 127,500,000 |
Reduction in notional amount of interest rate derivatives in next twelve months | $ 15,000,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Reduction in Notional Amount of Interest Rate Derivatives in the next twelve months. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Accumulated Other Comprehensive Income Loss Cumulative Changes in Net Gain Loss from Cash Flow Hedge Effect Before Tax No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Expiration Period Directors No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
TREASURY STOCK (Additional Information) (Detail) (USD $)
|
6 Months Ended | 0 Months Ended |
---|---|---|
Jun. 30, 2013
|
Oct. 23, 2012
October 2012 Authorization
|
|
Accelerated Share Repurchases [Line Items] | ||
Stock repurchase program, authorized amount | $ 75,000,000 | |
Amount available for share repurchase under this latest authorization | $ 75,000,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
RETIREMENT BENEFIT PLANS (Additional Information) (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2011
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Reduction in projected benefit obligations | $ 0.3 | ||
Total contributions made by the Company | $ 0.4 | $ 0.4 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
RETIREMENT BENEFIT PLANS (Net Periodic Benefit Costs for Defined Benefit Pension Plans) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||
Service cost | $ 0 | $ 6 | $ 0 | $ 12 |
Interest cost | 136 | 161 | 273 | 321 |
Return on plan assets | (100) | (145) | (200) | (289) |
Net period benefit cost | $ 36 | $ 22 | $ 73 | $ 44 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Income Tax Examination [Line Items] | ||||
Reported tax rate | (14.90%) | 26.40% | 77.90% | 28.10% |
Effective tax rate estimate | 4.50% | |||
State and Local Jurisdiction
|
||||
Income Tax Examination [Line Items] | ||||
Income tax examination, increase (decrease) in liability from prior year | $ (0.8) | $ (0.8) | ||
Foreign Tax Authority
|
||||
Income Tax Examination [Line Items] | ||||
Income tax reconciliation, tax credits, research | 0.5 | |||
Income tax examination, increase (decrease) in liability from prior year | 0.3 | 0.3 | ||
Internal Revenue Service (IRS)
|
||||
Income Tax Examination [Line Items] | ||||
Income tax reconciliation, tax credits, research | $ 0.9 |
X | ||||||||||
- Definition
Integra's expectation of what the full year effective income tax rate will be. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES (Summary of Effective Tax Rate) (Detail)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Income Tax Disclosure [Abstract] | ||||
Reported tax rate | (14.90%) | 26.40% | 77.90% | 28.10% |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
NET INCOME PER SHARE (Additional Information) (Detail)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, shares outstanding (in shares) | 1.7 | 1.7 |
Stock Compensation Plan
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation as their effect would be anti-dilutive | 1.0 | 1.2 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NET INCOME PER SHARE (Basic and Diluted Net Income Per Share) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Basic net income per share: | ||||
Net income (loss) | $ 3,440 | $ 8,514 | $ (610) | $ 15,207 |
Weighted average common shares outstanding (in shares) | 27,873 | 28,419 | 27,834 | 28,382 |
Basic net income per common share (in dollars per share) | $ 0.12 | $ 0.30 | $ (0.02) | $ 0.54 |
Diluted net income per share: | ||||
Net income (loss) | $ 3,440 | $ 8,514 | $ (610) | $ 15,207 |
Weighted average common shares outstanding (in shares) | 27,873 | 28,419 | 27,834 | 28,382 |
Effect of dilutive securities: | ||||
Stock options and restricted stock (in shares) | 245 | 190 | 0 | 167 |
Weighted average common shares for diluted earnings per share (in shares) | 28,118 | 28,609 | 27,834 | 28,549 |
Diluted net income per common share (in dollars per share) | $ 0.12 | $ 0.30 | $ (0.02) | $ 0.53 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
COMPREHENSIVE (LOSS) INCOME (Schedule of Comprehensive Loss Income) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Equity [Abstract] | ||||
Net (loss) income | $ 3,440 | $ 8,514 | $ (610) | $ 15,207 |
Foreign currency translation adjustment | 1,357 | (11,005) | (5,423) | (4,158) |
Change in unrealized gain on derivatives, net of tax | 451 | (241) | 747 | (136) |
Pension liability adjustment, net of tax | 69 | 2 | 69 | (2) |
Comprehensive (loss) income | $ 5,317 | $ (2,730) | $ (5,217) | $ 10,911 |
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COMPREHENSIVE (LOSS) INCOME (Reclassification Adjustment from AOCI) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest (expense) | $ (4,965) | $ (7,103) | $ (9,765) | $ (15,032) |
Cost of goods sold | (83,068) | (78,274) | (163,336) | (152,949) |
Total before tax | 2,995 | 11,569 | (2,760) | 21,162 |
Tax (expense) or benefit | 445 | (3,055) | 2,150 | (5,955) |
Net income (loss) | 3,440 | 8,514 | (610) | 15,207 |
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges
|
||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (506) | 1,030 | ||
Tax (expense) or benefit | 218 | 443 | ||
Net income (loss) | (288) | (587) | ||
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | Interest Rate Swap
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest (expense) | (506) | (996) | ||
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Cash Flow Hedges | Foreign Currency Forwards
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 0 | $ (34) |
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SEGMENT AND GEOGRAPHIC INFORMATION (Additional Information) (Detail)
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6 Months Ended |
---|---|
Jun. 30, 2013
Segment
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Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
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SEGMENT AND GEOGRAPHIC INFORMATION (Net Sales and Profit by Reportable Segment) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | $ 205,547 | $ 196,652 | $ 210,170 | $ 196,185 | $ 402,199 | $ 406,355 |
Segment Profit | 70,851 | 62,787 | 74,480 | 71,404 | 133,638 | 145,884 |
Amortization | (3,073) | (3,551) | (4,647) | (4,720) | (6,624) | (9,367) |
Corporate and other | (59,800) | (59,280) | (51,812) | (49,217) | (119,080) | (101,029) |
Operating income | 7,978 | (44) | 18,021 | 17,467 | 7,934 | 35,488 |
U.S. Neurosurgery
|
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Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | 41,767 | 38,996 | 42,324 | 40,183 | 80,763 | 82,507 |
Segment Profit | 19,786 | 16,904 | 21,890 | 21,156 | 36,690 | 43,046 |
U.S. Instruments
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||||||
Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | 39,991 | 36,948 | 41,269 | 37,994 | 76,939 | 79,263 |
Segment Profit | 11,206 | 9,312 | 11,982 | 10,067 | 20,518 | 22,049 |
U.S. Extremities
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Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | 33,538 | 31,361 | 32,048 | 26,587 | 64,899 | 58,635 |
Segment Profit | 13,225 | 10,734 | 13,305 | 9,183 | 23,959 | 22,488 |
U.S. Spine And Other
|
||||||
Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | 42,962 | 43,548 | 48,823 | 44,810 | 86,510 | 93,633 |
Segment Profit | 12,284 | 13,183 | 13,862 | 13,533 | 25,467 | 27,395 |
International
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Revenue from External Customer [Line Items] | ||||||
Segment Net Sales | 47,289 | 45,799 | 45,706 | 46,611 | 93,088 | 92,317 |
Segment Profit | $ 14,350 | $ 12,654 | $ 13,441 | $ 17,465 | $ 27,004 | $ 30,906 |
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Segment Profit (Loss) No definition available.
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SEGMENT AND GEOGRAPHIC INFORMATION (Revenue by Major Product Category) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenue from External Customer [Line Items] | ||||||
Total Revenues | $ 205,547 | $ 196,652 | $ 210,170 | $ 196,185 | $ 402,199 | $ 406,355 |
Orthopedics
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||||||
Revenue from External Customer [Line Items] | ||||||
Total Revenues | 91,434 | 95,695 | 181,694 | 181,847 | ||
Neurosurgery
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Revenue from External Customer [Line Items] | ||||||
Total Revenues | 68,459 | 67,775 | 131,644 | 133,832 | ||
Instruments
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Revenue from External Customer [Line Items] | ||||||
Total Revenues | $ 45,654 | $ 46,700 | $ 88,861 | $ 90,676 |
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SEGMENT AND GEOGRAPHIC INFORMATION (Total Revenue by Major Geographic Area) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
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Segment Reporting Information [Line Items] | ||||||
Total Revenues | $ 205,547 | $ 196,652 | $ 210,170 | $ 196,185 | $ 402,199 | $ 406,355 |
United States
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Segment Reporting Information [Line Items] | ||||||
Total Revenues | 157,166 | 163,483 | 307,185 | 312,157 | ||
Europe
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Segment Reporting Information [Line Items] | ||||||
Total Revenues | 23,776 | 22,884 | 47,393 | 46,552 | ||
Rest of World
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Segment Reporting Information [Line Items] | ||||||
Total Revenues | $ 24,605 | $ 23,803 | $ 47,621 | $ 47,646 |
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SUBSEQUENT EVENTS (Details) (Subsequent Event, USD $)
|
0 Months Ended |
---|---|
Jul. 01, 2013
sqft
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Subsequent Event [Line Items] | |
Area of leased property | 58,011 |
Operating lease contract term | 20 years |
Operating lease renewal term | 5 years |
Roof replacement cost | $ 40,000 |
Window replacement cost | 100,000 |
One month period
|
|
Subsequent Event [Line Items] | |
Operating leases, rent expense, minimum rentals | 48,800 |
Operating leases, additional rent | 24,200 |
12 month period
|
|
Subsequent Event [Line Items] | |
Operating leases, rent expense, minimum rentals | 585,900 |
Operating leases, additional rent | $ 290,100 |
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Area of Leased Property No definition available.
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Operating leases, additional rent expense No definition available.
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Roof replacement expense No definition available.
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Window replacement cost No definition available.
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