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Document and Entity Information
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9 Months Ended | |
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Sep. 30, 2011
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Oct. 28, 2011
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| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Sep. 30, 2011 | |
| Document Fiscal Year Focus | 2011 | |
| Document Fiscal Period Focus | Q3 | |
| Trading Symbol | XRAY | |
| Entity Registrant Name | DENTSPLY INTERNATIONAL INC /DE/ | |
| Entity Central Index Key | 0000818479 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 141,556,103 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2011
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Sep. 30, 2010
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| Net sales | $ 619,759 | $ 541,815 | $ 1,799,705 | $ 1,652,845 |
| Cost of products sold | 322,111 | 269,001 | 887,222 | 810,399 |
| Gross profit | 297,648 | 272,814 | 912,483 | 842,446 |
| Selling, general and administrative expenses | 231,493 | 182,057 | 643,244 | 552,474 |
| Restructuring and other costs | 26,353 | 338 | 33,849 | 5,261 |
| Operating income | 39,802 | 90,419 | 235,390 | 284,711 |
| Other income and expenses: | ||||
| Interest expense | 16,062 | 5,999 | 27,975 | 18,406 |
| Interest income | (2,418) | (1,268) | (6,676) | (2,883) |
| Other expense (income), net | 7,182 | 585 | 8,686 | 2,252 |
| Income before income taxes | 18,976 | 85,103 | 205,405 | 266,936 |
| (Benefit) provision for income taxes | (40,627) | 21,288 | 1,042 | 67,585 |
| Equity in net income of unconsolidated affiliated company | 1,597 | 1,690 | ||
| Net income | 61,200 | 63,815 | 206,053 | 199,351 |
| Less: Net income attributable to noncontrolling interests | 603 | 162 | 2,136 | 1,470 |
| Net income attributable to DENTSPLY International | $ 60,597 | $ 63,653 | $ 203,917 | $ 197,881 |
| Earnings per common share: | ||||
| Basic | $ 0.43 | $ 0.45 | $ 1.44 | $ 1.37 |
| Diluted | $ 0.42 | $ 0.44 | $ 1.42 | $ 1.35 |
| Weighted average common shares outstanding: | ||||
| Basic | 141,349 | 142,501 | 141,337 | 144,670 |
| Diluted | 143,395 | 144,063 | 143,578 | 146,679 |
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount provided for estimated restructuring charges, remediation costs, and asset impairment loss during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Sep. 30, 2011
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Dec. 31, 2010
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|---|---|---|
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 0.25 | 0.25 |
| Preferred stock, shares issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 200.0 | 200.0 |
| Common stock, shares issued | 162.8 | 162.8 |
| Treasury stock, shares | 21.4 | 21.0 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified equity-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash outflow for derivative instruments during the period, which are classified as financing activities, excluding those designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a financial contract that meets the hedge criteria as either a cash flow hedge, fair value hedge, or hedge of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment to remove noncash portion of restructuring costs and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash paid for acquisition of noncontrolling interests of consolidated subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
Cash paid for contingent consideration on prior acquisitions. No definition available.
|
|
Consolidated Statements of Changes in Equity (USD $)
In Thousands, unless otherwise specified |
Total
|
Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Treasury Stock
|
Total DENTSPLY International Equity
|
Noncontrolling Interests
|
|---|---|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2009 | $ 1,906,958 | $ 1,628 | $ 195,495 | $ 2,083,459 | $ 83,542 | $ (532,019) | $ 1,832,105 | $ 74,853 |
| Comprehensive Income: | ||||||||
| Net income | 199,351 | 197,881 | 197,881 | 1,470 | ||||
| Other comprehensive income (loss), net of tax: | ||||||||
| Foreign currency translation adjustments | (44,947) | (41,699) | (41,699) | (3,248) | ||||
| Net loss on derivative financial instruments | (322) | (322) | (322) | |||||
| Pension liability adjustments | 299 | 299 | 299 | |||||
| Comprehensive Income | 154,381 | 156,159 | (1,778) | |||||
| Exercise of stock options | 26,932 | (8,577) | 35,509 | 26,932 | ||||
| Tax benefit from stock options exercised | 4,784 | 4,784 | 4,784 | |||||
| Share based compensation expense | 14,769 | 14,769 | 14,769 | |||||
| Funding of Employee Stock Ownership Plan | 1,341 | 209 | 1,132 | 1,341 | ||||
| Treasury shares purchased | (208,535) | (208,535) | (208,535) | |||||
| RSU distributions | (1,380) | (4,313) | 2,933 | (1,380) | ||||
| RSU dividends | 115 | (115) | ||||||
| Cash dividends ($0.15 per share) | (22,694) | (22,694) | (22,694) | |||||
| Ending Balance at Sep. 30, 2010 | 1,876,556 | 1,628 | 202,482 | 2,258,531 | 41,820 | (700,980) | 1,803,481 | 73,075 |
| Beginning Balance at Dec. 31, 2010 | 1,909,912 | 1,628 | 204,902 | 2,320,350 | 24,156 | (711,650) | 1,839,386 | 70,526 |
| Comprehensive Income: | ||||||||
| Net income | 206,053 | 203,917 | 203,917 | 2,136 | ||||
| Other comprehensive income (loss), net of tax: | ||||||||
| Foreign currency translation adjustments | (126,617) | (127,859) | (127,859) | 1,242 | ||||
| Net loss on derivative financial instruments | (30,288) | (30,288) | (30,288) | |||||
| Net unrealized holding gains on available-for-sale adjustments | (11,167) | (11,167) | (11,167) | |||||
| Pension liability adjustments | 337 | 337 | 337 | |||||
| Comprehensive Income | 38,318 | 34,940 | 3,378 | |||||
| Acquisition of noncontrolling interest | (16,431) | 22,439 | (1,862) | 20,577 | (37,008) | |||
| Exercise of stock options | 36,543 | (12,439) | 48,982 | 36,543 | ||||
| Tax benefit from stock options exercised | 6,704 | 6,704 | 6,704 | |||||
| Share based compensation expense | 15,410 | 15,410 | 15,410 | |||||
| Funding of Employee Stock Ownership Plan | 2,974 | 379 | 2,595 | 2,974 | ||||
| Treasury shares purchased | (79,500) | (79,500) | (79,500) | |||||
| Dividends paid by noncontrolling interest | (174) | (174) | ||||||
| RSU distributions | (2,157) | (5,707) | 3,550 | (2,157) | ||||
| RSU dividends | 137 | (137) | ||||||
| Cash dividends ($0.15 per share) | (21,185) | (21,185) | (21,185) | |||||
| Ending Balance at Sep. 30, 2011 | $ 1,890,414 | $ 1,628 | $ 231,825 | $ 2,502,945 | $ (146,683) | $ (736,023) | $ 1,853,692 | $ 36,722 |
| X | ||||||||||
|
- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in balance of noncontrolling interest in the subsidiary during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The after-tax amount of the change in the additional pension liability not yet recognized pursuant to FAS 87 par 37 and 38 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a reduction of other comprehensive income, before adjusting for tax effects. If in a subsequent measurement, the amount of minimum liability is eliminated or adjusted, this adjustment is offset against other comprehensive income in Accumulated Comprehensive Income. This line also includes changes in an entity's share of an equity investee's Increase or Decrease in additional pension liability not yet recognized as a net periodic pension cost. Eliminated upon adoption of FAS 158. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate value of stock issued during the period as a result of employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Stock dividend granted under RSU program. No definition available.
|
| X | ||||||||||
|
- Definition
Exercise Of Stock Options, Related Tax Benefit And Tax Effect Of Expirations No definition available.
|
|
Consolidated Statements of Changes in Equity (Parenthetical) (USD $)
|
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
| Cash dividends, per share | $ 0.15 | $ 0.15 |
| X | ||||||||||
|
- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Sep. 30, 2011
|
|||||||
| SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
The
accounting policies of the Company, as applied in the interim
consolidated financial statements presented herein are
substantially the same as presented in the Company’s Form
10-K for the year ended December 31, 2010, except as may be
indicated below:
Accounts and Notes Receivable-Trade, Net
The
Company sells dental products through a worldwide network of
distributors and directly to end users. For customers on
credit terms, the Company performs ongoing credit evaluation of
those customers' financial condition and generally does not require
collateral from them. The Company establishes allowances
for doubtful accounts for estimated losses resulting from the
inability of its customers to make required payments based on
historical averages of aged receivable balances and the
Company’s experience in collecting those balances, customer
specific circumstances, as well as changes in the economic and
political environments. The Company records a provision
for doubtful accounts, which is included in “Selling, general
and administrative expenses.”
Accounts
and notes receivables – trade, net are stated net of
allowances for doubtful accounts and trade discounts, which were
$17.8 million and $9.6 million at September 30, 2011 and December
31, 2010, respectively.
Litigation
The
Company and its subsidiaries are from time to time parties to
lawsuits arising out of their respective operations. The
Company records liabilities when a loss is probable and can be
reasonably estimated. These estimates are typically in
the form of ranges, and the Company records the liabilities at the
low point of the ranges, when no other point within the ranges are
a better estimate of the probable loss. The ranges
established by management are based on analysis made by internal
and external legal counsel who considers information known at the
time. If the Company determines a liability to be only
reasonably possible, it considers the same information to estimate
the possible exposure and discloses any material potential
liability. These loss contingencies are monitored
regularly for a change in fact or circumstance that would require
an accrual adjustment. The Company believes it has
estimated liabilities for probable losses appropriately in the
past; however, the unpredictability of litigation and court
decisions could cause a liability to be incurred in excess of
estimates. Legal costs related to these lawsuits are
expensed as incurred.
Marketable Securities
The
Company’s marketable securities consist of debt instruments
that are classified as available-for-sale in “Other
noncurrent assets, net” on the consolidated balance sheets as
the instruments mature in December 2015. The Company determined the
appropriate classification at the time of purchase and will
re-evaluate such designation as of each balance sheet date. In
addition, the Company reviews the securities each quarter for
indications of possible impairment. Once identified, the
determination of whether the impairment is temporary or
other-than-temporary requires significant judgment. The primary
factors that the Company considers in classifying the impairment
include the extent and time the fair value of each investment has
been below cost and the existence of a credit loss. If a decline in
fair value is judged other-than-temporary, the basis of the
securities is written down to fair value and the amount of the
write-down is included as a realized loss.
On
December 9, 2010, the Company invested $49.7 million in the
corporate convertible bonds of DIO Corporation (“DIO”),
which may be converted into common shares after a one year
period. The bonds are designated by the Company as
available-for-sale securities which are reported in, “Other
noncurrent assets, net,” on the consolidated balance sheets
and the changes in fair value are reported in accumulated other
comprehensive income (“AOCI”). The
convertible feature of the bond has not been bifurcated from the
underlying bond as the feature does not contain a net-settlement
feature, nor would the Company be able to achieve a hypothetical
net-settlement that would substantially place the Company in a
comparable cash settlement position. As such, the
derivative is not accounted for separately from the
bond. The cash paid by the Company is equal to the face
value of the bonds issued by DIO, and therefore, the Company has
not recorded any bond premium or discount on acquiring the
bonds. The fair value of the DIO bond was $50.2 million
and $66.0 million at September 30, 2011 and December 31, 2010,
respectively. At September 30, 2011, an unrealized
holding loss of $0.1 million on available-for-sale securities, net
of tax, had been recorded in AOCI. At December 31, 2010,
an unrealized holding gain of $11.0 million on available-for-sale
securities, net of tax, had been recorded in AOCI. The contractual
maturity of the bond is in December 2015.
Revenue Recognition
Certain
of the Company’s customers are offered cash rebates based on
targeted sales increases. Estimates of rebates are based
on the forecasted performance of the customer and their expected
level of achievement within the rebate programs. In
accounting for these rebate programs, the Company records an
accrual as a reduction of net sales as sales take place over the
period the rebate is earned. The Company revises the
accruals for these rebate programs as actual results and revised
forecasts impact the estimated achievement for customers within the
rebate programs.
Business Acquisitions
The
Company acquires businesses as well as partial interests in
businesses. Acquired businesses are accounted for using
the acquisition method of accounting which requires the Company to
record assets acquired and liabilities assumed at their respective
fair values with the excess of the purchase price over estimated
fair values recorded as goodwill. The assumptions made
in determining the fair value of acquired assets and assumed
liabilities as well as asset lives can materially impact the
results of operations.
The
Company obtains information during due diligence and through other
sources to establish respective fair values. Examples of factors
and information that the Company uses to determine the fair values
include: tangible and intangible asset evaluations and appraisals;
evaluations of existing contingencies and liabilities and product
line integration information. If the initial valuation
for an acquisition is incomplete by the end of the quarter in which
the acquisition occurred, the Company will record a provisional
estimate in the financial statements. The provisional
estimate will be finalized as soon as information becomes available
but will only occur up to one year from the acquisition
date.
New Accounting Pronouncements
In
June 2011, the Financial Accounting Standards Board
(“FASB”) amended its rules regarding the
presentation of comprehensive income. The objective of this
amendment is to improve the comparability, consistency and
transparency of financial reporting and to increase the prominence
of items reported in other comprehensive income.
Specifically, this amendment requires that all non-owner changes in
shareholders’ equity be presented either in a single
continuous statement of comprehensive income or in two separate but
consecutive statements. The new rules will become
effective during interim and annual periods beginning after
December 15, 2011. Because the standard only impacts the
display of comprehensive income and does not impact what is
included in comprehensive income, the standard will not have a
significant impact on our Consolidated Financial
Statements.
In
September 2011, the FASB issued Accounting Standards Update (ASU)
No. 2011-08, “Intangibles – Goodwill and Other (Topic
350): Testing Goodwill for Impairment” (ASU 2011-08). This
newly issued accounting standard is intended to reduce the cost and
complexity of the annual goodwill impairment test by providing
entities an option to perform a "qualitative" assessment to
determine whether further impairment testing is necessary. Under
the revised standard, an entity has the option to first assess
qualitative factors to determine whether it is necessary to perform
the current two-step impairment test. If an entity believes, as a
result of its qualitative assessment, that it is
more-likely-than-not that the fair value of a reporting unit is
less than its carrying amount, the quantitative impairment test is
required; otherwise, no further testing is required. Prior to the
issuance of the revised standard, an entity was required to perform
step one of the impairment test at least annually by calculating
and comparing the fair value of a reporting unit to its carrying
amount. Under the revised standard, if an entity determines that
step one is necessary and the fair value of the reporting unit is
less than its carrying amount, then step two of the test will
continue to be required to measure the amount of the impairment
loss, if any. These amendments do not change the current guidance
for testing other indefinite-lived intangible assets for
impairment. This ASU is effective for annual and interim goodwill
impairment tests performed for fiscal years beginning after
December 15, 2011. The adoption of this standard will not impact
the Company’s financial position or results of
operations.
Revision of Cash Flow
The
Company revised certain items in the unaudited consolidated
statement of cash flows for the nine months ended September 30,
2010 to correct an error in classification of settlements of
certain derivative instruments designated as net investment
hedges. These settlements were made during the three
months ended March 31, 2010 and were reflected incorrectly in the
consolidated statement of cash flow at that time as well as the
periods of six months ended June 30, 2010, nine months ended
September 30, 2010 and full year ended December 31,
2010. The revisions of cash flow classifications in the
unaudited consolidated statement of cash flows had no impact to the
Company’s unaudited consolidated statement of operations or
consolidated balance sheet for any of the periods noted
above. Additionally, the revisions did not impact the
Company’s previously issued disclosures about compliance with
respect to debt covenant calculations for any of the relevant
periods. The Company has concluded that the revisions
were not material to previously issued consolidated financial
statements. As a result of the incorrect classification,
the Company has made the following reclassification in the
unaudited consolidated statement of cash flows:
Revisions in Classification
Certain
revisions in classification have been made to prior year’s
data in order to conform to current year presentation.
|
| X | ||||||||||
|
- Definition
The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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STOCK COMPENSATION
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Sep. 30, 2011
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| STOCK COMPENSATION |
NOTE 2 – STOCK COMPENSATION
The
following table represents total stock based compensation expense
for non-qualified stock options, restricted stock units
(“RSU”) and the tax related benefit for the three and
nine months ended September 30, 2011 and 2010:
The
remaining unamortized compensation cost related to non-qualified
stock options is $14.3 million, which will be expensed over the
weighted average remaining vesting period of the options, or 1.6
years. The unamortized compensation cost related to RSU is $12.1
million, which will be expensed over the remaining restricted
period of the RSU, or 1.4 years.
The
following table reflects the non-qualified stock option
transactions from December 31, 2010 through September 30,
2011:
The
weighted average remaining contractual term of all outstanding
options is 6.0 years and the weighted average remaining contractual
term of exercisable options is 4.8 years.
The
following table summarizes the unvested RSU transactions from
December 31, 2010 through September 30, 2011:
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| X | ||||||||||
|
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
COMPREHENSIVE INCOME
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Sep. 30, 2011
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| COMPREHENSIVE INCOME |
NOTE 3 – COMPREHENSIVE INCOME
The
changes to balances included in AOCI, net of tax, in the
consolidated balance sheets for the three and nine months ended
September 30, 2011 and 2010 are as follows:
During
the quarter ended September 30, 2011, foreign currency translation
adjustments included currency translation losses of $256.1 million
and losses on the Company’s loans designated as hedges of net
investments of $21.9 million. During the quarter ended
September 30, 2010, foreign currency translation adjustments
included currency translation gains of $175.9 million and losses on
the Company’s loans designated as hedges of net investments
of $5.8 million. During the nine months ended September
30, 2011, foreign currency translation adjustments included
currency translation losses of $115.4 million and losses on the
Company’s loans designated as hedges of net investments of
$11.2 million. During the nine months ended September
30, 2010, foreign currency translation adjustments included
currency translation losses of $36.4 million and losses on the
Company’s loans designated as hedges of net investments of
$8.5 million. These foreign currency translation
adjustments were offset by movements on derivative financial
instruments, which are discussed in Note 10, Financial Instruments
and Derivatives.
The
balances included in AOCI, net of tax, in the consolidated balance
sheets are as follows:
The
cumulative foreign currency translation adjustments included
translation gains of $177.9 million and $294.6 million at September
30, 2011 and December 31, 2010, respectively, partially offset by
losses of $135.1 million and $124.0 million, respectively, on loans
designated as hedges of net investments. These foreign
currency translation adjustments were offset by movements on
derivatives financial instruments, which are discussed in Note 10,
Financial Instruments and Derivatives.
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| X | ||||||||||
|
- Definition
The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
EARNINGS PER COMMON SHARE
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Sep. 30, 2011
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| EARNINGS PER COMMON SHARE |
NOTE 4 - EARNINGS PER COMMON SHARE
The
dilutive effect of outstanding options and restricted stock is
reflected in diluted earnings per share by application of the
treasury stock method. The following table sets forth the
computation of basic and diluted earnings per common share for the
three and nine months ended September 30, 2011 and
2010:
Options
to purchase 3.2 million and 3.5 million shares of common stock that
were outstanding during the three and nine months ended September
30, 2011, were not included in the computation of diluted earnings
per share since the options’ exercise prices were greater
than the average market price of the common shares and, therefore,
the effect would be antidilutive. There were 4.3 million
and 3.3 million antidilutive shares of common stock outstanding
during the three and nine months ended September 30, 2010,
respectively.
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| X | ||||||||||
|
- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
BUSINESS ACQUISITIONS
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|
Sep. 30, 2011
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| BUSINESS ACQUISITIONS |
NOTE 5 – BUSINESS ACQUISITIONS
The
acquisition related activity for the nine months ended September
30, 2011 of $1.8 billion, net of cash acquired of $23.4 million,
was related to six acquisitions and two earn-out payments for
acquisitions completed during or prior to 2010.
On
August 31, 2011, the Company acquired 100% of the outstanding
common shares of Astra Tech using the available cash on hand and
debt financing discussed in Note 13, Financing
Arrangements. Astra Tech is a leading developer,
manufacturer and marketer of dental implants, customized implant
abutments and consumable medical devices in the urology and surgery
market segments.
This
transaction strengthens the Company’s leadership position in
the global dental market as well as provides additional growth
opportunities within the broader medical devices
category.
The
Astra Tech acquisition was recorded in accordance with the business
combinations provisions of US GAAP. The Company has
preliminarily valued tangible and identifiable intangible assets
acquired based on their estimated fair values. The
Company is in the process of completing the valuation of
identifiable assets acquired and liabilities assumed and,
therefore, the fair values set forth below are subject to
adjustment upon finalizing the valuations. In addition, completion
of the valuation may impact the assessment of the net deferred tax
liability currently recognized with any adjustment resulting in a
corresponding change to goodwill. The amount of these potential
adjustments could be significant.
The
following table summarizes the preliminary fair value of
identifiable assets and liabilities assumed at the date of the
Astra Tech acquisition:
Other
current assets consist primarily of trade accounts receivable of
$114.6 million. Current liabilities assumed are
primarily comprised of accrued and other current liabilities of
$71.9 million and trade accounts payable of
$26.2 million. Long-term liabilities assumed are
primarily comprised of noncurrent deferred tax liabilities of
$226.0 million and pension obligations of $27.4
million.
Inventory
held by Astra Tech includes a fair value adjustment of $33.8
million. The Company expects to expense this amount by
October 31, 2011 as the acquired inventory is
sold. During the third quarter the Company expensed
$16.3 million of the inventory fair value adjustment.
Property,
plant and equipment includes a fair value adjustment of $36.5
million and consist of land, buildings, plant and
equipment. Depreciable lives range 40 years for
buildings and from 5 to 15 years for plant and
equipment.
The
fair values assigned to intangible assets were determined through
the use of the income approach, specifically the relief from
royalty method and the multi-period excess earnings method. Both
valuation methods rely on management’s judgments, including
expected future cash flows resulting from existing customer
relationships, customer attrition rates, contributory effects of
other assets utilized in the business, peer group cost of capital
and royalty rates as well as other factors. The valuation of
tangible assets was derived using a combination of the income
approach, the market approach and the cost approach. Significant
judgments used in valuing tangible assets include estimated
reproduction or replacement cost, useful lives of assets, estimated
selling prices, costs to complete and reasonable
profit.
Useful
lives for intangible assets were determined based upon the
remaining useful economic lives of the intangible assets that are
expected to contribute to future cash flows. The
acquired intangible assets are being amortized on a straight-line
basis over their expected useful lives.
Intangible
assets acquired consist of the following:
The
$954.9 million of goodwill is attributable to the excess of the
purchase price over the fair value of the net tangible and
intangible assets acquired and liabilities assumed. The goodwill
recognized is primarily attributable to cost savings and other
synergies that the Company expects to realize through operational
efficiencies. All of the goodwill has been assigned to
the Company's Canada/Latin America/Endodontics/Orthodontics/Astra
Tech segment and is not expected to be deductible for tax
purposes.
Astra
Tech contributed net sales of $50.9 million and an operating
loss of $12.2 million to the Company's consolidated statements
of operations during the period from September 1, 2011 to September
30, 2011 and is included in the Canada/Latin
America/Endodontics/Orthodontics/Astra Tech segment.
The
following unaudited pro forma financial information reflects the
consolidated results of operations of the Company had the Astra
Tech acquisition occurred on January 1, 2010. These
amounts were calculated after conversion to US GAAP, applying the
Company’s accounting policies and adjusting Astra
Tech’s results to reflect the additional depreciation and
amortization that would have been charged assuming the fair value
adjustments to property, plant and equipment, inventory and
intangible assets had been applied from January 1, 2010, together
with the consequential tax effects at the statutory
rate. These adjustments also reflect the additional
interest expense incurred on the debt to finance the
acquisition.
The
pro forma financial information is based on the Company's
preliminary assignment of purchase price and therefore subject to
adjustment upon finalizing the purchase price assignment. The Astra
Tech financial information has been compiled in a manner consistent
with the accounting policies adopted by DENTSPLY. Pro forma results
do not include any anticipated synergies or other anticipated
benefits of the acquisition. Accordingly, the unaudited pro forma
financial information is not necessarily indicative of either
future results of operations or results that might have been
achieved had the acquisition occurred on January 1,
2010. While the Company completed other transactions
during the pro forma periods presented above, these transactions
were immaterial to the Company’s net sales and net income
attributable to DENTSPLY.
The
Company had additional acquisition related activity for the nine
months ended September 30, 2011 of $38.3 million, net of cash
acquired. The activity was related to five acquisitions and two
earn-out payments for acquisitions completed during or prior to
2010.
The
results of operations for these businesses have been included in
the accompanying financial statements as of the effective date of
the respective transactions. The purchase prices have been assigned
on the basis of preliminary estimates of the fair values of assets
acquired and liabilities assumed. At September 30, 2011,
the Company has recorded a total of $9.7 million in goodwill
related to the difference between the fair value of assets acquired
and liabilities assumed and the consideration given. The goodwill
is primarily associated with the Canada/Latin
America/Endodontics/Orthodontics/Astra Tech segment.
For
the three and nine months ended September 30, 2011, in connection
with pending or completed acquisitions, the Company has incurred
$19.7 million and $26.0 million, respectively, of transaction
related costs, primarily banking fees and amounts paid to third
party advisers.
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| X | ||||||||||
|
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SEGMENT INFORMATION
|
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|
Sep. 30, 2011
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| SEGMENT INFORMATION |
NOTE 6 - SEGMENT INFORMATION
The
Company has numerous operating businesses covering a wide range of
products and geographic regions, primarily serving the professional
dental market. Professional dental products represented
approximately 93% and 97% of sales for the three months ended
September 30, 2011 and 2010, respectively, and 95% and 97% of sales
for the nine months ended September 30, 2011 and 2010,
respectively.
The
operating businesses are combined into operating groups, which have
overlapping product offerings, geographical presence, customer
bases, distribution channels, and regulatory oversight. These
operating groups are considered the Company’s reportable
segments as the Company’s chief operating decision-maker
regularly reviews financial results at the operating group level
and uses this information to manage the Company’s operations.
The accounting policies of the groups are consistent with those
described in the Company’s most recently filed Form 10-K in
the summary of significant accounting policies. The
Company measures segment income for reporting purposes as operating
income before restructuring and other costs, interest expense,
interest income, other income and expenses and income
taxes.
United States, Germany and Certain Other European Regions
Consumable Businesses
This
business group includes responsibility for the design,
manufacturing, sales and distribution of certain small equipment
and chairside consumable products in the United States, Germany and
certain other European regions. It also has
responsibility for the sales and distribution of certain Endodontic
products in Germany.
France, United Kingdom, Italy and Certain Other European Countries,
CIS, Middle East, Africa, Pacific Rim Businesses
This
business group includes responsibility for the sales and
distribution for certain small equipment, chairside consumable
products, certain laboratory products and certain Endodontic
products in France, United Kingdom, Italy, the Commonwealth of
Independent States (“CIS”), Middle East, Africa, Asia
(excluding Japan), Japan and Australia, as well as the sale and
distribution of implant products and bone substitute/grafting
materials in France, Italy, Asia and Australia. This business group
also includes the responsibility for sales and distribution for
certain laboratory products, implants products and bone
substitution/grafting materials for Austria. It also is
responsible for sales and distribution of certain small equipment
and chairside consumable products, certain laboratory products,
implant products and bone substation/grafting materials in certain
other European countries. In addition this business
group also includes the manufacturing and sale of Orthodontic
products and certain laboratory products in Japan, and the
manufacturing of certain laboratory and certain Endodontic products
in Asia.
Canada/Latin America/Endodontics/Orthodontics/Astra
Tech
This
business group includes responsibility for the design, manufacture,
and/or sales and distribution of certain small equipment, chairside
consumable products, certain laboratory products and Endodontic
products in Brazil. It also has responsibility for the
sales and distribution of most of the Company’s dental
products sold in Latin America and Canada. This business group also
includes the responsibility for the design and manufacturing of
Endodontic products in the United States, Switzerland and Germany
and is responsible for the sales and distribution of the
Company’s Endodontic products in the United States, Canada,
Switzerland, Benelux, Scandinavia, Austria, Latin America and
Eastern Europe, and for certain Endodontic products in
Germany. This business group is also responsible for the
world-wide sales and distribution, excluding Japan, as well as some
manufacturing of the Company’s Orthodontic products. In
addition, this business group is also responsible for sales and
distribution in the United States of implant and bone
substitute/grafting materials, sales and distribution of implants
in Brazil, sales of dental lasers and the manufacture and sale of
certain products in the Company’s non-dental
business.
This
business group includes the Astra Tech business which was acquired
on August 31, 2011, see Note 5, Business
Acquisitions. Astra Tech designs, manufactures and
markets dental implants, customized implant abutments, hydrophilic
intermittent catheters and certain surgical products.
Dental Laboratory Business/Implants/Non-Dental
This
business group includes the responsibility for the design,
manufacture, sales and distribution of most laboratory products,
excluding certain countries mentioned previously, and the design,
manufacture, and/or sales and distribution of the Company’s
dental implant products and bone substitute/grafting materials,
excluding sales and distribution of implants and bone
substitute/grafting materials in the United States; France, Italy,
Austria, and certain other Eastern European countries; and
Australia. This business group is also responsible for
most of the Company’s non-dental business.
Significant
interdependencies exist among the Company’s operations in
certain geographic areas. Inter-group sales are at prices intended
to provide a reasonable profit to the manufacturing unit after
recovery of all manufacturing costs and to provide a reasonable
profit for purchasing locations after coverage of marketing and
general and administrative costs.
Generally,
the Company evaluates performance of the operating groups based on
the groups’ operating income, excluding restructuring and
other costs, and net third party sales, excluding precious metal
content.
The
following tables set forth information about the Company’s
operating groups for the three and nine months ended September 30,
2011 and 2010:
Third Party Net Sales
(a)
Includes amounts recorded at Corporate headquarters
Third Party Net Sales, Excluding Precious Metal
Content
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