Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'IMATION CORP. | ' |
Entity Central Index Key | '0001014111 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 41,995,983 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' |
Net revenue | $178.90 | $224.40 |
Cost of goods sold | 145.2 | 182.3 |
Gross profit | 33.7 | 42.1 |
Operating expenses: | ' | ' |
Selling, general and administrative | 43.4 | 49.3 |
Research and development | 4.3 | 5.4 |
Restructuring and other | 2.1 | 2.1 |
Total | 49.8 | 56.8 |
Operating loss from continuing operations | -16.1 | -14.7 |
Other (income) expense | ' | ' |
Interest income | -0.1 | 0 |
Interest expense | 0.6 | 0.7 |
Other, net expense (income) | 0.2 | -0.2 |
Total | 0.7 | 0.5 |
Loss from continuing operations before income taxes | -16.8 | -15.2 |
Income tax provision | 0 | 0.4 |
Loss from continuing operations | -16.8 | -15.6 |
Discontinued operations: | ' | ' |
Loss on sale of discontinued businesses, net of income taxes | -0.5 | 0 |
Loss from operations of discontinued businesses, net of income taxes | -0.2 | -5.5 |
Loss from discontinued operations, net of income taxes | -0.7 | -5.5 |
Net loss | ($17.50) | ($21.10) |
Loss per common share — basic: | ' | ' |
Continuing operations (in dollars per share) | ($0.41) | ($0.39) |
Discontinued operations (in dollars per share) | ($0.02) | ($0.14) |
Net loss - basic (in dollars per share) | ($0.43) | ($0.52) |
Loss per common share — diluted: | ' | ' |
Continuing operations (in dollars per share) | ($0.41) | ($0.39) |
Discontinued operations (in dollars per share) | ($0.02) | ($0.14) |
Net loss - diluted (dollars per share) | ($0.43) | ($0.52) |
Weighted average shares outstanding - basic (in shares) | 40.8 | 40.4 |
Weighted average shares outstanding - diluted (in shares) | 40.8 | 40.4 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' |
Net loss | ($17.50) | ($21.10) |
Net unrealized (losses) gains on derivative financial instruments: | ' | ' |
Net holding (losses) gains arising during the period | -0.9 | 2.8 |
Reclassification adjustment for net realized gains included in net loss | -0.3 | -1.3 |
Total net unrealized (losses) gains on derivative financial instruments | -1.2 | 1.5 |
Adjustments for defined benefit plans | -0.1 | 0.4 |
Unrealized foreign currency translation losses | -3.5 | -4.2 |
Total other comprehensive loss, net of tax | -4.8 | -2.3 |
Comprehensive loss | ($22.30) | ($23.40) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $126.20 | $132.60 |
Accounts receivable, net | 130.8 | 163.3 |
Inventories | 92.6 | 84.3 |
Other current assets | 43 | 48.8 |
Total current assets | 392.6 | 429 |
Property, plant and equipment, net | 50.2 | 51.6 |
Intangible assets, net | 65.8 | 68.6 |
Goodwill | 72 | 72.1 |
Other assets | 21 | 20.5 |
Total assets | 601.6 | 641.8 |
Current liabilities | ' | ' |
Accounts payable | 91.7 | 94.7 |
Short-term debt | 19.8 | 20 |
Other current liabilities | 99.6 | 116.4 |
Total current liabilities | 211.1 | 231.1 |
Other liabilities | 37.2 | 37.5 |
Total liabilities | 248.3 | 268.6 |
Commitments and contingencies (Note 15) | ' | ' |
Shareholders’ equity | 353.3 | 373.2 |
Total liabilities and shareholders’ equity | $601.60 | $641.80 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($17.50) | ($21.10) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 5.5 | 6.4 |
Stock-based compensation | 1.6 | 1.8 |
Other, net | 0.1 | 1.1 |
Changes in operating assets and liabilities | 4.8 | 2.8 |
Net cash used in operating activities | -5.5 | -9 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -1 | -1.4 |
Proceeds from purchase price adjustment | 0 | 1.6 |
Proceeds from sale of disposal group | 0.3 | 0 |
Net cash (used in) provided by investing activities | -0.7 | 0.2 |
Cash Flows from Financing Activities: | ' | ' |
Exercise of stock options | 0.2 | 0 |
Short-term debt repayment | -20 | 0 |
Short-term borrowings | 19.6 | 0 |
Contingent consideration payments | 0 | -0.5 |
Net cash used in financing activities | -0.2 | -0.5 |
Effect of exchange rate changes on cash and cash equivalents | 0 | -1.2 |
Net change in cash and cash equivalents | -6.4 | -10.5 |
Cash and cash equivalents — beginning of period | 132.6 | 108.7 |
Cash and cash equivalents — end of period | $126.20 | $98.20 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The interim Condensed Consolidated Financial Statements of Imation Corp. ("Imation," "the Company," "we," "us" or "our") are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. The results of operations for any interim period are not necessarily indicative of full year results. The Condensed Consolidated Financial Statements and Notes are presented in accordance with the requirements for Quarterly Reports on Form 10-Q and do not contain certain information included in our annual Consolidated Financial Statements and Notes. | |
The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses for the reporting periods. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. | |
The December 31, 2013 Condensed Consolidated Balance Sheet data was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP. This Form 10-Q should be read in conjunction with our Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The operating results of our former XtremeMacTM and MemorexTM consumer electronics businesses are presented in our Condensed Consolidated Statements of Operations as discontinued operations for all periods presented. See Note 4 - Acquisitions and Divestitures for further information on these divestitures. |
Recently_Issued_or_Adopted_Acc
Recently Issued or Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements | |
Management has assessed the potential impact of accounting standards that have been issued but are not yet effective and has determined that no such standards are expected to have a material impact to our Condensed Consolidated Financial Statements. |
Loss_Earnings_per_Common_Share
(Loss) Earnings per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
(Loss) Earnings per Common Share | ' | ||||||||
(Loss) Earnings per Common Share | |||||||||
Basic (loss) earnings per common share is calculated using the weighted average number of shares outstanding for the period. Diluted (loss) earnings per common share is computed on the basis of the weighted average shares outstanding plus the dilutive effect of our stock-based compensation plans using the “treasury stock” method. Unvested restricted stock and treasury shares are excluded from the calculation of basic weighted average number of common shares outstanding. Once restricted stock vests, it is included in our common shares outstanding. | |||||||||
Potential common shares are excluded from the computation of diluted (loss) earnings per common share when the effect would be anti-dilutive. Stock options are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company's common stock for the period. All potential common shares are anti-dilutive in periods of net loss available to common shareholders. | |||||||||
The following table sets forth the computation of the weighted average basic and diluted (loss) earnings per share: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions, except for per share amounts) | 2014 | 2013 | |||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (16.8 | ) | $ | (15.6 | ) | |||
Loss from discontinued operations, net of income taxes | (0.7 | ) | (5.5 | ) | |||||
Net loss | $ | (17.5 | ) | $ | (21.1 | ) | |||
Denominator: | |||||||||
Weighted average number of common shares outstanding during the period - basic | 40.8 | 40.4 | |||||||
Dilutive effect of stock-based compensation plans | — | — | |||||||
Weighted average number of diluted shares outstanding during the period - diluted | 40.8 | 40.4 | |||||||
Loss per common share — basic | |||||||||
Continuing operations | $ | (0.41 | ) | $ | (0.39 | ) | |||
Discontinued operations | (0.02 | ) | (0.14 | ) | |||||
Net loss | (0.43 | ) | (0.52 | ) | |||||
Loss per common share — diluted | |||||||||
Continuing operations | $ | (0.41 | ) | $ | (0.39 | ) | |||
Discontinued operations | (0.02 | ) | (0.14 | ) | |||||
Net loss | (0.43 | ) | (0.52 | ) | |||||
Anti-dilutive shares excluded from calculation | 4.3 | 6.5 | |||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions and Divestitures | ' | ||||||||
Acquisitions and Divestitures | |||||||||
Discontinued Operations | |||||||||
On January 31, 2014 we completed the sale of our XtremeMac consumer electronics business for $3.1 million of total consideration consisting of a down payment of $0.3 million and two separate notes receivable from the purchaser payable over 2014 and 2015. The sale of this business resulted in a loss of $0.5 million which was recorded in discontinued operations for the three months ended March 31, 2014. | |||||||||
On October 15, 2013 we completed the sale of the Memorex consumer electronics business for $9.3 million of total consideration consisting of two separate notes receivable from the purchaser. We received a payment on the first note receivable of $0.9 million during the fourth quarter of 2013. The remaining notes receivable balances are recorded at their estimated fair value totaling $7.1 million of which $3.1 million is due during the next twelve months. | |||||||||
These divestitures are part of the acceleration of our strategic transformation that we announced during the fourth quarter of 2012. The operating results for the businesses sold are presented in our Condensed Consolidated Statements of Operations as discontinued operations for all periods presented and reflect revenues and expenses that are directly attributable to these businesses that have been eliminated from ongoing operations. The consumer storage business under the Memorex and TDK Life on RecordTM brands and the consumer electronics business under the TDK Life on Record brand have been retained. | |||||||||
The key components of discontinued operations were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Net revenue | $ | 0.5 | $ | 11.2 | |||||
Loss on sale of discontinued businesses, before income taxes | (0.5 | ) | — | ||||||
Loss from operations of discontinued businesses, before income taxes | (0.2 | ) | (5.5 | ) | |||||
Income tax provision (benefit) | — | — | |||||||
Loss from discontinued operations, net of income taxes | $ | (0.7 | ) | $ | (5.5 | ) |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Balance Sheet Information [Abstract] | ' | ||||||||
Supplemental Balance Sheet Information | ' | ||||||||
Supplemental Balance Sheet Information | |||||||||
Additional supplemental balance sheet information is provided in the tables that follow. | |||||||||
March 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Accounts Receivable | |||||||||
Accounts receivable | $ | 141.4 | $ | 177.8 | |||||
Less reserves and allowances1 | (10.6 | ) | (14.5 | ) | |||||
Accounts receivable, net | $ | 130.8 | $ | 163.3 | |||||
Inventories | |||||||||
Finished goods | $ | 81.8 | $ | 76.3 | |||||
Work in process | 3.4 | 2.9 | |||||||
Raw materials and supplies | 7.4 | 5.1 | |||||||
Total inventories | $ | 92.6 | $ | 84.3 | |||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment | $ | 201.4 | $ | 201.7 | |||||
Less accumulated depreciation | (151.2 | ) | (150.1 | ) | |||||
Property, plant and equipment, net | $ | 50.2 | $ | 51.6 | |||||
1Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. | |||||||||
Other current liabilities (included as a separate line in our Condensed Consolidated Balance Sheets) includes rebates payable of $27.9 million and $33.2 million at March 31, 2014 and December 31, 2013, respectively. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||||||||||
Intangible Assets and Goodwill | |||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||
The components of our amortizable intangible assets were as follows: | |||||||||||||||||||||
(In millions) | Trade Names | Software | Customer Relationships | Other | Total | ||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Gross carrying amount | $ | 34.3 | $ | 59 | $ | 20.3 | $ | 26.3 | $ | 139.9 | |||||||||||
Accumulated amortization | (10.3 | ) | (54.1 | ) | (2.5 | ) | (7.2 | ) | (74.1 | ) | |||||||||||
Intangible assets, net | $ | 24 | $ | 4.9 | $ | 17.8 | $ | 19.1 | $ | 65.8 | |||||||||||
December 31, 2013 | |||||||||||||||||||||
Gross carrying amount | $ | 34.3 | $ | 58.5 | $ | 20.4 | $ | 26.3 | $ | 139.5 | |||||||||||
Accumulated amortization | (9.2 | ) | (53.3 | ) | (2.1 | ) | (6.3 | ) | (70.9 | ) | |||||||||||
Intangible assets, net | $ | 25.1 | $ | 5.2 | $ | 18.3 | $ | 20 | $ | 68.6 | |||||||||||
Other intangible assets, net as of March 31, 2014 consists primarily of $15.6 million of developed technology. | |||||||||||||||||||||
Amortization expense for intangible assets consisted of the following: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||
Amortization expense | $ | 3.2 | $ | 3.6 | |||||||||||||||||
Based on the intangible assets in service as of March 31, 2014, estimated amortization expense for the remainder of 2014 and each of the next five years is as follows: | |||||||||||||||||||||
(In millions) | 2014 (Remainder) | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Amortization expense | $ | 9.4 | $ | 11.9 | $ | 8.5 | $ | 7.7 | $ | 6.3 | |||||||||||
Goodwill | |||||||||||||||||||||
We test the carrying amount of a reporting unit's goodwill for impairment on an annual basis during the fourth quarter of each year and during an interim period if an event occurs or circumstances change that would warrant impairment testing. | |||||||||||||||||||||
For our Storage Solutions reporting unit, our actual results for the three months ended March 31, 2014 were lower than originally planned as revenues that we had expected late in the first quarter did not materialize. We determined this to be a triggering event requiring us to review our goodwill for impairment as of March 31, 2014. For the impairment test, the estimated fair value of the reporting unit exceeded the carrying value in Step 1 of the impairment test by 24.7 percent, resulting in no impairment as of March 31, 2014. This excess of estimated fair value over carrying value is a decrease of 1.0 percentage point from the 25.7 percent excess that resulted in the test performed during the fourth quarter of 2013. In determining the estimated fair value of the reporting unit, we used the income approach, a valuation technique under which we estimate future cash flows using the reporting unit's financial forecasts and the market approach, a valuation technique that provides an estimate of the value of the reporting unit based on a comparison to other similar businesses. | |||||||||||||||||||||
We used forecasted cash flows over a ten year period, a terminal growth rate of 3.0 percent and a discount rate of 13.5 percent. The discount rate reflects the relative risk of achieving cash flows as well as any other specific risks or factors related to the Storage Solutions reporting unit. We calculated the impact of a potential change in our assumptions to determine the impact on the results of the impairment test. Holding all other assumptions constant, an unfavorable change in various components of our projected cash flows of 3.0 percent or less would potentially result in an indication of impairment. Additionally, a decrease in the residual growth rate of less than 2.0 basis points and an increase in the discount rate of less than 1.0 basis point would potentially result in an indication of impairment. | |||||||||||||||||||||
In reviewing the outlook for this reporting unit, although the first quarter 2014 results were lower than expected, we presently believe our longer-term forecast for our Storage Solutions reporting unit generally has not changed. We believe that the lower than expected results for the first quarter of 2014 are due to certain temporal factors including delays in hiring of sales force personnel, delays in purchasing from some of our larger customers and continued impacts from reductions in government spending. We continue to believe significant growth in our storage solutions revenues will occur and we are investing to facilitate this growth with hiring of sales personnel, introducing new products and promoting the Nexsan brand globally. While our current projections support no impairment of this reporting unit as of March 31, 2014, given that our first quarter 2014 results fell below expectations and the sensitivities to the assumptions used in the calculation of the estimated cash flows, it is reasonably possible that an impairment could be incurred in the future. We will continue to closely monitor our results and expected cash flows in the future to assess whether a goodwill impairment in our Storage Solutions reporting unit may be necessary. The Storage Solutions reporting unit contains $64.1 million of goodwill as of March 31, 2014. |
Restructuring_and_Other_Expens
Restructuring and Other Expense | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring and Other Expense | ' | ||||||||||||||||
Restructuring and Other Expense | |||||||||||||||||
The components of our restructuring and other expense included in the Condensed Consolidated Statements of Operations were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||
Restructuring | |||||||||||||||||
Severance and related | $ | 0.4 | $ | 0.6 | |||||||||||||
Lease termination costs | 0.1 | 0.1 | |||||||||||||||
Other | 0.1 | 0.8 | |||||||||||||||
Total restructuring | $ | 0.6 | $ | 1.5 | |||||||||||||
Other | |||||||||||||||||
Contingent consideration fair value adjustment | — | (0.1 | ) | ||||||||||||||
Acquisition and integration related costs | — | 0.4 | |||||||||||||||
Pension curtailment (Note 9) | (0.7 | ) | — | ||||||||||||||
Other1 | 2.2 | 0.3 | |||||||||||||||
Total | $ | 2.1 | $ | 2.1 | |||||||||||||
1Other includes certain employee costs and consulting fees. | |||||||||||||||||
During the three months ended March 31, 2013, severance expense of $1.1 million, related to employees directly associated with the XtremeMac and Memorex consumer electronics businesses, was recorded in discontinued operations. See Note 4 - Acquisitions and Divestitures for more information on our discontinued operations. This expense is excluded from the table above. | |||||||||||||||||
2012 Global Process Improvement Restructuring Program | |||||||||||||||||
On October 22, 2012, the Board of Directors approved our Global Process Improvement Restructuring Program (GPI Program) in order to realign our business structure and reduce operating expenses in excess of 25 percent over time. The GPI Program addressed product line rationalization and infrastructure and included a planned reduction of our global workforce. The majority of these actions were implemented in 2013. Charges related to the GPI Program are primarily recorded as corporate costs and not directly associated with either of our reporting segments. | |||||||||||||||||
Activity related to the 2012 GPI Program accruals was as follows: | |||||||||||||||||
(In millions) | Severance and Related | Lease Termination Costs | Other | Total | |||||||||||||
Accrued balance at December 31, 2013 | $ | 2.2 | $ | 0.4 | $ | 0.8 | $ | 3.4 | |||||||||
Charges | 0.4 | 0.1 | 0.1 | 0.6 | |||||||||||||
Usage and payments | (0.9 | ) | (0.1 | ) | (0.8 | ) | (1.8 | ) | |||||||||
Currency impacts | — | (0.1 | ) | — | (0.1 | ) | |||||||||||
Accrued balance at March 31, 2014 | $ | 1.7 | $ | 0.3 | $ | 0.1 | $ | 2.1 | |||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
Stock-based compensation consisted of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Stock-based compensation expense | $ | 1.6 | $ | 1.8 | |||||
We have stock-based compensation awards consisting of stock options, restricted stock and stock appreciation rights under five plans (collectively, the Stock Plans) which are described in detail in our 2013 Annual Report on Form 10-K. As of March 31, 2014 there were 2,218,839 shares available for grant under the 2011 Incentive Plan. No further shares were available for grant under any other stock incentive plan. | |||||||||
Stock Options | |||||||||
The following table summarizes our stock option activity: | |||||||||
Stock Options | Weighted Average Exercise Price | ||||||||
Outstanding December 31, 2013 | 5,371,538 | $ | 13.11 | ||||||
Granted | — | — | |||||||
Exercised | (42,032 | ) | 3.99 | ||||||
Canceled | (44,434 | ) | 26.95 | ||||||
Forfeited | (42,735 | ) | 2.42 | ||||||
Outstanding March 31, 2014 | 5,242,337 | $ | 13.11 | ||||||
Exercisable as of March 31, 2014 | 3,577,985 | $ | 16.45 | ||||||
The outstanding options are non-qualified and generally have a term of ten years. The following table summarizes our weighted average assumptions used in the valuation of stock options: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Volatility | 43 | % | 42.9 | % | |||||
Risk-free interest rate | 1.1 | % | 1.1 | % | |||||
Expected life (months) | 72 | 71 | |||||||
Dividend yield | — | — | |||||||
As of March 31, 2014, there was $2.0 million of total unrecognized compensation expense related to non-vested stock options granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 1.4 years. | |||||||||
Restricted Stock | |||||||||
The following table summarizes our restricted stock activity: | |||||||||
Restricted Stock | Weighted Average Grant Date Fair Value Per Share | ||||||||
Nonvested as of December 31, 2013 | 1,192,321 | $ | 4.87 | ||||||
Granted | 5,576 | 4.6 | |||||||
Grant Adjustments | (4,925 | ) | 3.75 | ||||||
Vested | (160,708 | ) | 3.85 | ||||||
Forfeited | (16,135 | ) | 5.27 | ||||||
Nonvested as of March 31, 2014 | 1,016,129 | $ | 5.02 | ||||||
The cost of the awards is determined using the fair value of the Company’s common stock on the date of the grant and compensation is recognized on a straight-line basis over the requisite vesting period. | |||||||||
As of March 31, 2014, there was $2.2 million of total unrecognized compensation expense related to non-vested restricted stock granted under our Stock Plans. That expense is expected to be recognized over a weighted average period of 1.4 years. | |||||||||
Stock Appreciation Rights | |||||||||
During the three months ended March 31, 2014, we granted 0.3 million Stock Appreciation Rights (SARs) to certain employees associated with our Nexsan and Mobile Security operations. As of March 31, 2014, we had 3.2 million SARs outstanding for which we have not recorded any related compensation expense based on the applicable accounting rules. We will continue to assess these SARs each quarter to determine if any expense should be recorded. |
Retirement_Plans
Retirement Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Retirement Plans | ' | ||||||||||||||||
Retirement Plans | |||||||||||||||||
Pension Plans | |||||||||||||||||
During the three months ended March 31, 2014, we contributed $0.4 million to our worldwide pension plans. We presently anticipate contributing $2.0 million to $4.0 million to fund our worldwide pension plans during the remainder of 2014. | |||||||||||||||||
During the three months ended March 31, 2014, we recorded a curtailment gain in the amount of $0.7 million relating to our pension plan in Japan. This amount was recorded in restructuring and other in our Condensed Consolidated Statements of Operations. | |||||||||||||||||
Components of net periodic pension (credit) cost included the following: | |||||||||||||||||
United States | International | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 0.8 | 0.7 | 0.2 | — | |||||||||||||
Expected return on plan assets | (1.2 | ) | (1.3 | ) | (0.2 | ) | — | ||||||||||
Amortization of net actuarial loss | 0.3 | 0.4 | — | 0.1 | |||||||||||||
Net periodic pension (credit) cost | $ | (0.1 | ) | $ | (0.2 | ) | $ | 0.1 | $ | 0.2 | |||||||
Curtailment gain | — | — | (0.7 | ) | — | ||||||||||||
Total pension (credit) cost | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.6 | ) | $ | 0.2 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For interim income tax reporting, we are required to estimate our annual effective tax rate and apply it to year-to-date pre-tax ordinary income/loss excluding unusual or infrequently occurring discrete items. Tax jurisdictions with losses for which tax benefits cannot be realized are excluded. | |
For the three months ended March 31, 2014, we recorded no income tax expense (benefit). For the three months ended March 31, 2013, we recorded income tax expense of $0.4 million. The decrease in income tax expense for the three months ended March 31, 2014 was driven primarily by the relative mix of taxable income (loss) by country. The effective income tax rate for the three months ended March 31, 2014 differs from the U.S. federal statutory rate of 35 percent primarily due to a valuation allowance on various deferred tax assets and the effects of foreign tax rate differential. | |
We conduct business globally. As a result, we file income tax returns in multiple jurisdictions and are subject to review by various U.S and foreign taxing authorities. Our U.S. federal income tax returns for 2010 through 2012 are subject to examination by the Internal Revenue Service. With few exceptions, we are no longer subject to examination by foreign tax jurisdictions or state and city tax jurisdictions for years before 2006. In the event that we have determined not to file tax returns with a particular state or city, all years remain subject to examination by the tax jurisdiction. | |
We accrue for the effects of uncertain tax positions and the related potential penalties and interest. Our liability related to uncertain tax positions, which is presented in other liabilities on our Condensed Consolidated Balance Sheets and which includes interest and penalties and excludes certain unrecognized tax benefits that have been netted against deferred tax assets, was $6.1 million and $6.0 million as of March 31, 2014 and December 31, 2013, respectively. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of our unrecognized tax positions will increase or decrease during the next twelve months; however it is not possible to reasonably estimate the effect upon the unrecognized tax benefits at this time. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
Our Credit Agreement entered into in 2006 and its amendments (the Credit Agreement) and the Credit Agreement entered into in 2013 with a lender in Japan (the Japan Credit Agreement) are both described in Note 11 - Debt of our Annual Report on Form 10-K for the year ended December 31, 2013. As of March 31, 2014, our borrowing capacity under the Credit Agreement, after consideration of amounts outstanding, was $25.1 million, consisting of $14.7 million in the United States and $10.4 million in Europe. As of March 31, 2014, our borrowing capacity under the Japan Credit Agreement, after consideration of amounts outstanding, was $12.3 million. | |
As of March 31, 2014, we had $19.8 million of borrowings outstanding under our credit facilities with interest rates ranging from 2.2 percent to 2.8 percent. We are in compliance with our covenant requirements as of March 31, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
We attempt to substantially mitigate the risk that forecasted cash flows denominated in foreign currencies may be adversely affected by changes in the currency exchange rates through the use of option, forward and combination option contracts. Gains and losses related to cash flow hedges are deferred in accumulated other comprehensive loss with a corresponding asset or liability. When the hedged transaction occurs, the gains and losses in accumulated other comprehensive loss are reclassified into the Condensed Consolidated Statements of Operations in the same line as the item being hedged. The following table sets forth our cash flow hedges which are measured at fair value on a recurring basis. | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In millions) | Quoted Prices in | Significant Other Observable Inputs (Level 2) | Unobservable | Quoted Prices in | Significant Other Observable Inputs (Level 2) | Unobservable | |||||||||||||||||||
Active Markets | Inputs | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | (Level 3) | for Identical | (Level 3) | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Foreign currency option contracts | $ | — | $ | 0.9 | $ | — | $ | — | $ | 1.8 | $ | — | |||||||||||||
Foreign currency forward contracts | — | 1.9 | — | — | 3.3 | — | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Foreign currency option contracts | — | (0.1 | ) | — | — | (0.2 | ) | — | |||||||||||||||||
Foreign currency forward contracts | — | (0.6 | ) | — | — | (0.5 | ) | — | |||||||||||||||||
Total net derivative assets | $ | — | $ | 2.1 | $ | — | $ | — | $ | 4.4 | $ | — | |||||||||||||
Other Derivative Instruments | |||||||||||||||||||||||||
We use foreign currency forward contracts to manage the foreign currency exposure related to our monetary assets and liabilities denominated in foreign currencies. We record the estimated fair value of these forward contracts in other current assets or other current liabilities on our Condensed Consolidated Balance Sheets. Because we do not receive hedge accounting for these derivatives, changes in their value are recognized every reporting period in the Condensed Consolidated Statements of Operations. | |||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, net foreign currency (gains) losses were $0.0 and we recorded net foreign currency gains of $0.5 million, respectively, in other (income) expense in the Condensed Consolidated Statements of Operations. These net (gains) losses reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of losses of $0.2 million and gains of $0.3 million from the related foreign currency forward contracts for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The notional amounts and fair values of our derivative instruments recorded in other current assets and other current liabilities in the Condensed Consolidated Balance Sheets were as follows: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
(In millions) | Notional Amount | Other Current Assets | Other Current Liabilities | Notional Amount | Other Current Assets | Other Current Liabilities | |||||||||||||||||||
Cash flow hedges designated as hedging instruments | $ | 102 | $ | 2.8 | $ | (0.7 | ) | $ | 133.8 | $ | 5.1 | $ | (0.7 | ) | |||||||||||
Other hedges not receiving hedge accounting | 22.5 | — | — | 29.4 | — | — | |||||||||||||||||||
Total | $ | 124.5 | $ | 2.8 | $ | (0.7 | ) | $ | 163.2 | $ | 5.1 | $ | (0.7 | ) | |||||||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
Shareholders' Equity | |||||||||||||||||
Treasury Stock | |||||||||||||||||
On May 2, 2012, our Board of Directors authorized a share repurchase program that allowed for the repurchase of 5.0 million shares of common stock, replacing our previous authorization. We did not repurchase any shares of common stock for the three months ended March 31, 2014. Since the authorization of this program, we have repurchased 1.8 million shares of common stock for $9.0 million, and as of March 31, 2014 we had remaining authorization to repurchase up to 3.2 million additional shares. The treasury stock held as of March 31, 2014 was acquired at an average price of $24.35 per share. | |||||||||||||||||
Following is a summary of treasury share activity: | |||||||||||||||||
Treasury Shares | |||||||||||||||||
Balance as of December 31, 2013 | 1,121,926 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Exercise of stock options | (42,032 | ) | |||||||||||||||
Restricted stock grants, forfeitures and other | 74,338 | ||||||||||||||||
401(k) matching contribution | (204,373 | ) | |||||||||||||||
Balance as of March 31, 2014 | 949,859 | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
Accumulated other comprehensive loss and related activity consisted of the following: | |||||||||||||||||
(In millions) | Gains (Losses) on Derivative Financial Instruments | Defined Benefit Plans | Foreign Currency Translation | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 2.4 | $ | (11.6 | ) | $ | (53.6 | ) | $ | (62.8 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax 1 | (0.9 | ) | — | (3.5 | ) | (4.4 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (0.3 | ) | (0.1 | ) | — | (0.4 | ) | ||||||||||
Net current-period other comprehensive loss | (1.2 | ) | (0.1 | ) | (3.5 | ) | (4.8 | ) | |||||||||
Balance as of March 31, 2014 | $ | 1.2 | $ | (11.7 | ) | $ | (57.1 | ) | $ | (67.6 | ) | ||||||
1Income tax benefit of $0.5 million was recorded for unrealized losses on derivative financial instruments for the three months ended March 31, 2014. | |||||||||||||||||
Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
(In millions) | Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations Where (Gain) Loss is Presented | |||||||||||||||
Gains on cash flow hedges | $ | (0.5 | ) | Cost of goods sold | |||||||||||||
Income tax expense | 0.2 | Income tax provision | |||||||||||||||
(0.3 | ) | ||||||||||||||||
Amortization of net actuarial loss | 0.3 | Selling, general and administrative | |||||||||||||||
Pension curtailment gain | (0.6 | ) | Restructuring and other | ||||||||||||||
Income tax expense | 0.2 | Income tax provision | |||||||||||||||
(0.1 | ) | ||||||||||||||||
Total reclassifications for the period | $ | (0.4 | ) |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment Information | |||||||||
We manage our business through two reporting segments, Consumer Storage and Accessories (CSA) and Tiered Storage and Security Solutions (TSS). Our reporting segments are generally aligned with our key consumer and commercial channels. | |||||||||
We have two major product categories under our CSA segment: Consumer storage media and Audio and accessories. Consumer storage media products include primarily optical products such as DVDs, CDs and Blu-ray disc recordable media as well as flash media. Audio and accessories include primarily headphones, audio electronics and accessories. We have two major product categories under our TSS segment: Commercial storage media and Storage and security solutions. Commercial storage media products consist mainly of magnetic data storage tape media and RDX media. Storage and security solutions includes storage hardware products, services and software for backup and archiving as well as primary storage; encrypted and biometric flash drives and hard disk drives; secure portable desktop solutions; and software solutions, including products which contain various security features such as password authentication, encryption and remote manageability. | |||||||||
We evaluate segment performance based on revenue and operating income (loss). The operating income (loss) reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. Corporate and unallocated amounts include depreciation and amortization, litigation settlement expense, goodwill impairment, intangible impairments, intangible asset abandonment, corporate expense, contingent consideration adjustments, inventory write-offs related to our restructuring programs and restructuring and other expenses which are not allocated to the segments. | |||||||||
The operating results of our XtremeMac and Memorex consumer electronics businesses are presented in our Condensed Consolidated Statements of Operations as discontinued operations and are not included in segment results for all periods presented. See Note 4 - Acquisitions and Divestitures for further information on these divestitures. | |||||||||
Net revenue and operating income (loss) from continuing operations by segment were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Net revenue | |||||||||
Consumer Storage and Accessories | |||||||||
Consumer storage media | $ | 89.5 | $ | 114.2 | |||||
Audio and accessories | 10.5 | 7.6 | |||||||
Total Consumer Storage and Accessories | 100 | 121.8 | |||||||
Tiered Storage and Security Solutions | |||||||||
Commercial storage media | 51.4 | 66.9 | |||||||
Storage and security solutions | 27.5 | 35.7 | |||||||
Total Tiered Storage and Security Solutions | 78.9 | 102.6 | |||||||
Total net revenue | $ | 178.9 | $ | 224.4 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Operating income (loss) from continuing operations | |||||||||
Consumer Storage and Accessories | $ | 4.1 | $ | 5.9 | |||||
Tiered Storage and Security Solutions | (8.8 | ) | (3.0 | ) | |||||
Total segment operating income | (4.7 | ) | 2.9 | ||||||
Corporate and unallocated | (11.4 | ) | (17.6 | ) | |||||
Total operating loss | (16.1 | ) | (14.7 | ) | |||||
Interest income | (0.1 | ) | — | ||||||
Interest expense | 0.6 | 0.7 | |||||||
Other, net expense (income) | 0.2 | (0.2 | ) | ||||||
Loss from continuing operations before income taxes | $ | (16.8 | ) | $ | (15.2 | ) |
Litigation_Commitments_and_Con
Litigation, Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation, Commitments and Contingencies | ' |
Litigation, Commitments and Contingencies | |
Litigation | |
We are the subject of various pending or threatened legal actions in the ordinary course of our business. All such matters are subject to many uncertainties and outcomes that are not predictable with assurance. Additionally, our businesses are subject to allegations of patent infringement by our competitors as well as by non-practicing entities (NPEs), sometimes referred to as “patent trolls,” who may seek monetary settlements from us, our competitors, suppliers and resellers, including the One-Blue litigation described below. Consequently, as of March 31, 2014, we are unable to reasonably estimate the ultimate aggregate amount of any monetary liability or financial impact that we may incur with respect to these matters. It is reasonably possible that the ultimate resolution of these matters could materially affect our financial condition, results of operations and cash flows. | |
On May 22, 2013, Imation was sued in U.S. District Court for the District of Delaware by five entities: One-Blue, LLC (One-Blue), which is an entity with licensing authority for a pool of patents relating to Blu-ray discs, and four members of One-Blue, Koninklijke Philips N.V., Panasonic Corporation, Pioneer Corporation and Sony Corporation. The plaintiffs allege that Imation's sales of certain Blu-ray discs infringe six patents and seek unspecified damages, treble damages and attorney's fees. On June 13, 2013, Imation filed an Answer, Affirmative Defenses, and Counterclaims, naming various defenses including that plaintiffs are barred, in whole or in part, from any recovery or relief by their refusal to license the patents-in-suit under fair, reasonable, and nondiscriminatory terms. Imation intends to vigorously defend the case. This matter is now in the discovery phase for issues relating to determination of a fair, reasonable, and nondiscriminatory royalty rate. In addition, Imation has a dispute with One-Blue regarding One-Blue's refusal to license its Japanese Blu-ray patents under fair, reasonable, and nondiscriminatory terms in Japan, where Imation's sales of Blu-ray discs are substantially greater than in the U.S. Imation Corporation Japan, Imation's Japanese subsidiary, has sued One-Blue in Japan regarding its unlawful interference with certain of our customer relationships. Imation has notified its manufacturers of their indemnity obligations that it believes cover a portion of its liability, if any, to One-Blue and the other plaintiffs. | |
Copyright Levies | |
In many European Union (EU) member countries, the sale of recordable optical media is subject to a private copyright levy. The levies are intended to compensate copyright holders with "fair compensation" for the harm caused by private copies made by natural persons of protected works under the European Copyright Directive, which became effective in 2002 (Directive). Levies are generally charged directly to the importer of the product upon the sale of the products. Payers of levies remit levy payments to collecting societies which, in turn, are expected to distribute funds to copyright holders. Levy systems of EU member countries must comply with the Directive, but individual member countries are responsible for administering their own systems. Since implementation, the levy systems have been the subject of numerous litigation and law making activities. On October 21, 2010, the European Court of Justice (ECJ) ruled that fair compensation is an autonomous European law concept that was introduced by the Directive and must be uniformly applied in all EU member states. The ECJ stated that fair compensation must be calculated based on the harm caused to the authors of protected works by private copying. The ECJ also stated that the indiscriminate application of the private copying levy to devices not made available to private users and clearly reserved for uses other than private copying is incompatible with the Directive. The ECJ ruling made clear that copyright holders are only entitled to fair compensation payments (funded by levy payments made by importers of applicable products, including the Company) when sales of optical media are made to natural persons presumed to be making private copies. Within this disclosure, we use the term "commercial channel sales" when referring to products intended for uses other than private copying and "consumer channel sales" when referring to products intended for uses including private copying. | |
Since the Directive was implemented in 2002, we estimate that we have paid in excess of $100 million in levies to various ongoing collecting societies related to commercial channel sales. Based on the ECJ's October 2010 ruling and subsequent litigation and law making activities, we believe that these payments were not consistent with the Directive and should not have been paid to the various collecting societies. Accordingly, subsequent to the October 21, 2010 ECJ ruling, we began withholding levy payments to the various collecting societies and, in 2011, we released our existing accruals (totaling $7.8 million) for unpaid levies related to commercial channel sales. However, we continue to accrue, but not pay, a liability for levies arising from consumer channel sales, in all applicable jurisdictions except Italy and France due to recent court rulings that are discussed in Note 15 - Litigation, Commitments and Contingencies in our Notes to Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2013. As of March 31, 2014 and December 31, 2013, we had accrued liabilities of $9.5 million and $10.0 million, respectively, associated with levies related to consumer channel sales in EU jurisdictions other than Italy and France for which we are withholding payment. | |
Since the October 2010 ECJ ruling, we evaluate quarterly on a country-by-country basis whether: (i) levies should be accrued on current period commercial and/or consumer channel sales; and, (ii) accrued, but unpaid, copyright levies on prior period consumer channel sales should be reversed. Our evaluation is made on a jurisdiction-by-jurisdiction basis and considers ongoing and cumulative developments related to levy litigation and law making activities within each jurisdiction as well as throughout the EU. Any reversals that would occur, are recorded as a reduction to costs of sales, which is the same income statement account in which our levy expense is initially recorded. For the three months ended March 31, 2014 and 2013 we did not reverse any amounts associated with prior period copyright levies. See Note 15 - Litigation, Commitments and Contingencies in our Notes to Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2013 for discussion of reversals of copyright levies in 2013. | |
At March 31, 2014, the recovery of some or all of the copyright levies previously paid on commercial sales in EU jurisdictions other than Italy and France represents a gain contingency that has not yet met the required criteria for recognition in our financial statements. There is no assurance that we will realize any of this gain contingency. We also have an estimated $9.5 million of accrued but unpaid levies associated with consumer sales in EU jurisdictions other than Italy and France that we continue to carry on our books. | |
We are subject to several pending or threatened legal actions by the individual European national levy collecting societies in relation to private copyright levies under the Directive. Those actions generally seek payment of the commercial and consumer optical levies withheld by Imation. Imation has corresponding claims in those actions seeking reimbursement of levies improperly collected by those collecting societies. We are also subject to threatened actions by certain customers of Imation seeking reimbursement of funds they allege relate to commercial levies that they claim they should not have paid. Although these actions are subject to the uncertainties inherent in the litigation process, based on the information presently available to us, management does not expect that the ultimate resolution of these actions will have a material adverse effect on our financial condition, results of operations or cash flows. We anticipate that additional court decisions may be rendered in 2014 that may directly or indirectly impact our levy exposure in specific European countries which could trigger a review of our levy exposure in those countries. |
Loss_Earnings_per_Common_Share1
(Loss) Earnings per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||
The following table sets forth the computation of the weighted average basic and diluted (loss) earnings per share: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions, except for per share amounts) | 2014 | 2013 | |||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (16.8 | ) | $ | (15.6 | ) | |||
Loss from discontinued operations, net of income taxes | (0.7 | ) | (5.5 | ) | |||||
Net loss | $ | (17.5 | ) | $ | (21.1 | ) | |||
Denominator: | |||||||||
Weighted average number of common shares outstanding during the period - basic | 40.8 | 40.4 | |||||||
Dilutive effect of stock-based compensation plans | — | — | |||||||
Weighted average number of diluted shares outstanding during the period - diluted | 40.8 | 40.4 | |||||||
Loss per common share — basic | |||||||||
Continuing operations | $ | (0.41 | ) | $ | (0.39 | ) | |||
Discontinued operations | (0.02 | ) | (0.14 | ) | |||||
Net loss | (0.43 | ) | (0.52 | ) | |||||
Loss per common share — diluted | |||||||||
Continuing operations | $ | (0.41 | ) | $ | (0.39 | ) | |||
Discontinued operations | (0.02 | ) | (0.14 | ) | |||||
Net loss | (0.43 | ) | (0.52 | ) | |||||
Anti-dilutive shares excluded from calculation | 4.3 | 6.5 | |||||||
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of key components from discontinued operations | ' | ||||||||
The key components of discontinued operations were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Net revenue | $ | 0.5 | $ | 11.2 | |||||
Loss on sale of discontinued businesses, before income taxes | (0.5 | ) | — | ||||||
Loss from operations of discontinued businesses, before income taxes | (0.2 | ) | (5.5 | ) | |||||
Income tax provision (benefit) | — | — | |||||||
Loss from discontinued operations, net of income taxes | $ | (0.7 | ) | $ | (5.5 | ) |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Balance Sheet Information [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures | ' | ||||||||
Additional supplemental balance sheet information is provided in the tables that follow. | |||||||||
March 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Accounts Receivable | |||||||||
Accounts receivable | $ | 141.4 | $ | 177.8 | |||||
Less reserves and allowances1 | (10.6 | ) | (14.5 | ) | |||||
Accounts receivable, net | $ | 130.8 | $ | 163.3 | |||||
Inventories | |||||||||
Finished goods | $ | 81.8 | $ | 76.3 | |||||
Work in process | 3.4 | 2.9 | |||||||
Raw materials and supplies | 7.4 | 5.1 | |||||||
Total inventories | $ | 92.6 | $ | 84.3 | |||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment | $ | 201.4 | $ | 201.7 | |||||
Less accumulated depreciation | (151.2 | ) | (150.1 | ) | |||||
Property, plant and equipment, net | $ | 50.2 | $ | 51.6 | |||||
1Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||||||||
The components of our amortizable intangible assets were as follows: | |||||||||||||||||||||
(In millions) | Trade Names | Software | Customer Relationships | Other | Total | ||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Gross carrying amount | $ | 34.3 | $ | 59 | $ | 20.3 | $ | 26.3 | $ | 139.9 | |||||||||||
Accumulated amortization | (10.3 | ) | (54.1 | ) | (2.5 | ) | (7.2 | ) | (74.1 | ) | |||||||||||
Intangible assets, net | $ | 24 | $ | 4.9 | $ | 17.8 | $ | 19.1 | $ | 65.8 | |||||||||||
December 31, 2013 | |||||||||||||||||||||
Gross carrying amount | $ | 34.3 | $ | 58.5 | $ | 20.4 | $ | 26.3 | $ | 139.5 | |||||||||||
Accumulated amortization | (9.2 | ) | (53.3 | ) | (2.1 | ) | (6.3 | ) | (70.9 | ) | |||||||||||
Intangible assets, net | $ | 25.1 | $ | 5.2 | $ | 18.3 | $ | 20 | $ | 68.6 | |||||||||||
Schedule of Intangible Asset Amortization Expense | ' | ||||||||||||||||||||
Amortization expense for intangible assets consisted of the following: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||
Amortization expense | $ | 3.2 | $ | 3.6 | |||||||||||||||||
Schedule of Intangible Assets Estimated Amortization Expense | ' | ||||||||||||||||||||
Based on the intangible assets in service as of March 31, 2014, estimated amortization expense for the remainder of 2014 and each of the next five years is as follows: | |||||||||||||||||||||
(In millions) | 2014 (Remainder) | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Amortization expense | $ | 9.4 | $ | 11.9 | $ | 8.5 | $ | 7.7 | $ | 6.3 | |||||||||||
Restructuring_and_Other_Expens1
Restructuring and Other Expense (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
The components of our restructuring and other expense included in the Condensed Consolidated Statements of Operations were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||
Restructuring | |||||||||||||||||
Severance and related | $ | 0.4 | $ | 0.6 | |||||||||||||
Lease termination costs | 0.1 | 0.1 | |||||||||||||||
Other | 0.1 | 0.8 | |||||||||||||||
Total restructuring | $ | 0.6 | $ | 1.5 | |||||||||||||
Other | |||||||||||||||||
Contingent consideration fair value adjustment | — | (0.1 | ) | ||||||||||||||
Acquisition and integration related costs | — | 0.4 | |||||||||||||||
Pension curtailment (Note 9) | (0.7 | ) | — | ||||||||||||||
Other1 | 2.2 | 0.3 | |||||||||||||||
Total | $ | 2.1 | $ | 2.1 | |||||||||||||
1Other includes certain employee costs and consulting fees. | |||||||||||||||||
2012 Global Processing Improvement Restructuring Program | ' | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||
Activity related to the 2012 GPI Program accruals was as follows: | |||||||||||||||||
(In millions) | Severance and Related | Lease Termination Costs | Other | Total | |||||||||||||
Accrued balance at December 31, 2013 | $ | 2.2 | $ | 0.4 | $ | 0.8 | $ | 3.4 | |||||||||
Charges | 0.4 | 0.1 | 0.1 | 0.6 | |||||||||||||
Usage and payments | (0.9 | ) | (0.1 | ) | (0.8 | ) | (1.8 | ) | |||||||||
Currency impacts | — | (0.1 | ) | — | (0.1 | ) | |||||||||||
Accrued balance at March 31, 2014 | $ | 1.7 | $ | 0.3 | $ | 0.1 | $ | 2.1 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||
Stock-based compensation consisted of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Stock-based compensation expense | $ | 1.6 | $ | 1.8 | |||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||
The following table summarizes our stock option activity: | |||||||||
Stock Options | Weighted Average Exercise Price | ||||||||
Outstanding December 31, 2013 | 5,371,538 | $ | 13.11 | ||||||
Granted | — | — | |||||||
Exercised | (42,032 | ) | 3.99 | ||||||
Canceled | (44,434 | ) | 26.95 | ||||||
Forfeited | (42,735 | ) | 2.42 | ||||||
Outstanding March 31, 2014 | 5,242,337 | $ | 13.11 | ||||||
Exercisable as of March 31, 2014 | 3,577,985 | $ | 16.45 | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||
The following table summarizes our weighted average assumptions used in the valuation of stock options: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Volatility | 43 | % | 42.9 | % | |||||
Risk-free interest rate | 1.1 | % | 1.1 | % | |||||
Expected life (months) | 72 | 71 | |||||||
Dividend yield | — | — | |||||||
Schedule of Share-based Compensation, Restricted Stock Activity | ' | ||||||||
The following table summarizes our restricted stock activity: | |||||||||
Restricted Stock | Weighted Average Grant Date Fair Value Per Share | ||||||||
Nonvested as of December 31, 2013 | 1,192,321 | $ | 4.87 | ||||||
Granted | 5,576 | 4.6 | |||||||
Grant Adjustments | (4,925 | ) | 3.75 | ||||||
Vested | (160,708 | ) | 3.85 | ||||||
Forfeited | (16,135 | ) | 5.27 | ||||||
Nonvested as of March 31, 2014 | 1,016,129 | $ | 5.02 | ||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
Components of net periodic pension (credit) cost included the following: | |||||||||||||||||
United States | International | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 0.8 | 0.7 | 0.2 | — | |||||||||||||
Expected return on plan assets | (1.2 | ) | (1.3 | ) | (0.2 | ) | — | ||||||||||
Amortization of net actuarial loss | 0.3 | 0.4 | — | 0.1 | |||||||||||||
Net periodic pension (credit) cost | $ | (0.1 | ) | $ | (0.2 | ) | $ | 0.1 | $ | 0.2 | |||||||
Curtailment gain | — | — | (0.7 | ) | — | ||||||||||||
Total pension (credit) cost | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.6 | ) | $ | 0.2 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||||||
The following table sets forth our cash flow hedges which are measured at fair value on a recurring basis. | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In millions) | Quoted Prices in | Significant Other Observable Inputs (Level 2) | Unobservable | Quoted Prices in | Significant Other Observable Inputs (Level 2) | Unobservable | |||||||||||||||||||
Active Markets | Inputs | Active Markets | Inputs | ||||||||||||||||||||||
for Identical | (Level 3) | for Identical | (Level 3) | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
(Level 1) | (Level 1) | ||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Foreign currency option contracts | $ | — | $ | 0.9 | $ | — | $ | — | $ | 1.8 | $ | — | |||||||||||||
Foreign currency forward contracts | — | 1.9 | — | — | 3.3 | — | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Foreign currency option contracts | — | (0.1 | ) | — | — | (0.2 | ) | — | |||||||||||||||||
Foreign currency forward contracts | — | (0.6 | ) | — | — | (0.5 | ) | — | |||||||||||||||||
Total net derivative assets | $ | — | $ | 2.1 | $ | — | $ | — | $ | 4.4 | $ | — | |||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||||||||
The notional amounts and fair values of our derivative instruments recorded in other current assets and other current liabilities in the Condensed Consolidated Balance Sheets were as follows: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
(In millions) | Notional Amount | Other Current Assets | Other Current Liabilities | Notional Amount | Other Current Assets | Other Current Liabilities | |||||||||||||||||||
Cash flow hedges designated as hedging instruments | $ | 102 | $ | 2.8 | $ | (0.7 | ) | $ | 133.8 | $ | 5.1 | $ | (0.7 | ) | |||||||||||
Other hedges not receiving hedge accounting | 22.5 | — | — | 29.4 | — | — | |||||||||||||||||||
Total | $ | 124.5 | $ | 2.8 | $ | (0.7 | ) | $ | 163.2 | $ | 5.1 | $ | (0.7 | ) | |||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Treasury Stock by Class | ' | ||||||||||||||||
Following is a summary of treasury share activity: | |||||||||||||||||
Treasury Shares | |||||||||||||||||
Balance as of December 31, 2013 | 1,121,926 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Exercise of stock options | (42,032 | ) | |||||||||||||||
Restricted stock grants, forfeitures and other | 74,338 | ||||||||||||||||
401(k) matching contribution | (204,373 | ) | |||||||||||||||
Balance as of March 31, 2014 | 949,859 | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated other comprehensive loss and related activity consisted of the following: | |||||||||||||||||
(In millions) | Gains (Losses) on Derivative Financial Instruments | Defined Benefit Plans | Foreign Currency Translation | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 2.4 | $ | (11.6 | ) | $ | (53.6 | ) | $ | (62.8 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax 1 | (0.9 | ) | — | (3.5 | ) | (4.4 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (0.3 | ) | (0.1 | ) | — | (0.4 | ) | ||||||||||
Net current-period other comprehensive loss | (1.2 | ) | (0.1 | ) | (3.5 | ) | (4.8 | ) | |||||||||
Balance as of March 31, 2014 | $ | 1.2 | $ | (11.7 | ) | $ | (57.1 | ) | $ | (67.6 | ) | ||||||
1Income tax benefit of $0.5 million was recorded for unrealized losses on derivative financial instruments for the three months ended March 31, 2014. | |||||||||||||||||
Reclassification Out Of Accumulated Other ComprehensiveIncome | ' | ||||||||||||||||
Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 are as follows: | |||||||||||||||||
(In millions) | Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations Where (Gain) Loss is Presented | |||||||||||||||
Gains on cash flow hedges | $ | (0.5 | ) | Cost of goods sold | |||||||||||||
Income tax expense | 0.2 | Income tax provision | |||||||||||||||
(0.3 | ) | ||||||||||||||||
Amortization of net actuarial loss | 0.3 | Selling, general and administrative | |||||||||||||||
Pension curtailment gain | (0.6 | ) | Restructuring and other | ||||||||||||||
Income tax expense | 0.2 | Income tax provision | |||||||||||||||
(0.1 | ) | ||||||||||||||||
Total reclassifications for the period | $ | (0.4 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Revenue and Operating Income, by Segment | ' | ||||||||
Net revenue and operating income (loss) from continuing operations by segment were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Net revenue | |||||||||
Consumer Storage and Accessories | |||||||||
Consumer storage media | $ | 89.5 | $ | 114.2 | |||||
Audio and accessories | 10.5 | 7.6 | |||||||
Total Consumer Storage and Accessories | 100 | 121.8 | |||||||
Tiered Storage and Security Solutions | |||||||||
Commercial storage media | 51.4 | 66.9 | |||||||
Storage and security solutions | 27.5 | 35.7 | |||||||
Total Tiered Storage and Security Solutions | 78.9 | 102.6 | |||||||
Total net revenue | $ | 178.9 | $ | 224.4 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Operating income (loss) from continuing operations | |||||||||
Consumer Storage and Accessories | $ | 4.1 | $ | 5.9 | |||||
Tiered Storage and Security Solutions | (8.8 | ) | (3.0 | ) | |||||
Total segment operating income | (4.7 | ) | 2.9 | ||||||
Corporate and unallocated | (11.4 | ) | (17.6 | ) | |||||
Total operating loss | (16.1 | ) | (14.7 | ) | |||||
Interest income | (0.1 | ) | — | ||||||
Interest expense | 0.6 | 0.7 | |||||||
Other, net expense (income) | 0.2 | (0.2 | ) | ||||||
Loss from continuing operations before income taxes | $ | (16.8 | ) | $ | (15.2 | ) |
Loss_Earnings_per_Common_Share2
(Loss) Earnings per Common Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Loss from continuing operations | ($16.80) | ($15.60) |
Loss from discontinued operations, net of income taxes | -0.7 | -5.5 |
Net loss | ($17.50) | ($21.10) |
Weighted average number of common shares outstanding during the period - basic | 40.8 | 40.4 |
Dilutive effect of stock-based compensation plans | 0 | 0 |
Weighted average number of diluted shares outstanding during the period - diluted | 40.8 | 40.4 |
Loss per common share — basic | ' | ' |
Continuing operations (in dollars per share) | ($0.41) | ($0.39) |
Discontinued operations (in dollars per share) | ($0.02) | ($0.14) |
Net loss - basic (in dollars per share) | ($0.43) | ($0.52) |
Loss per common share — diluted | ' | ' |
Continuing operations (in dollars per share) | ($0.41) | ($0.39) |
Discontinued operations (in dollars per share) | ($0.02) | ($0.14) |
Net loss - diluted (dollars per share) | ($0.43) | ($0.52) |
Anti-dilutive shares excluded from calculation (in shares) | 4.3 | 6.5 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures Discontinued Operations Textual (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Oct. 15, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
XtremeMac Consumer Electronics Business [Member] | XtremeMac Consumer Electronics Business [Member] | Memorex Consumer Electronics Business [Member] | Memorex Consumer Electronics Business [Member] | Memorex Consumer Electronics Business [Member] | Due During Next Twelve Months [Member] | |||
Receivable | Receivable | Memorex Consumer Electronics Business [Member] | ||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration from sale of business | ' | ' | $3.10 | ' | $9.30 | ' | ' | ' |
Number of receivables from purchaser | ' | ' | 2 | ' | 2 | ' | ' | ' |
Loss on sale of discontinued businesses | -0.5 | 0 | ' | -0.5 | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | 0.3 | ' | ' | 0.9 | ' | ' |
Notes receivable from sale of business | ' | ' | ' | ' | ' | ' | $7.10 | $3.10 |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Loss from discontinued operations, net of income taxes | ($0.70) | ($5.50) |
XtremeMac and Memorex [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Net revenue | 0.5 | 11.2 |
Loss on sale of discontinued businesses, before income taxes | -0.5 | 0 |
Loss from operations of discontinued businesses, before income taxes | -0.2 | -5.5 |
Income tax provision (benefit) | 0 | 0 |
Loss from discontinued operations, net of income taxes | ($0.70) | ($5.50) |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts Receivable | ' | ' | ||
Accounts receivable | $141.40 | $177.80 | ||
Less reserves and allowances | -10.6 | [1] | -14.5 | [1] |
Accounts receivable, net | 130.8 | 163.3 | ||
Inventories | ' | ' | ||
Finished goods | 81.8 | 76.3 | ||
Work in process | 3.4 | 2.9 | ||
Raw materials and supplies | 7.4 | 5.1 | ||
Total inventories | 92.6 | 84.3 | ||
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 201.4 | 201.7 | ||
Less accumulated depreciation | -151.2 | -150.1 | ||
Property, plant and equipment, net | 50.2 | 51.6 | ||
Rebates payable | $27.90 | $33.20 | ||
[1] | Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Intangible Assets (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | $139.90 | ' | $139.50 |
Accumulated amortization | -74.1 | ' | -70.9 |
Intangible assets, net | 65.8 | ' | 68.6 |
Amortization expense | 3.2 | 3.6 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2014 | 9.4 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2015 | 11.9 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2016 | 8.5 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2017 | 7.7 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2018 | 6.3 | ' | ' |
Trade Names | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 34.3 | ' | 34.3 |
Accumulated amortization | -10.3 | ' | -9.2 |
Intangible assets, net | 24 | ' | 25.1 |
Software | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 59 | ' | 58.5 |
Accumulated amortization | -54.1 | ' | -53.3 |
Intangible assets, net | 4.9 | ' | 5.2 |
Customer Relationships | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 20.3 | ' | 20.4 |
Accumulated amortization | -2.5 | ' | -2.1 |
Intangible assets, net | 17.8 | ' | 18.3 |
Other | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 26.3 | ' | 26.3 |
Accumulated amortization | -7.2 | ' | -6.3 |
Intangible assets, net | 19.1 | ' | 20 |
Developed Technology | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, net | $15.60 | ' | ' |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Goodwill (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Storage Solutions | Income Approach Valuation Technique | |||
Goodwill | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment test, estimated fair value in excess of carrying value, percentage | 24.70% | 25.70% | 1.00% | ' | ' |
Fair value inputs, forecast period | ' | ' | ' | ' | '10 years |
Fair value inputs, terminal growth rate | ' | ' | ' | ' | 3.00% |
Goodwill impairment test, decrease of residual growth rate potentially result in indication of impairment (less than 2.0 basis point) | ' | ' | ' | ' | 2.00% |
Goodwill impairment test, increase of discount rate potentially result in indication of impairment (less than 1.0 basis point) | ' | ' | ' | ' | 1.00% |
Fair value inputs, discount rate | ' | ' | ' | ' | 13.50% |
Goodwill | $72 | $72.10 | ' | $64.10 | ' |
Restructuring_and_Other_Expens2
Restructuring and Other Expense (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Restructuring and Related Activities [Abstract] | ' | ' | ||
Severance and related | $0.40 | $0.60 | ||
Lease termination costs | 0.1 | 0.1 | ||
Other | 0.1 | 0.8 | ||
Total restructuring | 0.6 | 1.5 | ||
Contingent consideration fair value adjustment | 0 | -0.1 | ||
Acquisition and integration related costs | 0 | 0.4 | ||
Pension curtailment (Note 9) | -0.7 | 0 | ||
Other | 2.2 | [1] | 0.3 | [1] |
Total | 2.1 | 2.1 | ||
Severance related to discontinued operations | ' | $1.10 | ||
[1] | Other includes certain employee costs and consulting fees. |
Restructuring_and_Other_Expens3
Restructuring and Other Expenses Activity (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 22, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | Severance and Related | Lease Termination Costs | Other | |||
2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Expected reduction in operating expenses, percent | ' | ' | 25.00% | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Accrued balance at December 31, 2013 | ' | ' | ' | $3.40 | $2.20 | $0.40 | $0.80 |
Charges | 0.6 | 1.5 | ' | 0.6 | 0.4 | 0.1 | 0.1 |
Usage and payments | ' | ' | ' | -1.8 | -0.9 | -0.1 | -0.8 |
Currency impacts | ' | ' | ' | -0.1 | 0 | -0.1 | 0 |
Accrued balance at March 31, 2014 | ' | ' | ' | $2.10 | $1.70 | $0.30 | $0.10 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock compensation expense | $1.60 | $1.80 |
Number of share-based compensation plans | 5 | ' |
Stock Incentive Plan 2011 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares available for grant | 2,218,839 | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Granted (shares) | 300,000 | ' |
Non-option equity instruments outstanding, number of shares | 3,200,000 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Options Activity (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stock Options [Roll Forward] | ' |
Outstanding December 31, 2013 (shares) | 5,371,538 |
Granted (shares) | 0 |
Exercised (shares) | -42,032 |
Canceled (shares) | -44,434 |
Forfeited (shares) | -42,735 |
Outstanding March 31, 2014 (shares) | 5,242,337 |
Exercisable as of March 31, 2014 (shares) | 3,577,985 |
Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding December 31, 2013 (dollars per share) | $13.11 |
Granted (dollars per share) | $0 |
Exercised (dollars per share) | $3.99 |
Canceled (dollars per share) | $26.95 |
Forfeited (dollars per share) | $2.42 |
Outstanding March 31, 2014 (dollars per share) | $13.11 |
Exercisable as of March 31, 2014 (dollars per share) | $16.45 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options expiration term | '10 years |
Total unrecognized compensation expense related to non-vested stock | $2 |
Total compensation cost not yet recognized, period for recognition | '1 year 4 months 24 days |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value Assumptions (Details) (Stock Options) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Volatility | 43.00% | 42.90% |
Risk-free interest rate | 1.10% | 1.10% |
Expected life (months) | '72 months | '71 months |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock (Details) (Restricted Stock, USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation expense related to non-vested stock | $2.20 |
Total compensation cost not yet recognized, period for recognition | '1 year 4 months 24 days |
Restricted Stock [Roll Forward] | ' |
Nonvested as of December 31, 2013 (shares) | 1,192,321 |
Granted (shares) | 5,576 |
Grant Adjustments (shares) | -4,925 |
Vested (shares) | -160,708 |
Forfeited (shares) | -16,135 |
Nonvested as of March 31, 2014 (shares) | 1,016,129 |
Weighted Average Grant Date Fair Value Per Share [Roll Forward] | ' |
Nonvested as of December 31, 2013 (dollars per share) | $4.87 |
Granted (dollars per share) | $4.60 |
Grants Adjustments (dollars per share) | $3.75 |
Vested (dollars per share) | $3.85 |
Forfeited (dollars per share) | $5.27 |
Nonvested as of March 31, 2014 (dollars per share) | $5.02 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions in current fiscal year | $0.40 | ' |
United States | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service cost | 0 | 0 |
Interest cost | 0.8 | 0.7 |
Expected return on plan assets | -1.2 | -1.3 |
Amortization of net actuarial loss | 0.3 | 0.4 |
Net periodic pension (credit) cost | -0.1 | -0.2 |
Curtailment gain | 0 | 0 |
Total pension (credit) cost | -0.1 | -0.2 |
International | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service cost | 0.1 | 0.1 |
Interest cost | 0.2 | 0 |
Expected return on plan assets | -0.2 | 0 |
Amortization of net actuarial loss | 0 | 0.1 |
Net periodic pension (credit) cost | 0.1 | 0.2 |
Curtailment gain | -0.7 | 0 |
Total pension (credit) cost | -0.6 | 0.2 |
Minimum | Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Estimated future employer contributions in current fiscal year | 2 | ' |
Maximum | Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Estimated future employer contributions in current fiscal year | $4 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax provision | $0 | $0.40 | ' |
Federal statutory income tax rate | 35.00% | ' | ' |
Unrecognized tax benefits | $6.10 | ' | $6 |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Line of Credit Facility [Line Items] | ' |
Current borrowing capacity | $25.10 |
United States | ' |
Line of Credit Facility [Line Items] | ' |
Credit agreement amount outstanding | 19.8 |
Debt Instrument, Interest Rate at Period End | 2.24% |
Japan | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Interest Rate at Period End | 2.80% |
Domestic Line of Credit | United States | ' |
Line of Credit Facility [Line Items] | ' |
Current borrowing capacity | 14.7 |
Foreign Line of Credit | Europe | ' |
Line of Credit Facility [Line Items] | ' |
Current borrowing capacity | 10.4 |
Foreign Line of Credit | Japan | ' |
Line of Credit Facility [Line Items] | ' |
Current borrowing capacity | $12.30 |
Fair_Value_Measurements_Cash_F
Fair Value Measurements - Cash Flow Hedges (Details) (Fair Value, Measurements, Recurring, Cash flow hedges, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total net derivative assets | $0 | $0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total net derivative assets | 2.1 | 4.4 |
Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total net derivative assets | 0 | 0 |
Foreign currency option contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign currency option contracts | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0.9 | 1.8 |
Derivative liabilities | -0.1 | -0.2 |
Foreign currency option contracts | Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign currency forward contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign currency forward contracts | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 1.9 | 3.3 |
Derivative liabilities | -0.6 | -0.5 |
Foreign currency forward contracts | Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | $0 | $0 |
Fair_Value_Measurements_Other_
Fair Value Measurements - Other Hedges (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Foreign currency forward contracts | Foreign currency forward contracts | Other Current Assets | Other Current Assets | Other Current Liabilities | Other Current Liabilities | Hedges designated as hedging instruments | Hedges designated as hedging instruments | Hedges designated as hedging instruments | Hedges designated as hedging instruments | Hedges designated as hedging instruments | Hedges designated as hedging instruments | Other hedges not receiving hedge accounting | Other hedges not receiving hedge accounting | Other hedges not receiving hedge accounting | Other hedges not receiving hedge accounting | Other hedges not receiving hedge accounting | Other hedges not receiving hedge accounting | Other Expense | Other Expense | |||
Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Other Current Assets | Other Current Assets | Other Current Liabilities | Other Current Liabilities | |||||||||||||
Other Current Assets | Other Current Assets | Other Current Liabilities | Other Current Liabilities | |||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net foreign currency gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $500,000 |
Gain (loss) on foreign currency contracts | ' | ' | -200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 124,500,000 | 163,200,000 | ' | ' | ' | ' | ' | ' | 102,000,000 | 133,800,000 | ' | ' | ' | ' | 22,500,000 | 29,400,000 | ' | ' | ' | ' | ' | ' |
Derivative assets fair value | ' | ' | ' | ' | 2,800,000 | 5,100,000 | ' | ' | ' | ' | 2,800,000 | 5,100,000 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Derivative liabilities fair value | ' | ' | ' | ' | ' | ' | ($700,000) | ($700,000) | ' | ' | ' | ' | ($700,000) | ($700,000) | ' | ' | ' | ' | $0 | $0 | ' | ' |
Shareholders_Equity_Treasury_S
Shareholders' Equity - Treasury Stock (Details) (USD $) | 3 Months Ended | 23 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | 2-May-12 |
Equity [Abstract] | ' | ' | ' |
Number of shares authorized to be repurchased | ' | ' | 5,000,000 |
Stock Repurchased During Period, Shares | ' | 1,800,000 | ' |
Payments for Repurchase of Common Stock | ' | $9 | ' |
Remaining number of shares authorized to be repurchased | 3,200,000 | 3,200,000 | ' |
Average price per share of treasury stock acquired and held | $24.35 | ' | ' |
Movement in Treasury Stock [Roll Forward] | ' | ' | ' |
Balance as of December 31, 2013 (shares) | 1,121,926 | ' | ' |
Purchases (shares) | 0 | ' | ' |
Exercise of stock options (shares) | -42,032 | ' | ' |
Restricted stock grants, forfeitures and other (shares) | 74,338 | ' | ' |
401(k) matching contribution (shares) | -204,373 | ' | ' |
Balance as of March 31, 2014 (shares) | 949,859 | 949,859 | ' |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Balance as of December 31, 2013 | ($62.80) | ' | |
Other comprehensive loss before reclassifications, net of tax | -4.4 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | -0.4 | ' | |
Net current-period other comprehensive loss | -4.8 | ' | |
Balance as of March 31, 2014 | -67.6 | ' | |
Income tax (benefit) expense for gains on derivative financial instruments | -0.5 | ' | |
Income tax provision | 0 | 0.4 | |
Selling, general and administrative | 43.4 | 49.3 | |
Restructuring and other | -2.1 | -2.1 | |
Defined Benefit Plans | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Balance as of December 31, 2013 | -11.6 | ' | |
Other comprehensive loss before reclassifications, net of tax | 0 | ' | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | -0.1 | ' | |
Net current-period other comprehensive loss | -0.1 | ' | |
Balance as of March 31, 2014 | -11.7 | ' | |
Foreign Currency Translation | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Balance as of December 31, 2013 | -53.6 | ' | |
Other comprehensive loss before reclassifications, net of tax | -3.5 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | ' | |
Net current-period other comprehensive loss | -3.5 | ' | |
Balance as of March 31, 2014 | -57.1 | ' | |
(Gains) Losses on cash flow hedges | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Balance as of December 31, 2013 | 2.4 | ' | |
Other comprehensive loss before reclassifications, net of tax | -0.9 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | -0.3 | ' | |
Net current-period other comprehensive loss | -1.2 | ' | |
Balance as of March 31, 2014 | 1.2 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Reclassification for the period, net of tax | -0.4 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Income tax provision | 0.2 | ' | |
Reclassification for the period, net of tax | -0.1 | ' | |
Selling, general and administrative | 0.3 | ' | |
Restructuring and other | -0.6 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) Losses on cash flow hedges | ' | ' | |
Accumulated Other Comprhensive Income (Loss) [Roll Forward] | ' | ' | |
Cost of goods sold | -0.5 | ' | |
Income tax provision | 0.2 | ' | |
Reclassification for the period, net of tax | ($0.30) | ' | |
[1] | Income tax benefit of $0.5 million was recorded for unrealized losses on derivative financial instruments for the three months ended March 31, 2014. |
Segment_Information_Segment_In
Segment Information - Segment Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | $178.90 | $224.40 |
Operating Income (Loss) | -16.1 | -14.7 |
Interest income | -0.1 | 0 |
Interest expense | 0.6 | 0.7 |
Other, net expense (income) | 0.2 | -0.2 |
Loss from continuing operations before income taxes | -16.8 | -15.2 |
Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating Income (Loss) | -4.7 | 2.9 |
Corporate and Unallocated | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating Income (Loss) | -11.4 | -17.6 |
Consumer Storage and Accessories | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | 100 | 121.8 |
Consumer Storage and Accessories | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating Income (Loss) | 4.1 | 5.9 |
Consumer Storage and Accessories | Consumer storage media | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | 89.5 | 114.2 |
Consumer Storage and Accessories | Audio and accessories | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | 10.5 | 7.6 |
Tiered Storage and Security Solutions | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | 78.9 | 102.6 |
Tiered Storage and Security Solutions | Operating Segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating Income (Loss) | -8.8 | -3 |
Tiered Storage and Security Solutions | Commercial storage media | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | 51.4 | 66.9 |
Tiered Storage and Security Solutions | Storage and security solutions | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net revenue | $27.50 | $35.70 |
Litigation_Commitments_and_Con1
Litigation, Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 147 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 |
ECJ Copyright Levy | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Copyright levy payment | ' | $100 | ' |
Copyright levy accrual reversal | 7.8 | ' | ' |
Copyright levy liabilities | ' | 9.5 | 10 |
Other EU Jurisdictions [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Copyright levy liabilities | ' | $9.50 | ' |