Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 42,235,232 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $175 | $191.90 | $532.50 | $628 |
Cost of goods sold | 143.8 | 155.8 | 433.7 | 494.6 |
Gross profit | 31.2 | 36.1 | 98.8 | 133.4 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 42.5 | 46.3 | 130.2 | 142.1 |
Research and development | 4.9 | 4.6 | 13.7 | 14.3 |
Goodwill impairment | 35.4 | 0 | 35.4 | 0 |
Restructuring and other | 4.2 | 11.7 | 11.5 | 18.2 |
Total | 87 | 62.6 | 190.8 | 174.6 |
Operating loss from continuing operations | -55.8 | -26.5 | -92 | -41.2 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -0.1 | -0.1 | -0.3 | -0.1 |
Interest expense | 0.7 | 0.7 | 1.9 | 2 |
Other, net expense | 1.6 | 1.1 | 2.6 | 1 |
Total | 2.2 | 1.7 | 4.2 | 2.9 |
Loss from continuing operations before income taxes | -58 | -28.2 | -96.2 | -44.1 |
Income tax (benefit) provision | 3.4 | -2 | 1.8 | -0.5 |
Loss from continuing operations | -61.4 | -26.2 | -98 | -43.6 |
Discontinued operations: | ' | ' | ' | ' |
Loss on sale of discontinued businesses, net of income taxes | 0 | -5.5 | -1.7 | -5.5 |
Loss from operations of discontinued businesses, net of income taxes | 0 | -3.2 | -0.6 | -12 |
Loss from discontinued operations, net of income taxes | 0 | -8.7 | -2.3 | -17.5 |
Net loss | ($61.40) | ($34.90) | ($100.30) | ($61.10) |
Loss per common share — basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($1.49) | ($0.65) | ($2.39) | ($1.08) |
Discontinued operations (in dollars per share) | $0 | ($0.21) | ($0.06) | ($0.43) |
Net loss - basic (in dollars per share) | ($1.49) | ($0.86) | ($2.45) | ($1.51) |
Loss per common share — diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($1.49) | ($0.65) | ($2.39) | ($1.08) |
Discontinued operations (in dollars per share) | $0 | ($0.21) | ($0.06) | ($0.43) |
Net loss - diluted (dollars per share) | ($1.49) | ($0.86) | ($2.45) | ($1.51) |
Weighted average shares outstanding - basic (in shares) | 41.2 | 40.5 | 41 | 40.5 |
Weighted average shares outstanding - diluted (in shares) | 41.2 | 40.5 | 41 | 40.5 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($61.40) | ($34.90) | ($100.30) | ($61.10) |
Net unrealized gains (losses) on derivative financial instruments: | ' | ' | ' | ' |
Net holding gains (losses) arising during the period | 2.2 | -0.5 | 0.7 | 4.1 |
Reclassification adjustment for net realized gains included in net loss | -0.7 | -2 | -1.2 | -5.2 |
Total net unrealized gains (losses) on derivative financial instruments | 1.5 | -2.5 | -0.5 | -1.1 |
Net pension adjustments: | ' | ' | ' | ' |
Liability adjustments for defined benefit plans | -1.6 | 3.3 | -0.8 | 5.4 |
Reclassification of adjustments for defined benefit plans included in net loss | 0.4 | 2 | 1.1 | 4.4 |
Total net pension adjustments | -1.2 | 5.3 | 0.3 | 9.8 |
Unrealized foreign currency translation (losses) gains | -8.5 | 5.3 | -9.7 | -5.6 |
Total other comprehensive (loss) income, net of tax | -8.2 | 8.1 | -9.9 | 3.1 |
Comprehensive loss | ($69.60) | ($26.80) | ($110.20) | ($58) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets | ' | ' | |
Cash and cash equivalents | $110.70 | $132.60 | |
Accounts receivable, net | 115.2 | 163.3 | |
Inventories | 74.2 | [1] | 84.3 |
Other current assets | 34.5 | 48.8 | |
Total current assets | 334.6 | 429 | |
Property, plant and equipment, net | 47.2 | 51.6 | |
Intangible assets, net | 61.2 | 68.6 | |
Goodwill | 36.1 | 72.1 | |
Other assets | 20.1 | 20.5 | |
Total assets | 499.2 | 641.8 | |
Current liabilities | ' | ' | |
Accounts payable | 84.5 | 94.7 | |
Short-term debt | 19.3 | 20 | |
Other current liabilities | 91.6 | 116.4 | |
Total current liabilities | 195.4 | 231.1 | |
Other liabilities | 38 | 37.5 | |
Total liabilities | 233.4 | 268.6 | |
Commitments and contingencies (Note 15) | ' | ' | |
Shareholders’ equity | 265.8 | 373.2 | |
Total liabilities and shareholders’ equity | $499.20 | $641.80 | |
[1] | During the three months ended September 30, 2014 we recorded a $4.6 million inventory write-off of tape manufacturing parts as we changed the outsourcing of our tape production during the third quarter of 2014 no longer requiring this inventory. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($100.30) | ($61.10) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 16.4 | 18.3 |
Stock-based compensation | 4.1 | 5.1 |
Settlement of UK pension plan | 0.5 | 10.6 |
Loss on disposal group in discontinued operations | 0 | 5.5 |
Goodwill impairment | 35.4 | 0 |
Inventory write-offs | 4.6 | 2.8 |
Other, net | 2.4 | -9.1 |
Changes in operating assets and liabilities | 23.7 | 34.7 |
Net cash (used in) provided by operating activities | -13.2 | 6.8 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -5.3 | -5.2 |
Proceeds from purchase price adjustment | 0 | 1.6 |
Proceeds from sale of disposal group | 2.8 | 0.4 |
Net cash used in investing activities | -2.5 | -3.2 |
Cash Flows from Financing Activities: | ' | ' |
Purchase of treasury stock | -2.5 | -2.5 |
Exercise of stock options | 0.4 | 0 |
Short-term debt repayment | -29.7 | 0 |
Short-term borrowings | 28.9 | 0 |
Debt issue costs | 0 | -0.4 |
Contingent consideration payments | 0 | -0.5 |
Net cash used in financing activities | -2.9 | -3.4 |
Effect of exchange rate changes on cash and cash equivalents | -3.3 | -0.5 |
Net change in cash and cash equivalents | -21.9 | -0.3 |
Cash and cash equivalents — beginning of period | 132.6 | 108.7 |
Cash and cash equivalents — end of period | $110.70 | $108.40 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [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 | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance for reporting discontinued operations and disposals of components of an entity. The new guidance requires that a disposal representing a strategic shift, that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale, should be reported as discontinued operations. The new guidance also expands the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective for interim and annual periods beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. This standard will not impact our historical financial position and results of operations, but we will apply this guidance to future dispositions, if any, that qualify for discontinued operations. We have not determined whether we plan on adopting this guidance early if any dispositions were to occur. | |
In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new guidance will replace all current U.S. GAAP guidance on revenue recognition and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of this new guidance on our financial position and results of operations. |
Loss_Earnings_per_Common_Share
(Loss) Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions, except for per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | |||||||||||||||||
Loss from continuing operations | $ | (61.4 | ) | $ | (26.2 | ) | $ | (98.0 | ) | $ | (43.6 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (8.7 | ) | (2.3 | ) | (17.5 | ) | ||||||||||
Net loss | $ | (61.4 | ) | $ | (34.9 | ) | $ | (100.3 | ) | $ | (61.1 | ) | |||||
Denominator: | |||||||||||||||||
Weighted average number of common shares outstanding during the period - basic | 41.2 | 40.5 | 41 | 40.5 | |||||||||||||
Dilutive effect of stock-based compensation plans | — | — | — | — | |||||||||||||
Weighted average number of diluted shares outstanding during the period - diluted | 41.2 | 40.5 | 41 | 40.5 | |||||||||||||
Loss per common share — basic | |||||||||||||||||
Continuing operations | $ | (1.49 | ) | $ | (0.65 | ) | $ | (2.39 | ) | $ | (1.08 | ) | |||||
Discontinued operations | — | (0.21 | ) | (0.06 | ) | (0.43 | ) | ||||||||||
Net loss | (1.49 | ) | (0.86 | ) | (2.45 | ) | (1.51 | ) | |||||||||
Loss per common share — diluted | |||||||||||||||||
Continuing operations | $ | (1.49 | ) | $ | (0.65 | ) | $ | (2.39 | ) | $ | (1.08 | ) | |||||
Discontinued operations | — | (0.21 | ) | (0.06 | ) | (0.43 | ) | ||||||||||
Net loss | (1.49 | ) | (0.86 | ) | (2.45 | ) | (1.51 | ) | |||||||||
Anti-dilutive shares excluded from calculation | 4.4 | 5.9 | 4.5 | 6.3 | |||||||||||||
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 an estimated $3.1 million of total consideration consisting of $0.3 million of cash consideration, an interest-bearing note receivable consisting of $0.3 million (which matures in 2015) and $2.5 million estimated to be received based on the proceeds the purchaser is able to achieve from selling the acquired inventory. The sale of this business resulted in a loss of $0.5 million which was recorded in discontinued operations during the first quarter of 2014. During the second quarter of 2014 we revised downward our estimate of the consideration we expected to receive based on the purchaser's proceeds from selling the acquired inventory by $1.2 million and, accordingly, recognized a loss of $1.2 million as a component of discontinued operations for the nine months ended September 30, 2014. The remaining balance of the receivable associated with the proceeds from the purchaser's inventory sales was fully collected as of September 30, 2014. | |||||||||||||||||
On October 15, 2013, we completed the sale of the Memorex consumer electronics business for $9.3 million of total consideration. We received payments of $1.3 million during the second quarter of 2014 and $0.9 million during the fourth quarter of 2013. The remaining receivable balance associated with the disposition of this business is recorded at an estimated fair value of $5.9 million of which $2.1 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | $ | — | $ | 10.5 | $ | 0.5 | $ | 33.9 | |||||||||
Loss on sale of discontinued businesses, before income taxes | — | (5.5 | ) | (1.7 | ) | (5.5 | ) | ||||||||||
Loss from operations of discontinued businesses, before income taxes | — | (3.2 | ) | (0.6 | ) | (12.0 | ) | ||||||||||
Income tax provision (benefit) | — | — | — | — | |||||||||||||
Loss from discontinued operations, net of income taxes | $ | — | $ | (8.7 | ) | $ | (2.3 | ) | $ | (17.5 | ) | ||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Balance Sheet Information [Abstract] | ' | ||||||||
Supplemental Balance Sheet Information | ' | ||||||||
Supplemental Balance Sheet Information | |||||||||
Additional supplemental balance sheet information is provided as follow: | |||||||||
September 30, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Accounts Receivable | |||||||||
Accounts receivable | $ | 123.7 | $ | 177.8 | |||||
Less reserves and allowances1 | (8.5 | ) | (14.5 | ) | |||||
Accounts receivable, net | $ | 115.2 | $ | 163.3 | |||||
Inventories2 | |||||||||
Finished goods | $ | 70.6 | $ | 76.3 | |||||
Work in process | 2.9 | 2.9 | |||||||
Raw materials and supplies | 0.7 | 5.1 | |||||||
Total inventories | $ | 74.2 | $ | 84.3 | |||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment | $ | 190.3 | $ | 201.7 | |||||
Less accumulated depreciation | (143.1 | ) | (150.1 | ) | |||||
Property, plant and equipment, net | $ | 47.2 | $ | 51.6 | |||||
1Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and uncollectible accounts. | |||||||||
2During the three months ended September 30, 2014 we recorded a $4.6 million inventory write-off of tape manufacturing parts as we changed the outsourcing of our tape production during the third quarter of 2014 no longer requiring this inventory. | |||||||||
Other current liabilities (included as a separate line in our Condensed Consolidated Balance Sheets) includes rebates payable of $25.9 million and $33.2 million at September 30, 2014 and December 31, 2013, respectively. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 | ||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Gross carrying amount | $ | 35.6 | $ | 59.3 | $ | 20.2 | $ | 26.2 | $ | 141.3 | |||||||||||
Accumulated amortization | (12.8 | ) | (55.1 | ) | (3.4 | ) | (8.8 | ) | (80.1 | ) | |||||||||||
Intangible assets, net | $ | 22.8 | $ | 4.2 | $ | 16.8 | $ | 17.4 | $ | 61.2 | |||||||||||
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 September 30, 2014 consists primarily of $14.0 million of developed technology. | |||||||||||||||||||||
As noted below under our goodwill disclosure, during the three months ended September 30, 2014, we performed an interim goodwill impairment test for our Storage solutions reporting unit due to lower than expected results. We also determined these factors to be an event that warranted interim tests as to whether any of our $31.6 million of definite-lived intangible assets associated with the storage solutions business were impaired. Based on our impairment analysis performed in the third quarter of 2014, the undiscounted cash flows associated with our Storage Solutions reporting unit (over the life of the primary asset within Storage Solutions) exceeded the carrying value of the asset group and, accordingly, we concluded that we did not have an impairment of our definite-lived intangible assets in the storage solutions asset group for the three months ended September 30, 2014. | |||||||||||||||||||||
Amortization expense for intangible assets consisted of the following: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization expense | $ | 3.2 | $ | 3.4 | $ | 9.6 | $ | 10.3 | |||||||||||||
Based on the intangible assets in service as of September 30, 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 | $ | 3 | $ | 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 September 30, 2014 were lower than planned. Because of our lower than anticipated results for Storage Solutions, we revised our forecast, which we determined to be a triggering event requiring us to review our goodwill related to Storage Solutions for impairment. | |||||||||||||||||||||
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. Our expected cash flows are affected by various significant assumptions, including the discount rate, revenue, gross margin and EBITA (Earnings Before Interest Taxes and Amortization) expectations and the terminal value growth rate. Our analysis utilized discounted forecasted cash flows over a 10 year period with an estimation of residual growth rates thereafter. We use our business plans and projections as the basis for expected future cash flows. The assumptions included utilized a discount rate of 16.5 percent and a terminal growth rate of 3.0 percent. Because our Storage Solutions business has not yet been able to achieve its anticipated results, we increased our discount rate by 2.0 percent over the estimated market discount rate of 14.5 percent. | |||||||||||||||||||||
As a result of this assessment, it was determined that the carrying value of our Storage Solutions reporting unit exceeded its estimated fair value. Accordingly, we performed a Step 2 goodwill impairment test which compared the implied value of the goodwill associated with Storage Solutions to the carrying value of such goodwill. Based on this analysis, the carrying value of the Storage Solutions goodwill exceeded its implied value by $35.4 million and, consequently, we recorded an impairment charge of that amount in the Consolidated Statements of Operations. After the impairment charge, the remaining balance of goodwill associated with our Storage Solutions Reporting Unit is $28.1 million as of September 30, 2014. | |||||||||||||||||||||
During the first quarter of 2014, due to lower than anticipated results and a revision to our forecast in March, we determined that a triggering event occurred which required an interim impairment test of the goodwill associated with the Storage Solutions reporting unit. After performing the analysis, it was concluded that goodwill was not impaired as the estimated fair value of the reporting unit exceeded it carrying value. During the second quarter of 2014, we determined that no triggering event had occurred which necessitated the need for an interim goodwill impairment test. |
Restructuring_and_Other_Expens
Restructuring and Other Expense | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Restructuring | |||||||||||||||||
Severance and related | $ | 0.8 | $ | (0.2 | ) | $ | 3.6 | $ | 1 | ||||||||
Lease termination costs | 0.2 | 0.1 | 0.3 | 0.7 | |||||||||||||
Other | 0.3 | 0.6 | 1.2 | 1.9 | |||||||||||||
Total restructuring | $ | 1.3 | $ | 0.5 | $ | 5.1 | $ | 3.6 | |||||||||
Other | |||||||||||||||||
Contingent consideration fair value adjustment | — | — | — | (0.4 | ) | ||||||||||||
Acquisition and integration related costs | — | 0.6 | — | 1.8 | |||||||||||||
Pension settlement/curtailment (Note 9) | 0.2 | 0.2 | 0.1 | 1.7 | |||||||||||||
Settlement of UK pension plan | 0.5 | 10.6 | 0.5 | 10.6 | |||||||||||||
Other1 | 2.2 | (0.2 | ) | 5.8 | 0.9 | ||||||||||||
Total | $ | 4.2 | $ | 11.7 | $ | 11.5 | $ | 18.2 | |||||||||
1Other includes consulting fees and certain employee costs. | |||||||||||||||||
During the three and nine months ended September 30, 2013, severance expense of $0.3 million and $1.7 million, respectively, 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, excluding the impact of any acquisitions. 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. | |||||||||||||||||
Since the inception of the 2012 Global Process Improvement Restructuring Program, we have recorded a total of $21.2 million of severance and related expenses, $1.1 million of lease termination and modification costs, $4.5 million of other charges and $9.6 million of inventory write-offs. | |||||||||||||||||
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 | |||||||||||||
Charges | 2.2 | — | 0.4 | 2.6 | |||||||||||||
Usage and payments | (0.9 | ) | — | (0.2 | ) | (1.1 | ) | ||||||||||
Currency impacts | — | — | 0.1 | 0.1 | |||||||||||||
Accrued balance at June 30, 2014 | 3 | 0.3 | 0.4 | 3.7 | |||||||||||||
Charges | 0.8 | — | 0.1 | 0.9 | |||||||||||||
Usage and payments | (2.9 | ) | (0.1 | ) | (0.4 | ) | (3.4 | ) | |||||||||
Currency impacts | — | (0.1 | ) | — | (0.1 | ) | |||||||||||
Accrued balance at September 30, 2014 | 0.9 | 0.1 | 0.1 | 1.1 | |||||||||||||
Severance and related charges of $0.2 million that were recorded in the nine months ended September 30, 2014 were recorded to other accruals and not to the 2012 GPI Program accrual. Lease termination costs of $0.2 million that were recorded in the three and nine months ended September 30, 2014, respectively, were recorded to other accruals and not to the 2012 GPI Program accrual. Other charges of $0.2 million and $0.6 million that were recorded in the three and nine months ended September 30, 2014, respectively, were recorded to other accruals and not to the 2012 GPI Program accrual. These charges are not included in the table above. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense | $ | 1.1 | $ | 1.9 | $ | 4.1 | $ | 5.1 | |||||||||
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 September 30, 2014, there were 1,969,692 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 | 61,275 | 3.72 | |||||||||||||||
Exercised | (87,569 | ) | 3.97 | ||||||||||||||
Canceled | (856,854 | ) | 18.85 | ||||||||||||||
Forfeited | (565,246 | ) | 4.14 | ||||||||||||||
Outstanding September 30, 2014 | 3,923,144 | $ | 13.15 | ||||||||||||||
Exercisable as of September 30, 2014 | 3,383,760 | $ | 14.5 | ||||||||||||||
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: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 46.2 | % | 42.8 | % | |||||||||||||
Risk-free interest rate | 1.9 | % | 1.1 | % | |||||||||||||
Expected life (months) | 73 | 72 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
As of September 30, 2014, there was $0.7 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 1.2 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 | 1,170,354 | 3.68 | |||||||||||||||
Grant Adjustments | (4,925 | ) | 3.75 | ||||||||||||||
Vested | (728,776 | ) | 5.18 | ||||||||||||||
Forfeited | (317,895 | ) | 3.94 | ||||||||||||||
Nonvested as of September 30, 2014 | 1,311,079 | $ | 3.85 | ||||||||||||||
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 September 30, 2014, there was $3.3 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 1.7 years. | |||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||
During the nine months ended September 30, 2014, we granted 0.6 million Stock Appreciation Rights (SARs) to certain employees associated with our Nexsan and Mobile Security operations. As of September 30, 2014, we had 3.1 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 | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||||||||||||||||
Retirement Plans | |||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2014, we contributed $1.2 million and $2.0 million to our worldwide pension plans, respectively. We presently anticipate contributing up to $1.0 million to fund our worldwide pension plans during the remainder of 2014. | |||||||||||||||||||||||||||||||||
In connection with actions taken under our announced restructuring programs, the number of employees accumulating benefits under our pension plan in the United States continues to decline. Participants in our U.S. defined benefit pension plan have the option of receiving cash lump sum payments when exiting the plan, which a number of participants exiting the plan have elected to receive. Lump sum payments for the nine months ended September 30, 2014 have exceeded our expected 2014 interest costs. As a result, a partial settlement event occurred during the three and nine months ended September 30, 2014 and we recognized a settlement loss of $0.2 million and $0.8 million, respectively. A settlement loss of $0.2 million and $1.7 million was recognized for the three and nine months ended September 30, 2013. These settlement losses are included in restructuring and other in our Condensed Consolidated Statements of Operations. Additionally, in connection with the settlement and as required by pension accounting, we remeasured the funded status of our U.S. defined benefit plan as of September 30, 2014 and have adjusted the funded status on our Condensed Consolidated Balance Sheets as of September 30, 2014, accordingly. | |||||||||||||||||||||||||||||||||
During the nine months ended September 30, 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. | |||||||||||||||||||||||||||||||||
We have a defined benefit pension plan located in the United Kingdom (UK Plan) for former employees with no current employees in the plan. On September 17, 2013, we settled our UK Plan by way of a transaction with Pension Insurance Corporation (PIC) whereby PIC fully assumed the projected benefit obligation and underlying plan assets. The net balance assumed by PIC represents an asset balance of $6.4 million and no cash consideration was paid in connection with this transaction. As a result of this transaction, we removed this net asset and related unrecognized net actuarial loss in other comprehensive loss and recorded a loss of $10.6 million in restructuring and other in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2013. Additionally, the settlement of the UK Plan resulted in the removal of a deferred tax liability related to the plan resulting in a $2.3 million credit to income tax expense for the three and nine months ended September 30, 2013. It is a standard practice in the United Kingdom (UK) for a review process by the UK government, entailing a review of the plan obligations and participant data, to occur upon a transaction such as this one involving a transfer of a pension plan. During the third quarter of 2014, we had an additional obligation of $0.5 million associated with a true-up of the transaction that we have recorded in restructuring and other in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||
Components of net periodic pension (credit) cost included the following: | |||||||||||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | |||||||||||||||||
Interest cost | 0.8 | 0.9 | 0.4 | — | 2.4 | 2.4 | 0.8 | — | |||||||||||||||||||||||||
Expected return on plan assets | (1.2 | ) | (1.2 | ) | (0.3 | ) | — | (3.6 | ) | (3.7 | ) | (0.7 | ) | — | |||||||||||||||||||
Amortization of net actuarial loss | 0.3 | 0.4 | 0.1 | 0.1 | 0.9 | 1.3 | 0.2 | 0.3 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | — | (0.1 | ) | — | ||||||||||||||||||||||||
Net periodic pension (credit) cost | $ | (0.1 | ) | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | (0.3 | ) | $ | — | $ | 0.5 | $ | 0.6 | |||||||||||||||
Settlement loss | 0.2 | 0.2 | — | 10.6 | 0.8 | 1.7 | — | 10.6 | |||||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | (0.7 | ) | — | ||||||||||||||||||||||||
Total pension cost (credit) | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | 10.8 | $ | 0.5 | $ | 1.7 | $ | (0.2 | ) | $ | 11.2 | ||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2014, we recorded income tax expense of $3.4 million and $1.8 million, respectively. For the three and nine months ended September 30, 2013, we recorded an income tax benefit of $2.0 million and $0.5 million, respectively. The increased income tax expense for the three months ended September 30, 2014 was driven by the relative mix of income (loss) in the various jurisdictions and a deferred tax asset adjustment as the result of the reassessment of deferred taxes in the Netherlands. The effective income tax rate for the three and nine months ended September 30, 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 2013 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 September 30, 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 at this time. |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 September 30, 2014, our borrowing capacity under all credit agreements, after consideration of amounts outstanding, was $33.4 million. | |
As of September 30, 2014, we had $19.3 million of borrowings outstanding under our credit facilities with interest rates ranging from 2.4 percent to 2.8 percent. We are in compliance with our covenant requirements as of September 30, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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. | |||||||||||||||||||||||||
September 30, 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 | $ | — | $ | 0.6 | $ | — | $ | — | $ | 1.8 | $ | — | |||||||||||||
Foreign currency forward contracts | — | 2 | — | — | 3.3 | — | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Foreign currency option contracts | — | — | — | — | (0.2 | ) | — | ||||||||||||||||||
Foreign currency forward contracts | — | — | — | — | (0.5 | ) | — | ||||||||||||||||||
Total net derivative assets | $ | — | $ | 2.6 | $ | — | $ | — | $ | 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 September 30, 2014 and 2013, we recorded net foreign currency losses of $1.5 million and $0.6 million, respectively, in other (income) expense in the Condensed Consolidated Statements of Operations. These net losses reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of losses of $0.7 million and gains of $0.2 million from the related foreign currency forward contracts for the three months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
For the nine months ended September 30, 2014 and 2013, we recorded net foreign currency losses of $1.9 million and no gains or losses, respectively, in other expense (income) in the Condensed Consolidated Statements of Operations. These losses reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of losses of $1.1 million and gains of $1.3 million from the related foreign currency forward contracts for the nine months ended September 30, 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: | |||||||||||||||||||||||||
September 30, 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 | $ | 60 | $ | 2.6 | $ | — | $ | 133.8 | $ | 5.1 | $ | (0.7 | ) | ||||||||||||
Other hedges not receiving hedge accounting | 22.5 | — | — | 29.4 | — | — | |||||||||||||||||||
Total | $ | 82.5 | $ | 2.6 | $ | — | $ | 163.2 | $ | 5.1 | $ | (0.7 | ) | ||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 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. For the three months ended September 30, 2014 we repurchased 0.5 million shares of common stock for $1.6 million. Since the authorization of this program, we have repurchased 2.6 million shares of common stock for $11.5 million, and as of September 30, 2014 we had remaining authorization to repurchase up to 2.4 million additional shares. The treasury stock held as of September 30, 2014 was acquired at an average price of $13.41 per share. | |||||||||||||||||
Following is a summary of treasury share activity: | |||||||||||||||||
Treasury Shares | |||||||||||||||||
Balance as of December 31, 2013 | 1,121,926 | ||||||||||||||||
Purchases | 760,268 | ||||||||||||||||
Exercise of stock options | (87,569 | ) | |||||||||||||||
Restricted stock grants, forfeitures and other | (697,847 | ) | |||||||||||||||
401(k) matching contribution | (360,803 | ) | |||||||||||||||
Balance as of September 30, 2014 | 735,975 | ||||||||||||||||
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 income (loss) before reclassifications, net of tax 1 | 0.7 | (0.8 | ) | (9.7 | ) | (9.8 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1.2 | ) | 1.1 | — | (0.1 | ) | |||||||||||
Net current-period other comprehensive (loss) income | (0.5 | ) | 0.3 | (9.7 | ) | (9.9 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 1.9 | $ | (11.3 | ) | $ | (63.3 | ) | $ | (72.7 | ) | ||||||
1Income tax benefit of $0.1 million was recorded for unrealized losses on derivative financial instruments for the nine months ended September 30, 2014. | |||||||||||||||||
Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2014 are as follows: | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations Where (Gain) Loss is Presented | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(In millions) | 30-Sep-14 | 30-Sep-14 | |||||||||||||||
Gains on cash flow hedges | (1.2 | ) | (2.0 | ) | Cost of goods sold | ||||||||||||
Income tax expense | 0.5 | 0.8 | Income tax provision | ||||||||||||||
(0.7 | ) | (1.2 | ) | ||||||||||||||
Amortization of net actuarial loss | 0.3 | 0.7 | Selling, general and administrative | ||||||||||||||
Net pension curtailment/settlement loss | 0.2 | 0.2 | Restructuring and other | ||||||||||||||
Income tax expense | — | 0.2 | Income tax provision | ||||||||||||||
0.5 | 1.1 | ||||||||||||||||
Total reclassifications for the period | (0.2 | ) | (0.1 | ) |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 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-rayTM disc recordable media as well as flash media. Audio and accessories include primarily headphones, audio electronics and accessories. Consumer storage solutions and audio products and accessories are sold under the ImationTM, MemorexTM and TDK Life on RecordTM brands. 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. Imation’s storage and security portfolio includes NexsanTM hybrid storage solutions; IronKeyTM mobile security solutions that address the needs of professionals for secure data transport and mobile workspaces. | |||||||||||||||||
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 former 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | |||||||||||||||||
Consumer Storage and Accessories | |||||||||||||||||
Consumer storage media | $ | 79.4 | $ | 97.3 | $ | 253.4 | $ | 318.8 | |||||||||
Audio and accessories | 12.6 | 11 | 33.7 | 28.2 | |||||||||||||
Total Consumer Storage and Accessories | 92 | 108.3 | 287.1 | 347 | |||||||||||||
Tiered Storage and Security Solutions | |||||||||||||||||
Commercial storage media | 54.3 | 54.3 | 159.7 | 183 | |||||||||||||
Storage and security solutions | 28.7 | 29.3 | 85.7 | 98 | |||||||||||||
Total Tiered Storage and Security Solutions | 83 | 83.6 | 245.4 | 281 | |||||||||||||
Total net revenue | $ | 175 | $ | 191.9 | $ | 532.5 | $ | 628 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss) from continuing operations | |||||||||||||||||
Consumer Storage and Accessories | $ | 5.4 | $ | 3.3 | $ | 12.7 | $ | 30 | |||||||||
Tiered Storage and Security Solutions | (8.1 | ) | (8.2 | ) | (25.4 | ) | (14.1 | ) | |||||||||
Total segment operating (loss) income | (2.7 | ) | (4.9 | ) | (12.7 | ) | 15.9 | ||||||||||
Corporate and unallocated | (53.1 | ) | (21.6 | ) | (79.3 | ) | (57.1 | ) | |||||||||
Total operating loss | (55.8 | ) | (26.5 | ) | (92.0 | ) | (41.2 | ) | |||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | |||||||||
Interest expense | 0.7 | 0.7 | 1.9 | 2 | |||||||||||||
Other, net expense | 1.6 | 1.1 | 2.6 | 1 | |||||||||||||
Loss from continuing operations before income taxes | $ | (58.0 | ) | $ | (28.2 | ) | $ | (96.2 | ) | $ | (44.1 | ) |
Litigation_Commitments_and_Con
Litigation, Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 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. While we currently do not believe a loss associated with our litigation matters is probable, 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 | |
During the third quarter of 2014, there were no significant changes or events associated with copyright levies from those previously disclosed in our 2013 Annual Report on Form 10-K or first quarter 2014 Quarterly Report on Form 10-Q. |
Loss_Earnings_per_Common_Share1
(Loss) Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions, except for per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | |||||||||||||||||
Loss from continuing operations | $ | (61.4 | ) | $ | (26.2 | ) | $ | (98.0 | ) | $ | (43.6 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (8.7 | ) | (2.3 | ) | (17.5 | ) | ||||||||||
Net loss | $ | (61.4 | ) | $ | (34.9 | ) | $ | (100.3 | ) | $ | (61.1 | ) | |||||
Denominator: | |||||||||||||||||
Weighted average number of common shares outstanding during the period - basic | 41.2 | 40.5 | 41 | 40.5 | |||||||||||||
Dilutive effect of stock-based compensation plans | — | — | — | — | |||||||||||||
Weighted average number of diluted shares outstanding during the period - diluted | 41.2 | 40.5 | 41 | 40.5 | |||||||||||||
Loss per common share — basic | |||||||||||||||||
Continuing operations | $ | (1.49 | ) | $ | (0.65 | ) | $ | (2.39 | ) | $ | (1.08 | ) | |||||
Discontinued operations | — | (0.21 | ) | (0.06 | ) | (0.43 | ) | ||||||||||
Net loss | (1.49 | ) | (0.86 | ) | (2.45 | ) | (1.51 | ) | |||||||||
Loss per common share — diluted | |||||||||||||||||
Continuing operations | $ | (1.49 | ) | $ | (0.65 | ) | $ | (2.39 | ) | $ | (1.08 | ) | |||||
Discontinued operations | — | (0.21 | ) | (0.06 | ) | (0.43 | ) | ||||||||||
Net loss | (1.49 | ) | (0.86 | ) | (2.45 | ) | (1.51 | ) | |||||||||
Anti-dilutive shares excluded from calculation | 4.4 | 5.9 | 4.5 | 6.3 | |||||||||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of key components from discontinued operations | ' | ||||||||||||||||
The key components of discontinued operations were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | $ | — | $ | 10.5 | $ | 0.5 | $ | 33.9 | |||||||||
Loss on sale of discontinued businesses, before income taxes | — | (5.5 | ) | (1.7 | ) | (5.5 | ) | ||||||||||
Loss from operations of discontinued businesses, before income taxes | — | (3.2 | ) | (0.6 | ) | (12.0 | ) | ||||||||||
Income tax provision (benefit) | — | — | — | — | |||||||||||||
Loss from discontinued operations, net of income taxes | $ | — | $ | (8.7 | ) | $ | (2.3 | ) | $ | (17.5 | ) | ||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Balance Sheet Information [Abstract] | ' | ||||||||
Supplemental Balance Sheet Disclosures | ' | ||||||||
Additional supplemental balance sheet information is provided as follow: | |||||||||
September 30, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Accounts Receivable | |||||||||
Accounts receivable | $ | 123.7 | $ | 177.8 | |||||
Less reserves and allowances1 | (8.5 | ) | (14.5 | ) | |||||
Accounts receivable, net | $ | 115.2 | $ | 163.3 | |||||
Inventories2 | |||||||||
Finished goods | $ | 70.6 | $ | 76.3 | |||||
Work in process | 2.9 | 2.9 | |||||||
Raw materials and supplies | 0.7 | 5.1 | |||||||
Total inventories | $ | 74.2 | $ | 84.3 | |||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment | $ | 190.3 | $ | 201.7 | |||||
Less accumulated depreciation | (143.1 | ) | (150.1 | ) | |||||
Property, plant and equipment, net | $ | 47.2 | $ | 51.6 | |||||
1Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and uncollectible accounts. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 | ||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Gross carrying amount | $ | 35.6 | $ | 59.3 | $ | 20.2 | $ | 26.2 | $ | 141.3 | |||||||||||
Accumulated amortization | (12.8 | ) | (55.1 | ) | (3.4 | ) | (8.8 | ) | (80.1 | ) | |||||||||||
Intangible assets, net | $ | 22.8 | $ | 4.2 | $ | 16.8 | $ | 17.4 | $ | 61.2 | |||||||||||
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 | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization expense | $ | 3.2 | $ | 3.4 | $ | 9.6 | $ | 10.3 | |||||||||||||
Schedule of Intangible Assets Estimated Amortization Expense | ' | ||||||||||||||||||||
Based on the intangible assets in service as of September 30, 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 | $ | 3 | $ | 11.9 | $ | 8.5 | $ | 7.7 | $ | 6.3 | |||||||||||
Restructuring_and_Other_Expens1
Restructuring and Other Expense (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Restructuring | |||||||||||||||||
Severance and related | $ | 0.8 | $ | (0.2 | ) | $ | 3.6 | $ | 1 | ||||||||
Lease termination costs | 0.2 | 0.1 | 0.3 | 0.7 | |||||||||||||
Other | 0.3 | 0.6 | 1.2 | 1.9 | |||||||||||||
Total restructuring | $ | 1.3 | $ | 0.5 | $ | 5.1 | $ | 3.6 | |||||||||
Other | |||||||||||||||||
Contingent consideration fair value adjustment | — | — | — | (0.4 | ) | ||||||||||||
Acquisition and integration related costs | — | 0.6 | — | 1.8 | |||||||||||||
Pension settlement/curtailment (Note 9) | 0.2 | 0.2 | 0.1 | 1.7 | |||||||||||||
Settlement of UK pension plan | 0.5 | 10.6 | 0.5 | 10.6 | |||||||||||||
Other1 | 2.2 | (0.2 | ) | 5.8 | 0.9 | ||||||||||||
Total | $ | 4.2 | $ | 11.7 | $ | 11.5 | $ | 18.2 | |||||||||
1Other includes consulting fees and certain employee costs. | |||||||||||||||||
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 | |||||||||||||
Charges | 2.2 | — | 0.4 | 2.6 | |||||||||||||
Usage and payments | (0.9 | ) | — | (0.2 | ) | (1.1 | ) | ||||||||||
Currency impacts | — | — | 0.1 | 0.1 | |||||||||||||
Accrued balance at June 30, 2014 | 3 | 0.3 | 0.4 | 3.7 | |||||||||||||
Charges | 0.8 | — | 0.1 | 0.9 | |||||||||||||
Usage and payments | (2.9 | ) | (0.1 | ) | (0.4 | ) | (3.4 | ) | |||||||||
Currency impacts | — | (0.1 | ) | — | (0.1 | ) | |||||||||||
Accrued balance at September 30, 2014 | 0.9 | 0.1 | 0.1 | 1.1 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based compensation expense | $ | 1.1 | $ | 1.9 | $ | 4.1 | $ | 5.1 | |||||||||
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 | 61,275 | 3.72 | |||||||||||||||
Exercised | (87,569 | ) | 3.97 | ||||||||||||||
Canceled | (856,854 | ) | 18.85 | ||||||||||||||
Forfeited | (565,246 | ) | 4.14 | ||||||||||||||
Outstanding September 30, 2014 | 3,923,144 | $ | 13.15 | ||||||||||||||
Exercisable as of September 30, 2014 | 3,383,760 | $ | 14.5 | ||||||||||||||
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: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 46.2 | % | 42.8 | % | |||||||||||||
Risk-free interest rate | 1.9 | % | 1.1 | % | |||||||||||||
Expected life (months) | 73 | 72 | |||||||||||||||
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 | 1,170,354 | 3.68 | |||||||||||||||
Grant Adjustments | (4,925 | ) | 3.75 | ||||||||||||||
Vested | (728,776 | ) | 5.18 | ||||||||||||||
Forfeited | (317,895 | ) | 3.94 | ||||||||||||||
Nonvested as of September 30, 2014 | 1,311,079 | $ | 3.85 | ||||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||||||||||||||||
Components of net periodic pension (credit) cost included the following: | |||||||||||||||||||||||||||||||||
United States | International | United States | International | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | 0.1 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | |||||||||||||||||
Interest cost | 0.8 | 0.9 | 0.4 | — | 2.4 | 2.4 | 0.8 | — | |||||||||||||||||||||||||
Expected return on plan assets | (1.2 | ) | (1.2 | ) | (0.3 | ) | — | (3.6 | ) | (3.7 | ) | (0.7 | ) | — | |||||||||||||||||||
Amortization of net actuarial loss | 0.3 | 0.4 | 0.1 | 0.1 | 0.9 | 1.3 | 0.2 | 0.3 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | — | — | — | (0.1 | ) | — | ||||||||||||||||||||||||
Net periodic pension (credit) cost | $ | (0.1 | ) | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | (0.3 | ) | $ | — | $ | 0.5 | $ | 0.6 | |||||||||||||||
Settlement loss | 0.2 | 0.2 | — | 10.6 | 0.8 | 1.7 | — | 10.6 | |||||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | (0.7 | ) | — | ||||||||||||||||||||||||
Total pension cost (credit) | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | 10.8 | $ | 0.5 | $ | 1.7 | $ | (0.2 | ) | $ | 11.2 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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. | |||||||||||||||||||||||||
September 30, 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 | $ | — | $ | 0.6 | $ | — | $ | — | $ | 1.8 | $ | — | |||||||||||||
Foreign currency forward contracts | — | 2 | — | — | 3.3 | — | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Foreign currency option contracts | — | — | — | — | (0.2 | ) | — | ||||||||||||||||||
Foreign currency forward contracts | — | — | — | — | (0.5 | ) | — | ||||||||||||||||||
Total net derivative assets | $ | — | $ | 2.6 | $ | — | $ | — | $ | 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: | |||||||||||||||||||||||||
September 30, 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 | $ | 60 | $ | 2.6 | $ | — | $ | 133.8 | $ | 5.1 | $ | (0.7 | ) | ||||||||||||
Other hedges not receiving hedge accounting | 22.5 | — | — | 29.4 | — | — | |||||||||||||||||||
Total | $ | 82.5 | $ | 2.6 | $ | — | $ | 163.2 | $ | 5.1 | $ | (0.7 | ) | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | 760,268 | ||||||||||||||||
Exercise of stock options | (87,569 | ) | |||||||||||||||
Restricted stock grants, forfeitures and other | (697,847 | ) | |||||||||||||||
401(k) matching contribution | (360,803 | ) | |||||||||||||||
Balance as of September 30, 2014 | 735,975 | ||||||||||||||||
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 income (loss) before reclassifications, net of tax 1 | 0.7 | (0.8 | ) | (9.7 | ) | (9.8 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1.2 | ) | 1.1 | — | (0.1 | ) | |||||||||||
Net current-period other comprehensive (loss) income | (0.5 | ) | 0.3 | (9.7 | ) | (9.9 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 1.9 | $ | (11.3 | ) | $ | (63.3 | ) | $ | (72.7 | ) | ||||||
1Income tax benefit of $0.1 million was recorded for unrealized losses on derivative financial instruments for the nine months ended September 30, 2014. | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2014 are as follows: | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations Where (Gain) Loss is Presented | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(In millions) | 30-Sep-14 | 30-Sep-14 | |||||||||||||||
Gains on cash flow hedges | (1.2 | ) | (2.0 | ) | Cost of goods sold | ||||||||||||
Income tax expense | 0.5 | 0.8 | Income tax provision | ||||||||||||||
(0.7 | ) | (1.2 | ) | ||||||||||||||
Amortization of net actuarial loss | 0.3 | 0.7 | Selling, general and administrative | ||||||||||||||
Net pension curtailment/settlement loss | 0.2 | 0.2 | Restructuring and other | ||||||||||||||
Income tax expense | — | 0.2 | Income tax provision | ||||||||||||||
0.5 | 1.1 | ||||||||||||||||
Total reclassifications for the period | (0.2 | ) | (0.1 | ) |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue | |||||||||||||||||
Consumer Storage and Accessories | |||||||||||||||||
Consumer storage media | $ | 79.4 | $ | 97.3 | $ | 253.4 | $ | 318.8 | |||||||||
Audio and accessories | 12.6 | 11 | 33.7 | 28.2 | |||||||||||||
Total Consumer Storage and Accessories | 92 | 108.3 | 287.1 | 347 | |||||||||||||
Tiered Storage and Security Solutions | |||||||||||||||||
Commercial storage media | 54.3 | 54.3 | 159.7 | 183 | |||||||||||||
Storage and security solutions | 28.7 | 29.3 | 85.7 | 98 | |||||||||||||
Total Tiered Storage and Security Solutions | 83 | 83.6 | 245.4 | 281 | |||||||||||||
Total net revenue | $ | 175 | $ | 191.9 | $ | 532.5 | $ | 628 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss) from continuing operations | |||||||||||||||||
Consumer Storage and Accessories | $ | 5.4 | $ | 3.3 | $ | 12.7 | $ | 30 | |||||||||
Tiered Storage and Security Solutions | (8.1 | ) | (8.2 | ) | (25.4 | ) | (14.1 | ) | |||||||||
Total segment operating (loss) income | (2.7 | ) | (4.9 | ) | (12.7 | ) | 15.9 | ||||||||||
Corporate and unallocated | (53.1 | ) | (21.6 | ) | (79.3 | ) | (57.1 | ) | |||||||||
Total operating loss | (55.8 | ) | (26.5 | ) | (92.0 | ) | (41.2 | ) | |||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | |||||||||
Interest expense | 0.7 | 0.7 | 1.9 | 2 | |||||||||||||
Other, net expense | 1.6 | 1.1 | 2.6 | 1 | |||||||||||||
Loss from continuing operations before income taxes | $ | (58.0 | ) | $ | (28.2 | ) | $ | (96.2 | ) | $ | (44.1 | ) |
Loss_Earnings_per_Common_Share2
(Loss) Earnings per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator [Abstract] | ' | ' | ' | ' |
Loss from continuing operations | ($61.40) | ($26.20) | ($98) | ($43.60) |
Loss from discontinued operations, net of income taxes | 0 | -8.7 | -2.3 | -17.5 |
Net loss | ($61.40) | ($34.90) | ($100.30) | ($61.10) |
Denominator [Abstract] | ' | ' | ' | ' |
Weighted average number of common shares outstanding during the period - basic | 41.2 | 40.5 | 41 | 40.5 |
Dilutive effect of stock-based compensation plans | 0 | 0 | 0 | 0 |
Weighted average number of diluted shares outstanding during the period - diluted | 41.2 | 40.5 | 41 | 40.5 |
Loss per common share — basic | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($1.49) | ($0.65) | ($2.39) | ($1.08) |
Discontinued operations (in dollars per share) | $0 | ($0.21) | ($0.06) | ($0.43) |
Net loss - basic (in dollars per share) | ($1.49) | ($0.86) | ($2.45) | ($1.51) |
Loss per common share — diluted | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($1.49) | ($0.65) | ($2.39) | ($1.08) |
Discontinued operations (in dollars per share) | $0 | ($0.21) | ($0.06) | ($0.43) |
Net loss - diluted (dollars per share) | ($1.49) | ($0.86) | ($2.45) | ($1.51) |
Anti-dilutive shares excluded from calculation (in shares) | 4.4 | 5.9 | 4.5 | 6.3 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Discontinued Operations Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Oct. 15, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
XtremeMac Consumer Electronics Business | XtremeMac Consumer Electronics Business | XtremeMac Consumer Electronics Business | XtremeMac Consumer Electronics Business | Memorex Consumer Electronics Business | Memorex Consumer Electronics Business | Memorex Consumer Electronics Business | Due During Next Twelve Months | |||||
Memorex Consumer Electronics Business | ||||||||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration from sale of business | ' | ' | ' | ' | $3.10 | ' | ' | ' | $9.30 | ' | ' | ' |
Proceeds from sale of businesses | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | 1.3 | 0.9 | ' |
Note receivable from sale of business | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' |
Total consideration to be received from sale of business | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' |
Loss on sale of discontinued businesses | 0 | 5.5 | 1.7 | 5.5 | ' | 1.2 | 0.5 | 1.2 | ' | ' | ' | ' |
Notes receivable from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.90 | ' | $2.10 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures - Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Loss on sale of discontinued businesses, net of income taxes | $0 | ($5.50) | ($1.70) | ($5.50) |
Loss from operations of discontinued businesses, net of income taxes | 0 | -3.2 | -0.6 | -12 |
Loss from discontinued operations, net of income taxes | 0 | -8.7 | -2.3 | -17.5 |
XtremeMac and Memorex | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Net revenue | 0 | 10.5 | 0.5 | 33.9 |
Loss on sale of discontinued businesses, net of income taxes | 0 | -5.5 | -1.7 | -5.5 |
Loss from operations of discontinued businesses, net of income taxes | 0 | -3.2 | -0.6 | -12 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Loss from discontinued operations, net of income taxes | $0 | ($8.70) | ($2.30) | ($17.50) |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Accounts Receivable | ' | ' | ' | ' | |||
Accounts receivable | $123.70 | $123.70 | ' | $177.80 | |||
Less reserves and allowances | -8.5 | [1] | -8.5 | [1] | ' | -14.5 | [1] |
Accounts receivable, net | 115.2 | 115.2 | ' | 163.3 | |||
Inventories | ' | ' | ' | ' | |||
Finished goods | 70.6 | [2] | 70.6 | [2] | ' | 76.3 | |
Work in process | 2.9 | [2] | 2.9 | [2] | ' | 2.9 | |
Raw materials and supplies | 0.7 | [2] | 0.7 | [2] | ' | 5.1 | |
Total inventories | 74.2 | [2] | 74.2 | [2] | ' | 84.3 | |
Property, Plant and Equipment | ' | ' | ' | ' | |||
Property, plant and equipment | 190.3 | 190.3 | ' | 201.7 | |||
Less accumulated depreciation | -143.1 | -143.1 | ' | -150.1 | |||
Property, plant and equipment, net | 47.2 | 47.2 | ' | 51.6 | |||
Inventory write-offs | 4.6 | 4.6 | 2.8 | ' | |||
Rebates payable | $25.90 | $25.90 | ' | $33.20 | |||
[1] | Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and uncollectible accounts. | ||||||
[2] | During the three months ended September 30, 2014 we recorded a $4.6 million inventory write-off of tape manufacturing parts as we changed the outsourcing of our tape production during the third quarter of 2014 no longer requiring this inventory. |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | $141.30 | ' | $141.30 | ' | $139.50 |
Accumulated amortization | -80.1 | ' | -80.1 | ' | -70.9 |
Intangible assets, net | 61.2 | ' | 61.2 | ' | 68.6 |
Amortization expense | 3.2 | 3.4 | 9.6 | 10.3 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of 2014 | 3 | ' | 3 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2015 | 11.9 | ' | 11.9 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2016 | 8.5 | ' | 8.5 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2017 | 7.7 | ' | 7.7 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, 2018 | 6.3 | ' | 6.3 | ' | ' |
Trade Names | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 35.6 | ' | 35.6 | ' | 34.3 |
Accumulated amortization | -12.8 | ' | -12.8 | ' | -9.2 |
Intangible assets, net | 22.8 | ' | 22.8 | ' | 25.1 |
Software | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 59.3 | ' | 59.3 | ' | 58.5 |
Accumulated amortization | -55.1 | ' | -55.1 | ' | -53.3 |
Intangible assets, net | 4.2 | ' | 4.2 | ' | 5.2 |
Customer Relationships | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 20.2 | ' | 20.2 | ' | 20.4 |
Accumulated amortization | -3.4 | ' | -3.4 | ' | -2.1 |
Intangible assets, net | 16.8 | ' | 16.8 | ' | 18.3 |
Other | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount | 26.2 | ' | 26.2 | ' | 26.3 |
Accumulated amortization | -8.8 | ' | -8.8 | ' | -6.3 |
Intangible assets, net | 17.4 | ' | 17.4 | ' | 20 |
Developed Technology | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | 14 | ' | 14 | ' | ' |
Storage Solutions | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | $31.60 | ' | $31.60 | ' | ' |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Goodwill (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment | $35.40 | $0 | $35.40 | $0 | ' |
Goodwill | 36.1 | ' | 36.1 | ' | 72.1 |
Storage Solutions | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment | 35.4 | ' | ' | ' | ' |
Goodwill | $28.10 | ' | $28.10 | ' | ' |
Income Approach Valuation Technique | Storage Solutions | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Fair value inputs, forecast period | '10 years | ' | ' | ' | ' |
Fair value inputs, discount rate | 16.50% | ' | ' | ' | ' |
Fair value inputs, terminal growth rate | 3.00% | ' | ' | ' | ' |
Goodwill impairment test, increase of discount rate potentially result in indication of impairment (less than 1.0 basis point) | 2.00% | ' | ' | ' | ' |
Fair value inputs, estimated market discount rate | 14.50% | ' | ' | ' | ' |
Restructuring_and_Other_Expens2
Restructuring and Other Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ||||
Severance and related | $0.80 | ($0.20) | $3.60 | $1 | ||||
Lease termination costs | 0.2 | 0.1 | 0.3 | 0.7 | ||||
Other | 0.3 | 0.6 | 1.2 | 1.9 | ||||
Total restructuring | 1.3 | 0.5 | 5.1 | 3.6 | ||||
Contingent consideration fair value adjustment | 0 | 0 | 0 | -0.4 | ||||
Acquisition and integration related costs | 0 | 0.6 | 0 | 1.8 | ||||
Pension settlement/curtailment (Note 9) | 0.2 | 0.2 | 0.1 | 1.7 | ||||
Settlement of UK pension plan | 0.5 | 10.6 | 0.5 | 10.6 | ||||
Other | 2.2 | [1] | -0.2 | [1] | 5.8 | [1] | 0.9 | [1] |
Total | 4.2 | 11.7 | 11.5 | 18.2 | ||||
Severance related to discontinued operations | ' | $0.30 | ' | $1.70 | ||||
[1] | Other includes consulting fees and certain employee costs. |
Restructuring_and_Other_Expens3
Restructuring and Other Expense - Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 20 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 20 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 20 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 22, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | Severance and Related | Severance and Related | Severance and Related | Severance and Related | Severance and Related | Lease Termination Costs | Lease Termination Costs | Lease Termination Costs | Lease Termination Costs | Lease Termination Costs | Lease Termination Costs | Other | Other | Other | Other | Other | Other | Inventory write-offs | |||||
2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 2012 Global Processing Improvement Restructuring Program | 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 cost incurred to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.20 | ' | ' | ' | ' | ' | $1.10 | ' | ' | ' | ' | ' | $4.50 | $9.60 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued balance, beginning | ' | ' | ' | ' | ' | 3.7 | 2.1 | 3.4 | ' | 3 | 1.7 | 2.2 | ' | ' | ' | 0.3 | 0.3 | 0.4 | ' | ' | ' | 0.4 | 0.1 | 0.8 | ' | ' |
Charges | 1.3 | 0.5 | 5.1 | 3.6 | ' | 0.9 | 2.6 | 0.6 | 0.2 | 0.8 | 2.2 | 0.4 | ' | 0.2 | 0.2 | 0 | 0 | 0.1 | ' | 0.2 | 0.6 | 0.1 | 0.4 | 0.1 | ' | ' |
Usage and payments | ' | ' | ' | ' | ' | -3.4 | -1.1 | -1.8 | ' | -2.9 | -0.9 | -0.9 | ' | ' | ' | -0.1 | 0 | -0.1 | ' | ' | ' | -0.4 | -0.2 | -0.8 | ' | ' |
Currency impacts | ' | ' | ' | ' | ' | -0.1 | 0.1 | -0.1 | ' | 0 | 0 | 0 | ' | ' | ' | -0.1 | 0 | -0.1 | ' | ' | ' | 0 | 0.1 | 0 | ' | ' |
Accrued balance, ending | ' | ' | ' | ' | ' | $1.10 | $3.70 | $2.10 | ' | $0.90 | $3 | $1.70 | $3 | ' | ' | $0.10 | $0.30 | $0.30 | $0.30 | ' | ' | $0.10 | $0.40 | $0.10 | $0.40 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation expense | $1.10 | $1.90 | $4.10 | $5.10 |
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 | 1,969,692 | ' | 1,969,692 | ' |
Stock Appreciation Rights (SARs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (shares) | ' | ' | 600,000 | ' |
Non-option equity instruments outstanding, number of shares | 3,100,000 | ' | 3,100,000 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Options Activity (Details) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Stock Options [Roll Forward] | ' |
Outstanding December 31, 2013 (shares) | 5,371,538 |
Granted (shares) | 61,275 |
Exercised (shares) | -87,569 |
Canceled (shares) | -856,854 |
Forfeited (shares) | -565,246 |
Outstanding September 30, 2014 (shares) | 3,923,144 |
Exercisable as of September 30, 2014 (shares) | 3,383,760 |
Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding December 31, 2013 (dollars per share) | $13.11 |
Granted (dollars per share) | $3.72 |
Exercised (dollars per share) | $3.97 |
Canceled (dollars per share) | $18.85 |
Forfeited (dollars per share) | $4.14 |
Outstanding September 30, 2014 (dollars per share) | $13.15 |
Exercisable as of September 30, 2014 (dollars per share) | $14.50 |
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 | $0.70 |
Total compensation cost not yet recognized, period for recognition | '1 year 2 months 12 days |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value Assumptions (Details) (Stock Options) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Volatility | 46.20% | 42.80% |
Risk-free interest rate | 1.90% | 1.10% |
Expected life (months) | '73 months | '72 months |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock (Details) (Restricted Stock, USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation expense related to non-vested stock | $3.30 |
Total compensation cost not yet recognized, period for recognition | '1 year 8 months 12 days |
Restricted Stock [Roll Forward] | ' |
Nonvested as of December 31, 2013 (shares) | 1,192,321 |
Granted (shares) | 1,170,354 |
Grant Adjustments (shares) | -4,925 |
Vested (shares) | -728,776 |
Forfeited (shares) | -317,895 |
Nonvested as of September 30, 2014 (shares) | 1,311,079 |
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) | $3.68 |
Grants Adjustments (dollars per share) | $3.75 |
Vested (dollars per share) | $5.18 |
Forfeited (dollars per share) | $3.94 |
Nonvested as of September 30, 2014 (dollars per share) | $3.85 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 17, 2013 | Sep. 30, 2014 |
United States | United States | United States | United States | International | International | International | International | UK Plan | UK Plan | UK Plan | UK Plan | Maximum | |||||
Pension Plans, Defined Benefit [Member] | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions in current fiscal year | $1.20 | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future employer contributions in current fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0.1 | 0.1 | 0.3 | 0.3 | ' | ' | ' | ' | ' |
Interest cost | ' | ' | ' | ' | 0.8 | 0.9 | 2.4 | 2.4 | 0.4 | 0 | 0.8 | 0 | ' | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | ' | ' | -1.2 | -1.2 | -3.6 | -3.7 | -0.3 | 0 | -0.7 | 0 | ' | ' | ' | ' | ' |
Amortization of net actuarial loss | ' | ' | ' | ' | 0.3 | 0.4 | 0.9 | 1.3 | 0.1 | 0.1 | 0.2 | 0.3 | ' | ' | ' | ' | ' |
Amortization of prior service credit | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | -0.1 | 0 | ' | ' | ' | ' | ' |
Net periodic pension (credit) cost | ' | ' | ' | ' | -0.1 | 0.1 | -0.3 | 0 | 0.3 | 0.2 | 0.5 | 0.6 | ' | ' | ' | ' | ' |
Settlement loss | 0.2 | 0.2 | 0.1 | 1.7 | 0.2 | 0.2 | 0.8 | 1.7 | 0 | 10.6 | 0 | 10.6 | ' | ' | ' | ' | ' |
Curtailment gain | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | -0.7 | 0 | ' | ' | ' | ' | ' |
Total pension cost (credit) | ' | ' | ' | ' | 0.1 | 0.3 | 0.5 | 1.7 | 0.3 | 10.8 | -0.2 | 11.2 | ' | ' | ' | ' | ' |
Defined benefit plan, net balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.4 | ' |
Loss on settlement of UK pension plan | 0.5 | 10.6 | 0.5 | 10.6 | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 10.6 | 10.6 | ' | ' |
Settlement of UK pension plan, tax impact | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.30 | $2.30 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax (benefit) provision | $3.40 | ($2) | $1.80 | ($0.50) | ' |
Federal statutory income tax rate | 35.00% | ' | 35.00% | ' | ' |
Unrecognized tax benefits | $6.10 | ' | $6.10 | ' | $6 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Line of Credit Facility [Line Items] | ' |
Current borrowing capacity | $33.40 |
Credit agreement amount outstanding | $19.30 |
Minimum | ' |
Line of Credit Facility [Line Items] | ' |
Debt interest rate | 2.40% |
Maximum | ' |
Line of Credit Facility [Line Items] | ' |
Debt interest rate | 2.80% |
Fair_Value_Measurements_Cash_F
Fair Value Measurements - Cash Flow Hedges (Details) (Fair Value, Measurements, Recurring, Cash flow hedges, USD $) | Sep. 30, 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 | 2.6 | 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 | 0.6 | 1.8 |
Derivative liabilities | 0 | -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 | 2 | 3.3 |
Derivative liabilities | 0 | -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 $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | 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 loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | $600,000 | ' | ' |
Gain (loss) on foreign currency contracts | -1,100,000 | 1,300,000 | ' | -700,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | 0 |
Notional Amount | 82,500,000 | ' | 163,200,000 | ' | ' | ' | ' | ' | ' | 60,000,000 | 133,800,000 | ' | ' | ' | ' | 22,500,000 | 29,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets fair value | ' | ' | ' | ' | ' | 2,600,000 | 5,100,000 | ' | ' | ' | ' | 2,600,000 | 5,100,000 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Derivative liabilities fair value | ' | ' | ' | ' | ' | ' | ' | $0 | ($700,000) | ' | ' | ' | ' | $0 | ($700,000) | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
Shareholders_Equity_Treasury_S
Shareholders' Equity - Treasury Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | 26 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | 2-May-12 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased | ' | ' | ' | ' | 5,000,000 |
Stock repurchased during period, shares | 500,000 | ' | ' | 2,600,000 | ' |
Payments for repurchase of common stock | $1.60 | $2.50 | $2.50 | $11.50 | ' |
Remaining number of shares authorized to be repurchased | 2,400,000 | 2,400,000 | ' | ' | ' |
Average price per share of treasury stock acquired and held | ' | $13.41 | ' | ' | ' |
Movement in Treasury Stock [Roll Forward] | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 (shares) | ' | 1,121,926 | ' | ' | ' |
Purchases (shares) | ' | 760,268 | ' | ' | ' |
Exercise of stock options (shares) | ' | -87,569 | ' | ' | ' |
Restricted stock grants, forfeitures and other (shares) | ' | -697,847 | ' | ' | ' |
401(k) matching contribution (shares) | ' | -360,803 | ' | ' | ' |
Balance as of September 30, 2014 (shares) | 735,975 | 735,975 | ' | ' | ' |
Shareholders_Equity_Accumulate
Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Balance as of December 31, 2013 | ' | ' | ($62.80) | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -9.8 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | -0.1 | ' | |
Net current-period other comprehensive (loss) income | ' | ' | -9.9 | ' | |
Balance as of September 30, 2014 | -72.7 | ' | -72.7 | ' | |
Income tax (benefit) expense for gains on derivative financial instruments | ' | ' | 0.1 | ' | |
Income tax provision | 3.4 | -2 | 1.8 | -0.5 | |
Selling, general and administrative | 42.5 | 46.3 | 130.2 | 142.1 | |
Net pension curtailment/settlement loss | -4.2 | -11.7 | -11.5 | -18.2 | |
Gains (Losses) on Derivative Financial Instruments | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Balance as of December 31, 2013 | ' | ' | 2.4 | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 0.7 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | -1.2 | ' | |
Net current-period other comprehensive (loss) income | ' | ' | -0.5 | ' | |
Balance as of September 30, 2014 | 1.9 | ' | 1.9 | ' | |
Defined Benefit Plans | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Balance as of December 31, 2013 | ' | ' | -11.6 | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -0.8 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | 1.1 | ' | |
Net current-period other comprehensive (loss) income | ' | ' | 0.3 | ' | |
Balance as of September 30, 2014 | -11.3 | ' | -11.3 | ' | |
Foreign Currency Translation | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Balance as of December 31, 2013 | ' | ' | -53.6 | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -9.7 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | 0 | ' | |
Net current-period other comprehensive (loss) income | ' | ' | -9.7 | ' | |
Balance as of September 30, 2014 | -63.3 | ' | -63.3 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Reclassification for the period, net of tax | -0.2 | ' | 0 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Gains (Losses) on Derivative Financial Instruments | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Cost of goods sold | -1.2 | ' | -2 | ' | |
Income tax provision | 0.5 | ' | 0.8 | ' | |
Reclassification for the period, net of tax | -0.7 | ' | -1.2 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | |
Income tax provision | 0 | ' | 0.2 | ' | |
Selling, general and administrative | 0.3 | ' | 0.7 | ' | |
Net pension curtailment/settlement loss | 0.2 | ' | 0.2 | ' | |
Reclassification for the period, net of tax | $0.50 | ' | $1.10 | ' | |
[1] | Income tax benefit of $0.1 million was recorded for unrealized losses on derivative financial instruments for the nine months ended September 30, 2014. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | $175 | $191.90 | $532.50 | $628 |
Operating Income (Loss) | -55.8 | -26.5 | -92 | -41.2 |
Interest income | -0.1 | -0.1 | -0.3 | -0.1 |
Interest expense | 0.7 | 0.7 | 1.9 | 2 |
Other, net expense | 1.6 | 1.1 | 2.6 | 1 |
Loss from continuing operations before income taxes | -58 | -28.2 | -96.2 | -44.1 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | -2.7 | -4.9 | -12.7 | 15.9 |
Corporate and Unallocated | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | -53.1 | -21.6 | -79.3 | -57.1 |
Consumer Storage and Accessories | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 92 | 108.3 | 287.1 | 347 |
Consumer Storage and Accessories | Operating Segments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | 5.4 | 3.3 | 12.7 | 30 |
Consumer Storage and Accessories | Consumer storage media | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 79.4 | 97.3 | 253.4 | 318.8 |
Consumer Storage and Accessories | Audio and accessories | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 12.6 | 11 | 33.7 | 28.2 |
Tiered Storage and Security Solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 83 | 83.6 | 245.4 | 281 |
Tiered Storage and Security Solutions | Operating Segments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | -8.1 | -8.2 | -25.4 | -14.1 |
Tiered Storage and Security Solutions | Commercial storage media | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 54.3 | 54.3 | 159.7 | 183 |
Tiered Storage and Security Solutions | Storage and security solutions | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | $28.70 | $29.30 | $85.70 | $98 |
Litigation_Commitments_and_Con1
Litigation, Commitments and Contingencies (Details) | 0 Months Ended | |
22-May-13 | 22-May-13 | |
Patent | Entity | |
Entity | Member | |
Member | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Number of entities sued in litigation | ' | 5 |
Number of members of One-Blue involved in litigation | ' | 4 |
Number of patents allegedly infringed | 6 | ' |