Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 12, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ALV | ' | ' |
Entity Registrant Name | 'AUTOLIV INC | ' | ' |
Entity Central Index Key | '0001034670 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 94,351,613 | ' |
Entity Public Float | ' | ' | $7,404,000,000 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net sales | $8,803.40 | $8,266.70 | $8,232.40 | |||
Cost of sales | -7,098.80 | -6,620.50 | -6,504.50 | |||
Gross profit | 1,704.60 | 1,646.20 | 1,727.90 | |||
Selling, general and administrative expenses | -389.9 | -366.7 | -368.7 | |||
Research, development and engineering expenses, net | -489.3 | -455.4 | -441.5 | |||
Amortization of intangibles | -20.4 | -20.2 | -18.6 | |||
Other income (expense), net | -43.6 | -98.5 | -9.9 | |||
Operating income | 761.4 | 705.4 | 889.2 | |||
Equity in earnings of affiliates, net of tax | 7.3 | 8.1 | 6.8 | |||
Interest income | 3.9 | 3.4 | 4.9 | |||
Interest expense | -32.9 | -41.7 | -62 | |||
Loss on extinguishment of debt | ' | ' | -6.2 | |||
Other financial items, net | -5.7 | -6.6 | -4.4 | |||
Income before income taxes | 734 | 668.6 | 828.3 | |||
Income tax expense | -244.1 | -183 | -201.3 | |||
Net income | 489.9 | [1] | 485.6 | [1] | 627 | [1] |
Less: Net income attributable to non-controlling interest | 4.1 | 2.5 | 3.6 | |||
Net income attributable to controlling interest | $485.80 | $483.10 | $623.40 | |||
Earnings per common share | ' | ' | ' | |||
- basic | $5.09 | $5.17 | $6.99 | |||
- assuming dilution | $5.07 | $5.08 | $6.65 | |||
Weighted average number of shares | ' | ' | ' | |||
- basic | 95.5 | 93.5 | 89.2 | |||
- assuming dilution | 95.9 | 95.1 | 93.7 | |||
Cash dividend per share-declared | $2.02 | $1.94 | $1.78 | |||
Cash dividend per share-paid | $2 | $1.89 | $1.73 | |||
[1] | See Note 13 for further details - includes tax effects where applicable. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net income | $489.90 | [1] | $485.60 | [1] | $627 | [1] |
Other comprehensive income (loss) before tax: | ' | ' | ' | |||
Change in cumulative translation adjustment | -17.4 | 28.1 | -41.8 | |||
Net change in unrealized components of defined benefit plans | 97.1 | -40.6 | -56.9 | |||
Other comprehensive income (loss), before tax | 79.7 | -12.5 | -98.7 | |||
Benefit for taxes related to defined benefit plans | -38.3 | 14.5 | 20.5 | |||
Other comprehensive income (loss), net of tax | 41.4 | 2 | -78.2 | |||
Comprehensive income | 531.3 | [1] | 487.6 | [1] | 548.8 | [1] |
Less: Comprehensive income attributable to non-controlling interest | 4.5 | 2.7 | 4.1 | |||
Comprehensive income attributable to controlling interest | $526.80 | $484.90 | $544.70 | |||
[1] | See Note 13 for further details - includes tax effects where applicable. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $1,118.30 | $977.70 | ||
Receivables, net | 1,688 | 1,509.30 | ||
Inventories, net | 661.8 | 611 | ||
Income tax receivables | 56 | 27.6 | ||
Prepaid expenses | 86.1 | 59.6 | ||
Other current assets | 90.2 | 104 | ||
Total current assets | 3,700.40 | 3,289.20 | ||
Property, plant and equipment, net | 1,336.20 | 1,232.80 | ||
Investments and other non-current assets | 259 | 341.3 | ||
Goodwill | 1,610.10 | 1,610.80 | ||
Intangible assets, net | 77.3 | 96.2 | ||
Total assets | 6,983 | 6,570.30 | ||
Liabilities and equity | ' | ' | ||
Short-term debt | 339.4 | 69.8 | ||
Accounts payable | 1,199.90 | 1,055.90 | ||
Accrued expenses | 633.9 | 497.1 | ||
Income tax payable | 74.8 | 53.9 | ||
Other current liabilities | 180.5 | 173.1 | ||
Total current liabilities | 2,428.50 | 1,849.80 | ||
Long-term debt | 279.1 | 562.9 | ||
Pension liability | 147.3 | 255.4 | ||
Other non-current liabilities | 127.7 | 126.1 | ||
Total non-current liabilities | 554.1 | 944.4 | ||
Commitments and contingencies | ' | ' | ||
Common stock | 102.8 | [1] | 102.8 | [1] |
Additional paid-in capital | 1,329.30 | 1,329.30 | ||
Retained earnings | 2,965.90 | 2,672.50 | ||
Accumulated other comprehensive income (loss) | 0.5 | [2] | -40.5 | [2] |
Treasury stock (8.4 and 7.3 shares) | -417.2 | -305.5 | ||
Total parent shareholders' equity | 3,981.30 | 3,758.60 | ||
Non-controlling interest | 19.1 | 17.5 | ||
Total equity | 4,000.40 | [3] | 3,776.10 | [3] |
Total liabilities and equity | $6,983 | $6,570.30 | ||
[1] | Number of shares: 350 million authorized, 102.8 million issued for both years, and 94.4 and 95.5 million outstanding, net of treasury shares, for 2013 and 2012, respectively. | |||
[2] | The components of Other Comprehensive Income (Loss) are net of any related income tax effects. | |||
[3] | See Note 13 for further details - includes tax effects where applicable. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Treasury stock, Shares | 8.4 | 7.3 |
Common stock, shares authorized | 350 | 350 |
Common stock, shares issued | 102.8 | 102.8 |
Common stock, shares outstanding | 94.4 | 95.5 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities | ' | ' | ' | |||
Net income | $489.90 | [1] | $485.60 | [1] | $627 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation and amortization | 286 | 273.2 | 268.3 | |||
Deferred income taxes | 35.2 | -31.8 | 5 | |||
Loss on extinguishment of debt | ' | ' | 6.2 | |||
Undistributed earnings from affiliated companies, net of dividends | -2.7 | -3.3 | -0.4 | |||
Net change in: | ' | ' | ' | |||
Receivables and other assets, gross | -245.5 | -48.4 | -114.3 | |||
Inventories, gross | -63.6 | 6.9 | -65.5 | |||
Accounts payable and accrued expenses | 299.7 | -28 | 35.4 | |||
Income taxes | 28.2 | -10.6 | -30.8 | |||
Other, net | 10.7 | 44.9 | 27.3 | |||
Net cash provided by operating activities | 837.9 | 688.5 | 758.2 | |||
Investing activities | ' | ' | ' | |||
Expenditures for property, plant and equipment | -385.6 | -365.4 | -367.3 | |||
Proceeds from sale of property, plant and equipment | 6.3 | 5 | 10.3 | |||
Acquisition of businesses, net of cash acquired | -2 | -1.8 | -23.2 | |||
Net proceeds from divestitures | ' | 5.2 | 5.4 | |||
Other | 3.9 | -1.2 | 2.1 | |||
Net cash used in investing activities | -377.4 | -358.2 | -372.7 | |||
Financing activities | ' | ' | ' | |||
Net increase (decrease) in short-term debt | 272.8 | -119.8 | 103.1 | |||
Issuance of long-term debt | ' | 98.5 | 47.1 | |||
Repayments and other changes in long-term debt | -277.3 | -9.4 | -219.7 | |||
Cash paid for extinguishment of debt | ' | ' | -6.3 | |||
Dividends paid to non-controlling interest | -3.3 | -0.8 | -0.4 | |||
Dividends paid | -191 | -177.6 | -154.3 | |||
Shares repurchased | -147.9 | ' | ' | |||
Common stock and purchase contract issue | ' | 106.3 | ' | |||
Common stock options exercised | 27 | 12.9 | 12.9 | |||
Capital contribution from non-controlling interest | 0.4 | ' | ' | |||
Other, net | 1 | -1.4 | -5.3 | |||
Net cash used in financing activities | -318.3 | -91.3 | -222.9 | |||
Effect of exchange rate changes on cash and cash equivalents | -1.6 | -0.5 | -11.1 | |||
Increase in cash and cash equivalents | 140.6 | 238.5 | 151.5 | |||
Cash and cash equivalents at beginning of year | 977.7 | 739.2 | 587.7 | |||
Cash and cash equivalents at end of year | $1,118.30 | $977.70 | $739.20 | |||
[1] | See Note 13 for further details - includes tax effects where applicable. |
Consolidated_Statements_of_Tot
Consolidated Statements of Total Equity (USD $) | Total | Common stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total parent shareholders' equity | Non-controlling interest | ||
In Millions, unless otherwise specified | ||||||||||
Beginning Balance at Dec. 31, 2010 | $2,939.20 | [1] | $102.80 | $1,472.80 | $1,910.10 | $36.40 | ($594.80) | $2,927.30 | $11.90 | |
Beginning Balance, shares at Dec. 31, 2010 | ' | 102.8 | ' | ' | ' | ' | ' | ' | ||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income | 627 | [1] | ' | ' | 623.4 | ' | ' | 623.4 | 3.6 | |
Foreign currency translation | -41.8 | [1] | ' | ' | ' | -42.3 | ' | -42.3 | 0.5 | |
Pension liability | -36.4 | [1] | ' | ' | ' | -36.4 | ' | -36.4 | ' | |
Comprehensive income | 548.8 | [1] | ' | ' | ' | ' | ' | 544.7 | 4.1 | |
Common stock incentives | [2] | 20.3 | [1] | ' | ' | ' | ' | 20.3 | 20.3 | ' |
Cash dividends declared | -158.9 | [1] | ' | ' | -158.9 | ' | ' | -158.9 | ' | |
Dividends paid to non-controlling interest on subsidiary shares | -0.4 | [1] | ' | ' | ' | ' | ' | ' | -0.4 | |
Ending Balance at Dec. 31, 2011 | 3,349 | [1] | 102.8 | 1,472.80 | 2,374.60 | -42.3 | -574.5 | 3,333.40 | 15.6 | |
Ending Balance, shares at Dec. 31, 2011 | ' | 102.8 | ' | ' | ' | ' | ' | ' | ||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income | 485.6 | [1] | ' | ' | 483.1 | ' | ' | 483.1 | 2.5 | |
Foreign currency translation | 28.1 | [1] | ' | ' | ' | 27.9 | ' | 27.9 | 0.2 | |
Pension liability | -26.1 | [1] | ' | ' | ' | -26.1 | ' | -26.1 | ' | |
Comprehensive income | 487.6 | [1] | ' | ' | ' | ' | ' | 484.9 | 2.7 | |
Common stock incentives | [2] | 20.7 | [1] | ' | ' | ' | ' | 20.7 | 20.7 | ' |
Cash dividends declared | -185.2 | [1] | ' | ' | -185.2 | ' | ' | -185.2 | ' | |
Common stock issuance, net | 104.8 | [1] | ' | -143.5 | ' | ' | 248.3 | 104.8 | ' | |
Dividends paid to non-controlling interest on subsidiary shares | -0.8 | [1] | ' | ' | ' | ' | ' | ' | -0.8 | |
Ending Balance at Dec. 31, 2012 | 3,776.10 | [1] | 102.8 | 1,329.30 | 2,672.50 | -40.5 | -305.5 | 3,758.60 | 17.5 | |
Ending Balance, shares at Dec. 31, 2012 | 102.8 | 102.8 | ' | ' | ' | ' | ' | ' | ||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income | 489.9 | [1] | ' | ' | 485.8 | ' | ' | 485.8 | 4.1 | |
Foreign currency translation | -17.4 | [1] | ' | ' | ' | -17.8 | ' | -17.8 | 0.4 | |
Pension liability | 58.8 | [1] | ' | ' | ' | 58.8 | ' | 58.8 | ' | |
Comprehensive income | 531.3 | [1] | ' | ' | ' | ' | ' | 526.8 | 4.5 | |
Common stock incentives | [2] | 36.2 | [1] | ' | ' | ' | ' | 36.2 | 36.2 | ' |
Cash dividends declared | -192.4 | [1] | ' | ' | -192.4 | ' | ' | -192.4 | ' | |
Repurchased shares | -147.9 | [1] | ' | ' | ' | ' | -147.9 | -147.9 | ' | |
Dividends paid to non-controlling interest on subsidiary shares | -3.3 | [1] | ' | ' | ' | ' | ' | ' | -3.3 | |
Investment in subsidiary by non-controlling interest | 0.4 | [1] | ' | ' | ' | ' | ' | ' | 0.4 | |
Ending Balance at Dec. 31, 2013 | $4,000.40 | [1] | $102.80 | $1,329.30 | $2,965.90 | $0.50 | ($417.20) | $3,981.30 | $19.10 | |
Ending Balance, shares at Dec. 31, 2013 | 102.8 | 102.8 | ' | ' | ' | ' | ' | ' | ||
[1] | See Note 13 for further details - includes tax effects where applicable. | |||||||||
[2] | See Notes 1 and 15 for further details - includes tax effects. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
(DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) | |
NATURE OF OPERATIONS | |
Through its operating subsidiaries, Autoliv is a supplier of automotive safety systems with a broad range of product offerings, including modules and components for passenger and driver-side airbags, side-impact airbag protection systems, seatbelts, steering wheels, safety electronics, whiplash protection systems and child seats, including components for such systems, as well as night vision systems, radar and other active safety systems. | |
Autoliv has approximately 80 facilities and operates in 29 countries. Our customers include the world’s largest car manufacturers. | |
PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting Principles (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a general rule means that the Company owns more than 50% of the voting rights. | |
Consolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the obligation to absorb losses or right to receive benefits from the VIE that could be significant to the VIE. | |
All intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements. | |
Investments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but does not control, are reported using the equity method of accounting. Generally, the Company owns between 20 and 50 percent of such investments. | |
BUSINESS COMBINATIONS | |
Transactions in which the Company obtains control of a business are accounted for according to the acquisition method as described in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations. The assets acquired and liabilities assumed are recognized and measured at their full fair values as of the date control is obtained, regardless of the percentage ownership in the acquired entity or how the acquisition was achieved. Acquisition related costs in connection with a business combination are expensed as incurred. Contingent considerations are recognized and measured at fair value at the acquisition date and classified as either liabilities or equity based on appropriate GAAP. | |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting estimates that require management’s most significant judgments include the estimation of retroactive price adjustments, valuation of stock based payments, assessment of recoverability of goodwill and intangible assets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and product liabilities, restructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those estimates. | |
REVENUE RECOGNITION | |
Revenues are recognized when there is evidence of a sales agreement, delivery of goods has occurred, the sales price is fixed and determinable and the collectability of revenue is reasonably assured. The Company records revenue from the sale of manufactured products upon shipment to customers and transfer of title and risk of loss under standard commercial terms (typically F.O.B. shipping point). In those limited instances where other terms are negotiated and agreed, revenue is recorded when title and risk of loss are transferred to the customer. | |
Accruals are made for retroactive price adjustments when probable and able to be reasonably estimated. | |
Net sales exclude taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers. | |
COST OF SALES | |
Shipping and handling costs are included in Cost of sales in the Consolidated Statements of Net Income. Contracts to supply products which extend for periods in excess of one year are reviewed when conditions indicate that costs may exceed selling prices, resulting in losses. Losses on long-term supply contracts are recognized when probable and estimable. | |
RESEARCH, DEVELOPMENT AND ENGINEERING (R,D&E) | |
Research and development and most engineering expenses are expensed as incurred. These expenses are reported net of income from contracts to perform engineering design and product development services. Such income is not significant in any period presented. | |
Certain engineering expenses related to long-term supply arrangements are capitalized when the defined criteria, such as the existence of a contractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented. | |
Tooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project. Capitalization of tooling costs is made only when the specific criteria for capitalization of customer-funded tooling are met or the criteria for capitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company’s own tooling is recognized in the Consolidated Statements of Net Income as Cost of sales. | |
STOCK BASED COMPENSATION | |
The compensation costs for all of the Company’s stock-based compensation awards are determined based on the fair value method as defined in ASC 718, Compensation–Stock Compensation. The Company records the compensation expense for Restricted Stock Units (RSUs), awards under the Stock Incentive Plan, and stock options over the vesting period. | |
INCOME TAXES | |
Current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In certain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-current taxes payable or refundable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences and carry-forwards that result from events that have been recognized in either the financial statements or the tax returns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws. Deferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is recognized if, based on the weight of all available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration of all facts and circumstances. Current and non-current components of deferred tax balances are reported separately based on financial statement classification of the related asset or liability giving rise to the temporary difference. If a deferred tax asset or liability is not related to an asset or liability that exists for financial reporting purposes, including deferred tax assets related to carry forwards, the deferred tax asset or liability would be classified based on the expected reversal date of the temporary differences. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and expected to take place in the same period. | |
Tax benefits associated with tax positions taken in the Company’s income tax returns are initially recognized and measured in the financial statements when it is more likely than not that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company’s evaluation of its tax benefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation, appeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently recognized and measured if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability of the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion, the Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is derecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for unrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12 months. | |
EARNINGS PER SHARE | |
The Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-average number of common shares outstanding for the period (net of treasury shares). When it would not be antidilutive (such as during periods of net loss), the diluted EPS also reflects the potential dilution that could occur if common stock were issued for awards under the Stock Incentive Plan and for common stock issued upon conversion of the equity units. | |
CASH EQUIVALENTS | |
The Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents. | |
RECEIVABLES | |
The Company has guidelines for calculating the allowance for bad debts. In determining the amount of a bad debt allowance, management uses its judgment to consider factors such as the age of the receivables, the Company’s prior experience with the customer, the experience of other enterprises in the same industry, the customer’s ability to pay, and/or an appraisal of current economic conditions. Collateral is typically not required. There can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the calculation of the allowance. | |
FINANCIAL INSTRUMENTS | |
The Company uses derivative financial instruments, “derivatives”, as part of its debt management to mitigate the market risk that occurs from its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other speculative purposes. The use of such derivatives is in accordance with the strategies contained in the Company’s overall financial policy. The derivatives outstanding at year-end are foreign exchange swaps. All swaps principally match the terms and maturity of the underlying debt and no swaps have a maturity beyond 2014. | |
All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time designated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from changes in interest and foreign exchange rates. | |
When a hedge is classified as a fair value hedge, the change in the fair value of the hedge is recognized in the Consolidated Statements of Net Income along with the offsetting change in the fair value of the hedged item. When a hedge is classified as a cash flow hedge, any change in the fair value of the hedge is initially recorded in equity as a component of Other Comprehensive Income, (OCI), and reclassified into the Consolidated Statements of Net Income when the hedge transaction affects net earnings. There were no material reclassifications from OCI to the Consolidated Statements of Net Income in 2013 and, likewise, no material reclassifications are expected in 2014. Any ineffectiveness has been immaterial. | |
For further details on the Company’s financial instruments, see Note 3. | |
INVENTORIES | |
The cost of inventories is computed according to the first-in, first-out method (FIFO). Cost includes the cost of materials, direct labor and the applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory items. Reserves are established to reduce the value of inventories to the lower of cost or market, with the market generally defined as net realizable value for finished goods and replacement cost for raw materials and work-in-process. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no assurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the reserves. | |
PROPERTY, PLANT AND EQUIPMENT | |
Property, Plant and Equipment are recorded at historical cost. Construction in progress generally involves short-term projects for which capitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the straight-line method over the assets’ estimated useful lives. Depreciation on capital leases is recognized in the Consolidated Statements of Net Income over the shorter of the assets’ expected life or the lease contract terms. Repairs and maintenance are expensed as incurred. | |
The Company evaluates the carrying value of long-lived assets other than goodwill when indications of impairment are evident. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash flows. | |
GOODWILL AND INTANGIBLE ASSETS | |
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired. Goodwill is not amortized, but is subject to at least an annual review for impairment. Other intangible assets, principally related to acquired technology and contractual relationships, are amortized over their useful lives which range from 3 to 25 years. | |
As of December 31, 2013 and 2012, the Company recorded goodwill of approximately $1.6 billion which nearly all is associated with the reporting unit Passive Safety Systems. Approximately $1.2 billion is goodwill associated with the 1997 merger of Autoliv AB and the Automotive Safety Products Division of Morton International, Inc. The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The impairment testing of goodwill is based on two different reporting units: 1) Passive Safety Systems and 2) Active Safety Systems. | |
In conducting its impairment testing, the Company compares the estimated fair value of each of its reporting units to the related carrying value of the reporting unit. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recognized by the amount which the carrying amount of the goodwill exceeds the implied fair value of the goodwill determined by assigning the fair value of the reporting unit to all of the assets and liabilities of that unit. | |
The estimated fair value of the reporting unit is determined by the discounted cash flow method taking into account expected long-term operating cash-flow performance. The Company discounts projected operating cash flows using its weighted average cost of capital, including a risk premium to adjust for market risk. The estimated fair value is based on automotive industry volume projections which are based on third-party and internally developed forecasts and discount rate assumptions. Significant assumptions include terminal growth rates, terminal operating margin rates, future capital expenditures and working capital requirements. | |
To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted market prices of its shares, to the book value of its equity. | |
There were no impairments of goodwill from 2011 through 2013. | |
INSURANCE DEPOSITS | |
The Company has entered into liability and recall insurance contracts to mitigate the risk of costs associated with product recalls. These are accounted for under the deposit method of accounting based on the existing contractual terms. | |
WARRANTIES AND RECALLS | |
The Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate costs. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern. Product recall costs typically include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the defective part. | |
Provisions for warranty claims are estimated based on prior experience, likely changes in performance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis. | |
RESTRUCTURING PROVISIONS | |
The Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. | |
Estimates of restructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that restructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially estimated. | |
PENSION OBLIGATIONS | |
The Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the periodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform services during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine the amount of pension benefit that each employee will receive for services performed during a specified period of employment. | |
The amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan assets (if any) (see Note 18). The plan assets are measured at fair value. The inputs to the fair value measurement of the plan assets are mainly level 2 inputs (see Note 3). | |
CONTINGENT LIABILITIES | |
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters that arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 16). | |
The Company diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against insurable risks. | |
The Company records liabilities for claims, lawsuits and proceedings when they are probable and it is possible to reasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed as such costs are incurred. | |
The Company believes, based on currently available information, that the resolution of outstanding matters, other than the antitrust matters described in Note 16, after taking into account recorded liabilities and available insurance coverage, should not have a material effect on the Company’s financial position or results of operations. | |
However, due to the inherent uncertainty associated with such matters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated. | |
TRANSLATION OF NON-U.S. SUBSIDIARIES | |
The balance sheets of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars using year-end rates of exchange. | |
The statement of operations of these subsidiaries is translated into U.S. dollars at the average rates of exchange for the year. Translation differences are reflected in equity as a component of OCI. | |
RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES | |
Receivables and liabilities not denominated in functional currencies are converted at year-end rates of exchange. Net transaction gains/(losses), reflected in the Consolidated Statements of Net Income amounted to $(26.3) million in 2013, $(5.6) million in 2012 and $(11.1) million in 2011, and are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other financial items, net if they relate to financial receivables and liabilities. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In December 2011, the FASB issued ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”, which requires disclosure of financial instruments and derivatives that are either offset on the balance sheet in accordance with ASC 210-20-45 or ASC 815-10-45, or subject to a master netting arrangement, irrespective of whether they are offset on the balance sheet. ASU No. 2011-11 is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. Entities should provide the disclosures required by this ASU retrospectively for all comparative periods presented. Subsequent to the issuance of ASU 2011-11, the FASB issued in January 2013 ASU 2013-01 and limited the scope of the new balance sheet offsetting disclosure requirements to certain derivatives, repurchase agreements and securities lending arrangements. The adoption of ASU 2011-11 and ASU 2013-01 had an impact on the Company’s disclosures about its financial instruments in the consolidated financial statements. | |
RECLASSIFICATIONS | |
Certain prior-year amounts have been reclassified to conform to current year presentation. | |
Business_Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations | ' |
2. Business Combinations | |
Business combinations generally take place to either gain key technology or strengthen Autoliv’s position in a certain geographical area or with a certain customer. | |
No significant business combinations have taken place during 2013 or 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company records derivatives at fair value. Any gains and losses on derivatives recorded at fair value are reflected in the Consolidated Statement of Net Income with the exception of cash flow hedges where an immaterial portion of the fair value is reflected in Other Comprehensive Income. The degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether the asset or liability has an established market and the characteristics specific to the transaction. Derivatives with readily active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment utilized in measuring fair value. | |||||||||||||||||||||||||||||||||||||||||||||||||
Under existing GAAP, there is a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. The three broad levels defined by the hierarchy are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 – Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the valuation of the Company’s derivatives by the above pricing observability levels: | |||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying amount in Consolidated | Fair value measurement at December 31, using: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheets December 31 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives1) | $ | 1.7 | $ | 16.5 | — | $ | 1.7 | — | — | $ | 16.5 | — | |||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1.7 | $ | 16.5 | — | $ | 1.7 | — | — | $ | 16.5 | — | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 2.8 | $ | 0.7 | — | $ | 2.8 | — | — | $ | 0.7 | — | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 2.8 | $ | 0.7 | — | $ | 2.8 | — | — | $ | 0.7 | — | |||||||||||||||||||||||||||||||||||||
1) | The decrease from prior year is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and short-term debt approximate their fair value because of the short term maturity of these instruments. The fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or for long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company’s current borrowing rates for similar types of financing. The fair value of derivatives is estimated using a discounted cash flow method based on quoted market prices. The Company has determined that each of these fair value measurements of debt reside within Level 2 of the fair value hierarchy. The discount rates for all derivative contracts are based on bank deposit or swap interest rates. Credit risk has been considered when determining the discount rates used for the derivative contracts. | |||||||||||||||||||||||||||||||||||||||||||||||||
The fair value and carrying value of debt is summarized in the table below. For further details on the Company’s debt, see Note 12. | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value1) | Fair value | Carrying value1) | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31 | 2013 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. private placement | $ | 177.6 | $ | 187.7 | $ | 305.8 | $ | 329.5 | |||||||||||||||||||||||||||||||||||||||||
Medium-term notes | 99.9 | 100.5 | 99.8 | 99.4 | |||||||||||||||||||||||||||||||||||||||||||||
Notes2) | 0 | 0 | 107.6 | 108.9 | |||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 1.6 | 1.6 | 49.7 | 49.7 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 279.1 | $ | 289.8 | $ | 562.9 | $ | 587.5 | |||||||||||||||||||||||||||||||||||||||||
Short-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||
Overdrafts and other short-term debt | $ | 65.6 | $ | 65.6 | $ | 60.3 | $ | 60.3 | |||||||||||||||||||||||||||||||||||||||||
Short-term portion of long-term debt3) | 167.2 | 172.6 | 9.5 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||
Notes2) | 106.6 | 107.6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 339.4 | $ | 345.8 | $ | 69.8 | $ | 69.8 | |||||||||||||||||||||||||||||||||||||||||
1) | Debt as reported in balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Notes issued as part of the equity units offering were remarketed in April 2012, final maturity in April 2014 (for further information see Notes 12 and 13). | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | $125 million carrying value of U.S. private placement note changed from long-term to short-term debt in the fourth quarter 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
The tables below present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 and amount of gain (loss) recognized in the Consolidated Statement of Net Income for the years ending December 31, 2013, 2012 and 2011. Although the Company is party to close-out netting agreements with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance Sheets at December 31, 2013 and 2012, have been presented on a gross basis. The net amounts subject to netting agreements that the Company choose not to offset are presented in footnotes. According to the close-out netting agreements, transaction amounts payable to a counterparty on the same date and in the same currency can be netted. | |||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31, 2013 | Nominal volume | Derivative asset | Derivative liability | Balance Sheet location | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 6 years (fair value hedge)4) | $ | — | $ | — | $ | — | Other non-current asset | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps, less than 6 months | $ | 504.1 | 1) | $ | 1.7 | 2) | $ | 2.8 | 3) | Other current assets/ liabilities | |||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 504.1 | $ | 1.7 | $ | 2.8 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 504.1 | $ | 1.7 | $ | 2.8 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $425.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $1.5 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $2.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
4) | The decrease from year end is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31, 2012 | Nominal volume | Derivative asset | Derivative liability | Balance Sheet location | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 7 years (fair value hedge) | $ | 60 | $ | 15.8 | $ | — | Other non-current asset | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | $ | 15.8 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps, less than 6 months | $ | 700.8 | 1) | $ | 0.7 | 2) | $ | 0.7 | 3) | Other current assets/ liabilities | |||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 700.8 | $ | 0.7 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 760.8 | $ | 16.5 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $554.8 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $0.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $0.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
net | portion | interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 6 years (fair value hedge)1) | $ | — | — | $ | (1.3 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 20191) | $ | — | — | $ | 1.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
1) | The decrease from year end is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
net | portion | interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 7 years (fair value hedge) | $ | 60 | — | $ | 0.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 2019 | $ | 60 | — | $ | (0.7 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, net | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
portion | interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps, 8 years (fair value hedge) | $ | 60 | — | $ | 5.9 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 2019 | $ | 60 | — | $ | (5.9 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other financial items, net | Interest expense | Interest income | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps, less than 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3.8 | ) | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Foreign exchange swaps | 504.1 | 1) | 700.8 | 2) | 1,241.90 | 3) | (1.1 | ) | (4.0 | ) | 6.8 | 0 | (0.1 | ) | 0.2 | — | — | — | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 504.1 | $ | 700.8 | $ | 1,241.90 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $425.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $554.8 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $845.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
All amounts recognized in the Consolidated Statements of Net Income related to derivatives, not designated as hedging instruments, relate to economic hedges and thus have been materially offset by an opposite statements of income effect of the related financial liabilities or financial assets. | |||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS | |||||||||||||||||||||||||||||||||||||||||||||||||
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its balance sheet that are measured at fair value on a non-recurring basis. Assets and liabilities that are measured at fair value on a non-recurring basis include long-lived assets, including investments in affiliates, and restructuring liabilities (see Note 10). | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not available. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To determine the fair value of long-lived assets, the Company utilizes the projected cash flows expected to be generated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets. For restructuring obligations, the amount recorded represents the fair value of the payments expected to be made, and such provisions are discounted if the payments are expected to extend beyond one year. | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company had $94.2 million and $75.8 million, respectively, of restructuring reserves, which were measured at fair value upon initial recognition of the associated liability (see Note 10). The Company has not recorded any significant impairment charges on its long-lived assets during 2013, 2012 or 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
4. Income Taxes | |||||||||||||
INCOME BEFORE INCOME TAXES | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 169.4 | $ | 171.2 | $ | 165.1 | |||||||
Non-U.S. | 564.6 | 497.4 | 663.2 | ||||||||||
Total | $ | 734 | $ | 668.6 | $ | 828.3 | |||||||
PROVISION FOR INCOME TAXES | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
U.S. federal | $ | 42.7 | $ | 62.8 | $ | 32.3 | |||||||
Non-U.S. | 164.7 | 146.2 | 157.6 | ||||||||||
U.S. state and local | 1.6 | 5.8 | 6.5 | ||||||||||
Deferred | |||||||||||||
U.S. federal | 11.7 | 0.2 | 1.8 | ||||||||||
Non-U.S. | 22.2 | (29.6 | ) | 3 | |||||||||
U.S. state and local | 1.2 | (2.4 | ) | 0.1 | |||||||||
Total income tax expense (benefit) | $ | 244.1 | $ | 183 | $ | 201.3 | |||||||
EFFECTIVE INCOME TAX RATE | 2013 | 2012 | 2011 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax rate variances | (8.2 | ) | (7.6 | ) | (7.5 | ) | |||||||
Tax credits | (4.5 | ) | (3.2 | ) | (3.0 | ) | |||||||
Change in Valuation Allowances | 5.3 | (1.1 | ) | 0.2 | |||||||||
Current year losses with no benefit | 4 | 3.2 | 1.4 | ||||||||||
Net operating loss carry-forwards | (0.1 | ) | (0.2 | ) | (0.4 | ) | |||||||
Changes in tax reserves | 1.1 | (0.0 | ) | (2.4 | ) | ||||||||
Cost of double taxation | 0.6 | 0.9 | 0.7 | ||||||||||
Earnings of equity investments | (0.4 | ) | (0.4 | ) | (0.3 | ) | |||||||
Withholding taxes | 1 | 1.6 | 1.9 | ||||||||||
State taxes, net of federal benefit | 0.2 | 0.3 | 0.5 | ||||||||||
Statutory Investment Allowances | 0 | (2.3 | ) | (1.4 | ) | ||||||||
Antitrust Settlement | 0 | 0.9 | 0 | ||||||||||
Other, net | -0.8 | 0.3 | -0.4 | ||||||||||
Effective income tax rate | 33.2 | % | 27.4 | % | 24.3 | % | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. On December 31, 2013, the Company had net operating loss carry-forwards (NOL’s) of approximately $287 million, of which approximately $201 million have no expiration date. The remaining losses expire on various dates through 2030. The Company also has $20 million of U.S. Foreign Tax Credit carry forwards, which begin to expire in 2022. The Company also has Investment Tax Credit carry forwards of $3 million, which expire on various dates through 2021. | |||||||||||||
Valuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided against NOL’s of companies that have perennially incurred losses, as well as the NOL’s of companies that are start-up operations and have not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine the amount of any required valuation allowance. In the fourth quarter of 2013 the Company recorded a valuation allowance against deferred tax assets of $39 million which was related to the inefficiencies in Europe and capacity alignment due to depressed volumes in the region. | |||||||||||||
The Company has benefited from “tax holidays” in certain of its subsidiaries, principally in China. The foreign tax rate variance includes the effect of these tax holidays. These tax holidays typically take the form of reduced rates of tax on income for a period of several years following the establishment of an eligible company. These tax holidays have resulted in income tax savings of approximately $12 million ($0.13 per share) in 2012 and $10 million ($0.11 per share) in 2011. These special holiday rates expired at the end of 2012. The foreign tax rate variance reflects the fact that approximately two-thirds of the Company’s non-U.S. pre-tax income is generated by business operations located in tax jurisdictions where the tax rate is between 25%-30%. | |||||||||||||
The Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves represent the Company’s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures due to changes in tax law, both legislated and concluded through the various jurisdictions’ court systems. The Company files income tax returns in the United States federal jurisdiction, and various states and foreign jurisdictions. | |||||||||||||
At any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer subject to income tax examination by the U.S. Federal tax authorities for years prior to 2009. With few exceptions, the Company is no longer subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2004. The Company concluded U.S. federal tax audits covering years 2003-2008 in June 2011, and as a result of the conclusion of the U.S. tax audits and other proceedings, the Company released approximately $24 million of its tax reserves in the second quarter of 2011. The Company is undergoing tax audits in several non-U.S. jurisdictions covering multiple years. As of December 31, 2013, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would have a material impact on the Company’s financial statements, however, other audits could result in additional increases or decreases to the unrecognized tax benefits in some future period or periods. | |||||||||||||
The Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of January 1, 2013, the Company had recorded $15.6 million for unrecognized tax benefits related to prior years, including $2.2 million of accrued interest and penalties. During 2013, the Company recorded a net increase of $7.7 million to income tax reserves for unrecognized tax benefits based on tax positions related to the current and prior years. The Company had $2.1 million accrued for the payment of interest and penalties as of December 31, 2013. Of the total unrecognized tax benefits of $23.3 million recorded at December 31, 2013, $4.0 million is classified as current income tax payable, and $19.3 million is classified as non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheet. Substantially all of these reserves would impact the effective tax rate if released into income. | |||||||||||||
TABULAR PRESENTATION OF TAX BENEFITS UNRECOGNIZED | 2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 14.7 | $ | 14 | $ | 33.2 | |||||||
Gross amounts of increases and decreases: | |||||||||||||
Increases as a result of tax positions taken during a prior period | 7.2 | 1.3 | 5.1 | ||||||||||
Decreases as a result of tax positions taken during a prior period | (0.3 | ) | (0.3 | ) | (4.0 | ) | |||||||
Increases as a result of tax positions taken during the current period | 2.9 | 0.6 | 1.9 | ||||||||||
Decreases as a result of tax positions taken during the current period | 0 | 0 | 0 | ||||||||||
Decreases relating to settlements with taxing authorities | (0.8 | ) | (0.3 | ) | (5.1 | ) | |||||||
Decreases resulting from the lapse of the applicable statute of limitations | (0.6 | ) | (1.3 | ) | (15.9 | ) | |||||||
Translation Difference | (0.4 | ) | 0.7 | (1.2 | ) | ||||||||
Total unrecognized tax benefits at end of year | $ | 22.7 | $ | 14.7 | $ | 14 | |||||||
DEFERRED TAXES DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||
Assets | |||||||||||||
Provisions | $ | 97.2 | $ | 105.9 | $ | 96.1 | |||||||
Costs capitalized for tax | 18.5 | 11.5 | 5.9 | ||||||||||
Property, plant and equipment | 20.9 | 26.1 | 27.2 | ||||||||||
Retirement Plans | 49.9 | 99.7 | 79.8 | ||||||||||
Tax receivables, principally NOL’s | 136.6 | 104.9 | 80.8 | ||||||||||
Deferred tax assets before allowances | $ | 323.1 | $ | 348.1 | $ | 289.8 | |||||||
Valuation allowances | (115.5 | ) | (44.8 | ) | (41.7 | ) | |||||||
Total | $ | 207.6 | $ | 303.3 | $ | 248.1 | |||||||
Liabilities | |||||||||||||
Acquired intangibles | $ | (25.3 | ) | $ | (29.2 | ) | $ | (31.9 | ) | ||||
Statutory tax allowances | (1.3 | ) | (1.5 | ) | (2.1 | ) | |||||||
Insurance deposit | (6.4 | ) | (7.5 | ) | (7.6 | ) | |||||||
Distribution taxes | (38.1 | ) | (43.0 | ) | (32.0 | ) | |||||||
Other | (3.0 | ) | (2.5 | ) | (1.4 | ) | |||||||
Total | $ | (74.1 | ) | $ | (83.7 | ) | $ | (75.0 | ) | ||||
Net deferred tax asset | $ | 133.5 | $ | 219.6 | $ | 173.1 | |||||||
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||
Allowances at beginning of year | $ | 44.8 | $ | 41.7 | $ | 30.1 | |||||||
Benefits reserved current year | 76.1 | 15.7 | 31.2 | ||||||||||
Benefits recognized current year | (1.8 | ) | (11.7 | ) | (15.1 | ) | |||||||
Write-offs and other changes | (0.0 | ) | (0.0 | ) | (1.5 | ) | |||||||
Translation difference | -3.6 | -0.9 | -3 | ||||||||||
Allowances at end of year | $ | 115.5 | $ | 44.8 | $ | 41.7 | |||||||
U.S. federal income taxes have not been provided on $4.3 billion of undistributed earnings of non-U.S. operations, which are considered to be permanently reinvested. Most of these undistributed earnings are not subject to withholding taxes upon distribution to intermediate holding companies. However, when appropriate, the Company provides for the cost of such distribution taxes. The Company has determined that it is not practicable to calculate the deferred tax liability if the entire $4.3 billion of earnings were to be distributed to the United States. |
Receivables
Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables | ' | ||||||||||||
5. Receivables | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Receivables | $ | 1,692.60 | $ | 1,516.60 | $ | 1,466.10 | |||||||
Allowance at beginning of year | $ | (7.3 | ) | $ | (8.3 | ) | $ | (7.5 | ) | ||||
Reversal of allowance | 4.1 | 2.1 | 1.7 | ||||||||||
Addition to allowance | (2.2 | ) | (2.1 | ) | (4.7 | ) | |||||||
Write-off against allowance | 0.9 | 1.2 | 2 | ||||||||||
Translation difference | -0.1 | -0.2 | 0.2 | ||||||||||
Allowance at end of year | $ | (4.6 | ) | $ | (7.3 | ) | $ | (8.3 | ) | ||||
Total receivables, net of allowance | $ | 1,688.00 | $ | 1,509.30 | $ | 1,457.80 | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventories | ' | ||||||||||||
6. Inventories | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Raw material | $ | 314.8 | $ | 287.7 | $ | 295.5 | |||||||
Work in progress | 232.9 | 225.9 | 219.9 | ||||||||||
Finished products | 201.9 | 180.9 | 184 | ||||||||||
Inventories | $ | 749.6 | $ | 694.5 | $ | 699.4 | |||||||
Inventory reserve at beginning of year | $ | (83.5 | ) | $ | (76.1 | ) | $ | (81.6 | ) | ||||
Reversal of reserve | 5.1 | 5.3 | 5.1 | ||||||||||
Addition to reserve | (20.8 | ) | (22.9 | ) | (17.2 | ) | |||||||
Write-off against reserve | 10.5 | 10.4 | 16.9 | ||||||||||
Translation difference | 0.9 | -0.2 | 0.7 | ||||||||||
Inventory reserve at end of year | $ | (87.8 | ) | $ | (83.5 | ) | $ | (76.1 | ) | ||||
Total inventories, net of reserve | $ | 661.8 | $ | 611 | $ | 623.3 | |||||||
Investments_and_Other_Noncurre
Investments and Other Non-current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments and Other Non-current Assets | ' | ||||||||
7. Investments and Other Non-current Assets | |||||||||
As of December 31, 2013 the Company had invested in four affiliated companies, which it currently does not control, but in which it exercises significant influence over operations and financial position. These investments are accounted for under the equity method, which means that a proportional share of the affiliated company’s net income increases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of Net Income, the proportional share of the affiliated company’s net income (loss) is reported as “Equity in earnings of affiliates, net of tax”. The Company is applying deposit accounting for an insurance arrangement. For additional information on derivatives see Note 3. | |||||||||
31-Dec | 2013 | 2012 | |||||||
Investments in affiliated companies | $ | 26.6 | $ | 25.4 | |||||
Deferred tax assets | 122.4 | 200.6 | |||||||
Income tax receivables | 54.7 | 50.8 | |||||||
Derivative assets | 0 | 15.8 | |||||||
Long-term interest bearing deposit (insurance arrangement) | 20.2 | 23.2 | |||||||
Other non-current assets | 35.1 | 25.5 | |||||||
Investments and other non-current assets | $ | 259 | $ | 341.3 | |||||
The most significant investments in affiliated companies and the respective percentage of ownership are: | |||||||||
COUNTRY | Ownership % | Company name | |||||||
France | 49 | % | EAK SA Composants pour L’Industrie Automobile | ||||||
France | 49 | % | EAK SNC Composants pour L’Industrie Automobile | ||||||
Malaysia | 49 | % | Autoliv-Hirotako Safety Sdn Bhd (parent and subsidiaries) | ||||||
China | 30 | % | Changchun Hongguang-Autoliv Vehicle Safety Systems Co. Ltd. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
8. Property, Plant and Equipment | |||||||||||||
31-Dec | 2013 | 2012 | Estimated life | ||||||||||
Land and land improvements | $ | 114.8 | $ | 119.3 | n/a to 15 | ||||||||
Machinery and equipment | 3,199.20 | 3,030.10 | 8-Mar | ||||||||||
Buildings | 801.1 | 764.3 | 20-40 | ||||||||||
Construction in progress | 253.2 | 213.7 | n/a | ||||||||||
Property, plant and equipment | $ | 4,368.30 | $ | 4,127.40 | |||||||||
Less accumulated depreciation | -3,032.10 | -2,894.60 | |||||||||||
Net of depreciation | $ | 1,336.20 | $ | 1,232.80 | |||||||||
DEPRECIATION INCLUDED IN | 2013 | 2012 | 2011 | ||||||||||
Cost of sales | $ | 237.2 | $ | 225.4 | $ | 221 | |||||||
Selling, general and administrative expenses | 8.2 | 8.2 | 8.7 | ||||||||||
Research, development and engineering expenses | 20.2 | 19.4 | 20 | ||||||||||
Total | $ | 265.6 | $ | 253 | $ | 249.7 | |||||||
No significant fixed asset impairments were recognized during 2013, 2012 and 2011. | |||||||||||||
The net book value of machinery and equipment under capital lease contracts recorded as of December 31, 2013 and 2012 amounted to $0.7 million and $0.7 million, respectively. The net book value of buildings and land under capital lease contracts recorded as of December 31, 2013 and 2012 amounted to $1.5 million and $1.7 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets | ' | ||||||||
9. Goodwill and Intangible Assets | |||||||||
UNAMORTIZED INTANGIBLES | 2013 | 2012 | |||||||
Goodwill | |||||||||
Carrying amount at beginning of year | $ | 1,610.80 | $ | 1,607.00 | |||||
Acquisitions and purchase price adjustments | — | — | |||||||
Translation differences | -0.7 | 3.8 | |||||||
Carrying amount at end of year | $ | 1,610.10 | $ | 1,610.80 | |||||
AMORTIZED INTANGIBLES | 2013 | 2012 | |||||||
Gross carrying amount | $ | 398.9 | $ | 403.4 | |||||
Accumulated amortization | -321.6 | -307.2 | |||||||
Carrying value | $ | 77.3 | $ | 96.2 | |||||
No significant impairments were recognized during 2013, 2012 or 2011. | |||||||||
At December 31, 2013, goodwill assets include $1.2 billion associated with the 1997 merger of Autoliv AB and the Automotive Safety Products Division of Morton International, Inc. | |||||||||
At December 31, 2013, intangible assets subject to amortization mainly relate to acquired technology and contractual relationships. The aggregate amortization expense on intangible assets was $20.4 million in 2013, $20.2 million in 2012 and $18.6 million in 2011. The estimated amortization expense is as follows (in millions): 2014: $17.2; 2015: $14.8; 2016: $13.2; 2017: $12.4 and 2018: $12.3. |
Restructuring_and_Other_Liabil
Restructuring and Other Liabilities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Restructuring and Other Liabilities | ' | ||||||||||||||||||||||||
10. Restructuring and Other Liabilities | |||||||||||||||||||||||||
RESTRUCTURING | |||||||||||||||||||||||||
Restructuring provisions are made on a case-by-case basis and primarily include severance costs incurred in connection with headcount reductions and plant consolidations. The Company expects to finance restructuring programs over the next several years through cash generated from its ongoing operations or through cash available under existing credit facilities. The Company does not expect that the execution of these programs will have an adverse impact on its liquidity position. The tables below summarize the change in the balance sheet position of the restructuring reserves from December 31, 2010 to December 31, 2013. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
In 2013, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions in Europe. The cash payments mainly relate to high-cost countries in Europe. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2012 to December 31, 2013. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2012 | Charge | Reversal | payments | difference | 2013 | ||||||||||||||||||||
Restructuring employee-related | $ | 74.9 | $ | 40.4 | $ | (4.7 | ) | $ | (20.0 | ) | $ | 3.3 | $ | 93.9 | |||||||||||
Other | 0.9 | — | (0.2 | ) | (0.4 | ) | — | 0.3 | |||||||||||||||||
Total reserve | $ | 75.8 | $ | 40.4 | $ | (4.9 | ) | $ | (20.4 | ) | $ | 3.3 | $ | 94.2 | |||||||||||
2012 | |||||||||||||||||||||||||
In 2012, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions in Europe. The cash payments mainly relate to high-cost countries in Europe. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2011 to December 31, 2012. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2011 | Charge | Reversal | payments | difference | 2012 | ||||||||||||||||||||
Restructuring employee-related | $ | 31.4 | $ | 76.6 | $ | (1.8 | ) | $ | (33.3 | ) | $ | 2 | $ | 74.9 | |||||||||||
Other | 0.9 | 0.3 | (0.3 | ) | (0.0 | ) | — | 0.9 | |||||||||||||||||
Total reserve | $ | 32.3 | $ | 76.9 | $ | (2.1 | ) | $ | (33.3 | ) | $ | 2 | $ | 75.8 | |||||||||||
2011 | |||||||||||||||||||||||||
In 2011, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions throughout Europe and North America. Reversals in 2011 mainly relate to restructuring reserves in Europe and were due to capacity reduction that was not as severe as originally estimated. The cash payments mainly relate to high-cost countries in Europe and in Australia. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2010 to December 31, 2011. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2010 | Charge | Reversal | payments | difference | 2011 | ||||||||||||||||||||
Restructuring employee-related | $ | 48.4 | $ | 10.1 | $ | (4.9 | ) | $ | (22.2 | ) | $ | (0.0 | ) | $ | 31.4 | ||||||||||
Other | 0.2 | 0.8 | — | (0.1 | ) | — | 0.9 | ||||||||||||||||||
Total reserve | $ | 48.6 | $ | 10.9 | $ | (4.9 | ) | $ | (22.3 | ) | $ | (0.0 | ) | $ | 32.3 | ||||||||||
Product_Related_Liabilities
Product Related Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Product Related Liabilities | ' | ||||||||||||
11. Product Related Liabilities | |||||||||||||
Autoliv is exposed to product liability and warranty claims in the event that the Company’s products fail to perform as represented and such failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product risks. Such reserves are related to product performance issues including recall, product liability and warranty issues. | |||||||||||||
The Company records liabilities for product-related risks when probable claims are identified and when it is possible to reasonably estimate costs. Provisions for warranty claims are estimated based on prior experience, likely changes in performance of newer products, and the mix and volume of the products sold. The provisions are recorded on an accrual basis. | |||||||||||||
The increase in reserve in 2013 mainly relates to recall related issues and in 2012 and 2011 the increase mainly relates to warranty related issues. Cash payments in 2013 and 2012 mainly relate to warranty related issues, and cash payments in 2011 mainly relate to recall related issues. The table below summarizes the change in the balance sheet position of the product-related liabilities. | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Reserve at beginning of the year | $ | 29.9 | $ | 33 | $ | 39.2 | |||||||
Change in reserve | 21.3 | 19.3 | 14.8 | ||||||||||
Cash payments | (15.2 | ) | (22.7 | ) | (21.2 | ) | |||||||
Translation difference | 0.4 | 0.3 | 0.2 | ||||||||||
Reserve at end of the year | $ | 36.4 | $ | 29.9 | $ | 33 |
Debt_and_Credit_Agreements
Debt and Credit Agreements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Debt and Credit Agreements | ' | ||||||||||||||||||||||||||||||||
12. Debt and Credit Agreements | |||||||||||||||||||||||||||||||||
As part of its debt management, the Company enters into derivatives to achieve economically effective hedges and to minimize the cost of its funding. In this note, short-term debt and long-term debt are discussed including Debt-Related Derivatives (DRD), i.e. debt including fair value adjustments from hedges. Included in the DRD is also the unamortized fair value adjustment related to a discontinued fair value hedge which will be amortized over the remaining life of the debt. The Debt Profile table also shows debt excluding DRD, i.e. reconciled to debt as reported in the balance sheet. | |||||||||||||||||||||||||||||||||
SHORT-TERM DEBT | |||||||||||||||||||||||||||||||||
As of December 31, 2013, total short-term debt including DRD was $341 million including $274 million of short-term portion of long-term loans. In March 2012, Autoliv completed the remarketing of the senior notes related to the equity units and the coupon of the notes was reset to 3.854% with a yield of 2.875%. The notes will have a carrying amount of $106.3 million at maturity, April 30, 2014. The remaining unamortized premium was $0.3 million at December 31, 2013. On April 30, 2012, Autoliv settled the purchase contracts underlying the equity units by issuing approximately 5.8 million shares of common stock in exchange for $106 million in proceeds generated by the maturity of the U.S. Treasury securities purchased following the remarketing. | |||||||||||||||||||||||||||||||||
In November 2012, $110 million of the U.S. private placement notes, which carried fixed interest rates of 5.6%, matured. In November 2014, another $125 million of senior notes issued in 2007 as private placements by Autoliv ASP Inc. carrying fixed interest rate of 5.8% will mature. The remaining part of short term portion of long term loans consists of financing at the subsidiary level, primarily $36 million of loans borrowed by Autoliv do Brazil Ltda (a wholly-owned subsidiary) carrying interest rates of 9.8% and $4 million equivalent loans borrowed locally in Russia by OOO Autoliv (a wholly-owned subsidiary) which carry an interest rate of 8.5% and of $2 million equivalent of loans borrowed from Japanese banks by Autoliv KK (a wholly-owned subsidiary), which carry an interest rate of 1.6%. | |||||||||||||||||||||||||||||||||
The Company’s subsidiaries also have credit agreements, principally in the form of overdraft facilities, with a number of local banks. Total available short-term facilities, as of December 31, 2013, excluding commercial paper facilities as described below, amounted to $380 million, of which $104 million was utilized. The aggregate amount of unused short-term lines of credit at December 31, 2013 was $276 million. The weighted average interest rate on total short-term debt outstanding at December 31, 2013 and 2012 excluding the short-term portion of long-term debt was 3.5% and 3.7%, respectively. | |||||||||||||||||||||||||||||||||
LONG-TERM DEBT – OUTSTANDING LOANS | |||||||||||||||||||||||||||||||||
Long-term debt including DRD of $266 million consists of $165 million of senior notes issued in 2007 as private placements by Autoliv ASP Inc., a wholly owned subsidiary of the Company. The notes were guaranteed by the Company and consist of two long-term tranches maturing in 2017 and 2019 respectively, which carried fixed interest rates between 6.1% and 6.2%. The Company entered into swap arrangements with respect to part of the proceeds of the notes offering, most of which were cancelled in 2008 resulting in a mark-to-market gain. In March 2013 the remaining interest rate swap, with a nominal value of $60 million, was cancelled. This gain is amortized through interest expense over the life of the respective notes. | |||||||||||||||||||||||||||||||||
Consequently, the remaining $165 million of the long-term notes carry fixed interest rates varying between 2.5% and 5.4%, when including the amortization of the cancelled swaps. | |||||||||||||||||||||||||||||||||
In 2011, the Company repurchased a SEK 600 million note ($92 million equivalent) maturing in 2014 which carried a floating interest of STIBOR +3.9% at a discount and as a result reported $6.2 million as debt extinguishment cost. The Company also issued, to the same investor, a SEK 300 million note ($46 million equivalent) maturing in 2017 carrying a floating interest rate of STIBOR + 0.95%. | |||||||||||||||||||||||||||||||||
A fixed-rate note was issued in December 2012 of 350 million SEK ($54 million equivalent). The 5-year note will mature in December 2017 and carries a fixed interest rate of 2.49%, which represents the European Investment Bank’s (EIB) cost of funds plus 0.3%. The remaining other long-term debt of $2 million, consisted primarily of $1 million equivalent loans borrowed from Japanese banks by Autoliv KK (a wholly-owned subsidiary), which carry an interest rate of 1.6%. | |||||||||||||||||||||||||||||||||
LONG-TERM DEBT—LOAN FACILITIES | |||||||||||||||||||||||||||||||||
In April 2011, the Company refinanced its revolving credit facility (RCF) of $1,100 million. The facility is now syndicated among 13 banks and originally had two extension options where Autoliv could request the banks to extend the maturity to 2017 and 2018, respectively, on the first and second anniversaries of the April 2011 loan facility, a so called 5+1+1 structure. In April 2012 and in April 2013, Autoliv extended essentially all of its $1,100 million RCF, as noted above, with unchanged terms and conditions. The Company pays a commitment fee of 0.16% (given the rating of A- from Standard & Poor’s at December 31, 2013). Financing costs of $5 million were incurred in April 2011 and are amortized over the expected life of the facility. Borrowings under this facility are unsecured and bear interest based on the relevant LIBOR or IBOR rate. The commitment is available for general corporate purposes. Borrowings are prepayable at any time and are due at the respective expiration date. The extension fees, incurred in April 2012 and April 2013, of $1 million in total are amortized over the remaining expected life of the facility. | |||||||||||||||||||||||||||||||||
In June 2009, Autoliv AB, (a wholly-owned subsidiary) entered into an 18-month financing commitment with EIB of €225 million ($309 million equivalent). In July 2011, this commitment was amended and extended. In December 2012, a portion of this loan commitment was utilized (a SEK denominated note was issued, see above) and the remainder of the total €225 million EIB commitment expired. | |||||||||||||||||||||||||||||||||
In July 2013, Autoliv AB entered into a financing commitment agreement with EIB, giving Autoliv AB access to a loan of €200 million ($275 million equivalent) to help finance R&D projects over the next three years at Autoliv’s R&D facilities in Germany, France and Sweden. Under the financing commitment, Autoliv AB may, during the 18-month period following the agreement, draw loans with a maturity of up to 7 years at a cost of EIB’s cost of funding plus 0.26%. In addition to the interest payable on each tranche, Autoliv AB is required to pay a non-utilization fee of 0.13% on the undrawn, uncancelled balance of the credit. The financial obligations of the financing commitment agreement, including repayment of any funds, are guaranteed by the Company pursuant to a Guarantee Agreement between the EIB and the Company. | |||||||||||||||||||||||||||||||||
As a result, Autoliv has a total of $1.4 billion unutilized long-term debt facilities available. The Company is not subject to any financial covenants, i.e. performance related restrictions, in any of its significant long-term borrowings or commitments. | |||||||||||||||||||||||||||||||||
The Company has two commercial paper programs: one SEK 7 billion (approx. $1,078 million) Swedish program and one $1,000 million U.S. program. Due to the cash position and the strong cash flow generation in 2013, both programs were unutilized at year-end. When notes have been outstanding under these programs, all of the notes have been classified as long-term debt because the Company has had the ability and intent to refinance these borrowings on a long-term basis either through continued commercial paper borrowings or utilization of the long-term credit facilities described above. | |||||||||||||||||||||||||||||||||
CREDIT RISK | |||||||||||||||||||||||||||||||||
In the Company’s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward exchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are only entered with a limited number of banks up to a calculated risk amount of $150 million per bank for banks rated A- or above and up to $50 million for banks rated BBB+. The policy of the Company is to work with banks that have a high credit rating and that participate in the Company’s financing. In addition to this, deposits can be placed in U.S. and Swedish government paper as well as up to $1,000 million in certain AAA rated money market funds. At year end 2013, the Company had $433 million in money market funds and $100 million in U.S. government paper. | |||||||||||||||||||||||||||||||||
The table below shows debt maturity as cash flow in the upper part which is reconciled with reported debt in the last row. For a description of hedging instruments used as part of debt management, see the Financial Instruments section of Note 1 and Note 3. | |||||||||||||||||||||||||||||||||
DEBT PROFILE | |||||||||||||||||||||||||||||||||
PRINCIPAL AMOUNT BY EXPECTED MATURITY | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | Total | |||||||||||||||||||||||||
long-term | |||||||||||||||||||||||||||||||||
U.S. private placement notes (incl. DRD1)) | $ | 125 | $ | — | $ | — | $ | 105 | $ | — | $ | 60 | $ | 165 | $ | 290 | |||||||||||||||||
(Weighted average interest rate 4.8%) | |||||||||||||||||||||||||||||||||
Overdraft/Other short-term debt (incl. DRD1)) | 66.8 | — | — | — | — | — | — | 66.8 | |||||||||||||||||||||||||
(Weighted average interest rate 4.0%) | |||||||||||||||||||||||||||||||||
Notes issued as a part of Equity units2) | 106.6 | — | — | — | — | — | — | 106.6 | |||||||||||||||||||||||||
(Interest rate 3.9%) | |||||||||||||||||||||||||||||||||
Medium-term notes | |||||||||||||||||||||||||||||||||
(Weighted average interest rate 2.3%) | — | — | — | 99.9 | — | — | 99.9 | 99.9 | |||||||||||||||||||||||||
Other long-term loans, incl. current portion3) | |||||||||||||||||||||||||||||||||
(Weighted average interest rate 4.6%) | 42.2 | 1.5 | — | — | — | — | 1.5 | 43.7 | |||||||||||||||||||||||||
Total debt as cash flow, (incl. DRD1)) | $ | 340.6 | $ | 1.5 | $ | — | $ | 204.9 | $ | — | $ | 60 | $ | 266.4 | $ | 607 | |||||||||||||||||
DRD adjustment | (1.2 | ) | — | — | — | — | 12.7 | 12.7 | 11.5 | ||||||||||||||||||||||||
Total debt as reported | $ | 339.4 | $ | 1.5 | $ | — | $ | 204.9 | $ | — | $ | 72.7 | $ | 279.1 | $ | 618.5 | |||||||||||||||||
1) Debt Related Derivatives (DRD), i.e. the fair value adjustments associated with hedging instruments as adjustments to the carrying value of the underlying debt. Included in the DRD is also the unamortized fair value adjustment related to a discontinued fair value hedge which will be amortized over the remaining life of the debt. 2) Repriced in 2012, final maturity in 2014. 3) Primarily external BRL, RUB and JPY loans drawn locally. | |||||||||||||||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Shareholders' Equity | ' | ||||||||||||
13. Shareholders’ Equity | |||||||||||||
The number of shares outstanding as of December 31, 2013 was 94,396,500. | |||||||||||||
DIVIDENDS | 2013 | 2012 | 2011 | ||||||||||
Cash dividend paid per share | $ | 2 | $ | 1.89 | $ | 1.73 | |||||||
Cash dividend declared per share | $ | 2.02 | $ | 1.94 | $ | 1.78 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS) / ENDING BALANCE1) | 2013 | 2012 | 2011 | ||||||||||
Cumulative translation adjustments | $ | 49.4 | $ | 67.2 | $ | 38.4 | |||||||
Net pension liability | (48.9 | ) | (107.7 | ) | (80.7 | ) | |||||||
Total (ending balance) | $ | 0.5 | $ | (40.5 | ) | $ | (42.3 | ) | |||||
Deferred taxes on the pension liability | $ | 21.4 | $ | 59.7 | $ | 45.5 | |||||||
1) | The components of Other Comprehensive Income (Loss) are net of any related income tax effects. | ||||||||||||
EQUITY AND EQUITY UNITS OFFERING | |||||||||||||
On March 30, 2009, the Company sold, in an underwritten registered public offering, approximately 14.7 million common shares from treasury stock and 6.6 million equity units (the Equity Units), listed on the NYSE as Corporate Units, for an aggregate stated amount and public offering price of $235 million and $165 million, respectively. “Equity Units” is a term that describes a security that is either a Corporate Unit or a Treasury Unit, depending upon what type of note is used by the holder to secure the forward purchase contract (either a Note or a Treasury Security, as described below). The Equity Units initially consisted of a Corporate Unit which is (i) a forward purchase contract obligating the holder to purchase from the Company for a price in cash of $25, on the purchase contract settlement date of April 30, 2012, subject to early settlement in accordance with the terms of the Purchase Contract and Pledge Agreement, a certain number (at the Settlement Rate outlined in the Purchase Contract and Pledge Agreement) of shares of Common Stock; and (ii) a 1/40, or 2.5%, undivided beneficial ownership interest in a $1,000 principal amount of the Company’s 8% senior notes due 2014 (the “Senior Notes”). | |||||||||||||
The Company allocated proceeds received upon issuance of the Equity Units based on relative fair values at the time of issuance. The fees associated with the remarketing (described below) were allocated such that 1% of the 6% of underwriting commissions paid to the debt were allocated as deferred charges based on commissions paid for similar debt issuances, but including factors for market conditions at the time of the offering and the Company’s credit rating, and the deferred charges will be amortized using the effective interest rate method over the life of the notes until April 30, 2014. | |||||||||||||
The Company successfully completed the remarketing of the Senior Notes in March 2012, pursuant to which the interest rate on the Senior Notes was reset and certain other terms of the Senior Notes were modified. On March 15, 2012, the coupon was reset to 3.854% with a yield of 2.875% per annum which will be applicable until final maturity on April 30, 2014. Autoliv did not receive any proceeds from the remarketing until the settlement of the forward stock purchase contracts on April 30, 2012. On April 30, 2012, Autoliv settled the 4,250,920 purchase contracts still outstanding following the repurchase of 2.3 million Equity Units in 2010. The purchase contracts by issuing approximately 5.8 million shares of common stock in exchange for $106,273,000 in proceeds generated by the maturity of the U.S. Treasury securities purchased following the remarketing. The settlement of the purchase contracts concluded Autoliv’s equity obligations under the Equity Units. | |||||||||||||
SHARE REPURCHASE PROGRAM | |||||||||||||
In 2007, the Board of Directors approved an expansion of the Company’s existing Stock Repurchase Program under which it repurchased shares through September 2008. During the fourth quarter 2013, the Company reactivated the share repurchase program. The maximum number of shares that may yet be purchased under the Stock Repurchase Program amounted to 1,551,693 shares at December 31, 2013. In January, 2014, the Board of Directors approved an additional 10 million shares for repurchase as part of the Company’s share repurchase program (for a total of approximately 11.6 million shares together with the existing authorization). There is no expiration date for the share repurchase authorization. | |||||||||||||
SHARES | 2013 | 2012 | 2011 | ||||||||||
Shares repurchased (shares in millions) | 1.6 | — | — | ||||||||||
Cash paid for shares | $ | 147.9 | $ | — | $ | — | |||||||
In total, Autoliv has repurchased 35.9 million shares between May 2000 and December 2013 for cash of $1,621.1 million, including commissions. Of the total amount of repurchased shares, 14.7 million shares were utilized for the equity offering in 2009, 3.1 million and 5.8 million shares were utilized for the repurchase of equity units in second quarter of 2010 and the settlement of the Equity Units in the second quarter of 2012. In addition, 4.0 million shares have been utilized by the Stock Incentive Plan whereof 0.5 million, 0.4 million and 0.3 million were utilized during 2013, 2012 and 2011, respectively. At December 31, 2013, 8.4 million of the repurchased shares remain in treasury stock. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
14. Supplemental Cash Flow Information | |||||||||||||
The Company’s acquisitions and divestitures of businesses, net of cash acquired were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions | |||||||||||||
Fair value of assets acquired excluding cash | $ | — | $ | — | $ | (32.4 | ) | ||||||
Liabilities assumed | — | — | 9.2 | ||||||||||
Cash paid for prior year acquisitions | (2.0 | ) | (1.8 | ) | — | ||||||||
Acquisition of businesses, net of cash acquired | $ | (2.0 | ) | $ | (1.8 | ) | $ | (23.2 | ) | ||||
2013 | 2012 | 2011 | |||||||||||
Divestitures of business, net of cash disposed | $ | — | $ | 5.2 | $ | 5.4 | |||||||
Payments for interest and income taxes were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest | $ | 33 | $ | 40 | $ | 68 | |||||||
Income taxes | $ | 206 | $ | 237 | $ | 257 |
Stock_Incentive_Plan
Stock Incentive Plan | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Incentive Plan | ' | ||||||||||||
15. Stock Incentive Plan | |||||||||||||
Under the amended and restated Autoliv, Inc. 1997 Stock Incentive Plan (the Plan) adopted by the Shareholders, awards have been made to selected executive officers of the Company and other key employees in the form of stock options and Restricted Stock Units (RSUs). All stock options are granted for 10-year terms, have an exercise price equal to the fair value of the share at the date of grant, and become exercisable after one year of continued employment following the grant date. Each RSU represents a promise to transfer one of the Company’s shares to the employee after three years of service following the date of grant or upon retirement, whichever is earlier. The source of the shares issued upon share option exercise or lapse of RSU service period is generally from treasury shares. The Plan provides for the issuance of up to 9,585,055 common shares for awards. At December 31, 2013, 5,715,566 of these shares have been issued for awards. For stock options and RSUs outstanding and options exercisable at year end, see the following tables. | |||||||||||||
The fair value of the RSUs is calculated as the fair value of the shares at the RSU grant date. The grant date fair value for RSUs granted in 2010, 2009 and 2008 (vested in 2013, 2012 and 2011) was $4.3 million, $3.3 million and $4.5 million, respectively. The aggregate intrinsic value for RSU’s outstanding at December 31, 2013 was $18.8 million. The weighted average fair value of RSU’s granted in 2013, 2012 and 2011, are $64.59, $61.58 and $68.33, respectively. | |||||||||||||
The weighted average grant date fair value of stock options granted during 2013, 2012 and 2011 was estimated at $15.61, $18.01 and $23.27 per share, respectively, using the Black-Scholes option-pricing model based on the following assumptions: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 2.2 | % | |||||||
Dividend yield | 2.3 | % | 2.8 | % | 2.2 | % | |||||||
Expected life in years | 4.1 | 4.1 | 4.1 | ||||||||||
Expected volatility | 34 | % | 42 | % | 45 | % | |||||||
The Company uses historical exercise data for determining the expected life assumption. Expected volatility is based on historical and implied volatility. | |||||||||||||
The total stock (RSUs and stock options) compensation cost recognized in the Consolidated Statements of Net Income for 2013, 2012 and 2011 was $8.3 million, $7.7 million and $7.4 million, respectively. | |||||||||||||
The total compensation cost related to non-vested awards not yet recognized is $5.6 million for RSUs and the weighted average period over which this cost is expected to be recognized is approximately two years. There is no significant compensation cost not yet recognized for stock options. | |||||||||||||
Information on the number of RSUs and stock options related to the Plan during the period 2011 to 2013 is as follows: | |||||||||||||
RSUs | 2013 | 2012 | 2011 | ||||||||||
Outstanding at beginning of year | 211,618 | 320,122 | 360,928 | ||||||||||
Granted | 91,230 | 72,900 | 64,599 | ||||||||||
Shares issued | (84,342 | ) | (172,212 | ) | (84,294 | ) | |||||||
Cancelled/Forfeited/Expired | (14,229 | ) | (9,192 | ) | (21,111 | ) | |||||||
Outstanding at end of year | 204,277 | 211,618 | 320,122 | ||||||||||
STOCK OPTIONS | Number of options | Weighted average | |||||||||||
exercise price | |||||||||||||
Outstanding at Dec 31, 2010 | 1,155,966 | $ | 40.31 | ||||||||||
Granted | 193,833 | 72.95 | |||||||||||
Exercised | (244,218 | ) | 40.32 | ||||||||||
Cancelled/Forfeited/Expired | (32,579 | ) | 38.38 | ||||||||||
Outstanding at Dec 31, 2011 | 1,073,002 | $ | 46.26 | ||||||||||
Granted | 218,695 | 67 | |||||||||||
Exercised | (254,440 | ) | 33.26 | ||||||||||
Cancelled/Forfeited/Expired | (25,027 | ) | 50.59 | ||||||||||
Outstanding at Dec 31, 2012 | 1,012,230 | $ | 53.91 | ||||||||||
Granted | 273,541 | 69.18 | |||||||||||
Exercised | (437,751 | ) | 53.58 | ||||||||||
Cancelled/Forfeited/Expired | (16,319 | ) | 49.25 | ||||||||||
Outstanding at Dec 31, 2013 | 831,701 | $ | 59.2 | ||||||||||
OPTIONS EXERCISABLE | |||||||||||||
At December 31, 2011 | 886,605 | $ | 40.65 | ||||||||||
At December 31, 2012 | 796,720 | $ | 50.37 | ||||||||||
At December 31, 2013 | 559,483 | $ | 54.34 | ||||||||||
The following summarizes information about stock options outstanding and exercisable on December 31, 2013: | |||||||||||||
RANGE OF EXERCISE PRICES | Number | Remaining | Weighted | ||||||||||
outstanding | contract life | average | |||||||||||
(in years) | exercise | ||||||||||||
price | |||||||||||||
$16.31 - $19.96 | 53,350 | 5.14 | $ | 16.31 | |||||||||
$40.26 - $49.60 | 161,220 | 3.93 | $ | 45.65 | |||||||||
$51.67 - $59.01 | 130,875 | 3.65 | $ | 55.29 | |||||||||
$67.00 - $72.95 | 486,256 | 8.5 | $ | 69.44 | |||||||||
831,701 | 6.64 | $ | 59.2 | ||||||||||
RANGE OF EXERCISE PRICES | Number | Remaining | Weighted | ||||||||||
exercisable | contract life | average | |||||||||||
(in years) | exercise | ||||||||||||
price | |||||||||||||
$16.31 - $19.96 | 53,350 | 5.14 | $ | 16.31 | |||||||||
$40.26 - $49.60 | 161,220 | 3.93 | $ | 45.65 | |||||||||
$51.67 - $59.01 | 130,875 | 3.65 | $ | 55.29 | |||||||||
$67.00 - $72.95 | 214,038 | 7.68 | $ | 69.78 | |||||||||
559,483 | 5.41 | $ | 54.34 | ||||||||||
The total aggregate intrinsic value, which is the difference between the exercise price and $91.80 (closing price per share at December 31, 2013), for all “in the money” stock options outstanding and exercisable was $27.1 million and $27.1 million, respectively. | |||||||||||||
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Contingent Liabilities | ' |
16. Contingent Liabilities | |
LEGAL PROCEEDINGS | |
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters that arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject to many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of losses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and investigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of Autoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in the future. | |
ANTITRUST MATTERS | |
Authorities in several jurisdictions are currently conducting broad, and in some cases, long-running investigations of suspected anti-competitive behavior among parts suppliers in the global automotive vehicle industry. These investigations include, but are not limited to, segments in which the Company operates. In addition to pending matters, authorities of other countries with significant light vehicle manufacturing or sales may initiate similar investigations. It is the Company’s policy to cooperate with governmental investigations. | |
On February 8, 2011, a Company subsidiary received a grand jury subpoena from the Antitrust Division of the U.S. Department of Justice (“DOJ”) related to its investigation of anti-competitive behavior among suppliers of occupant safety systems. On June 6, 2012, the Company entered into a plea agreement with the DOJ and subsequently pled guilty to two counts of antitrust law violations involving a Japanese subsidiary and paid a fine of $14.5 million. Under the terms of the agreement the Company will continue to cooperate with the DOJ in its investigation of other suppliers, but the DOJ will not otherwise prosecute Autoliv or any of its subsidiaries, present or former directors, officers or employees for the matters investigated (the DOJ did reserve the option to prosecute three specific employees, none of whom is a member of the senior management of the Company). | |
On June 7-9, 2011, representatives of the European Commission (“EC”), the European antitrust authority, visited two facilities of a Company subsidiary in Germany to gather information for a similar investigation. The investigation is still pending and the Company remains unable to estimate the financial impact such investigation will have or predict the reporting periods in which such financial impact may be recorded and has consequently not recorded a provision for loss as of December 31, 2013. However, management has concluded that it is probable that the Company’s operating results and cash flows will be materially adversely impacted for the reporting periods in which the EC investigation is resolved or becomes estimable. | |
On October 3, 2012, the Company received a letter from the Competition Bureau of Canada (“CBC”) related to the subjects investigated by the DOJ, seeking the voluntary production of certain corporate records and information related to sales subject to Canadian jurisdiction. In February 2014, the Company received an additional request from the CBC for further information. The Company continues to cooperate with the CBC’s investigation. On November 6, 2012, the Korean Fair Trade Commission visited one of the Company’s South Korean subsidiaries to gather information for a similar investigation. The Company cannot predict the duration, scope or ultimate outcome of these investigations and is unable to estimate the financial impact they may have, or predict the reporting periods in which any such financial impacts may be recorded. Consequently, the Company has not recorded a provision for loss as of December 31, 2013 with respect to this investigation. Also, since the Company’s plea agreement with the DOJ involved the actions of employees of a Japanese subsidiary of the Company, the Japan Fair Trade Commission is evaluating whether to initiate an investigation. | |
The Company is also subject to civil litigation alleging anti-competitive conduct. Notably, the Company, several of its subsidiaries and its competitors are defendants in a total of seventeen purported antitrust class action lawsuits filed between July 2012 and October 2013. Thirteen of these lawsuits, brought by direct purchasers, auto dealers and end-payors, have been consolidated in the Occupant Safety Systems (OSS) segment of the Automobile Parts Antitrust Litigation, a Multi-District Litigation (MDL) proceeding in the United States District Court for the Eastern District of Michigan. The Company expects one additional lawsuit filed in the same court (Rainbow Chevrolet v. Autoliv, et al.) to be consolidated into the MDL proceeding. Based on current schedules, substantive discovery in the OSS segment of the MDL, which includes Autoliv, is not likely to begin before May 2014. The other three lawsuits are pending in Canada (Sheridan Chevrolet Cadillac Ltd. et al. v. Autoliv, Inc. et al., filed in the Ontario Superior Court of Justice on January 18, 2013; M. Serge Asselin v. Autoliv, Inc. et al., filed in the Superior Court of Quebec on March 14, 2013; and Ewert v. Autoliv, Inc. et al., filed in the Supreme Court of British Columbia on July 18, 2013). The Canadian cases assert claims on behalf of putative classes of auto dealers and end-payors. There is currently no timeline for discovery in the Canadian cases. | |
Plaintiffs in the above U.S. and Canadian civil antitrust class actions generally allege that the defendants have engaged in long-running global conspiracies to fix the prices of occupant safety systems or components thereof in violation of various antitrust laws and unfair or deceptive trade practice statutes. Plaintiffs seek to represent purported classes of direct purchasers, auto dealers and end-payors (e.g. consumers) who purchased occupant safety systems or components either directly from a defendant or indirectly through purchases of new vehicles containing such systems. Plaintiffs seek injunctive relief, treble damages and attorneys’ fees. The plaintiffs in these cases make allegations that extend significantly beyond the specific admissions of the plea discussed above. The Company denies these overly broad allegations and intends to actively defend itself against the same. While it is probable that the Company will incur losses as a result of these antitrust cases, the duration or ultimate outcome of these cases currently cannot be predicted or estimated and no provision for a loss has been recorded as of December 31, 2013. | |
On April 17, 2013, the Construction Laborers Pension Trust of Greater St. Louis (“Plaintiff”) filed a purported class action securities lawsuit against Autoliv and two of its officers in the United States District Court for the Southern District of New York (Civil Action File No. 13-CIV-2546). On October 21, 2013, Plaintiff filed an amended complaint in that lawsuit, adding as a third individual defendant an employee of one of the Company’s subsidiaries. The amended complaint alleges misrepresentations or failures to disclose material facts that artificially inflated the Company’s stock price in violation of the federal securities laws, in particular Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934, as amended, and failed to disclose prior to June 6, 2012 that employees had engaged in certain price fixing activity in violation of the law and that the Company’s prior financial results allegedly had been inflated as a result of the anti-competitive activity. Plaintiff purports to bring this lawsuit on behalf of a class of purchasers of common stock of the Company between October 26, 2010 and July 21, 2011. Plaintiff seeks to recover damages in an unspecified amount. The Company and its two officers deny any wrongdoing, believe the claims are baseless, and will defend accordingly. On December 20, 2013, the Company filed a Motion to Dismiss the lawsuit, which the Court has not yet ruled on. | |
The Company understands that on February 18, 2014, Henry Zwang, a purported stockholder of the Company, filed a putative derivative lawsuit against Autoliv and twelve of its current or former officers and directors in the Delaware Court of Chancery (Case No. 9539 --- __). The complaint purports to allege claims against the individual defendants for breach of fiduciary duty, waste and unjust enrichment related to the Company’s antitrust issues. The complaint names the Company as a nominal defendant only and purports to seek monetary and other relief on behalf of Autoliv against the individual defendants. The Company and its current and former officers and directors deny any wrongdoing, believe the claims are baseless, and will defend accordingly. | |
PRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY | |
Autoliv is exposed to various claims for damages and compensation if products fail to perform as expected. Such claims can be made, and result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. If a product (actually or allegedly) fails to perform as expected the Company faces warranty and recall claims. If such (actual or alleged) failure results in bodily injury and/or property damage, the Company may also face product-liability claims. There can be no assurance that the Company will not experience material warranty, recall or product (or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The Company may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding product recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for contribution when faced with recalls and product liability claims. | |
A warranty, recall or product-liability claim brought against the Company in excess of its insurance may have a material adverse effect on the Company’s business. Vehicle manufacturers are also increasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such products under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the repair or replacement costs of defective products under new vehicle warranties, when the product supplied did not perform as represented. Accordingly, the future costs of warranty claims by customers may be material. However, the Company believes its established reserves are adequate to cover potential warranty settlements. Autoliv’s warranty reserves are based upon the Company’s best estimates of amounts necessary to settle future and existing claims. The Company regularly evaluates the appropriateness of these reserves, and adjusts them when appropriate. However, the final amounts determined to be due related to these matters could differ materially from the Company’s recorded estimates. | |
In addition, the global platforms and procedures used by vehicle manufacturers have led to quality performance evaluations being conducted on an increasingly global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having a small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new orders, which may have a material impact on the Company’s results of operations. | |
The Company believes that it is currently reasonably insured against significant warranty, recall and product liability risks, at levels sufficient to cover potential claims that are reasonably likely to arise in our businesses. Autoliv cannot be assured that the level of coverage will be sufficient to cover every possible claim that can arise in our businesses, now or in the future, or that such coverage always will be available on our current market terms should we, now or in the future, wish to extend or increase insurance. | |
In its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company seeks to identify the intellectual property rights of relevance to its products, and, where relevant, tries to procure the necessary rights to utilize such intellectual property rights, we may fail to do so. When this happens, the Company may be exposed to material claims from the owners of such rights. If the Company has sold products which infringe upon such rights, our customers may be entitled to be indemnified by us for the claims they suffer as a result thereof. Such claims could be material. | |
Lease_Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Lease Commitments | ' |
17. Lease Commitments | |
OPERATING LEASE | |
The Company leases certain offices, manufacturing and research buildings, machinery, automobiles, data processing and other equipment under operating lease contracts. The operating leases, some of which are non-cancellable and include renewals, expire at various dates through 2045. The Company pays most maintenance, insurance and tax expenses relating to leased assets. Rental expense for operating leases was $45.8 million for 2013, $35.5 million for 2012 and $36.4 million for 2011. | |
At December 31, 2013, future minimum lease payments for non-cancellable operating leases totalled $117.8 million and are payable as follows (in millions): 2014: $37.8; 2015: $28.0; 2016: $17.3; 2017: $12.7; 2018: $9.9; 2019 and thereafter: $12.1. | |
CAPITAL LEASE | |
The Company leases certain property, plant and equipment under capital lease contracts. The capital leases expire at various dates through 2017. | |
At December 31, 2013, future minimum lease payments for non-cancellable capital leases totalled $1.0 million and are payable as follows (in millions): 2014: $0.5; 2015: $0.4; 2016: $0.1; 2017: $0.0; 2018: $0.0; 2019 and thereafter: $0.0. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||||
18. Retirement Plans | |||||||||||||||||||||
DEFINED CONTRIBUTION PLANS | |||||||||||||||||||||
Many of the Company’s employees are covered by government sponsored pension and welfare programs. Under the terms of these programs, the Company makes periodic payments to various government agencies. In addition, in some countries the Company sponsors or participates in certain non-governmental defined contribution plans. Contributions to defined contribution plans for the years ended December 31, 2013, 2012 and 2011 were $19.7 million, $18.1 million and $14.4 million, respectively. | |||||||||||||||||||||
MULTIEMPLOYER PLANS | |||||||||||||||||||||
The Company participates in multiemployer plans in Sweden, Canada, Spain and the Netherlands, which are all deemed insignificant. The largest of these plans is in Sweden, the ITP-2 pension plan, which is funded through Alecta. For employees born before 1979, the plan provides a final pay pension benefit based on all service with participating employers. The Company must pay for wage increases in excess of inflation on service earned with previous employers. The plan also provides disability and family benefits. The plan is more than 100% funded. The Company contributions to the multiemployer plan in Sweden for the year ended December 31, 2013, 2012 and 2011 were $1.9 million, $2.3 million and $1.8 million respectively. | |||||||||||||||||||||
DEFINED BENEFIT PLANS | |||||||||||||||||||||
The Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., Canada, Germany, France, Japan, Mexico, Sweden, South Korea, India, Turkey, Thailand, Philippines and the United Kingdom. There are funded as well as unfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants. | |||||||||||||||||||||
The main plan is the U.S. plan for which the benefits are based on an average of the employee’s earnings in the years preceding retirement and on credited service. The Company has closed participation in the Autoliv ASP, Inc. Pension Plan to exclude those employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to employees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating their benefits. | |||||||||||||||||||||
For the Company’s non-U.S. defined benefit plans the most significant individual plan resides in the U.K. The Company has closed participation in the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members accruing benefits. | |||||||||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE PERIODS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 314.2 | $ | 257 | $ | 195.4 | $ | 160.5 | |||||||||||||
Service cost | 9.3 | 8.3 | 13.5 | 12 | |||||||||||||||||
Interest cost | 12.8 | 12.3 | 7.3 | 7.1 | |||||||||||||||||
Actuarial (gain) loss due to: | |||||||||||||||||||||
Change in discount rate | (53.1 | ) | 34.1 | (8.3 | ) | 16.3 | |||||||||||||||
Experience | (17.5 | ) | 13.7 | 2.3 | (0.0 | ) | |||||||||||||||
Other assumption changes | 7.1 | (5.9 | ) | 3 | 1.3 | ||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||
Plan amendments | — | — | 0.5 | 0.1 | |||||||||||||||||
Benefits paid | (7.0 | ) | (5.3 | ) | (7.7 | ) | (5.6 | ) | |||||||||||||
Settlements | — | — | — | (7.0 | ) | ||||||||||||||||
Curtailments | — | — | 0.1 | 0 | |||||||||||||||||
Special termination benefits | — | — | 0.5 | 0.1 | |||||||||||||||||
Other | — | — | (0.9 | ) | 6.2 | ||||||||||||||||
Translation difference | — | — | -0.9 | 4.2 | |||||||||||||||||
Benefit obligation at end of year | $ | 265.8 | $ | 314.2 | $ | 205 | $ | 195.4 | |||||||||||||
Fair value of plan assets at beginning of year | $ | 159.4 | $ | 140.5 | $ | 94.8 | $ | 83.9 | |||||||||||||
Actual return on plan assets | 29 | 17.5 | 3.4 | 8 | |||||||||||||||||
Company contributions | 42.2 | 6.7 | 8 | 11.9 | |||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||
Benefits paid | (7.0 | ) | (5.3 | ) | (7.7 | ) | (5.6 | ) | |||||||||||||
Settlements | — | — | — | (7.0 | ) | ||||||||||||||||
Other | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
Translation difference | — | — | 1.4 | 3.6 | |||||||||||||||||
Fair value of plan assets at year end | $ | 223.6 | $ | 159.4 | $ | 99.9 | $ | 94.8 | |||||||||||||
Funded status recognized in the balance sheet | $ | (42.2 | ) | $ | (154.8 | ) | $ | (105.1 | ) | $ | (100.6 | ) | |||||||||
The U.S. plan provides that benefits may be paid in the form of a lump sum if so elected by the participant. In order to more accurately reflect a market-derived pension obligation, Autoliv adjusts the assumed lump sum interest rate to reflect market conditions as of each December 31. This methodology is consistent with the approach required under the Pension Protection Act of 2006, which provides the rules for determining minimum funding requirements in the U.S. | |||||||||||||||||||||
The short-term portion of the pension liability is not significant. | |||||||||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS | |||||||||||||||||||||
U.S. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 9.3 | $ | 8.3 | $ | 6.3 | |||||||||||||||
Interest cost | 12.8 | 12.3 | 10 | ||||||||||||||||||
Expected return on plan assets | (11.6 | ) | (10.2 | ) | (9.9 | ) | |||||||||||||||
Amortization of prior service credit | (1.0 | ) | (1.0 | ) | (1.0 | ) | |||||||||||||||
Amortization of actuarial loss | 10 | 8.5 | 5.4 | ||||||||||||||||||
Settlement | — | — | 0.4 | ||||||||||||||||||
Net periodic benefit cost | $ | 19.5 | $ | 17.9 | $ | 11.2 | |||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS (CONTINUED) | |||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 13.5 | $ | 12 | $ | 12.3 | |||||||||||||||
Interest cost | 7.3 | 7.1 | 7.6 | ||||||||||||||||||
Expected return on plan assets | (4.0 | ) | (3.9 | ) | (4.4 | ) | |||||||||||||||
Amortization of prior service costs | 0.2 | 0.1 | 0.1 | ||||||||||||||||||
Amortization of actuarial loss | 2.5 | 1.4 | 1 | ||||||||||||||||||
Settlement loss (gain) | 0.2 | 1 | 4.5 | ||||||||||||||||||
Curtailment loss (gain) | 0.1 | — | 0.2 | ||||||||||||||||||
Special termination benefits | 0.5 | 0.1 | 0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 20.3 | $ | 17.8 | $ | 21.4 | |||||||||||||||
The estimated prior service credit for the U.S. defined benefit pension plans that will be amortized from other comprehensive income into net benefit cost over the next fiscal year is $(1.0) million. Amortization of net actuarial losses is expected to be $1.8 million in 2014. Net periodic benefit cost associated with these U.S. plans was $19.5 million in 2013 and is expected to be around $5.8 million in 2014. The estimated prior service cost and net actuarial loss for the non-U.S. defined benefit pension plans that will be amortized from other comprehensive income into net benefit cost over the next fiscal year are $0.3 million and $1.1 million respectively. Net periodic benefit cost associated with these non-U.S. plans was $20.3 million in 2013 and is expected to be around $18.6 million in 2014. The amortization of the net actuarial loss is made over the estimated remaining service lives of the plan participants, 11 years for U.S. and 6-22 years for non-U.S. participants, varying between the different countries depending on the age of the work force. | |||||||||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss (gain) | $ | 45.6 | $ | 136.7 | $ | 29.9 | $ | 34 | |||||||||||||
Prior service (credit) cost | -2.9 | -4 | 2.2 | 1.6 | |||||||||||||||||
Total accumulated other comprehensive income recognized in the balance sheet | $ | 42.7 | $ | 132.7 | $ | 32.1 | $ | 35.6 | |||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX FOR THE PERIODS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Total retirement benefit recognized in accumulated other comprehensive income at beginning of year | $ | 132.7 | $ | 105.6 | $ | 35.6 | $ | 23.5 | |||||||||||||
Net actuarial loss (gain) | (81.0 | ) | 34.6 | (1.0 | ) | 13.5 | |||||||||||||||
Prior service cost (credit) | — | — | 0.5 | 0.1 | |||||||||||||||||
Amortization of prior service costs | 1 | 1 | (0.2 | ) | (0.1 | ) | |||||||||||||||
Amortization of actuarial loss | (10.0 | ) | (8.5 | ) | (2.7 | ) | (2.3 | ) | |||||||||||||
Translation difference | — | — | (0.1 | ) | 0.9 | ||||||||||||||||
Total retirement benefit recognized in accumulated other comprehensive income at end of year | $ | 42.7 | $ | 132.7 | $ | 32.1 | $ | 35.6 | |||||||||||||
The accumulated benefit obligation for the U.S. non-contributory defined benefit pension plans was $204.9 million and $262.1 million at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $172.3 million and $164.4 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Pension plans for which the accumulated benefit obligation (ABO) is notably in excess of the plan assets reside in the following countries: France, Germany, Japan, South Korea and Sweden. At December 31, 2013 the U.S. plan assets exceeded the ABO by $18.7 million. | |||||||||||||||||||||
PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Projected Benefit Obligation (PBO) | n/a | $ | 314.2 | $ | 109.5 | $ | 125 | ||||||||||||||
Accumulated Benefit Obligation (ABO) | n/a | $ | 262.1 | $ | 84.7 | $ | 101.8 | ||||||||||||||
Fair value of plan assets | n/a | $ | 159.4 | $ | 4.9 | $ | 24.7 | ||||||||||||||
The Company, in consultation with its actuarial advisors, determines certain key assumptions to be used in calculating the projected benefit obligation and annual net periodic benefit cost. | |||||||||||||||||||||
ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S.1) | ||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Discount rate | 5 | 4.05 | 1.00 - 5.00 | 1.50 - 4.50 | |||||||||||||||||
Rate of increases in compensation level | 3.5 | 3.5 | 2.25 - 5.00 | 2.25 - 5.00 | |||||||||||||||||
ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR YEARS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | |||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 4.05 | 4.6 | 5.05 | ||||||||||||||||||
Rate of increases in compensation level | 3.5 | 3.5 | 3.8 | ||||||||||||||||||
Expected long-term rate of return on assets | 7.5 | 7.5 | 7.5 | ||||||||||||||||||
Non-U.S.1) | |||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 1.50 - 4.50 | 1.50 - 5.50 | 1.25 - 6.00 | ||||||||||||||||||
Rate of increases in compensation level | 2.25 - 5.00 | 2.25 - 5.00 | 2.25 - 6.50 | ||||||||||||||||||
Expected long-term rate of return on assets | 3.00 - 5.75 | 3.75 - 5.75 | 1.50 - 6.25 | ||||||||||||||||||
1) | The Non-U.S. weighted average plan ranges in the tables above have been prepared using significant plans only, which in total represent more than 90% of the total Non-U.S. projected benefit obligation. | ||||||||||||||||||||
The discount rate for the U.S. plans has been set based on the rates of return on high-quality fixed-income investments currently available at the measurement date and expected to be available during the period the benefits will be paid. The expected timing of cash flows from the plan has also been considered in selecting the discount rate. In particular, the yields on bonds rated AA or better on the measurement date have been used to set the discount rate. The discount rate for the U.K. plan has been set based on the weighted average yields on long-term high-grade corporate bonds and is determined by reference to financial markets on the measurement date. | |||||||||||||||||||||
The expected rate of increase in compensation levels and long-term rate of return on plan assets are determined based on a number of factors and must take into account long-term expectations and reflect the financial environment in the respective local market. | |||||||||||||||||||||
The level of equity exposure is currently targeted at approximately 55% for the primary U.S. plan and approximately 45% for all plans combined. The investment objective is to provide an attractive risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses. Correlations among the asset classes are used to identify an asset mix that Autoliv believes will provide the most attractive returns. Long-term return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic forecasts are used to set the expected rate of return for the entire portfolio. The Company assumes a long-term rate of return on the U.S. plan assets of 7.5% for calculating the 2013 expense and 7.08% for calculating the 2014 expense as result of the decrease in U.S. plan asset equity exposure. | |||||||||||||||||||||
The Company has assumed a long-term rate of return on the non-U.S. plan assets in a range of 3.00-5.75% for 2013. The closed U.K. plan which has a targeted and actual allocation of almost 100% debt instruments accounts for approximately 53% of the total non-U.S. plan assets. | |||||||||||||||||||||
Autoliv made contributions to the U.S. plan during 2013 and 2012 amounting to $42.2 million and $6.7 million, respectively. The increase in 2013 was due to an unscheduled voluntary contribution of $35 million to a U.S. pension plan in the fourth quarter 2013. Contributions to the U.K. plan during 2013 and 2012 amounted to $0.3 million and $0.3 million, respectively. The Company expects to contribute $6.8 million to its U.S. pension plan in 2014 and is currently projecting a yearly funding at approximately the same level in the years thereafter. For the UK plan, which is the most significant non-U.S. pension plan, the Company expects to contribute $0.3 million in 2014 and in the years thereafter. | |||||||||||||||||||||
FAIR VALUE OF TOTAL PLAN ASSETS FOR YEARS ENDED DECEMBER 31 | |||||||||||||||||||||
ASSETS CATEGORY IN % WEIGHTED AVERAGE | U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Target | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
allocation | |||||||||||||||||||||
Equity securities | 55 | 57 | 65 | 15 | 14 | ||||||||||||||||
Debt instruments | 45 | 43 | 35 | 59 | 60 | ||||||||||||||||
Other assets | — | — | — | 26 | 26 | ||||||||||||||||
Total | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||
The following table summarizes the valuation of the Company’s plan assets by the pricing observability levels: | |||||||||||||||||||||
Description | Total carrying | Fair value measurement at | |||||||||||||||||||
amount in | December 31, 2013 using: | ||||||||||||||||||||
statement of | |||||||||||||||||||||
financial position | |||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | |||||||||||||||||||||
US Equity | |||||||||||||||||||||
Large Cap | $ | 82.5 | $ | — | $ | 82.5 | $ | — | |||||||||||||
Mid Cap | 9.8 | — | 9.8 | — | |||||||||||||||||
Small Cap | 9.7 | — | 9.7 | — | |||||||||||||||||
Non-US Equity | 40.4 | — | 40.4 | — | |||||||||||||||||
US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | — | — | — | — | |||||||||||||||||
Aggregate | 96.5 | — | 96.5 | — | |||||||||||||||||
Non-US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | 52.8 | — | 52.8 | — | |||||||||||||||||
Aggregate | 5.7 | — | 5.7 | — | |||||||||||||||||
Insurance Contracts | 19.2 | — | 19.2 | — | |||||||||||||||||
Other Investments | 6.9 | — | 6.9 | — | |||||||||||||||||
Total | $ | 323.5 | $ | — | $ | 323.5 | $ | — | |||||||||||||
Description | Total carrying | Fair value measurement at | |||||||||||||||||||
amount in | December 31, 2012 using: | ||||||||||||||||||||
statement of | |||||||||||||||||||||
financial position | |||||||||||||||||||||
December 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | |||||||||||||||||||||
US Equity | |||||||||||||||||||||
Large Cap | $ | 66.9 | $ | — | $ | 66.9 | $ | — | |||||||||||||
Mid Cap | 8.1 | — | 8.1 | — | |||||||||||||||||
Small Cap | 8.1 | — | 8.1 | — | |||||||||||||||||
Non-US Equity | 33.7 | — | 33.7 | — | |||||||||||||||||
US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | — | — | — | — | |||||||||||||||||
Aggregate | 55.5 | — | 55.5 | — | |||||||||||||||||
Non-US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | 50.7 | — | 50.7 | — | |||||||||||||||||
Aggregate | 5.7 | — | 5.7 | — | |||||||||||||||||
Insurance Contracts | 19.5 | — | 19.5 | — | |||||||||||||||||
Other Investments | 6 | — | 6 | — | |||||||||||||||||
Total | $ | 254.2 | $ | — | $ | 254.2 | $ | — | |||||||||||||
The fair value measurement level within the fair value hierarchy (see note 3) is based on the lowest level of any input that is significant to the fair value measurement. After further analysis of the characteristics of certain investments (e.g. fair values based on net asset values held by common collective trusts) we have evaluated the fair value of plan assets should be reported as Level 2. | |||||||||||||||||||||
The estimated future benefit payments for the pension benefits reflect expected future service, as appropriate. The amount of benefit payments in a given year may vary from the projected amount, especially for the U.S. plan since historically this plan pays the majority of benefits as a lump sum, where the lump sum amounts vary with market interest rates. | |||||||||||||||||||||
PENSION BENEFITS EXPECTED PAYMENTS | U.S. | Non-U.S. | |||||||||||||||||||
2014 | $ | 10.2 | $ | 5.8 | |||||||||||||||||
2015 | $ | 11 | $ | 6.7 | |||||||||||||||||
2016 | $ | 12.6 | $ | 7 | |||||||||||||||||
2017 | $ | 13.7 | $ | 8 | |||||||||||||||||
2018 | $ | 14.9 | $ | 8.9 | |||||||||||||||||
Years 2019-2023 | $ | 98.1 | $ | 59.3 | |||||||||||||||||
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | |||||||||||||||||||||
The Company currently provides postretirement health care and life insurance benefits to most of its U.S. retirees. Such benefits in other countries are included in the tables below, but are not significant. | |||||||||||||||||||||
In general, the terms of the plans provide that U.S. employees who retire after attaining age 55, with five years of service (15 years after December 31, 2006), are eligible for continued health care and life insurance coverage. Dependent health care and life insurance coverage is also available. Most retirees contribute toward the cost of health care coverage with the contributions generally varying based on service. The plan was amended in 2003 to restrict participation to existing retirees who were eligible retirees as of December 31, 2003 and active employees who were eligible to participate in the Autoliv ASP, Inc. Pension Plan as of December 31, 2003. The plan provides a company paid subsidy based on service for all current and future retirees that qualify for retirement based on the restrictions stated above. Employees hired on or after January 1, 2004 are not eligible to participate in the plan. The amount of the company paid subsidy is frozen and will not change in the future. Generally, employees will need 15 years of service to qualify for a benefit from the plan in the future. | |||||||||||||||||||||
At present, there is no pre-funding of the postretirement benefits recognized. The Company has reviewed the impact of the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (Medicare Part D) on its financial statements. Although the Plan may currently qualify for a subsidy from Medicare, the amount of the subsidy is so small that the expenses incurred to file for the subsidy may exceed the subsidy itself. Therefore the impact of any subsidy is ignored in the calculations as Autoliv will not be filing for any reimbursement from Medicare. | |||||||||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 34.6 | $ | 30.8 | $ | 27.9 | |||||||||||||||
Service cost | 1.4 | 1.1 | 1.3 | ||||||||||||||||||
Interest cost | 1.4 | 1.3 | 1.5 | ||||||||||||||||||
Actuarial (gain) loss due to: | |||||||||||||||||||||
Change in discount rate | (3.7 | ) | 1.9 | 3.1 | |||||||||||||||||
Experience | 1 | (3.1 | ) | 0.5 | |||||||||||||||||
Other assumption changes | (1.0 | ) | 3.2 | (2.7 | ) | ||||||||||||||||
Benefits paid | (0.3 | ) | (0.5 | ) | (0.8 | ) | |||||||||||||||
Other | 0.9 | -0.1 | — | ||||||||||||||||||
Benefit obligation at end of year | $ | 34.3 | $ | 34.6 | $ | 30.8 | |||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||||||||||
Company contributions | 0.3 | 0.5 | 0.8 | ||||||||||||||||||
Benefits paid | -0.3 | -0.5 | -0.8 | ||||||||||||||||||
Fair value of plan assets at end of year | $— | $— | $— | ||||||||||||||||||
Accrued postretirement benefit cost recognized in the balance sheet | $ | (34.3 | ) | $ | (34.6 | ) | $ | (30.8 | ) | ||||||||||||
The liability for postretirement benefits other than pensions is classified as other non-current liabilities in the balance sheet. The short-term portion of the liability for postretirement benefits other than pensions is not significant. | |||||||||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS | |||||||||||||||||||||
PERIOD ENDED DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 1.4 | $ | 1.1 | $ | 1.3 | |||||||||||||||
Interest cost | 1.4 | 1.3 | 1.5 | ||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||
Amortization of actuarial loss | -0.1 | -0.2 | -0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 2.6 | $ | 2.1 | $ | 2.6 | |||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX ASSOCIATED WITH POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss (gain) | $ | (2.4 | ) | $ | 0.1 | $ | (1.8 | ) | $ | (0.7 | ) | ||||||||||
Prior service cost (credit) | (0.2 | ) | (0.3 | ) | (0.0 | ) | (0.0 | ) | |||||||||||||
Total accumulated other comprehensive income recognized in the balance sheet | $ | (2.6 | ) | $ | (0.2 | ) | $ | (1.8 | ) | $ | (0.7 | ) | |||||||||
For measuring end-of-year obligations at December 31, 2013, health care trends are not needed due to the fixed-cost nature of the benefits provided in 2013 and beyond. After 2006, all retirees receive a fixed dollar subsidy toward the cost of their health benefits. The individual retiree subsidy will not increase in future years. | |||||||||||||||||||||
The weighted average discount rate used to determine the U.S. postretirement benefit obligation was 5.05% in 2013 and 4.25% in 2012. The average discount rate used in determining the postretirement benefit cost was 4.25% in 2013, 4.60% in 2012 and 5.40% in 2011. | |||||||||||||||||||||
A one percentage point increase or decrease in the annual health care cost trend rates would have had no significant impact on the Company’s net benefit cost for the current period or on the accumulated postretirement benefit obligation at December 31, 2013. This is due to the fixed-dollar nature of the benefits provided under the plan. | |||||||||||||||||||||
The estimated net gain and prior service credit for the postretirement benefit plans that will be amortized from other comprehensive income into net benefit cost over the next fiscal year are approximately $0.2 million combined. | |||||||||||||||||||||
The estimated future benefit payments for the postretirement benefits reflect expected future service as appropriate. | |||||||||||||||||||||
POSTRETIREMENT BENEFITS | EXPECTED | ||||||||||||||||||||
PAYMENTS | |||||||||||||||||||||
2014 | $ | 1 | |||||||||||||||||||
2015 | $ | 1.2 | |||||||||||||||||||
2016 | $ | 1.3 | |||||||||||||||||||
2017 | $ | 1.5 | |||||||||||||||||||
2018 | $ | 1.7 | |||||||||||||||||||
Years 2019 - 2023 | $ | 11.5 | |||||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information | ' | ||||||||||||
19. Segment Information | |||||||||||||
The Company has two operating segments (also known internally as reporting units): Passive Safety products (mainly various airbag and seatbelt products and components, including common electronic and sensing systems) and Active Safety products (radars, night vision systems and cameras with driver assist systems). The Company’s Active Safety operating segment represents less than 4% of the Company’s total sales. Due to the relative size of the Active Safety operating segment the Company has concluded that its operating segments meet the criteria for combination for reporting purposes into a single reportable segment. | |||||||||||||
The Company’s customers consist of all major European, U.S. and Asian automobile manufacturers. Sales to individual customers representing 10% or more of net sales were: | |||||||||||||
In 2013: GM 15% (incl. Opel, etc.), Ford 11% and Renault 11% (incl. Nissan). | |||||||||||||
In 2012: GM 15% (incl. Opel, etc.), Ford 11% and Renault 11% (incl. Nissan). | |||||||||||||
In 2011: GM 15% (incl. Opel, etc.), Renault 12% (incl. Nissan) and Ford 10%. | |||||||||||||
NET SALES | 2013 | 2012 | 2011 | ||||||||||
Asia | $ | 2,974.10 | $ | 2,752.20 | $ | 2,571.40 | |||||||
Whereof: China | 1,405.50 | 1,097.60 | 981.9 | ||||||||||
Japan | 688.2 | 830.5 | 758.5 | ||||||||||
Rest of Asia | 880.4 | 824.1 | 831 | ||||||||||
Americas | 2,943.60 | 2,839.10 | 2,558.90 | ||||||||||
Europe | 2,885.70 | 2,675.40 | 3,102.10 | ||||||||||
Total | $ | 8,803.40 | $ | 8,266.70 | $ | 8,232.40 | |||||||
The Company has attributed net sales to the geographic area based on the location of the entity selling the final product. For 2012, the Company has reclassified approximately $31 million in sales of active safety products from the Americas to Europe which is reflected in the table above. This reclassification had no change to net sales or total sales of active safety products. | |||||||||||||
External sales in the U.S. amounted to $2,122 million, $2,073 million and $1,920 million in 2013, 2012 and 2011, respectively. Of the external sales, exports from the U.S. to other regions amounted to approximately $488 million, $543 million and $535 million in 2013, 2012 and 2011, respectively. | |||||||||||||
SALES BY PRODUCT | 2013 | 2012 | 2011 | ||||||||||
Airbags and associated products1) | $ | 5,686.00 | $ | 5,392.00 | $ | 5,392.80 | |||||||
Seatbelts and associated products | 2,772.70 | 2,656.50 | 2,679.40 | ||||||||||
Active safety products | 344.7 | 218.2 | 160.2 | ||||||||||
Total | $ | 8,803.40 | $ | 8,266.70 | $ | 8,232.40 | |||||||
1) Includes sales of steering wheels, passive safety electronics, inflators and initiators. | |||||||||||||
LONG-LIVED ASSETS | 2013 | 2012 | |||||||||||
Asia | $ | 612 | $ | 573 | |||||||||
Whereof: China | 277 | 243 | |||||||||||
Japan | 106 | 130 | |||||||||||
Rest of Asia | 229 | 200 | |||||||||||
Americas | 1,927 | 1,977 | |||||||||||
Europe | 744 | 731 | |||||||||||
Total | $ | 3,283 | $ | 3,281 | |||||||||
Long-lived assets in the U.S. amounted to $1,741 million and $1,812 million for 2013 and 2012, respectively. For 2013, $1,485 million (2012, $1,497 million) of the long-lived assets in the U.S. refers to intangible assets, principally from acquisition goodwill. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
20. Earnings Per Share | |||||||||||||
The weighted average shares used in calculating earnings per share were: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares basic | 95.5 | 93.5 | 89.2 | ||||||||||
Effect of dilutive securities: | |||||||||||||
stock options/share awards | 0.4 | 0.3 | 0.5 | ||||||||||
equity units | — | 1.3 | 4 | ||||||||||
Weighted average shares diluted | 95.9 | 95.1 | 93.7 | ||||||||||
The number of shares outstanding increased on April 30, 2012 by 5.8 million due to the settlement of the remaining equity units. For 2012, 1.3 million shares were included in the dilutive weighted average share amount related to the equity units. Due to the settlement in April 2012 there is no effect in 2013. For further information see Note 13. | |||||||||||||
Approximately 0.0 million, 0.4 million and 0.2 million common shares related to the Company’s Stock Incentive Plan, which were antidilutive during the respective year, but that could potentially dilute basic EPS in the future, are not included in the computation of the diluted EPS for 2013, 2012 and 2011, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
21. Subsequent Events | |
After December 31, 2013, as previously announced, the Board of Directors approved an additional 10 million shares for repurchase as part of the Company’s share repurchase program (see Note 13). | |
There were no other reportable events subsequent to December 31, 2013. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||
22. Quarterly Financial Data (unaudited) | |||||||||||||||||
2013 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net sales | $ | 2,135.00 | $ | 2,197.50 | $ | 2,119.00 | $ | 2,351.90 | |||||||||
Gross profit | 414.3 | 430.5 | 404.9 | 454.9 | |||||||||||||
Income before taxes | 170.1 | 192.7 | 176.6 | 194.6 | |||||||||||||
Net income | 125.1 | 139.4 | 124.9 | 100.5 | |||||||||||||
Net income attributable to controlling interest | 123.5 | 138.7 | 123.9 | 99.7 | |||||||||||||
Earnings per share | |||||||||||||||||
– basic | $ | 1.29 | $ | 1.45 | $ | 1.29 | $ | 1.05 | |||||||||
– diluted | $ | 1.29 | $ | 1.44 | $ | 1.29 | $ | 1.04 | |||||||||
Dividends paid | $ | 0.5 | $ | 0.5 | $ | 0.5 | $ | 0.5 | |||||||||
2012 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net sales | $ | 2,178.90 | $ | 2,088.80 | $ | 1,947.10 | $ | 2,051.90 | |||||||||
Gross profit | 441.1 | 422.1 | 387.6 | 395.4 | |||||||||||||
Income before taxes | 141.1 | 182.4 | 175.1 | 170 | |||||||||||||
Net income | 101.4 | 126.2 | 118 | 140 | |||||||||||||
Net income attributable to controlling interest | 100.5 | 126.4 | 117.5 | 138.7 | |||||||||||||
Earnings per share | |||||||||||||||||
– basic | $ | 1.12 | $ | 1.35 | $ | 1.23 | $ | 1.45 | |||||||||
– diluted | $ | 1.07 | $ | 1.33 | $ | 1.23 | $ | 1.45 | |||||||||
Dividends paid | $ | 0.45 | $ | 0.47 | $ | 0.47 | $ | 0.5 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Principles of Consolidation | ' |
PRINCIPLES OF CONSOLIDATION | |
The consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting Principles (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a general rule means that the Company owns more than 50% of the voting rights. | |
Consolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the obligation to absorb losses or right to receive benefits from the VIE that could be significant to the VIE. | |
All intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements. | |
Investments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but does not control, are reported using the equity method of accounting. Generally, the Company owns between 20 and 50 percent of such investments. | |
Business Combinations | ' |
BUSINESS COMBINATIONS | |
Transactions in which the Company obtains control of a business are accounted for according to the acquisition method as described in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations. The assets acquired and liabilities assumed are recognized and measured at their full fair values as of the date control is obtained, regardless of the percentage ownership in the acquired entity or how the acquisition was achieved. Acquisition related costs in connection with a business combination are expensed as incurred. Contingent considerations are recognized and measured at fair value at the acquisition date and classified as either liabilities or equity based on appropriate GAAP. | |
Use of Estimates | ' |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting estimates that require management’s most significant judgments include the estimation of retroactive price adjustments, valuation of stock based payments, assessment of recoverability of goodwill and intangible assets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and product liabilities, restructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
REVENUE RECOGNITION | |
Revenues are recognized when there is evidence of a sales agreement, delivery of goods has occurred, the sales price is fixed and determinable and the collectability of revenue is reasonably assured. The Company records revenue from the sale of manufactured products upon shipment to customers and transfer of title and risk of loss under standard commercial terms (typically F.O.B. shipping point). In those limited instances where other terms are negotiated and agreed, revenue is recorded when title and risk of loss are transferred to the customer. | |
Accruals are made for retroactive price adjustments when probable and able to be reasonably estimated. | |
Net sales exclude taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions between the Company and its customers. | |
Cost of Sales | ' |
COST OF SALES | |
Shipping and handling costs are included in Cost of sales in the Consolidated Statements of Net Income. Contracts to supply products which extend for periods in excess of one year are reviewed when conditions indicate that costs may exceed selling prices, resulting in losses. Losses on long-term supply contracts are recognized when probable and estimable. | |
Research, Development and Engineering | ' |
RESEARCH, DEVELOPMENT AND ENGINEERING (R,D&E) | |
Research and development and most engineering expenses are expensed as incurred. These expenses are reported net of income from contracts to perform engineering design and product development services. Such income is not significant in any period presented. | |
Certain engineering expenses related to long-term supply arrangements are capitalized when the defined criteria, such as the existence of a contractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented. | |
Tooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project. Capitalization of tooling costs is made only when the specific criteria for capitalization of customer-funded tooling are met or the criteria for capitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company’s own tooling is recognized in the Consolidated Statements of Net Income as Cost of sales. | |
Stock Based Compensation | ' |
STOCK BASED COMPENSATION | |
The compensation costs for all of the Company’s stock-based compensation awards are determined based on the fair value method as defined in ASC 718, Compensation–Stock Compensation. The Company records the compensation expense for Restricted Stock Units (RSUs), awards under the Stock Incentive Plan, and stock options over the vesting period. | |
Income Tax | ' |
INCOME TAXES | |
Current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In certain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-current taxes payable or refundable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences and carry-forwards that result from events that have been recognized in either the financial statements or the tax returns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws. Deferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is recognized if, based on the weight of all available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration of all facts and circumstances. Current and non-current components of deferred tax balances are reported separately based on financial statement classification of the related asset or liability giving rise to the temporary difference. If a deferred tax asset or liability is not related to an asset or liability that exists for financial reporting purposes, including deferred tax assets related to carry forwards, the deferred tax asset or liability would be classified based on the expected reversal date of the temporary differences. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and expected to take place in the same period. | |
Tax benefits associated with tax positions taken in the Company’s income tax returns are initially recognized and measured in the financial statements when it is more likely than not that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company’s evaluation of its tax benefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation, appeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently recognized and measured if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability of the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion, the Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is derecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for unrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12 months. | |
Earnings Per Share | ' |
EARNINGS PER SHARE | |
The Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-average number of common shares outstanding for the period (net of treasury shares). When it would not be antidilutive (such as during periods of net loss), the diluted EPS also reflects the potential dilution that could occur if common stock were issued for awards under the Stock Incentive Plan and for common stock issued upon conversion of the equity units. | |
Cash Equivalents | ' |
CASH EQUIVALENTS | |
The Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents. | |
Receivables | ' |
RECEIVABLES | |
The Company has guidelines for calculating the allowance for bad debts. In determining the amount of a bad debt allowance, management uses its judgment to consider factors such as the age of the receivables, the Company’s prior experience with the customer, the experience of other enterprises in the same industry, the customer’s ability to pay, and/or an appraisal of current economic conditions. Collateral is typically not required. There can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the calculation of the allowance. | |
Financial Instruments | ' |
FINANCIAL INSTRUMENTS | |
The Company uses derivative financial instruments, “derivatives”, as part of its debt management to mitigate the market risk that occurs from its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other speculative purposes. The use of such derivatives is in accordance with the strategies contained in the Company’s overall financial policy. The derivatives outstanding at year-end are foreign exchange swaps. All swaps principally match the terms and maturity of the underlying debt and no swaps have a maturity beyond 2014. | |
All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time designated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from changes in interest and foreign exchange rates. | |
When a hedge is classified as a fair value hedge, the change in the fair value of the hedge is recognized in the Consolidated Statements of Net Income along with the offsetting change in the fair value of the hedged item. When a hedge is classified as a cash flow hedge, any change in the fair value of the hedge is initially recorded in equity as a component of Other Comprehensive Income, (OCI), and reclassified into the Consolidated Statements of Net Income when the hedge transaction affects net earnings. There were no material reclassifications from OCI to the Consolidated Statements of Net Income in 2013 and, likewise, no material reclassifications are expected in 2014. Any ineffectiveness has been immaterial. | |
For further details on the Company’s financial instruments, see Note 3. | |
Inventories | ' |
INVENTORIES | |
The cost of inventories is computed according to the first-in, first-out method (FIFO). Cost includes the cost of materials, direct labor and the applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory items. Reserves are established to reduce the value of inventories to the lower of cost or market, with the market generally defined as net realizable value for finished goods and replacement cost for raw materials and work-in-process. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no assurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the reserves. | |
Property, Plant and Equipment | ' |
PROPERTY, PLANT AND EQUIPMENT | |
Property, Plant and Equipment are recorded at historical cost. Construction in progress generally involves short-term projects for which capitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the straight-line method over the assets’ estimated useful lives. Depreciation on capital leases is recognized in the Consolidated Statements of Net Income over the shorter of the assets’ expected life or the lease contract terms. Repairs and maintenance are expensed as incurred. | |
The Company evaluates the carrying value of long-lived assets other than goodwill when indications of impairment are evident. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash flows. | |
Goodwill and Intangible Assets | ' |
GOODWILL AND INTANGIBLE ASSETS | |
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired. Goodwill is not amortized, but is subject to at least an annual review for impairment. Other intangible assets, principally related to acquired technology and contractual relationships, are amortized over their useful lives which range from 3 to 25 years. | |
As of December 31, 2013 and 2012, the Company recorded goodwill of approximately $1.6 billion which nearly all is associated with the reporting unit Passive Safety Systems. Approximately $1.2 billion is goodwill associated with the 1997 merger of Autoliv AB and the Automotive Safety Products Division of Morton International, Inc. The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The impairment testing of goodwill is based on two different reporting units: 1) Passive Safety Systems and 2) Active Safety Systems. | |
In conducting its impairment testing, the Company compares the estimated fair value of each of its reporting units to the related carrying value of the reporting unit. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recognized by the amount which the carrying amount of the goodwill exceeds the implied fair value of the goodwill determined by assigning the fair value of the reporting unit to all of the assets and liabilities of that unit. | |
The estimated fair value of the reporting unit is determined by the discounted cash flow method taking into account expected long-term operating cash-flow performance. The Company discounts projected operating cash flows using its weighted average cost of capital, including a risk premium to adjust for market risk. The estimated fair value is based on automotive industry volume projections which are based on third-party and internally developed forecasts and discount rate assumptions. Significant assumptions include terminal growth rates, terminal operating margin rates, future capital expenditures and working capital requirements. | |
To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted market prices of its shares, to the book value of its equity. | |
There were no impairments of goodwill from 2011 through 2013. | |
Insurance Deposits | ' |
INSURANCE DEPOSITS | |
The Company has entered into liability and recall insurance contracts to mitigate the risk of costs associated with product recalls. These are accounted for under the deposit method of accounting based on the existing contractual terms. | |
Warranties and Recalls | ' |
WARRANTIES AND RECALLS | |
The Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate costs. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern. Product recall costs typically include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the defective part. | |
Provisions for warranty claims are estimated based on prior experience, likely changes in performance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis. | |
Restructuring Provisions | ' |
RESTRUCTURING PROVISIONS | |
The Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. | |
Estimates of restructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that restructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially estimated. | |
Pension Obligations | ' |
PENSION OBLIGATIONS | |
The Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the periodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform services during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine the amount of pension benefit that each employee will receive for services performed during a specified period of employment. | |
The amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan assets (if any) (see Note 18). The plan assets are measured at fair value. The inputs to the fair value measurement of the plan assets are mainly level 2 inputs (see Note 3). | |
Contingent Liabilities | ' |
CONTINGENT LIABILITIES | |
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters that arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 16). | |
The Company diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against insurable risks. | |
The Company records liabilities for claims, lawsuits and proceedings when they are probable and it is possible to reasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed as such costs are incurred. | |
The Company believes, based on currently available information, that the resolution of outstanding matters, other than the antitrust matters described in Note 16, after taking into account recorded liabilities and available insurance coverage, should not have a material effect on the Company’s financial position or results of operations. | |
However, due to the inherent uncertainty associated with such matters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated. | |
Translation of Non-U. S. Subsidiaries | ' |
TRANSLATION OF NON-U.S. SUBSIDIARIES | |
The balance sheets of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars using year-end rates of exchange. | |
The statement of operations of these subsidiaries is translated into U.S. dollars at the average rates of exchange for the year. Translation differences are reflected in equity as a component of OCI. | |
Receivables and Liabilities in Non-Functional Currencies | ' |
RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES | |
Receivables and liabilities not denominated in functional currencies are converted at year-end rates of exchange. Net transaction gains/(losses), reflected in the Consolidated Statements of Net Income amounted to $(26.3) million in 2013, $(5.6) million in 2012 and $(11.1) million in 2011, and are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other financial items, net if they relate to financial receivables and liabilities. | |
Recently Issued Accounting Pronouncements | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In December 2011, the FASB issued ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”, which requires disclosure of financial instruments and derivatives that are either offset on the balance sheet in accordance with ASC 210-20-45 or ASC 815-10-45, or subject to a master netting arrangement, irrespective of whether they are offset on the balance sheet. ASU No. 2011-11 is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. Entities should provide the disclosures required by this ASU retrospectively for all comparative periods presented. Subsequent to the issuance of ASU 2011-11, the FASB issued in January 2013 ASU 2013-01 and limited the scope of the new balance sheet offsetting disclosure requirements to certain derivatives, repurchase agreements and securities lending arrangements. The adoption of ASU 2011-11 and ASU 2013-01 had an impact on the Company’s disclosures about its financial instruments in the consolidated financial statements. | |
Reclassifications | ' |
RECLASSIFICATIONS | |
Certain prior-year amounts have been reclassified to conform to current year presentation. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Valuation of Company's Derivatives by Pricing Observability Levels | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the valuation of the Company’s derivatives by the above pricing observability levels: | |||||||||||||||||||||||||||||||||||||||||||||||||
Total carrying amount in Consolidated | Fair value measurement at December 31, using: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheets December 31 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives1) | $ | 1.7 | $ | 16.5 | — | $ | 1.7 | — | — | $ | 16.5 | — | |||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1.7 | $ | 16.5 | — | $ | 1.7 | — | — | $ | 16.5 | — | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 2.8 | $ | 0.7 | — | $ | 2.8 | — | — | $ | 0.7 | — | |||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 2.8 | $ | 0.7 | — | $ | 2.8 | — | — | $ | 0.7 | — | |||||||||||||||||||||||||||||||||||||
1) | The decrease from prior year is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value and Carrying Value of Debt | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The fair value and carrying value of debt is summarized in the table below. For further details on the Company’s debt, see Note 12. | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value1) | Fair value | Carrying value1) | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31 | 2013 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. private placement | $ | 177.6 | $ | 187.7 | $ | 305.8 | $ | 329.5 | |||||||||||||||||||||||||||||||||||||||||
Medium-term notes | 99.9 | 100.5 | 99.8 | 99.4 | |||||||||||||||||||||||||||||||||||||||||||||
Notes2) | 0 | 0 | 107.6 | 108.9 | |||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 1.6 | 1.6 | 49.7 | 49.7 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 279.1 | $ | 289.8 | $ | 562.9 | $ | 587.5 | |||||||||||||||||||||||||||||||||||||||||
Short-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||
Overdrafts and other short-term debt | $ | 65.6 | $ | 65.6 | $ | 60.3 | $ | 60.3 | |||||||||||||||||||||||||||||||||||||||||
Short-term portion of long-term debt3) | 167.2 | 172.6 | 9.5 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||
Notes2) | 106.6 | 107.6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 339.4 | $ | 345.8 | $ | 69.8 | $ | 69.8 | |||||||||||||||||||||||||||||||||||||||||
1) | Debt as reported in balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Notes issued as part of the equity units offering were remarketed in April 2012, final maturity in April 2014 (for further information see Notes 12 and 13). | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | $125 million carrying value of U.S. private placement note changed from long-term to short-term debt in the fourth quarter 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The tables below present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 and amount of gain (loss) recognized in the Consolidated Statement of Net Income for the years ending December 31, 2013, 2012 and 2011. Although the Company is party to close-out netting agreements with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance Sheets at December 31, 2013 and 2012, have been presented on a gross basis. The net amounts subject to netting agreements that the Company choose not to offset are presented in footnotes. According to the close-out netting agreements, transaction amounts payable to a counterparty on the same date and in the same currency can be netted. | |||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31, 2013 | Nominal volume | Derivative asset | Derivative liability | Balance Sheet location | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 6 years (fair value hedge)4) | $ | — | $ | — | $ | — | Other non-current asset | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps, less than 6 months | $ | 504.1 | 1) | $ | 1.7 | 2) | $ | 2.8 | 3) | Other current assets/ liabilities | |||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 504.1 | $ | 1.7 | $ | 2.8 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 504.1 | $ | 1.7 | $ | 2.8 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $425.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $1.5 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $2.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
4) | The decrease from year end is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF DEBT, DECEMBER 31, 2012 | Nominal volume | Derivative asset | Derivative liability | Balance Sheet location | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 7 years (fair value hedge) | $ | 60 | $ | 15.8 | $ | — | Other non-current asset | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | $ | 15.8 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps, less than 6 months | $ | 700.8 | 1) | $ | 0.7 | 2) | $ | 0.7 | 3) | Other current assets/ liabilities | |||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 700.8 | $ | 0.7 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 760.8 | $ | 16.5 | $ | 0.7 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $554.8 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $0.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $0.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
net | portion | interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 6 years (fair value hedge)1) | $ | — | — | $ | (1.3 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 20191) | $ | — | — | $ | 1.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
1) | The decrease from year end is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
net | portion | interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, less than 7 years (fair value hedge) | $ | 60 | — | $ | 0.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 2019 | $ | 60 | — | $ | (0.7 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other | Interest expense | Interest income | Amount of gain (loss) | Amount of gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||
financial | recognized in OCI on | reclassified from | |||||||||||||||||||||||||||||||||||||||||||||||
items, net | derivative effective | accumulated OCI into | |||||||||||||||||||||||||||||||||||||||||||||||
portion | interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps, 8 years (fair value hedge) | $ | 60 | — | $ | 5.9 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged item (fair value hedge) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate private placement debt due 2019 | $ | 60 | — | $ | (5.9 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total gain (loss) in Consolidated Statement of Net Income | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT OF GAIN (LOSS) RECOGNIZED IN THE CONSOLIDATED STATEMENTS OF NET INCOME JANUARY-DECEMBER | |||||||||||||||||||||||||||||||||||||||||||||||||
Nominal volume | Other financial items, net | Interest expense | Interest income | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate swaps, less than 1 year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3.8 | ) | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Foreign exchange swaps | 504.1 | 1) | 700.8 | 2) | 1,241.90 | 3) | (1.1 | ) | (4.0 | ) | 6.8 | 0 | (0.1 | ) | 0.2 | — | — | — | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 504.1 | $ | 700.8 | $ | 1,241.90 | |||||||||||||||||||||||||||||||||||||||||||
1) | Net amount after deducting for offsetting swaps $425.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
2) | Net amount after deducting for offsetting swaps $554.8 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
3) | Net amount after deducting for offsetting swaps $845.2 million. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Income (Loss) Before Income Taxes | ' | ||||||||||||
INCOME BEFORE INCOME TAXES | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 169.4 | $ | 171.2 | $ | 165.1 | |||||||
Non-U.S. | 564.6 | 497.4 | 663.2 | ||||||||||
Total | $ | 734 | $ | 668.6 | $ | 828.3 | |||||||
Schedule of Provision for Income Taxes | ' | ||||||||||||
PROVISION FOR INCOME TAXES | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
U.S. federal | $ | 42.7 | $ | 62.8 | $ | 32.3 | |||||||
Non-U.S. | 164.7 | 146.2 | 157.6 | ||||||||||
U.S. state and local | 1.6 | 5.8 | 6.5 | ||||||||||
Deferred | |||||||||||||
U.S. federal | 11.7 | 0.2 | 1.8 | ||||||||||
Non-U.S. | 22.2 | (29.6 | ) | 3 | |||||||||
U.S. state and local | 1.2 | (2.4 | ) | 0.1 | |||||||||
Total income tax expense (benefit) | $ | 244.1 | $ | 183 | $ | 201.3 | |||||||
Schedule of Effective Income Tax Rate | ' | ||||||||||||
EFFECTIVE INCOME TAX RATE | 2013 | 2012 | 2011 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax rate variances | (8.2 | ) | (7.6 | ) | (7.5 | ) | |||||||
Tax credits | (4.5 | ) | (3.2 | ) | (3.0 | ) | |||||||
Change in Valuation Allowances | 5.3 | (1.1 | ) | 0.2 | |||||||||
Current year losses with no benefit | 4 | 3.2 | 1.4 | ||||||||||
Net operating loss carry-forwards | (0.1 | ) | (0.2 | ) | (0.4 | ) | |||||||
Changes in tax reserves | 1.1 | (0.0 | ) | (2.4 | ) | ||||||||
Cost of double taxation | 0.6 | 0.9 | 0.7 | ||||||||||
Earnings of equity investments | (0.4 | ) | (0.4 | ) | (0.3 | ) | |||||||
Withholding taxes | 1 | 1.6 | 1.9 | ||||||||||
State taxes, net of federal benefit | 0.2 | 0.3 | 0.5 | ||||||||||
Statutory Investment Allowances | 0 | (2.3 | ) | (1.4 | ) | ||||||||
Antitrust Settlement | 0 | 0.9 | 0 | ||||||||||
Other, net | -0.8 | 0.3 | -0.4 | ||||||||||
Effective income tax rate | 33.2 | % | 27.4 | % | 24.3 | % | |||||||
Schedule of Tabular Presentation of Tax Benefits Unrecognized | ' | ||||||||||||
TABULAR PRESENTATION OF TAX BENEFITS UNRECOGNIZED | 2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits at beginning of year | $ | 14.7 | $ | 14 | $ | 33.2 | |||||||
Gross amounts of increases and decreases: | |||||||||||||
Increases as a result of tax positions taken during a prior period | 7.2 | 1.3 | 5.1 | ||||||||||
Decreases as a result of tax positions taken during a prior period | (0.3 | ) | (0.3 | ) | (4.0 | ) | |||||||
Increases as a result of tax positions taken during the current period | 2.9 | 0.6 | 1.9 | ||||||||||
Decreases as a result of tax positions taken during the current period | 0 | 0 | 0 | ||||||||||
Decreases relating to settlements with taxing authorities | (0.8 | ) | (0.3 | ) | (5.1 | ) | |||||||
Decreases resulting from the lapse of the applicable statute of limitations | (0.6 | ) | (1.3 | ) | (15.9 | ) | |||||||
Translation Difference | (0.4 | ) | 0.7 | (1.2 | ) | ||||||||
Total unrecognized tax benefits at end of year | $ | 22.7 | $ | 14.7 | $ | 14 | |||||||
Schedule of Deferred Taxes | ' | ||||||||||||
DEFERRED TAXES DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||
Assets | |||||||||||||
Provisions | $ | 97.2 | $ | 105.9 | $ | 96.1 | |||||||
Costs capitalized for tax | 18.5 | 11.5 | 5.9 | ||||||||||
Property, plant and equipment | 20.9 | 26.1 | 27.2 | ||||||||||
Retirement Plans | 49.9 | 99.7 | 79.8 | ||||||||||
Tax receivables, principally NOL’s | 136.6 | 104.9 | 80.8 | ||||||||||
Deferred tax assets before allowances | $ | 323.1 | $ | 348.1 | $ | 289.8 | |||||||
Valuation allowances | (115.5 | ) | (44.8 | ) | (41.7 | ) | |||||||
Total | $ | 207.6 | $ | 303.3 | $ | 248.1 | |||||||
Liabilities | |||||||||||||
Acquired intangibles | $ | (25.3 | ) | $ | (29.2 | ) | $ | (31.9 | ) | ||||
Statutory tax allowances | (1.3 | ) | (1.5 | ) | (2.1 | ) | |||||||
Insurance deposit | (6.4 | ) | (7.5 | ) | (7.6 | ) | |||||||
Distribution taxes | (38.1 | ) | (43.0 | ) | (32.0 | ) | |||||||
Other | (3.0 | ) | (2.5 | ) | (1.4 | ) | |||||||
Total | $ | (74.1 | ) | $ | (83.7 | ) | $ | (75.0 | ) | ||||
Net deferred tax asset | $ | 133.5 | $ | 219.6 | $ | 173.1 | |||||||
Schedule of Valuation Allowances Against Deferred Tax Assets | ' | ||||||||||||
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||
Allowances at beginning of year | $ | 44.8 | $ | 41.7 | $ | 30.1 | |||||||
Benefits reserved current year | 76.1 | 15.7 | 31.2 | ||||||||||
Benefits recognized current year | (1.8 | ) | (11.7 | ) | (15.1 | ) | |||||||
Write-offs and other changes | (0.0 | ) | (0.0 | ) | (1.5 | ) | |||||||
Translation difference | -3.6 | -0.9 | -3 | ||||||||||
Allowances at end of year | $ | 115.5 | $ | 44.8 | $ | 41.7 |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Receivables | ' | ||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Receivables | $ | 1,692.60 | $ | 1,516.60 | $ | 1,466.10 | |||||||
Allowance at beginning of year | $ | (7.3 | ) | $ | (8.3 | ) | $ | (7.5 | ) | ||||
Reversal of allowance | 4.1 | 2.1 | 1.7 | ||||||||||
Addition to allowance | (2.2 | ) | (2.1 | ) | (4.7 | ) | |||||||
Write-off against allowance | 0.9 | 1.2 | 2 | ||||||||||
Translation difference | -0.1 | -0.2 | 0.2 | ||||||||||
Allowance at end of year | $ | (4.6 | ) | $ | (7.3 | ) | $ | (8.3 | ) | ||||
Total receivables, net of allowance | $ | 1,688.00 | $ | 1,509.30 | $ | 1,457.80 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Inventories | ' | ||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Raw material | $ | 314.8 | $ | 287.7 | $ | 295.5 | |||||||
Work in progress | 232.9 | 225.9 | 219.9 | ||||||||||
Finished products | 201.9 | 180.9 | 184 | ||||||||||
Inventories | $ | 749.6 | $ | 694.5 | $ | 699.4 | |||||||
Inventory reserve at beginning of year | $ | (83.5 | ) | $ | (76.1 | ) | $ | (81.6 | ) | ||||
Reversal of reserve | 5.1 | 5.3 | 5.1 | ||||||||||
Addition to reserve | (20.8 | ) | (22.9 | ) | (17.2 | ) | |||||||
Write-off against reserve | 10.5 | 10.4 | 16.9 | ||||||||||
Translation difference | 0.9 | -0.2 | 0.7 | ||||||||||
Inventory reserve at end of year | $ | (87.8 | ) | $ | (83.5 | ) | $ | (76.1 | ) | ||||
Total inventories, net of reserve | $ | 661.8 | $ | 611 | $ | 623.3 | |||||||
Investments_and_Other_Noncurre1
Investments and Other Non-current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Investments and Other Non-Current Assets | ' | ||||||||
31-Dec | 2013 | 2012 | |||||||
Investments in affiliated companies | $ | 26.6 | $ | 25.4 | |||||
Deferred tax assets | 122.4 | 200.6 | |||||||
Income tax receivables | 54.7 | 50.8 | |||||||
Derivative assets | 0 | 15.8 | |||||||
Long-term interest bearing deposit (insurance arrangement) | 20.2 | 23.2 | |||||||
Other non-current assets | 35.1 | 25.5 | |||||||
Investments and other non-current assets | $ | 259 | $ | 341.3 | |||||
Schedule of Significant Investments and Respective Percentage of Ownership | ' | ||||||||
The most significant investments in affiliated companies and the respective percentage of ownership are: | |||||||||
COUNTRY | Ownership % | Company name | |||||||
France | 49 | % | EAK SA Composants pour L’Industrie Automobile | ||||||
France | 49 | % | EAK SNC Composants pour L’Industrie Automobile | ||||||
Malaysia | 49 | % | Autoliv-Hirotako Safety Sdn Bhd (parent and subsidiaries) | ||||||
China | 30 | % | Changchun Hongguang-Autoliv Vehicle Safety Systems Co. Ltd. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant and Equipment | ' | ||||||||||||
31-Dec | 2013 | 2012 | Estimated life | ||||||||||
Land and land improvements | $ | 114.8 | $ | 119.3 | n/a to 15 | ||||||||
Machinery and equipment | 3,199.20 | 3,030.10 | 8-Mar | ||||||||||
Buildings | 801.1 | 764.3 | 20-40 | ||||||||||
Construction in progress | 253.2 | 213.7 | n/a | ||||||||||
Property, plant and equipment | $ | 4,368.30 | $ | 4,127.40 | |||||||||
Less accumulated depreciation | -3,032.10 | -2,894.60 | |||||||||||
Net of depreciation | $ | 1,336.20 | $ | 1,232.80 | |||||||||
Depreciation Expense | ' | ||||||||||||
DEPRECIATION INCLUDED IN | 2013 | 2012 | 2011 | ||||||||||
Cost of sales | $ | 237.2 | $ | 225.4 | $ | 221 | |||||||
Selling, general and administrative expenses | 8.2 | 8.2 | 8.7 | ||||||||||
Research, development and engineering expenses | 20.2 | 19.4 | 20 | ||||||||||
Total | $ | 265.6 | $ | 253 | $ | 249.7 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Goodwill and Intangible Assets | ' | ||||||||
UNAMORTIZED INTANGIBLES | 2013 | 2012 | |||||||
Goodwill | |||||||||
Carrying amount at beginning of year | $ | 1,610.80 | $ | 1,607.00 | |||||
Acquisitions and purchase price adjustments | — | — | |||||||
Translation differences | -0.7 | 3.8 | |||||||
Carrying amount at end of year | $ | 1,610.10 | $ | 1,610.80 | |||||
AMORTIZED INTANGIBLES | 2013 | 2012 | |||||||
Gross carrying amount | $ | 398.9 | $ | 403.4 | |||||
Accumulated amortization | -321.6 | -307.2 | |||||||
Carrying value | $ | 77.3 | $ | 96.2 |
Restructuring_and_Other_Liabil1
Restructuring and Other Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Schedule of Change in Balance Sheet Position of Restructuring Reserves | ' | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
In 2013, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions in Europe. The cash payments mainly relate to high-cost countries in Europe. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2012 to December 31, 2013. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2012 | Charge | Reversal | payments | difference | 2013 | ||||||||||||||||||||
Restructuring employee-related | $ | 74.9 | $ | 40.4 | $ | (4.7 | ) | $ | (20.0 | ) | $ | 3.3 | $ | 93.9 | |||||||||||
Other | 0.9 | — | (0.2 | ) | (0.4 | ) | — | 0.3 | |||||||||||||||||
Total reserve | $ | 75.8 | $ | 40.4 | $ | (4.9 | ) | $ | (20.4 | ) | $ | 3.3 | $ | 94.2 | |||||||||||
2012 | |||||||||||||||||||||||||
In 2012, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions in Europe. The cash payments mainly relate to high-cost countries in Europe. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2011 to December 31, 2012. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2011 | Charge | Reversal | payments | difference | 2012 | ||||||||||||||||||||
Restructuring employee-related | $ | 31.4 | $ | 76.6 | $ | (1.8 | ) | $ | (33.3 | ) | $ | 2 | $ | 74.9 | |||||||||||
Other | 0.9 | 0.3 | (0.3 | ) | (0.0 | ) | — | 0.9 | |||||||||||||||||
Total reserve | $ | 32.3 | $ | 76.9 | $ | (2.1 | ) | $ | (33.3 | ) | $ | 2 | $ | 75.8 | |||||||||||
2011 | |||||||||||||||||||||||||
In 2011, the employee-related restructuring provisions, made on a case-by-case basis, relate mainly to headcount reductions throughout Europe and North America. Reversals in 2011 mainly relate to restructuring reserves in Europe and were due to capacity reduction that was not as severe as originally estimated. The cash payments mainly relate to high-cost countries in Europe and in Australia. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Net Income. The table below summarizes the change in the balance sheet position of the restructuring reserves from December 31, 2010 to December 31, 2011. | |||||||||||||||||||||||||
December 31 | Provision/ | Provision/ | Cash | Translation | December 31 | ||||||||||||||||||||
2010 | Charge | Reversal | payments | difference | 2011 | ||||||||||||||||||||
Restructuring employee-related | $ | 48.4 | $ | 10.1 | $ | (4.9 | ) | $ | (22.2 | ) | $ | (0.0 | ) | $ | 31.4 | ||||||||||
Other | 0.2 | 0.8 | — | (0.1 | ) | — | 0.9 | ||||||||||||||||||
Total reserve | $ | 48.6 | $ | 10.9 | $ | (4.9 | ) | $ | (22.3 | ) | $ | (0.0 | ) | $ | 32.3 | ||||||||||
Product_Related_Liabilities_Ta
Product Related Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Change in Balance Sheet Position of Product-Related Liabilities | ' | ||||||||||||
The table below summarizes the change in the balance sheet position of the product-related liabilities. | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Reserve at beginning of the year | $ | 29.9 | $ | 33 | $ | 39.2 | |||||||
Change in reserve | 21.3 | 19.3 | 14.8 | ||||||||||
Cash payments | (15.2 | ) | (22.7 | ) | (21.2 | ) | |||||||
Translation difference | 0.4 | 0.3 | 0.2 | ||||||||||
Reserve at end of the year | $ | 36.4 | $ | 29.9 | $ | 33 |
Debt_and_Credit_Agreements_Tab
Debt and Credit Agreements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Debt Profile | ' | ||||||||||||||||||||||||||||||||
The table below shows debt maturity as cash flow in the upper part which is reconciled with reported debt in the last row. For a description of hedging instruments used as part of debt management, see the Financial Instruments section of Note 1 and Note 3. | |||||||||||||||||||||||||||||||||
DEBT PROFILE | |||||||||||||||||||||||||||||||||
PRINCIPAL AMOUNT BY EXPECTED MATURITY | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | Total | |||||||||||||||||||||||||
long-term | |||||||||||||||||||||||||||||||||
U.S. private placement notes (incl. DRD1)) | $ | 125 | $ | — | $ | — | $ | 105 | $ | — | $ | 60 | $ | 165 | $ | 290 | |||||||||||||||||
(Weighted average interest rate 4.8%) | |||||||||||||||||||||||||||||||||
Overdraft/Other short-term debt (incl. DRD1)) | 66.8 | — | — | — | — | — | — | 66.8 | |||||||||||||||||||||||||
(Weighted average interest rate 4.0%) | |||||||||||||||||||||||||||||||||
Notes issued as a part of Equity units2) | 106.6 | — | — | — | — | — | — | 106.6 | |||||||||||||||||||||||||
(Interest rate 3.9%) | |||||||||||||||||||||||||||||||||
Medium-term notes | |||||||||||||||||||||||||||||||||
(Weighted average interest rate 2.3%) | — | — | — | 99.9 | — | — | 99.9 | 99.9 | |||||||||||||||||||||||||
Other long-term loans, incl. current portion3) | |||||||||||||||||||||||||||||||||
(Weighted average interest rate 4.6%) | 42.2 | 1.5 | — | — | — | — | 1.5 | 43.7 | |||||||||||||||||||||||||
Total debt as cash flow, (incl. DRD1)) | $ | 340.6 | $ | 1.5 | $ | — | $ | 204.9 | $ | — | $ | 60 | $ | 266.4 | $ | 607 | |||||||||||||||||
DRD adjustment | (1.2 | ) | — | — | — | — | 12.7 | 12.7 | 11.5 | ||||||||||||||||||||||||
Total debt as reported | $ | 339.4 | $ | 1.5 | $ | — | $ | 204.9 | $ | — | $ | 72.7 | $ | 279.1 | $ | 618.5 | |||||||||||||||||
1) Debt Related Derivatives (DRD), i.e. the fair value adjustments associated with hedging instruments as adjustments to the carrying value of the underlying debt. Included in the DRD is also the unamortized fair value adjustment related to a discontinued fair value hedge which will be amortized over the remaining life of the debt. 2) Repriced in 2012, final maturity in 2014. 3) Primarily external BRL, RUB and JPY loans drawn locally. | |||||||||||||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Dividends Paid | ' | ||||||||||||
DIVIDENDS | 2013 | 2012 | 2011 | ||||||||||
Cash dividend paid per share | $ | 2 | $ | 1.89 | $ | 1.73 | |||||||
Cash dividend declared per share | $ | 2.02 | $ | 1.94 | $ | 1.78 | |||||||
Other Comprehensive (Loss) Income | ' | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) / ENDING BALANCE1) | 2013 | 2012 | 2011 | ||||||||||
Cumulative translation adjustments | $ | 49.4 | $ | 67.2 | $ | 38.4 | |||||||
Net pension liability | (48.9 | ) | (107.7 | ) | (80.7 | ) | |||||||
Total (ending balance) | $ | 0.5 | $ | (40.5 | ) | $ | (42.3 | ) | |||||
Deferred taxes on the pension liability | $ | 21.4 | $ | 59.7 | $ | 45.5 | |||||||
1) | The components of Other Comprehensive Income (Loss) are net of any related income tax effects. | ||||||||||||
Share Repurchase Program | ' | ||||||||||||
SHARES | 2013 | 2012 | 2011 | ||||||||||
Shares repurchased (shares in millions) | 1.6 | — | — | ||||||||||
Cash paid for shares | $ | 147.9 | $ | — | $ | — |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Acquisitions and Divestitures of Businesses, Net of Cash Acquired | ' | ||||||||||||
The Company’s acquisitions and divestitures of businesses, net of cash acquired were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions | |||||||||||||
Fair value of assets acquired excluding cash | $ | — | $ | — | $ | (32.4 | ) | ||||||
Liabilities assumed | — | — | 9.2 | ||||||||||
Cash paid for prior year acquisitions | (2.0 | ) | (1.8 | ) | — | ||||||||
Acquisition of businesses, net of cash acquired | $ | (2.0 | ) | $ | (1.8 | ) | $ | (23.2 | ) | ||||
2013 | 2012 | 2011 | |||||||||||
Divestitures of business, net of cash disposed | $ | — | $ | 5.2 | $ | 5.4 | |||||||
Schedule of Payments for Interest and Income Taxes Table | ' | ||||||||||||
Payments for interest and income taxes were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest | $ | 33 | $ | 40 | $ | 68 | |||||||
Income taxes | $ | 206 | $ | 237 | $ | 257 |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Weighted Average Fair Value of Stock Options Granted | ' | ||||||||||||
The weighted average grant date fair value of stock options granted during 2013, 2012 and 2011 was estimated at $15.61, $18.01 and $23.27 per share, respectively, using the Black-Scholes option-pricing model based on the following assumptions: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 2.2 | % | |||||||
Dividend yield | 2.3 | % | 2.8 | % | 2.2 | % | |||||||
Expected life in years | 4.1 | 4.1 | 4.1 | ||||||||||
Expected volatility | 34 | % | 42 | % | 45 | % | |||||||
Schedule of Number of Restricted Stock Units | ' | ||||||||||||
Information on the number of RSUs and stock options related to the Plan during the period 2011 to 2013 is as follows: | |||||||||||||
RSUs | 2013 | 2012 | 2011 | ||||||||||
Outstanding at beginning of year | 211,618 | 320,122 | 360,928 | ||||||||||
Granted | 91,230 | 72,900 | 64,599 | ||||||||||
Shares issued | (84,342 | ) | (172,212 | ) | (84,294 | ) | |||||||
Cancelled/Forfeited/Expired | (14,229 | ) | (9,192 | ) | (21,111 | ) | |||||||
Outstanding at end of year | 204,277 | 211,618 | 320,122 | ||||||||||
Schedule of Stock Options | ' | ||||||||||||
STOCK OPTIONS | Number of options | Weighted average | |||||||||||
exercise price | |||||||||||||
Outstanding at Dec 31, 2010 | 1,155,966 | $ | 40.31 | ||||||||||
Granted | 193,833 | 72.95 | |||||||||||
Exercised | (244,218 | ) | 40.32 | ||||||||||
Cancelled/Forfeited/Expired | (32,579 | ) | 38.38 | ||||||||||
Outstanding at Dec 31, 2011 | 1,073,002 | $ | 46.26 | ||||||||||
Granted | 218,695 | 67 | |||||||||||
Exercised | (254,440 | ) | 33.26 | ||||||||||
Cancelled/Forfeited/Expired | (25,027 | ) | 50.59 | ||||||||||
Outstanding at Dec 31, 2012 | 1,012,230 | $ | 53.91 | ||||||||||
Granted | 273,541 | 69.18 | |||||||||||
Exercised | (437,751 | ) | 53.58 | ||||||||||
Cancelled/Forfeited/Expired | (16,319 | ) | 49.25 | ||||||||||
Outstanding at Dec 31, 2013 | 831,701 | $ | 59.2 | ||||||||||
Schedule of Options Exercisable | ' | ||||||||||||
OPTIONS EXERCISABLE | |||||||||||||
At December 31, 2011 | 886,605 | $ | 40.65 | ||||||||||
At December 31, 2012 | 796,720 | $ | 50.37 | ||||||||||
At December 31, 2013 | 559,483 | $ | 54.34 | ||||||||||
Stock Options Outstanding | ' | ||||||||||||
Schedule of Stock Option Plans | ' | ||||||||||||
The following summarizes information about stock options outstanding and exercisable on December 31, 2013: | |||||||||||||
RANGE OF EXERCISE PRICES | Number | Remaining | Weighted | ||||||||||
outstanding | contract life | average | |||||||||||
(in years) | exercise | ||||||||||||
price | |||||||||||||
$16.31 - $19.96 | 53,350 | 5.14 | $ | 16.31 | |||||||||
$40.26 - $49.60 | 161,220 | 3.93 | $ | 45.65 | |||||||||
$51.67 - $59.01 | 130,875 | 3.65 | $ | 55.29 | |||||||||
$67.00 - $72.95 | 486,256 | 8.5 | $ | 69.44 | |||||||||
831,701 | 6.64 | $ | 59.2 | ||||||||||
Stock Options | ' | ||||||||||||
Schedule of Stock Option Plans | ' | ||||||||||||
RANGE OF EXERCISE PRICES | Number | Remaining | Weighted | ||||||||||
exercisable | contract life | average | |||||||||||
(in years) | exercise | ||||||||||||
price | |||||||||||||
$16.31 - $19.96 | 53,350 | 5.14 | $ | 16.31 | |||||||||
$40.26 - $49.60 | 161,220 | 3.93 | $ | 45.65 | |||||||||
$51.67 - $59.01 | 130,875 | 3.65 | $ | 55.29 | |||||||||
$67.00 - $72.95 | 214,038 | 7.68 | $ | 69.78 | |||||||||
559,483 | 5.41 | $ | 54.34 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Pension Benefit Expected Payments | ' | ||||||||||||||||||||
The estimated future benefit payments for the postretirement benefits reflect expected future service as appropriate. | |||||||||||||||||||||
POSTRETIREMENT BENEFITS | EXPECTED | ||||||||||||||||||||
PAYMENTS | |||||||||||||||||||||
2014 | $ | 1 | |||||||||||||||||||
2015 | $ | 1.2 | |||||||||||||||||||
2016 | $ | 1.3 | |||||||||||||||||||
2017 | $ | 1.5 | |||||||||||||||||||
2018 | $ | 1.7 | |||||||||||||||||||
Years 2019 - 2023 | $ | 11.5 | |||||||||||||||||||
Defined Benefit Plan | ' | ||||||||||||||||||||
Schedule of Changes in Benefit Obligations and Plan Assets | ' | ||||||||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE PERIODS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 314.2 | $ | 257 | $ | 195.4 | $ | 160.5 | |||||||||||||
Service cost | 9.3 | 8.3 | 13.5 | 12 | |||||||||||||||||
Interest cost | 12.8 | 12.3 | 7.3 | 7.1 | |||||||||||||||||
Actuarial (gain) loss due to: | |||||||||||||||||||||
Change in discount rate | (53.1 | ) | 34.1 | (8.3 | ) | 16.3 | |||||||||||||||
Experience | (17.5 | ) | 13.7 | 2.3 | (0.0 | ) | |||||||||||||||
Other assumption changes | 7.1 | (5.9 | ) | 3 | 1.3 | ||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||
Plan amendments | — | — | 0.5 | 0.1 | |||||||||||||||||
Benefits paid | (7.0 | ) | (5.3 | ) | (7.7 | ) | (5.6 | ) | |||||||||||||
Settlements | — | — | — | (7.0 | ) | ||||||||||||||||
Curtailments | — | — | 0.1 | 0 | |||||||||||||||||
Special termination benefits | — | — | 0.5 | 0.1 | |||||||||||||||||
Other | — | — | (0.9 | ) | 6.2 | ||||||||||||||||
Translation difference | — | — | -0.9 | 4.2 | |||||||||||||||||
Benefit obligation at end of year | $ | 265.8 | $ | 314.2 | $ | 205 | $ | 195.4 | |||||||||||||
Fair value of plan assets at beginning of year | $ | 159.4 | $ | 140.5 | $ | 94.8 | $ | 83.9 | |||||||||||||
Actual return on plan assets | 29 | 17.5 | 3.4 | 8 | |||||||||||||||||
Company contributions | 42.2 | 6.7 | 8 | 11.9 | |||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||
Benefits paid | (7.0 | ) | (5.3 | ) | (7.7 | ) | (5.6 | ) | |||||||||||||
Settlements | — | — | — | (7.0 | ) | ||||||||||||||||
Other | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
Translation difference | — | — | 1.4 | 3.6 | |||||||||||||||||
Fair value of plan assets at year end | $ | 223.6 | $ | 159.4 | $ | 99.9 | $ | 94.8 | |||||||||||||
Funded status recognized in the balance sheet | $ | (42.2 | ) | $ | (154.8 | ) | $ | (105.1 | ) | $ | (100.6 | ) | |||||||||
Schedule of Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS | |||||||||||||||||||||
U.S. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 9.3 | $ | 8.3 | $ | 6.3 | |||||||||||||||
Interest cost | 12.8 | 12.3 | 10 | ||||||||||||||||||
Expected return on plan assets | (11.6 | ) | (10.2 | ) | (9.9 | ) | |||||||||||||||
Amortization of prior service credit | (1.0 | ) | (1.0 | ) | (1.0 | ) | |||||||||||||||
Amortization of actuarial loss | 10 | 8.5 | 5.4 | ||||||||||||||||||
Settlement | — | — | 0.4 | ||||||||||||||||||
Net periodic benefit cost | $ | 19.5 | $ | 17.9 | $ | 11.2 | |||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS (CONTINUED) | |||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 13.5 | $ | 12 | $ | 12.3 | |||||||||||||||
Interest cost | 7.3 | 7.1 | 7.6 | ||||||||||||||||||
Expected return on plan assets | (4.0 | ) | (3.9 | ) | (4.4 | ) | |||||||||||||||
Amortization of prior service costs | 0.2 | 0.1 | 0.1 | ||||||||||||||||||
Amortization of actuarial loss | 2.5 | 1.4 | 1 | ||||||||||||||||||
Settlement loss (gain) | 0.2 | 1 | 4.5 | ||||||||||||||||||
Curtailment loss (gain) | 0.1 | — | 0.2 | ||||||||||||||||||
Special termination benefits | 0.5 | 0.1 | 0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 20.3 | $ | 17.8 | $ | 21.4 | |||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income Before Tax | ' | ||||||||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss (gain) | $ | 45.6 | $ | 136.7 | $ | 29.9 | $ | 34 | |||||||||||||
Prior service (credit) cost | -2.9 | -4 | 2.2 | 1.6 | |||||||||||||||||
Total accumulated other comprehensive income recognized in the balance sheet | $ | 42.7 | $ | 132.7 | $ | 32.1 | $ | 35.6 | |||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income Before Tax | ' | ||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX FOR THE PERIODS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Total retirement benefit recognized in accumulated other comprehensive income at beginning of year | $ | 132.7 | $ | 105.6 | $ | 35.6 | $ | 23.5 | |||||||||||||
Net actuarial loss (gain) | (81.0 | ) | 34.6 | (1.0 | ) | 13.5 | |||||||||||||||
Prior service cost (credit) | — | — | 0.5 | 0.1 | |||||||||||||||||
Amortization of prior service costs | 1 | 1 | (0.2 | ) | (0.1 | ) | |||||||||||||||
Amortization of actuarial loss | (10.0 | ) | (8.5 | ) | (2.7 | ) | (2.3 | ) | |||||||||||||
Translation difference | — | — | (0.1 | ) | 0.9 | ||||||||||||||||
Total retirement benefit recognized in accumulated other comprehensive income at end of year | $ | 42.7 | $ | 132.7 | $ | 32.1 | $ | 35.6 | |||||||||||||
Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets | ' | ||||||||||||||||||||
PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Projected Benefit Obligation (PBO) | n/a | $ | 314.2 | $ | 109.5 | $ | 125 | ||||||||||||||
Accumulated Benefit Obligation (ABO) | n/a | $ | 262.1 | $ | 84.7 | $ | 101.8 | ||||||||||||||
Fair value of plan assets | n/a | $ | 159.4 | $ | 4.9 | $ | 24.7 | ||||||||||||||
Schedule of Assumptions Used Benefit Obligations | ' | ||||||||||||||||||||
ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S.1) | ||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Discount rate | 5 | 4.05 | 1.00 - 5.00 | 1.50 - 4.50 | |||||||||||||||||
Rate of increases in compensation level | 3.5 | 3.5 | 2.25 - 5.00 | 2.25 - 5.00 | |||||||||||||||||
Schedule of Fair Value of Total Plan Assets | ' | ||||||||||||||||||||
FAIR VALUE OF TOTAL PLAN ASSETS FOR YEARS ENDED DECEMBER 31 | |||||||||||||||||||||
ASSETS CATEGORY IN % WEIGHTED AVERAGE | U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Target | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
allocation | |||||||||||||||||||||
Equity securities | 55 | 57 | 65 | 15 | 14 | ||||||||||||||||
Debt instruments | 45 | 43 | 35 | 59 | 60 | ||||||||||||||||
Other assets | — | — | — | 26 | 26 | ||||||||||||||||
Total | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||
Schedule of Valuation of Company's Plan Assets | ' | ||||||||||||||||||||
The following table summarizes the valuation of the Company’s plan assets by the pricing observability levels: | |||||||||||||||||||||
Description | Total carrying | Fair value measurement at | |||||||||||||||||||
amount in | December 31, 2013 using: | ||||||||||||||||||||
statement of | |||||||||||||||||||||
financial position | |||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | |||||||||||||||||||||
US Equity | |||||||||||||||||||||
Large Cap | $ | 82.5 | $ | — | $ | 82.5 | $ | — | |||||||||||||
Mid Cap | 9.8 | — | 9.8 | — | |||||||||||||||||
Small Cap | 9.7 | — | 9.7 | — | |||||||||||||||||
Non-US Equity | 40.4 | — | 40.4 | — | |||||||||||||||||
US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | — | — | — | — | |||||||||||||||||
Aggregate | 96.5 | — | 96.5 | — | |||||||||||||||||
Non-US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | 52.8 | — | 52.8 | — | |||||||||||||||||
Aggregate | 5.7 | — | 5.7 | — | |||||||||||||||||
Insurance Contracts | 19.2 | — | 19.2 | — | |||||||||||||||||
Other Investments | 6.9 | — | 6.9 | — | |||||||||||||||||
Total | $ | 323.5 | $ | — | $ | 323.5 | $ | — | |||||||||||||
Description | Total carrying | Fair value measurement at | |||||||||||||||||||
amount in | December 31, 2012 using: | ||||||||||||||||||||
statement of | |||||||||||||||||||||
financial position | |||||||||||||||||||||
December 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | |||||||||||||||||||||
US Equity | |||||||||||||||||||||
Large Cap | $ | 66.9 | $ | — | $ | 66.9 | $ | — | |||||||||||||
Mid Cap | 8.1 | — | 8.1 | — | |||||||||||||||||
Small Cap | 8.1 | — | 8.1 | — | |||||||||||||||||
Non-US Equity | 33.7 | — | 33.7 | — | |||||||||||||||||
US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | — | — | — | — | |||||||||||||||||
Aggregate | 55.5 | — | 55.5 | — | |||||||||||||||||
Non-US Bonds | |||||||||||||||||||||
Government | — | — | — | — | |||||||||||||||||
Corporate | 50.7 | — | 50.7 | — | |||||||||||||||||
Aggregate | 5.7 | — | 5.7 | — | |||||||||||||||||
Insurance Contracts | 19.5 | — | 19.5 | — | |||||||||||||||||
Other Investments | 6 | — | 6 | — | |||||||||||||||||
Total | $ | 254.2 | $ | — | $ | 254.2 | $ | — | |||||||||||||
Schedule of Pension Benefit Expected Payments | ' | ||||||||||||||||||||
PENSION BENEFITS EXPECTED PAYMENTS | U.S. | Non-U.S. | |||||||||||||||||||
2014 | $ | 10.2 | $ | 5.8 | |||||||||||||||||
2015 | $ | 11 | $ | 6.7 | |||||||||||||||||
2016 | $ | 12.6 | $ | 7 | |||||||||||||||||
2017 | $ | 13.7 | $ | 8 | |||||||||||||||||
2018 | $ | 14.9 | $ | 8.9 | |||||||||||||||||
Years 2019-2023 | $ | 98.1 | $ | 59.3 | |||||||||||||||||
Defined Benefit Plan | U.S. | ' | ||||||||||||||||||||
Schedule of Assumptions Used Benefit Obligations | ' | ||||||||||||||||||||
ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR YEARS ENDED DECEMBER 31 | |||||||||||||||||||||
U.S. | |||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 4.05 | 4.6 | 5.05 | ||||||||||||||||||
Rate of increases in compensation level | 3.5 | 3.5 | 3.8 | ||||||||||||||||||
Expected long-term rate of return on assets | 7.5 | 7.5 | 7.5 | ||||||||||||||||||
Defined Benefit Plan | Non-U.S. | ' | ||||||||||||||||||||
Schedule of Assumptions Used Benefit Obligations | ' | ||||||||||||||||||||
Non-U.S.1) | |||||||||||||||||||||
% WEIGHTED AVERAGE | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 1.50 - 4.50 | 1.50 - 5.50 | 1.25 - 6.00 | ||||||||||||||||||
Rate of increases in compensation level | 2.25 - 5.00 | 2.25 - 5.00 | 2.25 - 6.50 | ||||||||||||||||||
Expected long-term rate of return on assets | 3.00 - 5.75 | 3.75 - 5.75 | 1.50 - 6.25 | ||||||||||||||||||
1) | The Non-U.S. weighted average plan ranges in the tables above have been prepared using significant plans only, which in total represent more than 90% of the total Non-U.S. projected benefit obligation. | ||||||||||||||||||||
Postretirement Benefits Other Than Pensions | ' | ||||||||||||||||||||
Schedule of Changes in Benefit Obligations and Plan Assets | ' | ||||||||||||||||||||
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 34.6 | $ | 30.8 | $ | 27.9 | |||||||||||||||
Service cost | 1.4 | 1.1 | 1.3 | ||||||||||||||||||
Interest cost | 1.4 | 1.3 | 1.5 | ||||||||||||||||||
Actuarial (gain) loss due to: | |||||||||||||||||||||
Change in discount rate | (3.7 | ) | 1.9 | 3.1 | |||||||||||||||||
Experience | 1 | (3.1 | ) | 0.5 | |||||||||||||||||
Other assumption changes | (1.0 | ) | 3.2 | (2.7 | ) | ||||||||||||||||
Benefits paid | (0.3 | ) | (0.5 | ) | (0.8 | ) | |||||||||||||||
Other | 0.9 | -0.1 | — | ||||||||||||||||||
Benefit obligation at end of year | $ | 34.3 | $ | 34.6 | $ | 30.8 | |||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | $ | — | |||||||||||||||
Company contributions | 0.3 | 0.5 | 0.8 | ||||||||||||||||||
Benefits paid | -0.3 | -0.5 | -0.8 | ||||||||||||||||||
Fair value of plan assets at end of year | $— | $— | $— | ||||||||||||||||||
Accrued postretirement benefit cost recognized in the balance sheet | $ | (34.3 | ) | $ | (34.6 | ) | $ | (30.8 | ) | ||||||||||||
Schedule of Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS | |||||||||||||||||||||
PERIOD ENDED DECEMBER 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 1.4 | $ | 1.1 | $ | 1.3 | |||||||||||||||
Interest cost | 1.4 | 1.3 | 1.5 | ||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||
Amortization of actuarial loss | -0.1 | -0.2 | -0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 2.6 | $ | 2.1 | $ | 2.6 | |||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income Before Tax | ' | ||||||||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX ASSOCIATED WITH POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31 | |||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss (gain) | $ | (2.4 | ) | $ | 0.1 | $ | (1.8 | ) | $ | (0.7 | ) | ||||||||||
Prior service cost (credit) | (0.2 | ) | (0.3 | ) | (0.0 | ) | (0.0 | ) | |||||||||||||
Total accumulated other comprehensive income recognized in the balance sheet | $ | (2.6 | ) | $ | (0.2 | ) | $ | (1.8 | ) | $ | (0.7 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Net Sales Attributed to Geographic Areas | ' | ||||||||||||
NET SALES | 2013 | 2012 | 2011 | ||||||||||
Asia | $ | 2,974.10 | $ | 2,752.20 | $ | 2,571.40 | |||||||
Whereof: China | 1,405.50 | 1,097.60 | 981.9 | ||||||||||
Japan | 688.2 | 830.5 | 758.5 | ||||||||||
Rest of Asia | 880.4 | 824.1 | 831 | ||||||||||
Americas | 2,943.60 | 2,839.10 | 2,558.90 | ||||||||||
Europe | 2,885.70 | 2,675.40 | 3,102.10 | ||||||||||
Total | $ | 8,803.40 | $ | 8,266.70 | $ | 8,232.40 | |||||||
Schedule of Sales By Product | ' | ||||||||||||
SALES BY PRODUCT | 2013 | 2012 | 2011 | ||||||||||
Airbags and associated products1) | $ | 5,686.00 | $ | 5,392.00 | $ | 5,392.80 | |||||||
Seatbelts and associated products | 2,772.70 | 2,656.50 | 2,679.40 | ||||||||||
Active safety products | 344.7 | 218.2 | 160.2 | ||||||||||
Total | $ | 8,803.40 | $ | 8,266.70 | $ | 8,232.40 | |||||||
1) Includes sales of steering wheels, passive safety electronics, inflators and initiators. | |||||||||||||
Schedule of Long-Lived Assets | ' | ||||||||||||
LONG-LIVED ASSETS | 2013 | 2012 | |||||||||||
Asia | $ | 612 | $ | 573 | |||||||||
Whereof: China | 277 | 243 | |||||||||||
Japan | 106 | 130 | |||||||||||
Rest of Asia | 229 | 200 | |||||||||||
Americas | 1,927 | 1,977 | |||||||||||
Europe | 744 | 731 | |||||||||||
Total | $ | 3,283 | $ | 3,281 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Weighted Average Shares Used in Earnings Per Share Calculation | ' | ||||||||||||
The weighted average shares used in calculating earnings per share were: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average shares basic | 95.5 | 93.5 | 89.2 | ||||||||||
Effect of dilutive securities: | |||||||||||||
stock options/share awards | 0.4 | 0.3 | 0.5 | ||||||||||
equity units | — | 1.3 | 4 | ||||||||||
Weighted average shares diluted | 95.9 | 95.1 | 93.7 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Unaudited Quarterly Financial Data | ' | ||||||||||||||||
2013 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net sales | $ | 2,135.00 | $ | 2,197.50 | $ | 2,119.00 | $ | 2,351.90 | |||||||||
Gross profit | 414.3 | 430.5 | 404.9 | 454.9 | |||||||||||||
Income before taxes | 170.1 | 192.7 | 176.6 | 194.6 | |||||||||||||
Net income | 125.1 | 139.4 | 124.9 | 100.5 | |||||||||||||
Net income attributable to controlling interest | 123.5 | 138.7 | 123.9 | 99.7 | |||||||||||||
Earnings per share | |||||||||||||||||
– basic | $ | 1.29 | $ | 1.45 | $ | 1.29 | $ | 1.05 | |||||||||
– diluted | $ | 1.29 | $ | 1.44 | $ | 1.29 | $ | 1.04 | |||||||||
Dividends paid | $ | 0.5 | $ | 0.5 | $ | 0.5 | $ | 0.5 | |||||||||
2012 | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Net sales | $ | 2,178.90 | $ | 2,088.80 | $ | 1,947.10 | $ | 2,051.90 | |||||||||
Gross profit | 441.1 | 422.1 | 387.6 | 395.4 | |||||||||||||
Income before taxes | 141.1 | 182.4 | 175.1 | 170 | |||||||||||||
Net income | 101.4 | 126.2 | 118 | 140 | |||||||||||||
Net income attributable to controlling interest | 100.5 | 126.4 | 117.5 | 138.7 | |||||||||||||
Earnings per share | |||||||||||||||||
– basic | $ | 1.12 | $ | 1.35 | $ | 1.23 | $ | 1.45 | |||||||||
– diluted | $ | 1.07 | $ | 1.33 | $ | 1.23 | $ | 1.45 | |||||||||
Dividends paid | $ | 0.45 | $ | 0.47 | $ | 0.47 | $ | 0.5 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Facility | |||
Country | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of facilities operated | 80 | ' | ' |
Number of countries in which entity operates | 29 | ' | ' |
Swaps maturity date | 'no swaps have a maturity beyond 2014. | ' | ' |
Goodwill | $1,610.10 | $1,610.80 | $1,607 |
Impairment of goodwill | 0 | 0 | 0 |
Net transaction gains (losses) | -26.3 | -5.6 | -11.1 |
Morton International, Inc | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Goodwill | $1,200 | ' | ' |
Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of voting right | 50.00% | ' | ' |
Percentage of investments in affiliated companies | 20.00% | ' | ' |
Other intangible assets, useful lives | '3 years | ' | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of investments in affiliated companies | 50.00% | ' | ' |
Other intangible assets, useful lives | '25 years | ' | ' |
Summary_of_Valuation_of_Compan
Summary of Valuation of Company's Derivatives by Pricing Observability Levels (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Derivatives | $0 | $15.80 | ||
Total Carrying Amount | ' | ' | ||
Assets | ' | ' | ||
Derivatives | 1.7 | [1] | 16.5 | [1] |
Total Assets | 1.7 | 16.5 | ||
Liabilities | ' | ' | ||
Derivatives | 2.8 | 0.7 | ||
Total Liabilities | 2.8 | 0.7 | ||
Fair Value, Inputs, Level 2 | ' | ' | ||
Assets | ' | ' | ||
Derivatives | 1.7 | [1] | 16.5 | [1] |
Total Assets | 1.7 | 16.5 | ||
Liabilities | ' | ' | ||
Derivatives | 2.8 | 0.7 | ||
Total Liabilities | $2.80 | $0.70 | ||
[1] | The decrease from prior year is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. |
Summary_of_Valuation_of_Compan1
Summary of Valuation of Company's Derivatives by Pricing Observability Levels (Parenthetical) (Detail) (Interest Rate Swaps, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Interest Rate Swaps | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Decrease in derivative asset | $60 |
Fair_Value_of_Debt_Detail
Fair Value of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
U.S. Private Placement - Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | $177.60 | [1] | $305.80 | [1] |
Fair value | 187.7 | 329.5 | ||
Medium-term Notes | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 99.9 | [1] | 99.8 | [1] |
Fair value | 100.5 | 99.4 | ||
Notes Long Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 0 | [1],[2] | 107.6 | [1],[2] |
Fair value | 0 | [2] | 108.9 | [2] |
Other Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 1.6 | [1] | 49.7 | [1] |
Fair value | 1.6 | 49.7 | ||
Total Long-term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 279.1 | [1] | 562.9 | [1] |
Fair value | 289.8 | 587.5 | ||
Overdrafts and Other Short-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 65.6 | [1] | 60.3 | [1] |
Fair value | 65.6 | 60.3 | ||
Short-Term Portion of Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 167.2 | [1],[3] | 9.5 | [1],[3] |
Fair value | 172.6 | [3] | 9.5 | [3] |
Short-Term Portion of Long-Term Debt | U.S. Private Placement - Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 125 | ' | ||
Notes Short-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 106.6 | [1],[2] | ' | |
Fair value | 107.6 | [2] | ' | |
Total Short-term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 339.4 | [1] | 69.8 | [1] |
Fair value | $345.80 | $69.80 | ||
[1] | Debt as reported in balance sheet. | |||
[2] | Notes issued as part of the equity units offering were remarketed in April 2012, final maturity in April 2014 (for further information see Notes 12 and 13). | |||
[3] | $125 million carrying value of U.S. private placement note changed from long-term to short-term debt in the fourth quarter 2013. |
Fair_Value_of_Debt_Parenthetic
Fair Value of Debt (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Short-Term Portion of Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | $167.20 | [1],[2] | $9.50 | [1],[2] |
U.S. Private Placement - Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | 177.6 | [1] | 305.8 | [1] |
U.S. Private Placement - Long-Term Debt | Short-Term Portion of Long-Term Debt | ' | ' | ||
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ||
Carrying value | $125 | ' | ||
[1] | Debt as reported in balance sheet. | |||
[2] | $125 million carrying value of U.S. private placement note changed from long-term to short-term debt in the fourth quarter 2013. |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |||||
In Millions, unless otherwise specified | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Interest Rate Swaps | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Less Than Six Months | Less Than Six Months | Less Than 7 Years | Less Than 7 Years | |||||||
Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Foreign Exchange Swaps | Foreign Exchange Swaps | Foreign Exchange Swaps | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | ||||||||||||||||
Foreign Exchange Swaps | Foreign Exchange Swaps | Fair Value Hedge | Fair Value Hedge | ||||||||||||||||||||||
Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Interest Rate Swaps | Interest Rate Swaps | ||||||||||||||||||||||
Other Current Assets Liabilities | Other Current Assets Liabilities | Fair Value, Measurements, Recurring | |||||||||||||||||||||||
Other Non Current Asset | |||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Nominal Volume | ' | ' | $504.10 | $760.80 | $60 | $60 | $60 | $60 | $504.10 | $700.80 | $1,241.90 | $504.10 | $700.80 | $504.10 | [1] | $700.80 | [2] | $1,241.90 | [3] | $504.10 | [1] | $700.80 | [2] | $60 | $60 |
Derivative asset | 0 | 15.8 | 1.7 | 16.5 | ' | ' | ' | 15.8 | ' | ' | ' | 1.7 | 0.7 | ' | ' | ' | 1.7 | [4] | 0.7 | [5] | ' | 15.8 | |||
Derivative liability | ' | ' | $2.80 | $0.70 | ' | ' | ' | ' | ' | ' | ' | $2.80 | $0.70 | ' | ' | ' | $2.80 | [6] | $0.70 | [5] | ' | ' | |||
[1] | Net amount after deducting for offsetting swaps $425.4 million. | ||||||||||||||||||||||||
[2] | Net amount after deducting for offsetting swaps $554.8 million. | ||||||||||||||||||||||||
[3] | Net amount after deducting for offsetting swaps $845.2 million. | ||||||||||||||||||||||||
[4] | Net amount after deducting for offsetting swaps $1.5 million. | ||||||||||||||||||||||||
[5] | Net amount after deducting for offsetting swaps $0.6 million. | ||||||||||||||||||||||||
[6] | Net amount after deducting for offsetting swaps $2.6 million. |
Financial_Assets_and_Liabiliti1
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 |
Interest Rate Swaps | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Less Than Six Months | Less Than Six Months | Less Than 6 Years | Less Than 6 Years | |
Foreign Exchange Swaps | Foreign Exchange Swaps | Foreign Exchange Swaps | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Derivatives Designated as Hedging Instruments | Fair Value, Measurements, Recurring | ||
Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Fair Value Hedge | Derivatives Designated as Hedging Instruments | |||||
Foreign Exchange Swaps | Foreign Exchange Swaps | Interest Rate Swaps | Fair Value Hedge | |||||
Other Current Assets Liabilities | Other Current Assets Liabilities | Interest Rate Swaps | ||||||
Other Non Current Asset | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative notional volume, amount after offsetting swaps | ' | $425.40 | $554.80 | $845.20 | $425.40 | $554.80 | ' | ' |
Derivative asset, amount after offsetting swaps | ' | ' | ' | ' | 1.5 | 0.6 | ' | ' |
Derivative liability, amount after offsetting swaps | ' | ' | ' | ' | 2.6 | 0.6 | ' | ' |
Decrease in derivative asset | $60 | ' | ' | ' | ' | ' | $60 | $60 |
Derivatives_Designated_as_Hedg
Derivatives Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Interest Rate Swaps | Fair Value Hedge | Fair Value Hedge | Fair Value Hedge | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | ||||||
Fixed Rate Private Placement Debt Due 2019 | Fixed Rate Private Placement Debt Due 2019 | Fixed Rate Private Placement Debt Due 2019 | Fair Value Hedge | Fair Value Hedge | Fair Value Hedge | ||||||||||
Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | |||||||||||||
Less Than 8 Years | Less Than 6 Years | Less Than 7 Years | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Nominal Volume | ' | ' | ' | $60 | ' | $60 | $60 | ' | $60 | $60 | $60 | ' | $60 | ||
Other Financial Items, net | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | [1] | ' |
Interest Expense | 0 | 0 | 0 | ' | 1.3 | [1] | -0.7 | -5.9 | ' | ' | ' | 5.9 | -1.3 | [1] | 0.7 |
Interest Income | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | [1] | ' |
Amount of gain (loss) recognized in OCI on derivative effective portion | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | [1] | ' |
Amount of gain (loss) reclassified from accumulated OCI into interest expense | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | [1] | ' |
[1] | The decrease from year end is explained by the closure of a $60 million interest rate swap in the first quarter of 2013. |
Derivatives_Designated_as_Hedg1
Derivatives Designated as Hedging Instruments (Parenthetical) (Detail) (Interest Rate Swaps, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Decrease in derivative asset | $60 |
Less Than 6 Years | Derivatives Designated as Hedging Instruments | Fair Value Hedge | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Decrease in derivative asset | $60 |
Derivatives_Not_Designated_as_
Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Other Financial Items, net | ' | ' | ' | |||
Interest Expense | 0 | 0 | 0 | |||
Interest Income | ' | ' | ' | |||
Not Designated as Hedging Instrument | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Nominal Volume | 504.1 | 700.8 | 1,241.90 | |||
Interest Income | ' | ' | ' | |||
Not Designated as Hedging Instrument | Cross Currency Interest Rate Swaps | Less Than 1 Year | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Other Financial Items, net | ' | ' | -3.8 | |||
Interest Expense | ' | ' | 0.1 | |||
Interest Income | ' | ' | ' | |||
Not Designated as Hedging Instrument | Foreign Exchange Swaps | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Nominal Volume | 504.1 | [1] | 700.8 | [2] | 1,241.90 | [3] |
Other Financial Items, net | -1.1 | -4 | 6.8 | |||
Interest Expense | 0 | -0.1 | 0.2 | |||
Interest Income | ' | ' | ' | |||
[1] | Net amount after deducting for offsetting swaps $425.4 million. | |||||
[2] | Net amount after deducting for offsetting swaps $554.8 million. | |||||
[3] | Net amount after deducting for offsetting swaps $845.2 million. |
Derivatives_Not_Designated_as_1
Derivatives Not Designated as Hedging Instruments (Parenthetical) (Detail) (Not Designated as Hedging Instrument, Foreign Exchange Swaps, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Not Designated as Hedging Instrument | Foreign Exchange Swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative notional volume, amount after offsetting swaps | $425.40 | $554.80 | $845.20 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Restructuring reserves | $94.20 | $75.80 | $32.30 | $48.60 |
Fair Value | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Restructuring reserves | $94.20 | $75.80 | ' | ' |
Income_Before_Income_Taxes_Det
Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Before Income Tax [Line Items] | ' | ' | ' |
U.S. | $169.40 | $171.20 | $165.10 |
Non-U.S. | 564.6 | 497.4 | 663.2 |
Income before income taxes | $734 | $668.60 | $828.30 |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current U.S. federal | $42.70 | $62.80 | $32.30 |
Current Non-U.S. | 164.7 | 146.2 | 157.6 |
Current U.S. state and local | 1.6 | 5.8 | 6.5 |
Deferred U.S. federal | 11.7 | 0.2 | 1.8 |
Deferred Non-U.S. | 22.2 | -29.6 | 3 |
Deferred U.S. state and local | 1.2 | -2.4 | 0.1 |
Total income tax expense (benefit) | $244.10 | $183 | $201.30 |
Effective_Income_Tax_Rate_Deta
Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Effective Income Tax Rate [Line Items] | ' | ' | ' |
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign tax rate variances | -8.20% | -7.60% | -7.50% |
Tax credits | -4.50% | -3.20% | -3.00% |
Change in Valuation Allowances | 5.30% | -1.10% | 0.20% |
Current year losses with no benefit | 4.00% | 3.20% | 1.40% |
Net operating loss carry-forwards | -0.10% | -0.20% | -0.40% |
Changes in tax reserves | 1.10% | 0.00% | -2.40% |
Cost of double taxation | 0.60% | 0.90% | 0.70% |
Earnings of equity investments | -0.40% | -0.40% | -0.30% |
Withholding taxes | 1.00% | 1.60% | 1.90% |
State taxes, net of federal benefit | 0.20% | 0.30% | 0.50% |
Statutory Investment Allowances | 0.00% | -2.30% | -1.40% |
Antitrust Settlement | 0.00% | 0.90% | 0.00% |
Other, net | -0.80% | 0.30% | -0.40% |
Effective income tax rate | 33.20% | 27.40% | 24.30% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2010 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Net operating loss carry-forwards | $287,000,000 | ' | ' | ' | ' |
Net operating loss carry-forwards with have no expiration date | 201,000,000 | ' | ' | ' | ' |
Net Operating loss carry-forwards, expiration date | '2030 | ' | ' | ' | ' |
Tax credit carry-forwards | 20,000,000 | ' | ' | ' | ' |
Tax credit carry-forwards, expiration date | '2022 | ' | ' | ' | ' |
Investment tax credit carry-forwards | 3,000,000 | ' | ' | ' | ' |
Investment tax credit carry-forwards, expiration date | '2021 | ' | ' | ' | ' |
Valuation allowances | 115,500,000 | 44,800,000 | 41,700,000 | ' | 30,100,000 |
Income tax holidays, tax savings | ' | 12,000,000 | 10,000,000 | ' | ' |
Income tax holidays income tax benefit per share | ' | $0.13 | $0.11 | ' | ' |
Effective income tax rate | 33.20% | 27.40% | 24.30% | ' | ' |
Release of tax reserves as a result of the conclusion of the tax audits and other proceedings | ' | ' | ' | 24,000,000 | ' |
Unrecognized tax benefits related to prior years | ' | 15,600,000 | ' | ' | ' |
Unrecognized accrued interest and penalties | 2,100,000 | 2,200,000 | ' | ' | ' |
Increase to income tax reserves for unrecognized tax benefits based on tax positions related to current and prior years | 7,700,000 | ' | ' | ' | ' |
Unrecognized tax benefits reserve that would impact effective tax rate if released into income | 23,300,000 | ' | ' | ' | ' |
Unrecognized tax benefits payable, current | 4,000,000 | ' | ' | ' | ' |
Unrecognized tax benefits payable, non-current | 19,300,000 | ' | ' | ' | ' |
Undistributed earnings of non-U.S. operations | 4,300,000,000 | ' | ' | ' | ' |
Valuation allowance related to the inefficiencies in Europe and capacity alignment due to depressed volumes in the region | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Valuation allowances | $39,000,000 | ' | ' | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Effective income tax rate | 25.00% | ' | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Effective income tax rate | 30.00% | ' | ' | ' | ' |
Tax_Benefits_Unrecognized_Deta
Tax Benefits Unrecognized (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Unrecognized tax benefits at beginning of year | $14.70 | $14 | $33.20 |
Increases as a result of tax positions taken during a prior period | 7.2 | 1.3 | 5.1 |
Decreases as a result of tax positions taken during a prior period | -0.3 | -0.3 | -4 |
Increases as a result of tax positions taken during the current period | 2.9 | 0.6 | 1.9 |
Decreases as a result of tax positions taken during the current period | 0 | 0 | 0 |
Decreases relating to settlements with taxing authorities | -0.8 | -0.3 | -5.1 |
Decreases resulting from the lapse of the applicable statute of limitations | -0.6 | -1.3 | -15.9 |
Translation Difference | -0.4 | 0.7 | -1.2 |
Total unrecognized tax benefits at end of year | $22.70 | $14.70 | $14 |
Deferred_Taxes_Detail
Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ' | ' | ' | ' |
Provisions | $97.20 | $105.90 | $96.10 | ' |
Costs capitalized for tax | 18.5 | 11.5 | 5.9 | ' |
Property, plant and equipment | 20.9 | 26.1 | 27.2 | ' |
Retirement Plans | 49.9 | 99.7 | 79.8 | ' |
Tax receivables, principally NOL's | 136.6 | 104.9 | 80.8 | ' |
Deferred tax assets before allowances | 323.1 | 348.1 | 289.8 | ' |
Valuation allowances | -115.5 | -44.8 | -41.7 | -30.1 |
Total | 207.6 | 303.3 | 248.1 | ' |
Acquired intangibles | -25.3 | -29.2 | -31.9 | ' |
Statutory tax allowances | -1.3 | -1.5 | -2.1 | ' |
Insurance deposit | -6.4 | -7.5 | -7.6 | ' |
Distribution taxes | -38.1 | -43 | -32 | ' |
Other | -3 | -2.5 | -1.4 | ' |
Total | -74.1 | -83.7 | -75 | ' |
Net deferred tax asset | $133.50 | $219.60 | $173.10 | ' |
Valuation_Allowance_Against_De
Valuation Allowance Against Deferred Tax Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance [Line Items] | ' | ' | ' |
Allowances at beginning of year | $44.80 | $41.70 | $30.10 |
Benefits reserved current year | 76.1 | 15.7 | 31.2 |
Benefits recognized current year | -1.8 | -11.7 | -15.1 |
Write-offs and other changes | 0 | 0 | -1.5 |
Translation difference | -3.6 | -0.9 | -3 |
Allowances at end of year | $115.50 | $44.80 | $41.70 |
Receivables_Detail
Receivables (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivables [Line Items] | ' | ' | ' |
Receivables | $1,692.60 | $1,516.60 | $1,466.10 |
Allowance at beginning of year | -7.3 | -8.3 | -7.5 |
Reversal of allowance | 4.1 | 2.1 | 1.7 |
Addition to allowance | -2.2 | -2.1 | -4.7 |
Write-off against allowance | 0.9 | 1.2 | 2 |
Translation difference | -0.1 | -0.2 | 0.2 |
Allowance at end of year | -4.6 | -7.3 | -8.3 |
Total receivables, net of allowance | $1,688 | $1,509.30 | $1,457.80 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Inventory [Line Items] | ' | ' | ' |
Raw material | $314.80 | $287.70 | $295.50 |
Work in progress | 232.9 | 225.9 | 219.9 |
Finished products | 201.9 | 180.9 | 184 |
Inventories | 749.6 | 694.5 | 699.4 |
Inventory reserve at beginning of year | -83.5 | -76.1 | -81.6 |
Reversal of reserve | 5.1 | 5.3 | 5.1 |
Addition to reserve | -20.8 | -22.9 | -17.2 |
Write-off against reserve | 10.5 | 10.4 | 16.9 |
Translation difference | 0.9 | -0.2 | 0.7 |
Inventory reserve at end of year | -87.8 | -83.5 | -76.1 |
Total inventories, net of reserve | $661.80 | $611 | $623.30 |
Recovered_Sheet1
Investments and Other Non-Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments and Other Non-current Assets | ' | ' |
Investments in affiliated companies | $26.60 | $25.40 |
Deferred tax assets | 122.4 | 200.6 |
Income tax receivables | 54.7 | 50.8 |
Derivative assets | 0 | 15.8 |
Long-term interest bearing deposit (insurance arrangement) | 20.2 | 23.2 |
Other non-current assets | 35.1 | 25.5 |
Investments and other non-current assets | $259 | $341.30 |
Percentage_of_Ownership_in_Aff
Percentage of Ownership in Affiliated Companies (Detail) | Dec. 31, 2013 |
France | EAK SA Composants Pour L'Industrie Automobile | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership | 49.00% |
France | EAK SNC Composants Pour L'Industrie Automobile | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership | 49.00% |
Malaysia | Autoliv-Hirotako Safety Sdn Bhd (Parent And Subsidiaries) | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership | 49.00% |
China | Changchun Hongguang-Autoliv Vehicle Safety Systems Co. Ltd. | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Percentage of ownership | 30.00% |
Schedule_of_Property_Plant_and
Schedule of Property Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Machinery and Equipment | Machinery and Equipment | Land and Land Improvements | Buildings | Buildings | ||
Minimum | Maximum | Minimum | Maximum | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Land and land improvements | $114.80 | $119.30 | ' | ' | ' | ' | ' |
Machinery and equipment | 3,199.20 | 3,030.10 | ' | ' | ' | ' | ' |
Buildings | 801.1 | 764.3 | ' | ' | ' | ' | ' |
Construction in progress | 253.2 | 213.7 | ' | ' | ' | ' | ' |
Property, plant and equipment | 4,368.30 | 4,127.40 | ' | ' | ' | ' | ' |
Less accumulated depreciation | -3,032.10 | -2,894.60 | ' | ' | ' | ' | ' |
Net of depreciation | $1,336.20 | $1,232.80 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '3 years | '8 years | '15 years | '20 years | '40 years |
Depreciation_Included_in_Prope
Depreciation Included in Property Plant and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $265.60 | $253 | $249.70 |
Cost of Sales | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | 237.2 | 225.4 | 221 |
Selling, General and Administrative Expenses | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | 8.2 | 8.2 | 8.7 |
Research, Development and Engineering Expenses | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $20.20 | $19.40 | $20 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Fixed asset impairments | $0 | $0 | $0 |
Machinery and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net book value of capital lease assets | 0.7 | 0.7 | ' |
Land and Building | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net book value of capital lease assets | $1.50 | $1.70 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Goodwill, Carrying amount at beginning of year | $1,610.80 | $1,607 |
Goodwill, Acquisitions and purchase price adjustments | ' | ' |
Goodwill, Translation differences | -0.7 | 3.8 |
Goodwill, Carrying amount at end of year | 1,610.10 | 1,610.80 |
Amortized Intangible, Gross carrying amount | 398.9 | 403.4 |
Amortized Intangible, Accumulated amortization | -321.6 | -307.2 |
Amortized Intangible, Carrying value | $77.30 | $96.20 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Impairments of goodwill | $0 | $0 | $0 |
Goodwill | 1,610.10 | 1,610.80 | 1,607 |
Amortization expense on intangible assets | 20.4 | 20.2 | 18.6 |
2014 | 17.2 | ' | ' |
2015 | 14.8 | ' | ' |
2016 | 13.2 | ' | ' |
2017 | 12.4 | ' | ' |
2018 | 12.3 | ' | ' |
Morton International, Inc | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $1,200 | ' | ' |
Schedule_of_Changes_in_Balance
Schedule of Changes in Balance Sheet Position of Restructuring Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring reserve, beginning balance | $75.80 | $32.30 | $48.60 |
Provision/Charge | 40.4 | 76.9 | 10.9 |
Provision/Reversal | -4.9 | -2.1 | -4.9 |
Cash payments | -20.4 | -33.3 | -22.3 |
Translation difference | 3.3 | 2 | 0 |
Restructuring reserve, ending balance | 94.2 | 75.8 | 32.3 |
Restructuring employee-related | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring reserve, beginning balance | 74.9 | 31.4 | 48.4 |
Provision/Charge | 40.4 | 76.6 | 10.1 |
Provision/Reversal | -4.7 | -1.8 | -4.9 |
Cash payments | -20 | -33.3 | -22.2 |
Translation difference | 3.3 | 2 | 0 |
Restructuring reserve, ending balance | 93.9 | 74.9 | 31.4 |
Other Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring reserve, beginning balance | 0.9 | 0.9 | 0.2 |
Provision/Charge | ' | 0.3 | 0.8 |
Provision/Reversal | -0.2 | -0.3 | ' |
Cash payments | -0.4 | 0 | -0.1 |
Restructuring reserve, ending balance | $0.30 | $0.90 | $0.90 |
Summary_of_Change_in_Balance_S
Summary of Change in Balance Sheet Position of Product-Related Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Product Liability Contingency [Line Items] | ' | ' | ' |
Reserve at beginning of the year | $29.90 | $33 | $39.20 |
Change in reserve | 21.3 | 19.3 | 14.8 |
Cash payments | -15.2 | -22.7 | -21.2 |
Translation difference | 0.4 | 0.3 | 0.2 |
Reserve at end of the year | $36.40 | $29.90 | $33 |
Debt_and_Credit_Agreements_Add
Debt and Credit Agreements - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2012 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Apr. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2012 | Mar. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2009 | Jun. 30, 2009 | Dec. 31, 2012 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Nov. 30, 2014 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Banks Rated A- or Above | Banks Rated BBB+ | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | Syndicated By Banks | First Anniversary of April 2011 Loan Facility | Second Anniversary of April 2011 Loan Facility | United States Program | Swedish Program | Swedish Program | U.S. Private Placement Notes | U.S. Private Placement Notes | Senior Notes | Senior Notes | Floating Interest Rate of STIBOR + 3.9% | Floating Interest Rate of STIBOR + 3.9% | Floating Interest Rate of STIBOR + 0.95% | Floating Interest Rate of STIBOR + 0.95% | Fixed Rate Notes | Fixed Rate Notes | Brazilian Development Bank | Russia | Japanese Banks | Japanese Banks | Interest Rate Swaps | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | |||
Tranche | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | SEK | USD ($) | Scenario, Forecast | USD ($) | USD ($) | USD ($) | SEK | USD ($) | SEK | USD ($) | SEK | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest Rate Swaps | European Investment Bank | Commercial Paper | Interest Rate Swaps | ||||||||||||||
M | M | M | M | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||
Debt And Credit Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total short-term debt including DRD | ' | ' | $341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term portion of long-term debt | ' | ' | 274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 3.85% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' |
Senior notes yield rate | ' | ' | ' | ' | ' | ' | ' | 2.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity date | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in exchange of U.S treasury securities, shares | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in exchange of U.S treasury securities, value | 106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes and loans having fixed interest rates | ' | ' | ' | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate on notes and loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | 5.80% | ' | ' | ' | ' | ' | ' | 2.49% | 2.49% | ' | ' | ' | ' | ' | 6.10% | 2.50% | 6.20% | ' | ' | 5.40% |
Weighted average interest rate on short-term debt | ' | ' | 3.50% | ' | ' | ' | 3.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.80% | 8.50% | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt excluding commercial paper | ' | ' | 380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt excluding commercial paper, utilized amount | ' | ' | 104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused short-term lines of credit | ' | ' | 276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | 266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches of notes | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nominal value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' |
Notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | '2014 | '2017 | '2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floating interest rates on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.90% | 3.90% | 0.95% | 0.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment cost | ' | ' | ' | -6.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 300 | 54 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-12 | '2017-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility commitment fee percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.26% | 0.26% | ' | ' | 0.30% | 0.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term debt | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility amount | 1,100 | 1,100 | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | 275 | 200 | 309 | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks syndicated on revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing costs | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit extension fees | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Irrevocable loan commitment, in months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 18 | 18 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration of loan commitment remaining amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' |
Line of credit facility non utilization fee percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unutilized long-term debt facilities | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,078 | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calculated risk amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Money market funds | ' | ' | 433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' |
Government paper | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Profile_Detail
Debt Profile (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2012 | Mar. 30, 2009 | |
In Millions, unless otherwise specified | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate | ' | ' | 3.85% | 8.00% | |
Total long-term | $279.10 | $562.90 | ' | ' | |
Total | 266 | ' | ' | ' | |
Total Debt As Reported | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
2014 | 339.4 | ' | ' | ' | |
2015 | 1.5 | ' | ' | ' | |
2017 | 204.9 | ' | ' | ' | |
Thereafter | 72.7 | ' | ' | ' | |
Total long-term | 279.1 | ' | ' | ' | |
Total | 618.5 | ' | ' | ' | |
U.S. Private Placement Notes | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Weighted average interest rate | 4.80% | [1] | ' | ' | ' |
2014 | 125 | [1] | ' | ' | ' |
2017 | 105 | [1] | ' | ' | ' |
Thereafter | 60 | [1] | ' | ' | ' |
Total long-term | 165 | [1] | ' | ' | ' |
Total | 290 | [1] | ' | ' | ' |
Overdraft/Other Short-term Debt | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Weighted average interest rate | 4.00% | [1] | ' | ' | ' |
2014 | 66.8 | [1] | ' | ' | ' |
Total | 66.8 | [1] | ' | ' | ' |
Notes Issued As a Part Of Equity Units | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate | 3.90% | [2] | ' | ' | ' |
2014 | 106.6 | [2] | ' | ' | ' |
Total | 106.6 | [2] | ' | ' | ' |
Medium-term Notes | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Weighted average interest rate | 2.30% | ' | ' | ' | |
2017 | 99.9 | ' | ' | ' | |
Total long-term | 99.9 | ' | ' | ' | |
Total | 99.9 | ' | ' | ' | |
Other Long-term Loans, Including Current Portion | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Weighted average interest rate | 4.60% | [3] | ' | ' | ' |
2014 | 42.2 | [3] | ' | ' | ' |
2015 | 1.5 | [3] | ' | ' | ' |
Total long-term | 1.5 | [3] | ' | ' | ' |
Total | 43.7 | [3] | ' | ' | ' |
Total Debt As Cash Flow Including Debt Related Derivatives | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
2014 | 340.6 | [1] | ' | ' | ' |
2015 | 1.5 | [1] | ' | ' | ' |
2017 | 204.9 | [1] | ' | ' | ' |
Thereafter | 60 | [1] | ' | ' | ' |
Total long-term | 266.4 | [1] | ' | ' | ' |
Total | 607 | [1] | ' | ' | ' |
Debt Related Derivatives Adjustment | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
2014 | -1.2 | ' | ' | ' | |
Thereafter | 12.7 | ' | ' | ' | |
Total long-term | 12.7 | ' | ' | ' | |
Total | $11.50 | ' | ' | ' | |
[1] | Debt Related Derivatives (DRD), i.e. the fair value adjustments associated with hedging instruments as adjustments to the carrying value of the underlying debt. Included in the DRD is also the unamortized fair value adjustment related to a discontinued fair value hedge which will be amortized over the remaining life of the debt. | ||||
[2] | Repriced in 2012, final maturity in 2014. | ||||
[3] | Primarily external BRL, RUB and JPY loans drawn locally. |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2012 | Mar. 30, 2009 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2009 | Mar. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | |
Stock Repurchase Program | Equity Offering | Repurchase Of Equity Units | Repurchase Of Equity Units | Stock Incentive Plan | Stock Incentive Plan | Stock Incentive Plan | Subsequent Event | |||||||
Stock Repurchase Program | ||||||||||||||
Shareholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares outstanding | ' | ' | ' | 94,396,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares sold from treasury stock | ' | 14,700,000 | ' | 4,000,000 | ' | ' | ' | 14,700,000 | 5,800,000 | 3,100,000 | 500,000 | 400,000 | 300,000 | ' |
Equity units number issued, units | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares sold aggregate stated amount | $106,273,000 | $235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity units sold aggregate public offering price | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward purchase price contract obligation per share | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undivided beneficial ownership interest | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes principal amount | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | 8.00% | ' | ' | ' | 3.85% | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase contract settlement date | ' | ' | ' | '2012-04-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes maturity | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of underwriting commissions as deferred charges | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting commissions paid, total | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, final maturity date after which reset interest rate is applicable | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes coupon yield per annum | ' | ' | ' | ' | ' | 2.88% | ' | ' | ' | ' | ' | ' | ' | ' |
Equity units outstanding | 4,250,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued in exchange for equity units | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in exchange under purchase contracts | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares that may yet be purchased | ' | ' | ' | ' | ' | ' | 1,551,693 | ' | ' | ' | ' | ' | ' | 11,600,000 |
Additional number of shares approved to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Aggregate number of shares repurchased | ' | ' | ' | 35,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of shares repurchased | ' | ' | ' | $1,621,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased shares remain in treasury stock | ' | ' | ' | 8,400,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Dividends_Paid_Det
Schedule of Dividends Paid (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend paid per share | $0.50 | $0.50 | $0.50 | $0.50 | $0.50 | $0.47 | $0.47 | $0.45 | $2 | $1.89 | $1.73 |
Cash dividend declared per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.02 | $1.94 | $1.78 |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Cumulative translation adjustments | $49.40 | [1] | $67.20 | [1] | $38.40 | [1] |
Net pension liability | -48.9 | [1] | -107.7 | [1] | -80.7 | [1] |
Total (ending balance) | 0.5 | [1] | -40.5 | [1] | -42.3 | [1] |
Deferred taxes on the pension liability | $21.40 | [1] | $59.70 | [1] | $45.50 | [1] |
[1] | The components of Other Comprehensive Income (Loss) are net of any related income tax effects. |
Share_Repurchase_Program_Detai
Share Repurchase Program (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share Repurchases [Line Items] | ' |
Cash paid for shares | $147.90 |
Stock Repurchase Program | ' |
Share Repurchases [Line Items] | ' |
Shares repurchased | 1,551,693 |
Schedule_of_Acquisitions_and_D
Schedule of Acquisitions and Divestitures of Businesses, Net of Cash Acquired (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Fair value of assets acquired excluding cash | ' | ' | ($32.40) |
Liabilities assumed | ' | ' | 9.2 |
Cash paid for prior year acquisitions | -2 | -1.8 | ' |
Acquisition of businesses, net of cash acquired | -2 | -1.8 | -23.2 |
Divestitures of business, net of cash disposed | ' | $5.20 | $5.40 |
Schedule_of_Payments_for_Inter
Schedule of Payments for Interest and Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Line Items] | ' | ' | ' |
Interest | $33 | $40 | $68 |
Income taxes | $206 | $237 | $257 |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options granted for term, years | 10 | ' | ' |
Date shares become exercisable | 1 | ' | ' |
Shares transferred to employee term, years | 3 | ' | ' |
Weighted average grant date fair value of stock options granted | $15.61 | $18.01 | $23.27 |
Total stock compensation cost | $8.30 | $7.70 | $7.40 |
Total compensation cost related to non-vested awards | 5.6 | ' | ' |
Weighted average period over which cost is expected to be recognized | '2 years | ' | ' |
Stock Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum common shares that may be issued for awards | 9,585,055 | ' | ' |
Number of common shares that have been issued for awards | 5,715,566 | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value | 4.3 | 3.3 | 4.5 |
Aggregate intrinsic value | 18.8 | ' | ' |
Weighted average grant date fair value of restricted stock unit granted | $64.59 | $61.58 | $68.33 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value | 27.1 | ' | ' |
Closing price per share | $91.80 | ' | ' |
Aggregate intrinsic value for stock options exercisable | $27.10 | ' | ' |
Assumption_Used_in_Optionprici
Assumption Used in Option-pricing Valuation Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.90% | 0.90% | 2.20% |
Dividend yield | 2.30% | 2.80% | 2.20% |
Expected life in years | '4 years 1 month 6 days | '4 years 1 month 6 days | '4 years 1 month 6 days |
Expected volatility | 34.00% | 42.00% | 45.00% |
Schedule_of_Number_of_Restrict
Schedule of Number of Restricted Stock Units (Detail) (Restricted Stock Units (RSUs)) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding at beginning of year | 211,618 | 320,122 | 360,928 |
Granted | 91,230 | 72,900 | 64,599 |
Shares issued | -84,342 | -172,212 | -84,294 |
Cancelled/Forfeited/Expired | -14,229 | -9,192 | -21,111 |
Outstanding at end of year | 204,277 | 211,618 | 320,122 |
Schedule_of_Number_of_Stock_Op
Schedule of Number of Stock Options (Detail) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of options, Outstanding beginning balance | 1,012,230 | 1,073,002 | 1,155,966 |
Granted | 273,541 | 218,695 | 193,833 |
Exercised | -437,751 | -254,440 | -244,218 |
Cancelled/Forfeited/Expired | -16,319 | -25,027 | -32,579 |
Number of options, Outstanding ending balance | 831,701 | 1,012,230 | 1,073,002 |
Weighted average exercise price, Outstanding beginning balance | $53.91 | $46.26 | $40.31 |
Granted | $69.18 | $67 | $72.95 |
Exercised | $53.58 | $33.26 | $40.32 |
Cancelled/Forfeited/Expired | $49.25 | $50.59 | $38.38 |
Weighted average exercise price, Outstanding ending balance | $59.20 | $53.91 | $46.26 |
Schedule_of_Options_Exercisabl
Schedule of Options Exercisable (Detail) (Options Exercisable, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options Exercisable | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options exercisable, shares | 559,483 | 796,720 | 886,605 |
Weighted average exercise price | $54.34 | $50.37 | $40.65 |
Summary_of_Stock_Options_Outst
Summary of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 831,701 |
Remaining contract life in years, Outstanding options | '6 years 7 months 21 days |
Number outstanding, Weighted average exercise price | $59.20 |
Number exercisable | 559,483 |
Remaining contract life in years, Exercisable options | '5 years 4 months 28 days |
Number exercisable, Weighted average exercise price | $54.34 |
$16.31-$19.96 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized under stock option plans, exercise price range, lower range Limit | $16.31 |
Shares authorized under stock option plans, exercise price range, upper range limit | $19.96 |
Number outstanding | 53,350 |
Remaining contract life in years, Outstanding options | '5 years 1 month 21 days |
Number outstanding, Weighted average exercise price | $16.31 |
Number exercisable | 53,350 |
Remaining contract life in years, Exercisable options | '5 years 1 month 21 days |
Number exercisable, Weighted average exercise price | $16.31 |
$40.26-$49.60 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized under stock option plans, exercise price range, lower range Limit | $40.26 |
Shares authorized under stock option plans, exercise price range, upper range limit | $49.60 |
Number outstanding | 161,220 |
Remaining contract life in years, Outstanding options | '3 years 11 months 5 days |
Number outstanding, Weighted average exercise price | $45.65 |
Number exercisable | 161,220 |
Remaining contract life in years, Exercisable options | '3 years 11 months 5 days |
Number exercisable, Weighted average exercise price | $45.65 |
$51.67 - $59.01 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized under stock option plans, exercise price range, lower range Limit | $51.67 |
Shares authorized under stock option plans, exercise price range, upper range limit | $59.01 |
Number outstanding | 130,875 |
Remaining contract life in years, Outstanding options | '3 years 7 months 24 days |
Number outstanding, Weighted average exercise price | $55.29 |
Number exercisable | 130,875 |
Remaining contract life in years, Exercisable options | '3 years 7 months 24 days |
Number exercisable, Weighted average exercise price | $55.29 |
$67.00 - $72.95 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized under stock option plans, exercise price range, lower range Limit | $67 |
Shares authorized under stock option plans, exercise price range, upper range limit | $72.95 |
Number outstanding | 486,256 |
Remaining contract life in years, Outstanding options | '8 years 6 months |
Number outstanding, Weighted average exercise price | $69.44 |
Number exercisable | 214,038 |
Remaining contract life in years, Exercisable options | '7 years 8 months 5 days |
Number exercisable, Weighted average exercise price | $69.78 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 06, 2012 | Dec. 31, 2013 |
Defendant | ||
Employee | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Cash paid for litigation settlements | $14.50 | ' |
Number of employees impacted | ' | 3 |
Number of defendants in antitrust class actions | ' | 17 |
United States District Court for Eastern District of Michigan | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Number of pending antitrust class actions | ' | 13 |
Number of additional antitrust class actions | ' | 1 |
Ontario and Quebec Superior Court | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Number of pending antitrust class actions | ' | 3 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases Disclosure [Line Items] | ' | ' | ' |
Rental expense for operating leases | $45.80 | $35.50 | $36.40 |
Operating lease, future minimum payment, total | 117.8 | ' | ' |
Operating lease, future minimum payment, 2014 | 37.8 | ' | ' |
Operating lease, future minimum payment, 2015 | 28 | ' | ' |
Operating lease, future minimum payment, 2016 | 17.3 | ' | ' |
Operating lease, future minimum payment, 2017 | 12.7 | ' | ' |
Operating lease, future minimum payment, 2018 | 9.9 | ' | ' |
Operating lease, future minimum payment, 2019 and thereafter | 12.1 | ' | ' |
Capital lease, future minimum payment, total | 1 | ' | ' |
Capital lease, future minimum payment, 2014 | 0.5 | ' | ' |
Capital lease, future minimum payment, 2015 | 0.4 | ' | ' |
Capital lease, future minimum payment, 2016 | 0.1 | ' | ' |
Capital lease, future minimum payment, 2017 | 0 | ' | ' |
Capital lease, future minimum payment, 2018 | 0 | ' | ' |
Capital lease, future minimum payment, 2019 and thereafter | $0 | ' | ' |
Capital Lease | ' | ' | ' |
Leases Disclosure [Line Items] | ' | ' | ' |
Leases expiration date | 'Various dates through 2017 | ' | ' |
Operating Leases | ' | ' | ' |
Leases Disclosure [Line Items] | ' | ' | ' |
Leases expiration date | 'Various dates through 2045 | ' | ' |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||||||
U.S. | U.S. | U.S. | U.S. | U.S. | U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | U K | U K | U K | ||||||||||
Y | Debt Instruments | Subsequent Event | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Two Thousand Thirteen | Debt Instruments | |||||||||||||||||
Y | Y | ||||||||||||||||||||||||||
Retirement Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Contributions to defined contribution plans | $19.70 | $18.10 | $14.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Minimum percentage for which multiemployer plans is funded | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Contributions to multi-employer plans | 1.9 | 2.3 | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Estimated prior service credit amortizable from other comprehensive income into net benefit cost | ' | ' | ' | ' | -1 | -1 | ' | ' | ' | 0.2 | 0.1 | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ||||||
Expected amortization of net actuarial losses in next fiscal year | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net periodic benefit cost | ' | ' | ' | ' | 19.5 | ' | ' | ' | ' | 20.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net periodic benefit cost expected for next fiscal year | ' | ' | ' | 5.8 | 5.8 | ' | ' | ' | ' | 18.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Estimated net actuarial loss that will be amortized from other Comprehensive income into net benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ||||||
Estimated remaining service lives of the plan participants, years | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ||||||
Accumulated benefit obligation | ' | ' | ' | 204.9 | 204.9 | 262.1 | ' | ' | ' | 172.3 | 164.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension plan assets, amount exceed accumulated benefit obligation | ' | ' | ' | 18.7 | 18.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Targeted level of equity exposure | 45.00% | ' | ' | 55.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term rate of return plan assets assumed for calculating expense | ' | ' | ' | ' | 7.50% | 7.50% | 7.50% | ' | 7.08% | ' | ' | 3.00% | [1] | 3.75% | [1] | 1.50% | [1] | 5.75% | [1] | 5.75% | [1] | 6.25% | [1] | ' | ' | ' | ' |
Target allocation | ' | ' | ' | ' | 100.00% | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ||||||
Percentage of total plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | ||||||
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | ' | 42.2 | 6.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.3 | ' | ||||||
Defined Benefit Plan, unscheduled voluntary contributions by Employer | ' | ' | ' | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Expected contribution by the company over the next fiscal year | ' | ' | ' | ' | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ||||||
Post retirement plan description | 'In general, the terms of the plans provide that U.S. employees who retire after attaining age 55, with five years of service (15 years after December 31, 2006), are eligible for continued health care and life insurance coverage. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Years of service to qualify for a benefit from the plan in the future. | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Weighted average discount rate used to determine U.S. postretirement benefit obligation | 5.05% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Average discount rate used to determine U.S. postretirement benefit cost | 4.25% | 4.60% | 5.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Increase or decrease in the annual health care cost trend rates | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Defined benefit plans that will be amortized from other comprehensive income | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | The Non-U.S. weighted average plan ranges in the tables above have been prepared using significant plans only, which in total represent more than 90% of the total Non-U.S. projected benefit obligation. |
Changes_in_Benefit_Obligations
Changes in Benefit Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plans [Line Items] | ' | ' | ' |
Accrued postretirement benefit cost recognized in the balance sheet | ($34.30) | ($34.60) | ($30.80) |
Postretirement Benefits Other Than Pensions | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 34.6 | 30.8 | 27.9 |
Service cost | 1.4 | 1.1 | 1.3 |
Interest cost | 1.4 | 1.3 | 1.5 |
Actuarial (gain) loss due to: Change in discount rate | -3.7 | 1.9 | 3.1 |
Actuarial (gain) loss due to: Experience | 1 | -3.1 | 0.5 |
Actuarial (gain) loss due to: Other assumption changes | -1 | 3.2 | -2.7 |
Benefits paid | -0.3 | -0.5 | -0.8 |
Other | 0.9 | -0.1 | ' |
Benefit obligation at end of year | 34.3 | 34.6 | 30.8 |
Postretirement Benefits Other Than Pensions | Fair Value Of Plan Assets | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Company contributions | 0.3 | 0.5 | 0.8 |
Benefits paid | -0.3 | -0.5 | -0.8 |
U.S. | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Company contributions | 42.2 | 6.7 | ' |
Funded status recognized in the balance sheet | -42.2 | -154.8 | ' |
U.S. | Benefit Obligation | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 314.2 | 257 | ' |
Service cost | 9.3 | 8.3 | ' |
Interest cost | 12.8 | 12.3 | ' |
Actuarial (gain) loss due to: Change in discount rate | -53.1 | 34.1 | ' |
Actuarial (gain) loss due to: Experience | -17.5 | 13.7 | ' |
Actuarial (gain) loss due to: Other assumption changes | 7.1 | -5.9 | ' |
Benefits paid | -7 | -5.3 | ' |
Benefit obligation at end of year | 265.8 | 314.2 | ' |
U.S. | Benefit Obligation | Fair Value Of Plan Assets | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 159.4 | 140.5 | ' |
Actual return on plan assets | 29 | 17.5 | ' |
Company contributions | 42.2 | 6.7 | ' |
Benefits paid | -7 | -5.3 | ' |
Fair value of plan assets at end of year | 223.6 | 159.4 | ' |
Non-U.S. | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Funded status recognized in the balance sheet | -105.1 | -100.6 | ' |
Non-U.S. | Benefit Obligation | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 195.4 | 160.5 | ' |
Service cost | 13.5 | 12 | ' |
Interest cost | 7.3 | 7.1 | ' |
Actuarial (gain) loss due to: Change in discount rate | -8.3 | 16.3 | ' |
Actuarial (gain) loss due to: Experience | 2.3 | 0 | ' |
Actuarial (gain) loss due to: Other assumption changes | 3 | 1.3 | ' |
Plan participants' contributions | 0.2 | 0.2 | ' |
Plan amendments | 0.5 | 0.1 | ' |
Benefits paid | -7.7 | -5.6 | ' |
Settlements | ' | -7 | ' |
Curtailments | 0.1 | 0 | ' |
Special termination benefits | 0.5 | 0.1 | ' |
Other | -0.9 | 6.2 | ' |
Translation difference | -0.9 | 4.2 | ' |
Benefit obligation at end of year | 205 | 195.4 | ' |
Non-U.S. | Benefit Obligation | Fair Value Of Plan Assets | ' | ' | ' |
Retirement Plans [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 94.8 | 83.9 | ' |
Actual return on plan assets | 3.4 | 8 | ' |
Company contributions | 8 | 11.9 | ' |
Plan participants' contributions | 0.2 | 0.2 | ' |
Benefits paid | -7.7 | -5.6 | ' |
Settlements | ' | -7 | ' |
Other | -0.2 | -0.2 | ' |
Translation difference | 1.4 | 3.6 | ' |
Fair value of plan assets at end of year | $99.90 | $94.80 | ' |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net periodic benefit cost | $19.50 | ' | ' |
Non-U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net periodic benefit cost | 20.3 | ' | ' |
Pension Plans, Defined Benefit | U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 9.3 | 8.3 | 6.3 |
Interest cost | 12.8 | 12.3 | 10 |
Expected return on plan assets | -11.6 | -10.2 | -9.9 |
Amortization of prior service cost | -1 | -1 | -1 |
Amortization of actuarial loss | 10 | 8.5 | 5.4 |
Settlement | ' | ' | 0.4 |
Net periodic benefit cost | 19.5 | 17.9 | 11.2 |
Pension Plans, Defined Benefit | Non-U.S. | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 13.5 | 12 | 12.3 |
Interest cost | 7.3 | 7.1 | 7.6 |
Expected return on plan assets | -4 | -3.9 | -4.4 |
Amortization of prior service cost | 0.2 | 0.1 | 0.1 |
Amortization of actuarial loss | 2.5 | 1.4 | 1 |
Settlement | 0.2 | 1 | 4.5 |
Curtailment loss (gain) | 0.1 | ' | 0.2 |
Special termination benefits | 0.5 | 0.1 | 0.1 |
Net periodic benefit cost | 20.3 | 17.8 | 21.4 |
Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 1.4 | 1.1 | 1.3 |
Interest cost | 1.4 | 1.3 | 1.5 |
Amortization of prior service cost | -0.1 | -0.1 | -0.1 |
Amortization of actuarial loss | -0.1 | -0.2 | -0.1 |
Net periodic benefit cost | $2.60 | $2.10 | $2.60 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income Before Tax (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total accumulated other comprehensive income recognized in the balance sheet | $42.70 | $132.70 | $105.60 |
U.S. | Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | 45.6 | 136.7 | ' |
Prior service (credit) cost | -2.9 | -4 | ' |
Total accumulated other comprehensive income recognized in the balance sheet | 42.7 | 132.7 | ' |
U.S. | Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -2.4 | 0.1 | ' |
Prior service (credit) cost | -0.2 | -0.3 | ' |
Total accumulated other comprehensive income recognized in the balance sheet | -2.6 | -0.2 | ' |
Non-U.S. | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service (credit) cost | 0.5 | 0.1 | ' |
Total accumulated other comprehensive income recognized in the balance sheet | 32.1 | 35.6 | 23.5 |
Non-U.S. | Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | 29.9 | 34 | ' |
Prior service (credit) cost | 2.2 | 1.6 | ' |
Total accumulated other comprehensive income recognized in the balance sheet | 32.1 | 35.6 | ' |
Non-U.S. | Postretirement Benefits Other Than Pensions | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -1.8 | -0.7 | ' |
Prior service (credit) cost | 0 | 0 | ' |
Total accumulated other comprehensive income recognized in the balance sheet | ($1.80) | ($0.70) | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income Before Tax (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total retirement benefit recognized in accumulated other comprehensive income at beginning of year | $132.70 | $105.60 |
Net actuarial loss (gain) | -81 | 34.6 |
Amortization of prior service costs | 1 | 1 |
Amortization of actuarial loss | -10 | -8.5 |
Total retirement benefit recognized in accumulated other comprehensive income at end of year | 42.7 | 132.7 |
Non-U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total retirement benefit recognized in accumulated other comprehensive income at beginning of year | 35.6 | 23.5 |
Net actuarial loss (gain) | -1 | 13.5 |
Prior service cost (credit) | 0.5 | 0.1 |
Amortization of prior service costs | -0.2 | -0.1 |
Amortization of actuarial loss | -2.7 | -2.3 |
Translation difference | -0.1 | 0.9 |
Total retirement benefit recognized in accumulated other comprehensive income at end of year | $32.10 | $35.60 |
Pension_Plans_for_which_Abo_ex
Pension Plans for which Abo exceeds Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected Benefit Obligation (PBO) | ' | $314.20 |
Accumulated Benefit Obligation (ABO) | ' | 262.1 |
Fair value of plan assets | ' | 159.4 |
Non-U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected Benefit Obligation (PBO) | 109.5 | 125 |
Accumulated Benefit Obligation (ABO) | 84.7 | 101.8 |
Fair value of plan assets | $4.90 | $24.70 |
Assumptions_to_Determine_Benef
Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
U.S. | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Benefit Obligation discount rate | 5.00% | 4.05% | ' | |||
Benefit Obligation rate of increases in compensation level | 3.50% | 3.50% | ' | |||
Net periodic benefit cost discount rate | 4.05% | 4.60% | 5.05% | |||
Net periodic benefit cost rate of increases in compensation level | 3.50% | 3.50% | 3.80% | |||
Expected long-term rate of return on assets | 7.50% | 7.50% | 7.50% | |||
Non-U.S. | Minimum | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Benefit Obligation discount rate | 1.00% | [1] | 1.50% | [1] | ' | |
Benefit Obligation rate of increases in compensation level | 2.25% | [1] | 2.25% | [1] | ' | |
Net periodic benefit cost discount rate | 1.50% | [1] | 1.50% | [1] | 1.25% | [1] |
Net periodic benefit cost rate of increases in compensation level | 2.25% | [1] | 2.25% | [1] | 2.25% | [1] |
Expected long-term rate of return on assets | 3.00% | [1] | 3.75% | [1] | 1.50% | [1] |
Non-U.S. | Maximum | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Benefit Obligation discount rate | 5.00% | [1] | 4.50% | [1] | ' | |
Benefit Obligation rate of increases in compensation level | 5.00% | [1] | 5.00% | [1] | ' | |
Net periodic benefit cost discount rate | 4.50% | [1] | 5.50% | [1] | 6.00% | [1] |
Net periodic benefit cost rate of increases in compensation level | 5.00% | [1] | 5.00% | [1] | 6.50% | [1] |
Expected long-term rate of return on assets | 5.75% | [1] | 5.75% | [1] | 6.25% | [1] |
[1] | The Non-U.S. weighted average plan ranges in the tables above have been prepared using significant plans only, which in total represent more than 90% of the total Non-U.S. projected benefit obligation. |
Assumptions_to_Determine_Benef1
Assumptions to Determine Benefit Obligation and Net Periodic Benefit Cost (Parenthetical) (Detail) (Non-U.S.) | 12 Months Ended |
Dec. 31, 2013 | |
Non-U.S. | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Projected benefit obligation | 90.00% |
Fair_Value_of_Total_Plan_Asset
Fair Value of Total Plan Assets (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocation | 100.00% | ' |
Fair Value allocation | 100.00% | 100.00% |
U.S. | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocation | 55.00% | ' |
Fair Value allocation | 57.00% | 65.00% |
U.S. | Debt Instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocation | 45.00% | ' |
Fair Value allocation | 43.00% | 35.00% |
Non-U.S. | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value allocation | 100.00% | 100.00% |
Non-U.S. | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value allocation | 15.00% | 14.00% |
Non-U.S. | Debt Instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value allocation | 59.00% | 60.00% |
Non-U.S. | Other Assets | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value allocation | 26.00% | 26.00% |
Summary_of_Valuation_of_Compan2
Summary of Valuation of Company's Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | $323.50 | $254.20 |
US Equity | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 82.5 | 66.9 |
US Equity | Mid Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 9.8 | 8.1 |
US Equity | Small Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 9.7 | 8.1 |
Non-US Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 40.4 | 33.7 |
US Bonds | Aggregate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 96.5 | 55.5 |
Non-US Bonds | Corporate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 52.8 | 50.7 |
Non-US Bonds | Aggregate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 5.7 | 5.7 |
Insurance Contracts | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 19.2 | 19.5 |
Other Investment | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total carrying value of plan assets | 6.9 | 6 |
Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 323.5 | 254.2 |
Fair Value, Inputs, Level 2 | US Equity | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 82.5 | 66.9 |
Fair Value, Inputs, Level 2 | US Equity | Mid Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 9.8 | 8.1 |
Fair Value, Inputs, Level 2 | US Equity | Small Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 9.7 | 8.1 |
Fair Value, Inputs, Level 2 | Non-US Equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 40.4 | 33.7 |
Fair Value, Inputs, Level 2 | US Bonds | Aggregate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 96.5 | 55.5 |
Fair Value, Inputs, Level 2 | Non-US Bonds | Corporate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 52.8 | 50.7 |
Fair Value, Inputs, Level 2 | Non-US Bonds | Aggregate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 5.7 | 5.7 |
Fair Value, Inputs, Level 2 | Insurance Contracts | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 19.2 | 19.5 |
Fair Value, Inputs, Level 2 | Other Investment | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $6.90 | $6 |
Estimated_Future_Benefit_Expec
Estimated Future Benefit Expected Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Postretirement Benefits Other Than Pensions | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $1 |
2015 | 1.2 |
2016 | 1.3 |
2017 | 1.5 |
2018 | 1.7 |
Years 2019 - 2023 | 11.5 |
U.S. | Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 10.2 |
2015 | 11 |
2016 | 12.6 |
2017 | 13.7 |
2018 | 14.9 |
Years 2019 - 2023 | 98.1 |
Non-U.S. | Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 5.8 |
2015 | 6.7 |
2016 | 7 |
2017 | 8 |
2018 | 8.9 |
Years 2019 - 2023 | $59.30 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
Net sales reclassification amount | ' | $31 | ' |
Long-lived assets, Total | 3,283 | 3,281 | ' |
Long-lived intangible assets from acquisition goodwill | 1,485 | 1,497 | ' |
Maximum | Active Safety Products | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of product sales to total sales | 4.00% | ' | ' |
U.S. | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
External sales | 2,122 | 2,073 | 1,920 |
Long-lived assets, Total | 1,741 | 1,812 | ' |
Exports from U.S. to other Regions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
External sales | $488 | $543 | $535 |
Sales | GM | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales to individuals | 15.00% | 15.00% | 15.00% |
Sales | Renault | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales to individuals | 11.00% | 11.00% | 12.00% |
Sales | Ford | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales to individuals | 11.00% | 11.00% | 10.00% |
Net_Sales_by_Geographical_Area
Net Sales by Geographical Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | $2,351.90 | $2,119 | $2,197.50 | $2,135 | $2,051.90 | $1,947.10 | $2,088.80 | $2,178.90 | $8,803.40 | $8,266.70 | $8,232.40 |
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,974.10 | 2,752.20 | 2,571.40 |
China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,405.50 | 1,097.60 | 981.9 |
Japan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 688.2 | 830.5 | 758.5 |
Rest Of Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 880.4 | 824.1 | 831 |
Continents of North and South America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,943.60 | 2,839.10 | 2,558.90 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | $2,885.70 | $2,675.40 | $3,102.10 |
Sales_by_Product_Detail
Sales by Product (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales, Total | $2,351.90 | $2,119 | $2,197.50 | $2,135 | $2,051.90 | $1,947.10 | $2,088.80 | $2,178.90 | $8,803.40 | $8,266.70 | $8,232.40 | |||
Airbags And Associated Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 5,686 | [1] | 5,392 | [1] | 5,392.80 | [1] |
Seatbelts And Associated Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,772.70 | 2,656.50 | 2,679.40 | |||
Active Safety Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales, Total | ' | ' | ' | ' | ' | ' | ' | ' | $344.70 | $218.20 | $160.20 | |||
[1] | Includes sales of steering wheels, passive safety electronics, inflators and initiators. |
Longlived_Asset_by_Geographica
Long-lived Asset by Geographical Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | $3,283 | $3,281 |
Asia | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | 612 | 573 |
China | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | 277 | 243 |
Japan | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | 106 | 130 |
Rest Of Asia | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | 229 | 200 |
Continents of North and South America | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | 1,927 | 1,977 |
Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets, Total | $744 | $731 |
Schedule_of_Actual_Weighted_Av
Schedule of Actual Weighted Average Shares Used in Calculating Earnings Per Share (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' |
Weighted average shares basic | 95.5 | 93.5 | 89.2 |
Effect of dilutive securities: | ' | ' | ' |
Stock options/share awards | 0.4 | 0.3 | 0.5 |
Equity units | ' | 1.3 | 4 |
Weighted average shares diluted | 95.9 | 95.1 | 93.7 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Shares included in dilutive weighted average share amounts related to equity units | ' | ' | 1.3 | 4 |
Number of shares outstanding increased | 5.8 | ' | ' | ' |
Potentially dilutive shares | ' | 0 | 0.4 | 0.2 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, Stock Repurchase Program) | Jan. 31, 2014 |
In Millions, unless otherwise specified | |
Subsequent Event | Stock Repurchase Program | ' |
Subsequent Event [Line Items] | ' |
Additional number of shares approved to be repurchased | 10 |
Quarterly_Financial_Informatio
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $2,351.90 | $2,119 | $2,197.50 | $2,135 | $2,051.90 | $1,947.10 | $2,088.80 | $2,178.90 | $8,803.40 | $8,266.70 | $8,232.40 | |||
Gross profit | 454.9 | 404.9 | 430.5 | 414.3 | 395.4 | 387.6 | 422.1 | 441.1 | 1,704.60 | 1,646.20 | 1,727.90 | |||
Income before taxes | 194.6 | 176.6 | 192.7 | 170.1 | 170 | 175.1 | 182.4 | 141.1 | ' | ' | ' | |||
Net income | 100.5 | 124.9 | 139.4 | 125.1 | 140 | 118 | 126.2 | 101.4 | 489.9 | [1] | 485.6 | [1] | 627 | [1] |
Net income attributable to controlling interest | $99.70 | $123.90 | $138.70 | $123.50 | $138.70 | $117.50 | $126.40 | $100.50 | $485.80 | $483.10 | $623.40 | |||
Earnings per share - basic | $1.05 | $1.29 | $1.45 | $1.29 | $1.45 | $1.23 | $1.35 | $1.12 | $5.09 | $5.17 | $6.99 | |||
Earnings per share - diluted | $1.04 | $1.29 | $1.44 | $1.29 | $1.45 | $1.23 | $1.33 | $1.07 | $5.07 | $5.08 | $6.65 | |||
Dividends paid | $0.50 | $0.50 | $0.50 | $0.50 | $0.50 | $0.47 | $0.47 | $0.45 | $2 | $1.89 | $1.73 | |||
[1] | See Note 13 for further details - includes tax effects where applicable. |