Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
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-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | 28,547,411 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | ' | $7,313,751,934 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | ' | ' | ' | ' |
Products | $488,829 | $462,532 | $1,379,655 | $1,314,998 |
Service | 140,271 | 129,155 | 408,900 | 379,722 |
Total net sales | 629,100 | 591,687 | 1,788,555 | 1,694,720 |
Cost of sales | ' | ' | ' | ' |
Products | 206,227 | 197,593 | 586,883 | 564,021 |
Service | 79,322 | 75,521 | 237,304 | 224,125 |
Gross profit | 343,551 | 318,573 | 964,368 | 906,574 |
Research and development | 30,352 | 29,046 | 91,974 | 85,749 |
Selling, general and administrative | 186,499 | 173,446 | 541,793 | 512,905 |
Amortization | 7,198 | 6,675 | 21,575 | 17,604 |
Interest expense | 5,991 | 5,557 | 17,613 | 16,500 |
Restructuring Charges | 1,050 | 5,532 | 4,447 | 13,730 |
Other charges (income), net | 625 | 521 | 1,348 | 2,281 |
Earnings before taxes | 111,836 | 97,796 | 285,618 | 257,805 |
Provision for taxes | 26,840 | 23,470 | 68,549 | 61,873 |
Net earnings | 84,996 | 74,326 | 217,069 | 195,932 |
Basic earnings per common share: | ' | ' | ' | ' |
Net earnings | $2.96 | $2.49 | $7.47 | $6.52 |
Weighted average number of common shares | 28,732,152 | 29,818,218 | 29,056,663 | 30,063,021 |
Diluted earnings per common share: | ' | ' | ' | ' |
Net earnings | $2.89 | $2.43 | $7.30 | $6.35 |
Weighted average number of common and common equivalent shares | 29,408,614 | 30,579,954 | 29,747,321 | 30,836,160 |
Comprehensive Income, Net of Tax (Note 8) | $44,540 | $102,532 | $176,076 | $212,858 |
Interim_Consolidated_Balance_S
Interim Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $126,311 | $111,874 |
Trade accounts receivable, less allowances of $17,028 at September 30, 2014 and $14,856 at December 31, 2013 | 410,900 | 466,703 |
Inventories | 219,714 | 210,414 |
Current deferred tax assets, net | 59,414 | 57,934 |
Other current assets and prepaid expenses | 56,573 | 67,062 |
Total current assets | 872,912 | 913,987 |
Property, plant and equipment, net | 512,091 | 514,438 |
Goodwill | 449,539 | 455,842 |
Other intangible assets, net | 111,214 | 114,418 |
Non-current deferred tax assets, net | 21,241 | 24,121 |
Other non-current assets | 140,458 | 130,013 |
Total assets | 2,107,455 | 2,152,819 |
Current liabilities: | ' | ' |
Trade accounts payable | 129,172 | 145,993 |
Accrued and other liabilities | 119,641 | 116,831 |
Accrued compensation and related items | 123,337 | 123,493 |
Deferred revenue and customer prepayments | 93,014 | 83,083 |
Taxes payable | 49,602 | 61,502 |
Current deferred tax liabilities | 16,093 | 16,219 |
Short-term borrowings and current maturities of long-term debt | 120,025 | 17,067 |
Total current liabilities | 650,884 | 564,188 |
Long-term debt | 365,007 | 395,960 |
Non-current deferred tax liabilities | 64,751 | 64,449 |
Other non-current liabilities | 177,873 | 193,170 |
Total liabilities | 1,258,515 | 1,217,767 |
Commitments and contingencies (Note 14) | ' | ' |
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 28,547,411 and 29,487,075 shares at September 30, 2014 and December 31, 2013, respectively | 448 | 448 |
Additional paid-in capital | 673,493 | 653,250 |
Treasury stock at cost (16,238,600 shares at September 30, 2014 and 15,298,936 shares at December 31, 2013) | -1,991,994 | -1,721,030 |
Retained earnings | 2,243,022 | 2,037,420 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -76,029 | -35,036 |
Total shareholders' equity | 848,940 | 935,052 |
Total liabilities and shareholders' equity | $2,107,455 | $2,152,819 |
Balance_Sheet_Parentheticals_P
Balance Sheet Parentheticals (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $17,028 | $14,856 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 |
Common Stock, Shares, Issued | 44,786,011 | 44,786,011 |
Common Stock, Shares, Outstanding | 28,547,411 | 29,487,075 |
Treasury Stock, Shares | 16,238,600 | 15,298,936 |
Interim_Consolidated_Statement1
Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2012 | $827,219 | $448 | $638,705 | ($1,463,924) | $1,749,451 | ($97,461) |
Beginning balance, shares at Dec. 31, 2012 | ' | 30,410,006 | ' | ' | ' | ' |
Stock Issued During Period, Value, Treasury Stock Reissued | 19,745 | ' | ' | 37,870 | -18,125 | ' |
Exercise of stock options and restricted stock units, shares | ' | 398,646 | ' | ' | ' | ' |
Repurchases of common stock | -294,976 | ' | ' | -294,976 | ' | ' |
Repurchases of common stock, shares | ' | -1,321,577 | ' | ' | ' | ' |
Tax benefit resulting from exercise of certain employee stock options | 1,906 | ' | 1,906 | ' | ' | ' |
Adjustment to Additional Paid in Capital, Share-Based Compensation | 12,639 | ' | 12,639 | ' | ' | ' |
Net earnings | 306,094 | ' | ' | ' | 306,094 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 62,425 | ' | ' | ' | ' | 62,425 |
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 | ' | ' | ' | ' |
Stock Issued During Period, Value, Treasury Stock Reissued | 14,045 | ' | ' | 25,512 | -11,467 | ' |
Exercise of stock options and restricted stock units, shares | 246,551 | 246,551 | ' | ' | ' | ' |
Repurchases of common stock | -296,476 | ' | ' | -296,476 | ' | ' |
Repurchases of common stock, shares | -1,186,215 | -1,186,215 | ' | ' | ' | ' |
Tax benefit resulting from exercise of certain employee stock options | 10,459 | ' | 10,459 | ' | ' | ' |
Adjustment to Additional Paid in Capital, Share-Based Compensation | 9,784 | ' | 9,784 | ' | ' | ' |
Net earnings | 217,069 | ' | ' | ' | 217,069 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -40,993 | ' | ' | ' | ' | -40,993 |
Ending balance at Sep. 30, 2014 | $848,940 | $448 | $673,493 | ($1,991,994) | $2,243,022 | ($76,029) |
Ending balance, shares at Sep. 30, 2014 | 28,547,411 | 28,547,411 | ' | ' | ' | ' |
Interim_Consolidated_Statement2
Interim Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $217,069 | $195,932 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation | 25,469 | 26,024 |
Amortization | 21,575 | 17,604 |
Deferred tax benefit | -6,102 | -7,807 |
Excess tax benefits from share-based payment arrangements | -10,459 | -565 |
Share-based compensation | 9,784 | 8,988 |
Other | 99 | 407 |
Increase (decrease) in cash resulting from changes in: | ' | ' |
Trade accounts receivable, net | 43,313 | 33,841 |
Inventories | -18,024 | -19,350 |
Other current assets | 9,714 | -3,367 |
Trade accounts payable | -13,180 | -23,814 |
Taxes payable | -9,391 | 5,961 |
Accruals and other | 8,371 | 3,561 |
Net cash provided by operating activities | 278,238 | 237,415 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property, plant and equipment | 433 | 208 |
Purchase of property, plant and equipment | -61,408 | -57,000 |
Acquisitions | -3,385 | -213 |
Net cash used in investing activities | -64,360 | -57,005 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 512,977 | 382,105 |
Repayments of borrowings | -438,529 | -369,012 |
Proceeds from stock option exercises | 14,045 | 15,990 |
Repurchases of common stock | -296,476 | -217,413 |
Excess tax benefits from share - based payment arrangements | 10,459 | 565 |
Payments of Debt Issuance Costs | -941 | -281 |
Other financing activities | 182 | -1,569 |
Net cash used in financing activities | -198,283 | -189,615 |
Effect of exchange rate changes on cash and cash equivalents | -1,158 | -275 |
Net (decrease) increase in cash and cash equivalents | 14,437 | -9,480 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 111,874 | 101,702 |
End of period | $126,311 | $92,222 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
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, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. | |
The accompanying interim 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 interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements as of September 30, 2014 and for the three and nine month periods ended September 30, 2014 and 2013 should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. | |
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. A discussion of the Company’s critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
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 | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Inventories consisted of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Raw materials and parts | $ | 99,949 | $ | 98,244 | ||||||||||||||||||||
Work-in-progress | 41,120 | 38,061 | ||||||||||||||||||||||
Finished goods | 78,645 | 74,109 | ||||||||||||||||||||||
$ | 219,714 | $ | 210,414 | |||||||||||||||||||||
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." | ||||||||||||||||||||||||
Other intangible assets consisted of the following: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Intangibles, Net | Gross | Accumulated | Intangibles, Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
Customer relationships | $ | 99,229 | $ | (27,596 | ) | $ | 71,633 | $ | 98,374 | $ | (25,313 | ) | $ | 73,061 | ||||||||||
Proven technology and patents | 42,005 | (30,492 | ) | 11,513 | 43,233 | (29,763 | ) | 13,470 | ||||||||||||||||
Tradename (finite life) | 4,192 | (1,759 | ) | 2,433 | 4,300 | (1,619 | ) | 2,681 | ||||||||||||||||
Tradename (indefinite life) | 25,004 | — | 25,004 | 25,108 | — | 25,108 | ||||||||||||||||||
Other | 1,582 | (951 | ) | 631 | 757 | (659 | ) | 98 | ||||||||||||||||
$ | 172,012 | $ | (60,798 | ) | $ | 111,214 | $ | 171,772 | $ | (57,354 | ) | $ | 114,418 | |||||||||||
The Company recognized amortization expense associated with the above intangible assets of $1.6 million and $1.5 million for the three months ended September 30, 2014 and 2013, respectively and $4.8 million and $4.4 million for the nine months ended September 30, 2014 and 2013, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.3 million for 2014, $5.8 million for 2015, $5.4 million for 2016, $5.0 million for 2017, $4.8 million for 2018 and $4.4 million for 2019. Purchased intangible amortization was $1.5 million, $1.0 million after tax, and $1.3 million, $0.9 million after tax, for the three months ended September 30, 2014 and 2013, respectively and $4.2 million, $2.8 million after tax, and $4.0 million, $2.7 million after tax, for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $5.5 million and $5.2 million for the three months ended September 30, 2014 and 2013, respectively and $16.7 million and $13.1 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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 nine months ended September 30 are as follows: | ||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at beginning of period | $ | 16,991 | $ | 16,295 | ||||||||||||||||||||
Accruals for warranties | 14,737 | 14,246 | ||||||||||||||||||||||
Foreign currency translation | (409 | ) | 20 | |||||||||||||||||||||
Payments / utilizations | (15,278 | ) | (14,354 | ) | ||||||||||||||||||||
Balance at end of period | $ | 16,041 | $ | 16,207 | ||||||||||||||||||||
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. | ||||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||
The Company recognizes share-based compensation expense 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 Company recorded $3.3 million and $9.8 million of share-based compensation expense for the three and nine months ended September 30, 2014, respectively, compared to $3.1 million and $9.0 million for the corresponding periods in 2013. | ||||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||||
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||
FINANCIAL INSTRUMENTS | |||||||||||||||||||
As more fully described below, the Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company’s fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company’s exposure to currency fluctuations on the respective hedged items. The Company does not use derivative financial instruments for trading purposes. For additional disclosures on the fair value of financial instruments, also see Note 4 to the interim consolidated financial statements. | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
The Company has an interest rate swap agreement, designated as a cash flow hedge. The agreement changes the floating rate LIBOR-based interest payments associated with $100 million in borrowings under the Company’s credit agreement to a fixed obligation of 3.24% beginning October 2010 ("Interest rate swaps - October 2010"). | |||||||||||||||||||
In June 2013, the Company entered into a forward starting interest rate swap agreement, designated as a cash flow hedge. The agreement which 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 ("Interest rate swaps - October 2015"). | |||||||||||||||||||
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 businesses. The notional amount of foreign currency forward contracts outstanding at September 30, 2014 and December 31, 2013 was $83.6 million and $78.2 million, respectively. | |||||||||||||||||||
Through September 30, 2014 no hedge ineffectiveness has occurred in relation to these cash flow hedges. | |||||||||||||||||||
The fair value of the cash flow hedges as of September 30, 2014 and December 31, 2013 are recorded gross in the consolidated balance sheet as follows: | |||||||||||||||||||
Fair Value at | |||||||||||||||||||
Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Derivative designated as cash flow hedging instruments: | |||||||||||||||||||
Interest rate swaps - October 2010 | Non-current (liabilities)/assets | $ | (3,218 | ) | $ | (5,312 | ) | ||||||||||||
Interest rate swaps - October 2015 | Non-current (liabilities)/assets | (314 | ) | 1,269 | |||||||||||||||
Foreign currency forward contracts: | Other current assets | 607 | 268 | ||||||||||||||||
Accrued and other liabilities | — | (103 | ) | ||||||||||||||||
The effects of the derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
Before Tax | After Tax | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||
Interest rate swaps - October 2010 | $ | — | $ | (281 | ) | $ | — | $ | (173 | ) | |||||||||
Interest rate swaps - October 2015 | — | (198 | ) | — | (122 | ) | |||||||||||||
Foreign currency forward contracts | 493 | (229 | ) | 392 | (182 | ) | |||||||||||||
Location of Derivative Gain (Loss) in Earnings | Before Tax | After Tax | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Effective portion of gain (loss) reclassified into earnings: | |||||||||||||||||||
Interest rate swaps - October 2010 | Interest expense | $ | (787 | ) | $ | (777 | ) | $ | (484 | ) | $ | (478 | ) | ||||||
Foreign currency forward contracts | Cost of sales | 247 | (486 | ) | 197 | (386 | ) | ||||||||||||
The effects of the derivative instruments designated as cash flow hedges on the consolidated statements of operations for the nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
Before Tax | After Tax | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||
Interest rate swaps - October 2010 | $ | (239 | ) | $ | (123 | ) | $ | (147 | ) | $ | (76 | ) | |||||||
Interest rate swaps - October 2015 | (1,582 | ) | 717 | (973 | ) | 441 | |||||||||||||
Foreign currency forward contracts | 887 | (1,579 | ) | 705 | (1,255 | ) | |||||||||||||
Location of Derivative Gain (Loss) in Earnings | Before Tax | After Tax | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Effective portion of gain (loss) reclassified into earnings: | |||||||||||||||||||
Interest rate swaps - October 2010 | Interest expense | $ | (2,333 | ) | $ | (2,299 | ) | $ | (1,435 | ) | $ | (1,414 | ) | ||||||
Foreign currency forward contracts | Cost of sales | 453 | (1,517 | ) | 360 | (1,206 | ) | ||||||||||||
A derivative loss of $3.0 million, $1.9 million after tax, based upon interest rates and a derivative gain of $0.6 million, $0.5 million after tax, based upon foreign currency rates at September 30, 2014, are expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. | |||||||||||||||||||
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. At September 30, 2014 and December 31, 2013, these contracts had a notional value of $210.4 million and $180.3 million, respectively. | |||||||||||||||||||
The fair value of the foreign currency forward contracts as of September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||
Fair Value at | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
Balance sheet location: | |||||||||||||||||||
Other current assets | $ | 690 | $ | 719 | |||||||||||||||
Other current liabilities | (1,006 | ) | (355 | ) | |||||||||||||||
The effects of the foreign currency forward contracts on the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gain (loss) recognized in other charges (income), net | |||||||||||||||||||
Three months ended | $ | (2,048 | ) | $ | 1,418 | ||||||||||||||
Nine months ended | (2,983 | ) | 727 | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had derivative assets totaling $1.3 million and $2.3 million, respectively, and derivative liabilities totaling $4.5 million and $5.8 million, respectively. The fair values of the interest rate swap agreement, 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 at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had $18.1 million and $16.9 million of cash equivalents, 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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 18,118 | $ | — | $ | 18,118 | $ | — | $ | 16,868 | $ | — | $ | 16,868 | $ | — | |||||||||||||||||
Interest rate swap agreement | — | — | — | 1,269 | — | 1,269 | — | ||||||||||||||||||||||||||
Foreign currency forwards contracts designed as cash flow hedges | 607 | — | 607 | — | 268 | — | 268 | — | |||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instruments | 690 | — | 690 | — | 719 | — | 719 | — | |||||||||||||||||||||||||
Total | $ | 19,415 | $ | — | $ | 19,415 | $ | — | $ | 19,124 | $ | — | $ | 19,124 | $ | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | 3,532 | $ | — | $ | 3,532 | $ | — | $ | 5,312 | $ | — | $ | 5,312 | $ | — | |||||||||||||||||
Foreign currency forwards contracts designed as cash flow hedges | — | — | — | — | 103 | — | 103 | — | |||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instruments | 1,006 | — | 1,006 | — | 355 | — | 355 | — | |||||||||||||||||||||||||
Total | $ | 4,538 | $ | — | $ | 4,538 | $ | — | $ | 5,770 | $ | — | $ | 5,770 | $ | — | |||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The provision for taxes for both the three and nine month periods ended September 30, 2014 is based upon the Company’s projected annual effective rate of 24%. |
Debt
Debt | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
DEBT | ' | |||||||||||
DEBT | ||||||||||||
Debt consisted of the following at September 30, 2014: | ||||||||||||
September 30, 2014 | ||||||||||||
U.S. Dollar | Other Principal Trading Currencies | Total | ||||||||||
6.30% $100 million Senior Notes due June 25, 2015 | $ | 100,000 | $ | — | $ | 100,000 | ||||||
3.67% $50 million Senior Notes due December 17, 2022 | 50,000 | — | 50,000 | |||||||||
4.10% $50 million Senior Notes due September 19, 2023 | 50,000 | — | 50,000 | |||||||||
3.84% $125 million Senior Notes due September 19, 2024 | 125,000 | — | 125,000 | |||||||||
Credit agreement | 103,937 | 36,070 | 140,007 | |||||||||
Other local arrangements | 429 | 19,596 | 20,025 | |||||||||
Total debt | 429,366 | 55,666 | 485,032 | |||||||||
Less: current portion | (100,429 | ) | (19,596 | ) | (120,025 | ) | ||||||
Total long-term debt | $ | 328,937 | $ | 36,070 | $ | 365,007 | ||||||
As of September 30, 2014, the Company had $655.6 million of availability remaining under its Credit Agreement. The Company was in compliance with its covenants at September 30, 2014. | ||||||||||||
In June 2014, the Company entered into an agreement to issue and sell $250 million of ten-year Senior Notes in a private placement. The Company issued $125 million with a fixed interest rate of 3.84% ("3.84% Senior Notes") in September 2014 and will issue an additional $125 million with a fixed interest rate of 4.24% ("4.24% Senior Notes") in June 2015. The Senior Notes are senior unsecured obligations of the Company. | ||||||||||||
Issuance costs approximating $0.9 million will be amortized to interest expense over the ten year term of the Senior Notes. |
Share_Repurchase_Program_and_T
Share Repurchase Program and Treasury Stock | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
SHARE REPURCHASE PROGRAM AND TREASURY STOCK | ' |
SHARE REPURCHASE PROGRAM AND TREASURY STOCK | |
The Company has a $3 billion share repurchase program, of which there were $595.9 million of remaining common shares authorized to be repurchased under the program at September 30, 2014. We expect that the authorization will be utilized over the next few years. 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 22.6 million shares since the inception of the program through September 30, 2014. During the nine months ended September 30, 2014 and 2013, the Company spent $296.5 million and $217.4 million on the repurchase of 1,186,215 shares and 1,004,398 shares at an average price per share of $249.91 and $216.44, respectively. The Company also reissued 246,551 shares and 280,691 shares held in treasury for the exercise of stock options and restricted stock units during the nine months ended September 30, 2014 and 2013, respectively. |
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 30, 2014 and 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, 2013 | $ | 77,915 | $ | (2,433 | ) | $ | (110,518 | ) | $ | (35,036 | ) | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized gains (losses) on cash flow hedging arrangements | — | (445 | ) | — | (445 | ) | ||||||||||
Foreign currency translation adjustment | (47,483 | ) | 30 | 4,644 | (42,809 | ) | ||||||||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — | 1,075 | 1,186 | 2,261 | ||||||||||||
Net change in other comprehensive income (loss), net of tax | (47,483 | ) | 660 | 5,830 | (40,993 | ) | ||||||||||
Balance at September 30, 2014 | $ | 30,432 | $ | (1,773 | ) | $ | (104,688 | ) | $ | (76,029 | ) | |||||
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 gains (losses) on cash flow hedging arrangements | — | (924 | ) | — | (924 | ) | ||||||||||
Foreign currency translation adjustment | 9,911 | 34 | (266 | ) | 9,679 | |||||||||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — | 2,620 | 5,551 | 8,171 | ||||||||||||
Net change in other comprehensive income (loss), net of tax | 9,911 | 1,730 | 5,285 | 16,926 | ||||||||||||
Balance at September 30, 2013 | $ | 65,923 | $ | (3,708 | ) | $ | (142,750 | ) | $ | (80,535 | ) | |||||
The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and nine month periods ended September 30: | ||||||||||||||||
Three months ended September 30, | ||||||||||||||||
2014 | 2013 | Location of Amounts Recognized in Earnings | ||||||||||||||
Effective portion of losses on cash flow hedging arrangements: | ||||||||||||||||
Interest rate swap agreements | $ | 787 | $ | 777 | Interest expense | |||||||||||
Foreign currency forward contracts | (247 | ) | 486 | Cost of sales - products | ||||||||||||
Total before taxes | 540 | 1,263 | ||||||||||||||
Provision for taxes | 253 | 399 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 287 | $ | 864 | ||||||||||||
Recognition of defined benefit pension and post-retirement items: | ||||||||||||||||
Recognition of actuarial losses, plan amendments and prior service cost, before taxes | $ | 719 | $ | 2,571 | (a) | |||||||||||
Provision for taxes | 313 | 907 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 406 | $ | 1,664 | ||||||||||||
(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 10 for additional details for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | Location of Amounts Recognized in Earnings | ||||||||||||||
Effective portion of losses on cash flow hedging arrangements: | ||||||||||||||||
Interest rate swap agreements | $ | 2,333 | $ | 2,299 | Interest expense | |||||||||||
Foreign currency forward contracts | (453 | ) | 1,517 | Cost of sales - products | ||||||||||||
Total before taxes | 1,880 | 3,816 | ||||||||||||||
Provision for taxes | 805 | 1,196 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 1,075 | $ | 2,620 | ||||||||||||
Recognition of defined benefit pension and post-retirement items: | ||||||||||||||||
Recognition of actuarial losses, plan amendments and prior service cost, before taxes | $ | 2,131 | $ | 7,707 | (a) | |||||||||||
Provision for taxes | 945 | 2,156 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 1,186 | $ | 5,551 | ||||||||||||
(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 10 for additional details for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Comprehensive income (loss), net of tax consisted of the following as of September 30: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings | $ | 84,996 | $ | 74,326 | $ | 217,069 | $ | 195,932 | ||||||||
Other comprehensive income (loss), net of tax | (40,456 | ) | 28,206 | (40,993 | ) | 16,926 | ||||||||||
Comprehensive income, net of tax | $ | 44,540 | $ | 102,532 | $ | 176,076 | $ | 212,858 | ||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
EARNINGS PER COMMON SHARE | ' | |||||
EARNINGS PER COMMON SHARE | ||||||
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and nine month periods ended September 30, solely relating to outstanding stock options and restricted stock units: | ||||||
2014 | 2013 | |||||
Three months ended | 676,462 | 761,736 | ||||
Nine months ended | 690,658 | 773,139 | ||||
Outstanding options and restricted stock units to purchase or receive 105,570 and 135,858 shares of common stock for the three and nine month periods ended September 30, 2014, 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. |
Net_Periodic_Benefit_Cost
Net Periodic Benefit Cost | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
NET PERIODIC BENEFIT COST | ' | |||||||||||||||||||||||||||||||
NET PERIODIC BENEFIT COST | ||||||||||||||||||||||||||||||||
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended September 30: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Total | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost, net | $ | 223 | $ | 123 | $ | 3,856 | $ | 4,364 | $ | 43 | $ | 54 | $ | 4,122 | $ | 4,541 | ||||||||||||||||
Interest cost on projected benefit obligations | 1,599 | 1,439 | 5,380 | 4,864 | 60 | 101 | 7,039 | 6,404 | ||||||||||||||||||||||||
Expected return on plan assets | (2,137 | ) | (1,788 | ) | (9,372 | ) | (8,650 | ) | — | — | (11,509 | ) | (10,438 | ) | ||||||||||||||||||
Recognition of prior service cost | — | — | (1,009 | ) | (991 | ) | (195 | ) | 22 | (1,204 | ) | (969 | ) | |||||||||||||||||||
Recognition of actuarial losses/(gains) | 1,200 | 1,945 | 1,082 | 1,842 | (359 | ) | (247 | ) | 1,923 | 3,540 | ||||||||||||||||||||||
Net periodic pension cost/(credit) | $ | 885 | $ | 1,719 | $ | (63 | ) | $ | 1,429 | $ | (451 | ) | $ | (70 | ) | $ | 371 | $ | 3,078 | |||||||||||||
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the nine months ended September 30: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Total | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost, net | $ | 669 | $ | 370 | $ | 11,741 | $ | 12,991 | $ | 129 | $ | 162 | $ | 12,539 | $ | 13,523 | ||||||||||||||||
Interest cost on projected benefit obligations | 4,797 | 4,316 | 16,383 | 14,569 | 180 | 303 | 21,360 | 19,188 | ||||||||||||||||||||||||
Expected return on plan assets | (6,411 | ) | (5,365 | ) | (28,512 | ) | (25,912 | ) | — | — | (34,923 | ) | (31,277 | ) | ||||||||||||||||||
Recognition of prior service cost | — | — | (3,079 | ) | (2,965 | ) | (585 | ) | 65 | (3,664 | ) | (2,900 | ) | |||||||||||||||||||
Recognition of actuarial losses/(gains) | 3,600 | 5,837 | 3,272 | 5,511 | (1,077 | ) | (741 | ) | 5,795 | 10,607 | ||||||||||||||||||||||
Net periodic pension cost/(credit) | $ | 2,655 | $ | 5,158 | $ | (195 | ) | $ | 4,194 | $ | (1,353 | ) | $ | (211 | ) | $ | 1,107 | $ | 9,141 | |||||||||||||
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, the Company expects to make employer contributions of approximately $21.8 million to its non-U.S. pension plans and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2014. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
RESTRUCTURING CHARGES | ' | |||||||||||
RESTRUCTURING CHARGES | ||||||||||||
For the three and nine months ended September 30, 2014, we have incurred $1.1 million and $4.4 million, respectively of restructuring expenses which primarily comprised 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 nine months ended September 30, 2014 is as follows: | ||||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Balance at December 31, 2013 | $ | 13,054 | $ | 131 | $ | 13,185 | ||||||
Restructuring charges | 3,907 | 540 | 4,447 | |||||||||
Cash payments and utilization | (7,413 | ) | (564 | ) | (7,977 | ) | ||||||
Impact of foreign currency | (653 | ) | — | (653 | ) | |||||||
Balance at September 30, 2014 | $ | 8,895 | $ | 107 | $ | 9,002 | ||||||
Other_Charges_Income_Net
Other Charges (Income), Net | 9 Months Ended |
Sep. 30, 2014 | |
Other Income and Expenses [Abstract] | ' |
OTHER CHARGES (INCOME), NET | ' |
OTHER CHARGES (INCOME), NET | |
Other charges (income), net consists primarily of interest income, (gains) losses from foreign currency transactions and other items. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||
As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2013, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. | ||||||||||||||||||||
The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes). | ||||||||||||||||||||
The following tables show the operations of the Company’s operating segments: | ||||||||||||||||||||
Net Sales to | Net Sales to | As of September 30, | ||||||||||||||||||
For the three months ended | External | Other | Total Net | Segment | 2014 | |||||||||||||||
September 30, 2014 | Customers | Segments | Sales | Profit | Goodwill | |||||||||||||||
U.S. Operations | $ | 195,827 | $ | 20,058 | $ | 215,885 | $ | 34,769 | $ | 308,112 | ||||||||||
Swiss Operations | 35,375 | 112,544 | 147,919 | 40,286 | 22,748 | |||||||||||||||
Western European Operations | 174,502 | 32,076 | 206,578 | 29,691 | 103,844 | |||||||||||||||
Chinese Operations | 107,907 | 41,416 | 149,323 | 35,983 | 741 | |||||||||||||||
Other (a) | 115,489 | 1,864 | 117,353 | 13,148 | 14,094 | |||||||||||||||
Eliminations and Corporate (b) | — | (207,958 | ) | (207,958 | ) | (27,177 | ) | — | ||||||||||||
Total | $ | 629,100 | $ | — | $ | 629,100 | $ | 126,700 | $ | 449,539 | ||||||||||
(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 and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. | |||||||||||||||||||
Net Sales to | Net Sales to | |||||||||||||||||||
For the nine months ended | External | Other | Total Net | Segment | ||||||||||||||||
September 30, 2014 | Customers | Segments | Sales | Profit | ||||||||||||||||
U.S. Operations | $ | 553,177 | $ | 61,969 | $ | 615,146 | $ | 93,187 | ||||||||||||
Swiss Operations | 101,172 | 328,932 | 430,104 | 113,011 | ||||||||||||||||
Western European Operations | 505,935 | 88,950 | 594,885 | 74,252 | ||||||||||||||||
Chinese Operations | 299,450 | 114,358 | 413,808 | 93,279 | ||||||||||||||||
Other (a) | 328,821 | 4,946 | 333,767 | 33,236 | ||||||||||||||||
Eliminations and Corporate (b) | — | (599,155 | ) | (599,155 | ) | (76,364 | ) | |||||||||||||
Total | $ | 1,788,555 | $ | — | $ | 1,788,555 | $ | 330,601 | ||||||||||||
Net Sales to | Net Sales to | As of September 30, | ||||||||||||||||||
For the three months ended | External | Other | Total Net | Segment | 2013 | |||||||||||||||
September 30, 2013 | Customers | Segments | Sales | Profit | Goodwill | |||||||||||||||
U.S. Operations | $ | 181,224 | $ | 21,775 | $ | 202,999 | $ | 32,810 | $ | 307,933 | ||||||||||
Swiss Operations | 33,003 | 107,856 | 140,859 | 34,445 | 23,745 | |||||||||||||||
Western European Operations | 165,174 | 26,869 | 192,043 | 26,128 | 106,192 | |||||||||||||||
Chinese Operations | 104,549 | 42,145 | 146,694 | 32,965 | 741 | |||||||||||||||
Other (a) | 107,737 | 1,302 | 109,039 | 11,885 | 13,488 | |||||||||||||||
Eliminations and Corporate (b) | — | (199,947 | ) | (199,947 | ) | (22,152 | ) | — | ||||||||||||
Total | $ | 591,687 | $ | — | $ | 591,687 | $ | 116,081 | $ | 452,099 | ||||||||||
Net Sales to | Net Sales to | |||||||||||||||||||
For the nine months ended | External | Other | Total Net | Segment | ||||||||||||||||
September 30, 2013 | Customers | Segments | Sales | Profit | ||||||||||||||||
U.S. Operations | $ | 526,239 | $ | 57,817 | $ | 584,056 | $ | 90,806 | ||||||||||||
Swiss Operations | 94,864 | 308,498 | 403,362 | 104,705 | ||||||||||||||||
Western European Operations | 467,691 | 81,909 | 549,600 | 67,783 | ||||||||||||||||
Chinese Operations | 293,047 | 110,290 | 403,337 | 86,987 | ||||||||||||||||
Other (a) | 312,879 | 4,231 | 317,110 | 30,803 | ||||||||||||||||
Eliminations and Corporate (b) | — | (562,745 | ) | (562,745 | ) | (73,164 | ) | |||||||||||||
Total | $ | 1,694,720 | $ | — | $ | 1,694,720 | $ | 307,920 | ||||||||||||
(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 and 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 for the three and nine month periods ended September 30 follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Earnings before taxes | $ | 111,836 | $ | 97,796 | $ | 285,618 | $ | 257,805 | ||||||||||||
Amortization | 7,198 | 6,675 | 21,575 | 17,604 | ||||||||||||||||
Interest expense | 5,991 | 5,557 | 17,613 | 16,500 | ||||||||||||||||
Restructuring charges | 1,050 | 5,532 | 4,447 | 13,730 | ||||||||||||||||
Other charges (income), net | 625 | 521 | 1,348 | 2,281 | ||||||||||||||||
Segment profit | $ | 126,700 | $ | 116,081 | $ | 330,601 | $ | 307,920 | ||||||||||||
During the three months ended September 30, 2014, restructuring charges of $1.1 million were recognized, of which $0.1 million, $0.4 million, $0.1 million and $0.5 million related to the Company’s U.S., Western European, Chinese, and Other Operations, respectively. Restructuring charges of $5.5 million were recognized during the three months ended September 30, 2013, of which $0.8 million, $1.9 million, $2.1 million, and $0.7 million related to the Company’s U.S., Swiss, Western European, and Chinese Operations, respectively. Restructuring charges of $4.4 million were recognized during the nine months ended September 30, 2014, of which $1.7 million, $0.6 million, $1.0 million, $0.4 million, and $0.7 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $13.7 million were recognized during the nine months ended September 30, 2013, of which $1.3 million, $7.2 million, $3.4 million, $1.5 million and $0.3 million related to the Company’s U.S., Swiss, Western European, Chinese and Other Operations, respectively. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
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, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Trade Accounts Receivable | ' | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Inventories consisted of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Raw materials and parts | $ | 99,949 | $ | 98,244 | ||||||||||||||||||||
Work-in-progress | 41,120 | 38,061 | ||||||||||||||||||||||
Finished goods | 78,645 | 74,109 | ||||||||||||||||||||||
$ | 219,714 | $ | 210,414 | |||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
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." | ||||||||||||||||||||||||
Other intangible assets consisted of the following: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Intangibles, Net | Gross | Accumulated | Intangibles, Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
Customer relationships | $ | 99,229 | $ | (27,596 | ) | $ | 71,633 | $ | 98,374 | $ | (25,313 | ) | $ | 73,061 | ||||||||||
Proven technology and patents | 42,005 | (30,492 | ) | 11,513 | 43,233 | (29,763 | ) | 13,470 | ||||||||||||||||
Tradename (finite life) | 4,192 | (1,759 | ) | 2,433 | 4,300 | (1,619 | ) | 2,681 | ||||||||||||||||
Tradename (indefinite life) | 25,004 | — | 25,004 | 25,108 | — | 25,108 | ||||||||||||||||||
Other | 1,582 | (951 | ) | 631 | 757 | (659 | ) | 98 | ||||||||||||||||
$ | 172,012 | $ | (60,798 | ) | $ | 111,214 | $ | 171,772 | $ | (57,354 | ) | $ | 114,418 | |||||||||||
The Company recognized amortization expense associated with the above intangible assets of $1.6 million and $1.5 million for the three months ended September 30, 2014 and 2013, respectively and $4.8 million and $4.4 million for the nine months ended September 30, 2014 and 2013, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.3 million for 2014, $5.8 million for 2015, $5.4 million for 2016, $5.0 million for 2017, $4.8 million for 2018 and $4.4 million for 2019. Purchased intangible amortization was $1.5 million, $1.0 million after tax, and $1.3 million, $0.9 million after tax, for the three months ended September 30, 2014 and 2013, respectively and $4.2 million, $2.8 million after tax, and $4.0 million, $2.7 million after tax, for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $5.5 million and $5.2 million for the three months ended September 30, 2014 and 2013, respectively and $16.7 million and $13.1 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Warranty | ' | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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 nine months ended September 30 are as follows: | ||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at beginning of period | $ | 16,991 | $ | 16,295 | ||||||||||||||||||||
Accruals for warranties | 14,737 | 14,246 | ||||||||||||||||||||||
Foreign currency translation | (409 | ) | 20 | |||||||||||||||||||||
Payments / utilizations | (15,278 | ) | (14,354 | ) | ||||||||||||||||||||
Balance at end of period | $ | 16,041 | $ | 16,207 | ||||||||||||||||||||
Employee Termination Benefits | ' | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Share - Based Compensation | ' | |||||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||||
The Company recognizes share-based compensation expense 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 Company recorded $3.3 million and $9.8 million of share-based compensation expense for the three and nine months ended September 30, 2014, respectively, compared to $3.1 million and $9.0 million for the corresponding periods in 2013. | ||||||||||||||||||||||||
Research and Development | ' | |||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||||
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Components of inventories | ' | |||||||||||||||||||||||
Inventories consisted of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Raw materials and parts | $ | 99,949 | $ | 98,244 | ||||||||||||||||||||
Work-in-progress | 41,120 | 38,061 | ||||||||||||||||||||||
Finished goods | 78,645 | 74,109 | ||||||||||||||||||||||
$ | 219,714 | $ | 210,414 | |||||||||||||||||||||
Components of other intangible assets | ' | |||||||||||||||||||||||
Other intangible assets consisted of the following: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Intangibles, Net | Gross | Accumulated | Intangibles, Net | |||||||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||||||||
Customer relationships | $ | 99,229 | $ | (27,596 | ) | $ | 71,633 | $ | 98,374 | $ | (25,313 | ) | $ | 73,061 | ||||||||||
Proven technology and patents | 42,005 | (30,492 | ) | 11,513 | 43,233 | (29,763 | ) | 13,470 | ||||||||||||||||
Tradename (finite life) | 4,192 | (1,759 | ) | 2,433 | 4,300 | (1,619 | ) | 2,681 | ||||||||||||||||
Tradename (indefinite life) | 25,004 | — | 25,004 | 25,108 | — | 25,108 | ||||||||||||||||||
Other | 1,582 | (951 | ) | 631 | 757 | (659 | ) | 98 | ||||||||||||||||
$ | 172,012 | $ | (60,798 | ) | $ | 111,214 | $ | 171,772 | $ | (57,354 | ) | $ | 114,418 | |||||||||||
Changes to the Company's accrual for product warranties | ' | |||||||||||||||||||||||
Changes to the Company’s accrual for product warranties for the nine months ended September 30 are as follows: | ||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at beginning of period | $ | 16,991 | $ | 16,295 | ||||||||||||||||||||
Accruals for warranties | 14,737 | 14,246 | ||||||||||||||||||||||
Foreign currency translation | (409 | ) | 20 | |||||||||||||||||||||
Payments / utilizations | (15,278 | ) | (14,354 | ) | ||||||||||||||||||||
Balance at end of period | $ | 16,041 | $ | 16,207 | ||||||||||||||||||||
Financial_Instruments_Financia
Financial Instruments Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
The fair value of the cash flow hedges as of September 30, 2014 and December 31, 2013 are recorded gross in the consolidated balance sheet as follows: | |||||||||||||||||||
Fair Value at | |||||||||||||||||||
Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||
Derivative designated as cash flow hedging instruments: | |||||||||||||||||||
Interest rate swaps - October 2010 | Non-current (liabilities)/assets | $ | (3,218 | ) | $ | (5,312 | ) | ||||||||||||
Interest rate swaps - October 2015 | Non-current (liabilities)/assets | (314 | ) | 1,269 | |||||||||||||||
Foreign currency forward contracts: | Other current assets | 607 | 268 | ||||||||||||||||
Accrued and other liabilities | — | (103 | ) | ||||||||||||||||
The effects of the derivative instruments designated as cash flow hedges on the consolidated statements of operations for the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
Before Tax | After Tax | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||
Interest rate swaps - October 2010 | $ | — | $ | (281 | ) | $ | — | $ | (173 | ) | |||||||||
Interest rate swaps - October 2015 | — | (198 | ) | — | (122 | ) | |||||||||||||
Foreign currency forward contracts | 493 | (229 | ) | 392 | (182 | ) | |||||||||||||
Location of Derivative Gain (Loss) in Earnings | Before Tax | After Tax | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Effective portion of gain (loss) reclassified into earnings: | |||||||||||||||||||
Interest rate swaps - October 2010 | Interest expense | $ | (787 | ) | $ | (777 | ) | $ | (484 | ) | $ | (478 | ) | ||||||
Foreign currency forward contracts | Cost of sales | 247 | (486 | ) | 197 | (386 | ) | ||||||||||||
The effects of the derivative instruments designated as cash flow hedges on the consolidated statements of operations for the nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
Before Tax | After Tax | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Recognized in other comprehensive income (loss): | |||||||||||||||||||
Interest rate swaps - October 2010 | $ | (239 | ) | $ | (123 | ) | $ | (147 | ) | $ | (76 | ) | |||||||
Interest rate swaps - October 2015 | (1,582 | ) | 717 | (973 | ) | 441 | |||||||||||||
Foreign currency forward contracts | 887 | (1,579 | ) | 705 | (1,255 | ) | |||||||||||||
Location of Derivative Gain (Loss) in Earnings | Before Tax | After Tax | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Effective portion of gain (loss) reclassified into earnings: | |||||||||||||||||||
Interest rate swaps - October 2010 | Interest expense | $ | (2,333 | ) | $ | (2,299 | ) | $ | (1,435 | ) | $ | (1,414 | ) | ||||||
Foreign currency forward contracts | Cost of sales | 453 | (1,517 | ) | 360 | (1,206 | ) | ||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
The fair value of the foreign currency forward contracts as of September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||
Fair Value at | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
Balance sheet location: | |||||||||||||||||||
Other current assets | $ | 690 | $ | 719 | |||||||||||||||
Other current liabilities | (1,006 | ) | (355 | ) | |||||||||||||||
The effects of the foreign currency forward contracts on the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gain (loss) recognized in other charges (income), net | |||||||||||||||||||
Three months ended | $ | (2,048 | ) | $ | 1,418 | ||||||||||||||
Nine months ended | (2,983 | ) | 727 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 18,118 | $ | — | $ | 18,118 | $ | — | $ | 16,868 | $ | — | $ | 16,868 | $ | — | |||||||||||||||||
Interest rate swap agreement | — | — | — | 1,269 | — | 1,269 | — | ||||||||||||||||||||||||||
Foreign currency forwards contracts designed as cash flow hedges | 607 | — | 607 | — | 268 | — | 268 | — | |||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instruments | 690 | — | 690 | — | 719 | — | 719 | — | |||||||||||||||||||||||||
Total | $ | 19,415 | $ | — | $ | 19,415 | $ | — | $ | 19,124 | $ | — | $ | 19,124 | $ | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Interest rate swap agreement | $ | 3,532 | $ | — | $ | 3,532 | $ | — | $ | 5,312 | $ | — | $ | 5,312 | $ | — | |||||||||||||||||
Foreign currency forwards contracts designed as cash flow hedges | — | — | — | — | 103 | — | 103 | — | |||||||||||||||||||||||||
Foreign currency forward contracts not designated as hedging instruments | 1,006 | — | 1,006 | — | 355 | — | 355 | — | |||||||||||||||||||||||||
Total | $ | 4,538 | $ | — | $ | 4,538 | $ | — | $ | 5,770 | $ | — | $ | 5,770 | $ | — | |||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt consisted of the following at September 30, 2014: | ||||||||||||
September 30, 2014 | ||||||||||||
U.S. Dollar | Other Principal Trading Currencies | Total | ||||||||||
6.30% $100 million Senior Notes due June 25, 2015 | $ | 100,000 | $ | — | $ | 100,000 | ||||||
3.67% $50 million Senior Notes due December 17, 2022 | 50,000 | — | 50,000 | |||||||||
4.10% $50 million Senior Notes due September 19, 2023 | 50,000 | — | 50,000 | |||||||||
3.84% $125 million Senior Notes due September 19, 2024 | 125,000 | — | 125,000 | |||||||||
Credit agreement | 103,937 | 36,070 | 140,007 | |||||||||
Other local arrangements | 429 | 19,596 | 20,025 | |||||||||
Total debt | 429,366 | 55,666 | 485,032 | |||||||||
Less: current portion | (100,429 | ) | (19,596 | ) | (120,025 | ) | ||||||
Total long-term debt | $ | 328,937 | $ | 36,070 | $ | 365,007 | ||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 30, 2014 and 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, 2013 | $ | 77,915 | $ | (2,433 | ) | $ | (110,518 | ) | $ | (35,036 | ) | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized gains (losses) on cash flow hedging arrangements | — | (445 | ) | — | (445 | ) | ||||||||||
Foreign currency translation adjustment | (47,483 | ) | 30 | 4,644 | (42,809 | ) | ||||||||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — | 1,075 | 1,186 | 2,261 | ||||||||||||
Net change in other comprehensive income (loss), net of tax | (47,483 | ) | 660 | 5,830 | (40,993 | ) | ||||||||||
Balance at September 30, 2014 | $ | 30,432 | $ | (1,773 | ) | $ | (104,688 | ) | $ | (76,029 | ) | |||||
Disclosure of Reclassification Amount [Text Block] | ' | |||||||||||||||
The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and nine month periods ended September 30: | ||||||||||||||||
Three months ended September 30, | ||||||||||||||||
2014 | 2013 | Location of Amounts Recognized in Earnings | ||||||||||||||
Effective portion of losses on cash flow hedging arrangements: | ||||||||||||||||
Interest rate swap agreements | $ | 787 | $ | 777 | Interest expense | |||||||||||
Foreign currency forward contracts | (247 | ) | 486 | Cost of sales - products | ||||||||||||
Total before taxes | 540 | 1,263 | ||||||||||||||
Provision for taxes | 253 | 399 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 287 | $ | 864 | ||||||||||||
Recognition of defined benefit pension and post-retirement items: | ||||||||||||||||
Recognition of actuarial losses, plan amendments and prior service cost, before taxes | $ | 719 | $ | 2,571 | (a) | |||||||||||
Provision for taxes | 313 | 907 | Provision for taxes | |||||||||||||
Total, net of taxes | $ | 406 | $ | 1,664 | ||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Comprehensive income (loss), net of tax consisted of the following as of September 30: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings | $ | 84,996 | $ | 74,326 | $ | 217,069 | $ | 195,932 | ||||||||
Other comprehensive income (loss), net of tax | (40,456 | ) | 28,206 | (40,993 | ) | 16,926 | ||||||||||
Comprehensive income, net of tax | $ | 44,540 | $ | 102,532 | $ | 176,076 | $ | 212,858 | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Diluted weighted average number of common shares outstanding | ' | |||||
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and nine month periods ended September 30, solely relating to outstanding stock options and restricted stock units: | ||||||
2014 | 2013 | |||||
Three months ended | 676,462 | 761,736 | ||||
Nine months ended | 690,658 | 773,139 | ||||
Net_Periodic_Benefit_Cost_Tabl
Net Periodic Benefit Cost (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||
Net periodic benefit cost | ' | |||||||||||||||||||||||||||||||
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended September 30: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Total | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost, net | $ | 223 | $ | 123 | $ | 3,856 | $ | 4,364 | $ | 43 | $ | 54 | $ | 4,122 | $ | 4,541 | ||||||||||||||||
Interest cost on projected benefit obligations | 1,599 | 1,439 | 5,380 | 4,864 | 60 | 101 | 7,039 | 6,404 | ||||||||||||||||||||||||
Expected return on plan assets | (2,137 | ) | (1,788 | ) | (9,372 | ) | (8,650 | ) | — | — | (11,509 | ) | (10,438 | ) | ||||||||||||||||||
Recognition of prior service cost | — | — | (1,009 | ) | (991 | ) | (195 | ) | 22 | (1,204 | ) | (969 | ) | |||||||||||||||||||
Recognition of actuarial losses/(gains) | 1,200 | 1,945 | 1,082 | 1,842 | (359 | ) | (247 | ) | 1,923 | 3,540 | ||||||||||||||||||||||
Net periodic pension cost/(credit) | $ | 885 | $ | 1,719 | $ | (63 | ) | $ | 1,429 | $ | (451 | ) | $ | (70 | ) | $ | 371 | $ | 3,078 | |||||||||||||
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the nine months ended September 30: | ||||||||||||||||||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other U.S. Post-retirement Benefits | Total | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Service cost, net | $ | 669 | $ | 370 | $ | 11,741 | $ | 12,991 | $ | 129 | $ | 162 | $ | 12,539 | $ | 13,523 | ||||||||||||||||
Interest cost on projected benefit obligations | 4,797 | 4,316 | 16,383 | 14,569 | 180 | 303 | 21,360 | 19,188 | ||||||||||||||||||||||||
Expected return on plan assets | (6,411 | ) | (5,365 | ) | (28,512 | ) | (25,912 | ) | — | — | (34,923 | ) | (31,277 | ) | ||||||||||||||||||
Recognition of prior service cost | — | — | (3,079 | ) | (2,965 | ) | (585 | ) | 65 | (3,664 | ) | (2,900 | ) | |||||||||||||||||||
Recognition of actuarial losses/(gains) | 3,600 | 5,837 | 3,272 | 5,511 | (1,077 | ) | (741 | ) | 5,795 | 10,607 | ||||||||||||||||||||||
Net periodic pension cost/(credit) | $ | 2,655 | $ | 5,158 | $ | (195 | ) | $ | 4,194 | $ | (1,353 | ) | $ | (211 | ) | $ | 1,107 | $ | 9,141 | |||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Company's accrual for restructuring activities | ' | |||||||||||
A rollforward of the Company’s accrual for restructuring activities for the nine months ended September 30, 2014 is as follows: | ||||||||||||
Employee | Other | Total | ||||||||||
Related | ||||||||||||
Balance at December 31, 2013 | $ | 13,054 | $ | 131 | $ | 13,185 | ||||||
Restructuring charges | 3,907 | 540 | 4,447 | |||||||||
Cash payments and utilization | (7,413 | ) | (564 | ) | (7,977 | ) | ||||||
Impact of foreign currency | (653 | ) | — | (653 | ) | |||||||
Balance at September 30, 2014 | $ | 8,895 | $ | 107 | $ | 9,002 | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Operations of the Company's operating segments | ' | |||||||||||||||||||
The following tables show the operations of the Company’s operating segments: | ||||||||||||||||||||
Net Sales to | Net Sales to | As of September 30, | ||||||||||||||||||
For the three months ended | External | Other | Total Net | Segment | 2014 | |||||||||||||||
September 30, 2014 | Customers | Segments | Sales | Profit | Goodwill | |||||||||||||||
U.S. Operations | $ | 195,827 | $ | 20,058 | $ | 215,885 | $ | 34,769 | $ | 308,112 | ||||||||||
Swiss Operations | 35,375 | 112,544 | 147,919 | 40,286 | 22,748 | |||||||||||||||
Western European Operations | 174,502 | 32,076 | 206,578 | 29,691 | 103,844 | |||||||||||||||
Chinese Operations | 107,907 | 41,416 | 149,323 | 35,983 | 741 | |||||||||||||||
Other (a) | 115,489 | 1,864 | 117,353 | 13,148 | 14,094 | |||||||||||||||
Eliminations and Corporate (b) | — | (207,958 | ) | (207,958 | ) | (27,177 | ) | — | ||||||||||||
Total | $ | 629,100 | $ | — | $ | 629,100 | $ | 126,700 | $ | 449,539 | ||||||||||
(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 and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. | |||||||||||||||||||
Net Sales to | Net Sales to | |||||||||||||||||||
For the nine months ended | External | Other | Total Net | Segment | ||||||||||||||||
September 30, 2014 | Customers | Segments | Sales | Profit | ||||||||||||||||
U.S. Operations | $ | 553,177 | $ | 61,969 | $ | 615,146 | $ | 93,187 | ||||||||||||
Swiss Operations | 101,172 | 328,932 | 430,104 | 113,011 | ||||||||||||||||
Western European Operations | 505,935 | 88,950 | 594,885 | 74,252 | ||||||||||||||||
Chinese Operations | 299,450 | 114,358 | 413,808 | 93,279 | ||||||||||||||||
Other (a) | 328,821 | 4,946 | 333,767 | 33,236 | ||||||||||||||||
Eliminations and Corporate (b) | — | (599,155 | ) | (599,155 | ) | (76,364 | ) | |||||||||||||
Total | $ | 1,788,555 | $ | — | $ | 1,788,555 | $ | 330,601 | ||||||||||||
Net Sales to | Net Sales to | As of September 30, | ||||||||||||||||||
For the three months ended | External | Other | Total Net | Segment | 2013 | |||||||||||||||
September 30, 2013 | Customers | Segments | Sales | Profit | Goodwill | |||||||||||||||
U.S. Operations | $ | 181,224 | $ | 21,775 | $ | 202,999 | $ | 32,810 | $ | 307,933 | ||||||||||
Swiss Operations | 33,003 | 107,856 | 140,859 | 34,445 | 23,745 | |||||||||||||||
Western European Operations | 165,174 | 26,869 | 192,043 | 26,128 | 106,192 | |||||||||||||||
Chinese Operations | 104,549 | 42,145 | 146,694 | 32,965 | 741 | |||||||||||||||
Other (a) | 107,737 | 1,302 | 109,039 | 11,885 | 13,488 | |||||||||||||||
Eliminations and Corporate (b) | — | (199,947 | ) | (199,947 | ) | (22,152 | ) | — | ||||||||||||
Total | $ | 591,687 | $ | — | $ | 591,687 | $ | 116,081 | $ | 452,099 | ||||||||||
Net Sales to | Net Sales to | |||||||||||||||||||
For the nine months ended | External | Other | Total Net | Segment | ||||||||||||||||
September 30, 2013 | Customers | Segments | Sales | Profit | ||||||||||||||||
U.S. Operations | $ | 526,239 | $ | 57,817 | $ | 584,056 | $ | 90,806 | ||||||||||||
Swiss Operations | 94,864 | 308,498 | 403,362 | 104,705 | ||||||||||||||||
Western European Operations | 467,691 | 81,909 | 549,600 | 67,783 | ||||||||||||||||
Chinese Operations | 293,047 | 110,290 | 403,337 | 86,987 | ||||||||||||||||
Other (a) | 312,879 | 4,231 | 317,110 | 30,803 | ||||||||||||||||
Eliminations and Corporate (b) | — | (562,745 | ) | (562,745 | ) | (73,164 | ) | |||||||||||||
Total | $ | 1,694,720 | $ | — | $ | 1,694,720 | $ | 307,920 | ||||||||||||
(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 and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. | |||||||||||||||||||
Reconciliation of earnings before taxes to segment profit | ' | |||||||||||||||||||
A reconciliation of earnings before taxes to segment profit for the three and nine month periods ended September 30 follows: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Earnings before taxes | $ | 111,836 | $ | 97,796 | $ | 285,618 | $ | 257,805 | ||||||||||||
Amortization | 7,198 | 6,675 | 21,575 | 17,604 | ||||||||||||||||
Interest expense | 5,991 | 5,557 | 17,613 | 16,500 | ||||||||||||||||
Restructuring charges | 1,050 | 5,532 | 4,447 | 13,730 | ||||||||||||||||
Other charges (income), net | 625 | 521 | 1,348 | 2,281 | ||||||||||||||||
Segment profit | $ | 126,700 | $ | 116,081 | $ | 330,601 | $ | 307,920 | ||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of inventory | ' | ' |
Raw materials and parts | $99,949 | $98,244 |
Work-in-progress | 41,120 | 38,061 |
Finished goods | 78,645 | 74,109 |
Total Inventory, Net | $219,714 | $210,414 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Gross (Excluding Goodwill) | $172,012 | $171,772 |
Accumulated Amortization | -60,798 | -57,354 |
Intangible Assets, Net (Excluding Goodwill) | 111,214 | 114,418 |
Tradename (indefinite life) [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross amount, Tradename (indefinite life) | 25,004 | 25,108 |
Intangible Assets, Net (Excluding Goodwill) | 25,004 | 25,108 |
Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross amount | 99,229 | 98,374 |
Accumulated Amortization | -27,596 | -25,313 |
Intangible Assets, Net (Excluding Goodwill) | 71,633 | 73,061 |
Proven technology and patents [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross amount | 42,005 | 43,233 |
Accumulated Amortization | -30,492 | -29,763 |
Intangible Assets, Net (Excluding Goodwill) | 11,513 | 13,470 |
Tradename (finite life) [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross amount | 4,192 | 4,300 |
Accumulated Amortization | -1,759 | -1,619 |
Intangible Assets, Net (Excluding Goodwill) | 2,433 | 2,681 |
Other Intangible Assets [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Gross amount | 1,582 | 757 |
Accumulated Amortization | -951 | -659 |
Intangible Assets, Net (Excluding Goodwill) | $631 | $98 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes to the Company's accrual for product warranties | ' | ' |
Warranty Accrual, Balance at beginning of period | $16,991 | $16,295 |
Accruals for warranties | 14,737 | 14,246 |
Foreign currency translation | -409 | 20 |
Payments / utilizations | -15,278 | -14,354 |
Warranty Accrual, Balance at end of period | $16,041 | $16,207 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary of Significant Accounting Policies (Textuals) [Abstract] | ' | ' | ' | ' |
Amortization expense | $1.60 | $1.50 | $4.80 | $4.40 |
Future Amortization Expense Current Year | 6.3 | ' | 6.3 | ' |
Aggregate amortization expense for 2015 | 5.8 | ' | 5.8 | ' |
Aggregate amortization expense for 2016 | 5.4 | ' | 5.4 | ' |
Aggregate amortization expense for 2017 | 5 | ' | 5 | ' |
Aggregate amortization expense for 2018 | 4.8 | ' | 4.8 | ' |
Aggregate amortization expense for 2019 | 4.4 | ' | 4.4 | ' |
Purchased Intangible Amortization, Gross | 1.5 | 1.3 | 4.2 | 4 |
Purchased intangible amortization, net of tax | 1 | 0.9 | 2.8 | 2.7 |
Amortization expense associated with capitalized software | 5.5 | 5.2 | 16.7 | 13.1 |
Standard Warranty Period | ' | ' | 'one | ' |
Share - based compensation expense | $3.30 | $3.10 | $9.80 | $9 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative, Notional Amount | $210,400,000 | $210,400,000 | $180,300,000 |
3.24% $100 Million Interest Rate Swap [Member] | Designated as a Cash Flow Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Line Of Credit Facility Forecasted Borrowing Amount | 100,000,000 | 100,000,000 | ' |
Derivative, Fixed Interest Rate | 3.24% | 3.24% | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 3,000,000 | 3,000,000 | ' |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next 12 Months Net of Tax | 1,900,000 | 1,900,000 | ' |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 0 | ' |
2.52% $50 Million Interest Rate Swap [Member] | Designated as a Cash Flow Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Line Of Credit Facility Forecasted Borrowing Amount | 50,000,000 | 50,000,000 | ' |
Derivative, Fixed Interest Rate | 2.52% | 2.52% | ' |
Foreign Exchange Forward [Member] | Designated as a Cash Flow Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next 12 Months Net of Tax | 500,000 | 500,000 | ' |
Derivative, Notional Amount | 84,000,000 | 84,000,000 | 78,000,000 |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 600,000 | 600,000 | ' |
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | $0 | $0 | ' |
Financial_Instruments_Financia1
Financial Instruments Financial Instruments Details 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
3.24% $100 Million Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ($3,218,000) | ' | ($3,218,000) | ' | ($5,312,000) |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | -281,000 | -239,000 | -123,000 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | -173,000 | -147,000 | -76,000 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -787 | -777 | -2,333 | -2,299 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net, Net of Tax | -484 | -478 | -1,435 | -1,414 | ' |
2.52% $50 Million Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | -314,000 | ' | -314,000 | ' | ' |
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | 1,269,000 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | -198,000 | -1,582,000 | 717,000 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | -122,000 | -973,000 | 441,000 | ' |
Foreign Exchange Forward [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 607,000 | ' | 607,000 | ' | 268,000 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | ' | 0 | ' | -103,000 |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | 493,000 | -229,000 | 887,000 | -1,579,000 | ' |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, After Tax | 392,000 | -182,000 | 705,000 | -1,255,000 | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 247 | -486 | 453 | -1,517 | ' |
Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings, Net, After Tax | $197 | ($386) | $360 | ($1,206) | ' |
Financial_Instruments_Financia2
Financial Instruments Financial Instruments (Details 2) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($2,048) | $1,418 | ($2,983,000) | $727,000 | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 690 | ' | 690 | ' | 719 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | ($1,006) | ' | ($1,006) | ' | ($355) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | $690 | $719 |
Liabilities: | ' | ' |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | ($1,006) | ($355) |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Effective Income Tax Rate, Continuing Operations | 24.00% | 24.00% |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | $485,032 | ' |
Less: current portion | -120,025 | -17,067 |
Long-Term Debt | ' | ' |
Long-term debt | 365,007 | 395,960 |
US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 429,366 | ' |
Less: current portion | -100,429 | ' |
Long-Term Debt | ' | ' |
Long-term debt | 328,937 | ' |
Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 55,666 | ' |
Less: current portion | -19,596 | ' |
Long-Term Debt | ' | ' |
Long-term debt | 36,070 | ' |
6.30% Senior Notes [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 100,000 | ' |
6.30% Senior Notes [Member] | US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 100,000 | ' |
6.30% Senior Notes [Member] | Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 0 | ' |
3.67% Senior Notes [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 50,000 | ' |
3.67% Senior Notes [Member] | US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 50,000 | ' |
3.67% Senior Notes [Member] | Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 0 | ' |
4.10% Senior Notes [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 50,000 | ' |
4.10% Senior Notes [Member] | US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 50,000 | ' |
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 0 | ' |
Credit facility [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 140,007 | ' |
Credit facility [Member] | US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 103,937 | ' |
Credit facility [Member] | Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 36,070 | ' |
Other local arrangements [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 20,025 | ' |
Other local arrangements [Member] | US Dollar Amounts [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | 429 | ' |
Other local arrangements [Member] | Other Principal Trading Currencies [Member] | ' | ' |
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt | ' | ' |
Total debt | $19,596 | ' |
Debt_Debt_Parathenticals_Detai
Debt Debt Parathenticals (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | $250,000 | ' |
6.30% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% |
Debt Instrument, Face Amount | 100,000 | 100,000 |
Debt Instrument, Maturity Date | 25-Jun-15 | ' |
3.67% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.67% | 3.67% |
Debt Instrument, Face Amount | 50,000 | 50,000 |
Debt Instrument, Maturity Date | 17-Dec-22 | ' |
4.10% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ' |
Debt Instrument, Face Amount | 50,000 | ' |
Debt Instrument, Maturity Date | 19-Sep-23 | ' |
3.84% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | ' |
Debt Instrument, Face Amount | $125,000 | ' |
Debt Instrument, Maturity Date | 19-Sep-24 | ' |
Debt_Details_Textuals
Debt (Details Textuals) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $655,600,000 |
Debt Instrument, Face Amount | 250,000,000 |
3.84% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | 125,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.84% |
Debt Instrument, Maturity Date | 19-Sep-24 |
4.24% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | $125,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.24% |
Debt Instrument, Maturity Date | 25-Jun-25 |
Share_Repurchase_Program_and_T1
Share Repurchase Program and Treasury Stock (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Stock Repurchase Program, Authorized Amount | $3,000,000,000 | ' | ' |
Share Repurchase Program and Treasury Stock (Textuals) [Abstract] | ' | ' | ' |
Remaining Amount to Repurchase under the program | 595,900,000 | ' | ' |
Shares Purchased Under Share Repurchase Program | 22,600,000 | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | $296,476,000 | $217,400,000 | $294,976,000 |
Number of shares repurchased | 1,186,215 | 1,004,398 | ' |
Average price of share repurchased, per share | $249.91 | $216.44 | ' |
Exercise of stock options and restricted stock units, shares reissued | 246,551 | 280,691 | ' |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($76,029) | ($80,535) | ($35,036) | ($97,461) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -445 | -924 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -42,809 | 9,679 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,261 | 8,171 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -40,993 | 16,926 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 30,432 | 65,923 | 77,915 | 56,012 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -47,483 | 9,911 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -47,483 | 9,911 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,773 | -3,708 | -2,433 | -5,438 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -445 | -924 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 30 | 34 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,075 | 2,620 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 660 | 1,730 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -104,688 | -142,750 | -110,518 | -148,035 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 4,644 | -266 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,186 | 5,551 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $5,830 | $5,285 | ' | ' |
Other_Comprehensive_Income_Det1
Other Comprehensive Income Details 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $540,000 | $1,263,000 | $1,880,000 | $3,816,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 253,000 | 399,000 | 805,000 | 1,196,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 287,000 | 864,000 | 1,075,000 | 2,620,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | 719,000 | 2,571,000 | 2,131,000 | 7,707,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | 313,000 | 907,000 | 945,000 | 2,156,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 406,000 | 1,664,000 | 1,186,000 | 5,551,000 |
3.24% $100 Million Interest Rate Swap [Member] | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 787 | 777 | 2,333 | 2,299 |
Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -247 | 486 | -453 | 1,517 |
Designated as a Cash Flow Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member] | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 787,000 | 777,000 | 2,333,000 | 2,299,000 |
Designated as a Cash Flow Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | ($247,000) | $486,000 | ($453,000) | $1,517,000 |
Other_Comprehensive_Income_Det2
Other Comprehensive Income Details 3 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Net earnings | $84,996 | $74,326 | $217,069 | $195,932 | $306,094 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -40,456 | 28,206 | -40,993 | 16,926 | 62,425 |
Comprehensive Income, Net of Tax (Note 8) | $44,540 | $102,532 | $176,076 | $212,858 | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Diluted, Total | 676,462 | 761,736 | 690,658 | 773,139 |
Antidilutive Shares Outstanding | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Antidilutive, Total | 105,570 | 0 | 135,858 | 0 |
Net_Periodic_Benefit_Cost_Deta
Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ' | ' | ' | ' |
Service cost, net | $4,122,000 | $4,541,000 | $12,539,000 | $13,523,000 |
Interest cost on projected benefit obligations | 7,039,000 | 6,404,000 | 21,360,000 | 19,188,000 |
Expected return on plan assets | -11,509,000 | -10,438,000 | -34,923,000 | -31,277,000 |
Net amortization and deferral | -1,204,000 | -969,000 | -3,664,000 | -2,900,000 |
Recognition of actuarial losses/(gains) | 1,923,000 | 3,540,000 | 5,795,000 | 10,607,000 |
Net periodic pension cost/(credit) | 371,000 | 3,078,000 | 1,107,000 | 9,141,000 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ' | ' | ' | ' |
Service cost, net | 223,000 | 123,000 | 669,000 | 370,000 |
Interest cost on projected benefit obligations | 1,599,000 | 1,439,000 | 4,797,000 | 4,316,000 |
Expected return on plan assets | -2,137,000 | -1,788,000 | -6,411,000 | -5,365,000 |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Recognition of actuarial losses/(gains) | 1,200,000 | 1,945,000 | 3,600,000 | 5,837,000 |
Net periodic pension cost/(credit) | 885,000 | 1,719,000 | 2,655,000 | 5,158,000 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ' | ' | ' | ' |
Service cost, net | 3,856,000 | 4,364,000 | 11,741,000 | 12,991,000 |
Interest cost on projected benefit obligations | 5,380,000 | 4,864,000 | 16,383,000 | 14,569,000 |
Expected return on plan assets | -9,372,000 | -8,650,000 | -28,512,000 | -25,912,000 |
Net amortization and deferral | -1,009,000 | -991,000 | -3,079,000 | -2,965,000 |
Recognition of actuarial losses/(gains) | 1,082,000 | 1,842,000 | 3,272,000 | 5,511,000 |
Net periodic pension cost/(credit) | -63,000 | 1,429,000 | -195,000 | 4,194,000 |
Net Periodic Benefit Cost (Textuals) [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 21,800,000 | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan | ' | ' | ' | ' |
Service cost, net | 43,000 | 54,000 | 129,000 | 162,000 |
Interest cost on projected benefit obligations | 60,000 | 101,000 | 180,000 | 303,000 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization and deferral | -195,000 | 22,000 | -585,000 | 65,000 |
Recognition of actuarial losses/(gains) | -359,000 | -247,000 | -1,077,000 | -741,000 |
Net periodic pension cost/(credit) | -451,000 | -70,000 | -1,353,000 | -211,000 |
Net Periodic Benefit Cost (Textuals) [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | $500,000 | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Company's accrual for restructuring activities:- | ' | ' | ' | ' |
Beginning Restructuring Accrual Balance, as of December 31, 2013 | ' | ' | $13,185 | ' |
Restructuring Charges | 1,050 | 5,532 | 4,447 | 13,730 |
Restructuring Cash Payments | ' | ' | -7,977 | ' |
Impact of foreign currency on restructuring reserve | ' | ' | -653 | ' |
Ending Restructuring Accrual Balance, as of June 30, 2014 | 9,002 | ' | 9,002 | ' |
Employee Severance [Member] | ' | ' | ' | ' |
Company's accrual for restructuring activities:- | ' | ' | ' | ' |
Beginning Restructuring Accrual Balance, as of December 31, 2013 | ' | ' | 13,054 | ' |
Restructuring Charges | ' | ' | 3,907 | ' |
Restructuring Cash Payments | ' | ' | -7,413 | ' |
Impact of foreign currency on restructuring reserve | ' | ' | -653 | ' |
Ending Restructuring Accrual Balance, as of June 30, 2014 | 8,895 | ' | 8,895 | ' |
Other Restructuring Charges [Member] | ' | ' | ' | ' |
Company's accrual for restructuring activities:- | ' | ' | ' | ' |
Beginning Restructuring Accrual Balance, as of December 31, 2013 | ' | ' | 131 | ' |
Restructuring Charges | ' | ' | 540 | ' |
Restructuring Cash Payments | ' | ' | -564 | ' |
Impact of foreign currency on restructuring reserve | ' | ' | 0 | ' |
Ending Restructuring Accrual Balance, as of June 30, 2014 | $107 | ' | $107 | ' |
Restructuring_Charges_Restruct
Restructuring Charges Restructuring Charges (textuals) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Charges [Abstract] | ' | ' | ' | ' |
Restructuring Charges | $1,050 | $5,532 | $4,447 | $13,730 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | $629,100 | $591,687 | $1,788,555 | $1,694,720 | ' |
Revenue Transactions With Other Operating Segments | 0 | 0 | 0 | 0 | ' |
Total net sales | 629,100 | 591,687 | 1,788,555 | 1,694,720 | ' |
Segment Profit | 126,700 | 116,081 | 330,601 | 307,920 | ' |
Goodwill | 449,539 | 452,099 | 449,539 | 452,099 | 455,842 |
US Operations [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 195,827 | 181,224 | 553,177 | 526,239 | ' |
Revenue Transactions With Other Operating Segments | 20,058 | 21,775 | 61,969 | 57,817 | ' |
Total net sales | 215,885 | 202,999 | 615,146 | 584,056 | ' |
Segment profit | 34,769 | 32,810 | 93,187 | 90,806 | ' |
Goodwill | 308,112 | 307,933 | 308,112 | 307,933 | ' |
Swiss Operations [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 35,375 | 33,003 | 101,172 | 94,864 | ' |
Revenue Transactions With Other Operating Segments | 112,544 | 107,856 | 328,932 | 308,498 | ' |
Total net sales | 147,919 | 140,859 | 430,104 | 403,362 | ' |
Segment profit | 40,286 | 34,445 | 113,011 | 104,705 | ' |
Goodwill | 22,748 | 23,745 | 22,748 | 23,745 | ' |
Western European Operations [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 174,502 | 165,174 | 505,935 | 467,691 | ' |
Revenue Transactions With Other Operating Segments | 32,076 | 26,869 | 88,950 | 81,909 | ' |
Total net sales | 206,578 | 192,043 | 594,885 | 549,600 | ' |
Segment profit | 29,691 | 26,128 | 74,252 | 67,783 | ' |
Goodwill | 103,844 | 106,192 | 103,844 | 106,192 | ' |
Chinese Operations [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 107,907 | 104,549 | 299,450 | 293,047 | ' |
Revenue Transactions With Other Operating Segments | 41,416 | 42,145 | 114,358 | 110,290 | ' |
Total net sales | 149,323 | 146,694 | 413,808 | 403,337 | ' |
Segment profit | 35,983 | 32,965 | 93,279 | 86,987 | ' |
Goodwill | 741 | 741 | 741 | 741 | ' |
Other Operations [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 115,489 | 107,737 | 328,821 | 312,879 | ' |
Revenue Transactions With Other Operating Segments | 1,864 | 1,302 | 4,946 | 4,231 | ' |
Total net sales | 117,353 | 109,039 | 333,767 | 317,110 | ' |
Segment profit | 13,148 | 11,885 | 33,236 | 30,803 | ' |
Goodwill | 14,094 | 13,488 | 14,094 | 13,488 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Operations of the Company's operating segments | ' | ' | ' | ' | ' |
Net Sales to External Customers | 0 | 0 | 0 | 0 | ' |
Revenue Transactions With Other Operating Segments | -207,958 | -199,947 | -599,155 | -562,745 | ' |
Total net sales | -207,958 | -199,947 | -599,155 | -562,745 | ' |
Segment profit | -27,177 | -22,152 | -76,364 | -73,164 | ' |
Goodwill | $0 | $0 | $0 | $0 | ' |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation of earnings before taxes to segment profit | ' | ' | ' | ' |
Earnings before taxes | $111,836 | $97,796 | $285,618 | $257,805 |
Amortization | 7,198 | 6,675 | 21,575 | 17,604 |
Interest expense | 5,991 | 5,557 | 17,613 | 16,500 |
Restructuring Charges | 1,050 | 5,532 | 4,447 | 13,730 |
Other charges (income), net | 625 | 521 | 1,348 | 2,281 |
Segment Profit Information | $126,700 | $116,081 | $330,601 | $307,920 |
Segment_Reporting_Details_Text
Segment Reporting (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | $1,050 | $5,532 | $4,447 | $13,730 |
US Operations [Member] | ' | ' | ' | ' |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | 100 | 800 | 1,700 | 1,300 |
Swiss Operations [Member] | ' | ' | ' | ' |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | ' | 1,900 | 600 | 7,200 |
Western European Operations [Member] | ' | ' | ' | ' |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | 400 | 2,100 | 1,000 | 3,400 |
Chinese Operations [Member] | ' | ' | ' | ' |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | 100 | 700 | 400 | 1,500 |
Other Operations [Member] | ' | ' | ' | ' |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Restructuring Charges | ' | ' | $700 | $300 |