Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'METTLER TOLEDO INTERNATIONAL INC/ | ' | ' |
Entity Central Index Key | '0001037646 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 29,389,802 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $6 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | ' | ' | ' |
Product Sales | $1,862,026 | $1,852,192 | $1,826,891 |
Service Sales | 516,946 | 489,336 | 482,437 |
Total Net Sales | 2,378,972 | 2,341,528 | 2,309,328 |
Cost of sales | ' | ' | ' |
Products Cost of Sales | 794,915 | 811,204 | 798,682 |
Service Cost of Sales | 302,031 | 289,269 | 292,372 |
Gross profit | 1,282,026 | 1,241,055 | 1,218,274 |
Research and development | 116,346 | 112,530 | 116,139 |
Selling, general and administrative | 692,788 | 684,026 | 703,632 |
Amortization | 24,539 | 21,357 | 17,808 |
Interest Expense | 22,711 | 22,764 | 23,226 |
Restructuring Charges | 19,830 | 16,687 | 5,912 |
Other Charges (Income), Net | 3,103 | 1,090 | 2,380 |
Earnings Before Taxes | 402,709 | 382,601 | 349,177 |
Provision for taxes | 96,615 | 91,754 | 79,684 |
Net earnings | $306,094 | $290,847 | $269,493 |
Basic earnings per common share: | ' | ' | ' |
Net earnings | $10.22 | $9.37 | $8.45 |
Weighted average number of common shares | 29,945,954 | 31,044,532 | 31,897,779 |
Diluted earnings per common share: | ' | ' | ' |
Net earnings | $9.96 | $9.14 | $8.21 |
Weighted average number of common and common equivalent shares | 30,728,482 | 31,824,077 | 32,839,365 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $306,094 | $290,847 | $269,493 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment | 21,903 | 15,641 | -18,731 |
Unrealized gains (losses) on cash flow hedging arrangements: | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -491 | -1,748 | -4,028 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3,496 | 2,029 | 1,911 |
Net actuarial gains (losses) | 30,381 | -46,792 | -79,947 |
Plan amendments and prior service cost | 2,371 | 18,017 | -274 |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 6,775 | 4,261 | 2,326 |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | -2,010 | -1,931 | 3,604 |
Total other comprehensive income (loss), net of tax | 62,425 | -10,523 | -95,139 |
Total other comprehensive income (loss), net of tax | $368,519 | $280,324 | $174,354 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $111,874 | $101,702 |
Trade accounts receivable, less allowances of $14,856 in 2013 and $14,120 in 2012 | 466,703 | 437,390 |
Inventories | 210,414 | 198,939 |
Current deferred tax assets, net | 57,934 | 57,007 |
Other current assets and prepaid expenses | 67,062 | 69,199 |
Total current assets | 913,987 | 864,237 |
Property, plant and equipment, Net | 514,438 | 469,421 |
Goodwill | 455,842 | 452,351 |
Other intangible assets, net | 114,418 | 117,564 |
Non-current deferred tax assets, net | 24,121 | 32,681 |
Other non-current assets | 130,013 | 86,034 |
Total assets | 2,152,819 | 2,022,288 |
Current liabilities: | ' | ' |
Trade accounts payable | 145,993 | 142,362 |
Accrued and other liabilities | 116,831 | 109,844 |
Accrued compensation and related items | 123,493 | 117,405 |
Deferred revenue and customer prepayments | 83,083 | 71,435 |
Taxes payable | 61,502 | 64,000 |
Current deferred tax liabilities | 16,219 | 15,348 |
Short-term borrowings and current maturities of long-term debt | 17,067 | 41,600 |
Total current liabilities | 564,188 | 561,994 |
Long-term debt | 395,960 | 347,131 |
Non-current deferred tax liabilities | 64,449 | 45,058 |
Other non-current liabilities | 193,170 | 240,886 |
Total liabilities | 1,217,767 | 1,195,069 |
Commitments and contingencies (Note 17) | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares | 0 | 0 |
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares, outstanding 29,487,075 and 30,410,006 shares at December 31, 2013 and 2012, respectively | 448 | 448 |
Additional paid-in capital | 653,250 | 638,705 |
Treasury stock at cost (15,298,936 and 14,376,005 shares at December 31, 2013. and 2012, respectively) | -1,721,030 | -1,463,924 |
Retained earnings | 2,037,420 | 1,749,451 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -35,036 | -97,461 |
Total shareholders’ equity | 935,052 | 827,219 |
Total liabilities and shareholders’ equity | $2,152,819 | $2,022,288 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance For Bad Debt | $14,856 | $14,120 |
Preferred stock - par value per share | $0.01 | $0.01 |
Preferred stock - authorized shares | 10,000,000 | 10,000,000 |
Common stock - par value per share | $0.01 | $0.01 |
Common stock - authorized shares | 125,000,000 | 125,000,000 |
Common stock - issued shares | 44,786,011 | 44,786,011 |
Common stock - outstanding shares | 29,487,075 | 30,410,006 |
Treasury shares | 15,298,936 | 14,376,005 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2010 | $771,584 | $448 | $597,195 | ($1,057,390) | $1,223,130 | $8,201 |
Beginning balance, shares at Dec. 31, 2010 | ' | 32,425,315 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, shares | ' | 450,613 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, Value | 20,770 | ' | ' | 36,843 | -16,073 | ' |
Repurchases of Common Stock, Shares | ' | -1,285,827 | ' | ' | ' | ' |
Repurchases of Common Stock, Value | -204,578 | ' | ' | -204,578 | ' | ' |
Tax benefit resulting from exercise of certain employee stock options | 6,737 | ' | 6,737 | ' | ' | ' |
Share-based compensation | 12,270 | ' | 12,270 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -95,139 | ' | ' | ' | ' | -95,139 |
Net earnings | 269,493 | ' | ' | ' | 269,493 | ' |
Ending balance at Dec. 31, 2011 | 781,137 | 448 | 616,202 | -1,225,125 | 1,476,550 | -86,938 |
Ending balance, shares at Dec. 31, 2011 | ' | 31,590,101 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, shares | 457,732 | 457,732 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, Value | 21,927 | ' | ' | 39,873 | -17,946 | ' |
Repurchases of Common Stock, Shares | -1,637,827 | -1,637,827 | ' | ' | ' | ' |
Repurchases of Common Stock, Value | -278,672 | ' | ' | -278,672 | ' | ' |
Tax benefit resulting from exercise of certain employee stock options | 9,318 | ' | 9,318 | ' | ' | ' |
Share-based compensation | 13,185 | ' | 13,185 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -10,523 | ' | ' | ' | ' | -10,523 |
Net earnings | 290,847 | ' | ' | ' | 290,847 | ' |
Ending balance at Dec. 31, 2012 | 827,219 | 448 | 638,705 | -1,463,924 | 1,749,451 | -97,461 |
Ending balance, shares at Dec. 31, 2012 | 30,410,006 | 30,410,006 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, shares | 398,646 | 398,646 | ' | ' | ' | ' |
Exercise of stock options and restricted stock units, Value | 19,745 | ' | ' | 37,870 | -18,125 | ' |
Repurchases of Common Stock, Shares | -1,321,577 | -1,321,577 | ' | ' | ' | ' |
Repurchases of Common Stock, Value | -294,976 | ' | ' | -294,976 | ' | ' |
Tax benefit resulting from exercise of certain employee stock options | 1,906 | ' | 1,906 | ' | ' | ' |
Share-based compensation | 12,639 | ' | 12,639 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 62,425 | ' | ' | ' | ' | 62,425 |
Net earnings | 306,094 | ' | ' | ' | 306,094 | ' |
Ending balance at Dec. 31, 2013 | $935,052 | $448 | $653,250 | ($1,721,030) | $2,037,420 | ($35,036) |
Ending balance, shares at Dec. 31, 2013 | 29,487,075 | 29,487,075 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $306,094 | $290,847 | $269,493 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 34,765 | 33,421 | 31,689 |
Amortization | 24,539 | 21,357 | 17,808 |
Deferred tax provision | 8,816 | 5,420 | 2,592 |
Excess tax benefits from share-based payment arrangements | -1,847 | -9,365 | -12,612 |
Share-based compensation | 12,639 | 13,185 | 12,270 |
Other | 498 | 1,455 | -524 |
Increase (decrease) in cash resulting from changes in: | ' | ' | ' |
Trade accounts receivable, net | -28,995 | -8,760 | -53,964 |
Inventories | -8,484 | 46,831 | -20,281 |
Other current assets | 1,606 | 3,583 | -301 |
Trade accounts payable | 295 | -27,881 | 27,551 |
Taxes payable | -3,540 | 7,482 | 5,374 |
Accruals and other | -458 | -49,871 | 1,785 |
Net cash provided by operating activities | 345,928 | 327,704 | 280,880 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of property, plant and equipment | 211 | 426 | 2,485 |
Purchase of property, plant and equipment | -82,349 | -95,588 | -98,500 |
Acquisitions | -2,661 | -2,098 | -35,373 |
Other investing activities | 0 | 0 | -903 |
Net cash used in investing activities | -84,799 | -97,260 | -132,291 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowings | 556,059 | 445,425 | 469,599 |
Repayments of borrowings | -531,045 | -563,109 | -647,694 |
Proceeds from exercise of stock options | 19,745 | 21,927 | 20,770 |
Repurchases of common stock | -294,976 | -278,672 | -204,578 |
Excess tax benefits from share-based payment arrangements | 1,847 | 9,365 | 12,612 |
Acquisition Contingent Consideration Payment | 0 | -325 | -7,750 |
Debt issuance costs | -1,522 | -363 | -3,144 |
Other financing activities | -1,224 | -645 | -284 |
Net cash provided by (used in) financing activities | -251,116 | -366,397 | -360,469 |
Effect of exchange rate changes on cash and cash equivalents | 159 | 2,054 | -96 |
Net increase (decrease) in cash and cash equivalents | 10,172 | -133,899 | -211,976 |
Cash and cash equivalents: | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value, Beginning | 101,702 | 235,601 | 447,577 |
Cash and Cash Equivalents, at Carrying Value, End | 111,874 | 101,702 | 235,601 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest | 16,998 | 19,252 | 17,804 |
Taxes | $83,200 | $78,009 | $69,656 |
Business_Description_and_Basis
Business Description and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION [Abstract] | ' |
Business Description and Basis of Presentation Disclosure | ' |
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION | |
Mettler-Toledo International Inc. (“Mettler-Toledo” or the “Company”) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company’s primary manufacturing facilities are located in China, Switzerland, the United States, Germany and the United Kingdom. The Company’s principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. | |
All intercompany transactions and balances have been eliminated. | |
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies Disclosure | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. | ||
Trade Accounts Receivable | ||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. | ||
Inventories | ||
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. | ||
Long-Lived Assets | ||
a) | Property, Plant and Equipment | |
Property, plant and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. | ||
Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: | ||
Buildings and improvements | 15 to 50 years | |
Machinery and equipment | 3 to 12 years | |
Computer software | 3 to 10 years | |
Leasehold improvements | Shorter of useful life or lease term | |
b) | Goodwill and Other Intangible Assets | |
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. | ||
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment." | ||
Accounting for Impairment of Long-Lived Assets | ||
The Company assesses the need to record impairment losses on long-lived assets with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value, with the loss measured as the difference between carrying value and fair value. | ||
Taxation | ||
The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. | ||
The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. | ||
Currency Translation and Transactions | ||
The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings. | ||
Revenue Recognition | ||
Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, such as customer acceptance, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. | ||
Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. | ||
Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period. | ||
Research and Development | ||
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. | ||
Warranty | ||
The Company generally offers one-year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligation is affected by product failure rates, material usage and service costs incurred in correcting a product failure. | ||
Employee Termination Benefits | ||
In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. | ||
Earnings per Common Share | ||
In accordance with the treasury stock method, the Company has included 782,528, 779,545 and 941,586 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ending December 31, 2013, 2012 and 2011, respectively, relating to outstanding stock options and restricted stock units. | ||
Outstanding options and restricted stock units to purchase or receive 23,951, 241,205 and 197,629 shares of common stock for the years ending December 31, 2013, 2012 and 2011, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. | ||
Equity-Based Compensation | ||
The Company applies the fair value methodology in accounting for its equity-based compensation plan. | ||
Derivative Financial Instruments | ||
The Company has only limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 5, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. | ||
The Company also enters into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted sales. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. Changes in fair value of outstanding foreign currency forward contract agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. | ||
The Company also enters into interest rate swap agreements in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized in interest expense over the life of the agreements as incurred. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. | ||
Fair Value Measurements | ||
The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. | ||
Recent Accounting Pronouncements | ||
In January 2013, the Company adopted ASU 2013-02, to ASC 220 “Comprehensive Income.” The adoption of the guidance requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, the Company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The adoption of this guidance did not impact the Company's consolidated results of operations or on the financial position. | ||
In July 2013, the FASB issued amendments to ASC 740 "Income Taxes." The amendments provide further guidance to the balance sheet presentation of unrecognized tax benefits when a net operating loss or similar tax loss carryforwards, or tax credit carryforwards exist. The amendments will be effective for public entities for annual periods beginning after December 15, 2013. The Company is currently reviewing the implications of this amendment, but does not believe it will have a material impact out consolidated results of operations or on the financial position. |
Acquisitions_and_Divestiture
Acquisitions and Divestiture | 12 Months Ended |
Dec. 31, 2013 | |
ACQUISITIONS AND DIVESTITURE [Abstract] | ' |
Acquisitions and Divestiture Disclosure | ' |
ACQUISITIONS | |
The Company utilizes the acquisition method to account for all business combinations. Contingent consideration is measured at fair value on the acquisition date with subsequent changes in the fair value of contingent considerations classified as a liability recognized in earnings. | |
In August 2011, the Company acquired a vision inspection solutions business located in Germany for an aggregate purchase price of $19.4 million that has been integrated into the Company's product inspection product offering. The Company paid additional cash consideration of $0.3 million during the year ending December 31, 2012 related to an earn-out period. Goodwill recorded in connection with this acquisition totaled $10.9 million, which is included in the Company’s Western European Operations segment. The Company also recorded $13.3 million of identified intangibles primarily pertaining to tradename, customer relationships and technology. | |
In March 2011, the Company completed acquisitions totaling $15.4 million, of which $12.0 million related to an x-ray inspection solutions business that has been integrated into the Company's product inspection product offering. Goodwill recorded in connection with these acquisitions totaled $4.4 million, of which $1.9 million is included in the Company's U.S. Operations segment and $2.5 million is included in the Company's Swiss Operations segment. The Company also recorded $9.9 million of identified intangibles pertaining to tradename, customer relationships and technology. | |
The weighted average amortization periods for the finite-lived intangibles purchased in 2011 are 15 years for tradename, 10 years for technology and 18 years for customer relationships. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
INVENTORIES [Abstract] | ' | |||||||
Inventory Disclosure | ' | |||||||
INVENTORIES | ||||||||
Inventory consisted of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Raw materials and parts | $ | 98,244 | $ | 94,450 | ||||
Work-in-progress | 38,061 | 36,899 | ||||||
Finished goods | 74,109 | 67,590 | ||||||
$ | 210,414 | $ | 198,939 | |||||
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments [Abstract] | ' |
Financial Instruments Disclosure | ' |
FINANCIAL INSTRUMENTS | |
The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described below, the Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. At December 31, 2013, the interest payments associated with 73% of the Company's debt are fixed obligations. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreement and the level and composition of its debt. The Company also enters into foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on the fair value of financial instruments, see Note 6 to the consolidated financial statements. | |
Cash Flow Hedge | |
The Company has an interest rate swap agreement, designated as a cash flow hedge. The agreement is a forward-starting swap which had the effect of changing the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company’s credit facility to a fixed obligation of 3.24% beginning in October 2010. The swap is recorded at fair value in other non-current liabilities in the consolidated balance sheet at December 31, 2013 and 2012 of $5.3 million and $8.2 million, respectively. The amounts recognized in other comprehensive income (loss) during the years ended December 31, 2013 and 2012 were a loss of $0.2 million, $0.1 million net of tax, and a loss of $2.0 million, $1.3 million net of tax, respectively. The effective portion of the loss reclassified from accumulated other comprehensive income (loss) to interest expense was $3.1 million, $1.9 million after tax, for the year ended December 31, 2013 and $3.0 million, $1.9 million after tax for the year ended December 31, 2012, respectively. A derivative loss of $3.0 million, $1.9 million after tax, based upon interest rates on December 31, 2013 is expected to be recognized in earnings in the next twelve months. Through December 31, 2013, the hedge ineffectiveness related to this instrument was not material. | |
In June 2013, the Company entered into a forward starting interest rate swap agreement, designated as a cash flow hedge. The agreement will change the floating rate LIBOR-based interest payments associated with $50 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.52% beginning in October 2015. The swap is recorded in other non-current assets in the consolidated balance sheet at its fair value at December 31, 2013 of $1.3 million. The amount recognized in other comprehensive income (loss) during the year ended December 31, 2013 was a gain of $1.3 million, $0.8 million after tax. | |
In July 2012, the Company began entering into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted intercompany sales denominated in euro with its Swiss-based business. The notional amount of foreign currency forward contracts outstanding at December 31, 2013 and 2012 was $78.2 million and $78.0 million, respectively. The foreign currency forward contracts are recorded gross at their fair value in the consolidated balance sheet at December 31, 2013 in other current assets of $0.3 million and in accrued and other liabilities of $0.1 million, respectively. At December 31, 2012, the foreign currency forward contracts are recorded gross at their fair value in the consolidated balance sheet in accrued and other liabilities of $0.4 million. The Company records the effective portion of the cash flow derivative hedging gains and losses in accumulated other comprehensive income (loss), net of tax and reclassifies these amounts into earnings in the period in which the transactions affect earnings. The amounts recognized in other comprehensive income (loss) during the year ended December 31, 2013 and 2012 were losses of $1.4 million, $1.1 million after tax, and $0.6 million, $0.5 million after tax. The effective portion of the loss reclassified from accumulated other comprehensive income (loss) to cost of sales was $2.0 million, $1.6 million after tax, for the year ended December 31, 2013 and $0.2 million, $0.2 million after tax, for the year ended December 31, 2012, respectively. A derivative gain of $0.2 million, $0.1 million after tax, as of December 31, 2013, is expected to be recognized in earnings in the next twelve months. Through December 31, 2013 no hedge ineffectiveness has occurred in relation to this hedge. | |
Other Derivatives | |
The Company enters into foreign currency forward contracts in order to economically hedge short-term intercompany balances largely denominated in Swiss franc and other major European currencies with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts were reported at their fair value in the consolidated balance sheet at December 31, 2013 and 2012 in other current assets of $0.7 million and $0.4 million, respectively, and other liabilities of $0.4 million and $0.3 million, respectively. The Company recognized in other charges (income), a net gain of $2.1 million during the year ended December 31, 2013. At December 31, 2013 and 2012, these contracts had a notional value of $180.3 million and $132.3 million, respectively. | |
The Company may be exposed to credit losses in the event of nonperformance by the counterparties to its derivative financial instrument contracts. Counterparties are established banks and financial institutions with high credit ratings. The Company believes that such counterparties will be able to fully satisfy their obligations under these contracts. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company had derivative assets totaling $2.3 million and $0.4 million, respectively, and derivative liabilities totaling $5.8 million and $8.9 million, respectively. The fair values of the interest rate swap agreements, foreign currency forward contracts designated as cash flow hedges and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant for the years ended December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
The Company had $16.9 million and $13.6 million of cash equivalents at December 31, 2013 and 2012, respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost. | ||||||||||||||||||||||||||||||||
The difference between the fair value and carrying value of the Company’s long-term debt is not material and is classified in Level 2 and Level 3 of the fair value hierarchy. The fair value of the Company's debt is estimated based on either similar issues or other inputs derived from available market information, including interest rates, term of debt and creditworthiness. | ||||||||||||||||||||||||||||||||
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability. | ||||||||||||||||||||||||||||||||
A fair value hierarchy has been established that categorizes these inputs into three levels: | ||||||||||||||||||||||||||||||||
Level 1: Quoted prices in active markets for identical assets and liabilities | ||||||||||||||||||||||||||||||||
Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities | ||||||||||||||||||||||||||||||||
Level 3: Unobservable inputs | ||||||||||||||||||||||||||||||||
The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 16,868 | $ | — | $ | 16,868 | $ | — | $ | 13,636 | $ | — | $ | 13,636 | $ | — | ||||||||||||||||
Interest rate swap agreement | 1,269 | — | 1,269 | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | 268 | — | 268 | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instrument | 719 | — | 719 | — | 448 | — | 448 | — | ||||||||||||||||||||||||
Total | $ | 19,124 | $ | — | $ | 19,124 | $ | — | $ | 14,084 | $ | — | $ | 14,084 | $ | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 5,312 | $ | — | $ | 5,312 | $ | — | $ | 8,172 | $ | — | $ | 8,172 | $ | — | ||||||||||||||||
Foreign currency forward contracts designated as cash flow hedge | 103 | — | 103 | — | 421 | — | 421 | — | ||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instrument | 355 | — | 355 | — | 280 | — | 280 | — | ||||||||||||||||||||||||
Total | $ | 5,770 | $ | — | $ | 5,770 | $ | — | $ | 8,873 | $ | — | $ | 8,873 | $ | — | ||||||||||||||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
Property, plant and equipment, net consisted of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Land | $ | 56,214 | $ | 54,804 | ||||
Building and leasehold improvements | 212,277 | 206,744 | ||||||
Machinery and equipment | 361,978 | 340,834 | ||||||
Computer software | 302,681 | 247,044 | ||||||
933,150 | 849,426 | |||||||
Less accumulated depreciation and amortization | (418,712 | ) | (380,005 | ) | ||||
$ | 514,438 | $ | 469,421 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
The following table shows the changes in the carrying amount of goodwill for the years ended December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of year | $ | 452,351 | $ | 447,743 | ||||||||||||
Goodwill acquired | 1,049 | 648 | ||||||||||||||
Foreign currency translation | 2,442 | 3,960 | ||||||||||||||
Balance at year end | $ | 455,842 | $ | 452,351 | ||||||||||||
Goodwill and indefinite-lived assets are reviewed for impairment on an annual basis in the fourth quarter. The Company completed its impairment review and determined that, through December 31, 2013, there had been no impairment of these assets. | ||||||||||||||||
The components of other intangible assets as of December 31 are as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Customer relationships | $ | 98,374 | $ | (25,313 | ) | $ | 96,575 | $ | (21,928 | ) | ||||||
Proven technology and patents | 43,233 | (29,763 | ) | 42,960 | (28,014 | ) | ||||||||||
Tradename (finite life) | 4,300 | (1,619 | ) | 3,972 | (1,345 | ) | ||||||||||
Tradename (indefinite life) | 25,108 | — | 25,061 | — | ||||||||||||
Other | 757 | (659 | ) | 745 | (462 | ) | ||||||||||
$ | 171,772 | $ | (57,354 | ) | $ | 169,313 | $ | (51,749 | ) | |||||||
The Company recognized amortization expense associated with the above intangible assets of $5.9 million, $7.2 million and $6.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.0 million for 2014, $5.4 million for 2015, $5.2 million for 2016, $5.0 million for 2017 and $4.7 million for 2018. The finite-lived intangible assets are amortized on a straight-line basis over periods ranging from 3 to 45 years. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Purchased intangibles amortization was $5.3 million, $3.6 million after tax, $6.8 million, $4.5 million after tax and $6.2 million, $4.1 million after tax, for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $18.6 million, $13.9 million and $10.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Warranty
Warranty | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
WARRANTY [Abstract] | ' | |||||||
Product Warranty Disclosure | ' | |||||||
WARRANTY | ||||||||
The Company’s accrual for product warranties is included in accrued and other liabilities in the consolidated balance sheets. Changes to the Company’s accrual for product warranties for the years ended December 31, 2013 and 2012 are as follows: | ||||||||
2013 | 2012 | |||||||
Balance at beginning of year | $ | 16,295 | $ | 16,748 | ||||
Accruals for warranties | 19,779 | 17,667 | ||||||
Payments/utilizations | (19,179 | ) | (18,343 | ) | ||||
Foreign currency translation | 96 | 223 | ||||||
Balance at year end | $ | 16,991 | $ | 16,295 | ||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt [Abstract] | ' | |||||||
Debt Disclosure | ' | |||||||
DEBT | ||||||||
Debt consisted of the following at December 31: | ||||||||
2013 | 2012 | |||||||
$100 million Senior Notes, interest at 6.30%, due June 25, 2015 | $ | 100,000 | $ | 100,000 | ||||
$50 million Senior Notes, interest at 3.67%, due December 17, 2022 | 50,000 | 50,000 | ||||||
$50 million Senior Notes, interest 4.10%, due September 19, 2023 | 50,000 | — | ||||||
$800 million Credit Agreement, interest at LIBOR plus 75 basis points | 195,960 | 197,131 | ||||||
Other local arrangements | 17,067 | 41,600 | ||||||
413,027 | 388,731 | |||||||
Less: current portion | (17,067 | ) | (41,600 | ) | ||||
Long-term debt | $ | 395,960 | $ | 347,131 | ||||
6.30% Senior Notes | ||||||||
In 2009, the Company issued and sold $100 million of 6.30% Senior Notes due June 25, 2015 in a private placement. The 6.30% Senior Notes are senior unsecured obligations of the Company. | ||||||||
Interest on the 6.30% Senior Notes is payable semi-annually in June and December. The Company may at any time prepay the 6.30% Senior Notes, in whole or in part (but in an amount not less than 10% of the original aggregate principal amount), at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, plus a “make-whole” prepayment premium. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to offer to prepay the 6.30% Senior Notes in whole at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. | ||||||||
The 6.30% Senior Notes contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. The note purchase agreement also requires the Company to maintain a consolidated interest coverage ratio of not less than 3.5 to 1.0 and a consolidated leverage ratio of not more than 3.5 to 1.0. The agreement contains customary events of default with customary grace periods, as applicable. The Company was in compliance with these covenants at December 31, 2013. | ||||||||
Issuance costs approximating $0.7 million will be amortized to interest expense over the six-year term of the 6.30% Senior Notes. | ||||||||
3.67% Senior Notes | ||||||||
In 2012, the Company issued and sold $50 million of 3.67% Senior Notes due December 17, 2022 in a private placement. The 3.67% Senior Notes are senior unsecured obligations of the Company. Interest is payable semi-annually in June and December. | ||||||||
The 3.67% Senior Notes contain customary affirmative and negative covenants, change in control and prepayment provisions, that are substantially similar to those contained in the previously issued debt of the Company as described above. The 3.67% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with these covenants at December 31, 2013. | ||||||||
Issuance costs approximating $0.4 million will be amortized to interest expense over the ten-year term of the 3.67% Senior Notes. | ||||||||
4.10% Senior Notes | ||||||||
In the third quarter of 2013, the Company issued and sold $50 million of 4.10% Senior Notes due September 2023 in a private placement. The 4.10% Senior Notes are senior unsecured obligations of the Company. Interest on the 4.10% Senior Notes is payable semi-annually in March and September of each year, beginning in March 2014. | ||||||||
The 4.10% Senior Notes contain customary affirmative and negative covenants, change in control and prepayment provisions, that are substantially similar to those contained in the previously issued debt of the Company as described above. The 4.10% Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with these covenants at December 31, 2013. | ||||||||
Issuance costs approximating $0.4 million will be amortized to interest expense over the ten-year term of the 4.10% Senior Notes. | ||||||||
Credit Agreement | ||||||||
In November 2013, the Company entered into an $800 million Credit Agreement (the "Credit Agreement"), which amended its $880 million Amended and Restated Credit Agreement (the "Prior Credit Agreement"). The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of November 26, 2018. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured. | ||||||||
Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio, which was, as of December 31, 2013, set at LIBOR plus 75 basis points. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are substantially similar to those contained in the previously issued debt of the Company as described above, with which the Company was in compliance as of December 31, 2013. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default. The Company incurred approximately $0.4 million of debt extinguishment costs during 2013 related to the Prior Credit Agreement. The Company capitalized $1.1 million in financing fees during 2013 associated with the Credit Agreement which will be amortized to interest expense through 2018. As of December 31, 2013, approximately $600.0 million was available under the facility. | ||||||||
The Company’s weighted average interest rate for the years ended December 31, 2013 and 2012 was approximately 5% in both years. The carrying value of the Company’s debt obligations approximates fair value. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SHAREHOLDERS’ EQUITY [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure | ' | |||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Common Stock | ||||||||||||||||
The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2013, 4,762,751 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans. | ||||||||||||||||
Preferred Stock | ||||||||||||||||
The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights and the terms of any sinking fund therefore, and rights upon liquidation, dissolution or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring or preventing a change in control of the Company or an unsolicited acquisition proposal. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
In 2013 and 2012, the Company granted 29,507 and 43,078 restricted stock units, respectively, to certain employees and directors. The weighted average grant-date fair value of the restricted stock units granted in 2013 and 2012 was $244.90 and $169.37 per unit, respectively, and the restricted units vest ratably primarily over a 5 years-year period. The total fair value of the restricted stock units on the date of grant of $7.2 million for 2013 and $7.3 million for 2012 will be recorded as compensation expense ratably over the vesting period. Approximately $5.5 million and $5.3 million of compensation expense was recognized during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
Share Repurchase Program | ||||||||||||||||
The Company has a $3 billion share repurchase program, which includes an additional $750 million that was authorized by the Board of Directors during 2013. The Company expects that the authorization will be utilized over the next several years. As of December 31, 2013, there were $892 million of remaining common shares authorized to be repurchased under the program. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors. | ||||||||||||||||
The Company has purchased 21.5 million shares since the inception of the program through December 31, 2013. During the years ended December 31, 2013 and 2012, the Company spent $295.0 million and $278.7 million on the repurchase of 1,321,577 shares and 1,637,827 shares at an average price per share of $223.18 and $170.13, respectively. The Company reissued 398,646 shares and 457,732 shares held in treasury for the exercise of stock options and restricted stock units during 2013 and 2012, respectively. | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2013: | ||||||||||||||||
Currency Translation Adjustment, Net of Tax | Net Unrealized | Pension and Post-Retirement Benefit Related Items, | Total | |||||||||||||
Gain (Loss) on | Net of Tax | |||||||||||||||
Cash Flow Hedging Arrangements, | ||||||||||||||||
Net of Tax | ||||||||||||||||
Balance at December 31, 2012 | $ | 56,012 | $ | (5,438 | ) | $ | (148,035 | ) | $ | (97,461 | ) | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized actuarial gains (loss), prior service costs and plan amendments | — | — | 32,752 | 32,752 | ||||||||||||
Unrealized gains (loss) on cash flow hedging arrangements | — | (448 | ) | — | (448 | ) | ||||||||||
Foreign currency translation adjustment | 21,903 | (43 | ) | (2,010 | ) | 19,850 | ||||||||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — | 3,496 | 6,775 | 10,271 | ||||||||||||
Net change in other comprehensive income (loss), net of tax | 21,903 | 3,005 | 37,517 | 62,425 | ||||||||||||
Balance at December 31, 2013 | $ | 77,915 | $ | (2,433 | ) | $ | (110,518 | ) | $ | (35,036 | ) | |||||
The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve months period ended December 31, 2013: | ||||||||||||||||
2013 | Location of Amounts Recognized in Earnings | |||||||||||||||
Effective portion of losses on cash flow hedging arrangements: | ||||||||||||||||
Interest rate swap agreements | $ | 3,081 | Interest expense | |||||||||||||
Foreign currency forward contracts | 2,013 | Cost of sales - products | ||||||||||||||
Total before taxes | 5,094 | |||||||||||||||
Provision for taxes | 1,598 | Provision for taxes | ||||||||||||||
Total, net of taxes | $ | 3,496 | ||||||||||||||
Recognition of defined benefit pension and post-retirement items: | ||||||||||||||||
Recognition of actuarial losses, plan amendments and prior service cost, before taxes | $ | 10,426 | (a) | |||||||||||||
Provision for taxes | 3,651 | Provision for taxes | ||||||||||||||
Total, net of taxes | $ | 6,775 | ||||||||||||||
(a) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 13 for additional details for the twelve months ended December 31, 2013. | |||||||||||||||
Accumulated other comprehensive income (loss) consisted of the following at December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Currency translation adjustment, net of tax | $ | 77,915 | $ | 56,012 | $ | 40,371 | ||||||||||
Net unrealized (loss) gain on cash flow hedging arrangements, net of tax | (2,433 | ) | (5,438 | ) | (5,719 | ) | ||||||||||
Pension and post-retirement benefit related items | (154,068 | ) | (209,775 | ) | (176,005 | ) | ||||||||||
Deferred taxes on pension and post-retirement benefit related items | 43,550 | 61,740 | 54,415 | |||||||||||||
Total accumulated other comprehensive income (loss) | $ | (35,036 | ) | $ | (97,461 | ) | $ | (86,938 | ) |
Equity_Incentive_Plan
Equity Incentive Plan | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EQUITY INCENTIVE PLAN [Abstract] | ' | ||||||||||
Equity Incentive Disclosure | ' | ||||||||||
EQUITY INCENTIVE PLAN | |||||||||||
The Company’s equity incentive plan provides employees and directors of the Company additional incentives to join and/or remain in the service of the Company as well as to maintain and enhance the long-term performance and profitability of the Company. The Company’s 2013 equity incentive plan was approved by shareholders on May 2, 2013 and provides that 2 million shares of common stock, plus any options outstanding under the Company’s prior option plan that terminate without being exercised, may be the subject of awards. The plan provides for the grant of options, restricted stock, restricted stock units and other equity-based awards. The exercise price of options granted shall not be less than the fair market value of the common stock on the date of the award. Options primarily vest equally over a five-year period from the date of grant and have a maximum term of up to ten years and six months. Restricted units primarily vest equally over a five-year period from the date of grant. Since 2005, the compensation committee of the Board of Directors has generally granted restricted share units to participating managers and non-qualified stock options to executive officers. | |||||||||||
All share-based compensation arrangements granted to employees, including stock option grants, are recognized in the consolidated statement of operations based on the grant-date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Share-based compensation expense is recorded within selling, general and administrative in the consolidated statement of operations with a corresponding offset to additional paid-in capital in the consolidated balance sheet. | |||||||||||
The fair values of stock options granted were calculated using the Black-Scholes pricing model. The aggregate intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. The following table summarizes all stock option activity from December 31, 2012 through December 31, 2013: | |||||||||||
Number of | Weighted Average | Aggregate Intrinsic | |||||||||
Options | Exercise Price | Value (in millions) | |||||||||
Outstanding at December 31, 2012 | 2,104,775 | $94.45 | $208.90 | ||||||||
Granted | 135,858 | 244.99 | |||||||||
Exercised | (352,602 | ) | 56 | ||||||||
Forfeited | (16,337 | ) | 115.04 | ||||||||
Outstanding at December 31, 2013 | 1,871,694 | $112.57 | $243.70 | ||||||||
Options exercisable at December 31, 2013 | 1,377,919 | $90.35 | $209.80 | ||||||||
The following table details the weighted average remaining contractual life of options outstanding at December 31, 2013 by range of exercise prices: | |||||||||||
Number of Options | Weighted Average | Remaining Contractual | Options | ||||||||
Outstanding | Exercise Price | Life of Options | Exercisable | ||||||||
Outstanding | |||||||||||
84,157 | $ | 46.32 | 1 | 84,157 | |||||||
339,250 | $ | 61.57 | 2.8 | 339,250 | |||||||
472,789 | $ | 81.31 | 5.3 | 433,569 | |||||||
298,050 | $ | 108.9 | 3.9 | 298,050 | |||||||
359,084 | $ | 141.51 | 7.3 | 181,965 | |||||||
318,364 | $ | 201.64 | 9.3 | 40,928 | |||||||
1,871,694 | 5.5 | 1,377,919 | |||||||||
As of the date granted, the weighted average grant-date fair value of the options granted during the years ended December 31, 2013, 2012 and 2011 was approximately $66.33, $46.72 and $42.43, respectively. | |||||||||||
Such weighted average grant-date fair value was determined using an option pricing model that incorporated the following assumptions: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rate | 1.31 | % | 0.71 | % | 1.09 | % | |||||
Expected life in years | 5 | 5 | 5 | ||||||||
Expected volatility | 28 | % | 30 | % | 30 | % | |||||
Expected dividend yield | — | — | — | ||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was approximately $60.0 million, $50.9 million and $44.7 million, respectively. | |||||||||||
The total fair value of options vested during the years ended December 31, 2013, 2012 and 2011 was approximately $5.7 million, $6.9 million and $6.8 million, respectively. | |||||||||||
The following table summarizes all restricted stock unit activity from December 31, 2012 through December 31, 2013: | |||||||||||
Number of Restricted | Aggregate Intrinsic | ||||||||||
Stock Units | Value (in millions) | ||||||||||
Outstanding at December 31, 2012 | 131,025 | $ | 25.3 | ||||||||
Granted | 29,507 | ||||||||||
Vested | (46,044 | ) | |||||||||
Forfeited | (6,706 | ) | |||||||||
Outstanding at December 31, 2013 | 107,782 | $ | 26.1 | ||||||||
The total fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was approximately $5.6 million, $5.3 million and $4.5 million, respectively. | |||||||||||
At December 31, 2013, a total of 2,753,858 shares of common stock were available for grant in the form of stock options or restricted stock units. | |||||||||||
As of December 31, 2013, the unrecorded deferred share-based compensation balance related to both stock options and restricted stock units was $38.5 million and will be recognized using a straight-line method over an estimated weighted average amortization period of 2.3 years. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
BENEFIT PLANS [Abstract] | ' | |||||||||||||||||||||||||||||||
Benefits Plans Disclosure | ' | |||||||||||||||||||||||||||||||
BENEFIT PLANS | ||||||||||||||||||||||||||||||||
The Company maintains a number of retirement and other post-retirement employee benefit plans. | ||||||||||||||||||||||||||||||||
Certain subsidiaries sponsor defined contribution plans. Benefits are determined and funded annually based upon the terms of the plans. Amounts recognized as cost under these plans amounted to $17.3 million, $15.7 million and $15.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||
Certain subsidiaries sponsor defined benefit plans. Benefits are provided to employees primarily based upon years of service and employees’ compensation for certain periods during the last years of employment. Prior to 2002, the Company’s U.S. operations also provided post-retirement medical benefits to their employees. Contributions for medical benefits are related to employee years of service. | ||||||||||||||||||||||||||||||||
The following tables set forth the change in benefit obligation, the change in plan assets, the funded status and amounts recognized in the consolidated financial statements for the Company’s defined benefit plans and post-retirement plan at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 156,804 | $ | 146,492 | $ | 798,657 | $ | 717,503 | $ | 11,267 | $ | 13,257 | $ | 966,728 | $ | 877,252 | ||||||||||||||||
Service cost, gross | 494 | 455 | 30,315 | 27,312 | 216 | 333 | 31,025 | 28,100 | ||||||||||||||||||||||||
Interest cost | 5,755 | 6,093 | 19,566 | 22,104 | 405 | 539 | 25,726 | 28,736 | ||||||||||||||||||||||||
Actuarial losses (gains) | (18,226 | ) | 10,184 | (11,477 | ) | 68,807 | (1,988 | ) | (2,059 | ) | (31,691 | ) | 76,932 | |||||||||||||||||||
Plan amendments and other | — | — | 293 | (21,915 | ) | (3,733 | ) | 75 | (3,440 | ) | (21,840 | ) | ||||||||||||||||||||
Benefits paid | (6,680 | ) | (6,420 | ) | (43,271 | ) | (36,861 | ) | (872 | ) | (878 | ) | (50,823 | ) | (44,159 | ) | ||||||||||||||||
Impact of foreign currency | — | — | 20,117 | 21,707 | — | — | 20,117 | 21,707 | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 138,147 | $ | 156,804 | $ | 814,200 | $ | 798,657 | $ | 5,295 | $ | 11,267 | $ | 957,642 | $ | 966,728 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 94,734 | $ | 87,904 | $ | 731,040 | $ | 665,126 | $ | — | $ | — | $ | 825,774 | $ | 753,030 | ||||||||||||||||
Actual return on plan assets | 12,073 | 9,501 | 42,480 | 47,797 | — | — | 54,553 | 57,298 | ||||||||||||||||||||||||
Employer contributions | 17,776 | 3,749 | 25,147 | 22,309 | 723 | 803 | 43,646 | 26,861 | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | 13,255 | 12,315 | 149 | 75 | 13,404 | 12,390 | ||||||||||||||||||||||||
Benefits paid | (6,680 | ) | (6,420 | ) | (43,271 | ) | (36,861 | ) | (872 | ) | (878 | ) | (50,823 | ) | (44,159 | ) | ||||||||||||||||
Impact of foreign currency and other | — | — | 17,881 | 20,354 | — | — | 17,881 | 20,354 | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 117,903 | $ | 94,734 | $ | 786,532 | $ | 731,040 | $ | — | $ | — | 904,435 | 825,774 | ||||||||||||||||||
Funded status | $ | (20,244 | ) | $ | (62,070 | ) | $ | (27,668 | ) | $ | (67,617 | ) | $ | (5,295 | ) | $ | (11,267 | ) | $ | (53,207 | ) | $ | (140,954 | ) | ||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | 105,132 | $ | 64,183 | $ | — | $ | — | $ | 105,132 | $ | 64,183 | ||||||||||||||||
Pension and other post-retirement liabilities | (20,244 | ) | (62,070 | ) | (132,800 | ) | (131,800 | ) | (5,295 | ) | (11,267 | ) | (158,339 | ) | (205,137 | ) | ||||||||||||||||
Accumulated other comprehensive loss (income) | 59,013 | 89,940 | 110,965 | 130,776 | (15,910 | ) | (10,941 | ) | 154,068 | 209,775 | ||||||||||||||||||||||
Total | $ | 38,769 | $ | 27,870 | $ | 83,297 | $ | 63,159 | $ | (21,205 | ) | $ | (22,208 | ) | $ | 100,861 | $ | 68,821 | ||||||||||||||
The prepaid pension asset is recorded in other non-current assets on the consolidated balance sheet. The short-term and long-term portion of the accrued pension liability is recorded on the consolidated balance sheet within accrued and other liabilities and other non-current liabilities, respectively. The long-term portion of the accrued pension liabilities and other post-retirement liabilities at December 31, 2013 and 2012 was $20.2 million and $62.0 million, respectively, for the U.S. defined benefit pension plan, $127.8 million and $126.8 million, respectively, for the non-U.S. plans and $4.8 million and $10.3 million, respectively, for the U.S. post-retirement plan. The current portion of accrued pension liabilities was $0.1 million and $5.0 million at both December 31, 2013 and 2012 for the U.S. defined benefit pension plan and the non-U.S. plans, respectively. The current portion of the U.S. post-retirement plan was $0.5 million and $1.0 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes, at December 31, 2013 and have not yet been recognized as a component of net periodic pension cost: | ||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits | Total | Total, After Tax | ||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
Plan amendments and prior service cost | $ | — | $ | (25,137 | ) | $ | (3,598 | ) | $ | (28,735 | ) | $ | (22,413 | ) | ||||||||||||||||||
Actuarial losses (gains) | 59,013 | 136,102 | (12,312 | ) | 182,803 | 132,931 | ||||||||||||||||||||||||||
Total | $ | 59,013 | $ | 110,965 | $ | (15,910 | ) | $ | 154,068 | $ | 110,518 | |||||||||||||||||||||
The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits | Total | Total, After Tax | ||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | (23,145 | ) | $ | (18,795 | ) | $ | (1,988 | ) | $ | (43,928 | ) | $ | (30,381 | ) | |||||||||||||||||
Plan amendments and prior service cost, net | — | 17 | (3,882 | ) | (3,865 | ) | (2,371 | ) | ||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Actuarial (losses) gains | (7,782 | ) | (7,398 | ) | 988 | (14,192 | ) | (9,821 | ) | |||||||||||||||||||||||
Plan amendments and prior service cost | — | 3,853 | (87 | ) | 3,766 | 3,046 | ||||||||||||||||||||||||||
Impact of foreign currency | — | 2,512 | — | 2,512 | 2,010 | |||||||||||||||||||||||||||
Total | $ | (30,927 | ) | $ | (19,811 | ) | $ | (4,969 | ) | $ | (55,707 | ) | $ | (37,517 | ) | |||||||||||||||||
The accumulated benefit obligations at December 31, 2013 and 2012 were $138.1 million and $156.8 million, respectively, for the U.S. defined benefit pension plan and $785.8 million and $772.9 million, respectively, for all non-U.S. plans. Certain of the plans included within non-U.S. pension benefits have benefit obligations which exceed the fair value of plan assets. The projected benefit obligation, the accumulated benefit obligation and fair value of assets of these plans as of December 31, 2013 were $183.1 million, $168.4 million and $50.3 million, respectively. | ||||||||||||||||||||||||||||||||
The assumed discount rates and rates of increase in future compensation levels used in calculating the projected benefit obligations vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: | ||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.25 | % | 2.73 | % | 2.5 | % | 3.1 | % | ||||||||||||||||||||
Compensation increase rate | n/a | n/a | n/a | 1.61 | % | 1.6 | % | 1.75 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | 8 | % | 4.87 | % | 4.89 | % | 4.8 | % | ||||||||||||||||||||
The assumed discount rates, rates of increase in future compensation levels and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: | ||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 3.75 | % | 4.25 | % | 5.25 | % | 2.5 | % | 3.1 | % | 3.6 | % | ||||||||||||||||||||
Compensation increase rate | n/a | n/a | n/a | 1.6 | % | 1.75 | % | 2.2 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.75 | % | 8 | % | 8 | % | 4.89 | % | 4.8 | % | 4.94 | % | ||||||||||||||||||||
Net periodic pension cost for the defined benefit plans includes the following components for the years ended December 31: | ||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost, net | $ | 494 | $ | 455 | $ | 331 | $ | 17,386 | $ | 15,011 | $ | 13,699 | ||||||||||||||||||||
Interest cost on projected benefit obligations | 5,755 | 6,093 | 6,422 | 19,566 | 22,104 | 24,637 | ||||||||||||||||||||||||||
Expected return on plan assets | (7,154 | ) | (6,965 | ) | (7,499 | ) | (35,048 | ) | (32,989 | ) | (34,325 | ) | ||||||||||||||||||||
Recognition of actuarial losses/(gains) and prior service costs | 7,782 | 7,664 | 5,103 | 3,545 | 210 | (339 | ) | |||||||||||||||||||||||||
Net periodic pension cost | $ | 6,877 | $ | 7,247 | $ | 4,357 | $ | 5,449 | $ | 4,336 | $ | 3,672 | ||||||||||||||||||||
Net periodic post-retirement benefit (credit)/cost for the U.S. post-retirement plan includes the following components for the years ended December 31: | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost | $ | 216 | $ | 333 | $ | 304 | ||||||||||||||||||||||||||
Interest cost on projected benefit obligations | 405 | 539 | 731 | |||||||||||||||||||||||||||||
Net amortization and deferral | (901 | ) | (753 | ) | (692 | ) | ||||||||||||||||||||||||||
Net periodic post-retirement benefit (credit)/cost | $ | (280 | ) | $ | 119 | $ | 343 | |||||||||||||||||||||||||
The amounts remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic pension cost during 2014 are as follows: | ||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. | Other Benefits | Total | |||||||||||||||||||||||||||||
Benefits | Pension Benefits | |||||||||||||||||||||||||||||||
Plan amendments and prior service costs | $ | — | $ | (3,941 | ) | $ | (779 | ) | $ | (4,720 | ) | |||||||||||||||||||||
Actuarial losses (gains) | 4,845 | 4,246 | (1,436 | ) | 7,655 | |||||||||||||||||||||||||||
Total | $ | 4,845 | $ | 305 | $ | (2,215 | ) | $ | 2,935 | |||||||||||||||||||||||
The projected post-retirement benefit obligation was principally determined using discount rates of 4.75% in 2013, 3.75% in 2012 and 4.25% in 2011. Net periodic post-retirement benefit cost was principally determined using discount rates of 3.75% in 2013 and 4.25% in 2012, and 5.25% in 2011. The health care cost trend rate was 8.00% in 2013 and 2012 and 9.00% in 2011, decreasing to 5.00% in 2020. | ||||||||||||||||||||||||||||||||
The health care cost trend rate assumption has a significant effect on the accumulated post-retirement benefit obligation and net periodic post-retirement benefit cost. A one-percentage-point change in health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||
One-Percentage-Point | One-Percentage-Point | |||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 56 | $ | (50 | ) | |||||||||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 208 | $ | (190 | ) | |||||||||||||||||||||||||||
The Company’s overall asset investment strategy is to achieve long-term growth while minimizing volatility by widely diversifying among asset types and strategies. Target asset allocations and investment return criteria are established by the pension committee or designated officers of each plan. Target asset allocation ranges for the U.S. pension plan include 30-50% equity securities, 15-35% fixed income securities and 25-45% other types of investments. International plan assets relate primarily to the Company’s Swiss plan with target allocations of 25-45% in equities, 35-55% in fixed income securities and 15-25% in other types of investments. Actual results are monitored against targets and the trustees are required to report to the members of each plan, including an analysis of investment performance on an annual basis at a minimum. Day-to-day asset management is typically performed by third-party asset managers, reporting to the pension committees or designated officers. | ||||||||||||||||||||||||||||||||
The long-term rate of return on plan asset assumptions used to determine pension expense under U.S. GAAP are generally based on estimated future returns for the target investment mix determined by the trustees as well as historical investment performance. | ||||||||||||||||||||||||||||||||
The following table presents the fair value measurement of the Company’s plan assets by hierarchy level: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Quoted | Observable | Unobservable | Total | Quoted | Observable | Unobservable | Total | |||||||||||||||||||||||||
Prices in | Inputs for | Inputs | Prices in | Inputs for | Inputs | |||||||||||||||||||||||||||
Active | Identical | (Level 3) | Active | Identical | (Level 3) | |||||||||||||||||||||||||||
Markets for | Assets | Markets for | Assets | |||||||||||||||||||||||||||||
Identical | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 129,932 | $ | — | $ | — | $ | 129,932 | $ | 141,020 | $ | — | $ | — | $ | 141,020 | ||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||
Mettler-Toledo Stock | 3,425 | — | — | 3,425 | 3,284 | — | — | 3,284 | ||||||||||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||||||||||||||
U.S.(1) | 5,960 | 27,652 | — | 33,612 | 25,880 | 21,268 | — | 47,148 | ||||||||||||||||||||||||
International(2) | 44,149 | 54,120 | — | 98,269 | 37,982 | 46,312 | — | 84,294 | ||||||||||||||||||||||||
Emerging Markets(3) | 78,392 | 5,773 | — | 84,165 | 36,449 | 5,704 | — | 42,153 | ||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
Corporate/Government | 129,155 | — | — | 129,155 | 66,331 | — | — | 66,331 | ||||||||||||||||||||||||
Bonds(4) | ||||||||||||||||||||||||||||||||
Fixed Income Mutual Funds: | ||||||||||||||||||||||||||||||||
Insurance Contracts(5) | — | 24,633 | 1,475 | 26,108 | — | 23,015 | 1,726 | 24,741 | ||||||||||||||||||||||||
Core Bond(6) | 146,857 | 36,327 | — | 183,184 | 147,853 | 35,980 | — | 183,833 | ||||||||||||||||||||||||
Real Asset Mutual Funds: | ||||||||||||||||||||||||||||||||
Real Estate(7) | 66,431 | — | — | 66,431 | 62,172 | — | — | 62,172 | ||||||||||||||||||||||||
Commodities(8) | 23,293 | 3,323 | 23,136 | 49,752 | 30,976 | 3,775 | 22,986 | 57,737 | ||||||||||||||||||||||||
Other Types of Investments: | ||||||||||||||||||||||||||||||||
Global Allocation Funds(9) | 12,002 | 11,088 | — | 23,090 | 29,504 | 8,572 | — | 38,076 | ||||||||||||||||||||||||
Multi-Strategy Fund of | — | — | 77,312 | 77,312 | — | — | 74,985 | 74,985 | ||||||||||||||||||||||||
Hedge Funds(10) | ||||||||||||||||||||||||||||||||
$ | 639,596 | $ | 162,916 | $ | 101,923 | $ | 904,435 | $ | 581,451 | $ | 144,626 | $ | 99,697 | $ | 825,774 | |||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||
-1 | Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index. | |||||||||||||||||||||||||||||||
-2 | Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom and Canada. | |||||||||||||||||||||||||||||||
-3 | Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America and Asia. | |||||||||||||||||||||||||||||||
-4 | Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union. | |||||||||||||||||||||||||||||||
-5 | Represents fixed and variable rate annuity contracts provided by insurance companies. | |||||||||||||||||||||||||||||||
-6 | Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland and European government bonds, high-grade corporate bonds, mortgage-backed securities and collateralized mortgage obligations. | |||||||||||||||||||||||||||||||
-7 | Represents mutual funds invested in real estate located primarily in Switzerland. | |||||||||||||||||||||||||||||||
-8 | Represents commodity funds invested across a broad range of sectors. | |||||||||||||||||||||||||||||||
-9 | Represents mutual funds invested globally in both equities and fixed income securities. | |||||||||||||||||||||||||||||||
-10 | Represents primarily equity investments to profit from long and short equity positions, economic and government driven events and relative value and tactical trading strategies. | |||||||||||||||||||||||||||||||
The fair value of the Company’s stock and corporate and government bonds are valued at the year end closing price as reported on the securities exchange on which they are traded. Mutual funds are valued at the exchange-listed year end closing price or at the net asset value of shares held by the fund at the end of the year. Insurance contracts are valued by discounting the related cash flows using a current year end market rate or at cash surrender value, which is presumed to equal fair value. Funds of hedge funds are valued at the net asset value of shares held by the fund at the end of the year. | ||||||||||||||||||||||||||||||||
The following table presents a rollforward of activity for the years ended December 31, 2013 and 2012 for level 3 asset categories: | ||||||||||||||||||||||||||||||||
Multi- | Commodities | Insurance | Convertible | Total | ||||||||||||||||||||||||||||
Strategy | Contract | Preferred | ||||||||||||||||||||||||||||||
Fund of | Equity | |||||||||||||||||||||||||||||||
Hedge | Certificates | |||||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 78,650 | $ | 21,816 | $ | 1,661 | $ | 14,366 | $ | 116,493 | ||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||
Related to assets held at end of year | 1,099 | 533 | 31 | — | 1,663 | |||||||||||||||||||||||||||
Related to assets sold during the year | 317 | — | 3 | 2,240 | 2,560 | |||||||||||||||||||||||||||
Purchases | 8,638 | — | 161 | — | 8,799 | |||||||||||||||||||||||||||
Sales | (15,418 | ) | — | (165 | ) | (16,636 | ) | (32,219 | ) | |||||||||||||||||||||||
Impact of foreign currency | 1,699 | 637 | 35 | 30 | 2,401 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 74,985 | $ | 22,986 | $ | 1,726 | $ | — | $ | 99,697 | ||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||
Related to assets held at end of year | 1,420 | (449 | ) | 69 | — | 1,040 | ||||||||||||||||||||||||||
Purchases | 11,792 | — | 127 | — | 11,919 | |||||||||||||||||||||||||||
Sales | (12,691 | ) | — | (519 | ) | — | (13,210 | ) | ||||||||||||||||||||||||
Impact of foreign currency | 1,806 | 599 | 72 | — | 2,477 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 77,312 | $ | 23,136 | $ | 1,475 | $ | — | $ | 101,923 | ||||||||||||||||||||||
There were no transfers between any asset levels during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits Net of | Total | |||||||||||||||||||||||||||||
Benefits | Benefits | Subsidy | ||||||||||||||||||||||||||||||
2014 | $ | 7,082 | $ | 43,703 | $ | 508 | $ | 51,293 | ||||||||||||||||||||||||
2015 | 7,268 | 42,903 | 510 | 50,681 | ||||||||||||||||||||||||||||
2016 | 7,489 | 44,259 | 491 | 52,239 | ||||||||||||||||||||||||||||
2017 | 7,842 | 45,016 | 493 | 53,351 | ||||||||||||||||||||||||||||
2018 | 8,129 | 44,480 | 499 | 53,108 | ||||||||||||||||||||||||||||
2019-2023 | 44,543 | 224,801 | 2,516 | 271,860 | ||||||||||||||||||||||||||||
The Company made voluntary incremental pension contributions of $17.6 million in 2013 and $1.0 million in 2012 to increase the funded status of its pension plans. The Company does not expect to receive any refunds from its benefit plans during 2014. | ||||||||||||||||||||||||||||||||
In 2014, the Company expects to make employer pension contributions of approximately $21.8 million to its non-U.S. pension plan and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan. |
Taxes
Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
TAXES [Abstract] | ' | |||||||||||
Income Tax Disclosure | ' | |||||||||||
TAXES | ||||||||||||
The sources of the Company’s earnings before taxes were as follows for the years ending December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 18,119 | $ | 32,296 | $ | (6,758 | ) | |||||
Non-United States | 384,590 | 350,305 | 355,935 | |||||||||
Earnings before taxes | $ | 402,709 | $ | 382,601 | $ | 349,177 | ||||||
The provisions for taxes consist of: | ||||||||||||
Current | Deferred | Total | ||||||||||
Year ended December 31, 2013: | ||||||||||||
United States federal | $ | — | $ | 8,249 | $ | 8,249 | ||||||
State and local | 1,459 | 965 | 2,424 | |||||||||
Non-United States | 86,340 | (398 | ) | 85,942 | ||||||||
Total | $ | 87,799 | $ | 8,816 | $ | 96,615 | ||||||
Year ended December 31, 2012: | ||||||||||||
United States federal | $ | — | $ | 12,341 | $ | 12,341 | ||||||
State and local | 1,372 | 87 | 1,459 | |||||||||
Non-United States | 84,962 | (7,008 | ) | 77,954 | ||||||||
Total | $ | 86,334 | $ | 5,420 | $ | 91,754 | ||||||
Year ended December 31, 2011: | ||||||||||||
United States federal | $ | — | $ | (9,111 | ) | $ | (9,111 | ) | ||||
State and local | 1,512 | (482 | ) | 1,030 | ||||||||
Non-United States | 75,580 | 12,185 | 87,765 | |||||||||
Total | $ | 77,092 | $ | 2,592 | $ | 79,684 | ||||||
The provisions for tax expense for the years ending December 31, 2013, 2012 and 2011 differed from the amounts computed by applying the United States federal income tax rate of 35% to the earnings before taxes as a result of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected tax | $ | 140,948 | $ | 133,910 | $ | 122,212 | ||||||
United States state and local income taxes, net of federal income tax benefit | 1,167 | 1,459 | 1,030 | |||||||||
Change in valuation allowance | 1,178 | — | — | |||||||||
Other non-United States income taxes at other than a 35% rate | (50,041 | ) | (44,288 | ) | (36,814 | ) | ||||||
Other, net | 3,363 | 673 | (6,744 | ) | ||||||||
Total provision for taxes | $ | 96,615 | $ | 91,754 | $ | 79,684 | ||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31, 2013: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventory | $ | 23,957 | $ | 20,615 | ||||||||
Accrued and other liabilities | 74,755 | 67,426 | ||||||||||
Accrued post-retirement benefit and pension costs | 48,296 | 62,980 | ||||||||||
Net operating loss and tax credit carryforwards | 43,939 | 39,018 | ||||||||||
Other | 12,832 | 17,938 | ||||||||||
Total deferred tax assets | 203,779 | 207,977 | ||||||||||
Less valuation allowance | (31,697 | ) | (23,177 | ) | ||||||||
Total deferred tax assets less valuation allowance | 172,082 | 184,800 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Inventory | 4,155 | 3,788 | ||||||||||
Property, plant and equipment | 51,763 | 47,172 | ||||||||||
Rainin intangibles amortization | 59,889 | 54,507 | ||||||||||
Prepaid post-retirement benefit and pension costs | 44,049 | 39,593 | ||||||||||
International earnings | 10,838 | 10,458 | ||||||||||
Total deferred tax liabilities | 170,694 | 155,518 | ||||||||||
Net deferred tax (liability) asset | $ | 1,388 | $ | 29,282 | ||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 17,780 | $ | 20,150 | ||||||||
Increases related to current tax positions | 2,024 | 2,470 | ||||||||||
Increases related to prior year tax positions | 1,137 | — | ||||||||||
Decreases related to prior year tax positions | (362 | ) | (378 | ) | ||||||||
Foreign currency translation (decreases) increases to prior year tax positions | 101 | 58 | ||||||||||
Decreases relating to taxing authority settlements | (393 | ) | (128 | ) | ||||||||
Decreases resulting from a lapse of the applicable statute of limitations | (1,439 | ) | (4,392 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 18,848 | $ | 17,780 | ||||||||
Included in the balance of unrecognized tax benefits at December 31, 2013 and 2012 were $15.5 million and $14.0 million, respectively of tax benefits that if recognized, would reduce the Company’s effective tax rate. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2013 and 2012 was $1.6 million and $1.3 million, respectively. | ||||||||||||
The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next twelve months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. An estimate of the range of these increases cannot currently be made. However, the Company does not expect a change would have a material impact on its financial position, results of operations or cash flows. | ||||||||||||
The Company has recorded valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in various worldwide jurisdictions. The $8.5 million increase and $11.6 million decrease in the total valuation allowance during 2013 and 2012, respectively, are primarily attributable to changes in the foreign tax credit carryforward and foreign currency fluctuation differences. | ||||||||||||
The deferred tax assets and valuation allowance as of December 31, 2013 do not include certain deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation expense recorded. Shareholders' equity will be increased by $32.5 million if and when such deferred tax assets are ultimately realized. | ||||||||||||
Certain adjustments have been made to prior year amounts to correct the presentation of deferred taxes in the consolidated balance sheet. In the fourth quarter of 2013, we reduced December 31, 2012 non-current deferred tax assets and non-current deferred tax liabilities by $94 million in order to offset deferred tax balances within the same jurisdiction in accordance with ASC 740 (Income Taxes). This revision did not affect the Company’s Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders’ Equity or Consolidated Statements of Cash Flows for any period. | ||||||||||||
At December 31, 2013, the Company has various U.S. state net operating losses and various foreign net operating losses that have various expiration periods. | ||||||||||||
The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom and certain other countries in future years and believes that there will be no additional cost associated with the repatriation of such foreign earnings other than withholding taxes. All other undistributed earnings are considered to be permanently reinvested. | ||||||||||||
During the third quarter of 2011, the Company recorded discrete tax items resulting in a net tax benefit $3.8 million, primarily related to the favorable resolution of certain prior year tax matters. | ||||||||||||
As of December 31, 2013, the major jurisdictions for which the Company is subject to examinations are Germany for years after 2008, the United States after 2009, France after 2010, Switzerland after 2009, the United Kingdom after 2010 and China after 2011. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Restructuring and Related Activities Disclosure | ' | |||||||||||
RESTRUCTURING CHARGES | ||||||||||||
During 2012 and 2013, we initiated additional cost reduction measures in response to global economic conditions. For the years ending December 31, 2013 and 2012, we have incurred $19.8 million and $16.7 million, respectively, of restructuring expenses which primarily comprise employee related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. | ||||||||||||
A rollforward of the Company’s accrual for restructuring activities for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Balance at December 31, 2011 | $ | 7,469 | $ | 100 | $ | 7,569 | ||||||
Restructuring charges | 14,652 | 2,035 | 16,687 | |||||||||
Cash payments / utilization | (10,746 | ) | (1,845 | ) | (12,591 | ) | ||||||
Impact of foreign currency | 280 | — | 280 | |||||||||
Balance at December 31, 2012 | 11,655 | 290 | 11,945 | |||||||||
Restructuring charges | 15,196 | 4,634 | 19,830 | |||||||||
Cash payments / utilization | (14,156 | ) | (4,793 | ) | (18,949 | ) | ||||||
Impact of foreign currency | 359 | — | 359 | |||||||||
Balance at December 31, 2013 | $ | 13,054 | $ | 131 | $ | 13,185 | ||||||
Other_Charges_Income_Net
Other Charges (Income), Net | 12 Months Ended |
Dec. 31, 2013 | |
OTHER CHARGES (INCOME), NET [Abstract] | ' |
Other Charges (Income), Net Disclosure | ' |
OTHER CHARGES (INCOME), NET | |
Other charges (income), net consists primarily of (gains) losses from foreign currency transactions, interest income and other items. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Commitments and Contingencies Disclosure | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | ||||
The Company leases certain of its facilities and equipment under operating leases. The future minimum lease payments under non-cancelable operating leases are as follows at December 31, 2013: | ||||
2014 | $ | 33,028 | ||
2015 | 24,980 | |||
2016 | 16,063 | |||
2017 | 10,024 | |||
2018 | 7,418 | |||
Thereafter | 10,004 | |||
Total | $ | 101,517 | ||
Rent expense for operating leases amounted to $37.0 million, $36.7 million and $34.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Legal | ||||
The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | ' | ||||||||||||||||||||||||||||||||
SEGMENT REPORTING | |||||||||||||||||||||||||||||||||
The Company has five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. U.S. Operations represent certain of the Company’s marketing and producing organizations located in the United States. Western European Operations include the Company’s marketing and producing organizations in Western Europe, excluding operations located in Switzerland. Swiss Operations include marketing and producing organizations located in Switzerland as well as extensive R&D operations that are responsible for the development, production and marketing of precision instruments, including weighing, analytical and measurement technologies for use in a variety of industrial and laboratory applications. Chinese Operations represent the Company’s marketing and producing organizations located in China. The Company’s market organizations are geographically focused and are responsible for all aspects of the Company’s sales and service. Operating segments that exist outside these reportable segments are included in Other. | |||||||||||||||||||||||||||||||||
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes). Inter-segment sales and transfers are priced to reflect consideration of market conditions and the regulations of the countries in which the transferring entities are located. | |||||||||||||||||||||||||||||||||
The following tables show the operations of the Company’s operating segments: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 720,568 | $ | 81,283 | $ | 801,851 | $ | 138,366 | $ | 6,223 | $ | 1,242,501 | $ | (6,297 | ) | $ | 307,933 | ||||||||||||||||
Swiss Operations | 127,031 | 440,177 | 567,208 | 151,743 | 6,576 | 1,090,353 | (6,801 | ) | 24,288 | ||||||||||||||||||||||||
Western European Operations | 674,620 | 111,707 | 786,327 | 111,828 | 4,708 | 1,059,525 | (6,096 | ) | 108,662 | ||||||||||||||||||||||||
Chinese Operations | 407,131 | 149,084 | 556,215 | 122,214 | 6,527 | 731,650 | (6,200 | ) | 746 | ||||||||||||||||||||||||
Other(a) | 449,622 | 6,308 | 455,930 | 49,228 | 2,694 | 257,141 | (7,172 | ) | 14,213 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (788,559 | ) | (788,559 | ) | (100,487 | ) | 8,037 | (2,228,351 | ) | (49,783 | ) | — | ||||||||||||||||||||
Total | $ | 2,378,972 | $ | — | $ | 2,378,972 | $ | 472,892 | $ | 34,765 | $ | 2,152,819 | $ | (82,349 | ) | $ | 455,842 | ||||||||||||||||
For the Year Ended December 31, 2012 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 699,361 | $ | 78,759 | $ | 778,120 | $ | 138,894 | $ | 5,799 | $ | 1,128,902 | $ | (10,988 | ) | $ | 307,933 | ||||||||||||||||
Swiss Operations | 124,362 | 406,485 | 530,847 | 133,691 | 7,194 | 922,620 | (5,529 | ) | 23,684 | ||||||||||||||||||||||||
Western European Operations | 644,361 | 101,952 | 746,313 | 95,523 | 4,947 | 975,174 | (5,504 | ) | 105,522 | ||||||||||||||||||||||||
Chinese Operations | 432,255 | 123,669 | 555,924 | 125,217 | 5,567 | 631,075 | (9,872 | ) | 717 | ||||||||||||||||||||||||
Other(a) | 441,189 | 6,538 | 447,727 | 48,857 | 2,653 | 237,232 | (5,542 | ) | 14,495 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (717,403 | ) | (717,403 | ) | (97,683 | ) | 7,261 | (1,872,715 | ) | (58,153 | ) | — | ||||||||||||||||||||
Total | $ | 2,341,528 | $ | — | $ | 2,341,528 | $ | 444,499 | $ | 33,421 | $ | 2,022,288 | $ | (95,588 | ) | $ | 452,351 | ||||||||||||||||
For the Year Ended December 31, 2011 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 665,245 | $ | 80,013 | $ | 745,258 | $ | 121,398 | $ | 5,757 | $ | 1,037,238 | $ | (6,926 | ) | $ | 307,485 | ||||||||||||||||
Swiss Operations | 143,520 | 411,788 | 555,308 | 113,997 | 7,581 | 795,828 | (8,178 | ) | 22,986 | ||||||||||||||||||||||||
Western European Operations | 692,348 | 107,585 | 799,933 | 99,969 | 5,065 | 963,563 | (4,962 | ) | 101,899 | ||||||||||||||||||||||||
Chinese Operations | 388,592 | 126,550 | 515,142 | 120,857 | 4,920 | 366,442 | (15,601 | ) | 710 | ||||||||||||||||||||||||
Other(a) | 419,623 | 6,348 | 425,971 | 50,045 | 2,161 | 328,867 | (4,088 | ) | 14,663 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (732,284 | ) | (732,284 | ) | (107,763 | ) | 6,205 | (1,377,028 | ) | (58,745 | ) | — | ||||||||||||||||||||
Total | $ | 2,309,328 | $ | — | $ | 2,309,328 | $ | 398,503 | $ | 31,689 | $ | 2,114,910 | $ | (98,500 | ) | $ | 447,743 | ||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||||||||||
(a) | Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. | ||||||||||||||||||||||||||||||||
(b) | Eliminations and Corporate includes the elimination of inter-segment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. | ||||||||||||||||||||||||||||||||
A reconciliation of earnings before taxes to segment profit follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Earnings before taxes | $ | 402,709 | $ | 382,601 | $ | 349,177 | |||||||||||||||||||||||||||
Amortization | 24,539 | 21,357 | 17,808 | ||||||||||||||||||||||||||||||
Interest expense | 22,711 | 22,764 | 23,226 | ||||||||||||||||||||||||||||||
Restructuring charges | 19,830 | 16,687 | 5,912 | ||||||||||||||||||||||||||||||
Other charges (income), net | 3,103 | 1,090 | 2,380 | ||||||||||||||||||||||||||||||
Segment profit | $ | 472,892 | $ | 444,499 | $ | 398,503 | |||||||||||||||||||||||||||
During 2013 restructuring charges of $19.8 million were recognized, of which $1.7 million, $8.0 million, $7.7 million, $2.0 million, and $0.4 million relate to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $16.7 million were recognized in 2012, of which $1.7 million, $5.7 million, $7.8 million, $1.1 million, and $0.4 million relate to the Company's U.S., Swiss, Western European, Chinese, and Other Operations, respectively. | |||||||||||||||||||||||||||||||||
The Company sells precision instruments, including weighing instruments and certain analytical and measurement technologies, and related services to a variety of customers and industries. None of these customers account for more than 1% of net sales. Service revenues are primarily derived from repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance. | |||||||||||||||||||||||||||||||||
A breakdown of the Company's sales by product category for the years ended December 31 follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Laboratory | $ | 1,100,632 | $ | 1,071,299 | $ | 1,047,319 | |||||||||||||||||||||||||||
Industrial | 1,065,605 | 1,063,653 | 1,038,871 | ||||||||||||||||||||||||||||||
Retail | 212,735 | 206,576 | 223,138 | ||||||||||||||||||||||||||||||
Total net sales | $ | 2,378,972 | $ | 2,341,528 | $ | 2,309,328 | |||||||||||||||||||||||||||
In certain circumstances, our operating segments sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant and equipment, net for the years ended December 31 follows: | |||||||||||||||||||||||||||||||||
Net Sales | Property, Plant and | ||||||||||||||||||||||||||||||||
Equipment, Net | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||||||
United States | $ | 664,665 | $ | 643,902 | $ | 612,643 | $ | 133,323 | $ | 66,978 | |||||||||||||||||||||||
Other Americas | 168,347 | 161,853 | 159,756 | 4,831 | 4,074 | ||||||||||||||||||||||||||||
Total Americas | 833,012 | 805,755 | 772,399 | 138,154 | 71,052 | ||||||||||||||||||||||||||||
Germany | 195,521 | 183,859 | 200,062 | 29,008 | 26,404 | ||||||||||||||||||||||||||||
France | 122,658 | 123,007 | 136,589 | 6,737 | 6,781 | ||||||||||||||||||||||||||||
United Kingdom | 65,922 | 62,389 | 66,321 | 6,001 | 6,103 | ||||||||||||||||||||||||||||
Switzerland | 74,574 | 65,430 | 79,376 | 243,697 | 275,944 | ||||||||||||||||||||||||||||
Other Europe | 377,353 | 355,266 | 379,784 | 7,936 | 6,767 | ||||||||||||||||||||||||||||
Total Europe | 836,028 | 789,951 | 862,132 | 293,379 | 321,999 | ||||||||||||||||||||||||||||
China | 396,620 | 422,894 | 379,791 | 74,546 | 69,784 | ||||||||||||||||||||||||||||
Rest of World | 313,312 | 322,928 | 295,006 | 8,359 | 6,586 | ||||||||||||||||||||||||||||
Total Asia/Rest of World | 709,932 | 745,822 | 674,797 | 82,905 | 76,370 | ||||||||||||||||||||||||||||
Total | $ | 2,378,972 | $ | 2,341,528 | $ | 2,309,328 | $ | 514,438 | $ | 469,421 | |||||||||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||
Quarterly Financial Information Disclosure | ' | ||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||
Quarterly financial data for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||
2013 | |||||||||||||||||||
Net sales | $ | 524,353 | $ | 578,680 | $ | 591,686 | $ | 684,253 | |||||||||||
Gross profit | 279,253 | 308,843 | 318,573 | 375,357 | |||||||||||||||
Net earnings | $ | 52,544 | $ | 69,062 | $ | 74,326 | $ | 110,162 | |||||||||||
Basic earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.73 | $ | 2.29 | $ | 2.49 | $ | 3.72 | |||||||||||
Weighted average number of common shares | 30,299,569 | 30,119,889 | 29,818,218 | 29,596,949 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.69 | $ | 2.24 | $ | 2.43 | $ | 3.63 | |||||||||||
Weighted average number of common and common equivalent shares | 31,101,979 | 30,849,934 | 30,579,954 | 30,366,603 | |||||||||||||||
Market price per share: | |||||||||||||||||||
High | $ | 221.56 | $ | 228 | $ | 242.56 | $ | 253.27 | |||||||||||
Low | $ | 196.72 | $ | 197.91 | $ | 205.55 | $ | 233.71 | |||||||||||
2012 | |||||||||||||||||||
Net sales | $ | 535,400 | $ | 570,283 | $ | 578,553 | $ | 657,292 | |||||||||||
Gross profit | 277,102 | 299,008 | 308,157 | 356,788 | |||||||||||||||
Net earnings | $ | 52,327 | $ | 61,704 | $ | 72,183 | $ | 104,633 | |||||||||||
Basic earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.66 | $ | 1.97 | $ | 2.34 | $ | 3.43 | |||||||||||
Weighted average number of common shares | 31,531,915 | 31,267,660 | 30,846,062 | 30,532,491 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.62 | $ | 1.93 | $ | 2.28 | $ | 3.35 | |||||||||||
Weighted average number of common and common equivalent shares | 32,386,924 | 32,038,928 | 31,599,081 | 31,271,377 | |||||||||||||||
Market price per share: | |||||||||||||||||||
High | $ | 189.67 | 185.08 | $ | 185.08 | 195 | $ | 177.44 | 185.08 | $ | 195 | ||||||||
Low | $ | 152.19 | 150.57 | $ | 150.57 | 161.8 | $ | 148.68 | 150.57 | $ | 161.8 | ||||||||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | ||||||||||||||||||||
Schedule II — Valuation and Qualifying Accounts (in thousands) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
-1 | -2 | ||||||||||||||||||||
Balance at the | Charged to | Charged to | Balance at End | ||||||||||||||||||
Beginning of | Costs and Expenses | Other Accounts | of Period | ||||||||||||||||||
Description | Period | -Deductions- | |||||||||||||||||||
Note (A) | Note (B) | ||||||||||||||||||||
Accounts receivable — allowance for doubtful accounts: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 14,120 | $ | 1,775 | $ | 115 | $ | 1,154 | $ | 14,856 | |||||||||||
Year ended December 31, 2012 | $ | 12,317 | $ | 2,106 | $ | 267 | $ | 570 | $ | 14,120 | |||||||||||
Year ended December 31, 2011 | $ | 11,536 | $ | 1,933 | $ | (220 | ) | $ | 932 | $ | 12,317 | ||||||||||
Deferred tax valuation allowance: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 23,177 | $ | — | $ | 10,131 | $ | 1,611 | $ | 31,697 | |||||||||||
Year ended December 31, 2012 | $ | 34,738 | $ | — | $ | 4,764 | $ | 16,325 | $ | 23,177 | |||||||||||
Year ended December 31, 2011 | $ | 44,669 | $ | — | $ | 912 | $ | 10,843 | $ | 34,738 | |||||||||||
_______________________________________ | |||||||||||||||||||||
Note (A) | |||||||||||||||||||||
For accounts receivable, amounts comprise currency translation adjustments. | |||||||||||||||||||||
For deferred tax valuation allowance in 2013, 2012 and 2011, amounts relate primarily to changes in foreign tax credit carryforwards and foreign currency differences recorded through other comprehensive income. | |||||||||||||||||||||
Note (B) | |||||||||||||||||||||
For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. | |||||||||||||||||||||
For deferred tax valuation allowance, the decrease in 2013 relates primarily to decreases in foreign tax loss carryforwards, while in 2012 and 2011 the reductions relate primarily to a decrease of recorded foreign tax credit and research and development tax credits. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Cash and Cash Equivalents, Policy | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. | ||
Trade Accounts Receivable, Policy | ' | |
Trade Accounts Receivable | ||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. | ||
Inventories, Policy | ' | |
Inventories | ||
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. | ||
Property, Plant and Equipment, Policy | ' | |
Long-Lived Assets | ||
a) | Property, Plant and Equipment | |
Property, plant and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company expenses all internal-use software costs incurred in the preliminary project stage and capitalizes certain direct costs associated with the development and purchase of internal-use software within property, plant and equipment. Capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, generally not exceeding 10 years. | ||
Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: | ||
Buildings and improvements | 15 to 50 years | |
Machinery and equipment | 3 to 12 years | |
Computer software | 3 to 10 years | |
Leasehold improvements | Shorter of useful life or lease term | |
Goodwill and Intangible Assets, Policy | ' | |
b) | Goodwill and Other Intangible Assets | |
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. | ||
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment." | ||
Accounting for Impairment of Long Lived Assets, Policy | ' | |
Accounting for Impairment of Long-Lived Assets | ||
The Company assesses the need to record impairment losses on long-lived assets with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value, with the loss measured as the difference between carrying value and fair value. | ||
Income Tax, Policy | ' | |
Taxation | ||
The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. | ||
The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. | ||
Currency Transactions and Translations Policy | ' | |
Currency Translation and Transactions | ||
The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings. | ||
Revenue Recognition, Policy | ' | |
Revenue Recognition | ||
Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, such as customer acceptance, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. | ||
Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. | ||
Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period. | ||
Research and Development Expense, Policy | ' | |
Research and Development | ||
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. | ||
Warranty, Policy | ' | |
Warranty | ||
The Company generally offers one-year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligation is affected by product failure rates, material usage and service costs incurred in correcting a product failure. | ||
Employee Termination Benefits, Policy | ' | |
Employee Termination Benefits | ||
In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. | ||
Earnings per Common Share, Policy | ' | |
Earnings per Common Share | ||
In accordance with the treasury stock method, the Company has included 782,528, 779,545 and 941,586 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ending December 31, 2013, 2012 and 2011, respectively, relating to outstanding stock options and restricted stock units. | ||
Outstanding options and restricted stock units to purchase or receive 23,951, 241,205 and 197,629 shares of common stock for the years ending December 31, 2013, 2012 and 2011, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. | ||
Equity Based Compensation, Policy | ' | |
Equity-Based Compensation | ||
The Company applies the fair value methodology in accounting for its equity-based compensation plan. | ||
Derivatives Financial Instruments, Policy | ' | |
Derivative Financial Instruments | ||
The Company has only limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 5, the Company enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. | ||
The Company also enters into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted sales. Such contracts limit the Company’s exposure to currency fluctuations on the items they hedge. Changes in fair value of outstanding foreign currency forward contract agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. | ||
The Company also enters into interest rate swap agreements in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized in interest expense over the life of the agreements as incurred. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are recognized in other comprehensive income as incurred. | ||
Fair Value Measurements, Policy | ' | |
Fair Value Measurements | ||
The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
In January 2013, the Company adopted ASU 2013-02, to ASC 220 “Comprehensive Income.” The adoption of the guidance requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, the Company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The adoption of this guidance did not impact the Company's consolidated results of operations or on the financial position. | ||
In July 2013, the FASB issued amendments to ASC 740 "Income Taxes." The amendments provide further guidance to the balance sheet presentation of unrecognized tax benefits when a net operating loss or similar tax loss carryforwards, or tax credit carryforwards exist. The amendments will be effective for public entities for annual periods beginning after December 15, 2013. The Company is currently reviewing the implications of this amendment, but does not believe it will have a material impact out consolidated results of operations or on the financial position. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Property, Plant and Equipment Useful Life | ' | |
Buildings and improvements | 15 to 50 years | |
Machinery and equipment | 3 to 12 years | |
Computer software | 3 to 10 years | |
Leasehold improvements | Shorter of useful life or lease term |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
INVENTORIES [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Raw materials and parts | $ | 98,244 | $ | 94,450 | ||||
Work-in-progress | 38,061 | 36,899 | ||||||
Finished goods | 74,109 | 67,590 | ||||||
$ | 210,414 | $ | 198,939 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 16,868 | $ | — | $ | 16,868 | $ | — | $ | 13,636 | $ | — | $ | 13,636 | $ | — | ||||||||||||||||
Interest rate swap agreement | 1,269 | — | 1,269 | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | 268 | — | 268 | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instrument | 719 | — | 719 | — | 448 | — | 448 | — | ||||||||||||||||||||||||
Total | $ | 19,124 | $ | — | $ | 19,124 | $ | — | $ | 14,084 | $ | — | $ | 14,084 | $ | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 5,312 | $ | — | $ | 5,312 | $ | — | $ | 8,172 | $ | — | $ | 8,172 | $ | — | ||||||||||||||||
Foreign currency forward contracts designated as cash flow hedge | 103 | — | 103 | — | 421 | — | 421 | — | ||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instrument | 355 | — | 355 | — | 280 | — | 280 | — | ||||||||||||||||||||||||
Total | $ | 5,770 | $ | — | $ | 5,770 | $ | — | $ | 8,873 | $ | — | $ | 8,873 | $ | — | ||||||||||||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Land | $ | 56,214 | $ | 54,804 | ||||
Building and leasehold improvements | 212,277 | 206,744 | ||||||
Machinery and equipment | 361,978 | 340,834 | ||||||
Computer software | 302,681 | 247,044 | ||||||
933,150 | 849,426 | |||||||
Less accumulated depreciation and amortization | (418,712 | ) | (380,005 | ) | ||||
$ | 514,438 | $ | 469,421 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | |||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of year | $ | 452,351 | $ | 447,743 | ||||||||||||
Goodwill acquired | 1,049 | 648 | ||||||||||||||
Foreign currency translation | 2,442 | 3,960 | ||||||||||||||
Balance at year end | $ | 455,842 | $ | 452,351 | ||||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | ' | |||||||||||||||
2013 | 2012 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Customer relationships | $ | 98,374 | $ | (25,313 | ) | $ | 96,575 | $ | (21,928 | ) | ||||||
Proven technology and patents | 43,233 | (29,763 | ) | 42,960 | (28,014 | ) | ||||||||||
Tradename (finite life) | 4,300 | (1,619 | ) | 3,972 | (1,345 | ) | ||||||||||
Tradename (indefinite life) | 25,108 | — | 25,061 | — | ||||||||||||
Other | 757 | (659 | ) | 745 | (462 | ) | ||||||||||
$ | 171,772 | $ | (57,354 | ) | $ | 169,313 | $ | (51,749 | ) | |||||||
Warranty_Tables
Warranty (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
WARRANTY [Abstract] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Balance at beginning of year | $ | 16,295 | $ | 16,748 | ||||
Accruals for warranties | 19,779 | 17,667 | ||||||
Payments/utilizations | (19,179 | ) | (18,343 | ) | ||||
Foreign currency translation | 96 | 223 | ||||||
Balance at year end | $ | 16,991 | $ | 16,295 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
2013 | 2012 | |||||||
$100 million Senior Notes, interest at 6.30%, due June 25, 2015 | $ | 100,000 | $ | 100,000 | ||||
$50 million Senior Notes, interest at 3.67%, due December 17, 2022 | 50,000 | 50,000 | ||||||
$50 million Senior Notes, interest 4.10%, due September 19, 2023 | 50,000 | — | ||||||
$800 million Credit Agreement, interest at LIBOR plus 75 basis points | 195,960 | 197,131 | ||||||
Other local arrangements | 17,067 | 41,600 | ||||||
413,027 | 388,731 | |||||||
Less: current portion | (17,067 | ) | (41,600 | ) | ||||
Long-term debt | $ | 395,960 | $ | 347,131 | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SHAREHOLDERS’ EQUITY [Abstract] | ' | |||||||||||||||
Rollforward Of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
Currency Translation Adjustment, Net of Tax | Net Unrealized | Pension and Post-Retirement Benefit Related Items, | Total | |||||||||||||
Gain (Loss) on | Net of Tax | |||||||||||||||
Cash Flow Hedging Arrangements, | ||||||||||||||||
Net of Tax | ||||||||||||||||
Balance at December 31, 2012 | $ | 56,012 | $ | (5,438 | ) | $ | (148,035 | ) | $ | (97,461 | ) | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized actuarial gains (loss), prior service costs and plan amendments | — | — | 32,752 | 32,752 | ||||||||||||
Unrealized gains (loss) on cash flow hedging arrangements | — | (448 | ) | — | (448 | ) | ||||||||||
Foreign currency translation adjustment | 21,903 | (43 | ) | (2,010 | ) | 19,850 | ||||||||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — | 3,496 | 6,775 | 10,271 | ||||||||||||
Net change in other comprehensive income (loss), net of tax | 21,903 | 3,005 | 37,517 | 62,425 | ||||||||||||
Balance at December 31, 2013 | $ | 77,915 | $ | (2,433 | ) | $ | (110,518 | ) | $ | (35,036 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
2013 | Location of Amounts Recognized in Earnings | |||||||||||||||
Effective portion of losses on cash flow hedging arrangements: | ||||||||||||||||
Interest rate swap agreements | $ | 3,081 | Interest expense | |||||||||||||
Foreign currency forward contracts | 2,013 | Cost of sales - products | ||||||||||||||
Total before taxes | 5,094 | |||||||||||||||
Provision for taxes | 1,598 | Provision for taxes | ||||||||||||||
Total, net of taxes | $ | 3,496 | ||||||||||||||
Recognition of defined benefit pension and post-retirement items: | ||||||||||||||||
Recognition of actuarial losses, plan amendments and prior service cost, before taxes | $ | 10,426 | (a) | |||||||||||||
Provision for taxes | 3,651 | Provision for taxes | ||||||||||||||
Total, net of taxes | $ | 6,775 | ||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Currency translation adjustment, net of tax | $ | 77,915 | $ | 56,012 | $ | 40,371 | ||||||||||
Net unrealized (loss) gain on cash flow hedging arrangements, net of tax | (2,433 | ) | (5,438 | ) | (5,719 | ) | ||||||||||
Pension and post-retirement benefit related items | (154,068 | ) | (209,775 | ) | (176,005 | ) | ||||||||||
Deferred taxes on pension and post-retirement benefit related items | 43,550 | 61,740 | 54,415 | |||||||||||||
Total accumulated other comprehensive income (loss) | $ | (35,036 | ) | $ | (97,461 | ) | $ | (86,938 | ) |
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EQUITY INCENTIVE PLAN [Abstract] | ' | ||||||||||
Schedule of Stock Options, Activity | ' | ||||||||||
Number of | Weighted Average | Aggregate Intrinsic | |||||||||
Options | Exercise Price | Value (in millions) | |||||||||
Outstanding at December 31, 2012 | 2,104,775 | $94.45 | $208.90 | ||||||||
Granted | 135,858 | 244.99 | |||||||||
Exercised | (352,602 | ) | 56 | ||||||||
Forfeited | (16,337 | ) | 115.04 | ||||||||
Outstanding at December 31, 2013 | 1,871,694 | $112.57 | $243.70 | ||||||||
Options exercisable at December 31, 2013 | 1,377,919 | $90.35 | $209.80 | ||||||||
Schedule Shares Outstanding under Stock Option Plans, by Exercise Price Range | ' | ||||||||||
Number of Options | Weighted Average | Remaining Contractual | Options | ||||||||
Outstanding | Exercise Price | Life of Options | Exercisable | ||||||||
Outstanding | |||||||||||
84,157 | $ | 46.32 | 1 | 84,157 | |||||||
339,250 | $ | 61.57 | 2.8 | 339,250 | |||||||
472,789 | $ | 81.31 | 5.3 | 433,569 | |||||||
298,050 | $ | 108.9 | 3.9 | 298,050 | |||||||
359,084 | $ | 141.51 | 7.3 | 181,965 | |||||||
318,364 | $ | 201.64 | 9.3 | 40,928 | |||||||
1,871,694 | 5.5 | 1,377,919 | |||||||||
Schedule of Stock Options, Valuation Assumptions | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rate | 1.31 | % | 0.71 | % | 1.09 | % | |||||
Expected life in years | 5 | 5 | 5 | ||||||||
Expected volatility | 28 | % | 30 | % | 30 | % | |||||
Expected dividend yield | — | — | — | ||||||||
Schedule Restricted Stock Units, Activity | ' | ||||||||||
Number of Restricted | Aggregate Intrinsic | ||||||||||
Stock Units | Value (in millions) | ||||||||||
Outstanding at December 31, 2012 | 131,025 | $ | 25.3 | ||||||||
Granted | 29,507 | ||||||||||
Vested | (46,044 | ) | |||||||||
Forfeited | (6,706 | ) | |||||||||
Outstanding at December 31, 2013 | 107,782 | $ | 26.1 | ||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
BENEFIT PLANS [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 156,804 | $ | 146,492 | $ | 798,657 | $ | 717,503 | $ | 11,267 | $ | 13,257 | $ | 966,728 | $ | 877,252 | ||||||||||||||||
Service cost, gross | 494 | 455 | 30,315 | 27,312 | 216 | 333 | 31,025 | 28,100 | ||||||||||||||||||||||||
Interest cost | 5,755 | 6,093 | 19,566 | 22,104 | 405 | 539 | 25,726 | 28,736 | ||||||||||||||||||||||||
Actuarial losses (gains) | (18,226 | ) | 10,184 | (11,477 | ) | 68,807 | (1,988 | ) | (2,059 | ) | (31,691 | ) | 76,932 | |||||||||||||||||||
Plan amendments and other | — | — | 293 | (21,915 | ) | (3,733 | ) | 75 | (3,440 | ) | (21,840 | ) | ||||||||||||||||||||
Benefits paid | (6,680 | ) | (6,420 | ) | (43,271 | ) | (36,861 | ) | (872 | ) | (878 | ) | (50,823 | ) | (44,159 | ) | ||||||||||||||||
Impact of foreign currency | — | — | 20,117 | 21,707 | — | — | 20,117 | 21,707 | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 138,147 | $ | 156,804 | $ | 814,200 | $ | 798,657 | $ | 5,295 | $ | 11,267 | $ | 957,642 | $ | 966,728 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 94,734 | $ | 87,904 | $ | 731,040 | $ | 665,126 | $ | — | $ | — | $ | 825,774 | $ | 753,030 | ||||||||||||||||
Actual return on plan assets | 12,073 | 9,501 | 42,480 | 47,797 | — | — | 54,553 | 57,298 | ||||||||||||||||||||||||
Employer contributions | 17,776 | 3,749 | 25,147 | 22,309 | 723 | 803 | 43,646 | 26,861 | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | 13,255 | 12,315 | 149 | 75 | 13,404 | 12,390 | ||||||||||||||||||||||||
Benefits paid | (6,680 | ) | (6,420 | ) | (43,271 | ) | (36,861 | ) | (872 | ) | (878 | ) | (50,823 | ) | (44,159 | ) | ||||||||||||||||
Impact of foreign currency and other | — | — | 17,881 | 20,354 | — | — | 17,881 | 20,354 | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 117,903 | $ | 94,734 | $ | 786,532 | $ | 731,040 | $ | — | $ | — | 904,435 | 825,774 | ||||||||||||||||||
Funded status | $ | (20,244 | ) | $ | (62,070 | ) | $ | (27,668 | ) | $ | (67,617 | ) | $ | (5,295 | ) | $ | (11,267 | ) | $ | (53,207 | ) | $ | (140,954 | ) | ||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | Total | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | 105,132 | $ | 64,183 | $ | — | $ | — | $ | 105,132 | $ | 64,183 | ||||||||||||||||
Pension and other post-retirement liabilities | (20,244 | ) | (62,070 | ) | (132,800 | ) | (131,800 | ) | (5,295 | ) | (11,267 | ) | (158,339 | ) | (205,137 | ) | ||||||||||||||||
Accumulated other comprehensive loss (income) | 59,013 | 89,940 | 110,965 | 130,776 | (15,910 | ) | (10,941 | ) | 154,068 | 209,775 | ||||||||||||||||||||||
Total | $ | 38,769 | $ | 27,870 | $ | 83,297 | $ | 63,159 | $ | (21,205 | ) | $ | (22,208 | ) | $ | 100,861 | $ | 68,821 | ||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | ' | |||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits | Total | Total, After Tax | ||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
Plan amendments and prior service cost | $ | — | $ | (25,137 | ) | $ | (3,598 | ) | $ | (28,735 | ) | $ | (22,413 | ) | ||||||||||||||||||
Actuarial losses (gains) | 59,013 | 136,102 | (12,312 | ) | 182,803 | 132,931 | ||||||||||||||||||||||||||
Total | $ | 59,013 | $ | 110,965 | $ | (15,910 | ) | $ | 154,068 | $ | 110,518 | |||||||||||||||||||||
Schedule of Changes in Accumulated Postemployment Benefit Obligations | ' | |||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits | Total | Total, After Tax | ||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | (23,145 | ) | $ | (18,795 | ) | $ | (1,988 | ) | $ | (43,928 | ) | $ | (30,381 | ) | |||||||||||||||||
Plan amendments and prior service cost, net | — | 17 | (3,882 | ) | (3,865 | ) | (2,371 | ) | ||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Actuarial (losses) gains | (7,782 | ) | (7,398 | ) | 988 | (14,192 | ) | (9,821 | ) | |||||||||||||||||||||||
Plan amendments and prior service cost | — | 3,853 | (87 | ) | 3,766 | 3,046 | ||||||||||||||||||||||||||
Impact of foreign currency | — | 2,512 | — | 2,512 | 2,010 | |||||||||||||||||||||||||||
Total | $ | (30,927 | ) | $ | (19,811 | ) | $ | (4,969 | ) | $ | (55,707 | ) | $ | (37,517 | ) | |||||||||||||||||
Schedule of Assumptions Used in Computing Benefit Obligation | ' | |||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 4.75 | % | 3.75 | % | 4.25 | % | 2.73 | % | 2.5 | % | 3.1 | % | ||||||||||||||||||||
Compensation increase rate | n/a | n/a | n/a | 1.61 | % | 1.6 | % | 1.75 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | 8 | % | 4.87 | % | 4.89 | % | 4.8 | % | ||||||||||||||||||||
Schedule of Assumptions Used in Computing Pension Cost | ' | |||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 3.75 | % | 4.25 | % | 5.25 | % | 2.5 | % | 3.1 | % | 3.6 | % | ||||||||||||||||||||
Compensation increase rate | n/a | n/a | n/a | 1.6 | % | 1.75 | % | 2.2 | % | |||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.75 | % | 8 | % | 8 | % | 4.89 | % | 4.8 | % | 4.94 | % | ||||||||||||||||||||
Schedule of Net Pension Costs | ' | |||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost, net | $ | 494 | $ | 455 | $ | 331 | $ | 17,386 | $ | 15,011 | $ | 13,699 | ||||||||||||||||||||
Interest cost on projected benefit obligations | 5,755 | 6,093 | 6,422 | 19,566 | 22,104 | 24,637 | ||||||||||||||||||||||||||
Expected return on plan assets | (7,154 | ) | (6,965 | ) | (7,499 | ) | (35,048 | ) | (32,989 | ) | (34,325 | ) | ||||||||||||||||||||
Recognition of actuarial losses/(gains) and prior service costs | 7,782 | 7,664 | 5,103 | 3,545 | 210 | (339 | ) | |||||||||||||||||||||||||
Net periodic pension cost | $ | 6,877 | $ | 7,247 | $ | 4,357 | $ | 5,449 | $ | 4,336 | $ | 3,672 | ||||||||||||||||||||
Schedule of Net Postretirement Costs | ' | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost | $ | 216 | $ | 333 | $ | 304 | ||||||||||||||||||||||||||
Interest cost on projected benefit obligations | 405 | 539 | 731 | |||||||||||||||||||||||||||||
Net amortization and deferral | (901 | ) | (753 | ) | (692 | ) | ||||||||||||||||||||||||||
Net periodic post-retirement benefit (credit)/cost | $ | (280 | ) | $ | 119 | $ | 343 | |||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | |||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. | Other Benefits | Total | |||||||||||||||||||||||||||||
Benefits | Pension Benefits | |||||||||||||||||||||||||||||||
Plan amendments and prior service costs | $ | — | $ | (3,941 | ) | $ | (779 | ) | $ | (4,720 | ) | |||||||||||||||||||||
Actuarial losses (gains) | 4,845 | 4,246 | (1,436 | ) | 7,655 | |||||||||||||||||||||||||||
Total | $ | 4,845 | $ | 305 | $ | (2,215 | ) | $ | 2,935 | |||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||||||||
One-Percentage-Point | One-Percentage-Point | |||||||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 56 | $ | (50 | ) | |||||||||||||||||||||||||||
Effect on post-retirement benefit obligation | $ | 208 | $ | (190 | ) | |||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Quoted | Observable | Unobservable | Total | Quoted | Observable | Unobservable | Total | |||||||||||||||||||||||||
Prices in | Inputs for | Inputs | Prices in | Inputs for | Inputs | |||||||||||||||||||||||||||
Active | Identical | (Level 3) | Active | Identical | (Level 3) | |||||||||||||||||||||||||||
Markets for | Assets | Markets for | Assets | |||||||||||||||||||||||||||||
Identical | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Asset Category: | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 129,932 | $ | — | $ | — | $ | 129,932 | $ | 141,020 | $ | — | $ | — | $ | 141,020 | ||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||
Mettler-Toledo Stock | 3,425 | — | — | 3,425 | 3,284 | — | — | 3,284 | ||||||||||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||||||||||||||
U.S.(1) | 5,960 | 27,652 | — | 33,612 | 25,880 | 21,268 | — | 47,148 | ||||||||||||||||||||||||
International(2) | 44,149 | 54,120 | — | 98,269 | 37,982 | 46,312 | — | 84,294 | ||||||||||||||||||||||||
Emerging Markets(3) | 78,392 | 5,773 | — | 84,165 | 36,449 | 5,704 | — | 42,153 | ||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
Corporate/Government | 129,155 | — | — | 129,155 | 66,331 | — | — | 66,331 | ||||||||||||||||||||||||
Bonds(4) | ||||||||||||||||||||||||||||||||
Fixed Income Mutual Funds: | ||||||||||||||||||||||||||||||||
Insurance Contracts(5) | — | 24,633 | 1,475 | 26,108 | — | 23,015 | 1,726 | 24,741 | ||||||||||||||||||||||||
Core Bond(6) | 146,857 | 36,327 | — | 183,184 | 147,853 | 35,980 | — | 183,833 | ||||||||||||||||||||||||
Real Asset Mutual Funds: | ||||||||||||||||||||||||||||||||
Real Estate(7) | 66,431 | — | — | 66,431 | 62,172 | — | — | 62,172 | ||||||||||||||||||||||||
Commodities(8) | 23,293 | 3,323 | 23,136 | 49,752 | 30,976 | 3,775 | 22,986 | 57,737 | ||||||||||||||||||||||||
Other Types of Investments: | ||||||||||||||||||||||||||||||||
Global Allocation Funds(9) | 12,002 | 11,088 | — | 23,090 | 29,504 | 8,572 | — | 38,076 | ||||||||||||||||||||||||
Multi-Strategy Fund of | — | — | 77,312 | 77,312 | — | — | 74,985 | 74,985 | ||||||||||||||||||||||||
Hedge Funds(10) | ||||||||||||||||||||||||||||||||
$ | 639,596 | $ | 162,916 | $ | 101,923 | $ | 904,435 | $ | 581,451 | $ | 144,626 | $ | 99,697 | $ | 825,774 | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||||
Multi- | Commodities | Insurance | Convertible | Total | ||||||||||||||||||||||||||||
Strategy | Contract | Preferred | ||||||||||||||||||||||||||||||
Fund of | Equity | |||||||||||||||||||||||||||||||
Hedge | Certificates | |||||||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 78,650 | $ | 21,816 | $ | 1,661 | $ | 14,366 | $ | 116,493 | ||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||
Related to assets held at end of year | 1,099 | 533 | 31 | — | 1,663 | |||||||||||||||||||||||||||
Related to assets sold during the year | 317 | — | 3 | 2,240 | 2,560 | |||||||||||||||||||||||||||
Purchases | 8,638 | — | 161 | — | 8,799 | |||||||||||||||||||||||||||
Sales | (15,418 | ) | — | (165 | ) | (16,636 | ) | (32,219 | ) | |||||||||||||||||||||||
Impact of foreign currency | 1,699 | 637 | 35 | 30 | 2,401 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 74,985 | $ | 22,986 | $ | 1,726 | $ | — | $ | 99,697 | ||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||
Related to assets held at end of year | 1,420 | (449 | ) | 69 | — | 1,040 | ||||||||||||||||||||||||||
Purchases | 11,792 | — | 127 | — | 11,919 | |||||||||||||||||||||||||||
Sales | (12,691 | ) | — | (519 | ) | — | (13,210 | ) | ||||||||||||||||||||||||
Impact of foreign currency | 1,806 | 599 | 72 | — | 2,477 | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 77,312 | $ | 23,136 | $ | 1,475 | $ | — | $ | 101,923 | ||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||||||
U.S. Pension | Non-U.S. Pension | Other Benefits Net of | Total | |||||||||||||||||||||||||||||
Benefits | Benefits | Subsidy | ||||||||||||||||||||||||||||||
2014 | $ | 7,082 | $ | 43,703 | $ | 508 | $ | 51,293 | ||||||||||||||||||||||||
2015 | 7,268 | 42,903 | 510 | 50,681 | ||||||||||||||||||||||||||||
2016 | 7,489 | 44,259 | 491 | 52,239 | ||||||||||||||||||||||||||||
2017 | 7,842 | 45,016 | 493 | 53,351 | ||||||||||||||||||||||||||||
2018 | 8,129 | 44,480 | 499 | 53,108 | ||||||||||||||||||||||||||||
2019-2023 | 44,543 | 224,801 | 2,516 | 271,860 | ||||||||||||||||||||||||||||
Taxes_Tables
Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
TAXES [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 18,119 | $ | 32,296 | $ | (6,758 | ) | |||||
Non-United States | 384,590 | 350,305 | 355,935 | |||||||||
Earnings before taxes | $ | 402,709 | $ | 382,601 | $ | 349,177 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Current | Deferred | Total | ||||||||||
Year ended December 31, 2013: | ||||||||||||
United States federal | $ | — | $ | 8,249 | $ | 8,249 | ||||||
State and local | 1,459 | 965 | 2,424 | |||||||||
Non-United States | 86,340 | (398 | ) | 85,942 | ||||||||
Total | $ | 87,799 | $ | 8,816 | $ | 96,615 | ||||||
Year ended December 31, 2012: | ||||||||||||
United States federal | $ | — | $ | 12,341 | $ | 12,341 | ||||||
State and local | 1,372 | 87 | 1,459 | |||||||||
Non-United States | 84,962 | (7,008 | ) | 77,954 | ||||||||
Total | $ | 86,334 | $ | 5,420 | $ | 91,754 | ||||||
Year ended December 31, 2011: | ||||||||||||
United States federal | $ | — | $ | (9,111 | ) | $ | (9,111 | ) | ||||
State and local | 1,512 | (482 | ) | 1,030 | ||||||||
Non-United States | 75,580 | 12,185 | 87,765 | |||||||||
Total | $ | 77,092 | $ | 2,592 | $ | 79,684 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected tax | $ | 140,948 | $ | 133,910 | $ | 122,212 | ||||||
United States state and local income taxes, net of federal income tax benefit | 1,167 | 1,459 | 1,030 | |||||||||
Change in valuation allowance | 1,178 | — | — | |||||||||
Other non-United States income taxes at other than a 35% rate | (50,041 | ) | (44,288 | ) | (36,814 | ) | ||||||
Other, net | 3,363 | 673 | (6,744 | ) | ||||||||
Total provision for taxes | $ | 96,615 | $ | 91,754 | $ | 79,684 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventory | $ | 23,957 | $ | 20,615 | ||||||||
Accrued and other liabilities | 74,755 | 67,426 | ||||||||||
Accrued post-retirement benefit and pension costs | 48,296 | 62,980 | ||||||||||
Net operating loss and tax credit carryforwards | 43,939 | 39,018 | ||||||||||
Other | 12,832 | 17,938 | ||||||||||
Total deferred tax assets | 203,779 | 207,977 | ||||||||||
Less valuation allowance | (31,697 | ) | (23,177 | ) | ||||||||
Total deferred tax assets less valuation allowance | 172,082 | 184,800 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Inventory | 4,155 | 3,788 | ||||||||||
Property, plant and equipment | 51,763 | 47,172 | ||||||||||
Rainin intangibles amortization | 59,889 | 54,507 | ||||||||||
Prepaid post-retirement benefit and pension costs | 44,049 | 39,593 | ||||||||||
International earnings | 10,838 | 10,458 | ||||||||||
Total deferred tax liabilities | 170,694 | 155,518 | ||||||||||
Net deferred tax (liability) asset | $ | 1,388 | $ | 29,282 | ||||||||
Summary of Income Tax Contingencies | ' | |||||||||||
2013 | 2012 | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 17,780 | $ | 20,150 | ||||||||
Increases related to current tax positions | 2,024 | 2,470 | ||||||||||
Increases related to prior year tax positions | 1,137 | — | ||||||||||
Decreases related to prior year tax positions | (362 | ) | (378 | ) | ||||||||
Foreign currency translation (decreases) increases to prior year tax positions | 101 | 58 | ||||||||||
Decreases relating to taxing authority settlements | (393 | ) | (128 | ) | ||||||||
Decreases resulting from a lapse of the applicable statute of limitations | (1,439 | ) | (4,392 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 18,848 | $ | 17,780 | ||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Balance at December 31, 2011 | $ | 7,469 | $ | 100 | $ | 7,569 | ||||||
Restructuring charges | 14,652 | 2,035 | 16,687 | |||||||||
Cash payments / utilization | (10,746 | ) | (1,845 | ) | (12,591 | ) | ||||||
Impact of foreign currency | 280 | — | 280 | |||||||||
Balance at December 31, 2012 | 11,655 | 290 | 11,945 | |||||||||
Restructuring charges | 15,196 | 4,634 | 19,830 | |||||||||
Cash payments / utilization | (14,156 | ) | (4,793 | ) | (18,949 | ) | ||||||
Impact of foreign currency | 359 | — | 359 | |||||||||
Balance at December 31, 2013 | $ | 13,054 | $ | 131 | $ | 13,185 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | |||
2014 | $ | 33,028 | ||
2015 | 24,980 | |||
2016 | 16,063 | |||
2017 | 10,024 | |||
2018 | 7,418 | |||
Thereafter | 10,004 | |||
Total | $ | 101,517 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Sales, Segment Profit, Depreciation, Total Assets, and Purchases of PPE, and Goodwil by Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 720,568 | $ | 81,283 | $ | 801,851 | $ | 138,366 | $ | 6,223 | $ | 1,242,501 | $ | (6,297 | ) | $ | 307,933 | ||||||||||||||||
Swiss Operations | 127,031 | 440,177 | 567,208 | 151,743 | 6,576 | 1,090,353 | (6,801 | ) | 24,288 | ||||||||||||||||||||||||
Western European Operations | 674,620 | 111,707 | 786,327 | 111,828 | 4,708 | 1,059,525 | (6,096 | ) | 108,662 | ||||||||||||||||||||||||
Chinese Operations | 407,131 | 149,084 | 556,215 | 122,214 | 6,527 | 731,650 | (6,200 | ) | 746 | ||||||||||||||||||||||||
Other(a) | 449,622 | 6,308 | 455,930 | 49,228 | 2,694 | 257,141 | (7,172 | ) | 14,213 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (788,559 | ) | (788,559 | ) | (100,487 | ) | 8,037 | (2,228,351 | ) | (49,783 | ) | — | ||||||||||||||||||||
Total | $ | 2,378,972 | $ | — | $ | 2,378,972 | $ | 472,892 | $ | 34,765 | $ | 2,152,819 | $ | (82,349 | ) | $ | 455,842 | ||||||||||||||||
For the Year Ended December 31, 2012 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 699,361 | $ | 78,759 | $ | 778,120 | $ | 138,894 | $ | 5,799 | $ | 1,128,902 | $ | (10,988 | ) | $ | 307,933 | ||||||||||||||||
Swiss Operations | 124,362 | 406,485 | 530,847 | 133,691 | 7,194 | 922,620 | (5,529 | ) | 23,684 | ||||||||||||||||||||||||
Western European Operations | 644,361 | 101,952 | 746,313 | 95,523 | 4,947 | 975,174 | (5,504 | ) | 105,522 | ||||||||||||||||||||||||
Chinese Operations | 432,255 | 123,669 | 555,924 | 125,217 | 5,567 | 631,075 | (9,872 | ) | 717 | ||||||||||||||||||||||||
Other(a) | 441,189 | 6,538 | 447,727 | 48,857 | 2,653 | 237,232 | (5,542 | ) | 14,495 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (717,403 | ) | (717,403 | ) | (97,683 | ) | 7,261 | (1,872,715 | ) | (58,153 | ) | — | ||||||||||||||||||||
Total | $ | 2,341,528 | $ | — | $ | 2,341,528 | $ | 444,499 | $ | 33,421 | $ | 2,022,288 | $ | (95,588 | ) | $ | 452,351 | ||||||||||||||||
For the Year Ended December 31, 2011 | Net Sales to | Net Sales to | Total Net | Segment | Depreciation | Total Assets | Purchase of | Goodwill | |||||||||||||||||||||||||
External | Other | Sales | Profit | Property, Plant | |||||||||||||||||||||||||||||
Customers | Segments | and Equipment | |||||||||||||||||||||||||||||||
U.S. Operations | $ | 665,245 | $ | 80,013 | $ | 745,258 | $ | 121,398 | $ | 5,757 | $ | 1,037,238 | $ | (6,926 | ) | $ | 307,485 | ||||||||||||||||
Swiss Operations | 143,520 | 411,788 | 555,308 | 113,997 | 7,581 | 795,828 | (8,178 | ) | 22,986 | ||||||||||||||||||||||||
Western European Operations | 692,348 | 107,585 | 799,933 | 99,969 | 5,065 | 963,563 | (4,962 | ) | 101,899 | ||||||||||||||||||||||||
Chinese Operations | 388,592 | 126,550 | 515,142 | 120,857 | 4,920 | 366,442 | (15,601 | ) | 710 | ||||||||||||||||||||||||
Other(a) | 419,623 | 6,348 | 425,971 | 50,045 | 2,161 | 328,867 | (4,088 | ) | 14,663 | ||||||||||||||||||||||||
Eliminations and Corporate(b) | — | (732,284 | ) | (732,284 | ) | (107,763 | ) | 6,205 | (1,377,028 | ) | (58,745 | ) | — | ||||||||||||||||||||
Total | $ | 2,309,328 | $ | — | $ | 2,309,328 | $ | 398,503 | $ | 31,689 | $ | 2,114,910 | $ | (98,500 | ) | $ | 447,743 | ||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||||||||||
(a) | Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries. | ||||||||||||||||||||||||||||||||
(b) | Eliminations and Corporate includes the elimination of inter-segment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. | ||||||||||||||||||||||||||||||||
Reconciliation Of Operating Profit Loss From Segments To Consolidated Earnings Before Taxes [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Earnings before taxes | $ | 402,709 | $ | 382,601 | $ | 349,177 | |||||||||||||||||||||||||||
Amortization | 24,539 | 21,357 | 17,808 | ||||||||||||||||||||||||||||||
Interest expense | 22,711 | 22,764 | 23,226 | ||||||||||||||||||||||||||||||
Restructuring charges | 19,830 | 16,687 | 5,912 | ||||||||||||||||||||||||||||||
Other charges (income), net | 3,103 | 1,090 | 2,380 | ||||||||||||||||||||||||||||||
Segment profit | $ | 472,892 | $ | 444,499 | $ | 398,503 | |||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Laboratory | $ | 1,100,632 | $ | 1,071,299 | $ | 1,047,319 | |||||||||||||||||||||||||||
Industrial | 1,065,605 | 1,063,653 | 1,038,871 | ||||||||||||||||||||||||||||||
Retail | 212,735 | 206,576 | 223,138 | ||||||||||||||||||||||||||||||
Total net sales | $ | 2,378,972 | $ | 2,341,528 | $ | 2,309,328 | |||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
In certain circumstances, our operating segments sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant and equipment, net for the years ended December 31 follows: | |||||||||||||||||||||||||||||||||
Net Sales | Property, Plant and | ||||||||||||||||||||||||||||||||
Equipment, Net | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||||||
United States | $ | 664,665 | $ | 643,902 | $ | 612,643 | $ | 133,323 | $ | 66,978 | |||||||||||||||||||||||
Other Americas | 168,347 | 161,853 | 159,756 | 4,831 | 4,074 | ||||||||||||||||||||||||||||
Total Americas | 833,012 | 805,755 | 772,399 | 138,154 | 71,052 | ||||||||||||||||||||||||||||
Germany | 195,521 | 183,859 | 200,062 | 29,008 | 26,404 | ||||||||||||||||||||||||||||
France | 122,658 | 123,007 | 136,589 | 6,737 | 6,781 | ||||||||||||||||||||||||||||
United Kingdom | 65,922 | 62,389 | 66,321 | 6,001 | 6,103 | ||||||||||||||||||||||||||||
Switzerland | 74,574 | 65,430 | 79,376 | 243,697 | 275,944 | ||||||||||||||||||||||||||||
Other Europe | 377,353 | 355,266 | 379,784 | 7,936 | 6,767 | ||||||||||||||||||||||||||||
Total Europe | 836,028 | 789,951 | 862,132 | 293,379 | 321,999 | ||||||||||||||||||||||||||||
China | 396,620 | 422,894 | 379,791 | 74,546 | 69,784 | ||||||||||||||||||||||||||||
Rest of World | 313,312 | 322,928 | 295,006 | 8,359 | 6,586 | ||||||||||||||||||||||||||||
Total Asia/Rest of World | 709,932 | 745,822 | 674,797 | 82,905 | 76,370 | ||||||||||||||||||||||||||||
Total | $ | 2,378,972 | $ | 2,341,528 | $ | 2,309,328 | $ | 514,438 | $ | 469,421 | |||||||||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | ' | ||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||
2013 | |||||||||||||||||||
Net sales | $ | 524,353 | $ | 578,680 | $ | 591,686 | $ | 684,253 | |||||||||||
Gross profit | 279,253 | 308,843 | 318,573 | 375,357 | |||||||||||||||
Net earnings | $ | 52,544 | $ | 69,062 | $ | 74,326 | $ | 110,162 | |||||||||||
Basic earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.73 | $ | 2.29 | $ | 2.49 | $ | 3.72 | |||||||||||
Weighted average number of common shares | 30,299,569 | 30,119,889 | 29,818,218 | 29,596,949 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.69 | $ | 2.24 | $ | 2.43 | $ | 3.63 | |||||||||||
Weighted average number of common and common equivalent shares | 31,101,979 | 30,849,934 | 30,579,954 | 30,366,603 | |||||||||||||||
Market price per share: | |||||||||||||||||||
High | $ | 221.56 | $ | 228 | $ | 242.56 | $ | 253.27 | |||||||||||
Low | $ | 196.72 | $ | 197.91 | $ | 205.55 | $ | 233.71 | |||||||||||
2012 | |||||||||||||||||||
Net sales | $ | 535,400 | $ | 570,283 | $ | 578,553 | $ | 657,292 | |||||||||||
Gross profit | 277,102 | 299,008 | 308,157 | 356,788 | |||||||||||||||
Net earnings | $ | 52,327 | $ | 61,704 | $ | 72,183 | $ | 104,633 | |||||||||||
Basic earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.66 | $ | 1.97 | $ | 2.34 | $ | 3.43 | |||||||||||
Weighted average number of common shares | 31,531,915 | 31,267,660 | 30,846,062 | 30,532,491 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Net earnings | $ | 1.62 | $ | 1.93 | $ | 2.28 | $ | 3.35 | |||||||||||
Weighted average number of common and common equivalent shares | 32,386,924 | 32,038,928 | 31,599,081 | 31,271,377 | |||||||||||||||
Market price per share: | |||||||||||||||||||
High | $ | 189.67 | 185.08 | $ | 185.08 | 195 | $ | 177.44 | 185.08 | $ | 195 | ||||||||
Low | $ | 152.19 | 150.57 | $ | 150.57 | 161.8 | $ | 148.68 | 150.57 | $ | 161.8 | ||||||||
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts [Table Text Block] | ' | ||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
-1 | -2 | ||||||||||||||||||||
Balance at the | Charged to | Charged to | Balance at End | ||||||||||||||||||
Beginning of | Costs and Expenses | Other Accounts | of Period | ||||||||||||||||||
Description | Period | -Deductions- | |||||||||||||||||||
Note (A) | Note (B) | ||||||||||||||||||||
Accounts receivable — allowance for doubtful accounts: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 14,120 | $ | 1,775 | $ | 115 | $ | 1,154 | $ | 14,856 | |||||||||||
Year ended December 31, 2012 | $ | 12,317 | $ | 2,106 | $ | 267 | $ | 570 | $ | 14,120 | |||||||||||
Year ended December 31, 2011 | $ | 11,536 | $ | 1,933 | $ | (220 | ) | $ | 932 | $ | 12,317 | ||||||||||
Deferred tax valuation allowance: | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 23,177 | $ | — | $ | 10,131 | $ | 1,611 | $ | 31,697 | |||||||||||
Year ended December 31, 2012 | $ | 34,738 | $ | — | $ | 4,764 | $ | 16,325 | $ | 23,177 | |||||||||||
Year ended December 31, 2011 | $ | 44,669 | $ | — | $ | 912 | $ | 10,843 | $ | 34,738 | |||||||||||
_______________________________________ | |||||||||||||||||||||
Note (A) | |||||||||||||||||||||
For accounts receivable, amounts comprise currency translation adjustments. | |||||||||||||||||||||
For deferred tax valuation allowance in 2013, 2012 and 2011, amounts relate primarily to changes in foreign tax credit carryforwards and foreign currency differences recorded through other comprehensive income. | |||||||||||||||||||||
Note (B) | |||||||||||||||||||||
For accounts receivable, amounts represent excess of uncollectible balances written off over recoveries of accounts previously written off. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment Useful Life | ' | ' | ' |
StandardWarrantyPeriod | 'one | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 782,528 | 779,545 | 941,586 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,951 | 241,205 | 197,629 |
Capitalized Software Costs [Member] | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Minimum [Member] | Capitalized Software Costs [Member] | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Minimum [Member] | Building and Building Improvements | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Minimum [Member] | Machinery and Equipment | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Minimum [Member] | Software | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Maximum [Member] | Capitalized Software Costs [Member] | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Maximum [Member] | Building and Building Improvements | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Maximum [Member] | Machinery and Equipment | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '12 years | ' | ' |
Maximum [Member] | Software | ' | ' | ' |
Property, Plant and Equipment Useful Life | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Acquisitions_and_Divestiture_D
Acquisitions and Divestiture (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2011 | Dec. 31, 2011 | Mar. 31, 2011 | Mar. 31, 2011 | |
Trade Names [Member] | Technology Member | Customer Relationships | Purchase of Pharmacontrol Electronic GmbH [Member] | Purchase of Pharmacontrol Electronic GmbH [Member] | Purchase of Pharmacontrol Electronic GmbH [Member] | Purchase of Smiths Detection PID | U.S. Operations Segment | Swiss Operations Segment | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $15,400,000 | ' | ' | ' | ' | ' | $19,400,000 | ' | $12,000,000 | ' | ' |
Goodwill | 455,842,000 | 452,351,000 | 447,743,000 | 4,400,000 | ' | ' | ' | ' | ' | 10,900,000 | ' | 1,900,000 | 2,500,000 |
Acquisition Contingent Consideration Payment | 0 | -325,000 | -7,750,000 | ' | ' | ' | ' | -325,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | $9,900,000 | ' | ' | ' | ' | ' | $13,300,000 | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | '15 years | '10 years | '18 years | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
INVENTORIES [Abstract] | ' | ' |
Raw Materials and Supplies | $98,244 | $94,450 |
Work in Process | 38,061 | 36,899 |
Finished Goods | 74,109 | 67,590 |
Inventory, Net | $210,414 | $198,939 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $5,800,000 | $8,900,000 | ' |
Long Term Debt Percentage Bearing Fixed Interest Percentage | 73.00% | ' | ' |
Interest Rate Derivatives [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -491,000 | -1,748,000 | -4,028,000 |
Interest Rate Derivative Assets, at Fair Value | 1,269,000 | 0 | ' |
Foreign Currency Cash Flow Hedges [Abstract] | ' | ' | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 268,000 | 0 | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 103,000 | 421,000 | ' |
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member] | ' | ' | ' |
Interest Rate Derivatives [Abstract] | ' | ' | ' |
Line Of Credit Facility Forecasted Borrowing Amount | 100,000,000 | ' | ' |
Derivative, Fixed Interest Rate | 3.24% | ' | ' |
Interest Rate Cash Flow Hedge Liability at Fair Value | 5,312,000 | 8,172,000 | ' |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | -200,000 | -2,000,000 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -136,000 | -1,252,000 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -3,100,000 | -3,000,000 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net, Net of Tax | -1,900,000 | -1,900,000 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | -3,000,000 | ' | ' |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next 12 Months Net of Tax | -1,900,000 | ' | ' |
Gain/Loss on IR Effectiveness | 0 | 0 | ' |
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member] | ' | ' | ' |
Interest Rate Derivatives [Abstract] | ' | ' | ' |
Line Of Credit Facility Forecasted Borrowing Amount | 50,000,000 | ' | ' |
Derivative, Fixed Interest Rate | 2.52% | ' | ' |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 1,300,000 | ' | ' |
Interest Rate Derivative Assets, at Fair Value | 1,269,000 | ' | ' |
Foreign Currency Cash Flow Hedges [Abstract] | ' | ' | ' |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, After Tax | 800,000 | ' | ' |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ' | ' | ' |
Foreign Currency Cash Flow Hedges [Abstract] | ' | ' | ' |
Derivative, Notional Amount | 78,200,000 | 78,000,000 | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 268,000 | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 103,000 | 400,000 | ' |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | -1,400,000 | -600,000 | ' |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, After Tax | -1,100,000 | -500,000 | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -2,000,000 | -200,000 | ' |
Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings,Net, After Tax | -1,600,000 | -200,000 | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 200,000 | ' | ' |
Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next 12 Months Net of Tax | 100,000 | ' | ' |
Gain/Loss on FX Effectiveness | 0 | 0 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Foreign Currency Cash Flow Hedges [Abstract] | ' | ' | ' |
Derivative, Notional Amount | 180,300,000 | 132,300,000 | ' |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 719,000 | 448,000 | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 355,000 | 280,000 | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $2,110,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $2.30 | $0.40 |
Derivative Liability, Fair Value, Gross Liability | 5.8 | 8.9 |
Cash Equivalents, at Carrying Value | $16.90 | $13.60 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Detail 1) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash Equivalents, at Carrying Value | $16,900 | $13,600 |
Interest Rate Derivative Assets, at Fair Value | 1,269 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 268 | 0 |
Liabilities [Abstract] | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 103 | 421 |
Level 1 | ' | ' |
Liabilities [Abstract] | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Level 2 | ' | ' |
Liabilities [Abstract] | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 103 | 421 |
Level 3 | ' | ' |
Liabilities [Abstract] | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | ' | ' |
ASSETS | ' | ' |
Cash Equivalents, at Carrying Value | 16,868 | 13,636 |
Foreign currency forward contracts not designated as hedging instrument | 719 | 448 |
Assets, Fair Value Disclosure | 19,124 | 14,084 |
Liabilities [Abstract] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 5,312 | 8,172 |
Foreign currency forward contracts not designated as hedging instrument | 355 | 280 |
Liabilities, Fair Value Disclosure | 5,770 | 8,873 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' |
ASSETS | ' | ' |
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | ' |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Cash Equivalents, at Carrying Value | 16,868 | 13,636 |
Interest Rate Derivative Assets, at Fair Value | 1,269 | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 268 | ' |
Foreign currency forward contracts not designated as hedging instrument | 719 | 448 |
Assets, Fair Value Disclosure | 19,124 | 14,084 |
Liabilities [Abstract] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 5,312 | 8,172 |
Foreign currency forward contracts not designated as hedging instrument | 355 | 280 |
Liabilities, Fair Value Disclosure | 5,770 | 8,873 |
Fair Value, Measurements, Recurring | Level 3 | ' | ' |
ASSETS | ' | ' |
Cash Equivalents, at Carrying Value | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | ' |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign currency forward contracts not designated as hedging instrument | 0 | 0 |
Liabilities, Fair Value Disclosure | $0 | $0 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Property, Plant and Equipment, Gross | $933,150 | $849,426 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -418,712 | -380,005 |
Total Property, Plant and Equipment, Net | 514,438 | 469,421 |
Land [Member] | ' | ' |
Property, Plant and Equipment | ' | ' |
Property, Plant and Equipment, Gross | 56,214 | 54,804 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment | ' | ' |
Property, Plant and Equipment, Gross | 212,277 | 206,744 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment | ' | ' |
Property, Plant and Equipment, Gross | 361,978 | 340,834 |
Computer Software, Intangible Asset [Member] | ' | ' |
Property, Plant and Equipment | ' | ' |
Property, Plant and Equipment, Gross | $302,681 | $247,044 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning | $452,351 | $447,743 | $4,400 |
Goodwill, Acquired During Period | 1,049 | 648 | ' |
Goodwill, Translation Adjustments | 2,442 | 3,960 | ' |
Goodwill, Ending | $455,842 | $452,351 | $4,400 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Details 1 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Intangible Assets Excluding Goodwill Gross | $171,772 | $169,313 |
Intangible Assets Accumulated Amortization | -57,354 | -51,749 |
Customer Relationships | ' | ' |
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Finite-Lived Intangible Assets, Gross | 98,374 | 96,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | -25,313 | -21,928 |
Proven technology and patents | ' | ' |
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Finite-Lived Intangible Assets, Gross | 43,233 | 42,960 |
Finite-Lived Intangible Assets, Accumulated Amortization | -29,763 | -28,014 |
Tradename (Finite Life) | ' | ' |
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,300 | 3,972 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,619 | -1,345 |
Tradename (Indefinite Life) | ' | ' |
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 25,108 | 25,061 |
Other Intangible Assets | ' | ' |
Finite Life and Indefinite Life Intangible Assets | ' | ' |
Finite-Lived Intangible Assets, Gross | 757 | 745 |
Finite-Lived Intangible Assets, Accumulated Amortization | ($659) | ($462) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization of Intangible Assets | $5.90 | $7.20 | $6.80 |
Future Amortization Expense, Year One | 6 | ' | ' |
Future Amortization Expense, Year Two | 5.4 | ' | ' |
Future Amortization Expense, Year Three | 5.2 | ' | ' |
Future Amortization Expense, Year Four | 5 | ' | ' |
Future Amortization Expense, Year Five | 4.7 | ' | ' |
Amortization Of Acquired Intangible Asset Net Of Tax | 5.3 | 6.8 | 6.2 |
Purchased Intangibles, Net of Tax | 3.6 | 4.5 | 4.1 |
Capitalized Computer Software, Amortization | $18.60 | $13.90 | $10.80 |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life, Minimum | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life, Minimum | '45 years | ' | ' |
Warranty_Details
Warranty (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Warranty Accrual, Beginning | $16,295 | $16,748 |
Warranties Issued | 19,779 | 17,667 |
Warranty Payments | -19,179 | -18,343 |
Warranty Accrual, Currency Translation, Increase (Decrease) | 96 | 223 |
Warranty Accrual, Ending | $16,991 | $16,295 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument | ' | ' |
Total Debt, Long-term and Short-term | $413,027,000 | $388,731,000 |
Less: current portion | -17,067,000 | -41,600,000 |
Long-term debt | 395,960,000 | 347,131,000 |
6.3% Senior Notes | ' | ' |
Debt Instrument | ' | ' |
Senior Notes | 100,000,000 | 100,000,000 |
Senior Notes, Stated Interest Rate | 6.30% | ' |
Maturity Date | 25-Jun-15 | ' |
3.67% Percent Notes | ' | ' |
Debt Instrument | ' | ' |
Senior Notes | 50,000,000 | 50,000,000 |
Senior Notes, Stated Interest Rate | 3.67% | ' |
Maturity Date | 17-Dec-22 | ' |
4.10% Senior Notes [Member] | ' | ' |
Debt Instrument | ' | ' |
Senior Notes | 50,000,000 | 0 |
Senior Notes, Stated Interest Rate | 4.10% | ' |
Maturity Date | 19-Sep-23 | ' |
$800 Credit Agreement | ' | ' |
Debt Instrument | ' | ' |
$800 million Credit Agreement, interest at LIBOR plus 75 basis points | 195,960,000 | 197,131,000 |
Maturity Date | 26-Nov-18 | ' |
Credit Agreement Borrowing Capacity | 800,000,000 | ' |
$800 million Credit Agreement, Basis Spread on Variable Rate | 0.75% | ' |
Other Local Arrangements | ' | ' |
Debt Instrument | ' | ' |
Other Local Arrangements | $17,067,000 | $41,600,000 |
Debt_Textuals_Details
Debt Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument | ' | ' | ' |
Minimum Prepayment Percent | 10.00% | ' | ' |
Percent of Price of Repayment | 100.00% | ' | ' |
Percent of Principal Balance Paid due to Change in Control of Company | 100.00% | ' | ' |
Consolidated Interest Coverage Ratio Covenant | '3.5 to 1.0 | ' | ' |
Consolidated Leverage Ratio Covenant | '3.5 to 1.0 | ' | ' |
Debt issuance costs | $1,522,000 | $363,000 | $3,144,000 |
Debt, Weighted Average Interest Rate | 5.00% | ' | ' |
6.3% Senior Notes | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Senior Notes, Stated Interest Rate | 6.30% | ' | ' |
Senior Notes | 100,000,000 | 100,000,000 | ' |
Maturity Date | 25-Jun-15 | ' | ' |
Debt Instrument, Covenant Compliance | 'The Company was in compliance with these covenants at December 31, 2013. | ' | ' |
Debt issuance costs | 700,000 | ' | ' |
Amortized Issuance Costs Period | 'six | ' | ' |
3.67% Percent Notes | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Senior Notes, Stated Interest Rate | 3.67% | ' | ' |
Senior Notes | 50,000,000 | 50,000,000 | ' |
Maturity Date | 17-Dec-22 | ' | ' |
Debt Instrument, Covenant Compliance | 'The Company was in compliance with these covenants at December 31, 2013. | ' | ' |
Debt issuance costs | 400,000 | ' | ' |
Amortized Issuance Costs Period | 'ten | ' | ' |
4.10% Senior Notes [Member] | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Senior Notes, Stated Interest Rate | 4.10% | ' | ' |
Senior Notes | 50,000,000 | 0 | ' |
Maturity Date | 19-Sep-23 | ' | ' |
Debt Instrument, Covenant Compliance | 'The Company was in compliance with these covenants at December 31, 2013. | ' | ' |
Debt issuance costs | 400,000 | ' | ' |
Amortized Issuance Costs Period | 'ten | ' | ' |
$800 Credit Agreement | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Maturity Date | 26-Nov-18 | ' | ' |
Debt Instrument, Covenant Compliance | 'the Company was in compliance as of December 31, 2013 | ' | ' |
Amortized Issuance Costs Period | '2018 | ' | ' |
Credit Agreement Borrowing Capacity | 800,000,000 | ' | ' |
$800 million Credit Agreement, Basis Spread on Variable Rate | 0.75% | ' | ' |
Interest Costs, Capitalized During Period | 1,100,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 600,000,000 | ' | ' |
$880 Credit Agreement | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Credit Agreement Borrowing Capacity | 880,000,000 | ' | ' |
Gains (Losses) on Extinguishment of Debt | ($400,000) | ' | ' |
Shareholders_Equity_Details_1_
Shareholders' Equity Details 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($35,036) | ($97,461) | ($86,938) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 32,752 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -448 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 19,850 | ' | ' |
Amounts Recognized From Accumulated Other Comprehensive Income (Loss), Net Of Tax | 10,271 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 62,425 | ' | ' |
Currency Translation Adjustment, Net Of Tax [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 77,915 | 56,012 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 21,903 | ' | ' |
Amounts Recognized From Accumulated Other Comprehensive Income (Loss), Net Of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 21,903 | ' | ' |
Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net Of Tax [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,433 | -5,438 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -448 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -43 | ' | ' |
Amounts Recognized From Accumulated Other Comprehensive Income (Loss), Net Of Tax | 3,496 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 3,005 | ' | ' |
Pension and Post-Retirement Benefit Related Items, Net Of Tax [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -110,518 | -148,035 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 32,752 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -2,010 | ' | ' |
Amounts Recognized From Accumulated Other Comprehensive Income (Loss), Net Of Tax | 6,775 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $37,517 | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Currency Translation Adjustment, Net of Tax | $77,915 | $56,012 | $40,371 |
Net unrealized (loss) gain on cash flow hedging arrangements, net of tax | -2,433 | -5,438 | -5,719 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Before Tax, Total | -154,068 | -209,775 | -176,005 |
Deferred Taxes on pension and post-retirement benefit related items | 43,550 | 61,740 | 54,415 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($35,036) | ($97,461) | ($86,938) |
Shareholders_Equity_Textuals_D
Shareholders' Equity Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | ' |
Common Stock, Par Value | $0.01 | $0.01 | ' |
Common Stock, Voting Rights | 'one | ' | ' |
Common Stock Reserved for Issuance to the Stock Option Plans | 4,762,751 | ' | ' |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ' |
Preferred Stock, Par Value | $0.01 | $0.01 | ' |
Restricted Stock Units (RSUs) [Abstract] | ' | ' | ' |
Restricted Stock Units, Grants in Period | 29,507 | 43,078 | ' |
Restricted Stock Units, Grants in Period, Weighted Average Grant Date Fair Value | $244.90 | $169.37 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Restricted Stock Units, Intrinsic Value | $7,200,000 | $7,300,000 | ' |
Share-based Compensation Expense for Restricted Stock Units | $5,500,000 | $5,300,000 | ' |
Share Repurchase Program and Treasury Stock [Abstract] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 3,000,000,000 | ' | ' |
Stock Repurchase Program, Additional Authorized Amount | 750,000,000 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 892,000,000 | ' | ' |
Shares Repurchased Under Share Repurchase Program | 21,500,000 | ' | ' |
Repurchases of Common Stock, Value | ($294,976,000) | ($278,672,000) | ($204,578,000) |
Repurchases of Common Stock, Shares | -1,321,577 | -1,637,827 | ' |
Treasury Stock Acquired, Average Cost Per Share | $223.18 | $170.13 | ' |
Exercise of stock options and restricted stock units, shares | 398,646 | 457,732 | ' |
Shareholders_Equity_Details_2_
Shareholders' Equity Details 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | $3,651 | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,094 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,598 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3,496 | 2,029 | 1,911 |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 10,426 | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 6,775 | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,081 | ' | ' |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $2,013 | ' | ' |
Equity_Incentive_Plan_Details
Equity Incentive Plan (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Options, Outstanding, Intrinsic Value | $243.70 | $208.90 |
Options, Exercisable, Intrinsic Value | $209.80 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Options, Outstanding, Number, Beginning | 2,104,775 | ' |
Options, Grants in Period, Net of Forfeitures | 135,858 | ' |
Options, Exercises in Period | -352,602 | ' |
Options, Forfeitures in Period | -16,337 | ' |
Options, Outstanding, Number, Ending | 1,871,694 | ' |
Options, Exercisable, Number | 1,377,919 | ' |
Weighted Average Exercise Price [Abstract] | ' | ' |
Options, Outstanding, Weighted Average Exercise Price, Beginning | $94.45 | ' |
Options, Grants in Period, Weighted Average Exercise Price | $244.99 | ' |
Options, Exercises in Period, Weighted Average Exercise Price | $56 | ' |
Options, Forfeitures in Period, Weighted Average Exercise Price | $115.04 | ' |
Options, Outstanding, Weighted Average Exercise Price, Ending | $112.57 | ' |
Options, Exercisable, Weighted Average Exercise Price | $90.35 | ' |
Equity_Incentive_Plan_Details_
Equity Incentive Plan Details 1 (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 1,871,694 | 2,104,775 |
Options, Outstanding, Weighted Average Exercise Price | $112.57 | $94.45 |
Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 6 months 18 days | ' |
Options, Exercisable, Number | 1,377,919 | ' |
$0.0-$50.0 Range of Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 84,157 | ' |
Options, Outstanding, Weighted Average Exercise Price | $46.32 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year | ' |
Options, Exercisable, Number | 84,157 | ' |
$50.0-$70.0 Range of Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 339,250 | ' |
Options, Outstanding, Weighted Average Exercise Price | $61.57 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 9 months 18 days | ' |
Options, Exercisable, Number | 339,250 | ' |
$70.0-$100.0 Range of Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 472,789 | ' |
Options, Outstanding, Weighted Average Exercise Price | $81.31 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 3 months 18 days | ' |
Options, Exercisable, Number | 433,569 | ' |
$100.0-$125.0 Range of Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 298,050 | ' |
Options, Outstanding, Weighted Average Exercise Price | $108.90 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '3 years 10 months 24 days | ' |
Options, Exercisable, Number | 298,050 | ' |
$125.0-$150.0 Range of Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 359,084 | ' |
Options, Outstanding, Weighted Average Exercise Price | $141.51 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years 3 months 18 days | ' |
Options, Exercisable, Number | 181,965 | ' |
Greater than $150.0 Exercise Price | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' |
Options, Outstanding, Number | 318,364 | ' |
Options, Outstanding, Weighted Average Exercise Price | $201.64 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Term | '9 years 3 months 18 days | ' |
Options, Exercisable, Number | 40,928 | ' |
Equity_Incentive_Plan_Details_1
Equity Incentive Plan Details 2 (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Option Pricing Model Assumptions [Abstract] | ' | ' | ' |
Risk Free Interest Rate | 1.31% | 0.71% | 1.09% |
Expected Term | '5 years | '5 years | '5 years |
Expected Volatility Rate | 28.00% | 30.00% | 30.00% |
Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Equity_Incentive_Plan_Details_2
Equity Incentive Plan Details 3 (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Restricted Stock Units, Nonvested, Intrinsic Value | $26,100,000 | $25,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Restricted Stock Units, Nonvested, Number, Beginning | 131,025 | ' |
Restricted Stock Units, Grants in Period | 29,507 | 43,078 |
Restricted Stock Units, Vested in Period | -46,044 | ' |
Restricted Stock Units, Forfeited in Period | -6,706 | ' |
Restricted Stock Units, Nonvested, Number, Ending | 107,782 | 131,025 |
Equity_Incentive_Plan_Textuals
Equity Incentive Plan Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
EQUITY INCENTIVE PLAN [Abstract] | ' | ' | ' |
Number of Shares Authorized for Stock Option Plan | 2,000,000 | ' | ' |
Options, Award Vesting Period | '5 years | ' | ' |
Restricted Stock Units, Vesting Period | 'five | ' | ' |
Options, Grants in Period, Weighted Average Grant Date Fair Value | $66.33 | $46.72 | $42.43 |
Options, Exercises in Period, Total Intrinsic Value | $60 | $50.90 | $44.70 |
Stock Options, Vested in Period, Total Fair Value | 5.7 | 6.9 | 6.8 |
Restricted Stock Units, Vested in Period, Total Fair Value | 5.6 | 5.3 | 4.5 |
Number of Shares Available for Grant | 2,753,858 | ' | ' |
Deferred Compensation Liability, Current and Noncurrent | $38.50 | ' | ' |
Estimated Weighted Average Amortization Period | '2 years 3 months 18 days | ' | ' |
Benefit_Plans_Benefit_Plans_De
Benefit Plans Benefit Plans (Detail 1) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning | $966,728 | $877,252 | ' |
Defined Benefit Plans, Service Cost and Other | 31,025 | 28,100 | ' |
Defined Benefit Plan, Interest Cost | 25,726 | 28,736 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -31,691 | 76,932 | ' |
Defined Benefit Plan, Plan Amendments | -3,440 | -21,840 | ' |
Defined Benefit Plan, Benefits Paid | -50,823 | -44,159 | ' |
Foreign Currency Exchange Rate Changes, Benefit Obligation | 20,117 | 21,707 | ' |
Benefit Obligation, Ending | 957,642 | 966,728 | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning | 825,774 | 753,030 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 54,553 | 57,298 | ' |
Defined Benefit Plan, Contributions by Employer | 43,646 | 26,861 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 13,404 | 12,390 | ' |
Defined Benefits Plan, Benefits Paid and Other Charges | -50,823 | -44,159 | ' |
Foreign Currency Exchange Rate Changes, Plan Assets | 17,881 | 20,354 | ' |
Fair Value of Plan Assets, Ending | 904,435 | 825,774 | ' |
Defined Benefit Plan, Funded Status of Plan | -53,207 | -140,954 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning | 156,804 | 146,492 | ' |
Defined Benefit Plans, Service Cost and Other | 494 | 455 | ' |
Defined Benefit Plan, Interest Cost | 5,755 | 6,093 | 6,422 |
Defined Benefit Plan, Actuarial Gain (Loss) | -18,226 | 10,184 | ' |
Defined Benefit Plan, Plan Amendments | 0 | 0 | ' |
Defined Benefit Plan, Benefits Paid | -6,680 | -6,420 | ' |
Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 0 | ' |
Benefit Obligation, Ending | 138,147 | 156,804 | 146,492 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning | 94,734 | 87,904 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 12,073 | 9,501 | ' |
Defined Benefit Plan, Contributions by Employer | 17,776 | 3,749 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefits Plan, Benefits Paid and Other Charges | -6,680 | -6,420 | ' |
Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Fair Value of Plan Assets, Ending | 117,903 | 94,734 | 87,904 |
Defined Benefit Plan, Funded Status of Plan | -20,244 | -62,070 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning | 798,657 | 717,503 | ' |
Defined Benefit Plans, Service Cost and Other | 30,315 | 27,312 | ' |
Defined Benefit Plan, Interest Cost | 19,566 | 22,104 | 24,637 |
Defined Benefit Plan, Actuarial Gain (Loss) | -11,477 | 68,807 | ' |
Defined Benefit Plan, Plan Amendments | 293 | -21,915 | ' |
Defined Benefit Plan, Benefits Paid | -43,271 | -36,861 | ' |
Foreign Currency Exchange Rate Changes, Benefit Obligation | 20,117 | 21,707 | ' |
Benefit Obligation, Ending | 814,200 | 798,657 | 717,503 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning | 731,040 | 665,126 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 42,480 | 47,797 | ' |
Defined Benefit Plan, Contributions by Employer | 25,147 | 22,309 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 13,255 | 12,315 | ' |
Defined Benefits Plan, Benefits Paid and Other Charges | -43,271 | -36,861 | ' |
Foreign Currency Exchange Rate Changes, Plan Assets | 17,881 | 20,354 | ' |
Fair Value of Plan Assets, Ending | 786,532 | 731,040 | 665,126 |
Defined Benefit Plan, Funded Status of Plan | -27,668 | -67,617 | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning | 11,267 | 13,257 | ' |
Defined Benefit Plans, Service Cost and Other | 216 | 333 | ' |
Defined Benefit Plan, Interest Cost | 405 | 539 | 731 |
Defined Benefit Plan, Actuarial Gain (Loss) | -1,988 | -2,059 | ' |
Defined Benefit Plan, Plan Amendments | -3,733 | 75 | ' |
Defined Benefit Plan, Benefits Paid | -872 | -878 | ' |
Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 0 | ' |
Benefit Obligation, Ending | 5,295 | 11,267 | 13,257 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning | 0 | 0 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Contributions by Employer | 723 | 803 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 149 | 75 | ' |
Defined Benefits Plan, Benefits Paid and Other Charges | -872 | -878 | ' |
Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Fair Value of Plan Assets, Ending | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | ($5,295) | ($11,267) | ' |
Benefit_Plans_Benefit_Plans_De1
Benefit Plans Benefit Plans (Detail 2) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other Non-current Assets for Plan Benefits | $105,132 | $64,183 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -158,339 | -205,137 |
Accumulated Other Comprehensive Income (Loss), before Tax | 154,068 | 209,775 |
Net amount recognized | 100,861 | 68,821 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other Non-current Assets for Plan Benefits | 0 | 0 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -20,244 | -62,070 |
Accumulated Other Comprehensive Income (Loss), before Tax | 59,013 | 89,940 |
Net amount recognized | 38,769 | 27,870 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other Non-current Assets for Plan Benefits | 105,132 | 64,183 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -132,800 | -131,800 |
Accumulated Other Comprehensive Income (Loss), before Tax | 110,965 | 130,776 |
Net amount recognized | 83,297 | 63,159 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other Non-current Assets for Plan Benefits | 0 | 0 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -5,295 | -11,267 |
Accumulated Other Comprehensive Income (Loss), before Tax | -15,910 | -10,941 |
Net amount recognized | ($21,205) | ($22,208) |
Benefit_Plans_Benefit_Plans_De2
Benefit Plans Benefit Plans (Detail 3) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments and prior service cost | ($28,735) | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost Credit, after Tax | -22,413 | ' |
Actuarial losses (gains) | 182,803 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), after tax | 132,931 | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | 154,068 | 209,775 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 110,518 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments and prior service cost | 0 | ' |
Actuarial losses (gains) | 59,013 | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | 59,013 | 89,940 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments and prior service cost | -25,137 | ' |
Actuarial losses (gains) | 136,102 | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | 110,965 | 130,776 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments and prior service cost | -3,598 | ' |
Actuarial losses (gains) | -12,312 | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | ($15,910) | ($10,941) |
Benefit_Plans_Benefit_Plans_De3
Benefit Plans Benefit Plans (Detail 4) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial losses (gains) | ($43,928) | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -30,381 | 46,792 | 79,947 |
Prior service costs | -3,865 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Plan Amendments and Prior Service Costs arising during the period, net of tax | -2,371 | -18,017 | 274 |
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | -14,192 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | -9,821 | ' | ' |
Amortization of Prior service costs in Net Periodic Benefits Costs, before tax | 3,766 | ' | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, after tax | 3,046 | ' | ' |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 2,512 | ' | ' |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI, net of tax | 2,010 | 1,931 | -3,604 |
Defined Benefit Plan, Changes in OCI Arising During the Period | -55,707 | ' | ' |
Defined Benefit Plan, Changes in OCI Arising During the Period, net of tax | -37,517 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial losses (gains) | -23,145 | ' | ' |
Prior service costs | 0 | ' | ' |
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | -7,782 | ' | ' |
Amortization of Prior service costs in Net Periodic Benefits Costs, before tax | 0 | ' | ' |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ' | ' |
Defined Benefit Plan, Changes in OCI Arising During the Period | -30,927 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial losses (gains) | -18,795 | ' | ' |
Prior service costs | 17 | ' | ' |
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | -7,398 | ' | ' |
Amortization of Prior service costs in Net Periodic Benefits Costs, before tax | 3,853 | ' | ' |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 2,512 | ' | ' |
Defined Benefit Plan, Changes in OCI Arising During the Period | -19,811 | ' | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial losses (gains) | -1,988 | ' | ' |
Prior service costs | -3,882 | ' | ' |
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | 988 | ' | ' |
Amortization of Prior service costs in Net Periodic Benefits Costs, before tax | -87 | ' | ' |
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ' | ' |
Defined Benefit Plan, Changes in OCI Arising During the Period | ($4,969) | ' | ' |
Benefit_Plans_Benefit_Plans_De4
Benefit Plans Benefit Plans (Detail 5) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount Rate | 4.75% | 3.75% | 4.25% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 7.50% | 7.75% | 8.00% |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount Rate | 2.73% | 2.50% | 3.10% |
Compensation increase rate | 1.61% | 1.60% | 1.75% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 4.87% | 4.89% | 4.80% |
Benefit_Plans_Benefit_Plans_De5
Benefit Plans Benefit Plans (Detail 6) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount Rate | 3.75% | 4.25% | 5.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 8.00% | 8.00% |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount Rate | 2.50% | 3.10% | 3.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 1.60% | 1.75% | 2.20% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.89% | 4.80% | 4.94% |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount Rate | 3.75% | 4.25% | 5.25% |
Benefit_Plans_Benefit_Plans_De6
Benefit Plans Benefit Plans (Detail 7) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Interest Cost | $25,726 | $28,736 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service Cost | 494 | 455 | 331 |
Defined Benefit Plan, Interest Cost | 5,755 | 6,093 | 6,422 |
Defined Benefit Plan, Expected Return on Plan Assets | -7,154 | -6,965 | -7,499 |
Amortization of Gains (Losses) | 7,782 | 7,664 | 5,103 |
Net Periodic Benefit Cost | 6,877 | 7,247 | 4,357 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service Cost | 17,386 | 15,011 | 13,699 |
Defined Benefit Plan, Interest Cost | 19,566 | 22,104 | 24,637 |
Defined Benefit Plan, Expected Return on Plan Assets | -35,048 | -32,989 | -34,325 |
Amortization of Gains (Losses) | 3,545 | 210 | -339 |
Net Periodic Benefit Cost | $5,449 | $4,336 | $3,672 |
Benefit_Plans_Benefit_Plans_De7
Benefit Plans Benefit Plans (Detail 8) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Interest Cost | $25,726 | $28,736 | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service Cost | 216 | 333 | 304 |
Defined Benefit Plan, Interest Cost | 405 | 539 | 731 |
Amortization of Gains (Losses) | -901 | -753 | -692 |
Net Periodic Benefit Cost | ($280) | $119 | $343 |
Benefit_Plans_Benefit_Plans_De8
Benefit Plans Benefit Plans (Detail 9) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Amortization of Net Prior Service Cost (Credit) | ($4,720) |
Amortization of Net Gains (Losses) | 7,655 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2,935 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Amortization of Net Prior Service Cost (Credit) | 0 |
Amortization of Net Gains (Losses) | 4,845 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 4,845 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Amortization of Net Prior Service Cost (Credit) | -3,941 |
Amortization of Net Gains (Losses) | 4,246 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 305 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Amortization of Net Prior Service Cost (Credit) | -779 |
Amortization of Net Gains (Losses) | -1,436 |
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ($2,215) |
Benefit_Plans_Benefit_Plans_De9
Benefit Plans Benefit Plans (Detail 10) (Details) (United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Effect of One Percentage Point Increase on Service and Interest Cost Components | $56 |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 208 |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | -50 |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($190) |
Recovered_Sheet1
Benefit Plans Benefit Plans (Detail 11) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $904,435 | $825,774 | $753,030 |
Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 129,932 | 141,020 | ' |
Company Stock | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,425 | 3,284 | ' |
U.S. Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 33,612 | 47,148 | ' |
International Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 98,269 | 84,294 | ' |
Emerging Markets Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 84,165 | 42,153 | ' |
Fixed Income Securities, Corporate and Government Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 129,155 | 66,331 | ' |
Fixed Income Mutual Funds, Insurance Contracts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,108 | 24,741 | ' |
Fixed Income Mutual Funds, Core Bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 183,184 | 183,833 | ' |
Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 66,431 | 62,172 | ' |
Real Asset Mutual Funds, Commodities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 49,752 | 57,737 | ' |
Other Types of Investments, Global Allocation Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23,090 | 38,076 | ' |
Other Types of Investments, Multi-Strategy Fund of Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 77,312 | 74,985 | ' |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 639,596 | 581,451 | ' |
Level 1 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 129,932 | 141,020 | ' |
Level 1 | Company Stock | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,425 | 3,284 | ' |
Level 1 | U.S. Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5,960 | 25,880 | ' |
Level 1 | International Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 44,149 | 37,982 | ' |
Level 1 | Emerging Markets Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 78,392 | 36,449 | ' |
Level 1 | Fixed Income Securities, Corporate and Government Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 129,155 | 66,331 | ' |
Level 1 | Fixed Income Mutual Funds, Insurance Contracts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 1 | Fixed Income Mutual Funds, Core Bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 146,857 | 147,853 | ' |
Level 1 | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 66,431 | 62,172 | ' |
Level 1 | Real Asset Mutual Funds, Commodities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23,293 | 30,976 | ' |
Level 1 | Other Types of Investments, Global Allocation Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12,002 | 29,504 | ' |
Level 1 | Other Types of Investments, Multi-Strategy Fund of Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 162,916 | 144,626 | ' |
Level 2 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 2 | Company Stock | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 2 | U.S. Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 27,652 | 21,268 | ' |
Level 2 | International Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 54,120 | 46,312 | ' |
Level 2 | Emerging Markets Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5,773 | 5,704 | ' |
Level 2 | Fixed Income Securities, Corporate and Government Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 2 | Fixed Income Mutual Funds, Insurance Contracts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 24,633 | 23,015 | ' |
Level 2 | Fixed Income Mutual Funds, Core Bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 36,327 | 35,980 | ' |
Level 2 | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 2 | Real Asset Mutual Funds, Commodities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,323 | 3,775 | ' |
Level 2 | Other Types of Investments, Global Allocation Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 11,088 | 8,572 | ' |
Level 2 | Other Types of Investments, Multi-Strategy Fund of Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 101,923 | 99,697 | 116,493 |
Level 3 | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Company Stock | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | U.S. Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | International Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Emerging Markets Equity Mutual Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Fixed Income Securities, Corporate and Government Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Fixed Income Mutual Funds, Insurance Contracts | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,475 | 1,726 | 1,661 |
Level 3 | Fixed Income Mutual Funds, Core Bond | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Real Estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Real Asset Mutual Funds, Commodities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 23,136 | 22,986 | 21,816 |
Level 3 | Other Types of Investments, Global Allocation Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Level 3 | Other Types of Investments, Multi-Strategy Fund of Hedge Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 77,312 | 74,985 | 78,650 |
Level 3 | Other Types of Investments, Convertible Preferred Equity Certificates | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | $14,366 |
Recovered_Sheet2
Benefit Plans Benefit Plans (Detail 12) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | $825,774 | $753,030 |
Foreign Currency Exchange Rate Changes, Plan Assets | 17,881 | 20,354 |
Fair Value of Plan Assets, Ending | 904,435 | 825,774 |
Level 3 | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | 99,697 | 116,493 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1,040 | 1,663 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | ' | 2,560 |
Defined Benefit Plan,Purchases, Total | 11,919 | 8,799 |
Defined Benefit Plan Sales, Total | -13,210 | -32,219 |
Foreign Currency Exchange Rate Changes, Plan Assets | 2,477 | 2,401 |
Fair Value of Plan Assets, Ending | 101,923 | 99,697 |
Other Types of Investments, Multi-Strategy Fund of Hedge Funds | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Ending | 77,312 | 74,985 |
Other Types of Investments, Multi-Strategy Fund of Hedge Funds | Level 3 | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | 74,985 | 78,650 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1,420 | 1,099 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | ' | 317 |
Defined Benefit Plan,Purchases, Total | 11,792 | 8,638 |
Defined Benefit Plan Sales, Total | -12,691 | -15,418 |
Foreign Currency Exchange Rate Changes, Plan Assets | 1,806 | 1,699 |
Fair Value of Plan Assets, Ending | 77,312 | 74,985 |
Real Asset Mutual Funds, Commodities | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Ending | 49,752 | 57,737 |
Real Asset Mutual Funds, Commodities | Level 3 | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | 22,986 | 21,816 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -449 | 533 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | ' | 0 |
Defined Benefit Plan,Purchases, Total | 0 | 0 |
Defined Benefit Plan Sales, Total | 0 | 0 |
Foreign Currency Exchange Rate Changes, Plan Assets | 599 | 637 |
Fair Value of Plan Assets, Ending | 23,136 | 22,986 |
Fixed Income Mutual Funds, Insurance Contracts | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Ending | 26,108 | 24,741 |
Fixed Income Mutual Funds, Insurance Contracts | Level 3 | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | 1,726 | 1,661 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 69 | 31 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | ' | 3 |
Defined Benefit Plan,Purchases, Total | 127 | 161 |
Defined Benefit Plan Sales, Total | -519 | -165 |
Foreign Currency Exchange Rate Changes, Plan Assets | 72 | 35 |
Fair Value of Plan Assets, Ending | 1,475 | 1,726 |
Other Types of Investments, Convertible Preferred Equity Certificates | Level 3 | ' | ' |
Rollforward of Activity for Level 3 Asset Categories [Roll Forward] | ' | ' |
Fair Value of Plan Assets, Beginning | 0 | 14,366 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | ' | 2,240 |
Defined Benefit Plan,Purchases, Total | 0 | 0 |
Defined Benefit Plan Sales, Total | 0 | -16,636 |
Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 30 |
Fair Value of Plan Assets, Ending | $0 | $0 |
Recovered_Sheet3
Benefit Plans Benefit Plans (Detail 13) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected Future Benefit Payments in Year One | $51,293 |
Expected Future Benefit Payments in Year Two | 50,681 |
Expected Future Benefit Payments in Year Three | 52,239 |
Expected Future Benefit Payments in Year Four | 53,351 |
Expected Future Benefit Payments in Year Five | 53,108 |
Expected Future Benefit Payments in Five Fiscal Years Thereafter | 271,860 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected Future Benefit Payments in Year One | 7,082 |
Expected Future Benefit Payments in Year Two | 7,268 |
Expected Future Benefit Payments in Year Three | 7,489 |
Expected Future Benefit Payments in Year Four | 7,842 |
Expected Future Benefit Payments in Year Five | 8,129 |
Expected Future Benefit Payments in Five Fiscal Years Thereafter | 44,543 |
Foreign Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected Future Benefit Payments in Year One | 43,703 |
Expected Future Benefit Payments in Year Two | 42,903 |
Expected Future Benefit Payments in Year Three | 44,259 |
Expected Future Benefit Payments in Year Four | 45,016 |
Expected Future Benefit Payments in Year Five | 44,480 |
Expected Future Benefit Payments in Five Fiscal Years Thereafter | 224,801 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected Future Benefit Payments in Year One | 508 |
Expected Future Benefit Payments in Year Two | 510 |
Expected Future Benefit Payments in Year Three | 491 |
Expected Future Benefit Payments in Year Four | 493 |
Expected Future Benefit Payments in Year Five | 499 |
Expected Future Benefit Payments in Five Fiscal Years Thereafter | $2,516 |
Benefit_Plans_Textuals_Details
Benefit Plans Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Cost | $17.30 | $15.70 | $15.50 |
Aggregate Projected Benefit Obligation | 183.1 | ' | ' |
Aggregate Accumulated Benefit Obligation | 168.4 | ' | ' |
Aggregate Fair Value of Plan Assets | 50.3 | ' | ' |
Voluntary Benefit Payments for Defined Benedit Plans | 17.6 | 1 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 20.2 | 62 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0.1 | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 138.1 | 156.8 | ' |
Discount Rate | 4.75% | 3.75% | 4.25% |
Discount Rate | 3.75% | 4.25% | 5.25% |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 127.8 | 126.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | ' | 5 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 785.8 | 772.9 | ' |
Discount Rate | 2.73% | 2.50% | 3.10% |
Discount Rate | 2.50% | 3.10% | 3.60% |
Estimated Future Employer Contributions in Next Fiscal Year | 21.8 | ' | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 4.8 | 10.3 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0.5 | 1 | ' |
Discount Rate | 4.75% | 3.75% | 4.25% |
Discount Rate | 3.75% | 4.25% | 5.25% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | ' | ' |
Healthcare Cost Trend Rate Minimum | ' | ' | 9.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' | ' |
Estimated Future Employer Contributions in Next Fiscal Year | ' | $0.50 | ' |
Debt Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 15.00% | ' | ' |
Equity Securities, Range Maximum | 35.00% | ' | ' |
Debt Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 35.00% | ' | ' |
Equity Securities, Range Maximum | 55.00% | ' | ' |
Equity Securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 30.00% | ' | ' |
Equity Securities, Range Maximum | 50.00% | ' | ' |
Equity Securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 25.00% | ' | ' |
Equity Securities, Range Maximum | 45.00% | ' | ' |
Other [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 25.00% | ' | ' |
Equity Securities, Range Maximum | 45.00% | ' | ' |
Other [Member] | Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity Securities, Range Minimum | 15.00% | ' | ' |
Equity Securities, Range Maximum | 25.00% | ' | ' |
Taxes_Details_1
Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
Earnings Before Taxes, Domestic | $18,119 | $32,296 | ($6,758) |
Earnings Before Taxes, Foreign | 384,590 | 350,305 | 355,935 |
Earnings Before Taxes | $402,709 | $382,601 | $349,177 |
Taxes_Details_2
Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $0 | $0 | $0 |
Current State and Local Tax Expense (Benefit) | 1,459 | 1,372 | 1,512 |
Current Foreign Tax Expense (Benefit) | 86,340 | 84,962 | 75,580 |
Current Income Tax Expense (Benefit) | 87,799 | 86,334 | 77,092 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | 8,249 | 12,341 | -9,111 |
Deferred State and Local Income Tax Expense (Benefit) | 965 | 87 | -482 |
Deferred Foreign Income Tax Expense (Benefit) | -398 | -7,008 | 12,185 |
Deferred Income Tax Expense (Benefit) | 8,816 | 5,420 | 2,592 |
Federal Income Tax Expense (Benefit), Continuing Operations | 8,249 | 12,341 | -9,111 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 2,424 | 1,459 | 1,030 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 85,942 | 77,954 | 87,765 |
Provision for taxes | $96,615 | $91,754 | $79,684 |
Taxes_Details_3
Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $140,948 | $133,910 | $122,212 |
State and Local Income Taxes | 1,167 | 1,459 | 1,030 |
Change in Deferred Tax Assets Valuation Allowance | 1,178 | 0 | 0 |
Foreign Income Tax Rate Differential | -50,041 | -44,288 | -36,814 |
Other Adjustments | 3,363 | 673 | -6,744 |
Provision for taxes | $96,615 | $91,754 | $79,684 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | 35.00% | ' |
Taxes_Details_4
Taxes (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Inventory | $23,957 | $20,615 |
Accrued and other liabilities | 74,755 | 67,426 |
Accrued post-retirement benefit and pension costs | 48,296 | 62,980 |
Net operating loss and tax credit carryforwards | 43,939 | 39,018 |
Other | 12,832 | 17,938 |
Deferred Tax Assets, Gross | 203,779 | 207,977 |
Valuation Allowance | -31,697 | -23,177 |
Deferred Tax Assets, Net | 172,082 | 184,800 |
Inventory | 4,155 | 3,788 |
Property, Plant and Equipment | 51,763 | 47,172 |
Rainin Intangible Amortization | 59,889 | 54,507 |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Pension | 44,049 | 39,593 |
International earnings | 10,838 | 10,458 |
Deferred Tax Liabilities | 170,694 | 155,518 |
Deferred Tax Assets (Liabilities), Net | $1,388 | $29,282 |
Taxes_Details_5
Taxes (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning Unrecognized Tax Benefits | $17,780 | $20,150 |
Increases related to current tax positions | 2,024 | 2,470 |
Decreases related to prior year tax positions | -362 | -378 |
Foreign currency translation (decreases) increases to prior year tax positions | 101 | 58 |
Decrease relating to taxing authority settlements | -393 | -128 |
Decreases resulting from a lapse of the applicable statue of limitations | -1,439 | -4,392 |
Ending Unrecognized Tax Benefits | $18,848 | $17,780 |
Taxes_Textuals_Details
Taxes (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
TAXES [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | 35.00% | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $15.50 | $14 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1.6 | 1.3 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8.5 | 11.6 | ' |
Deferred Tax Asset and related Valuation Allowance impact on Shareholder's Equity | 32.5 | ' | ' |
Discrete Tax Items | ' | ' | $3.80 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve | ' | ' | ' |
Restructuring Reserve, Beginning | $11,945 | $7,569 | ' |
Restructuring Charges | 19,830 | 16,687 | 5,912 |
Payments for Restructuring | -18,949 | -12,591 | ' |
Restructuring Reserve, Translation Adjustment | 359 | 280 | ' |
Restructuring Reserve, Ending | 13,185 | 11,945 | 7,569 |
Employee Severance | ' | ' | ' |
Restructuring Cost and Reserve | ' | ' | ' |
Restructuring Reserve, Beginning | 11,655 | 7,469 | ' |
Restructuring Charges | 15,196 | 14,652 | ' |
Payments for Restructuring | -14,156 | -10,746 | ' |
Restructuring Reserve, Translation Adjustment | 359 | 280 | ' |
Restructuring Reserve, Ending | 13,054 | 11,655 | ' |
Other Restructuring Charges | ' | ' | ' |
Restructuring Cost and Reserve | ' | ' | ' |
Restructuring Reserve, Beginning | 290 | 100 | ' |
Restructuring Charges | 4,634 | 2,035 | ' |
Payments for Restructuring | -4,793 | -1,845 | ' |
Restructuring Reserve, Translation Adjustment | 0 | 0 | ' |
Restructuring Reserve, Ending | $131 | $290 | ' |
Restructuring_Charges_Textuals
Restructuring Charges Textuals (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring Charges | $19,830 | $16,687 | $5,912 |
Commitments_and_Contingencies_1
Commitments and Contingencies Detail 1 (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments Schedule [Abstract] | ' |
Future Minimum Payments Due, Current | $33,028 |
Future Minimum Payments, Due in Two Years | 24,980 |
Future Minimum Payments, Due in Three Years | 16,063 |
Future Minimum Payments, Due in Four Years | 10,024 |
Future Minimum Payments, Due in Five Years | 7,418 |
Future Minimum Payments, Due Thereafter | 10,004 |
Future Minimum Payments Due | $101,517 |
Commitments_and_Contingencies_2
Commitments and Contingencies Textuals (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $37 | $36.70 | $34.30 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, 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 | Mar. 31, 2011 |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | $2,378,972 | $2,341,528 | $2,309,328 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Total Net Sales | 684,253 | 591,686 | 578,680 | 524,353 | 657,292 | 578,553 | 570,283 | 535,400 | 2,378,972 | 2,341,528 | 2,309,328 | ' |
Total Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 472,892 | 444,499 | 398,503 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 34,765 | 33,421 | 31,689 | ' |
Assets | 2,152,819 | ' | ' | ' | 2,022,288 | ' | ' | ' | 2,152,819 | 2,022,288 | 2,114,910 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -82,349 | -95,588 | -98,500 | ' |
Goodwill | 455,842 | ' | ' | ' | 452,351 | ' | ' | ' | 455,842 | 452,351 | 447,743 | 4,400 |
U.S. Operations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 720,568 | 699,361 | 665,245 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 81,283 | 78,759 | 80,013 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 801,851 | 778,120 | 745,258 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 138,366 | 138,894 | 121,398 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,223 | 5,799 | 5,757 | ' |
Assets | 1,242,501 | ' | ' | ' | 1,128,902 | ' | ' | ' | 1,242,501 | 1,128,902 | 1,037,238 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -6,297 | -10,988 | -6,926 | ' |
Goodwill | 307,933 | ' | ' | ' | 307,933 | ' | ' | ' | 307,933 | 307,933 | 307,485 | ' |
Swiss Operations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 127,031 | 124,362 | 143,520 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 440,177 | 406,485 | 411,788 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 567,208 | 530,847 | 555,308 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 151,743 | 133,691 | 113,997 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,576 | 7,194 | 7,581 | ' |
Assets | 1,090,353 | ' | ' | ' | 922,620 | ' | ' | ' | 1,090,353 | 922,620 | 795,828 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -6,801 | -5,529 | -8,178 | ' |
Goodwill | 24,288 | ' | ' | ' | 23,684 | ' | ' | ' | 24,288 | 23,684 | 22,986 | ' |
Western European Operations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 674,620 | 644,361 | 692,348 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 111,707 | 101,952 | 107,585 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 786,327 | 746,313 | 799,933 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 111,828 | 95,523 | 99,969 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 4,708 | 4,947 | 5,065 | ' |
Assets | 1,059,525 | ' | ' | ' | 975,174 | ' | ' | ' | 1,059,525 | 975,174 | 963,563 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -6,096 | -5,504 | -4,962 | ' |
Goodwill | 108,662 | ' | ' | ' | 105,522 | ' | ' | ' | 108,662 | 105,522 | 101,899 | ' |
Chinese Operations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 407,131 | 432,255 | 388,592 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 149,084 | 123,669 | 126,550 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 556,215 | 555,924 | 515,142 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 122,214 | 125,217 | 120,857 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,527 | 5,567 | 4,920 | ' |
Assets | 731,650 | ' | ' | ' | 631,075 | ' | ' | ' | 731,650 | 631,075 | 366,442 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -6,200 | -9,872 | -15,601 | ' |
Goodwill | 746 | ' | ' | ' | 717 | ' | ' | ' | 746 | 717 | 710 | ' |
Other Operations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 449,622 | 441,189 | 419,623 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 6,308 | 6,538 | 6,348 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 455,930 | 447,727 | 425,971 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 49,228 | 48,857 | 50,045 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 2,694 | 2,653 | 2,161 | ' |
Assets | 257,141 | ' | ' | ' | 237,232 | ' | ' | ' | 257,141 | 237,232 | 328,867 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -7,172 | -5,542 | -4,088 | ' |
Goodwill | 14,213 | ' | ' | ' | 14,495 | ' | ' | ' | 14,213 | 14,495 | 14,663 | ' |
Eliminations and Corporate Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Revenue Transactions With Other Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | -788,559 | -717,403 | -732,284 | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | -788,559 | -717,403 | -732,284 | ' |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | -100,487 | -97,683 | -107,763 | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 8,037 | 7,261 | 6,205 | ' |
Assets | -2,228,351 | ' | ' | ' | -1,872,715 | ' | ' | ' | -2,228,351 | -1,872,715 | -1,377,028 | ' |
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -49,783 | -58,153 | -58,745 | ' |
Goodwill | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 | ' |
Segment_Reporting_Details_1_De
Segment Reporting Details 1 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Earnings Before Taxes | $402,709 | $382,601 | $349,177 |
Amortization | 24,539 | 21,357 | 17,808 |
Interest Expense | 22,711 | 22,764 | 23,226 |
Restructuring Charges | 19,830 | 16,687 | 5,912 |
Other Charges (Income), Net | 3,103 | 1,090 | 2,380 |
Total Segment Profit | $472,892 | $444,499 | $398,503 |
Segment_Reporting_Detail_2_Det
Segment Reporting Detail 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, 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 Sales Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | $684,253 | $591,686 | $578,680 | $524,353 | $657,292 | $578,553 | $570,283 | $535,400 | $2,378,972 | $2,341,528 | $2,309,328 |
Laboratory Product and Service Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Sales Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,632 | 1,071,299 | 1,047,319 |
Industrial Product and Service Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Sales Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,065,605 | 1,063,653 | 1,038,871 |
Retail Product and Service Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Sales Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $212,735 | $206,576 | $223,138 |
Segment_Reporting_Details_3_De
Segment Reporting Details 3 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, 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 |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | $684,253 | $591,686 | $578,680 | $524,353 | $657,292 | $578,553 | $570,283 | $535,400 | $2,378,972 | $2,341,528 | $2,309,328 |
Total Segments Property, Plant and Equipment, Net | 514,438 | ' | ' | ' | 469,421 | ' | ' | ' | 514,438 | 469,421 | ' |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 664,665 | 643,902 | 612,643 |
Total Segments Property, Plant and Equipment, Net | 133,323 | ' | ' | ' | 66,978 | ' | ' | ' | 133,323 | 66,978 | ' |
OTHER AMERICAS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 168,347 | 161,853 | 159,756 |
Total Segments Property, Plant and Equipment, Net | 4,831 | ' | ' | ' | 4,074 | ' | ' | ' | 4,831 | 4,074 | ' |
TOTAL AMERICAS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 833,012 | 805,755 | 772,399 |
Total Segments Property, Plant and Equipment, Net | 138,154 | ' | ' | ' | 71,052 | ' | ' | ' | 138,154 | 71,052 | ' |
GERMANY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 195,521 | 183,859 | 200,062 |
Total Segments Property, Plant and Equipment, Net | 29,008 | ' | ' | ' | 26,404 | ' | ' | ' | 29,008 | 26,404 | ' |
FRANCE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 122,658 | 123,007 | 136,589 |
Total Segments Property, Plant and Equipment, Net | 6,737 | ' | ' | ' | 6,781 | ' | ' | ' | 6,737 | 6,781 | ' |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 65,922 | 62,389 | 66,321 |
Total Segments Property, Plant and Equipment, Net | 6,001 | ' | ' | ' | 6,103 | ' | ' | ' | 6,001 | 6,103 | ' |
SWITZERLAND | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 74,574 | 65,430 | 79,376 |
Total Segments Property, Plant and Equipment, Net | 243,697 | ' | ' | ' | 275,944 | ' | ' | ' | 243,697 | 275,944 | ' |
OTHER EUROPE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 377,353 | 355,266 | 379,784 |
Total Segments Property, Plant and Equipment, Net | 7,936 | ' | ' | ' | 6,767 | ' | ' | ' | 7,936 | 6,767 | ' |
TOTAL EUROPE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 836,028 | 789,951 | 862,132 |
Total Segments Property, Plant and Equipment, Net | 293,379 | ' | ' | ' | 321,999 | ' | ' | ' | 293,379 | 321,999 | ' |
CHINA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 396,620 | 422,894 | 379,791 |
Total Segments Property, Plant and Equipment, Net | 74,546 | ' | ' | ' | 69,784 | ' | ' | ' | 74,546 | 69,784 | ' |
REST OF WORLD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 313,312 | 322,928 | 295,006 |
Total Segments Property, Plant and Equipment, Net | 8,359 | ' | ' | ' | 6,586 | ' | ' | ' | 8,359 | 6,586 | ' |
TOTAL ASIA REST OF WORLD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 709,932 | 745,822 | 674,797 |
Total Segments Property, Plant and Equipment, Net | $82,905 | ' | ' | ' | $76,370 | ' | ' | ' | $82,905 | $76,370 | ' |
Segment_Reporting_Textuals_Det
Segment Reporting Textuals (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Charges | $19,830 | $16,687 | $5,912 |
Maximum Customer Percentage | 1.00% | ' | ' |
U.S. Operations Segment | ' | ' | ' |
Restructuring Charges | 1,700 | 1,700 | ' |
Swiss Operations Segment | ' | ' | ' |
Restructuring Charges | 8,000 | 5,700 | ' |
Western European Operations Segment | ' | ' | ' |
Restructuring Charges | 7,700 | 7,800 | ' |
Chinese Operations Segment | ' | ' | ' |
Restructuring Charges | 2,000 | 1,100 | ' |
Other Operations Segment | ' | ' | ' |
Restructuring Charges | $400 | $400 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except 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 Net Sales | $684,253 | $591,686 | $578,680 | $524,353 | $657,292 | $578,553 | $570,283 | $535,400 | $2,378,972 | $2,341,528 | $2,309,328 |
Gross profit | 375,357 | 318,573 | 308,843 | 279,253 | 356,788 | 308,157 | 299,008 | 277,102 | 1,282,026 | 1,241,055 | 1,218,274 |
Net earnings | $110,162 | $74,326 | $69,062 | $52,544 | $104,633 | $72,183 | $61,704 | $52,327 | $306,094 | $290,847 | $269,493 |
Basic earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $3.72 | $2.49 | $2.29 | $1.73 | $3.43 | $2.34 | $1.97 | $1.66 | $10.22 | $9.37 | $8.45 |
Weighted average number of common shares | 29,596,949 | 29,818,218 | 30,119,889 | 30,299,569 | 30,532,491 | 30,846,062 | 31,267,660 | 31,531,915 | 29,945,954 | 31,044,532 | 31,897,779 |
Diluted earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $3.63 | $2.43 | $2.24 | $1.69 | $3.35 | $2.28 | $1.93 | $1.62 | $9.96 | $9.14 | $8.21 |
Weighted average number of common and common equivalent shares | 30,366,603 | 30,579,954 | 30,849,934 | 31,101,979 | 31,271,377 | 31,599,081 | 32,038,928 | 32,386,924 | 30,728,482 | 31,824,077 | 32,839,365 |
Market price per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Value During The Period Maximum | $253.27 | $242.56 | $228 | $221.56 | $195 | $177.44 | $185.08 | $189.67 | ' | ' | ' |
Common Stock Value During The Period Mimimum | $233.71 | $205.55 | $197.91 | $196.72 | $161.80 | $148.68 | $150.57 | $152.19 | ' | ' | ' |
Schedule_II_Valuation_and_Qual2
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance, Beginning | $14,120 | $12,317 | $11,536 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,775 | 2,106 | 1,933 |
Valuation Allowances and Reserves, Charged to Other Accounts | 115 | 267 | -220 |
Valuation Allowances and Reserves, Deductions | 1,154 | 570 | 932 |
Valuation Allowances and Reserves, Balance, Ending | 14,856 | 14,120 | 12,317 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance, Beginning | 23,177 | 34,738 | 44,669 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 10,131 | 4,764 | 912 |
Valuation Allowances and Reserves, Deductions | 1,611 | 16,325 | 10,843 |
Valuation Allowances and Reserves, Balance, Ending | $31,697 | $23,177 | $34,738 |