Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'W R GRACE & CO | ' | ' |
Entity Central Index Key | '0001045309 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $6,435,601,758 |
Entity Common Stock, Shares Outstanding | ' | 77,063,385 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Net sales | $776.70 | $771.30 | $802.80 | $709.90 | $797.80 | $776.60 | $826.70 | $754.40 | $3,060.70 | $3,155.50 | $3,211.90 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,918.60 | 2,041.10 | 2,099 | ||||||||
Gross profit | 299.8 | 282.4 | 300.9 | 259 | 258.3 | 282.2 | 301.4 | 272.5 | 1,142.10 | 1,114.40 | 1,112.90 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 505.7 | 635.2 | 659.9 | ||||||||
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 12.5 | 6.9 | 6.9 | ||||||||
Research and development expenses | ' | ' | ' | ' | ' | ' | ' | ' | 65.2 | 64.5 | 68.5 | ||||||||
Defined Benefit Pension Expense | ' | ' | ' | ' | ' | ' | ' | ' | -23.2 | 149.6 | 139.9 | ||||||||
Interest expense and related financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 43.8 | 46.5 | 43.3 | ||||||||
Provision for environmental remediation | ' | ' | ' | ' | ' | ' | ' | ' | 8.2 | 3.6 | 17.8 | ||||||||
Chapter 11 expenses, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | 16.6 | 20 | ||||||||
Default interest settlement on prepetition debt | ' | ' | ' | ' | ' | ' | ' | ' | 129 | 0 | 0 | ||||||||
Asbestos and bankruptcy-related charges | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 384.6 | 0 | ||||||||
Provision for asbestos-related contingencies | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 384.6 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -22.9 | -18.5 | -15.2 | ||||||||
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 23.5 | 6.1 | 29.4 | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 781.5 | 1,135 | 805.9 | ||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.6 | -20.6 | 307 | ||||||||
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -102.9 | 61.6 | -87.9 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 257.7 | 41 | 219.1 | ||||||||
Less: Net loss (income) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | -1 | 0.6 | ||||||||
Net income attributable to W. R. Grace & Co. shareholders | $29.70 | $77 | $90.30 | $59.10 | ($184.30) | $82.10 | $75.40 | $66.80 | $256.10 | $40 | $219.70 | ||||||||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income attributable to W. R. Grace & Co. shareholders (in dollars per share) | $0.39 | [1] | $1 | [1] | $1.18 | [1] | $0.78 | [1] | ($2.44) | [1] | $1.09 | [1] | $1.01 | [1] | $0.90 | [1] | $3.35 | $0.53 | $2.99 |
Weighted average number of basic shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 76.4 | 74.9 | 73.6 | ||||||||
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income attributable to W. R. Grace & Co. shareholders (in dollars per share) | $0.38 | [1] | $0.99 | [1] | $1.16 | [1] | $0.77 | [1] | ($2.44) | [1] | $1.07 | [1] | $0.98 | [1] | $0.87 | [1] | $3.30 | $0.52 | $2.91 |
Weighted average number of diluted shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 77.7 | 76.3 | 75.5 | ||||||||
[1] | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $257.70 | $41 | $219.10 |
Other comprehensive income (loss): | ' | ' | ' |
Defined benefit pension and other postretirement plans, net of income taxes | 4.6 | 2.3 | 6.2 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -23.6 | 5.5 | -11.3 |
Gain (loss) from hedging activities, net of income taxes | -0.2 | 2.4 | -2.1 |
Total other comprehensive income (loss) attributable to noncontrolling interests | -0.9 | 0.8 | 1.8 |
Total other comprehensive loss | -20 | 11 | -5.4 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 237.7 | 52 | 213.7 |
Less: comprehensive (income) loss attributable to noncontrolling interests | 0.1 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -0.7 | -1.8 | -1.2 |
Comprehensive income attributable to W.R. Grace & Co. shareholders | $237 | $50.20 | $212.50 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $257.70 | $41 | $219.10 |
Reconciliation to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 123.1 | 119 | 120 |
Equity in earnings of unconsolidated affiliate | -22.9 | -18.5 | -15.2 |
Chapter 11 expenses, net of interest income | 15.3 | 16.6 | 20 |
Chapter 11 expenses paid | -15 | -15.5 | -20.6 |
Provision for asbestos-related contingencies | 21.9 | 384.6 | 0 |
(Benefit from) provision for income taxes | 102.9 | -61.6 | 87.9 |
Income taxes paid, net of refunds | -60.4 | -82.6 | -44.7 |
Tax benefits from stcok-based compensation | 35.4 | -36.8 | 0 |
Interest accrued on pre-petition liabilities subject to compromise | 38.1 | 40.4 | 39 |
Default interest settlement on prepetition debt | 129 | 0 | 0 |
Defined Benefit Pension Expense | -23.2 | 149.6 | 139.9 |
Payments under defined benefit pension arrangements | -68.3 | -126.8 | -265.1 |
Expenditures for environmental remediation | -14 | -13 | -11.8 |
Changes in assets and liabilities, excluding effect of currency translation: | ' | ' | ' |
Trade accounts receivable | 13.5 | -3 | -80.6 |
Inventories | 8.6 | 53.2 | -67.9 |
Accounts payable | 4.2 | -11.7 | 52.6 |
All other items, net | -30 | 18.7 | 46.8 |
Net cash provided by operating activities | 515.9 | 453.6 | 219.4 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -156.2 | -138.5 | -144 |
Businesses acquired, net of cash acquired | -526.2 | -80 | -55.8 |
Transfer to restricted cash and cash equivalents | -197.8 | -61.1 | -38.8 |
Proceeds from sales of product lines | 1.8 | 0 | 10 |
Other investing activities | -2.3 | -0.7 | 7.7 |
Net cash used for nvesting activities | -880.7 | -280.3 | -220.9 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from Issuance of Debt | 49.8 | 60.7 | 40.9 |
Repayments of Debt | -64.5 | -24.8 | -19.3 |
Proceeds from Stock Options Exercised | 34.4 | 32.2 | 12.1 |
Tax benefits from stock-based compensation | -35.4 | 36.8 | 0 |
Proceeds from (Payments for) Other Financing Activities | 7.3 | 5.4 | 6 |
Net cash provided by financing activities | -8.4 | 110.3 | 39.7 |
Effect of currency exchange rate changes on cash and cash equivalents | 1.1 | 5 | -5.6 |
Increase in cash and cash equivalents | -372.1 | 288.6 | 32.6 |
Cash and cash equivalents, beginning of period | 1,336.90 | 1,048.30 | 1,015.70 |
Cash and cash equivalents, end of period | $964.80 | $1,336.90 | $1,048.30 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Current Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $964.80 | $1,336.90 | $1,048.30 | $1,015.70 | ||
Restricted cash and cash equivalents | 395.4 | 197.6 | ' | ' | ||
Trade accounts receivable, less allowance of $6.0 (2012—$5.2) | 469.5 | 474.8 | ' | ' | ||
Accounts Receivable, Related Parties, Current | 12.3 | 15.6 | ' | ' | ||
Inventories | 295.3 | 283.6 | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | 58.1 | 58.3 | ' | ' | ||
Other current assets | 99 | 78.4 | ' | ' | ||
Total Current Assets | 2,294.40 | 2,445.20 | ' | ' | ||
Properties and equipment, net of accumulated depreciation and amortization of $1,876.8 (2012—$1,785.1) | 829.9 | 770.5 | ' | ' | ||
Goodwill | 457.5 | 196.7 | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | 315.5 | 82.7 | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 845.9 | 953.2 | ' | ' | ||
Asbestos-related insurance | 500 | 500 | ' | ' | ||
Overfunded defined benefit pension plans | 16.7 | 32.1 | ' | ' | ||
Investment in unconsolidated affiliate | 96.2 | 85.5 | ' | ' | ||
Other Assets, Noncurrent | 40 | 24.5 | ' | ' | ||
Total Assets | 5,396.10 | 5,090.40 | 4,495.60 | ' | ||
Current Liabilities | ' | ' | ' | ' | ||
Debt payable within one year | 76.6 | [1] | 83.4 | [1] | ' | ' |
Notes Payable, Related Parties, Current | 4.5 | 3.6 | ' | ' | ||
Accounts payable | 249.5 | 249.4 | ' | ' | ||
Accounts Payable, Related Parties, Current | 13 | 2.6 | ' | ' | ||
Other Liabilities, Current | 292 | 307.3 | ' | ' | ||
Total Current Liabilities | 635.6 | 646.3 | ' | ' | ||
Debt payable after one year | 5.3 | 13.4 | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | 24.3 | 22.4 | ' | ' | ||
Deferred income taxes | 18.2 | 27.1 | ' | ' | ||
Underfunded and unfunded defined benefit pension plans | 299.6 | 396.5 | ' | ' | ||
Other Liabilities, Noncurrent | 65.8 | 45 | ' | ' | ||
Total Liabilities Not Subject to Compromise | 1,048.80 | 1,150.70 | ' | ' | ||
Liabilities Subject to Compromise-Note 2 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | 1,137.80 | 973.3 | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | 76.6 | 87.6 | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | 2,092.40 | 2,065 | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | 134.5 | 140.5 | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | 176.3 | 190.9 | ' | ' | ||
Other liabilities and accrued interest | 158.5 | 162.6 | ' | ' | ||
Total Liabilities Subject to Compromise | 3,776.10 | 3,619.90 | ' | ' | ||
Total Liabilities | 4,824.90 | 4,770.60 | ' | ' | ||
Equity | ' | ' | ' | ' | ||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 77,046,143 (2012—75,565,409) | 0.8 | 0.8 | ' | ' | ||
Paid-in capital | 533.4 | 536.5 | ' | ' | ||
Retained Earnings (Accumulated Deficit) | 15.8 | -240.3 | ' | ' | ||
Treasury stock, at cost: shares: 0 (2012—1,414,351) | 0 | -16.8 | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10.6 | 29.7 | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | 309.9 | ' | ' | ||
Noncontrolling interests | 10.6 | 9.9 | ' | ' | ||
Total Equity | 571.2 | 319.8 | 184.1 | -55.7 | ||
Total Liabilities and Equity | $5,396.10 | $5,090.40 | ' | ' | ||
[1] | Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Trade accounts receivable, allowance | $6 | $5.20 | ' |
Properties and equipment, accumulated depreciation and amortization | $1,876.80 | $1,785.10 | ' |
Common stock issued, par value (in dollars per share) | $0.01 | $0.01 | ' |
Common stock issued, shares authorized | 300,000,000 | 300,000,000 | ' |
Common stock issued, shares outstanding | 77,046,143 | 75,565,409 | 73,886,050 |
Treasury Stock, Shares | 0 | 1,414,351 | ' |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Deficit) (USD $) | Total | Common Stock and Paid-in Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | ($55.70) | $456.60 | ($500) | ($45.90) | $26.70 | $6.90 |
Increase (Decrease) in Stockholders' Equity Roll Forward | ' | ' | ' | ' | ' | ' |
Net income (loss) | 219.1 | 0 | 219.7 | 0 | 0 | -0.6 |
Stock plan activity | 14 | 14 | 0 | 0 | 0 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | 12.1 | 3 | 0 | 9.1 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -5.4 | 0 | 0 | 0 | -7.2 | 1.8 |
Balance at Dec. 31, 2011 | 184.1 | 473.6 | -280.3 | -36.8 | 19.5 | 8.1 |
Increase (Decrease) in Stockholders' Equity Roll Forward | ' | ' | ' | ' | ' | ' |
Net income (loss) | 41 | 0 | 40 | 0 | 0 | 1 |
Stock plan activity | 14.7 | 14.7 | 0 | 0 | 0 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | 32.2 | 12.2 | 0 | 20 | 0 | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 36.8 | 36.8 | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 11 | 0 | 0 | 0 | 10.2 | 0.8 |
Balance at Dec. 31, 2012 | 319.8 | 537.3 | -240.3 | -16.8 | 29.7 | 9.9 |
Increase (Decrease) in Stockholders' Equity Roll Forward | ' | ' | ' | ' | ' | ' |
Net income (loss) | 257.7 | 0 | 256.1 | 0 | 0 | 1.6 |
Stock plan activity | 13.4 | 13.4 | 0 | 0 | 0 | 0 |
Stock Issued | 1.3 | 1.3 | 0 | 0 | 0 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | 34.4 | 17.6 | ' | 16.8 | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | -35.4 | -35.4 | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -20 | 0 | 0 | 0 | -19.1 | -0.9 |
Balance at Dec. 31, 2013 | $571.20 | $534.20 | $15.80 | $0 | $10.60 | $10.60 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | ||||||||||||
W. R. Grace & Co., through its subsidiaries, is engaged in specialty chemicals and specialty materials businesses on a global basis through three operating segments: Grace Catalysts Technologies, which includes catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications; Grace Materials Technologies, which includes packaging technologies and engineered materials used in consumer, industrial, coatings, and pharmaceutical applications; and Grace Construction Products, which includes specialty construction chemicals and specialty building materials used in commercial, infrastructure and residential construction. | ||||||||||||
W. R. Grace & Co. conducts substantially all of its business through a direct, wholly owned subsidiary, W. R. Grace & Co.-Conn. ("Grace-Conn."). Grace-Conn. owns substantially all of the assets, properties and rights of W. R. Grace & Co. on a consolidated basis, either directly or through subsidiaries. | ||||||||||||
As used in these notes, the term "Company" refers to W. R. Grace & Co. The term "Grace" refers to the Company and/or one or more of its subsidiaries and, in certain cases, their respective predecessors. | ||||||||||||
Chapter 11 Proceedings During 2000 and the first quarter of 2001, Grace experienced several adverse developments in its asbestos-related litigation, including: a significant increase in personal injury claims, higher than expected costs to resolve personal injury and certain property damage claims, and class action lawsuits alleging damages from Zonolite® Attic Insulation ("ZAI"), a former Grace attic insulation product. | ||||||||||||
After a thorough review of these developments, Grace's Board of Directors concluded that a federal court-supervised bankruptcy process provided the best forum available to achieve fairness in resolving these claims and on April 2, 2001 (the "Filing Date"), Grace and 61 of its United States subsidiaries and affiliates filed voluntary petitions for reorganization (the "Filing") under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). | ||||||||||||
Under Chapter 11, Grace operated its businesses under court supervision, while using the Chapter 11 process to develop and implement a plan for addressing the asbestos-related claims. | ||||||||||||
In September 2008, Grace and other parties filed a joint plan of reorganization with the Bankruptcy Court to address all pending and future asbestos-related claims and all other pre-petition claims as outlined therein (as subsequently amended, the "Joint Plan"). Following the confirmation of the Joint Plan in 2011 by the Bankruptcy Court and in 2012 by a U.S. District Court, and the resolution of all appeals, Grace emerged from bankruptcy on February 3, 2014. (See Note 2 for Chapter 11 information.) | ||||||||||||
Principles of Consolidation The Consolidated Financial Statements include the accounts of Grace and entities as to which Grace exercises control over operating and financial policies. Grace consolidates the activities of variable interest entities in circumstances where management determines that Grace is the primary beneficiary of the variable interest entity. Intercompany transactions and balances are eliminated in consolidation. Investments in affiliated companies in which Grace can significantly influence operating and financial policies are accounted for under the equity method, unless Grace's investment is deemed to be temporary, in which case the investment is accounted for under the cost method. | ||||||||||||
Noncontrolling Interests in Consolidated Entities Grace conducts certain of its business through joint ventures with unaffiliated third parties. For joint ventures in which Grace has a controlling financial interest, Grace consolidates the results of such joint ventures in the Consolidated Financial Statements. Grace recognizes a liability for cumulative amounts due to the third parties based on the financial results of the joint ventures, and deducts the amount of income attributable to noncontrolling interests in the measurement of its consolidated net income. | ||||||||||||
Operating Segments Grace reports financial results of each of its operating segments that engage in business activities that generate revenues and expenses, and whose operating results are regularly reviewed by Grace's Chief Executive Officer. | ||||||||||||
Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual amounts could differ from those estimates, and the differences could be material. Changes in estimates are recorded in the period identified. Grace's accounting measurements that are most affected by management's estimates of future events are: | ||||||||||||
• | Contingent liabilities, which depend on an assessment of the probability of loss and an estimate of ultimate resolution cost, such as asbestos-related matters and litigation (see Note 2), income taxes (see Note 10), and environmental remediation (see Note 13); | |||||||||||
• | Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and total returns on invested funds (see Note 11); | |||||||||||
• | Realization values of net deferred tax assets, which depend on projections of future taxable income; and | |||||||||||
• | Recoverability of goodwill, which depends on assumptions used to value reporting units, such as observable market inputs, projections of future cash flows and weighted average cost of capital. | |||||||||||
Revenue Recognition Grace recognizes revenue when all of the following criteria are satisfied: risk of loss and title transfer to the customer; the price is fixed and determinable; persuasive evidence of a sales arrangement exists; and collectability is reasonably assured. Risk of loss and title transfers to customers are based on individual contractual terms which generally specify the point of shipment. Terms of delivery are generally included in customer contracts of sale, order confirmation documents and invoices. | ||||||||||||
Certain customer arrangements include conditions for volume rebates. Grace accrues a rebate allowance and reduces recorded sales for anticipated selling price adjustments at the time of sale. Grace regularly reviews rebate accruals based on actual and anticipated sales patterns. | ||||||||||||
Cash Equivalents Cash equivalents consist of liquid instruments and investments with maturities of three months or less when purchased. The recorded amounts approximate fair value. | ||||||||||||
Inventories Inventories are stated at the lower of cost or market. The method used to determine cost is first-in/first-out, or "FIFO." Market values for raw materials are based on current cost and, for other inventory classifications, net realizable value. Inventories are evaluated regularly for salability, and slow moving and/or obsolete items are adjusted to expected salable value. Inventory values include direct and certain indirect costs of materials and production. Abnormal costs of production are expensed as incurred. | ||||||||||||
Long Lived Assets Properties and equipment are stated at cost. Depreciation of properties and equipment is generally computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives range from 20 to 40 years for buildings, 3 to 7 years for information technology equipment, 3 to 10 years for operating machinery and equipment, and 5 to 10 years for furniture and fixtures. Interest is capitalized in connection with major project expenditures. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds from disposal, is charged or credited to earnings. Obligations for costs associated with asset retirements, such as requirements to restore a site to its original condition, are accrued at net present value and amortized along with the related asset. | ||||||||||||
Other intangible assets with finite lives consist of technology, customer lists, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 30 years. | ||||||||||||
Grace reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. No impairment charge was required in 2013 or 2012; however, there were impairment charges related to certain restructuring activities in 2011 (see Note 14). | ||||||||||||
Goodwill Goodwill arises from certain business combinations. Grace reviews its goodwill for impairment on an annual basis at October 31 and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Recoverability is assessed at the reporting unit level most directly associated with the business combination that generated the goodwill. For the purpose of measuring impairment under the provisions of ASC 350 "Intangibles—Goodwill and Other", Grace has identified its reporting units at one level below its operating segments. Grace has evaluated its goodwill annually with no impairment charge required in any of the periods presented. | ||||||||||||
Financial Instruments Grace uses commodity forward, swap and/or option contracts and currency forward and/or option contracts to manage exposure to fluctuations in commodity prices and currency exchange rates. Grace does not hold or issue derivative financial instruments for trading purposes. Derivative instruments are recorded in the Consolidated Balance Sheets as either assets or liabilities at their fair value. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments closely offset changes in the fair values of the hedged items in "other expense, net" in the Consolidated Statements of Operations. For derivative instruments designated as cash flow hedges, if the derivative instruments qualify for hedge accounting pursuant to ASC 815, the effective portion of any hedge is reported as "accumulated other comprehensive income" in the Consolidated Balance Sheets until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges, and changes in the fair values of derivative instruments that are not designated as hedges, are recorded in current period earnings. Cash flows from derivative instruments are reported in the same category as the cash flows from the items being hedged. | ||||||||||||
Income Taxes Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and feasible. | ||||||||||||
Grace records a liability for income tax contingencies when it is more likely than not that a tax position it has taken will not be sustained upon audit. Grace evaluates such likelihood based on relevant facts and tax law. Grace adjusts its recorded liability for income tax matters due to changes in circumstances or new uncertainties, such as amendments to existing tax law. Grace's ultimate tax liability depends upon many factors, including negotiations with taxing authorities in the jurisdictions in which it operates, outcomes of tax litigation, and resolution of disputes arising from federal, state, and foreign tax audits. Due to the varying tax laws in each jurisdiction senior management, with the assistance of local tax advisors as necessary, assesses individual matters in each jurisdiction on a case-by-case basis. Grace researches and evaluates its income tax positions, including why it believes they are compliant with income tax regulations, and these positions are documented internally. | ||||||||||||
Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||||||||||||
Stock-Based Compensation The Company recognizes expenses related to stock-based compensation payment transactions in which it receives employee services in exchange for (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company’s equity instruments or that may be settled by the issuance of equity instruments. Stock-based compensation cost for restricted stock units (RSUs) and share settled performance based units (PBUs) are measured based on the high/low average of the Company’s common stock on the date of grant. Cash settled performance based units (CSPBU) are remeasured at the end of each reporting period based on the closing fair market value of the Company’s common stock. Stock-based compensation cost for stock options is estimated at the grant date based on each option’s fair value as calculated by the Black-Scholes-Merton ("BSM") option pricing model. The Company recognizes stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period. | ||||||||||||
Currency Translation Assets and liabilities of foreign subsidiaries (other than those located in countries with highly inflationary economies) are translated into U.S. dollars at current exchange rates, while revenues, costs and expenses are translated at average exchange rates during each reporting period. The resulting translation adjustments are included in "accumulated other comprehensive loss" in the Consolidated Balance Sheets. The financial statements of any subsidiaries located in countries with highly inflationary economies are remeasured as if the functional currency were the U.S. dollar; the remeasurement creates translation adjustments that are reflected in net income in the Consolidated Statements of Operations. | ||||||||||||
On February 8, 2013, the Venezuelan government announced that, effective February 13, 2013, the official exchange rate of the bolivar to U.S. dollar would devalue from 4.3 to 6.3. As a result of this currency devaluation, Grace incurred a charge to net income of $8.5 million in the 2013 first quarter. Of this amount, $1.6 million is included in segment operating income. | ||||||||||||
Reclassifications and Revisions Certain amounts in prior years' Consolidated Financial Statements have been reclassified to conform to the current year presentation. Such reclassifications have not materially affected previously reported amounts in the Consolidated Financial Statements. | ||||||||||||
Certain pension costs previously reported as a separate line item in the Consolidated Statements of Operations are now reported in "cost of goods sold" and in "selling, general and administrative expenses” based upon the functions of the employees to which the pension costs relate. Grace has revised its accounting such that a portion of the defined benefit pension expense has been and will continue to be capitalized into inventories prior to being reported in "cost of goods sold." See "Change in Accounting Principle Regarding Pension Benefits" for further discussion related to the change in pension accounting. | ||||||||||||
Certain prior period amounts related to borrowings and repayments under credit arrangements reported as financing activities on the Consolidated Statements of Cash Flows have been revised. These amounts were originally presented on a net basis and are now being presented on a gross basis. Grace concluded that these revisions were not material to the prior-year Consolidated Financial Statements. | ||||||||||||
Change in Accounting Principle Regarding Pension Benefits The Company changed its method of accounting for actuarial gains and losses relating to its global defined benefit pension plans to a more preferable method under U.S. generally accepted accounting principles (“GAAP”). The Company’s new method of accounting is referred to as "mark-to-market accounting" and includes immediate recognition of actuarial gains and losses in the period in which they occur. Under the Company's previous accounting method, such amounts were deferred and amortized. In addition, the Company will no longer update the balance sheet funded status of its pension plans each quarter for changes in discount rates and actual returns on assets, but rather will perform such update annually as of the end of each year. Should a significant event occur, the Company's pension obligation and plan assets would be remeasured at an interim period, and the gains or losses on remeasurement would be recognized in that period. This new accounting method was adopted in the 2013 fourth quarter, and retrospectively applied to the Company’s financial results for all periods presented. | ||||||||||||
Under mark-to-market accounting, the Company’s pension costs consist of two elements: 1) ongoing costs recognized quarterly, which include service and interest costs, expected returns on plan assets, and amortization of prior service costs/credits; and 2) mark-to-market gains and losses recognized annually in the fourth quarter resulting from changes in actuarial assumptions, such as discount rates and the difference between actual and expected returns on plan assets. Grace believes that the mark-to-market accounting method is preferable as it better aligns the economics of the defined benefit pension plans with their accounting measures, eliminates delays in recognizing gains and losses in operating results, and improves transparency in Grace's operating results by immediately recognizing the effects of economic and interest rate trends on plan investments and assumptions in the year these effects actually occur. | ||||||||||||
As a result of the retrospective application of the new accounting method, accumulated actuarial losses have been reclassified from "accumulated other comprehensive income" to "retained earnings (accumulated deficit)." In addition, in order to better reflect the nature of pension costs in the Company's operating results, the Company retrospectively revised the classification of defined benefit pension expense. Pension costs previously reported as a separate line item in the Consolidated Statements of Operations are now reported in "cost of goods sold" and in "selling, general and administrative expenses" based upon the functions of the employees to which the pension costs relate. Finally, the Company has revised its accounting such that a portion of the defined benefit pension expense has been and will continue to be capitalized into inventories prior to being reported in "cost of goods sold." The Company believes that the change in classification of defined benefit pension costs and the change to inventory capitalization are not material to all prior periods. | ||||||||||||
The Company continues to manage its defined benefit pension plans at the corporate level. Accordingly, defined benefit pension expense is excluded from segment operating income. Profitability performance measures for the business segments are unchanged from amounts previously reported. Mark-to-market adjustments are excluded from the Company’s non-GAAP Adjusted EBIT measure. | ||||||||||||
These changes have been reported through retrospective application of the new policies to all periods presented. The impacts of all adjustments made to the financial statements are summarized below: | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
(In millions, except per share amounts) | Previous Method | As Reported | Effect of Change | |||||||||
Cost of goods sold | $ | 1,925.30 | $ | 1,918.60 | $ | (6.7 | ) | |||||
Gross profit | 1,135.40 | 1,142.10 | 6.7 | |||||||||
Selling, general and administrative expenses | 522.2 | 505.7 | (16.5 | ) | ||||||||
Defined benefit pension expense | 73.4 | — | (73.4 | ) | ||||||||
Total costs and expenses | 871.4 | 781.5 | (89.9 | ) | ||||||||
Income (loss) before income taxes | 264 | 360.6 | 96.6 | |||||||||
Provision for income taxes | (72.9 | ) | (102.9 | ) | (30.0 | ) | ||||||
Net income | 191.1 | 257.7 | 66.6 | |||||||||
Net income attributable to W. R. Grace & Co. shareholders | 189.5 | 256.1 | 66.6 | |||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 2.48 | 3.35 | 0.87 | |||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 2.44 | 3.3 | 0.86 | |||||||||
Year Ended December 31, 2012 | ||||||||||||
(In millions, except per share amounts) | Previously Reported | Revised | Effect of Change | |||||||||
Cost of goods sold | $ | 1,989.20 | $ | 2,041.10 | $ | 51.9 | ||||||
Gross profit | 1,166.30 | 1,114.40 | (51.9 | ) | ||||||||
Selling, general and administrative expenses | 537.5 | 635.2 | 97.7 | |||||||||
Defined benefit pension expense | 71.2 | — | (71.2 | ) | ||||||||
Total costs and expenses | 1,108.50 | 1,135.00 | 26.5 | |||||||||
Income (loss) before income taxes | 57.8 | (20.6 | ) | (78.4 | ) | |||||||
Benefit from income taxes | 37.3 | 61.6 | 24.3 | |||||||||
Net income | 95.1 | 41 | (54.1 | ) | ||||||||
Net income attributable to W. R. Grace & Co. shareholders | 94.1 | 40 | (54.1 | ) | ||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 1.26 | 0.53 | (0.72 | ) | ||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 1.23 | 0.52 | (0.71 | ) | ||||||||
Year Ended December 31, 2011 | ||||||||||||
(In millions, except per share amounts) | Previously Reported | Revised | Effect of Change | |||||||||
Cost of goods sold | $ | 2,050.60 | $ | 2,099.00 | $ | 48.4 | ||||||
Gross profit | 1,161.30 | 1,112.90 | (48.4 | ) | ||||||||
Selling, general and administrative expenses | 568.4 | 659.9 | 91.5 | |||||||||
Defined benefit pension expense | 63.4 | — | (63.4 | ) | ||||||||
Total costs and expenses | 777.8 | 805.9 | 28.1 | |||||||||
Income before income taxes | 383.5 | 307 | (76.5 | ) | ||||||||
Benefit from (provision for) income taxes | (114.7 | ) | (87.9 | ) | 26.8 | |||||||
Net income | 268.8 | 219.1 | (49.7 | ) | ||||||||
Net income attributable to W. R. Grace & Co. shareholders | 269.4 | 219.7 | (49.7 | ) | ||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 3.66 | 2.99 | (0.68 | ) | ||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 3.57 | 2.91 | (0.66 | ) | ||||||||
Consolidated Balance Sheets | ||||||||||||
December 31, 2013 | ||||||||||||
(In millions) | Previous Method | As Reported | Effect of Change | |||||||||
Inventories | $ | 294.7 | $ | 295.3 | $ | 0.6 | ||||||
Total current assets | 2,293.80 | 2,294.40 | 0.6 | |||||||||
Deferred income taxes | 846.1 | 845.9 | (0.2 | ) | ||||||||
Overfunded defined benefit pension plans | 16.7 | 16.7 | — | |||||||||
Total assets | 5,395.70 | 5,396.10 | 0.4 | |||||||||
Underfunded and unfunded defined benefit pension plans | 299.6 | 299.6 | — | |||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | 1,048.80 | — | |||||||||
Postretirement benefits | 176.3 | 176.3 | — | |||||||||
Total Liabilities Subject to Compromise | 3,776.10 | 3,776.10 | — | |||||||||
Total Liabilities | 4,824.90 | 4,824.90 | — | |||||||||
Accumulated other comprehensive income (loss) | (558.7 | ) | 10.6 | 569.3 | ||||||||
Retained earnings | 584.7 | 15.8 | (568.9 | ) | ||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.2 | 560.6 | 0.4 | |||||||||
Total Equity | 570.8 | 571.2 | 0.4 | |||||||||
December 31, 2012 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Inventories | $ | 278.6 | $ | 283.6 | $ | 5 | ||||||
Total current assets | 2,440.20 | 2,445.20 | 5 | |||||||||
Deferred income taxes | 956.3 | 953.2 | (3.1 | ) | ||||||||
Overfunded defined benefit pension plans | 33.8 | 32.1 | (1.7 | ) | ||||||||
Total assets | 5,090.20 | 5,090.40 | 0.2 | |||||||||
Underfunded and unfunded defined benefit pension plans | 400.6 | 396.5 | (4.1 | ) | ||||||||
Total Liabilities Not Subject to Compromise | 1,154.80 | 1,150.70 | (4.1 | ) | ||||||||
Postretirement benefits | 188.1 | 190.9 | 2.8 | |||||||||
Total Liabilities Subject to Compromise | 3,617.10 | 3,619.90 | 2.8 | |||||||||
Total Liabilities | 4,771.90 | 4,770.60 | (1.3 | ) | ||||||||
Accumulated other comprehensive income (loss) | (607.3 | ) | 29.7 | 637 | ||||||||
Retained earnings | 395.2 | (240.3 | ) | (635.5 | ) | |||||||
Total W. R. Grace & Co. Shareholders' Equity | 308.4 | 309.9 | 1.5 | |||||||||
Total Equity | 318.3 | 319.8 | 1.5 | |||||||||
Consolidated Statements of Cash Flows | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
(In millions) | Previous Method | As Reported | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 191.1 | $ | 257.7 | $ | 66.6 | ||||||
(Benefit from) provision for income taxes | 72.9 | 102.9 | 30 | |||||||||
Defined benefit pension expense | 73.4 | (23.2 | ) | (96.6 | ) | |||||||
Inventories | 4.2 | 8.6 | 4.4 | |||||||||
All other items, net(1) | (25.6 | ) | (30.0 | ) | (4.4 | ) | ||||||
Year Ended December 31, 2012 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 95.1 | $ | 41 | $ | (54.1 | ) | |||||
(Benefit from) provision for income taxes | (37.3 | ) | (61.6 | ) | (24.3 | ) | ||||||
Defined benefit pension expense | 71.2 | 149.6 | 78.4 | |||||||||
Inventories | 53.9 | 53.2 | (0.7 | ) | ||||||||
All other items, net(1) | 29.2 | 29.9 | 0.7 | |||||||||
Year Ended December 31, 2011 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 268.8 | $ | 219.1 | $ | (49.7 | ) | |||||
(Benefit from) provision for income taxes | 114.7 | 87.9 | (26.8 | ) | ||||||||
Defined benefit pension expense | 63.4 | 139.9 | 76.5 | |||||||||
Inventories | (66.9 | ) | (67.9 | ) | (1.0 | ) | ||||||
All other items, net(1) | 17.4 | 18.4 | 1 | |||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | Includes only those items which relate to the change in accounting method to mark-to-market accounting. | |||||||||||
Consolidated Statements of Equity (Deficit) and Comprehensive Income | ||||||||||||
December 31, 2013 | ||||||||||||
Previous Method | As Reported | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 395.2 | $ | (240.3 | ) | $ | (635.5 | ) | ||||
Net income | 189.5 | 256.1 | 66.6 | |||||||||
Ending balance | 584.7 | 15.8 | (568.9 | ) | ||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (607.3 | ) | $ | 29.7 | $ | 637 | |||||
Other comprehensive income (loss) | 48.6 | (19.1 | ) | (67.7 | ) | |||||||
Ending balance | (558.7 | ) | 10.6 | 569.3 | ||||||||
Total equity | $ | 570.8 | $ | 571.2 | $ | 0.4 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 191.1 | $ | 257.7 | $ | 66.6 | ||||||
Defined benefit pension and other postretirement plans net of income taxes | 72.3 | 4.6 | (67.7 | ) | ||||||||
Currency translation adjustments | (23.6 | ) | (23.6 | ) | — | |||||||
Total other comprehensive income (loss) | 47.7 | (20.0 | ) | (67.7 | ) | |||||||
Comprehensive income | 238.8 | 237.7 | (1.1 | ) | ||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 238.1 | 237 | (1.1 | ) | ||||||||
December 31, 2012 | ||||||||||||
Previously Reported | Revised | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 301.1 | $ | (280.3 | ) | $ | (581.4 | ) | ||||
Net income | 94.1 | 40 | (54.1 | ) | ||||||||
Ending balance | 395.2 | (240.3 | ) | (635.5 | ) | |||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (578.5 | ) | $ | 19.5 | $ | 598 | |||||
Other comprehensive income (loss) | (28.8 | ) | 10.2 | 39 | ||||||||
Ending balance | (607.3 | ) | 29.7 | 637 | ||||||||
Total equity | $ | 318.3 | $ | 319.8 | $ | 1.5 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 95.1 | $ | 41 | $ | (54.1 | ) | |||||
Defined benefit pension and other postretirement plans net of income taxes | (36.6 | ) | 2.3 | 38.9 | ||||||||
Currency translation adjustments | 5.4 | 5.5 | 0.1 | |||||||||
Total other comprehensive income (loss) | (28.0 | ) | 11 | 39 | ||||||||
Comprehensive income | 67.1 | 52 | (15.1 | ) | ||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 65.3 | 50.2 | (15.1 | ) | ||||||||
December 31, 2011 | ||||||||||||
Previously Reported | Revised | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 31.7 | $ | (500.0 | ) | $ | (531.7 | ) | ||||
Net income | 269.4 | 219.7 | (49.7 | ) | ||||||||
Ending balance | 301.1 | (280.3 | ) | (581.4 | ) | |||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (518.1 | ) | $ | 26.7 | $ | 544.8 | |||||
Other comprehensive income (loss) | (60.4 | ) | (7.2 | ) | 53.2 | |||||||
Ending balance | (578.5 | ) | 19.5 | 598 | ||||||||
Total equity | $ | 167.5 | $ | 184.1 | $ | 16.6 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 268.8 | $ | 219.1 | $ | (49.7 | ) | |||||
Defined benefit pension and other postretirement plans net of income taxes | (46.7 | ) | 6.2 | 52.9 | ||||||||
Currency translation adjustments | (11.6 | ) | (11.3 | ) | 0.3 | |||||||
Total other comprehensive income (loss) | (58.6 | ) | (5.4 | ) | 53.2 | |||||||
Comprehensive income | 210.2 | 213.7 | 3.5 | |||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 209 | 212.5 | 3.5 | |||||||||
Effect of New Accounting Standards In June 2011, the FASB issued ASU 2011-05 "Presentation of Comprehensive Income". This update is intended to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The new disclosure requirements are effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years, with early adoption permitted. In December 2011, the FASB issued ASU 2011-12 "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05". This update defers certain paragraphs of ASU 2011-05 pertaining to reclassification adjustments out of accumulated other comprehensive income. This deferral is effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years, with early adoption permitted. Grace continues to report its Consolidated Statement of Other Comprehensive Income as a separate financial statement, immediately following the Consolidated Statement of Operations to comply with the updates that have not been deferred. In February 2013, the FASB issued ASU 2013-02 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income", which further clarifies these disclosure requirements. This update is effective for fiscal years beginning after December 15, 2012, and for interim periods within those fiscal years, with early adoption permitted. Grace adopted this update in the 2013 first quarter, and it did not have a material effect on the Consolidated Financial Statements. | ||||||||||||
In December 2011, the FASB issued ASU 2011-11 "Disclosures about Offsetting Assets and Liabilities". This update is intended to improve the comparability of statements of financial position prepared in accordance with U.S. GAAP and IFRS, requiring both gross and net information about offsetting assets and liabilities. The new requirements are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. In January 2013, the FASB issued ASU 2013-01 "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities", which clarifies these disclosure requirements. These standards are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. Grace adopted these standards for the 2013 first quarter, and they did not have a material effect on the Consolidated Financial Statements. | ||||||||||||
In July 2012, the FASB issued ASU 2012-02 "Testing Indefinite-Lived Intangible Assets for Impairment". This update is intended to simplify how entities test indefinite-lived intangible assets for impairment, by allowing an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The new requirements are effective for fiscal years beginning after September 15, 2012, and for interim periods within those fiscal years, with early adoption permitted. Grace adopted this standard for the 2012 fourth quarter, and it did not have a material effect on the Consolidated Financial Statements. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists". This update is intended to improve the consistency surrounding the presentation of an unrecognized tax benefit when a net operating loss carryforward exists, requiring the unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The new requirements are effective for fiscal years beginning after December 15, 2013, and for interim periods within those fiscal years, with early adoption permitted. Grace will adopt this standard for the 2014 first quarter, and does not expect it to have a material effect on the Consolidated Financial Statements. |
Chapter_11_Information
Chapter 11 Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reorganizations [Abstract] | ' | |||||||||||
Chapter 11 Information | ' | |||||||||||
Chapter 11 and Joint Plan of Reorganization | ||||||||||||
On April 2, 2001, Grace and 61 of its United States subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. The cases were consolidated under case number 01-01139 (the "Chapter 11 Cases"). Grace's non-U.S. subsidiaries and certain of its U.S. subsidiaries were not included in the filing. | ||||||||||||
In September 2008, Grace and other parties filed the Joint Plan with the Bankruptcy Court to address all pending and future asbestos-related claims and all other pre-petition claims as outlined therein. On January 31, 2011, the Bankruptcy Court issued an order (the "Confirmation Order") confirming the Joint Plan. On January 31, 2012, the United States District Court for the District of Delaware (the "District Court") issued an order affirming the Confirmation Order and confirming the Joint Plan in its entirety. On February 3, 2014 (the "Effective Date"), the U.S. Court of Appeals for the Third Circuit (the "Third Circuit") dismissed the sole remaining appeal challenging the Confirmation Order and the Joint Plan became effective. | ||||||||||||
Under the Joint Plan, two asbestos trusts have been established and funded under Section 524(g) of the Bankruptcy Code. The Confirmation Order contains a channeling injunction which provides that all pending and future asbestos-related personal injury claims and demands ("PI Claims") are to be channeled for resolution to an asbestos personal injury trust (the "PI Trust") and all pending and future asbestos-related property damage claims and demands ("PD Claims"), including PD Claims related to Grace’s former attic insulation product ("ZAI PD Claims"), are to be channeled to a separate asbestos property damage trust (the "PD Trust"). Canadian ZAI PD Claims are channeled to a separate Canadian claims fund. The trusts are the sole recourse for holders of asbestos-related claims; the channeling injunctions prohibit holders of asbestos-related claims from asserting such claims directly against Grace. | ||||||||||||
Under the terms of the Joint Plan, claims under the Chapter 11 Cases are satisfied as follows: | ||||||||||||
Asbestos-Related Personal Injury Claims Asbestos personal injury claimants allege adverse health effects from exposure to asbestos-containing products formerly manufactured by Grace. Historically, Grace's cost to resolve such claims was influenced by numerous variables, including the nature of the disease alleged, product identification, proof of exposure to a Grace product, negotiation factors, the solvency of other former producers of asbestos-containing products, cross-claims by co-defendants, the rate at which new claims were filed, the jurisdiction in which the claims were filed, and the defense and disposition costs associated with these claims. | ||||||||||||
As of the Filing Date, 129,191 PI Claims were pending against Grace. Grace believes that a substantial number of additional PI Claims would have been received between the Filing Date and December 31, 2013, had such PI Claims not been stayed by the Bankruptcy Court. | ||||||||||||
Under the Joint Plan, all PI Claims are channeled to the PI Trust for resolution. The PI Trust will use specified trust distribution procedures to satisfy allowed PI Claims. | ||||||||||||
On the Effective Date, the PI Trust was funded with: | ||||||||||||
• | $557.7 million in cash from Grace (includes $464.1 million of cash from Grace and $93.6 million of cash from insurance proceeds that were held in escrow); | |||||||||||
• | A warrant to acquire 10 million shares of Company common stock at an exercise price of $17.00 per share, expiring one year after the Effective Date (the "PI Warrant") (this obligation is expected to be settled in cash with the PI Trust as discussed below); | |||||||||||
• | Rights to all proceeds under all of Grace’s insurance policies that are available for payment of PI Claims; | |||||||||||
• | $42.1 million in cash from a subsidiary of Fresenius AG, pursuant to the terms of a settlement agreement resolving asbestos-related, successor liability and fraudulent transfer claims against Fresenius; and | |||||||||||
• | $856.8 million in cash and 18 million shares of Sealed Air Corporation common stock paid by Cryovac, Inc., a wholly owned subsidiary of Sealed Air, pursuant to the terms of a settlement agreement resolving asbestos-related, successor liability and fraudulent transfer claims against Cryovac and Sealed Air. | |||||||||||
Grace is obligated to make deferred payments to the PI Trust of $110 million per year for 5 years beginning in 2019, and $100 million per year for 10 years beginning in 2024, which obligation is secured by the Company's obligation to issue 77,372,257 shares of Company common stock to the asbestos trusts in the event of default. | ||||||||||||
The amounts that Grace will be obligated to pay to the PI Trust under the Joint Plan are fixed amounts. Grace is not obligated to make additional payments to the PI Trust beyond the payments described above. | ||||||||||||
Asbestos-Related Property Damage Claims The plaintiffs in asbestos property damage lawsuits generally seek to have the defendants pay for the cost of removing, containing or repairing the asbestos-containing materials in commercial and public buildings. Various factors can affect the merit and value of PD Claims, including legal defenses, product identification, the amount and type of product involved, the age, type, size and use of the building, the legal status of the claimant, the jurisdictional history of prior cases, the court in which the case is pending, and the difficulty of asbestos abatement, if necessary. | ||||||||||||
Several class action lawsuits also were filed on behalf of homeowners alleging damage from ZAI. Based on Grace's investigation of the claims described in these lawsuits, and testing and analysis of this product by Grace and others, Grace believes that ZAI was and continues to be safe for its intended purpose and poses little or no threat to human health. The plaintiffs in the ZAI lawsuits dispute Grace's position on the safety of ZAI. In December 2006 the Bankruptcy Court issued an opinion and order holding that, although ZAI is contaminated with asbestos and can release asbestos fibers when disturbed, there is no unreasonable risk of harm from ZAI. | ||||||||||||
At Grace's request, in July 2008, the Bankruptcy Court established a claims bar date for U.S. ZAI PD Claims and approved a related notice program that required any person with a U.S. ZAI PD Claim to submit an individual proof of claim no later than October 31, 2008. Approximately 17,960 U.S. ZAI PD Claims were filed prior to the October 31, 2008, claims bar date and, as of December 31, 2013, an additional 1,310 U.S. ZAI PD Claims were filed. | ||||||||||||
In 2008 and 2009, Grace entered into settlement agreements with representatives of the U.S. ZAI PD claimants and Canadian ZAI PD claimants, respectively. The terms of these settlements have been incorporated into the terms of the Joint Plan and related documents. | ||||||||||||
All PD Claims have been channeled to the PD Trust for resolution. The PD Trust contains two accounts, the PD Account and the ZAI PD Account. U.S. ZAI PD Claims are to be paid from the ZAI PD Account and non-ZAI PD Claims are to be paid from the PD Account. Canadian ZAI PD Claims are to be paid by a separate fund established in Canada. Each account has a separate trustee and the assets of the accounts may not be commingled. | ||||||||||||
PD Account | ||||||||||||
On the Effective Date, the PD Account of the PD Trust was funded with $39.9 million in cash from Grace and $111.4 million in cash from Cryovac and Fresenius to pay allowed non-ZAI PD Claims settled as of the Effective Date, and CDN$8.6 million in cash from Grace to fund the Canadian ZAI PD Claims fund. | ||||||||||||
Following the Effective Date, unresolved non-ZAI PD Claims are to be litigated in the Bankruptcy Court and any future non-ZAI PD Claims are to be litigated in a federal district court, in each case pursuant to procedures to be approved by the Bankruptcy Court. To the extent any such PD Claims are determined to be allowed claims, they are to be paid in cash by the PD Trust. Grace is obligated to make a payment to the PD Trust every six months in the amount of any non-ZAI PD Claims allowed during the preceding six months plus interest (if applicable) and, except for the first six months, the amount of PD Trust expenses for the preceding six months (the "PD Obligation"). The aggregate amount to be paid under the PD Obligation is not capped and Grace may be obligated to make additional payments to the PD Account of the PD Trust in respect of the PD Obligation. Grace has accrued for those unresolved non-ZAI PD Claims that it believes are probable and estimable. Grace has not accrued for other unresolved or unasserted non-ZAI PD Claims as it does not believe that payment on any such claims is probable. | ||||||||||||
On the Effective Date, the PD Trust contributed CDN$8.6 million to a separate Canadian ZAI PD Claims fund through which Canadian ZAI PD Claims are to be resolved. Grace has no continuing or contingent obligations to make additional payments into this fund. | ||||||||||||
ZAI PD Account | ||||||||||||
On the Effective Date, the ZAI PD Account of the PD Trust was funded with approximately $34.4 million in cash from Cryovac and Fresenius. | ||||||||||||
Grace is obligated to make a payment of $30 million in cash to the ZAI PD Account on the third anniversary of the Effective Date, and Grace is obligated to make up to 10 contingent deferred payments of $8 million per year to the ZAI PD Account during the 20-year period beginning on the fifth anniversary of the Effective Date, with each such payment due only if the assets of the ZAI PD Account fall below $10 million during the preceding year. The amounts that Grace will be obligated to pay to the ZAI PD Account under the Joint Plan are capped amounts. Grace is not obligated to make additional payments to the PD Trust in respect of the ZAI PD Account beyond the payments described above. Grace has accrued for the $30 million payment due on the third anniversary of the Effective Date, but has not accrued for the 10 additional payments since Grace does not currently believe they are probable. | ||||||||||||
The PD Trust is to resolve U.S. ZAI PD Claims that qualify for payment under specified trust distribution procedures by paying 55% of the claimed amount, but in no event is the PD Trust to pay more per claim than 55% of $7,500 (as adjusted for inflation each year after the fifth anniversary of the Effective Date). | ||||||||||||
All payments to the PD Trust required after the Effective Date are secured by the Company's obligation to issue 77,372,257 shares of Company common stock to the asbestos trusts in the event of default. Grace has the right to conduct annual audits of the books, records and claim processing procedures of the PD Trust. | ||||||||||||
Asbestos-Related Liability The recorded asbestos-related liability as of December 31, 2013 and 2012, was $2,092.4 million and $2,065.0 million respectively, and is included in "liabilities subject to compromise" in the accompanying Consolidated Balance Sheets. Grace increased its asbestos-related liability by $27.4 million in the fourth quarter of 2013 to reflect the updated estimated value of the consideration payable to the PI Trust and the PD Trust (the "Trusts") under the Joint Plan, considering the effective date of February 3, 2014. The asbestos-related liability was settled at the recorded amount on the Effective Date, including payment of cash due at the Effective Date, issuance of the warrant and deferred payment obligations, and transfer of all cash and rights with respect to Grace's insurance policies that provide coverage for asbestos-related claims. | ||||||||||||
The PI Trust deferred payment obligation of $110 million per year for 5 years beginning January 2, 2019, and of $100 million per year for 10 years beginning January 2, 2024, was recorded at fair value of $567 million on December 31, 2013, to reflect the estimated value on the Effective Date. The value of the deferred payment obligation has been estimated based on (i) interest rates; (ii) the Company's credit standing and the payment period of the deferred payments; (iii) restrictive covenants and terms of the Company's other credit facilities; (iv) assessment of the risk of a default, which if default were to occur would require Grace to issue shares of Company common stock; and (v) the subordination provisions of the deferred payment agreement. | ||||||||||||
Grace also recorded a deferred payment obligation of $27.5 million representing the present value of the $30 million payment due to the ZAI PD Account on February 3, 2017. | ||||||||||||
The warrant to acquire 10 million shares of the Company's common stock for $17.00 per share is recorded at estimated value of $490 million on the Effective Date based on the current trading range of Company common stock and other valuation factors. | ||||||||||||
Insurance Rights The insurance rights transferred by Grace to the PI Trust under the Joint Plan relate to insurance policies that provide coverage for 1962 to 1985 with respect to asbestos-related lawsuits and claims. For the most part, coverage for years 1962 through 1972 has been exhausted, leaving coverage for years 1973 through 1985 available for pending and future asbestos claims. Since 1985, insurance coverage for asbestos-related liabilities has not been commercially available to Grace. As discussed above, pursuant to the Joint Plan, proceeds with respect to all of Grace's insurance policies that provide coverage for asbestos-related claims were transferred to the PI Trust at emergence. | ||||||||||||
Grace has entered into settlement agreements, which were, for the most part, dependent upon the effectiveness of the Joint Plan, with underwriters of a portion of Grace's insurance coverage. Under most of these agreements, the insurers have agreed, subject to certain conditions, to pay to the PI Trust (directly or through an escrow arrangement) an aggregate of $396.1 million in respect of coverage under the affected policies. Under the remaining agreements, the insurers have agreed to reimburse the PI Trust for a portion of the claims actually paid by the PI Trust. | ||||||||||||
The amount of insurance recovered on claims by the PI Trust will depend on the aggregate amount of claims received by the PI Trust, proceeds from unsettled policies, and a number of factors that will be determined at the time claims are paid including: the nature of the claim, the relevant exposure years, the timing of payment, the solvency of insurers and the legal status of policy rights. Grace estimates that the recorded amount of $500.0 million is within the reasonable range of possible valuations of these policies at emergence. | ||||||||||||
PI Warrant Settlement In October 2012, Grace entered into an agreement with interested parties to settle the PI Warrant in cash during the one-year period after the Effective Date. Under the terms of the settlement agreement, Grace will repurchase the PI Warrant for a price equal to the average of the daily closing prices of Company common stock during the period commencing one day after the Effective Date and ending on the day prior to the date the PI Trust elects to sell the PI Warrant back to Grace, multiplied by 10 million (the number of shares issuable under the PI Warrant), less $170 million (the aggregate exercise price of the PI Warrant), provided that if the average of the daily closing prices is less than $54.50 per share, then the repurchase price would be $375 million, and if the average of the daily closing prices exceeds $66.00 per share, then the repurchase price would be $490 million. The settlement agreement is terminable by the PI Trust in the event a tender offer, or other proposed transaction that would result in a change in control of the Company, is announced during the one-year period after the Effective Date. In such event, the PI Warrant would be settled in shares of Company common stock. | ||||||||||||
Other Claims The Joint Plan also provides that all other allowed pre-petition claims will be paid in full on or within 10 days after the Effective Date, or when they otherwise become due. All allowed administrative claims are to be paid in cash and all allowed priority claims are to be paid in cash with interest as provided in the Joint Plan. Secured claims are to be paid in cash with interest or by reinstatement. Allowed general unsecured claims are to be paid in cash, including post-petition interest in accordance with the Joint Plan. The Joint Plan further provides that Grace will, subject to certain non-bankruptcy limitations, satisfy all pension, retirement medical, and similar employee-related obligations and pay workers’ compensation claims. Grace paid on or within 10 days after the Effective Date $1,361.6 million in respect of other allowed pre-petition or other claims, including $1,103.5 million in respect of Grace's pre-petition credit facilities. | ||||||||||||
Unresolved Claims The Bankruptcy Court established a claims bar date of March 31, 2003, for claims of general unsecured creditors, PD Claims (other than ZAI PD Claims) and medical monitoring claims related to asbestos. The bar date did not apply to PI Claims or claims related to ZAI PD Claims. | ||||||||||||
Unresolved claims are to be addressed through the claims objection process and the dispute resolution procedures approved by the Bankruptcy Court. As of the Effective Date, 62 employee claims and 70 non-employee claims (other than asbestos-related claims) remain unresolved. | ||||||||||||
Grace believes that its recorded liabilities for unresolved claims represent a reasonable estimate of the ultimate allowable amount for such claims. If it is ultimately determined that any amounts are owed on these claims, they are to be paid in full, with interest as required. While the ultimate outcome of these claims cannot be predicted with certainty, Grace believes that the resolution of these matters will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. | ||||||||||||
After the Effective Date, all persons and entities generally are forever barred from asserting against Grace any claims or demands that are based upon any act or omission, transaction, or other activity, event or occurrence that occurred prior to the Effective Date, except as expressly provided in the Joint Plan. | ||||||||||||
Committees and Representatives As a result of confirmation and effectiveness of the Joint Plan, the four official committees appointed in the Chapter 11 Cases have been disbanded. The legal representative for future asbestos personal injury claimants will continue to act in the same capacity with respect to the PI Trust and the legal representative for future asbestos property damage claimants will continue to act in the same capacity with respect to the PD Trust. | ||||||||||||
Effect on Company Common Stock Under the Joint Plan holders of Company common stock as of the Effective Date retained their shares, but the interests of shareholders are subject to dilution in the event of default with respect to the deferred payment obligations to the PI Trust or the PD Trust under the Company's security obligation. | ||||||||||||
Debt Capital As of December 31, 2013, all of the Debtors' pre-petition debt was in default due to the Filing. The accompanying Consolidated Balance Sheets reflect the classification of the Debtors' pre-petition debt within "liabilities subject to compromise." | ||||||||||||
As of December 31, 2013, Grace maintained a $100 million cash-collateralized letter of credit facility with a commercial bank to support existing and new financial assurances. At emergence, the cash-collateralized letter of credit facility was replaced with a $400 million revolving credit facility with a $150 million sublimit for letters of credit. See Note 8 for a discussion of Grace's exit financing. | ||||||||||||
Accounting Impact The accompanying Consolidated Financial Statements have been prepared in accordance with ASC 852 "Reorganizations". ASC 852 requires that financial statements of debtors-in-possession be prepared on a going concern basis, which contemplates continuity of operations and realization of assets and liquidation of liabilities in the ordinary course of business. | ||||||||||||
Pursuant to ASC 852, Grace's pre-petition and post-petition liabilities that are subject to compromise are required to be reported separately on the balance sheet at an estimate of the amount that will ultimately be allowed by the Bankruptcy Court. As of December 31, 2013, such pre-petition liabilities include fixed obligations (such as debt and contractual commitments), as well as estimates of costs related to contingent liabilities (such as asbestos-related litigation, environmental remediation and other claims). Obligations of Grace subsidiaries not covered by the Filing continue to be classified on the Consolidated Balance Sheets based upon maturity dates or the expected dates of payment. ASC 852 also requires separate reporting of certain expenses, realized gains and losses, and provisions for losses related to the Filing as reorganization items. Grace presents reorganization items as "Chapter 11 expenses, net of interest income," a separate caption in its Consolidated Statements of Operations. | ||||||||||||
Grace has not recorded the benefit of the assets available to fund asbestos-related and other liabilities under the Fresenius settlement and the Sealed Air settlement as provided by the Joint Plan, as these assets were transferred directly to the PI Trust and the PD Trust on the Effective Date. The estimated fair value available under the Fresenius settlement and the Sealed Air settlement as measured at December 31, 2013, was $1,653 million composed of $115 million in cash from Fresenius and $1,538 million in cash and stock from Cryovac. | ||||||||||||
Grace's Consolidated Balance Sheets separately identify the liabilities that are "subject to compromise" as a result of the Chapter 11 proceedings. In Grace's case, "liabilities subject to compromise" represent both pre-petition and post-petition liabilities as determined under U.S. GAAP. Changes to pre-petition liabilities subsequent to the Filing Date reflect: (1) cash payments under approved court orders; (2) the terms of the Joint Plan, as discussed above, including the accrual of interest on pre-petition debt and other fixed obligations; (3) accruals for employee-related programs; and (4) changes in estimates related to other pre-petition contingent liabilities. | ||||||||||||
Components of liabilities subject to compromise are as follows: | ||||||||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | Filing Date | |||||||||
(Unaudited) | ||||||||||||
Asbestos-related contingencies | $ | 2,092.40 | $ | 2,065.00 | $ | 1,002.80 | ||||||
Pre-petition bank debt plus accrued interest | 1,100.00 | 937.2 | 511.5 | |||||||||
Environmental contingencies | 134.5 | 140.5 | 164.8 | |||||||||
Unfunded special pension arrangements | 129.4 | 137.1 | 70.8 | |||||||||
Income tax contingencies | 76.6 | 87.6 | 242.1 | |||||||||
Postretirement benefits other than pension | 57.2 | 63.9 | 185.4 | |||||||||
Drawn letters of credit plus accrued interest | 37.8 | 36.1 | — | |||||||||
Accounts payable | 34.3 | 31.3 | 43 | |||||||||
Retained obligations of divested businesses | 29.9 | 29 | 43.5 | |||||||||
Other accrued liabilities | 94.3 | 102.3 | 102.1 | |||||||||
Reclassification to current liabilities(1) | (10.3 | ) | (10.1 | ) | — | |||||||
Total Liabilities Subject to Compromise | $ | 3,776.10 | $ | 3,619.90 | $ | 2,366.00 | ||||||
_______________________________________________________________________________ | ||||||||||||
-1 | As of December 31, 2013 and 2012, approximately $10.3 million and $10.1 million, respectively, of certain pension and postretirement benefit obligations subject to compromise have been presented in "other current liabilities" in the Consolidated Balance Sheets in accordance with ASC 715 "Compensation—Retirement Benefits". | |||||||||||
Note that the unfunded special pension arrangements reflected above exclude non-U.S. pension plans and qualified U.S. pension plans that became underfunded subsequent to the Filing. | ||||||||||||
Change in Liabilities Subject to Compromise | ||||||||||||
The following table is a reconciliation of the changes in pre-filing date liability balances for the period from the Filing Date through December 31, 2013. | ||||||||||||
(In millions) (Unaudited) | Cumulative | |||||||||||
Since Filing | ||||||||||||
Balance, Filing Date April 2, 2001 | $ | 2,366.00 | ||||||||||
Cash disbursements and/or reclassifications under Bankruptcy Court orders: | ||||||||||||
Payment of environmental settlement liability | (252.0 | ) | ||||||||||
Freight and distribution order | (5.7 | ) | ||||||||||
Trade accounts payable order | (9.1 | ) | ||||||||||
Resolution of contingencies subject to Chapter 11 | (130.0 | ) | ||||||||||
Other court orders for payments of certain operating expenses | (374.9 | ) | ||||||||||
Expense (income) items: | ||||||||||||
Interest on pre-petition liabilities | 682.5 | |||||||||||
Employee-related accruals | 127.6 | |||||||||||
Provision for asbestos-related contingencies | 1,137.20 | |||||||||||
Provision for environmental contingencies | 362 | |||||||||||
Release of income tax contingencies | (91.5 | ) | ||||||||||
Balance sheet reclassifications | (36.0 | ) | ||||||||||
Balance, end of period | $ | 3,776.10 | ||||||||||
For the holders of pre-petition bank credit facilities, beginning January 1, 2006, Grace agreed to pay interest on pre-petition bank debt at the prime rate, adjusted for periodic changes, and compounded quarterly. The effective rate for the years ended December 31, 2013 and 2012, was 3.25%. From the Filing Date through December 31, 2005, Grace accrued interest on pre-petition bank debt at a negotiated fixed annual rate of 6.09%, compounded quarterly. The pre-petition bank debt holders argued that they were entitled to post-petition interest at the default rate specified under the terms of the underlying credit agreements, which they asserted was more than an additional $210 million in interest. The Bankruptcy Court and the District Court overruled this assertion and the pre-petition bank debt holders appealed these rulings to the Third Circuit Court of Appeals. On December 23, 2013, Grace and the pre-petition bank debt holders settled this appeal. Under the terms of the settlement, Grace agreed to pay an additional $129.0 million of interest above the amount provided for under the Joint Plan as of December 31, 2013, with interest to continue to accrue at 3.25% through January 31, 2014, and at 5.00% thereafter. The principal and all accrued interest on the pre-petition bank debt was paid in full on the Effective Date. | ||||||||||||
For the holders of claims who, but for the Filing, would be entitled under a contract or otherwise to accrue or be paid interest on such claim in a non-default (or non-overdue payment) situation under applicable non-bankruptcy law, Grace accrued interest at the rate provided in the contract between the Grace entity and the claimant or such rate as may otherwise apply under applicable non-bankruptcy law. | ||||||||||||
For all other holders of allowed general unsecured claims, Grace accrued interest at a rate of 4.19% per annum, compounded annually, unless otherwise negotiated during the claim settlement process. | ||||||||||||
Chapter 11 Expenses | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Legal and financial advisory fees | $ | 17.1 | $ | 17.4 | $ | 20.6 | ||||||
Interest (income) expense | (1.8 | ) | (0.8 | ) | (0.6 | ) | ||||||
Chapter 11 expenses, net of interest income | $ | 15.3 | $ | 16.6 | $ | 20 | ||||||
Pursuant to ASC 852, interest income earned on the Debtors' cash balances must be offset against Chapter 11 expenses. | ||||||||||||
Condensed Financial Information of the Debtors | ||||||||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | 2011 | |||||||||
Net sales, including intercompany | $ | 1,425.40 | $ | 1,512.60 | $ | 1,479.40 | ||||||
Cost of goods sold, including intercompany, exclusive of depreciation and amortization shown separately below | 882.2 | 951.3 | 919.1 | |||||||||
Selling, general and administrative expenses | 178.1 | 274.9 | 334.5 | |||||||||
Depreciation and amortization | 69.1 | 67.3 | 68.3 | |||||||||
Chapter 11 expenses, net of interest income | 15.3 | 16.6 | 20 | |||||||||
Default interest settlement | 129 | — | — | |||||||||
Asbestos and bankruptcy-related charges, net | 21.9 | 384.6 | — | |||||||||
Research and development expenses | 37.8 | 35.9 | 39.7 | |||||||||
Interest expense and related financing costs | 37.7 | 41.5 | 40 | |||||||||
Other income, net | (75.7 | ) | (93.2 | ) | (75.3 | ) | ||||||
1,295.40 | 1,678.90 | 1,346.30 | ||||||||||
Income (loss) before income taxes and equity in net income of non-filing entities | 130 | (166.3 | ) | 133.1 | ||||||||
Benefit from (provision for) income taxes | (53.2 | ) | 48.4 | (50.8 | ) | |||||||
Income (loss) before equity in net income of non-filing entities | 76.8 | (117.9 | ) | 82.3 | ||||||||
Equity in net income of non-filing entities | 179.3 | 157.9 | 137.4 | |||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
In the above table, for 2013, Asbestos and bankruptcy-related charges, net, primarily includes adjustments made to reflect the emergence-date value of the deferred payment obligations and adjustments to record the final allowed claims listing, partially offset by adjustments for interest per the terms of the Joint Plan. For 2012, Asbestos and bankruptcy-related charges, net, includes adjustments made to our asbestos-related liability and to accrue for the Libby Medical Program settlement. | ||||||||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | 2011 | |||||||||
Operating Activities | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
Reconciliation to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 69.1 | 67.3 | 68.3 | |||||||||
Asbestos and bankruptcy-related charges, net | 21.9 | 384.6 | — | |||||||||
Default interest settlement | 129 | — | — | |||||||||
Equity in net income of non-filing entities | (179.3 | ) | (157.9 | ) | (137.4 | ) | ||||||
Provision for (benefit from) income taxes | 53.2 | (48.4 | ) | 50.8 | ||||||||
Income taxes (paid), net of refunds | 13.5 | (33.9 | ) | (13.2 | ) | |||||||
Tax benefits from stock-based compensation | 35.4 | (36.8 | ) | — | ||||||||
Defined benefit pension (income) expense | (51.8 | ) | 82 | 111.6 | ||||||||
Payments under defined benefit pension arrangements | (55.6 | ) | (114.9 | ) | (251.4 | ) | ||||||
Repatriation of cash from foreign entities | 29.7 | 21.6 | 30.3 | |||||||||
Changes in assets and liabilities, excluding the effect of foreign currency translation and business acquired: | ||||||||||||
Trade accounts receivable | (6.2 | ) | (7.1 | ) | (26.2 | ) | ||||||
Inventories | (23.0 | ) | 66.7 | (66.4 | ) | |||||||
Accounts payable | 21.9 | (15.1 | ) | 37.5 | ||||||||
All other items, net | 31.1 | 75.9 | 13.4 | |||||||||
Net cash provided by operating activities | 345 | 324 | 37 | |||||||||
Investing Activities | ||||||||||||
Capital expenditures | (94.1 | ) | (82.6 | ) | (77.7 | ) | ||||||
Business acquired, net of cash acquired | (510.4 | ) | — | — | ||||||||
Transfer to restricted cash and cash equivalents | (222.2 | ) | (35.4 | ) | (8.4 | ) | ||||||
Other | — | — | 10 | |||||||||
Net cash used for investing activities | (826.7 | ) | (118.0 | ) | (76.1 | ) | ||||||
Borrowings under credit arrangements | 0.3 | — | — | |||||||||
Repayments under credit arrangements | (0.8 | ) | (0.6 | ) | — | |||||||
Proceeds from exercise of stock options | 34.4 | 32.2 | 12.1 | |||||||||
Excess tax benefits from stock-based compensation | (35.4 | ) | 36.8 | — | ||||||||
Other financing activities | 4.1 | 1.2 | 28.4 | |||||||||
Net cash provided by financing activities | 2.6 | 69.6 | 40.5 | |||||||||
Net (decrease) increase in cash and cash equivalents | (479.1 | ) | 275.6 | 1.4 | ||||||||
Cash and cash equivalents, beginning of period | 1,064.20 | 788.6 | 787.2 | |||||||||
Cash and cash equivalents, end of period | $ | 585.1 | $ | 1,064.20 | $ | 788.6 | ||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | ||||||||||
ASSETS | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 585.1 | $ | 1,064.20 | ||||||||
Restricted cash and cash equivalents | 340.5 | 118.3 | ||||||||||
Trade accounts receivable, net | 138.8 | 132.6 | ||||||||||
Accounts receivable—unconsolidated affiliate | 10.9 | 14.1 | ||||||||||
Receivables from non-filing entities, net | 173 | 160.5 | ||||||||||
Inventories | 138.9 | 115.9 | ||||||||||
Other current assets | 69.3 | 58.5 | ||||||||||
Total Current Assets | 1,456.50 | 1,664.10 | ||||||||||
Properties and equipment, net | 484.5 | 433.5 | ||||||||||
Goodwill | 279.9 | 26.8 | ||||||||||
Technology and other intangible assets, net | 249.1 | 9.6 | ||||||||||
Deferred income taxes | 817.3 | 933.3 | ||||||||||
Asbestos-related insurance | 500 | 500 | ||||||||||
Loans receivable from non-filing entities, net | 283.8 | 282.1 | ||||||||||
Investment in non-filing entities | 531.3 | 442.3 | ||||||||||
Investment in unconsolidated affiliate | 96.2 | 85.5 | ||||||||||
Other assets | 16.5 | 10.8 | ||||||||||
Total Assets | $ | 4,715.10 | $ | 4,388.00 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities Not Subject to Compromise | ||||||||||||
Current liabilities (including $17.5 due to unconsolidated affiliate) (2012—$6.0) | $ | 247.4 | $ | 244.7 | ||||||||
Underfunded defined benefit pension plans | 52.2 | 156.9 | ||||||||||
Other liabilities (including $24.3 due to unconsolidated affiliate) (2012—$22.4) | 78.7 | 56.5 | ||||||||||
Total Liabilities Not Subject to Compromise | 378.3 | 458.1 | ||||||||||
Liabilities Subject to Compromise | 3,776.10 | 3,619.90 | ||||||||||
Total Liabilities | 4,154.40 | 4,078.00 | ||||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | 309.9 | ||||||||||
Noncontrolling interests in Chapter 11 filing entities | 0.1 | 0.1 | ||||||||||
Total Equity | 560.7 | 310 | ||||||||||
Total Liabilities and Equity | $ | 4,715.10 | $ | 4,388.00 | ||||||||
In addition to Grace's financial reporting obligations as prescribed by the SEC, during the Chapter 11 proceeding, Grace was required, under the rules and regulations of the Bankruptcy Code, to periodically file certain statements and schedules with the Bankruptcy Court. This information is available to the public through the Bankruptcy Court. This information was prepared in a format that may not be comparable to information in Grace's quarterly and annual financial statements as filed with the SEC. These statements and schedules are not audited and do not purport to represent the financial position or results of operations of Grace on a consolidated basis. | ||||||||||||
This summary of the terms of various agreements does not purport to be complete and is qualified in its entirety by reference to the Joint Plan, the Confirmation Order, the Asbestos Trust Agreements, the Asbestos Insurance Transfer Agreement, the Deferred Payment Agreements, the Guarantee Agreements, the Share Issuance Agreement, the Warrant Agreement, the Warrant Implementation Letter, and the Warrant Registration Rights Agreement, which have been filed with the SEC. |
Subsequent_Event_Chapter_11_Em
Subsequent Event - Chapter 11 Emergence (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Subsequent Event-Chapter 11 Emergence [Abstract] | ' | |||||||||||||||||||||||
Subsequent Events [Text Block] | ' | |||||||||||||||||||||||
Grace emerged from bankruptcy on February 3, 2014. Grace paid approximately $1,900 million in emergence-related claims and other costs. This included payments to the PI Trust and the PD Trust, pre-petition bank debt, drawn letters of credit, environmental settlements, income tax settlements, amounts due to vendors, and other non-asbestos claims, plus accrued interest for certain of these items as well as other emergence costs. Grace will satisfy all other liabilities previously subject to compromise as they become due and payable after emergence. | ||||||||||||||||||||||||
Grace funded these payments through a combination of approximately $1,360 million of cash on hand and approximately $900 million in exit financing. The exit financing consisted of a $700 million term loan and a €150 million term loan. See Note 8 for a discussion of Grace's exit financing. | ||||||||||||||||||||||||
Pro forma Information (Unaudited) The below table presents the pro forma consolidated balance sheet of Grace as of December 31, 2013, reflecting the accounting effects of the Joint Plan as if it became effective on that date. The income tax effects of the pro forma adjustments have been computed at a 37.41% U.S. Federal and state income tax rate. Grace is not required to adopt fresh-start accounting at emergence since existing shareholders continue to retain a majority interest in the Company on the Effective Date, and Grace is not balance sheet insolvent. Following is a description of the pro forma adjustments: | ||||||||||||||||||||||||
1 | Borrowings Under New Credit Agreements—Reflects $900 million of debt borrowed on the Effective Date. Cash proceeds were approximately $873 million after approximately $27 million of origination fees and other costs of the exit financing, including original issue discount. | |||||||||||||||||||||||
2 | Consideration to the Asbestos Trusts—Reflects the transfer by Grace to the PI Trust and the PD Trust of (i) cash (including restricted cash) of approximately $512 million, (ii) the PI Deferred Payment Obligations, (iii) the PD Deferred Payment Obligation, (iv) the warrant, and (v) rights to proceeds from Grace's asbestos-related insurance coverage. See Note 2 for a discussion of this consideration. The related deferred income tax assets are reclassified from temporary differences to NOL carryforward. | |||||||||||||||||||||||
Grace expects to recognize income tax deductions on the Deferred Payments when cash payments are made. Grace has determined that payments of the U.S. ZAI contingent payments are not probable, and no such payments are included in this pro forma. | ||||||||||||||||||||||||
3 | Payment of Remaining Pre-Petition Liabilities and Adjustment for Additional Expenses—Reflects the payment of pre-petition bank debt, drawn letters of credit, environmental settlements, income tax settlements, amounts due to vendors and other non-asbestos claims, accrued interest for certain of these items, and other emergence costs on the Effective Date. The related deferred income tax assets are reclassified from temporary differences to NOL carryforward. Also reflects approximately $12 million of emergence costs, which are assumed fully deductible for tax purposes. | |||||||||||||||||||||||
4 | NOLs and Future Tax Deductions—Reflects U.S. Federal and state income tax deductions attributable to the payment of certain bankruptcy claims. U.S. Federal and state NOL carryforwards are assumed to increase to approximately $670 million (tax effected at approximately $252 million). In addition, under current U.S. Federal and state income tax law, future deductions are expected in the amount of $1,580 million when the deferred payments are made and $490 million when the warrant is settled. | |||||||||||||||||||||||
These future payments are expected to create additional NOL carryforwards in the years paid. It is expected that use of these U.S. Federal tax benefits will be unrestricted and that a valuation allowance will not be established. U.S. state tax benefits associated with these future payments may have some restrictions and a partial valuation allowance may be recorded. The realization of the tax benefits depends on the amount and timing of future U.S. taxable income and the avoidance of limitation events that would apply in the event that Grace undergoes an "ownership change" (as defined by the Internal Revenue Code). | ||||||||||||||||||||||||
5 | Reclassification of Liabilities Subject to Compromise—Reflects certain items that were classified as Liabilities Subject to Compromise as of December 31, 2013, and were not paid at emergence, which were reclassified to the appropriate liability accounts at emergence. This includes income tax contingencies, postretirement benefits, and environmental contingencies that will be paid as they come due after emergence. | |||||||||||||||||||||||
W. R. Grace and Co. and Subsidiaries | ||||||||||||||||||||||||
Pro forma Consolidated Balance Sheet (unaudited) | ||||||||||||||||||||||||
Pro forma Adjustments | ||||||||||||||||||||||||
(In millions, except par value and shares) | 31-Dec-13 | Borrowings Under New Credit Agreements | Consideration to the Asbestos Trusts | Payment of Remaining Pre-Petition Liabilities and Adjustment for Additional Expenses | Reclassifications at Emergence | 31-Dec-13 | ||||||||||||||||||
Reported | Pro forma | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 964.8 | $ | 873 | $ | (269.6 | ) | $ | (1,370.6 | ) | $ | 153.2 | $ | 350.8 | ||||||||||
Restricted cash and cash equivalents | 395.4 | — | (242.2 | ) | — | (153.2 | ) | — | ||||||||||||||||
Trade accounts receivable, less allowance of $6.0 | 469.5 | — | — | — | — | 469.5 | ||||||||||||||||||
Accounts receivable—unconsolidated affiliate | 12.3 | — | — | — | — | 12.3 | ||||||||||||||||||
Inventories | 295.3 | — | — | — | — | 295.3 | ||||||||||||||||||
Deferred income taxes | 58.1 | — | — | — | — | 58.1 | ||||||||||||||||||
Other current assets | 99 | — | — | — | — | 99 | ||||||||||||||||||
Total Current Assets | 2,294.40 | 873 | (511.8 | ) | (1,370.6 | ) | — | 1,285.00 | ||||||||||||||||
Properties and equipment, net of accumulated depreciation and amortization of $1,876.8 | 829.9 | — | — | — | — | 829.9 | ||||||||||||||||||
Goodwill | 457.5 | — | — | — | — | 457.5 | ||||||||||||||||||
Technology and other intangible assets, net | 315.5 | — | — | — | — | 315.5 | ||||||||||||||||||
Deferred income taxes: | ||||||||||||||||||||||||
Net operating loss carryforward | — | — | 111 | 141.2 | — | 252.2 | ||||||||||||||||||
Temporary differences | 845.9 | — | (111.0 | ) | (134.1 | ) | — | 600.8 | ||||||||||||||||
Asbestos-related insurance | 500 | — | (500.0 | ) | — | — | — | |||||||||||||||||
Overfunded defined benefit pension plans | 16.7 | — | — | — | — | 16.7 | ||||||||||||||||||
Investment in unconsolidated affiliate | 96.2 | — | — | — | — | 96.2 | ||||||||||||||||||
Other assets | 40 | 27 | — | — | — | 67 | ||||||||||||||||||
Total Assets | $ | 5,396.10 | $ | 900 | $ | (1,011.8 | ) | $ | (1,363.5 | ) | $ | — | $ | 3,920.80 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities Not Subject to Compromise | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Debt payable within one year | $ | 76.6 | $ | 9 | $ | — | $ | — | $ | — | $ | 85.6 | ||||||||||||
Debt payable—unconsolidated affiliate | 4.5 | — | — | — | — | 4.5 | ||||||||||||||||||
Accounts payable | 249.5 | — | — | — | — | 249.5 | ||||||||||||||||||
Accounts payable—unconsolidated affiliate | 13 | — | — | — | — | 13 | ||||||||||||||||||
PI warrant liability | — | — | 490 | — | — | 490 | ||||||||||||||||||
Other current liabilities | 292 | — | — | 7.2 | 38.8 | 338 | ||||||||||||||||||
Total Current Liabilities | 635.6 | 9 | 490 | 7.2 | 38.8 | 1,180.60 | ||||||||||||||||||
Debt payable after one year | 5.3 | 891 | — | — | — | 896.3 | ||||||||||||||||||
Debt payable—unconsolidated affiliate | 24.3 | — | — | — | — | 24.3 | ||||||||||||||||||
Deferred payment obligations | — | — | 594.5 | — | — | 594.5 | ||||||||||||||||||
Deferred income taxes | 18.2 | — | — | — | — | 18.2 | ||||||||||||||||||
Income tax contingencies | — | — | — | — | 76.6 | 76.6 | ||||||||||||||||||
Underfunded defined benefit pension plans | 66.2 | — | — | — | — | 66.2 | ||||||||||||||||||
Unfunded pay-as-you-go defined benefit pension plans | 233.4 | — | — | — | 95.9 | 329.3 | ||||||||||||||||||
Other liabilities | 65.8 | — | — | — | 105.2 | 171 | ||||||||||||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | 900 | 1,084.50 | 7.2 | 316.5 | 3,357.00 | ||||||||||||||||||
Liabilities Subject to Compromise | ||||||||||||||||||||||||
Debt plus accrued interest | 1,137.80 | — | — | (1,135.7 | ) | (2.1 | ) | — | ||||||||||||||||
Income tax contingencies | 76.6 | — | — | — | (76.6 | ) | — | |||||||||||||||||
Asbestos-related contingencies | 2,092.40 | — | (2,084.1 | ) | — | (8.3 | ) | — | ||||||||||||||||
Environmental contingencies | 134.5 | — | — | (77.5 | ) | (57.0 | ) | — | ||||||||||||||||
Postretirement benefits | 176.3 | — | — | (27.7 | ) | (148.6 | ) | — | ||||||||||||||||
Other liabilities and accrued interest | 158.5 | — | (12.2 | ) | (122.4 | ) | (23.9 | ) | — | |||||||||||||||
Total Liabilities Subject to Compromise | 3,776.10 | — | (2,096.3 | ) | (1,363.3 | ) | (316.5 | ) | — | |||||||||||||||
Total Liabilities | 4,824.90 | 900 | (1,011.8 | ) | (1,356.1 | ) | — | 3,357.00 | ||||||||||||||||
Equity | ||||||||||||||||||||||||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 77,046,143 (2012—75,565,409) | 0.8 | — | — | — | — | 0.8 | ||||||||||||||||||
Paid-in capital | 533.4 | — | — | — | — | 533.4 | ||||||||||||||||||
Retained earnings | 15.8 | — | — | (7.4 | ) | — | 8.4 | |||||||||||||||||
Treasury stock, at cost: shares: 0 (2012—1,414,351) | — | — | — | — | — | — | ||||||||||||||||||
Accumulated other comprehensive loss | 10.6 | — | — | — | — | 10.6 | ||||||||||||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | — | — | (7.4 | ) | — | 553.2 | |||||||||||||||||
Noncontrolling interests | 10.6 | — | — | — | — | 10.6 | ||||||||||||||||||
Total Equity | 571.2 | — | — | (7.4 | ) | — | 563.8 | |||||||||||||||||
Total Liabilities and Equity | $ | 5,396.10 | $ | 900 | $ | (1,011.8 | ) | $ | (1,363.5 | ) | $ | — | $ | 3,920.80 | ||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories are stated at the lower of cost or market, and cost is determined using FIFO. Inventories consisted of the following at December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Raw materials | $ | 69.7 | $ | 66.5 | ||||
In process | 41.8 | 46.1 | ||||||
Finished products | 152.4 | 138.8 | ||||||
Other | 31.4 | 32.2 | ||||||
$ | 295.3 | $ | 283.6 | |||||
Properties_and_Equipment
Properties and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Properties and Equipment | ' | |||||||
Properties and Equipment | ||||||||
December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Land | $ | 20 | $ | 19.9 | ||||
Buildings | 524.3 | 500.3 | ||||||
Information technology and equipment | 172 | 146.7 | ||||||
Machinery, equipment and other | 1,883.20 | 1,786.80 | ||||||
Projects under construction | 107.2 | 101.9 | ||||||
Properties and equipment, gross | 2,706.70 | 2,555.60 | ||||||
Accumulated depreciation and amortization | (1,876.8 | ) | (1,785.1 | ) | ||||
Properties and equipment, net | $ | 829.9 | $ | 770.5 | ||||
Capitalized interest costs amounted to $1.2 million, $0.1 million, and $0.1 million in 2013, 2012, and 2011, respectively. Depreciation and lease amortization expense relating to properties and equipment amounted to $108.6 million, $108.2 million, and $110.0 million in 2013, 2012, and 2011, respectively. Grace's rental expense for operating leases amounted to $28.4 million, $26.1 million, and $20.5 million in 2013, 2012, and 2011, respectively. | ||||||||
At December 31, 2013, minimum future non-cancelable payments for operating leases are: | ||||||||
(In millions) | ||||||||
2014 | $ | 22.8 | ||||||
2015 | 17.3 | |||||||
2016 | 13.4 | |||||||
2017 | 7.9 | |||||||
2018 | 4.8 | |||||||
Thereafter | 18.7 | |||||||
$ | 84.9 | |||||||
The above minimum non-cancelable lease payments are net of anticipated sublease income of $0.8 million in 2014, $0.7 million in 2015, $0.4 million in 2016, $0.2 million in 2017, $0.1 million in 2018 and $0.1 million thereafter. |
Acquisitions
Acquisitions | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Business Combinations [Abstract] | ' | |||||
Acquisitions | ' | |||||
In 2013, Grace completed two business combinations for total consideration of $526.2 million as follows: | ||||||
• | In April 2013, Grace acquired the assets of Chemind Construction Products, a privately held specialty manufacturer and distributor of waterproofing coatings technologies and materials for the design and construction industry. | |||||
• | In December 2013, Grace acquired the assets of the UNIPOL® Polypropylene Process Technology Licensing and Catalysts business of The Dow Chemical Company. The acquisition is complementary to Grace's specialty catalysts business and significantly enhances the company’s position as a leading supplier of polyolefin catalysts and technologies. | |||||
The purchase price for the acquisitions was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date in accordance with ASC 805 "Business Combinations". | ||||||
(In millions) | ||||||
Tangible assets | $ | 55.8 | ||||
Goodwill | 262.9 | |||||
Intangible assets | 247.6 | |||||
Liabilities assumed | (40.1 | ) | ||||
Net assets acquired, net of cash acquired | $ | 526.2 | ||||
The table below presents the assets acquired and liabilities assumed as part of the acquisition of the UNIPOL® licensing and related catalyst business. The excess of the purchase price over the fair value of the tangible net assets and intangible assets acquired was recorded as goodwill. The goodwill recognized is attributable to the expected growth and operating synergies that Grace expects to realize from this acquisition. Goodwill generated from the acquisition will be deductible for tax purposes. | ||||||
(In millions) | ||||||
Trade accounts receivable | $ | 10.5 | ||||
Inventories | 22.6 | |||||
Properties and equipment | 18.4 | |||||
Goodwill | 253.2 | |||||
Intangible assets | 243 | |||||
Current deferred revenue | (14.3 | ) | ||||
Noncurrent deferred revenue | (23.0 | ) | ||||
The table below presents the intangible assets acquired as part of the acquisition of the UNIPOL® licensing and related catalyst business and the periods over which they will be amortized. | ||||||
Amount | Weighted Average Amortization Period | |||||
(In millions) | (in years) | |||||
Technology | $ | 205.3 | 20.9 | |||
Trademarks | 11.9 | 30 | ||||
Customer Lists | 10.6 | 20 | ||||
Other | 15.2 | 17 | ||||
Total | $ | 243 | 20.9 | |||
Pro forma information is not presented for the UNIPOL® licensing and related catalyst business as the acquisition is not material to the Company. In the month of December, Grace recorded $5.2 million in sales related to the acquisition and earnings of $0.6 million before $8.6 million of acquisition, integration, and transition costs. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||
The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the year ended December 31, 2013, are as follows: | ||||||||||||||||
(In millions) | Grace Catalysts Technologies | Grace Materials Technologies | Grace | Total | ||||||||||||
Construction | Grace | |||||||||||||||
Products | ||||||||||||||||
Balance, December 31, 2012 | $ | 39.5 | $ | 40.5 | $ | 116.7 | $ | 196.7 | ||||||||
Goodwill acquired during the year | 253.2 | — | 9.7 | 262.9 | ||||||||||||
Foreign currency translation/other adjustments | 0.7 | 0.7 | (3.5 | ) | (2.1 | ) | ||||||||||
Balance, December 31, 2013 | $ | 293.4 | $ | 41.2 | $ | 122.9 | $ | 457.5 | ||||||||
Grace's net book value of other intangible assets at December 31, 2013 and 2012, was $315.5 million and $82.7 million, respectively, detailed as follows: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
(In millions) | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | |||||||||||||||
Technology | $ | 260 | $ | 37.8 | ||||||||||||
Customer lists | 94.9 | 43.7 | ||||||||||||||
Trademarks | 36.9 | 14 | ||||||||||||||
Other | 22.4 | 3.2 | ||||||||||||||
Total | $ | 414.2 | $ | 98.7 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||
(In millions) | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | |||||||||||||||
Customer lists | $ | 81.6 | $ | 37.9 | ||||||||||||
Technology | 54.6 | 32.6 | ||||||||||||||
Trademarks | 24.6 | 12.2 | ||||||||||||||
Other | 8.8 | 4.2 | ||||||||||||||
Total | $ | 169.6 | $ | 86.9 | ||||||||||||
Total indefinite-lived trademarks, included above, at December 31, 2013 and 2012, were $4.9 million and $4.8 million, respectively. Amortization expense related to intangible assets amounted to $12.7 million, $10.7 million, and $10.0 million in 2013, 2012, and 2011, respectively. | ||||||||||||||||
At December 31, 2013, estimated future annual amortization expenses for intangible assets are: | ||||||||||||||||
(In millions) | ||||||||||||||||
2014 | $ | 24 | ||||||||||||||
2015 | 22.4 | |||||||||||||||
2016 | 18.6 | |||||||||||||||
2017 | 17.3 | |||||||||||||||
2018 | 17 | |||||||||||||||
Thereafter | 211.3 | |||||||||||||||
Total estimated amortization expenses | $ | 310.6 | ||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Components of Debt | ||||||||
(In millions) | 2013 | 2012 | ||||||
Debt payable within one year(1) | $ | 76.6 | $ | 83.4 | ||||
Debt payable after one year | $ | 5.3 | $ | 13.4 | ||||
Debt Subject to Compromise(2) | ||||||||
Bank borrowings(3) | $ | 500 | $ | 500 | ||||
Accrued interest on bank borrowings | 471 | 437.2 | ||||||
Default interest settlement(4) | 129 | — | ||||||
Drawn letters of credit(5) | 26.7 | 26.5 | ||||||
Accrued interest on drawn letters of credit | 11.1 | 9.6 | ||||||
$ | 1,137.80 | $ | 973.3 | |||||
Full-year weighted average interest rates on total debt | 3.6 | % | 3.5 | % | ||||
_______________________________________________________________________________ | ||||||||
-1 | Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million. | |||||||
-2 | At December 31, 2013, the carrying value of Grace's bank debt subject to compromise plus interest was $1,137.8 million. The estimated fair value of the bank debt approximates the carrying value and is estimated using Level 2 inputs. These amounts were paid in full on February 3, 2014. | |||||||
-3 | Under bank revolving credit agreements in effect prior to the Filing, Grace could borrow up to $500 million at interest rates based upon the prevailing prime, federal funds and/or Eurodollar rates. Of that amount, $250 million was available under short-term facilities that expired in May 2001, and $250 million was available under a long-term facility that expired in May 2003. As a result of the Filing, Grace was not permitted to make payments under the bank revolving credit agreements, and accordingly, the balance as of the Filing Date was reclassified to debt subject to compromise in the Consolidated Balance Sheets. | |||||||
-4 | On December 31, 2013, Grace entered into an agreement to settle the final appeal pending in its Chapter 11 bankruptcy with the holders of the company’s pre-petition bank debt (the “Bank Lenders”). The settlement calls for Grace to pay the Bank Lenders $129.0 million, plus interest from December 31, 2013, in addition to the distributions provided in the Joint Plan. | |||||||
-5 | Amounts drawn on letters of credit pursuant to settled but unpaid claims. | |||||||
Fair value is determined based on expected future cash flows (discounted at market interest rates), quotes from financial institutions and other appropriate valuation methodologies. | ||||||||
On February 3, 2014, Grace entered into a Credit Agreement (the "Credit Agreement") in connection with its exit financing. The Credit Agreement provides for: | ||||||||
(a) | a $400 million revolving credit facility due in 2019, with interest at LIBOR +175 bps; | |||||||
(b) | a $700 million term loan due in 2021, with interest at LIBOR +225 bps with a 75 bps floor; | |||||||
(c) | a €150 million term loan due in 2021 with interest at EURIBOR +250 bps with a 75 bps floor; and | |||||||
(d) | a $250 million delayed draw term loan facility available for 12 months, with amounts drawn due in 2021, with interest at LIBOR +225 bps with a 75 bps floor. | |||||||
The term loans will amortize in equal monthly installments in aggregate annual amounts equal to 1.00% of the original principal amount thereof. | ||||||||
The Credit Agreement contains customary affirmative covenants, including, but not limited to (i) maintenance of legal existence and compliance with laws and regulations; (ii) delivery of consolidated financial statements and other information; (iii) payment of taxes; (iv) delivery of notices of defaults and certain other material events; and (v) maintenance of adequate insurance. The Credit Agreement also contains customary negative covenants, including but not limited to restrictions on (i) dividends on, and redemptions of, equity interests and other restricted payments; (ii) liens; (iii) loans and investments; (iv) the sale, transfer or disposition of assets and businesses; (vi) transactions with affiliates; and (vii) a maximum total leverage ratio. | ||||||||
Events of default under the Credit Agreement include, but are not limited to: (i) failure to pay principal, interest, fees or other amounts under the Credit Agreement when due, taking into account any applicable grace period; (ii) any representation or warranty proving to have been incorrect in any material respect when made; (iii) failure to perform or observe covenants or other terms of the Credit Agreement subject to certain grace periods; (iv) a cross-default and cross-acceleration with certain other material debt; (v) bankruptcy events; (vi) certain defaults under ERISA; and (vii) the invalidity or impairment of security interests. | ||||||||
To secure its obligations under the Credit Agreement, the Company has granted security interests in the shares of its Grace-Conn. and Alltech Associates subsidiaries, substantially all of its U.S. non-real estate assets and property, and certain U.S. real estate. | ||||||||
This summary of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which has been filed with the SEC. |
Fair_Value_Measurements_and_Ri
Fair Value Measurements and Risk | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements and Risk | ' | |||||||||||||||
Certain of Grace's assets and liabilities are reported at fair value on a gross basis. ASC 820 defines fair value as the value that would be received at the measurement date in the principal or "most advantageous" market. Grace uses principal market data, whenever available, to value assets and liabilities that are required to be reported at fair value. | ||||||||||||||||
Grace has identified the following financial assets and liabilities that are subject to the fair value analysis required by ASC 820: | ||||||||||||||||
Fair Value of Debt and Other Financial Instruments | ||||||||||||||||
See Note 8 for a discussion of the fair value of Grace's debt. At December 31, 2013, the recorded values of other financial instruments such as cash equivalents and trade receivables and payables approximated their fair values, based on the short-term maturities and floating rate characteristics of these instruments. | ||||||||||||||||
Derivatives | ||||||||||||||||
From time to time, Grace enters into commodity derivatives such as fixed-rate swaps or options with financial institutions to mitigate the risk of volatility of prices of natural gas or other commodities. Under fixed-rate swaps, Grace locks in a fixed rate with a financial institution for future purchases, purchases its commodity from a supplier at the prevailing market rate, and then settles with the bank for any difference in the rates, thereby "swapping" a variable rate for a fixed rate. | ||||||||||||||||
The valuation of Grace's fixed-rate natural gas swaps was determined using a market approach, based on natural gas futures trading prices quoted on the New York Mercantile Exchange. Commodity fixed-rate swaps with maturities of not more than 12 months are used and designated as cash flow hedges of forecasted purchases of natural gas. Current open contracts hedge forecasted transactions until March 2014. The effective portion of the gain or loss on the commodity contracts is recorded in "accumulated other comprehensive income" and reclassified into income in the same period or periods that the underlying commodity purchase affects income. At December 31, 2013, the contract volume, or notional amount, of the commodity contracts was 0.3 million MMBtu (million British thermal units) with a total contract value of $1.2 million. | ||||||||||||||||
The valuation of Grace's natural gas call options was determined using a market approach, based on the strike price of the options and the natural gas futures trading prices quoted on the New York Mercantile Exchange. Commodity option contracts with maturities of not more than 24 months are used and designated as cash flow hedges of forecasted purchases of natural gas. Current open option contracts hedge forecasted transactions until June 2015. The effective portion of the gain or loss on the commodity contracts is recorded in "accumulated other comprehensive income" and reclassified into income in the same period or periods that the underlying purchases affect income. At December 31, 2013, the contract volume, or notional amount, of the commodity option contracts was 7.1 million MMBtu and the natural gas futures trading price of option contracts was less than the strike price. | ||||||||||||||||
The valuation of Grace's fixed-rate aluminum swaps was determined using a market approach, based on aluminum futures trading prices quoted on the London Metal Exchange. Commodity fixed-rate swaps with maturities of not more than 12 months are used and designated as cash flow hedges of forecasted purchases of aluminum. Current open contracts hedge forecasted transactions until December 2014. The effective portion of the gain or loss on the commodity contracts is recorded in "accumulated other comprehensive income" and reclassified into income in the same period or periods that the underlying commodity purchase affects income. At December 31, 2013, the contract volume, or notional amount, of the commodity contracts was 1.4 million pounds with a total contract value of $1.2 million. | ||||||||||||||||
Because Grace does business in over 40 countries and in more than 50 currencies, results are exposed to fluctuations in currency exchange rates. Grace seeks to minimize exposure to these fluctuations by matching sales in volatile currencies with expenditures in the same currencies, but it is not always possible to do so. From time to time Grace will use financial instruments such as currency forward contracts, options, or combinations of the two to reduce the risk of certain specific transactions. However, Grace does not have a policy of hedging all exposures, because management does not believe that such a level of hedging would be cost-effective. | ||||||||||||||||
The valuation of Grace's currency exchange rate forward contracts is determined using both a market approach and an income approach. Inputs used to value currency exchange rate forward contracts consist of: (1) spot rates, which are quoted by various financial institutions; (2) forward points, which are primarily affected by changes in interest rates; and (3) discount rates used to present value future cash flows, which are based on the London Interbank Offered Rate (LIBOR) curve or overnight indexed swap rates. | ||||||||||||||||
In November 2007, Grace purchased currency forward contracts to mitigate the effect of currency risk with respect to intercompany loans between its principal U.S. subsidiary and a German subsidiary. As of December 31, 2013, the total notional amount related to the remaining outstanding currency forward contracts was €194.5 million. These derivatives are not designated as hedging instruments under ASC 815. These contracts were settled upon Grace's emergence from bankruptcy. | ||||||||||||||||
The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012: | ||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | Total | Quoted Prices in | Significant | Significant | ||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||
Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Currency derivatives | $ | 2.1 | $ | — | $ | 2.1 | $ | — | ||||||||
Commodity derivatives | — | — | — | — | ||||||||||||
Total Assets | $ | 2.1 | $ | — | $ | 2.1 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Currency derivatives | $ | 6.9 | $ | — | $ | 6.9 | $ | — | ||||||||
Commodity derivatives | 0.1 | — | 0.1 | — | ||||||||||||
Total Liabilities | $ | 7 | $ | — | $ | 7 | $ | — | ||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | Total | Quoted Prices in | Significant | Significant | ||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||
Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Currency derivatives | $ | 1.2 | $ | — | $ | 1.2 | $ | — | ||||||||
Commodity derivatives | 0.2 | — | 0.2 | — | ||||||||||||
Total Assets | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Currency derivatives | $ | 5.1 | $ | — | $ | 5.1 | $ | — | ||||||||
Commodity derivatives | 0.4 | — | 0.4 | — | ||||||||||||
Total Liabilities | $ | 5.5 | $ | — | $ | 5.5 | $ | — | ||||||||
The following tables present the location and fair values of derivative instruments included in the Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Values of Derivative Instruments at December 31, 2013 | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
(In millions) | Location | Value | Location | Value | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||
Commodity contracts | Other current assets | $ | — | Other current liabilities | $ | 0.1 | ||||||||||
Currency contracts | Other current assets | 1 | Other current liabilities | — | ||||||||||||
Currency contracts | Other assets | 1 | Other liabilities | — | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other current assets | 0.1 | Other current liabilities | 6.9 | ||||||||||||
Total derivatives | $ | 2.1 | $ | 7 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Values of Derivative Instruments at December 31, 2012 | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
(In millions) | Location | Value | Location | Value | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||
Commodity contracts | Other current assets | $ | 0.2 | Other current liabilities | $ | 0.4 | ||||||||||
Currency contracts | Other current assets | 1.2 | Other current liabilities | 0.2 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other current assets | — | Other current liabilities | 4.9 | ||||||||||||
Total derivatives | $ | 1.4 | $ | 5.5 | ||||||||||||
The following tables present the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations or, when applicable, gains and losses initially recognized in other comprehensive income (loss) ("OCI") for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2013 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | 2 | Other expense | $ | 2.4 | |||||||||||
Currency contracts | (0.2 | ) | Cost of goods sold | (0.2 | ) | |||||||||||
Commodity contracts | (0.3 | ) | Cost of goods sold | (0.4 | ) | |||||||||||
Total derivatives | $ | 1.5 | $ | 1.8 | ||||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | (10.9 | ) | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2012 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | 1.4 | Other expense | $ | 1.6 | |||||||||||
Currency contracts | 0.2 | Cost of goods sold | (0.1 | ) | ||||||||||||
Commodity contracts | (2.3 | ) | Cost of goods sold | (5.9 | ) | |||||||||||
Total derivatives | $ | (0.7 | ) | $ | (4.4 | ) | ||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | (4.4 | ) | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2011 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | (0.2 | ) | Cost of goods sold | $ | 0.1 | ||||||||||
Commodity contracts | (5.7 | ) | Cost of goods sold | (2.8 | ) | |||||||||||
Total derivatives | $ | (5.9 | ) | $ | (2.7 | ) | ||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | 9 | |||||||||||||
Debt and Interest Rate Swap Agreements | ||||||||||||||||
Grace was not a party to any debt or interest rate swaps at December 31, 2013 and 2012. However, in connection with emergence financing, Grace entered into an interest rate swap beginning on February 3, 2015, and maturing on February 3, 2020, fixing $250 million of term debt at 4.643%. | ||||||||||||||||
Credit Risk | ||||||||||||||||
Grace is exposed to credit risk in its trade accounts receivable. Customers in the petroleum refining and construction industries represent the greatest exposure. Grace's credit evaluation policies, relatively short collection terms and history of minimal credit losses mitigate credit risk exposures. Grace does not generally require collateral for its trade accounts receivable, but may require a bank letter of credit in certain instances, particularly when selling to customers in cash restricted countries. | ||||||||||||||||
Grace may also be exposed to credit risk in its derivatives contracts. Grace monitors counterparty credit risk and currently does not anticipate nonperformance by its derivatives counterparties. Grace's derivatives contracts are with internationally recognized commercial financial institutions. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Provision for Income Taxes | ||||||||||||
The components of income from consolidated operations before income taxes and the related provision for income taxes for 2013, 2012, and 2011 are as follows: | ||||||||||||
Income Taxes—Consolidated Operations | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Income (loss) before income taxes: | ||||||||||||
Domestic | $ | 141.4 | $ | (170.3 | ) | $ | 107.7 | |||||
Foreign | 219.2 | 149.7 | 199.3 | |||||||||
Total | $ | 360.6 | $ | (20.6 | ) | $ | 307 | |||||
Benefit from (provision for) income taxes: | ||||||||||||
Federal—current | $ | 1.4 | $ | (51.2 | ) | $ | 16.7 | |||||
Federal—deferred | (73.1 | ) | 82 | (49.3 | ) | |||||||
State and local—current | (0.7 | ) | (4.4 | ) | (2.3 | ) | ||||||
State and local—deferred | 38.2 | 70.2 | — | |||||||||
Foreign—current | (83.5 | ) | (43.1 | ) | (52.5 | ) | ||||||
Foreign—deferred | 14.8 | 8.1 | (0.5 | ) | ||||||||
Total | $ | (102.9 | ) | $ | 61.6 | $ | (87.9 | ) | ||||
The preceding allocation of income between jurisdictions does not reflect $25.9 million, $22.1 million, and $30.1 million of domestic income resulting from repatriated earnings in 2013, 2012, and 2011, respectively. | ||||||||||||
The difference between the provision for income taxes at the U.S. federal income tax rate of 35% and Grace's overall income tax provision is summarized as follows: | ||||||||||||
Income Tax Provision Analysis | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Tax benefit (provision) at U.S. federal income tax rate | $ | (126.2 | ) | $ | 7.2 | $ | (107.4 | ) | ||||
Change in benefit (provision) resulting from: | ||||||||||||
Release of state valuation allowance | 24.4 | 44 | — | |||||||||
Effect of tax rates in foreign jurisdictions | 16.6 | 14.9 | 17.6 | |||||||||
Benefits from domestic production activities | — | 14 | 0.9 | |||||||||
Nontaxable income/non-deductible expenses | (9.7 | ) | (8.1 | ) | (7.3 | ) | ||||||
U.S. taxes on repatriated foreign earnings | 3.7 | (2.2 | ) | (1.1 | ) | |||||||
State and local income taxes, net of federal income tax | (0.7 | ) | 0.1 | (1.5 | ) | |||||||
Adjustments to uncertain tax positions and other items | (11.0 | ) | (8.3 | ) | 10.9 | |||||||
Benefit from (provision for) income taxes | $ | (102.9 | ) | $ | 61.6 | $ | (87.9 | ) | ||||
Deferred Tax Assets and Liabilities | ||||||||||||
At December 31, 2013 and 2012, the tax attributes giving rise to deferred tax assets and liabilities consisted of the following items: | ||||||||||||
Deferred Tax Analysis | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Liability for asbestos-related litigation | $ | 657.1 | $ | 717.5 | ||||||||
Federal tax credit carryforwards | 16.9 | 2.4 | ||||||||||
Foreign net operating loss carryforwards | 18 | 22.7 | ||||||||||
Deferred state taxes | 90.3 | 88.4 | ||||||||||
Liability for environmental remediation | 47.1 | 49.2 | ||||||||||
Other postretirement benefits | 18.2 | 22.9 | ||||||||||
Pension liabilities | 96.7 | 133.1 | ||||||||||
Reserves and allowances | 60.4 | 51.6 | ||||||||||
Research and development | 32.6 | 34 | ||||||||||
Accrued interest on pre-petition debt | 66.7 | 121.9 | ||||||||||
Other | 16.3 | 20.8 | ||||||||||
Total deferred tax assets | $ | 1,120.30 | $ | 1,264.50 | ||||||||
Deferred tax liabilities: | ||||||||||||
Asbestos-related insurance receivable | $ | (175.0 | ) | $ | (175.0 | ) | ||||||
Pension assets | (3.7 | ) | (14.9 | ) | ||||||||
Properties and equipment | (30.3 | ) | (35.3 | ) | ||||||||
Other | (7.3 | ) | (14.7 | ) | ||||||||
Total deferred tax liabilities | $ | (216.3 | ) | $ | (239.9 | ) | ||||||
Valuation allowance: | ||||||||||||
Deferred state taxes | $ | (13.6 | ) | $ | (40.3 | ) | ||||||
Federal credits | (4.4 | ) | — | |||||||||
Foreign net operating loss carryforwards | (0.3 | ) | (0.5 | ) | ||||||||
Total valuation allowance | (18.3 | ) | (40.8 | ) | ||||||||
Net deferred tax assets | $ | 885.7 | $ | 983.8 | ||||||||
U.S. Federal deferred tax assets decreased year over year by $123.8 million. The $98.1 million reduction in net deferred tax assets was primarily the result of Grace's ability to accelerate the deductibility of certain emergence deductions, including the utilization of a qualified settlement fund. This overall reduction was partially offset by an increase in state deferred tax assets, mostly the result of a valuation allowance release. | ||||||||||||
Grace has recorded a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. Grace has considered forecasted earnings, recent past and future taxable income, the mix of earnings in the jurisdictions in which it operates and prudent and feasible tax planning strategies in determining the need for these valuation allowances. The valuation allowance decreased $22.5 million from December 31, 2012, to December 31, 2013. In the 2013 fourth quarter, Grace determined that it is more likely than not that its deductions generated at emergence will be used before their expiration. Accordingly, Grace recorded a $24.4 million release of its valuation allowance on its state deferred tax assets. Further decreases in Grace's deferred tax assets resulted from the utilization and expiration of state net operating losses ("NOLs") in the current year, and the reduction of NOLs resulting from prior-year adjustments to taxable income. These decreases were partially offset by the recording of valuation allowances on deferred tax assets associated with certain U.S. federal foreign tax credits. | ||||||||||||
The realization of deferred tax assets is dependent on the generation of sufficient taxable income in the appropriate tax jurisdictions. Although realization is not assured, Grace believes it is more likely than not that the remaining deferred tax assets will be realized. If Grace were to determine that it would not be able to realize a portion of its net deferred tax assets in the future, for which there is currently no valuation allowance, an adjustment to the net deferred tax assets would be charged to earnings in the period such determination was made. Conversely, if Grace were to make a determination that it is more likely than not that deferred tax assets, for which there is currently a valuation allowance, would be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. | ||||||||||||
The U.S. Federal tax credit carryforwards at December 31, 2013, were $65.2 million. Grace has recorded a valuation allowance of $4.4 million against the credit carryforwards because they are expected to expire unused by 2018 while Grace continues to be in an NOL position. Grace expects to use $52.4 million of the credits that would otherwise expire in the years 2019 through 2028, as well as the remaining $8.4 million, which do not expire. In addition, as a result of certain realization requirements, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2013 and 2012, that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Equity will be increased by $57.7 million if and when such deferred tax assets are ultimately realized. | ||||||||||||
U.S. Federal Net Operating Losses | ||||||||||||
At emergence from bankruptcy, Grace generated approximately $670 million in U.S. Federal net operating losses, which were previously recorded as deferred tax assets for temporary differences, that will be available to reduce U.S. Federal taxable income in 2014 and future years. In addition, Grace expects to receive a U.S. Federal income tax deduction of $490 million upon settlement of the warrant held by one of the asbestos trusts and $1,580 million upon payment of deferred payment obligations. Grace expects to carryforward most of its NOLs. Under U.S. Federal income tax law, a corporation is generally permitted to carryforward NOLs for a 20-year period for deduction against future taxable income. Grace believes that it will generate sufficient domestic taxable income to use all available future tax deductions prior to expiration. Grace has generally not paid U.S. Federal income taxes in cash in recent years since available tax deductions and credits have fully offset U.S. taxable income. | ||||||||||||
Unrepatriated Foreign Earnings | ||||||||||||
Grace has not provided for U.S. federal, state and foreign deferred income taxes on $1,126.5 million of undistributed earnings of foreign subsidiaries. Grace expects that these earnings will be permanently reinvested by such subsidiaries except in certain instances where repatriation attributable to current earnings results in minimal or no U.S. tax consequences. The unrecorded deferred tax liability associated with these earnings is $149.7 million. Since 2001, Grace has repatriated cash and promissory notes from foreign subsidiaries to support its Chapter 11 funding requirements. Grace repatriated earnings of $25.9 million, $22.1 million, and $30.1 million from its non-U.S. subsidiaries in 2013, 2012, and 2011, respectively, incurring an insignificant amount of U.S. income tax expense. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
The amount of unrecognized tax benefits at December 31, 2013, was $84.4 million ($80.3 million excluding interest and penalties). The amount of unrecognized tax benefits at December 31, 2012, was $88.6 million ($83.1 million excluding interest and penalties). The amount of unrecognized tax benefits at December 31, 2011, was $69.3 million ($62.4 million excluding interest and penalties). A reconciliation of the unrecognized tax benefits, excluding interest and penalties, for the three years ended December 31, 2013, follows: | ||||||||||||
Rollforward of Uncertain Tax Positions | ||||||||||||
(In millions) | Unrecognized | |||||||||||
Tax Benefits | ||||||||||||
Balance as of January 1, 2011 | $ | 79.2 | ||||||||||
Additions for current year tax positions | 0.6 | |||||||||||
Additions for prior year tax positions | 0.5 | |||||||||||
Reductions for prior year tax positions and reclassifications(1)(2) | (17.8 | ) | ||||||||||
Reductions for expirations of statute of limitations | (0.1 | ) | ||||||||||
Balance as of December 31, 2011 | 62.4 | |||||||||||
Additions for current year tax positions | 3.4 | |||||||||||
Additions for prior year tax positions | 22 | |||||||||||
Reductions for prior year tax positions and reclassifications | (0.8 | ) | ||||||||||
Reductions for expirations of statute of limitations | (2.9 | ) | ||||||||||
Settlements(3) | (1.0 | ) | ||||||||||
Balance as of December 31, 2012 | 83.1 | |||||||||||
Additions for current year tax positions | 6.3 | |||||||||||
Additions for prior year tax positions | 6.4 | |||||||||||
Reductions for prior year tax positions and reclassifications(4) | (9.6 | ) | ||||||||||
Reductions for expirations of statute of limitations | (5.9 | ) | ||||||||||
Balance as of December 31, 2013 | $ | 80.3 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | On November 3, 2011, Grace received notice from the Canadian Revenue Agency that they had completed a review of Grace's Canadian transfer pricing for the years 2002, 2003, and 2004. As a result, Grace reversed $10.6 million of uncertain tax positions because they were effectively settled pursuant to ASC 740-10-25. A tax matter is effectively settled through examination when the taxing authority has completed an examination; the entity does not intend to appeal or litigate any aspect of a particular tax position for the completed examination; and based on a tax authority's widely understood policy, the entity considers it remote that the taxing authority would subsequently examine or reexamine any of the positions once the examination process is completed. | |||||||||||
-2 | In 2011, $6.7 million of uncertain tax positions representing pre-petition federal and state settlements were reclassified to income taxes payable. | |||||||||||
-3 | In 2012, $1.0 million of uncertain tax positions representing withholding taxes due were paid as a result of the completion of Grace's Canadian audit for the years 2002, 2003, and 2004. | |||||||||||
-4 | In 2013, $9.6 million of uncertain tax positions representing agreed adjustments resulting from the 2007-2009 IRS examination were reclassified to income taxes payable. | |||||||||||
The balance of unrecognized tax benefits as of December 31, 2013, 2012, and 2011 of $79.5 million (net of $0.8 million that would be indemnified by a third party), $82.1 million (net of $1.0 million that would be indemnified by a third party), and $62.4 million, respectively, if recognized, would affect the effective tax rate. Grace accrues potential interest and any associated penalties related to uncertain tax positions in "benefit from (provision for) income taxes" in the Consolidated Statements of Operations. The balances of unrecognized tax benefits in the preceding table do not include accrued interest and penalties. The total amount of interest and penalties accrued on uncertain tax positions as of December 31, 2013, 2012, and 2011 was $4.1 million, $5.5 million and $6.9 million, respectively, net of applicable federal income tax benefits. | ||||||||||||
Grace files U.S. Federal income tax returns as well as income tax returns in various state and foreign jurisdictions. Grace's uncertain tax positions are related to income tax returns for tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes these open tax years by major jurisdiction: | ||||||||||||
Tax Jurisdiction(1) | Examination in Progress | Examination Not Yet Initiated | ||||||||||
United States—Federal | 2007-2009 | 2010-2012 | ||||||||||
United States—State | 2007-2012 | 2010-2012 | ||||||||||
Germany | None | 2009-2012 | ||||||||||
Italy | None | 2008-2012 | ||||||||||
France | 2010-2011 | 2012 | ||||||||||
Canada | None | 2006-2012 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | Includes federal, state, provincial or local jurisdictions, as applicable. | |||||||||||
Grace notes that there are attributes generated in prior years that are otherwise closed by statute and were carried forward into years that are open to examination. Those attributes may still be subject to adjustment to the extent utilized in open years. | ||||||||||||
As a multi-national taxpayer, Grace is under continual audit by the various tax authorities on open-year tax positions. Based on the status of current examinations in various taxing jurisdictions and applicable judicial decisions applied to Grace's fact pattern, Grace believes it is reasonably possible that in the next 12 months the amount of the liability for unrecognized tax benefits could decrease by as much as $68 million. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||
As discussed in Note 1, the Company elected to change its method of accounting for deferred actuarial gains and losses relating to its global defined benefit pension plans in 2013. The new accounting method, referred to as mark-to-market accounting, was adopted in the 2013 fourth quarter and retrospectively applied to the Company's financial results for all periods presented in this report. See Note 1 under the caption "Change in Accounting Principle Regarding Pension Benefits" for additional information. | ||||||||||||||||||||||||||||||||||||
The following table presents the funded status of Grace's fully-funded, underfunded, and unfunded pension plans: | ||||||||||||||||||||||||||||||||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||
Overfunded defined benefit pension plans | $ | 16.7 | $ | 32.1 | ||||||||||||||||||||||||||||||||
Underfunded defined benefit pension plans | (66.2 | ) | (175.1 | ) | ||||||||||||||||||||||||||||||||
Unfunded defined benefit pension plans | (233.4 | ) | (221.4 | ) | ||||||||||||||||||||||||||||||||
Total underfunded and unfunded defined benefit pension plans | (299.6 | ) | (396.5 | ) | ||||||||||||||||||||||||||||||||
Unfunded defined benefit pension plans included in liabilities subject to compromise | (123.6 | ) | (131.2 | ) | ||||||||||||||||||||||||||||||||
Pension liabilities included in other current liabilities | (15.0 | ) | (14.0 | ) | ||||||||||||||||||||||||||||||||
Net funded status | $ | (421.5 | ) | $ | (509.6 | ) | ||||||||||||||||||||||||||||||
Fully-funded plans include several advance-funded plans where the fair value of the plan assets exceeds the projected benefit obligation ("PBO"). This group of plans was overfunded by $16.7 million as of December 31, 2013, and the overfunded status is reflected as "overfunded defined benefit pension plans" in the Consolidated Balance Sheets. Underfunded plans include a group of advance-funded plans that are underfunded on a PBO basis. Unfunded plans include several plans that are funded on a pay-as-you-go basis, and therefore, the entire PBO is unfunded. The combined balance of the underfunded and unfunded plans was $438.2 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Grace maintains defined benefit pension plans covering current and former employees of certain business units and divested business units who meet age and service requirements. Benefits are generally based on final average salary and years of service. Grace funds its U.S. qualified pension plans ("U.S. qualified pension plans") in accordance with U.S. federal laws and regulations. Non-U.S. pension plans ("non-U.S. pension plans") are funded under a variety of methods, as required under local laws and customs. | ||||||||||||||||||||||||||||||||||||
Grace also provides, through nonqualified plans, supplemental pension benefits in excess of U.S. qualified pension plan limits imposed by federal tax law. These plans cover officers and higher-level employees and serve to increase the combined pension amount to the level that they otherwise would have received under the U.S. qualified pension plans in the absence of such limits. The nonqualified plans are unfunded and Grace pays the costs of benefits as they are due to the participants. | ||||||||||||||||||||||||||||||||||||
At the December 31, 2013, measurement date for Grace's defined benefit pension plans, the PBO was $1,873.2 million as measured under U.S. GAAP compared with $1,954.9 million as of December 31, 2012. The PBO basis reflects the present value (using a 4.76% discount rate for U.S. plans and a 4.25% weighted average discount rate for non-U.S. plans as of December 31, 2013) of vested and non-vested benefits earned from employee service to date, based upon current services and estimated future pay increases for active employees. | ||||||||||||||||||||||||||||||||||||
On an annual basis a full remeasurement of pension assets and pension liabilities is performed based on the Company's estimates and actuarial valuations. These valuations reflect the terms of the plan, and use participant-specific information as well as certain key assumptions provided by management. | ||||||||||||||||||||||||||||||||||||
Postretirement Benefits Other Than Pensions Grace provides postretirement health care and life insurance benefits for retired employees of certain U.S. business units and certain divested business units. The postretirement medical plan provides various levels of benefits to employees hired before 1993 who retire from Grace after age 55 with at least 10 years of service. These plans are unfunded and Grace pays a portion of the costs of benefits under these plans as they are incurred. Grace applies ASC 715 to these plans, which requires that the future costs of postretirement health care and life insurance benefits be accrued over the employees' years of service. Actuarial gains and losses are recognized in the Consolidated Balance Sheets as a component of Shareholders’ Equity, with amortization of the net actuarial gains and losses that exceed 10 percent of the accumulated postretirement benefit obligation recognized each quarter in the Consolidated Statements of Operations over the average future service period of active employees. | ||||||||||||||||||||||||||||||||||||
Retirees and beneficiaries covered by the postretirement medical plan are required to contribute a minimum of 40% of the calculated premium for that coverage. During 2002, per capita costs under the retiree medical plans exceeded caps on the amount Grace was required to contribute under a 1993 amendment to the plan. As a result, for 2003 and future years, retirees will bear 100% of any increase in premium costs. | ||||||||||||||||||||||||||||||||||||
For 2013 measurement purposes, per capita costs, before retiree contributions, were assumed to initially increase at a rate of 8.25%. The rate of increase is assumed to decrease gradually to 5% through 2020 and remain at that level thereafter. A one percentage point increase or decrease in assumed health care medical cost trend rates would not materially change Grace's postretirement benefit obligations (impact of less than $1 million) and would have a negligible impact on the aggregate of the service and interest cost components of net periodic benefit cost. | ||||||||||||||||||||||||||||||||||||
Defined Contribution Retirement Plan Grace sponsors a defined contribution retirement plan for its employees in the United States. This plan is qualified under section 401(k) of the U.S. tax code. Currently, Grace contributes an amount equal to 100% of employee contributions, up to 6% of an individual employee's salary or wages. Grace's cost related to this benefit plan was $13.2 million, $12.6 million, and $12.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
Analysis of Plan Accounting and Funded Status The following table summarizes the changes in benefit obligations and fair values of retirement plan assets during 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Post- | |||||||||||||||||||||||||||||||||||
Change in Financial Status of Retirement Plans | U.S. | Non-U.S. | Total | Retirement Plans | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Change in Projected Benefit Obligation (PBO): | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,425.60 | $ | 1,282.30 | $ | 529.3 | $ | 452.8 | $ | 1,954.90 | $ | 1,735.10 | $ | 63.9 | $ | 64.6 | ||||||||||||||||||||
Service cost | 25.2 | 21.5 | 11.1 | 8.9 | 36.3 | 30.4 | 0.2 | 0.2 | ||||||||||||||||||||||||||||
Interest cost | 51.9 | 55.9 | 20.6 | 21.4 | 72.5 | 77.3 | 2.2 | 2.5 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||||||||||||
Amendments | — | — | — | — | — | — | (1.7 | ) | — | |||||||||||||||||||||||||||
Actuarial (gain) loss | (96.7 | ) | 132.3 | (2.4 | ) | 58.2 | (99.1 | ) | 190.5 | (4.3 | ) | (2.1 | ) | |||||||||||||||||||||||
Medicare subsidy receipts | — | — | — | — | — | — | 1.4 | 3.3 | ||||||||||||||||||||||||||||
Benefits paid | (79.2 | ) | (66.4 | ) | (22.1 | ) | (23.1 | ) | (101.3 | ) | (89.5 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Currency exchange translation adjustments | — | — | 9.3 | 10.5 | 9.3 | 10.5 | — | — | ||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 1,326.80 | $ | 1,425.60 | $ | 546.4 | $ | 529.3 | $ | 1,873.20 | $ | 1,954.90 | $ | 57.2 | $ | 63.9 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,131.70 | $ | 955.3 | $ | 313.6 | $ | 295.1 | $ | 1,445.30 | $ | 1,250.40 | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 37.1 | 127.9 | 0.8 | 20.8 | 37.9 | 148.7 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 55.6 | 114.9 | 12.7 | 11.9 | 68.3 | 126.8 | 3.1 | 1.3 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||||||||||||
Medicare subsidy receipts | — | — | — | — | — | — | 1.4 | 3.3 | ||||||||||||||||||||||||||||
Benefits paid | (79.2 | ) | (66.4 | ) | (22.1 | ) | (23.1 | ) | (101.3 | ) | (89.5 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Currency exchange translation adjustments | — | — | 0.9 | 8.3 | 0.9 | 8.3 | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,145.20 | $ | 1,131.70 | $ | 306.5 | $ | 313.6 | $ | 1,451.70 | $ | 1,445.30 | $ | — | $ | — | ||||||||||||||||||||
Funded status at end of year (PBO basis) | $ | (181.6 | ) | $ | (293.9 | ) | $ | (239.9 | ) | $ | (215.7 | ) | $ | (421.5 | ) | $ | (509.6 | ) | $ | (57.2 | ) | $ | (63.9 | ) | ||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | 16.7 | $ | 32.1 | $ | 16.7 | $ | 32.1 | $ | — | $ | — | ||||||||||||||||||||
Current liabilities | (5.8 | ) | (5.8 | ) | (9.2 | ) | (8.2 | ) | (15.0 | ) | (14.0 | ) | (4.5 | ) | (4.3 | ) | ||||||||||||||||||||
Noncurrent liabilities | (175.8 | ) | (288.1 | ) | (247.4 | ) | (239.6 | ) | (423.2 | ) | (527.7 | ) | (52.7 | ) | (59.6 | ) | ||||||||||||||||||||
Net amount recognized | $ | (181.6 | ) | $ | (293.9 | ) | $ | (239.9 | ) | $ | (215.7 | ) | $ | (421.5 | ) | $ | (509.6 | ) | $ | (57.2 | ) | $ | (63.9 | ) | ||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income consist of: | ||||||||||||||||||||||||||||||||||||
Accumulated actuarial gain | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5.0 | ) | $ | (0.3 | ) | ||||||||||||||||||
Prior service cost (credit) | 1.5 | 2.2 | (0.3 | ) | (0.3 | ) | 1.2 | 1.9 | (1.7 | ) | — | |||||||||||||||||||||||||
Net amount recognized | $ | 1.5 | $ | 2.2 | $ | (0.3 | ) | $ | (0.3 | ) | $ | 1.2 | $ | 1.9 | $ | (6.7 | ) | $ | (0.3 | ) | ||||||||||||||||
Defined Benefit Pension Plans | Other Post- | |||||||||||||||||||||||||||||||||||
Change in Financial Status of Retirement Plans | U.S. | Non-U.S. | Total | Retirement Plans | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.76 | % | 3.75 | % | 4.25 | % | 4.06 | % | NM | NM | 4.26 | % | 3.5 | % | ||||||||||||||||||||||
Rate of compensation increase | 4.7 | % | 4.3 | % | 3.41 | % | 3.37 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 4.06 | % | 4.83 | % | NM | NM | 3.5 | % | 4 | % | ||||||||||||||||||||||
Expected return on plan assets | 6 | % | 6.25 | % | 4.66 | % | 4.98 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
Rate of compensation increase | 4.3 | % | 4.3 | % | 3.37 | % | 3.4 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
NM—Not meaningful | ||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Non-U.S. | Other | U.S. | Non-U.S. | Other | U.S. | Non-U.S. | Other | |||||||||||||||||||||||||||
Net Periodic Benefit (Income) Cost | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 25.2 | $ | 11.1 | $ | 0.2 | $ | 21.5 | $ | 8.9 | $ | 0.2 | $ | 18.2 | $ | 8.7 | $ | 0.3 | ||||||||||||||||||
Interest cost | 51.9 | 20.6 | 2.2 | 55.9 | 21.4 | 2.5 | 60.3 | 22.7 | 3.2 | |||||||||||||||||||||||||||
Expected return on plan assets | (68.0 | ) | (14.0 | ) | — | (63.3 | ) | (14.8 | ) | — | (66.1 | ) | (16.2 | ) | — | |||||||||||||||||||||
Amortization of prior service cost (credit) | 0.7 | — | — | 0.9 | (0.1 | ) | — | 1.1 | — | — | ||||||||||||||||||||||||||
Annual mark-to-market adjustment | (65.8 | ) | 11 | — | 67.7 | 52.2 | — | 99.1 | 13.1 | — | ||||||||||||||||||||||||||
Amortization of net deferred actuarial loss | — | — | 0.4 | — | — | 0.6 | — | — | 0.6 | |||||||||||||||||||||||||||
Net curtailment and settlement loss | — | (0.1 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) cost | $ | (56.0 | ) | $ | 28.6 | $ | 2.8 | $ | 82.7 | $ | 67.6 | $ | 3.3 | $ | 112.6 | $ | 28.3 | $ | 4.1 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ||||||||||||||||||||||||||||||||||||
Net deferred actuarial gain | $ | — | $ | — | $ | (4.3 | ) | $ | — | $ | — | $ | (2.1 | ) | $ | — | $ | — | $ | (7.3 | ) | |||||||||||||||
Net prior service credit | — | — | (1.7 | ) | — | — | — | — | (0.4 | ) | — | |||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.7 | ) | — | — | (0.9 | ) | 0.1 | — | (1.1 | ) | — | — | ||||||||||||||||||||||||
Amortization of net deferred actuarial loss | — | — | (0.4 | ) | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (0.7 | ) | — | (6.4 | ) | (0.9 | ) | 0.1 | (2.7 | ) | (1.1 | ) | (0.4 | ) | (7.9 | ) | ||||||||||||||||||||
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | $ | (56.7 | ) | $ | 28.6 | $ | (3.6 | ) | $ | 81.8 | $ | 67.7 | $ | 0.6 | $ | 111.5 | $ | 27.9 | $ | (3.8 | ) | |||||||||||||||
The estimated prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year is $0.7 million. The estimated net deferred actuarial gain and prior service credit for the other postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit (income) cost over the next fiscal year are $0.9 million and $0.3 million, respectively. | ||||||||||||||||||||||||||||||||||||
Funded Status of U.S. Pension Plans | Fully-Funded U.S. Qualified | Underfunded U.S. | Unfunded Pay-As-You-Go | |||||||||||||||||||||||||||||||||
(In millions) | Pension Plans(1) | Qualified Pension Plans(1) | U.S. Nonqualified Plans(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | — | $ | — | $ | — | $ | 1,197.40 | $ | 1,288.60 | $ | 1,157.50 | $ | 129.4 | $ | 137 | $ | 124.8 | ||||||||||||||||||
Fair value of plan assets | — | — | — | 1,145.20 | 1,131.70 | 955.3 | — | — | — | |||||||||||||||||||||||||||
Funded status (PBO basis) | $ | — | $ | — | $ | — | $ | (52.2 | ) | $ | (156.9 | ) | $ | (202.2 | ) | $ | (129.4 | ) | $ | (137.0 | ) | $ | (124.8 | ) | ||||||||||||
Benefits paid | $ | — | $ | — | $ | — | $ | (73.6 | ) | $ | (60.7 | ) | $ | (59.9 | ) | $ | (5.6 | ) | $ | (5.7 | ) | $ | (5.6 | ) | ||||||||||||
Funded Status of Non-U.S. Pension Plans | Fully-Funded Non-U.S. | Underfunded Non-U.S. | Unfunded Pay-As-You-Go | |||||||||||||||||||||||||||||||||
(In millions) | Pension Plans(1) | Pension Plans(1) | Non-U.S. Pension Plans(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | 247.3 | $ | 237.1 | $ | 213.3 | $ | 56.5 | $ | 62.6 | $ | 53.1 | $ | 242.6 | $ | 229.6 | $ | 186.4 | ||||||||||||||||||
Fair value of plan assets | 264 | 269.2 | 255.8 | 42.5 | 44.4 | 39.3 | — | — | — | |||||||||||||||||||||||||||
Funded status (PBO basis) | $ | 16.7 | $ | 32.1 | $ | 42.5 | $ | (14.0 | ) | $ | (18.2 | ) | $ | (13.8 | ) | $ | (242.6 | ) | $ | (229.6 | ) | $ | (186.4 | ) | ||||||||||||
Benefits paid | $ | (10.0 | ) | $ | (11.8 | ) | $ | (10.2 | ) | $ | (4.2 | ) | $ | (3.6 | ) | $ | (2.2 | ) | $ | (7.9 | ) | $ | (7.7 | ) | $ | (8.8 | ) | |||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Plans intended to be advance-funded. | |||||||||||||||||||||||||||||||||||
-2 | Plans intended to be pay-as-you-go. | |||||||||||||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was approximately $1,772 million and $1,849 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Pension Plans with Underfunded or | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||||||
Unfunded Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 347.8 | $ | 1,425.60 | $ | 259.2 | $ | 280.3 | $ | 607 | $ | 1,705.90 | ||||||||||||||||||||||||
Accumulated benefit obligation | 344.1 | 1,371.20 | 230.7 | 242 | 574.8 | 1,613.20 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 201.1 | 1,131.70 | 8.9 | 35.5 | 210 | 1,167.20 | ||||||||||||||||||||||||||||||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts for the Fiscal Years Ending | Pension Plans | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | Postretirement Plans | Payments | ||||||||||||||||||||||||||||||||||
U.S.(1) | Non-U.S.(2) | Benefit | Medicare | Net of | ||||||||||||||||||||||||||||||||
Payments | Subsidy | Subsidy | ||||||||||||||||||||||||||||||||||
Benefit | Benefit | Receipts | ||||||||||||||||||||||||||||||||||
Payments(3) | Payments | |||||||||||||||||||||||||||||||||||
2011 (actual) | $ | 65.5 | $ | 21.2 | $ | 3.6 | $ | (1.9 | ) | $ | 88.4 | |||||||||||||||||||||||||
2012 (actual) | 66.4 | 23.1 | 4.6 | (3.3 | ) | 90.8 | ||||||||||||||||||||||||||||||
2013 (actual) | 79.2 | 22.1 | 4.5 | (1.4 | ) | 104.4 | ||||||||||||||||||||||||||||||
2014(3) | 108.6 | 23 | 6.2 | (1.7 | ) | 136.1 | ||||||||||||||||||||||||||||||
2015 | 82.2 | 22.7 | 6 | (0.5 | ) | 110.4 | ||||||||||||||||||||||||||||||
2016 | 83.5 | 24.4 | 5.8 | (0.1 | ) | 113.6 | ||||||||||||||||||||||||||||||
2017 | 84.9 | 25.1 | 5.6 | (0.1 | ) | 115.5 | ||||||||||||||||||||||||||||||
2018 | 86.3 | 26 | 5.3 | (0.1 | ) | 117.5 | ||||||||||||||||||||||||||||||
2019 - 2023 | 446.5 | 146.7 | 22.1 | (0.3 | ) | 615 | ||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Effective January 1, 2008, lump sum distributions from certain U.S. qualified pension plans were restricted based on the provisions of the Pension Protection Act of 2006 (the "Act"). The Act prohibited the distribution of lump sums to retiring participants while the Company was operating under Chapter 11 of the U.S. Bankruptcy Code and when the plan was less than 100% funded. After emergence from Chapter 11, the plan is permitted to distribute lump sums to retiring participants under the Act when the plan is at least 80% funded. | |||||||||||||||||||||||||||||||||||
-2 | Non-U.S. estimated benefit payments for 2014 and future periods have been translated at the applicable December 31, 2013, exchange rates. | |||||||||||||||||||||||||||||||||||
-3 | Includes approximately $28 million of benefit payments from nonqualified plans that were previously restricted by the Bankruptcy Court while the Company was in Chapter 11 and are expected to be paid in 2014. | |||||||||||||||||||||||||||||||||||
Discount Rate Assumption The assumed discount rate for pension plans reflects the market rates for high-quality corporate bonds currently available and is subject to change based on changes in overall market interest rates. For the U.S. qualified pension plans, the assumed discount rate of 4.76% as of December 31, 2013, was selected by Grace, in consultation with its independent actuaries, based on a yield curve constructed from a portfolio of high quality bonds for which the timing and amount of cash outflows approximate the estimated payouts of the plan. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the United Kingdom pension plan and German pension plans combined represented approximately 86% and 84%, respectively, of the benefit obligation of the non-U.S. pension plans. The assumed discount rates as of December 31, 2013, for the United Kingdom (4.34%) and Germany (3.76%) were selected by Grace, in consultation with its independent actuaries, based on yield curves constructed from a portfolio of sterling- and euro-denominated high quality bonds for which the timing and amount of cash outflows approximate the estimated payouts of the plans. The assumed discount rates for the remaining non-U.S. pension plans were determined based on the nature of the liabilities, local economic environments and available bond indices. | ||||||||||||||||||||||||||||||||||||
Investment Guidelines for Advance-Funded Pension Plans The investment goal for the U.S. qualified pension plans subject to advance funding is to earn a long-term rate of return consistent with the related cash flow profile of the underlying benefit obligation. The plans are pursuing a well-defined risk management strategy designed to reduce investment risks as their funded status improves. | ||||||||||||||||||||||||||||||||||||
The U.S. qualified pension plans have adopted a diversified set of portfolio management strategies to optimize the risk reward profile of the plans: | ||||||||||||||||||||||||||||||||||||
• | Liability hedging portfolio: primarily invested in intermediate-term and long-term investment grade corporate bonds in actively managed strategies. | |||||||||||||||||||||||||||||||||||
• | Growth portfolio: invested in a diversified set of assets designed to deliver performance in excess of the underlying liabilities with controls regarding the level of risk. | |||||||||||||||||||||||||||||||||||
• | U.S. equity securities: the portfolio contains domestic equities that are passively managed to the S&P 500 and Russell 2000 benchmark and an allocation to an active portfolio benchmarked to the Russell 2000. | |||||||||||||||||||||||||||||||||||
• | Non-U.S. equity securities: the portfolio contains non-U.S. equities in an actively managed strategy. Currency futures and forward contracts may be held for the sole purpose of hedging existing currency risk in the portfolio. | |||||||||||||||||||||||||||||||||||
• | Other investments: may include (a) high yield bonds: fixed income portfolio of securities below investment grade including up to 30% of the portfolio in non-U.S. issuers; and (b) global real estate securities: portfolio of diversified REIT and other liquid real estate related securities. These portfolios combine income generation and capital appreciation opportunities from developed markets globally. | |||||||||||||||||||||||||||||||||||
• | Liquidity portfolio: invested in short-term assets intended to pay periodic plan benefits and expenses. | |||||||||||||||||||||||||||||||||||
For 2013, the expected long-term rate of return on assets for the U.S. qualified pension plans was 6.00%. Average annual returns over one-, three-, five-, and ten-year periods were approximately 4%, 8%, 11%, and 6%, respectively. | ||||||||||||||||||||||||||||||||||||
The expected return on plan assets for the U.S. qualified pension plans for 2013 was selected by Grace, in consultation with its independent actuaries, using an expected return model. The model determines the weighted average return for an investment portfolio based on the target asset allocation and expected future returns for each asset class, which were developed using a building block approach based on observable inflation, available interest rate information, current market characteristics, and historical results. | ||||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for Grace's U.S. qualified pension plans are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
U.S. Qualified Pension Plans Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
U.S. equity securities | 10 | % | 10 | % | 16 | % | ||||||||||||||||||||||||||||||
Non-U.S. equity securities | 6 | % | 6 | % | 7 | % | ||||||||||||||||||||||||||||||
Short-term debt securities | 10 | % | 10 | % | 6 | % | ||||||||||||||||||||||||||||||
Intermediate-term debt securities | 28 | % | 28 | % | 31 | % | ||||||||||||||||||||||||||||||
Long-term debt securities | 44 | % | 44 | % | 35 | % | ||||||||||||||||||||||||||||||
Other investments | 2 | % | 2 | % | 5 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—U.S. Qualified Pension Plans | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
U.S. equity group trust funds | $ | 111.5 | $ | — | $ | 111.5 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. equity group trust funds | 67.1 | — | 67.1 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—intermediate-term | 322.6 | — | 322.6 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—long-term | 502.3 | — | 502.3 | — | ||||||||||||||||||||||||||||||||
Other fixed income group trust funds | 22.9 | — | 22.9 | — | ||||||||||||||||||||||||||||||||
Common/collective trust funds | 102.3 | — | 102.3 | — | ||||||||||||||||||||||||||||||||
Annuity and immediate participation contracts | 16.5 | — | 16.5 | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,145.20 | $ | — | $ | 1,145.20 | $ | — | ||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—U.S. Qualified Pension Plans | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
U.S. equity group trust funds | $ | 178.8 | $ | — | $ | 178.8 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. equity group trust funds | 79.2 | — | 79.2 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—intermediate-term | 348.4 | — | 348.4 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—long-term | 399.4 | — | 399.4 | — | ||||||||||||||||||||||||||||||||
Other fixed income group trust funds | 36.9 | — | 36.9 | — | ||||||||||||||||||||||||||||||||
REIT group trust funds | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||
Common/collective trust funds | 58.1 | — | 58.1 | — | ||||||||||||||||||||||||||||||||
Annuity and immediate participation contracts | 15.9 | — | 15.9 | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,131.70 | $ | — | $ | 1,131.70 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. pension plans accounted for approximately 21% and 22% of total global pension assets at December 31, 2013 and 2012, respectively. Each of these plans, where applicable, follows local requirements and regulations. Some of the local requirements include the establishment of a local pension committee, a formal statement of investment policy and procedures, and routine valuations by plan actuaries. | ||||||||||||||||||||||||||||||||||||
The target allocation of investment assets for non-U.S. pension plans varies depending on the investment goals of the individual plans. The plan assets of the United Kingdom pension plan represent approximately 83% and 82% of the total non-U.S. pension plan assets at December 31, 2013 and 2012, respectively. In determining the expected rate of return for the U.K. pension plan, the trustees' strategic investment policy has been considered together with long-term historical returns and investment community forecasts for each asset class. The expected return by sector has been combined with the actual asset allocation to determine the 2013 expected long-term return assumption of 4.25%. | ||||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for the U.K. pension plan are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
United Kingdom Pension Plan Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Diversified growth funds | 12 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||
U.K. gilts | 41 | % | 40 | % | 41 | % | ||||||||||||||||||||||||||||||
U.K. corporate bonds | 47 | % | 47 | % | 47 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The plan assets of the Canadian pension plan represent approximately 9% and 8% of the total non-U.S. pension plan assets at December 31, 2013 and 2012, respectively. The expected long-term rate of return on assets for the Canadian pension plan was 6.5% for 2013. | ||||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for the Canadian pension plan are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
Canadian Pension Plan Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Equity securities | 33 | % | 34 | % | 61 | % | ||||||||||||||||||||||||||||||
Bonds | 49 | % | 48 | % | 39 | % | ||||||||||||||||||||||||||||||
Other investments | 18 | % | 18 | % | — | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The plan assets of the other country plans represent approximately 8% and 10% in the aggregate (with no country representing more than 3% individually) of total non-U.S. pension plan assets at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The following tables present the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—Non-U.S. Pension Plans | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Assets or | (Level 2) | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
Common/collective trust funds | $ | 294.8 | $ | — | $ | 294.8 | $ | — | ||||||||||||||||||||||||||||
Government and agency securities | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||||||
Corporate bonds | 1.3 | — | 1.3 | — | ||||||||||||||||||||||||||||||||
Insurance contracts and other investments | 6.3 | — | 6.3 | — | ||||||||||||||||||||||||||||||||
Cash | 1.7 | 1.7 | — | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 306.5 | $ | 1.7 | $ | 304.8 | $ | — | ||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—Non-U.S. Pension Plans | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Assets or | (Level 2) | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
Common/collective trust funds | $ | 301.3 | $ | — | $ | 301.3 | $ | — | ||||||||||||||||||||||||||||
Government and agency securities | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||||||
Corporate bonds | 1.2 | — | 1.2 | — | ||||||||||||||||||||||||||||||||
Insurance contracts and other investments | 8 | — | 8 | — | ||||||||||||||||||||||||||||||||
Cash | 0.7 | 0.7 | — | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 313.6 | $ | 0.7 | $ | 312.9 | $ | — | ||||||||||||||||||||||||||||
Plan Contributions and Funding Grace intends to satisfy its funding obligations under the U.S. qualified pension plans and to comply with all of the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"). For ERISA purposes, funded status is calculated on a different basis than under U.S. GAAP. In March 2013, Grace made an accelerated contribution to the trusts that hold assets of the U.S. qualified pension plans of approximately $50 million. Based on the U.S. qualified pension plans' status as of December 31, 2013, there are no minimum required payments under ERISA for 2014. | ||||||||||||||||||||||||||||||||||||
Grace intends to fund non-U.S. pension plans based on applicable legal requirements and actuarial and trustee recommendations. Grace expects to contribute approximately $18 million to its non-U.S. pension plans and approximately $6 million (excluding any Medicare subsidy receipts) to its other postretirement plans in 2014. | ||||||||||||||||||||||||||||||||||||
Grace plans to pay benefits as they become due under the pay-as-you-go plans and to maintain compliance with federal funding laws for its U.S. qualified pension plans. |
Other_Balance_Sheet_Accounts
Other Balance Sheet Accounts | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Balance Sheet Accounts | ' | |||||||
Other Balance Sheet Accounts | ' | |||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | ||||||
Other Current Liabilities | ||||||||
Accrued compensation | $ | 62.4 | $ | 84.5 | ||||
Income tax payable | 32 | 44.8 | ||||||
Customer volume rebates | 33.3 | 32.5 | ||||||
Deferred revenue | 14.3 | — | ||||||
Pension liabilities | 15 | 14 | ||||||
Accrued commissions | 6.9 | 12.9 | ||||||
Accrued Chapter 11 reorganization expenses | 6.9 | 6.6 | ||||||
Fair value of currency forward and commodity contracts | 7 | 5.5 | ||||||
Restructuring liability | 4.4 | 3 | ||||||
Deferred tax liability | 0.1 | 0.6 | ||||||
Other accrued liabilities | 109.7 | 102.9 | ||||||
$ | 292 | $ | 307.3 | |||||
Accrued compensation in the table above includes salaries and wages as well as estimated current amounts due under the annual and long-term incentive programs. Deferred revenue in the above table is related to the UNIPOL® polypropylene process licensing business. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingent Liabilities | ' | |
Asbestos-Related Liability See Note 2 for a discussion of Grace's asbestos-related liability and future obligations and contingencies following the effectiveness of the Joint Plan. | ||
Environmental Remediation Grace is subject to loss contingencies resulting from extensive and evolving federal, state, local and foreign environmental laws and regulations relating to the generation, storage, handling, discharge, disposition and stewardship of hazardous wastes and other materials. Grace accrues for anticipated costs associated with investigative and remediation efforts where an assessment has indicated that a probable liability has been incurred and the cost can be reasonably estimated. These accruals do not take into account any discounting for the time value of money. | ||
Grace's environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated. These liabilities are evaluated based on currently available information, including the progress of remedial investigation at each site, the current status of discussions with regulatory authorities regarding the method and extent of remediation at each site, existing technology, prior experience in contaminated site remediation and the apportionment of costs among potentially responsible parties. | ||
Estimated Investigation and Remediation Costs | ||
At December 31, 2013, Grace's estimated liability for environmental investigation and remediation costs (non-asbestos and asbestos-related) totaled $135.9 million, compared with $141.5 million at December 31, 2012. These amounts are based on funding and/or remediation agreements in place, including the Multi-Site Agreement described below, and Grace's estimate of costs for sites not subject to a formal remediation plan for which sufficient information is available to estimate investigation and remediation costs. These amounts do not include environmental response costs for the Libby vermiculite mine area or vermiculite expansion facilities, which may be material but are not currently estimable. Due to these vermiculite-related matters, it is probable that Grace's actual investigation and remediation costs will exceed Grace's current estimates by material amounts. | ||
Grace recorded pre-tax charges of $8.2 million, $3.6 million, and $17.8 million for environmental matters in 2013, 2012, and 2011, respectively. Net cash expenditures charged against previously established reserves in 2013, 2012, and 2011 were $14.0 million, $13.0 million, and $11.8 million, respectively. | ||
Vermiculite-Related Matters | ||
Grace purchased a vermiculite mine in Libby, Montana, in 1963 and operated it until 1990. Vermiculite concentrate from the Libby mine was used in the manufacture of attic insulation and other products. Some of the vermiculite ore that was mined at the Libby mine contained naturally occurring asbestos. EPA has investigated sites, including some owned by Grace, which used, stored or processed vermiculite concentrate from the Libby mine. EPA, Grace, and/or other potentially responsible parties have conducted investigations and/or remedial actions at those sites identified by EPA as requiring remedial action. | ||
During 2010, EPA began reinvestigating certain facilities on a list of 105 facilities where vermiculite concentrate from the Libby mine may have been processed. Grace is cooperating with EPA on this reinvestigation. EPA has requested that Grace perform remediation at eight of these facilities. In 2011, Grace performed preliminary evaluations to estimate the cost of remediating these sites based on the revised criteria and recorded an aggregate charge of $16.0 million. It is probable that EPA will request additional remediation at other facilities. Grace does not have sufficient information to identify either the sites that might require additional remediation or the cost of any additional remediation. Grace will continue to monitor EPA's reinvestigation of the remaining sites and assess any information received from EPA. A liability will be recorded in the future should Grace determine that an obligation is probable and reasonably estimable. | ||
Grace's total estimated liability for asbestos remediation studies and other estimable matters related to its former vermiculite operations in Libby, as well as the cost of remediation at vermiculite processing sites outside of Libby, at December 31, 2013 and 2012, was $60.4 million and $60.8 million, respectively, excluding interest where applicable. It is probable that Grace's ultimate liability will exceed current estimates by material amounts. Grace's current recorded liability will be adjusted as Grace receives new information and amounts become reasonably estimable. | ||
Non-Vermiculite-Related Matters | ||
At December 31, 2013 and 2012, Grace's estimated liability for remediation of sites not related to its former vermiculite mining and processing activities was $75.5 million and $80.7 million, respectively. This liability relates to Grace's current and former operations, including its share of liability for off-site disposal at facilities where it has been identified as a potentially responsible party. Grace's estimated liability is based upon an evaluation of claims for which sufficient information is available, regulatory requirements, and environmental conditions at each site. As Grace receives new information and continues its claims evaluation process, its estimated liability may change materially. | ||
Settlement of Environmental Claims in Chapter 11 | ||
EPA filed proofs of claim with respect to potential contamination at 38 sites, including vermiculite-related claims and non-vermiculite-related claims. In June 2008, Grace entered into a settlement agreement (the "Multi-Site Agreement") with the U.S. Government, on behalf of EPA and other federal agencies. Under the Multi-Site Agreement, Grace agreed to pay approximately $44 million, which is included in the liabilities described above, to the U.S. Government and other parties in settlement of 35 of these outstanding claims and the U.S. Government has agreed not to take action against Grace under the Comprehensive Environmental Response, Compensation, and Liability Act with respect to these sites. The settlement amount under the Multi-Site Agreement was paid, with interest, following the effective date of the Joint Plan in February 2014. Grace is implementing remediation at two of the remaining sites. With respect to the third remaining site, Libby, Montana, EPA's claims have been resolved except for claims related to the Grace-owned Libby vermiculite mine and the surrounding area. EPA is engaged in a remedial investigation of these areas to determine an appropriate cleanup standard. Grace is cooperating with EPA in this investigation. | ||
Purchase Commitments Grace uses purchase commitments to ensure supply and to minimize the volatility of major components of direct manufacturing costs including natural gas, certain metals, rare earths, asphalt, amines and other materials. Such commitments are for quantities that Grace fully expects to use in its normal operations. | ||
Guarantees and Indemnification Obligations Grace is a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of: | ||
• | Product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. Grace generally does not establish a liability for product warranty based on a percentage of sales or other formula. Grace accrues a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to the Consolidated Financial Statements. | |
• | Licenses of intellectual property by Grace to third parties in which Grace has agreed to indemnify the licensee against third party infringement claims. | |
• | Contracts providing for the sale of a former business unit or product line in which Grace has agreed to indemnify the buyer against liabilities arising prior to the closing of the transaction, including environmental liabilities. | |
• | Guarantees of real property lease obligations of third parties, typically arising out of (a) leases entered into by former subsidiaries of Grace, or (b) the assignment or sublease of a lease by Grace to a third party. | |
Financial Assurances Financial assurances have been established for a variety of purposes, including insurance and environmental matters, asbestos settlements and appeals, trade-related commitments and other matters. At December 31, 2013, Grace had gross financial assurances issued and outstanding of $258.2 million, composed of $108.5 million of surety bonds issued by various insurance companies and $149.7 million of standby letters of credit and other financial assurances issued by various banks; $80.6 million of these financial assurances have been issued under the letter of credit facility. | ||
Accounting for Contingencies Although the outcome of each of the matters discussed above cannot be predicted with certainty, Grace has assessed its risk and has made accounting estimates as required under U.S. GAAP. Claims related to certain of the items discussed above were addressed as part of Grace's Chapter 11 proceedings. Accruals recorded for such contingencies have been included in "liabilities subject to compromise" in the accompanying Consolidated Balance Sheets. |
Restructuring_Expenses_and_Rel
Restructuring Expenses and Related Asset Impairments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring Expenses and Related Asset Impairments | ' | |||||||||||
Restructuring Expenses and Related Asset Impairments | ||||||||||||
In 2013, Grace incurred costs from restructuring actions as a result of changes in the business environment and business structure. Grace incurred $12.5 million ($6.1 million in Grace Construction Products, $4.0 million in Grace Catalysts Technologies, $0.4 million in Grace Materials Technologies and $2.0 million in Corporate) of restructuring expenses and related asset impairments during 2013, compared with $6.9 million in 2012 ($2.0 million in Grace Construction Products, $0.2 million in Grace Catalysts Technologies, $1.0 million in Grace Materials Technologies and $3.7 million in Corporate). Substantially all costs related to the 2012 programs were paid as of December 31, 2013, while substantially all costs related to the 2013 restructuring programs are expected to be paid by December 31, 2014. | ||||||||||||
Restructuring Expenses and Related Asset Impairments | Year Ended December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Severance and other employee-related costs | $ | 6.7 | $ | 5.6 | $ | 3.8 | ||||||
Asset impairments and other restructuring costs | 5.8 | 1.3 | 3.1 | |||||||||
Total restructuring expenses and related asset impairments | $ | 12.5 | $ | 6.9 | $ | 6.9 | ||||||
Restructuring Liability | December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance, December 31, 2012 | $ | 3 | $ | 5.9 | $ | 9.6 | ||||||
Accruals for severance and other costs | 7.6 | 5.6 | 3.8 | |||||||||
Payments | (6.4 | ) | (8.4 | ) | (7.2 | ) | ||||||
Currency translation adjustments and other | 0.2 | (0.1 | ) | (0.3 | ) | |||||||
Balance, December 31, 2013 | $ | 4.4 | $ | 3 | $ | 5.9 | ||||||
Other_Expense_net
Other Expense, net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other (Income) Expense, net | ' | |||||||||||
Other Expense, net | ||||||||||||
Components of other expense, net are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Restructuring expenses and related asset impairments | $ | 12.5 | $ | 6.9 | $ | 6.9 | ||||||
Provision for environmental remediation | 8.2 | 3.6 | 17.8 | |||||||||
Translation effects—intercompany loans | (11.9 | ) | (5.6 | ) | 11.7 | |||||||
Value of currency forward contracts—intercompany loans | 10.9 | 3.7 | (9.3 | ) | ||||||||
Currency transaction loss in Venezuela | 8.5 | — | — | |||||||||
Other currency transaction effects | 5 | 2.2 | 3.2 | |||||||||
Interest income of non-Debtor subsidiaries | (1.0 | ) | (1.0 | ) | (1.2 | ) | ||||||
Net (gain) loss on sales of investments and disposals of assets | 0.5 | 0.7 | (3.0 | ) | ||||||||
Other miscellaneous (income) expense | (9.2 | ) | (4.4 | ) | 3.3 | |||||||
Total other expense, net | $ | 23.5 | $ | 6.1 | $ | 29.4 | ||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following tables present the pre-tax, tax, and after-tax components of Grace's other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 0.7 | $ | (0.2 | ) | $ | 0.5 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||||||
Net prior service credit arising during period | 1.7 | (0.6 | ) | 1.1 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 4.3 | (1.6 | ) | 2.7 | ||||||||||||||||||||
Benefit plans, net | 7.1 | (2.5 | ) | 4.6 | ||||||||||||||||||||
Currency translation adjustments | (23.6 | ) | — | (23.6 | ) | |||||||||||||||||||
Loss from hedging activities | (0.3 | ) | 0.1 | (0.2 | ) | |||||||||||||||||||
Gain on securities available for sale | 0.1 | — | 0.1 | |||||||||||||||||||||
Other comprehensive loss attributable to W. R. Grace & Co. shareholders | $ | (16.7 | ) | $ | (2.4 | ) | $ | (19.1 | ) | |||||||||||||||
Year Ended December 31, 2012 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 0.8 | $ | (0.3 | ) | $ | 0.5 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 2.1 | (0.7 | ) | 1.4 | ||||||||||||||||||||
Benefit plans, net | 3.5 | (1.2 | ) | 2.3 | ||||||||||||||||||||
Currency translation adjustments | 5.5 | — | 5.5 | |||||||||||||||||||||
Gain from hedging activities | 3.7 | (1.3 | ) | 2.4 | ||||||||||||||||||||
Other comprehensive income attributable to W. R. Grace & Co. shareholders | $ | 12.7 | $ | (2.5 | ) | $ | 10.2 | |||||||||||||||||
Year Ended December 31, 2011 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 1.1 | $ | (0.4 | ) | $ | 0.7 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||||||
Net prior service credit arising during period | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 7.3 | (2.5 | ) | 4.8 | ||||||||||||||||||||
Benefit plans, net | 9.4 | (3.2 | ) | 6.2 | ||||||||||||||||||||
Currency translation adjustments | (11.3 | ) | — | (11.3 | ) | |||||||||||||||||||
Loss from hedging activities | (3.2 | ) | 1.1 | (2.1 | ) | |||||||||||||||||||
Other comprehensive loss attributable to W. R. Grace & Co. shareholders | $ | (5.1 | ) | $ | (2.1 | ) | $ | (7.2 | ) | |||||||||||||||
The following tables present the changes in accumulated other comprehensive income, net of tax, for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Gain on Securities Available for Sale | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | 2 | $ | 28.8 | $ | (0.3 | ) | $ | (0.8 | ) | $ | — | $ | 29.7 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3.8 | (23.6 | ) | 1.2 | — | 0.1 | (18.5 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.8 | — | (1.4 | ) | — | — | (0.6 | ) | ||||||||||||||||
Net current-period other comprehensive income (loss) | 4.6 | (23.6 | ) | (0.2 | ) | — | 0.1 | (19.1 | ) | |||||||||||||||
Ending balance | $ | 6.6 | $ | 5.2 | $ | (0.5 | ) | $ | (0.8 | ) | $ | 0.1 | $ | 10.6 | ||||||||||
Year Ended December 31, 2012 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | (0.3 | ) | $ | 23.3 | $ | (2.7 | ) | $ | (0.8 | ) | $ | 19.5 | |||||||||||
Other comprehensive income (loss) before reclassifications | 1.4 | 5.5 | (0.3 | ) | — | 6.6 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.9 | — | 2.7 | — | 3.6 | |||||||||||||||||||
Net current-period other comprehensive income | 2.3 | 5.5 | 2.4 | — | 10.2 | |||||||||||||||||||
Ending balance | $ | 2 | $ | 28.8 | $ | (0.3 | ) | $ | (0.8 | ) | $ | 29.7 | ||||||||||||
Year Ended December 31, 2011 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | (6.5 | ) | $ | 34.6 | $ | (0.6 | ) | $ | (0.8 | ) | $ | 26.7 | |||||||||||
Other comprehensive income (loss) before reclassifications | 5.1 | (11.3 | ) | (3.9 | ) | — | (10.1 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 1.1 | — | 1.8 | — | 2.9 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 6.2 | (11.3 | ) | (2.1 | ) | — | (7.2 | ) | ||||||||||||||||
Ending balance | $ | (0.3 | ) | $ | 23.3 | $ | (2.7 | ) | $ | (0.8 | ) | $ | 19.5 | |||||||||||
Accumulated other comprehensive income related to the defined benefit pension and other postretirement plans at December 31, 2013, 2012, and 2011, respectively, represents the accumulation of net deferred actuarial gains of $6.3 million, $3.3 million, and $1.5 million as well as net prior service credits (costs) of $0.3 million, $(1.3) million, and $(1.8) million. These amounts are net of tax and are amortized as a component of net periodic benefit cost. | ||||||||||||||||||||||||
Grace is a global enterprise operating in over 40 countries with local currency generally deemed to be the functional currency for accounting purposes. The currency translation amount represents the adjustments necessary to translate the balance sheets valued in local currencies to the U.S. dollar as of the end of each period presented, and to translate revenues and expenses at average exchange rates for each period presented. | ||||||||||||||||||||||||
See Note 9 for a discussion of hedging activities. |
Shareholders_Equity_Deficit
Shareholders' Equity (Deficit) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity [Abstract] | ' | ||
Shareholders' Equity | ' | ||
Shareholders' Equity | |||
Under its Certificate of Incorporation, the Company is authorized to issue 300,000,000 shares of common stock, $0.01 par value. As of December 31, 2013, the W. R. Grace & Co. 2011 Stock Incentive Plan had 800,000 shares of unissued stock reserved for issuance in the event of the exercise of stock options under the Plan. Historically all stock options exercised were covered by reissuing treasury stock. During 2013, stock options exercises exceeded the shares available in treasury stock and therefore the Company issued new shares, which were reserved for issuance under the Plans. For the years ended December 31, 2013, 2012, and 2011, 1,464,294, 1,679,359, and 765,693 stock options were exercised for aggregate proceeds of $34.4 million, $32.2 million, and $12.1 million, respectively. Additionally in 2013, 10,440 common shares were issued to members of the Board of Directors and 6,000 restricted common shares were issued to certain key employees. | |||
The following table sets forth information relating to common stock activity for 2013 and 2012: | |||
Balance of Outstanding Shares, December 31, 2011 | 73,886,050 | ||
Stock options exercised | 1,679,359 | ||
Balance of Outstanding Shares, December 31, 2012 | 75,565,409 | ||
Stock options exercised | 1,464,294 | ||
Shares Issued | 16,440 | ||
Balance of Outstanding Shares, December 31, 2013 | 77,046,143 | ||
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Stock Incentive Plans | ' | |||||||||||
Stock Incentive Plans | ||||||||||||
The Company has granted nonstatutory stock options to certain key employees under the Plans. The Plans are administered by the Compensation Committee of the Board of Directors. Stock options are generally non-qualified and are at exercise prices not less than 100% of the per share fair market value on the date of grant. Stock-based compensation awards granted under the Company's stock incentive plans are generally subject to a vesting period from the date of the grant ranging from 1 - 3 years. Currently outstanding options expire on various dates through November 2018. | ||||||||||||
The following table sets forth information relating to such options during 2013, 2012, and 2011: | ||||||||||||
Stock Option Activity | Number Of | Average | Weighted- | |||||||||
Shares | Exercise | Average | ||||||||||
Price | Grant Date | |||||||||||
Fair Value | ||||||||||||
Balance, January 1, 2011 | 4,468,341 | $ | 18.48 | |||||||||
Options exercised | (765,693 | ) | 15.76 | |||||||||
Options forfeited | (45,369 | ) | 22.3 | |||||||||
Options terminated | (7,011 | ) | 8.03 | |||||||||
Options granted | 1,287,152 | 42.18 | $ | 15.44 | ||||||||
Balance, December 31, 2011 | 4,937,420 | 25.08 | ||||||||||
Options exercised | (1,679,359 | ) | 19.14 | |||||||||
Options forfeited | (51,573 | ) | 37.67 | |||||||||
Options terminated | (10,995 | ) | 15.74 | |||||||||
Options granted | 828,991 | 49.01 | 16.67 | |||||||||
Balance, December 31, 2012 | 4,024,484 | 32.33 | ||||||||||
Options exercised | (1,464,294 | ) | 23.46 | |||||||||
Options forfeited | (95,139 | ) | 52.17 | |||||||||
Options terminated | (1,381 | ) | 42.26 | |||||||||
Options granted | 421,385 | 76.7 | 19.26 | |||||||||
Balance, December 31, 2013 | 2,885,055 | 42.6 | ||||||||||
The following is a summary of non-vested option activity for the year ended December 31, 2013: | ||||||||||||
Stock Option Activity | Number Of | Weighted- | ||||||||||
Shares | Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Non-vested options outstanding at beginning of year | 2,067,673 | $ | 14.9 | |||||||||
Granted | 421,385 | 19.26 | ||||||||||
Vested / exercised | (1,101,080 | ) | 12.83 | |||||||||
Forfeited | (105,053 | ) | 16.44 | |||||||||
Non vested options outstanding at end of year | 1,282,925 | |||||||||||
As of December 31, 2013, the intrinsic value (the difference between the exercise price and the market price) for options outstanding was $160.5 million and for options exercisable was $105.9 million. The total intrinsic value of all options exercised during the years ended December 31, 2013, 2012 and 2011 was $83.2 million, $65.3 million and $21.9 million, respectively. A summary of our stock options outstanding and exercisable at December 31, 2013, follows: | ||||||||||||
Exercise Price Range | Number | Number | Outstanding Weighted- | Exercisable | ||||||||
Outstanding | Exercisable | Average | Weighted- | |||||||||
Remaining | Average | |||||||||||
Contractual | Exercise | |||||||||||
Life (Years) | Price | |||||||||||
$0 - $10 | 253,551 | 253,551 | 0.35 | $ | 9.79 | |||||||
$20 - $30 | 644,916 | 644,916 | 1.34 | 27.75 | ||||||||
$30 - $40 | 11,192 | 5,794 | 2.61 | 37.06 | ||||||||
$40 - $50 | 1,550,004 | 689,602 | 2.84 | 44.07 | ||||||||
$60 - $70 | 24,787 | 8,267 | 3.93 | 66.57 | ||||||||
$70 - $80 | 398,380 | — | 4.33 | — | ||||||||
$80 - $90 | 2,225 | — | 4.49 | — | ||||||||
2,885,055 | 1,602,130 | |||||||||||
At December 31, 2013, the weighted-average remaining contractual term of all options outstanding and exercisable was 2.50 years. | ||||||||||||
Options Granted The Company granted approximately 0.4 million, 0.8 million, and 1.3 million nonstatutory stock options in 2013, 2012, and 2011, respectively, under the Plans. | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, Grace recognized non-cash stock-based compensation expense of $12.7 million, $14.7 million and $14.0 million, respectively, which is included in selling, general and administrative expense. | ||||||||||||
Grace values options using the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of traded options. The risk-free rate is based on the U.S. Treasury yield curve published as of the grant date, with maturities approximating the expected term of the options. The expected term of the options is estimated using the simplified method as allowed by ASC 718-20, whereby the average between the vesting period and contractual term is used. The expected volatility was estimated using both actual stock volatility and the volatility of an industry peer group. Grace believes its actual stock volatility in the last several years may not be representative of expected future volatility. The following summarizes the assumptions used for estimating the fair value of stock options granted during 2013, 2012 and 2011, respectively. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected volatility | 32.3% - 34.3% | 35.8% - 46.4% | 46.5% -50.7% | |||||||||
Weighted average expected volatility | 33.30% | 40.60% | 48.70% | |||||||||
Expected term | 3.00 - 4.00 years | 3.00 - 4.00 years | 3.00 - 4.00 years | |||||||||
Risk-free rate | 0.61% | 0.55% | 1.43% | |||||||||
Dividend yield | —% | —% | —% | |||||||||
Total unrecognized stock-based compensation expense at December 31, 2013, was $6.3 million and the weighted-average period over which this expense will be recognized is 0.7 years. | ||||||||||||
Performance Based Units During 2013 the Company granted 111,770 Performance Based Units (PBUs) under the Company's Long-term Incentive Plan (LTIP), of which 5,513 were forfeited. The awards cliff vest on December 31, 2015, and have a weighted average grant date fair value of $76.66. The Company anticipates that approximately 54% of the PBUs will be settled in common stock and approximately 46% will be settled in cash, assuming full vesting. PBUs are recorded at fair value at the date of grant. The estimated grant date fair value is based on the expected payout of the award, which may range from 0% to 200% of the payout target. The common stock settled portion is considered an equity award with the payout being valued based on the Company’s stock price on the grant date. The cash settled portion of the award is considered a liability award with payout being remeasured each reporting period based on the Company’s current stock price. Both equity and cash awards are remeasured each reporting period based on anticipated attainment of the payout target; therefore these portions of the awards are subject to volatility until the payout is established. During 2013 the Company recognized $1.7 million in compensation expense for these awards. As of December 31, 2013, $5.3 million of total unrecognized compensation expense related to the PBUs is expected to be recognized over the remaining weighted-average service period of 2 years. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
The following table shows a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share. | ||||||||||||
(In millions, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Numerators | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
Denominators | ||||||||||||
Weighted average common shares—basic calculation | 76.4 | 74.9 | 73.6 | |||||||||
Dilutive effect of employee stock options | 1.3 | 1.4 | 1.9 | |||||||||
Weighted average common shares—diluted calculation | 77.7 | 76.3 | 75.5 | |||||||||
Basic earnings per share | $ | 3.35 | $ | 0.53 | $ | 2.99 | ||||||
Diluted earnings per share | $ | 3.3 | $ | 0.52 | $ | 2.91 | ||||||
There were approximately 0.3 million, 0.4 million and 1.3 million anti-dilutive options outstanding for the years ended December 31, 2013, 2012 and 2011, respectively. The effect of the warrant for 10 million shares issued under the Joint Plan, as discussed in Note 2, is not included in diluted earnings per share. |
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Operating Segment Information | ' | |||||||||||
Operating Segment Information | ||||||||||||
Grace is a global producer of specialty chemicals and specialty materials. Grace manages its business through three operating segments: Grace Catalysts Technologies, Grace Materials Technologies, and Grace Construction Products. Grace Catalysts Technologies includes catalysts and related products and technologies used in refining, petrochemical and other chemical manufacturing applications. Grace's Advanced Refining Technologies (ART) joint venture is managed in this segment. ART is an unconsolidated affiliate, and Grace accounts for ART using the equity method as discussed in Note 21. Grace Materials Technologies includes packaging technologies and engineered materials, coatings and sealants used in consumer, industrial, and pharmaceutical applications. Grace Construction Products includes specialty construction chemicals and specialty building materials used in commercial, infrastructure and residential construction. Intersegment sales are eliminated in consolidation. The table below presents information related to Grace's operating segments. Only those corporate expenses directly related to the operating segments are allocated for reporting purposes. All remaining corporate items are reported separately and labeled as such. | ||||||||||||
Grace also excludes defined benefit pension expense from the calculation of segment operating income. Grace believes that the exclusion of defined benefit pension expense provides a better indicator of its operating segment performance as defined benefit pension expense is not managed at an operating segment level. | ||||||||||||
Grace defines Adjusted EBIT (a non-GAAP financial measure) to be net income adjusted for interest income and expense, income taxes, costs related to Chapter 11, asbestos-related costs, restructuring expenses and related asset impairments, pension costs other than service and interest costs, expected returns on plan assets and amortization of prior service costs/credits, certain income and expense items related to divested businesses, product lines and certain other investments, and gains and losses on sales of businesses, product lines and certain other investments. In the 2013 first quarter, Grace also adjusted for the currency transaction loss incurred on our Venezuelan cash balances of $6.9 million before taxes. | ||||||||||||
Operating Segment Data | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Net Sales | ||||||||||||
Catalysts Technologies | $ | 1,124.00 | $ | 1,268.10 | $ | 1,347.30 | ||||||
Materials Technologies | 878.5 | 862.6 | 872.6 | |||||||||
Construction Products | 1,058.20 | 1,024.80 | 992 | |||||||||
Total | $ | 3,060.70 | $ | 3,155.50 | $ | 3,211.90 | ||||||
Adjusted EBIT | ||||||||||||
Catalysts Technologies segment operating income | $ | 327.5 | $ | 393.8 | $ | 388.8 | ||||||
Materials Technologies segment operating income | 181.8 | 162 | 158.7 | |||||||||
Construction Products segment operating income | 151.7 | 125.2 | 97.3 | |||||||||
Corporate costs | (82.8 | ) | (92.4 | ) | (102.8 | ) | ||||||
Certain pension costs | (27.4 | ) | (30.4 | ) | (28.7 | ) | ||||||
Total | $ | 550.8 | $ | 558.2 | $ | 513.3 | ||||||
Depreciation and Amortization | ||||||||||||
Catalysts Technologies | $ | 54.2 | $ | 54 | $ | 52.5 | ||||||
Materials Technologies | 31.4 | 29.5 | 30.9 | |||||||||
Construction Products | 31.8 | 32.9 | 34 | |||||||||
Corporate | 5.7 | 2.6 | 2.6 | |||||||||
Total | $ | 123.1 | $ | 119 | $ | 120 | ||||||
Capital Expenditures | ||||||||||||
Catalysts Technologies | $ | 58.7 | $ | 70.8 | $ | 74.5 | ||||||
Materials Technologies | 33 | 27.1 | 32.3 | |||||||||
Construction Products | 32.8 | 26.5 | 19.5 | |||||||||
Corporate | 31.7 | 14.1 | 17.7 | |||||||||
Total | $ | 156.2 | $ | 138.5 | $ | 144 | ||||||
Total Assets | ||||||||||||
Catalysts Technologies | $ | 1,361.80 | $ | 794.8 | $ | 804.5 | ||||||
Materials Technologies | 508.9 | 494.9 | 481.1 | |||||||||
Construction Products | 609.1 | 616 | 545.9 | |||||||||
Corporate | 2,916.30 | 3,184.70 | 2,664.10 | |||||||||
Total | $ | 5,396.10 | $ | 5,090.40 | $ | 4,495.60 | ||||||
Corporate costs include corporate support function costs and other corporate costs such as non-asbestos environmental remediation, insurance premiums and professional fees. | ||||||||||||
Grace Adjusted EBIT for the years ended December 31, 2013, 2012 and 2011 is reconciled below to income before income taxes presented in the accompanying Consolidated Statements of Operations. | ||||||||||||
Reconciliation of Operating Segment Data to Financial Statements | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Grace Adjusted EBIT | $ | 550.8 | $ | 558.2 | $ | 513.3 | ||||||
Chapter 11-related costs, net | (16.4 | ) | (15.6 | ) | (23.9 | ) | ||||||
Asbestos-related costs | (11.9 | ) | (7.6 | ) | (20.8 | ) | ||||||
Asbestos and bankruptcy-related charges, net | (21.9 | ) | (384.6 | ) | — | |||||||
Default interest settlement | (129.0 | ) | — | — | ||||||||
Pension MTM adjustment and other related costs, net | 50.6 | (119.2 | ) | (111.2 | ) | |||||||
Restructuring expenses and related asset impairments | (12.5 | ) | (6.9 | ) | (6.9 | ) | ||||||
Loss on sale of product line | (1.0 | ) | (0.2 | ) | (0.4 | ) | ||||||
Income and expense related to divested businesses | — | (0.2 | ) | (0.4 | ) | |||||||
Interest expense and related financing costs | (43.8 | ) | (46.5 | ) | (43.3 | ) | ||||||
Currency transaction loss on cash in Venezuela | (6.9 | ) | — | — | ||||||||
Interest income of non-Debtor subsidiaries | 1 | 1 | 1.2 | |||||||||
Net income (loss) attributable to noncontrolling interests | 1.6 | 1 | (0.6 | ) | ||||||||
Income (loss) before income taxes | $ | 360.6 | $ | (20.6 | ) | $ | 307 | |||||
The table below presents information related to the geographic areas in which Grace operates. Sales are attributed to geographic areas based on customer location. | ||||||||||||
Geographic Area Data | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Net Sales | ||||||||||||
United States | $ | 886 | $ | 878.9 | $ | 945 | ||||||
Canada and Puerto Rico | 73.7 | 88.7 | 96.8 | |||||||||
Total North America | 959.7 | 967.6 | 1,041.80 | |||||||||
Europe Middle East Africa | 1,087.90 | 1,175.60 | 1,260.40 | |||||||||
Asia Pacific | 654.1 | 660.3 | 599.3 | |||||||||
Latin America | 359 | 352 | 310.4 | |||||||||
Total | $ | 3,060.70 | $ | 3,155.50 | $ | 3,211.90 | ||||||
Properties and Equipment, net | ||||||||||||
United States | $ | 497.8 | $ | 438.4 | $ | 421.1 | ||||||
Canada and Puerto Rico | 19.1 | 19.8 | 19.5 | |||||||||
Total North America | 516.9 | 458.2 | 440.6 | |||||||||
Europe Middle East Africa | 212.4 | 210.3 | 202.1 | |||||||||
Asia Pacific | 70.9 | 72.1 | 53.8 | |||||||||
Latin America | 29.7 | 29.9 | 27 | |||||||||
Total | $ | 829.9 | $ | 770.5 | $ | 723.5 | ||||||
Goodwill, Intangibles and Other Assets | ||||||||||||
United States | $ | 589.7 | $ | 91.5 | $ | 110.3 | ||||||
Canada and Puerto Rico | 8.6 | 7.3 | 7.3 | |||||||||
Total North America | 598.3 | 98.8 | 117.6 | |||||||||
Europe Middle East Africa | 106.4 | 105.2 | 108.9 | |||||||||
Asia Pacific | 52.4 | 40.1 | 12.4 | |||||||||
Latin America | 55.9 | 59.8 | 17.9 | |||||||||
Total | $ | 813 | $ | 303.9 | $ | 256.8 | ||||||
Unconsolidated_Affiliate
Unconsolidated Affiliate | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Unconsolidated Affiliate | ' | |||||||||||
Unconsolidated Affiliate | ||||||||||||
Grace accounts for its 50% ownership interest in ART using the equity method of accounting. Grace's investment in ART amounted to $96.2 million and $85.5 million as of December 31, 2013 and 2012, respectively, and the amount included in "equity in earnings of unconsolidated affiliate" in the Consolidated Statements of Operations totaled $22.9 million, $18.5 million and $15.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. ART is a private company and accordingly does not have a quoted market price available. The following summary lists ART's assets, liabilities and results of operations. | ||||||||||||
December 31, | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Summary of Balance Sheet information: | ||||||||||||
Current assets | $ | 187.9 | $ | 136.7 | ||||||||
Noncurrent assets | 62.5 | 65.9 | ||||||||||
Total assets | $ | 250.4 | $ | 202.6 | ||||||||
Current liabilities | $ | 62.6 | $ | 37.8 | ||||||||
Noncurrent liabilities | 0.6 | 0.1 | ||||||||||
Total liabilities | $ | 63.2 | $ | 37.9 | ||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Summary of Statement of Operations information: | ||||||||||||
Net sales | $ | 377.6 | $ | 325 | $ | 339 | ||||||
Costs and expenses applicable to net sales | 318.4 | 276 | 296.3 | |||||||||
Income before income taxes | 46.6 | 38.9 | 32.8 | |||||||||
Net income | 45.6 | 37.8 | 31.2 | |||||||||
Grace and ART transact business on a regular basis and maintain several agreements in order to support the joint venture. These agreements are treated as related party activities with an unconsolidated affiliate. The table below presents summary financial data related to transactions between Grace and ART. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Grace sales of catalysts to ART | $ | 232 | $ | 206.9 | $ | 171.4 | ||||||
Charges for fixed costs, research and development and selling, general and administrative services to ART | 28.8 | 28.5 | 27.8 | |||||||||
Grace and Chevron provide lines of credit in the amount of $15 million each at a commitment fee of 0.1% of the credit amount. These agreements expire on February 28, 2014. No amounts were outstanding at December 31, 2013 and 2012. |
Noncontrolling_Interests_in_Co
Noncontrolling Interests in Consolidated Affiliates | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Noncontrolling Interests in Consolidated Affiliates | ' | |||||||||||
Noncontrolling Interests in Consolidated Affiliates | ||||||||||||
Grace conducts certain business activities in various countries through joint ventures with unaffiliated third parties. In certain cases, the financial results and financial position of these joint ventures are fully included in Grace's consolidated financial statements with the partner's interest reflected in noncontrolling interests in the Consolidated Statements of Operations and Consolidated Balance Sheets. The following tables present summary financial information for Grace's consolidated affiliates for which there is a noncontrolling interest: | ||||||||||||
Statements of Operations | Year Ended December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Sales | $ | 101.5 | $ | 108.8 | $ | 86.3 | ||||||
Income (loss) before taxes | 2.7 | 0.8 | (0.1 | ) | ||||||||
Net income (loss) | 3.4 | 1.1 | (0.9 | ) | ||||||||
Noncontrolling interests in net income (loss) | 1.6 | 1 | (0.6 | ) | ||||||||
Balance Sheets | December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Cash | $ | 5.1 | $ | 5.7 | $ | 6.7 | ||||||
Other current assets | 33.4 | 41.6 | 34.7 | |||||||||
Total assets | 71.1 | 73.8 | 53 | |||||||||
Total liabilities | 48.9 | 46.1 | 30.1 | |||||||||
Shareholders' equity | 22.2 | 27.7 | 22.9 | |||||||||
Noncontrolling interests in shareholders' equity | 10.6 | 9.9 | 8.1 | |||||||||
Quarterly_Summary_and_Statisti
Quarterly Summary and Statistical Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Summary and Statistical Information (Unaudited) | ' | |||||||||||||||
Quarterly Summary and Statistical Information (Unaudited) | ||||||||||||||||
(In millions, except per share amounts) | March 31(1) | June 30(2) | September 30(3) | December 31 | ||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 709.9 | $ | 802.8 | $ | 771.3 | $ | 776.7 | ||||||||
Gross profit | 259 | 300.9 | 282.4 | 299.8 | ||||||||||||
Net income | 59.1 | 90.3 | 77 | 29.7 | ||||||||||||
Net income per share:(4) | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 0.78 | $ | 1.18 | $ | 1 | $ | 0.39 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income | 0.77 | 1.16 | 0.99 | 0.38 | ||||||||||||
Market price of common stock:(5) | ||||||||||||||||
High | $ | 79.14 | $ | 85.43 | $ | 89.8 | $ | 101.72 | ||||||||
Low | 68.23 | 72 | 74.46 | 85.06 | ||||||||||||
Close | 77.51 | 84.04 | 87.4 | 98.87 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in first quarter 2013 decrease to Gross profit of $4.8 million, and increases to Net income of $6.2 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-2 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in second quarter 2013 decrease to Gross profit of $2.4 million, and increases to Net income of $7.5 million, Basic earnings per share of $0.10 and Diluted earnings per share of $0.10. | |||||||||||||||
-3 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in third quarter 2013 decrease to Gross profit of $2.3 million, and increases to Net income of $7.6 million, Basic earnings per share of $0.10 and Diluted earnings per share of $0.10. | |||||||||||||||
-4 | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. | |||||||||||||||
-5 | Principal market: New York Stock Exchange. | |||||||||||||||
(In millions, except per share amounts) | March 31(1) | June 30(2) | September 30(3) | December 31(4) | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 754.4 | $ | 826.7 | $ | 776.6 | $ | 797.8 | ||||||||
Gross profit | 272.5 | 301.4 | 282.2 | 258.3 | ||||||||||||
Net income (loss) | 66.8 | 75.4 | 82.1 | (184.3 | ) | |||||||||||
Net income per share:(5) | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income (loss) | $ | 0.9 | $ | 1.01 | $ | 1.09 | $ | (2.44 | ) | |||||||
Diluted earnings per share: | ||||||||||||||||
Net income (loss) | 0.87 | 0.98 | 1.07 | (2.44 | ) | |||||||||||
Market price of common stock:(6) | ||||||||||||||||
High | $ | 58.89 | $ | 61.08 | $ | 61.58 | $ | 68.86 | ||||||||
Low | 45.39 | 47.4 | 48.14 | 58.4 | ||||||||||||
Close | 57.8 | 50.45 | 59.08 | 67.23 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in first quarter 2012 decrease to Gross profit of $4.6 million, and increases to Net income of $5.9 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-2 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in second quarter 2012 decrease to Gross profit of $2.7 million, and increases to Net income of $6.1 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-3 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in third quarter 2012 decrease to Gross profit of $2.6 million, and increases to Net income of $6.6 million, Basic earnings per share of $0.09 and Diluted earnings per share of $0.09. | |||||||||||||||
-4 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in a fourth quarter 2012 decreases to Gross profit of $42.0 million,, Net income of $72.7 million, Basic earnings per share of $0.96 and Diluted earnings per share of $0.96. | |||||||||||||||
-5 | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. | |||||||||||||||
-6 | Principal market: New York Stock Exchange. |
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ' | |||||||||||||||||||
FINANCIAL STATEMENT SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 6.9 | $ | 2.2 | $ | (1.6 | ) | $ | 0.1 | $ | 7.6 | |||||||||
Valuation allowance for deferred tax assets(2) | 40.8 | 4.4 | (24.4 | ) | (2.5 | ) | 18.3 | |||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 2,065.00 | 27.4 | — | — | 2,092.40 | |||||||||||||||
Reserves for environmental remediation | 140.5 | 8 | (14.0 | ) | — | 134.5 | ||||||||||||||
Reserves for retained obligations of divested businesses | 34.2 | 0.8 | — | — | 35 | |||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 9.8 | $ | 1.9 | $ | (4.8 | ) | $ | — | $ | 6.9 | |||||||||
Valuation allowance for deferred tax assets | 100.8 | — | (60.0 | ) | — | 40.8 | ||||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 1,700.00 | 365 | — | — | 2,065.00 | |||||||||||||||
Reserves for environmental remediation | 149.9 | 3.6 | (13.0 | ) | — | 140.5 | ||||||||||||||
Reserves for retained obligations of divested businesses | 33.7 | 0.7 | (0.2 | ) | — | 34.2 | ||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 8.7 | $ | 2.9 | $ | (2.0 | ) | $ | 0.2 | $ | 9.8 | |||||||||
Valuation allowance for deferred tax assets | 104.6 | — | (3.8 | ) | — | 100.8 | ||||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 1,700.00 | — | — | — | 1,700.00 | |||||||||||||||
Reserves for environmental remediation | 144 | 17.8 | (11.8 | ) | (0.1 | ) | 149.9 | |||||||||||||
Reserves for retained obligations of divested businesses | 33.9 | 0.4 | (0.6 | ) | — | 33.7 | ||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Various miscellaneous adjustments against reserves and effects of currency translation. | |||||||||||||||||||
-2 | The valuation allowance decreased $22.5 million from December 31, 2012, to December 31, 2013. In the 2013 fourth quarter, Grace determined that it is more likely than not that its deductions generated at emergence will be used before their expiration. Accordingly, Grace recorded a $24.4 million release of its valuation allowance on its state deferred tax assets. Further decreases in Grace’s deferred tax assets resulted from the utilization and expiration of state net operating losses ("NOLs") in the current year, and the reduction of NOLs resulting from prior-year adjustments to taxable income. These decreases were partially offset by the recording of valuation allowance on deferred tax assets associated with certain U.S. federal foreign tax credits. The reduction in the valuation allowance during 2012 related in part to a $44.0 million release of the valuation allowance as Grace determined that it is more likely than not that a substantial portion of its state net operating losses will be used before their expiration; the remainder of the release related to the utilization and expiration of state net operating losses in the current year, and the reduction of net operating losses resulting from prior-year adjustments made to income by the Internal Revenue Service. The reduction in 2011 primarily related to the utilization and expiration of state net operating losses. | |||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 6.9 | $ | 2.2 | $ | (1.6 | ) | $ | 0.1 | $ | 7.6 | |||||||||
Valuation allowance for deferred tax assets(2) | 40.8 | 4.4 | (24.4 | ) | (2.5 | ) | 18.3 | |||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 2,065.00 | 27.4 | — | — | 2,092.40 | |||||||||||||||
Reserves for environmental remediation | 140.5 | 8 | (14.0 | ) | — | 134.5 | ||||||||||||||
Reserves for retained obligations of divested businesses | 34.2 | 0.8 | — | — | 35 | |||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 9.8 | $ | 1.9 | $ | (4.8 | ) | $ | — | $ | 6.9 | |||||||||
Valuation allowance for deferred tax assets | 100.8 | — | (60.0 | ) | — | 40.8 | ||||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 1,700.00 | 365 | — | — | 2,065.00 | |||||||||||||||
Reserves for environmental remediation | 149.9 | 3.6 | (13.0 | ) | — | 140.5 | ||||||||||||||
Reserves for retained obligations of divested businesses | 33.7 | 0.7 | (0.2 | ) | — | 34.2 | ||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
Description | Balance at beginning of period | Additions charged to costs and expenses | Deductions | Other, | Balance at end of period | |||||||||||||||
net(1) | ||||||||||||||||||||
Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||
Allowances for notes and accounts receivable | $ | 8.7 | $ | 2.9 | $ | (2.0 | ) | $ | 0.2 | $ | 9.8 | |||||||||
Valuation allowance for deferred tax assets | 104.6 | — | (3.8 | ) | — | 100.8 | ||||||||||||||
Reserves: | ||||||||||||||||||||
Reserves for asbestos-related litigation | 1,700.00 | — | — | — | 1,700.00 | |||||||||||||||
Reserves for environmental remediation | 144 | 17.8 | (11.8 | ) | (0.1 | ) | 149.9 | |||||||||||||
Reserves for retained obligations of divested businesses | 33.9 | 0.4 | (0.6 | ) | — | 33.7 | ||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
-1 | Various miscellaneous adjustments against reserves and effects of currency translation. | |||||||||||||||||||
-2 | The valuation allowance decreased $22.5 million from December 31, 2012, to December 31, 2013. In the 2013 fourth quarter, Grace determined that it is more likely than not that its deductions generated at emergence will be used before their expiration. Accordingly, Grace recorded a $24.4 million release of its valuation allowance on its state deferred tax assets. Further decreases in Grace’s deferred tax assets resulted from the utilization and expiration of state net operating losses ("NOLs") in the current year, and the reduction of NOLs resulting from prior-year adjustments to taxable income. These decreases were partially offset by the recording of valuation allowance on deferred tax assets associated with certain U.S. federal foreign tax credits. The reduction in the valuation allowance during 2012 related in part to a $44.0 million release of the valuation allowance as Grace determined that it is more likely than not that a substantial portion of its state net operating losses will be used before their expiration; the remainder of the release related to the utilization and expiration of state net operating losses in the current year, and the reduction of net operating losses resulting from prior-year adjustments made to income by the Internal Revenue Service. The reduction in 2011 primarily related to the utilization and expiration of state net operating losses. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Share-based Compensation, Option and Incentive Plans | ' | |
The Company recognizes expenses related to stock-based compensation payment transactions in which it receives employee services in exchange for (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company’s equity instruments or that may be settled by the issuance of equity instruments. Stock-based compensation cost for restricted stock units (RSUs) and share settled performance based units (PBUs) are measured based on the high/low average of the Company’s common stock on the date of grant. Cash settled performance based units (CSPBU) are remeasured at the end of each reporting period based on the closing fair market value of the Company’s common stock. Stock-based compensation cost for stock options is estimated at the grant date based on each option’s fair value as calculated by the Black-Scholes-Merton ("BSM") option pricing model. The Company recognizes stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period. | ||
Principles of Consolidation | ' | |
The Consolidated Financial Statements include the accounts of Grace and entities as to which Grace exercises control over operating and financial policies. Grace consolidates the activities of variable interest entities in circumstances where management determines that Grace is the primary beneficiary of the variable interest entity. Intercompany transactions and balances are eliminated in consolidation. Investments in affiliated companies in which Grace can significantly influence operating and financial policies are accounted for under the equity method, unless Grace's investment is deemed to be temporary, in which case the investment is accounted for under the cost method. | ||
Operating Segments | ' | |
Grace reports financial results of each of its operating segments that engage in business activities that generate revenues and expenses, and whose operating results are regularly reviewed by Grace's Chief Executive Officer. | ||
Noncontrolling Interests in Consolidated Entities | ' | |
Grace conducts certain of its business through joint ventures with unaffiliated third parties. For joint ventures in which Grace has a controlling financial interest, Grace consolidates the results of such joint ventures in the Consolidated Financial Statements. Grace recognizes a liability for cumulative amounts due to the third parties based on the financial results of the joint ventures, and deducts the amount of income attributable to noncontrolling interests in the measurement of its consolidated net income. | ||
Use of Estimates | ' | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual amounts could differ from those estimates, and the differences could be material. Changes in estimates are recorded in the period identified. Grace's accounting measurements that are most affected by management's estimates of future events are: | ||
• | Contingent liabilities, which depend on an assessment of the probability of loss and an estimate of ultimate resolution cost, such as asbestos-related matters and litigation (see Note 2), income taxes (see Note 10), and environmental remediation (see Note 13); | |
• | Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and total returns on invested funds (see Note 11); | |
• | Realization values of net deferred tax assets, which depend on projections of future taxable income; and | |
• | Recoverability of goodwill, which depends on assumptions used to value reporting units, such as observable market inputs, projections of future cash flows and weighted average cost of capital. | |
Revenue Recognition | ' | |
Grace recognizes revenue when all of the following criteria are satisfied: risk of loss and title transfer to the customer; the price is fixed and determinable; persuasive evidence of a sales arrangement exists; and collectability is reasonably assured. Risk of loss and title transfers to customers are based on individual contractual terms which generally specify the point of shipment. Terms of delivery are generally included in customer contracts of sale, order confirmation documents and invoices. | ||
Certain customer arrangements include conditions for volume rebates. Grace accrues a rebate allowance and reduces recorded sales for anticipated selling price adjustments at the time of sale. Grace regularly reviews rebate accruals based on actual and anticipated sales patterns. | ||
Cash Equivalents | ' | |
Cash equivalents consist of liquid instruments and investments with maturities of three months or less when purchased. The recorded amounts approximate fair value. | ||
Inventories | ' | |
Inventories are stated at the lower of cost or market. The method used to determine cost is first-in/first-out, or "FIFO." Market values for raw materials are based on current cost and, for other inventory classifications, net realizable value. Inventories are evaluated regularly for salability, and slow moving and/or obsolete items are adjusted to expected salable value. Inventory values include direct and certain indirect costs of materials and production. Abnormal costs of production are expensed as incurred. | ||
Long Lived Assets | ' | |
Properties and equipment are stated at cost. Depreciation of properties and equipment is generally computed using the straight-line method over the estimated useful life of the asset. Estimated useful lives range from 20 to 40 years for buildings, 3 to 7 years for information technology equipment, 3 to 10 years for operating machinery and equipment, and 5 to 10 years for furniture and fixtures. Interest is capitalized in connection with major project expenditures. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds from disposal, is charged or credited to earnings. Obligations for costs associated with asset retirements, such as requirements to restore a site to its original condition, are accrued at net present value and amortized along with the related asset. | ||
Other intangible assets with finite lives consist of technology, customer lists, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 30 years. | ||
Grace reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. No impairment charge was required in 2013 or 2012; however, there were impairment charges related to certain restructuring activities in 2011 (see Note 14). | ||
Goodwill | ' | |
Goodwill arises from certain business combinations. Grace reviews its goodwill for impairment on an annual basis at October 31 and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Recoverability is assessed at the reporting unit level most directly associated with the business combination that generated the goodwill. For the purpose of measuring impairment under the provisions of ASC 350 "Intangibles—Goodwill and Other", Grace has identified its reporting units at one level below its operating segments. Grace has evaluated its goodwill annually with no impairment charge required in any of the periods presented. | ||
Income Taxes | ' | |
Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and feasible. | ||
Grace records a liability for income tax contingencies when it is more likely than not that a tax position it has taken will not be sustained upon audit. Grace evaluates such likelihood based on relevant facts and tax law. Grace adjusts its recorded liability for income tax matters due to changes in circumstances or new uncertainties, such as amendments to existing tax law. Grace's ultimate tax liability depends upon many factors, including negotiations with taxing authorities in the jurisdictions in which it operates, outcomes of tax litigation, and resolution of disputes arising from federal, state, and foreign tax audits. Due to the varying tax laws in each jurisdiction senior management, with the assistance of local tax advisors as necessary, assesses individual matters in each jurisdiction on a case-by-case basis. Grace researches and evaluates its income tax positions, including why it believes they are compliant with income tax regulations, and these positions are documented internally. | ||
Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||
Currency Translation | ' | |
Assets and liabilities of foreign subsidiaries (other than those located in countries with highly inflationary economies) are translated into U.S. dollars at current exchange rates, while revenues, costs and expenses are translated at average exchange rates during each reporting period. The resulting translation adjustments are included in "accumulated other comprehensive loss" in the Consolidated Balance Sheets. The financial statements of any subsidiaries located in countries with highly inflationary economies are remeasured as if the functional currency were the U.S. dollar; the remeasurement creates translation adjustments that are reflected in net income in the Consolidated Statements of Operations. | ||
On February 8, 2013, the Venezuelan government announced that, effective February 13, 2013, the official exchange rate of the bolivar to U.S. dollar would devalue from 4.3 to 6.3. As a result of this currency devaluation, Grace incurred a charge to net income of $8.5 million in the 2013 first quarter. Of this amount, $1.6 million is included in segment operating income. | ||
Financial Instruments | ' | |
Grace uses commodity forward, swap and/or option contracts and currency forward and/or option contracts to manage exposure to fluctuations in commodity prices and currency exchange rates. Grace does not hold or issue derivative financial instruments for trading purposes. Derivative instruments are recorded in the Consolidated Balance Sheets as either assets or liabilities at their fair value. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments closely offset changes in the fair values of the hedged items in "other expense, net" in the Consolidated Statements of Operations. For derivative instruments designated as cash flow hedges, if the derivative instruments qualify for hedge accounting pursuant to ASC 815, the effective portion of any hedge is reported as "accumulated other comprehensive income" in the Consolidated Balance Sheets until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges, and changes in the fair values of derivative instruments that are not designated as hedges, are recorded in current period earnings. Cash flows from derivative instruments are reported in the same category as the cash flows from the items being hedged. | ||
Investment | ' | |
Certain amounts in prior years' Consolidated Financial Statements have been reclassified to conform to the current year presentation. Such reclassifications have not materially affected previously reported amounts in the Consolidated Financial Statements. | ||
Certain pension costs previously reported as a separate line item in the Consolidated Statements of Operations are now reported in "cost of goods sold" and in "selling, general and administrative expenses” based upon the functions of the employees to which the pension costs relate. Grace has revised its accounting such that a portion of the defined benefit pension expense has been and will continue to be capitalized into inventories prior to being reported in "cost of goods sold." See "Change in Accounting Principle Regarding Pension Benefits" for further discussion related to the change in pension accounting. | ||
Certain prior period amounts related to borrowings and repayments under credit arrangements reported as financing activities on the Consolidated Statements of Cash Flows have been revised. These amounts were originally presented on a net basis and are now being presented on a gross basis. Grace concluded that these revisions were not material to the prior-year Consolidated Financial Statements. | ||
New Accounting Pronouncements | ' | |
In June 2011, the FASB issued ASU 2011-05 "Presentation of Comprehensive Income". This update is intended to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The new disclosure requirements are effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years, with early adoption permitted. In December 2011, the FASB issued ASU 2011-12 "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05". This update defers certain paragraphs of ASU 2011-05 pertaining to reclassification adjustments out of accumulated other comprehensive income. This deferral is effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years, with early adoption permitted. Grace continues to report its Consolidated Statement of Other Comprehensive Income as a separate financial statement, immediately following the Consolidated Statement of Operations to comply with the updates that have not been deferred. In February 2013, the FASB issued ASU 2013-02 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income", which further clarifies these disclosure requirements. This update is effective for fiscal years beginning after December 15, 2012, and for interim periods within those fiscal years, with early adoption permitted. Grace adopted this update in the 2013 first quarter, and it did not have a material effect on the Consolidated Financial Statements. | ||
In December 2011, the FASB issued ASU 2011-11 "Disclosures about Offsetting Assets and Liabilities". This update is intended to improve the comparability of statements of financial position prepared in accordance with U.S. GAAP and IFRS, requiring both gross and net information about offsetting assets and liabilities. The new requirements are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. In January 2013, the FASB issued ASU 2013-01 "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities", which clarifies these disclosure requirements. These standards are effective for fiscal years beginning on or after January 1, 2013, and for interim periods within those fiscal years. Grace adopted these standards for the 2013 first quarter, and they did not have a material effect on the Consolidated Financial Statements. | ||
In July 2012, the FASB issued ASU 2012-02 "Testing Indefinite-Lived Intangible Assets for Impairment". This update is intended to simplify how entities test indefinite-lived intangible assets for impairment, by allowing an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The new requirements are effective for fiscal years beginning after September 15, 2012, and for interim periods within those fiscal years, with early adoption permitted. Grace adopted this standard for the 2012 fourth quarter, and it did not have a material effect on the Consolidated Financial Statements. | ||
In July 2013, the FASB issued ASU 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists". This update is intended to improve the consistency surrounding the presentation of an unrecognized tax benefit when a net operating loss carryforward exists, requiring the unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The new requirements are effective for fiscal years beginning after December 15, 2013, and for interim periods within those fiscal years, with early adoption permitted. Grace will adopt this standard for the 2014 first quarter, and does not expect it to have a material effect on the Consolidated Financial Statements. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies Schedule of Pension Recasting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | |||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |||||||||||
These changes have been reported through retrospective application of the new policies to all periods presented. The impacts of all adjustments made to the financial statements are summarized below: | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
(In millions, except per share amounts) | Previous Method | As Reported | Effect of Change | |||||||||
Cost of goods sold | $ | 1,925.30 | $ | 1,918.60 | $ | (6.7 | ) | |||||
Gross profit | 1,135.40 | 1,142.10 | 6.7 | |||||||||
Selling, general and administrative expenses | 522.2 | 505.7 | (16.5 | ) | ||||||||
Defined benefit pension expense | 73.4 | — | (73.4 | ) | ||||||||
Total costs and expenses | 871.4 | 781.5 | (89.9 | ) | ||||||||
Income (loss) before income taxes | 264 | 360.6 | 96.6 | |||||||||
Provision for income taxes | (72.9 | ) | (102.9 | ) | (30.0 | ) | ||||||
Net income | 191.1 | 257.7 | 66.6 | |||||||||
Net income attributable to W. R. Grace & Co. shareholders | 189.5 | 256.1 | 66.6 | |||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 2.48 | 3.35 | 0.87 | |||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 2.44 | 3.3 | 0.86 | |||||||||
Year Ended December 31, 2012 | ||||||||||||
(In millions, except per share amounts) | Previously Reported | Revised | Effect of Change | |||||||||
Cost of goods sold | $ | 1,989.20 | $ | 2,041.10 | $ | 51.9 | ||||||
Gross profit | 1,166.30 | 1,114.40 | (51.9 | ) | ||||||||
Selling, general and administrative expenses | 537.5 | 635.2 | 97.7 | |||||||||
Defined benefit pension expense | 71.2 | — | (71.2 | ) | ||||||||
Total costs and expenses | 1,108.50 | 1,135.00 | 26.5 | |||||||||
Income (loss) before income taxes | 57.8 | (20.6 | ) | (78.4 | ) | |||||||
Benefit from income taxes | 37.3 | 61.6 | 24.3 | |||||||||
Net income | 95.1 | 41 | (54.1 | ) | ||||||||
Net income attributable to W. R. Grace & Co. shareholders | 94.1 | 40 | (54.1 | ) | ||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 1.26 | 0.53 | (0.72 | ) | ||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 1.23 | 0.52 | (0.71 | ) | ||||||||
Year Ended December 31, 2011 | ||||||||||||
(In millions, except per share amounts) | Previously Reported | Revised | Effect of Change | |||||||||
Cost of goods sold | $ | 2,050.60 | $ | 2,099.00 | $ | 48.4 | ||||||
Gross profit | 1,161.30 | 1,112.90 | (48.4 | ) | ||||||||
Selling, general and administrative expenses | 568.4 | 659.9 | 91.5 | |||||||||
Defined benefit pension expense | 63.4 | — | (63.4 | ) | ||||||||
Total costs and expenses | 777.8 | 805.9 | 28.1 | |||||||||
Income before income taxes | 383.5 | 307 | (76.5 | ) | ||||||||
Benefit from (provision for) income taxes | (114.7 | ) | (87.9 | ) | 26.8 | |||||||
Net income | 268.8 | 219.1 | (49.7 | ) | ||||||||
Net income attributable to W. R. Grace & Co. shareholders | 269.4 | 219.7 | (49.7 | ) | ||||||||
Basic earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 3.66 | 2.99 | (0.68 | ) | ||||||||
Diluted earnings per share | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | 3.57 | 2.91 | (0.66 | ) | ||||||||
Consolidated Balance Sheets | ||||||||||||
December 31, 2013 | ||||||||||||
(In millions) | Previous Method | As Reported | Effect of Change | |||||||||
Inventories | $ | 294.7 | $ | 295.3 | $ | 0.6 | ||||||
Total current assets | 2,293.80 | 2,294.40 | 0.6 | |||||||||
Deferred income taxes | 846.1 | 845.9 | (0.2 | ) | ||||||||
Overfunded defined benefit pension plans | 16.7 | 16.7 | — | |||||||||
Total assets | 5,395.70 | 5,396.10 | 0.4 | |||||||||
Underfunded and unfunded defined benefit pension plans | 299.6 | 299.6 | — | |||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | 1,048.80 | — | |||||||||
Postretirement benefits | 176.3 | 176.3 | — | |||||||||
Total Liabilities Subject to Compromise | 3,776.10 | 3,776.10 | — | |||||||||
Total Liabilities | 4,824.90 | 4,824.90 | — | |||||||||
Accumulated other comprehensive income (loss) | (558.7 | ) | 10.6 | 569.3 | ||||||||
Retained earnings | 584.7 | 15.8 | (568.9 | ) | ||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.2 | 560.6 | 0.4 | |||||||||
Total Equity | 570.8 | 571.2 | 0.4 | |||||||||
December 31, 2012 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Inventories | $ | 278.6 | $ | 283.6 | $ | 5 | ||||||
Total current assets | 2,440.20 | 2,445.20 | 5 | |||||||||
Deferred income taxes | 956.3 | 953.2 | (3.1 | ) | ||||||||
Overfunded defined benefit pension plans | 33.8 | 32.1 | (1.7 | ) | ||||||||
Total assets | 5,090.20 | 5,090.40 | 0.2 | |||||||||
Underfunded and unfunded defined benefit pension plans | 400.6 | 396.5 | (4.1 | ) | ||||||||
Total Liabilities Not Subject to Compromise | 1,154.80 | 1,150.70 | (4.1 | ) | ||||||||
Postretirement benefits | 188.1 | 190.9 | 2.8 | |||||||||
Total Liabilities Subject to Compromise | 3,617.10 | 3,619.90 | 2.8 | |||||||||
Total Liabilities | 4,771.90 | 4,770.60 | (1.3 | ) | ||||||||
Accumulated other comprehensive income (loss) | (607.3 | ) | 29.7 | 637 | ||||||||
Retained earnings | 395.2 | (240.3 | ) | (635.5 | ) | |||||||
Total W. R. Grace & Co. Shareholders' Equity | 308.4 | 309.9 | 1.5 | |||||||||
Total Equity | 318.3 | 319.8 | 1.5 | |||||||||
Consolidated Statements of Cash Flows | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
(In millions) | Previous Method | As Reported | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 191.1 | $ | 257.7 | $ | 66.6 | ||||||
(Benefit from) provision for income taxes | 72.9 | 102.9 | 30 | |||||||||
Defined benefit pension expense | 73.4 | (23.2 | ) | (96.6 | ) | |||||||
Inventories | 4.2 | 8.6 | 4.4 | |||||||||
All other items, net(1) | (25.6 | ) | (30.0 | ) | (4.4 | ) | ||||||
Year Ended December 31, 2012 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 95.1 | $ | 41 | $ | (54.1 | ) | |||||
(Benefit from) provision for income taxes | (37.3 | ) | (61.6 | ) | (24.3 | ) | ||||||
Defined benefit pension expense | 71.2 | 149.6 | 78.4 | |||||||||
Inventories | 53.9 | 53.2 | (0.7 | ) | ||||||||
All other items, net(1) | 29.2 | 29.9 | 0.7 | |||||||||
Year Ended December 31, 2011 | ||||||||||||
(In millions) | Previously Reported | Revised | Effect of Change | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 268.8 | $ | 219.1 | $ | (49.7 | ) | |||||
(Benefit from) provision for income taxes | 114.7 | 87.9 | (26.8 | ) | ||||||||
Defined benefit pension expense | 63.4 | 139.9 | 76.5 | |||||||||
Inventories | (66.9 | ) | (67.9 | ) | (1.0 | ) | ||||||
All other items, net(1) | 17.4 | 18.4 | 1 | |||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | Includes only those items which relate to the change in accounting method to mark-to-market accounting. | |||||||||||
Consolidated Statements of Equity (Deficit) and Comprehensive Income | ||||||||||||
December 31, 2013 | ||||||||||||
Previous Method | As Reported | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 395.2 | $ | (240.3 | ) | $ | (635.5 | ) | ||||
Net income | 189.5 | 256.1 | 66.6 | |||||||||
Ending balance | 584.7 | 15.8 | (568.9 | ) | ||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (607.3 | ) | $ | 29.7 | $ | 637 | |||||
Other comprehensive income (loss) | 48.6 | (19.1 | ) | (67.7 | ) | |||||||
Ending balance | (558.7 | ) | 10.6 | 569.3 | ||||||||
Total equity | $ | 570.8 | $ | 571.2 | $ | 0.4 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 191.1 | $ | 257.7 | $ | 66.6 | ||||||
Defined benefit pension and other postretirement plans net of income taxes | 72.3 | 4.6 | (67.7 | ) | ||||||||
Currency translation adjustments | (23.6 | ) | (23.6 | ) | — | |||||||
Total other comprehensive income (loss) | 47.7 | (20.0 | ) | (67.7 | ) | |||||||
Comprehensive income | 238.8 | 237.7 | (1.1 | ) | ||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 238.1 | 237 | (1.1 | ) | ||||||||
December 31, 2012 | ||||||||||||
Previously Reported | Revised | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 301.1 | $ | (280.3 | ) | $ | (581.4 | ) | ||||
Net income | 94.1 | 40 | (54.1 | ) | ||||||||
Ending balance | 395.2 | (240.3 | ) | (635.5 | ) | |||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (578.5 | ) | $ | 19.5 | $ | 598 | |||||
Other comprehensive income (loss) | (28.8 | ) | 10.2 | 39 | ||||||||
Ending balance | (607.3 | ) | 29.7 | 637 | ||||||||
Total equity | $ | 318.3 | $ | 319.8 | $ | 1.5 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 95.1 | $ | 41 | $ | (54.1 | ) | |||||
Defined benefit pension and other postretirement plans net of income taxes | (36.6 | ) | 2.3 | 38.9 | ||||||||
Currency translation adjustments | 5.4 | 5.5 | 0.1 | |||||||||
Total other comprehensive income (loss) | (28.0 | ) | 11 | 39 | ||||||||
Comprehensive income | 67.1 | 52 | (15.1 | ) | ||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 65.3 | 50.2 | (15.1 | ) | ||||||||
December 31, 2011 | ||||||||||||
Previously Reported | Revised | Effect of Change | ||||||||||
Retained earnings | ||||||||||||
Beginning balance | $ | 31.7 | $ | (500.0 | ) | $ | (531.7 | ) | ||||
Net income | 269.4 | 219.7 | (49.7 | ) | ||||||||
Ending balance | 301.1 | (280.3 | ) | (581.4 | ) | |||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Beginning balance | $ | (518.1 | ) | $ | 26.7 | $ | 544.8 | |||||
Other comprehensive income (loss) | (60.4 | ) | (7.2 | ) | 53.2 | |||||||
Ending balance | (578.5 | ) | 19.5 | 598 | ||||||||
Total equity | $ | 167.5 | $ | 184.1 | $ | 16.6 | ||||||
Comprehensive income | ||||||||||||
Net income | $ | 268.8 | $ | 219.1 | $ | (49.7 | ) | |||||
Defined benefit pension and other postretirement plans net of income taxes | (46.7 | ) | 6.2 | 52.9 | ||||||||
Currency translation adjustments | (11.6 | ) | (11.3 | ) | 0.3 | |||||||
Total other comprehensive income (loss) | (58.6 | ) | (5.4 | ) | 53.2 | |||||||
Comprehensive income | 210.2 | 213.7 | 3.5 | |||||||||
Comprehensive income attributable to W. R. Grace & Co. shareholders | 209 | 212.5 | 3.5 | |||||||||
Chapter_11_Information_Tables
Chapter 11 Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reorganizations [Abstract] | ' | |||||||||||
Schedule of Components of Liabilities Subject to Compromise | ' | |||||||||||
Components of liabilities subject to compromise are as follows: | ||||||||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | Filing Date | |||||||||
(Unaudited) | ||||||||||||
Asbestos-related contingencies | $ | 2,092.40 | $ | 2,065.00 | $ | 1,002.80 | ||||||
Pre-petition bank debt plus accrued interest | 1,100.00 | 937.2 | 511.5 | |||||||||
Environmental contingencies | 134.5 | 140.5 | 164.8 | |||||||||
Unfunded special pension arrangements | 129.4 | 137.1 | 70.8 | |||||||||
Income tax contingencies | 76.6 | 87.6 | 242.1 | |||||||||
Postretirement benefits other than pension | 57.2 | 63.9 | 185.4 | |||||||||
Drawn letters of credit plus accrued interest | 37.8 | 36.1 | — | |||||||||
Accounts payable | 34.3 | 31.3 | 43 | |||||||||
Retained obligations of divested businesses | 29.9 | 29 | 43.5 | |||||||||
Other accrued liabilities | 94.3 | 102.3 | 102.1 | |||||||||
Reclassification to current liabilities(1) | (10.3 | ) | (10.1 | ) | — | |||||||
Total Liabilities Subject to Compromise | $ | 3,776.10 | $ | 3,619.90 | $ | 2,366.00 | ||||||
_______________________________________________________________________________ | ||||||||||||
-1 | As of December 31, 2013 and 2012, approximately $10.3 million and $10.1 million, respectively, of certain pension and postretirement benefit obligations subject to compromise have been presented in "other current liabilities" in the Consolidated Balance Sheets in accordance with ASC 715 "Compensation—Retirement Benefits". | |||||||||||
Schedule of Changes in Liabilities Subject to Compromise | ' | |||||||||||
The following table is a reconciliation of the changes in pre-filing date liability balances for the period from the Filing Date through December 31, 2013. | ||||||||||||
(In millions) (Unaudited) | Cumulative | |||||||||||
Since Filing | ||||||||||||
Balance, Filing Date April 2, 2001 | $ | 2,366.00 | ||||||||||
Cash disbursements and/or reclassifications under Bankruptcy Court orders: | ||||||||||||
Payment of environmental settlement liability | (252.0 | ) | ||||||||||
Freight and distribution order | (5.7 | ) | ||||||||||
Trade accounts payable order | (9.1 | ) | ||||||||||
Resolution of contingencies subject to Chapter 11 | (130.0 | ) | ||||||||||
Other court orders for payments of certain operating expenses | (374.9 | ) | ||||||||||
Expense (income) items: | ||||||||||||
Interest on pre-petition liabilities | 682.5 | |||||||||||
Employee-related accruals | 127.6 | |||||||||||
Provision for asbestos-related contingencies | 1,137.20 | |||||||||||
Provision for environmental contingencies | 362 | |||||||||||
Release of income tax contingencies | (91.5 | ) | ||||||||||
Balance sheet reclassifications | (36.0 | ) | ||||||||||
Balance, end of period | $ | 3,776.10 | ||||||||||
Schedule of Chapter 11 Expenses | ' | |||||||||||
Chapter 11 Expenses | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Legal and financial advisory fees | $ | 17.1 | $ | 17.4 | $ | 20.6 | ||||||
Interest (income) expense | (1.8 | ) | (0.8 | ) | (0.6 | ) | ||||||
Chapter 11 expenses, net of interest income | $ | 15.3 | $ | 16.6 | $ | 20 | ||||||
Schedule of Condensed Statements of Operations of Debtors | ' | |||||||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | 2011 | |||||||||
Net sales, including intercompany | $ | 1,425.40 | $ | 1,512.60 | $ | 1,479.40 | ||||||
Cost of goods sold, including intercompany, exclusive of depreciation and amortization shown separately below | 882.2 | 951.3 | 919.1 | |||||||||
Selling, general and administrative expenses | 178.1 | 274.9 | 334.5 | |||||||||
Depreciation and amortization | 69.1 | 67.3 | 68.3 | |||||||||
Chapter 11 expenses, net of interest income | 15.3 | 16.6 | 20 | |||||||||
Default interest settlement | 129 | — | — | |||||||||
Asbestos and bankruptcy-related charges, net | 21.9 | 384.6 | — | |||||||||
Research and development expenses | 37.8 | 35.9 | 39.7 | |||||||||
Interest expense and related financing costs | 37.7 | 41.5 | 40 | |||||||||
Other income, net | (75.7 | ) | (93.2 | ) | (75.3 | ) | ||||||
1,295.40 | 1,678.90 | 1,346.30 | ||||||||||
Income (loss) before income taxes and equity in net income of non-filing entities | 130 | (166.3 | ) | 133.1 | ||||||||
Benefit from (provision for) income taxes | (53.2 | ) | 48.4 | (50.8 | ) | |||||||
Income (loss) before equity in net income of non-filing entities | 76.8 | (117.9 | ) | 82.3 | ||||||||
Equity in net income of non-filing entities | 179.3 | 157.9 | 137.4 | |||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
Schedule of Condensed Statements of Cash Flows of Debtors | ' | |||||||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | 2011 | |||||||||
Operating Activities | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
Reconciliation to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 69.1 | 67.3 | 68.3 | |||||||||
Asbestos and bankruptcy-related charges, net | 21.9 | 384.6 | — | |||||||||
Default interest settlement | 129 | — | — | |||||||||
Equity in net income of non-filing entities | (179.3 | ) | (157.9 | ) | (137.4 | ) | ||||||
Provision for (benefit from) income taxes | 53.2 | (48.4 | ) | 50.8 | ||||||||
Income taxes (paid), net of refunds | 13.5 | (33.9 | ) | (13.2 | ) | |||||||
Tax benefits from stock-based compensation | 35.4 | (36.8 | ) | — | ||||||||
Defined benefit pension (income) expense | (51.8 | ) | 82 | 111.6 | ||||||||
Payments under defined benefit pension arrangements | (55.6 | ) | (114.9 | ) | (251.4 | ) | ||||||
Repatriation of cash from foreign entities | 29.7 | 21.6 | 30.3 | |||||||||
Changes in assets and liabilities, excluding the effect of foreign currency translation and business acquired: | ||||||||||||
Trade accounts receivable | (6.2 | ) | (7.1 | ) | (26.2 | ) | ||||||
Inventories | (23.0 | ) | 66.7 | (66.4 | ) | |||||||
Accounts payable | 21.9 | (15.1 | ) | 37.5 | ||||||||
All other items, net | 31.1 | 75.9 | 13.4 | |||||||||
Net cash provided by operating activities | 345 | 324 | 37 | |||||||||
Investing Activities | ||||||||||||
Capital expenditures | (94.1 | ) | (82.6 | ) | (77.7 | ) | ||||||
Business acquired, net of cash acquired | (510.4 | ) | — | — | ||||||||
Transfer to restricted cash and cash equivalents | (222.2 | ) | (35.4 | ) | (8.4 | ) | ||||||
Other | — | — | 10 | |||||||||
Net cash used for investing activities | (826.7 | ) | (118.0 | ) | (76.1 | ) | ||||||
Borrowings under credit arrangements | 0.3 | — | — | |||||||||
Repayments under credit arrangements | (0.8 | ) | (0.6 | ) | — | |||||||
Proceeds from exercise of stock options | 34.4 | 32.2 | 12.1 | |||||||||
Excess tax benefits from stock-based compensation | (35.4 | ) | 36.8 | — | ||||||||
Other financing activities | 4.1 | 1.2 | 28.4 | |||||||||
Net cash provided by financing activities | 2.6 | 69.6 | 40.5 | |||||||||
Net (decrease) increase in cash and cash equivalents | (479.1 | ) | 275.6 | 1.4 | ||||||||
Cash and cash equivalents, beginning of period | 1,064.20 | 788.6 | 787.2 | |||||||||
Cash and cash equivalents, end of period | $ | 585.1 | $ | 1,064.20 | $ | 788.6 | ||||||
Schedule of Condensed Balance Sheets Of Debtors | ' | |||||||||||
W. R. Grace & Co.—Chapter 11 Filing Entities | ||||||||||||
Debtor-in-Possession Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(In millions) (Unaudited) | 2013 | 2012 | ||||||||||
ASSETS | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 585.1 | $ | 1,064.20 | ||||||||
Restricted cash and cash equivalents | 340.5 | 118.3 | ||||||||||
Trade accounts receivable, net | 138.8 | 132.6 | ||||||||||
Accounts receivable—unconsolidated affiliate | 10.9 | 14.1 | ||||||||||
Receivables from non-filing entities, net | 173 | 160.5 | ||||||||||
Inventories | 138.9 | 115.9 | ||||||||||
Other current assets | 69.3 | 58.5 | ||||||||||
Total Current Assets | 1,456.50 | 1,664.10 | ||||||||||
Properties and equipment, net | 484.5 | 433.5 | ||||||||||
Goodwill | 279.9 | 26.8 | ||||||||||
Technology and other intangible assets, net | 249.1 | 9.6 | ||||||||||
Deferred income taxes | 817.3 | 933.3 | ||||||||||
Asbestos-related insurance | 500 | 500 | ||||||||||
Loans receivable from non-filing entities, net | 283.8 | 282.1 | ||||||||||
Investment in non-filing entities | 531.3 | 442.3 | ||||||||||
Investment in unconsolidated affiliate | 96.2 | 85.5 | ||||||||||
Other assets | 16.5 | 10.8 | ||||||||||
Total Assets | $ | 4,715.10 | $ | 4,388.00 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities Not Subject to Compromise | ||||||||||||
Current liabilities (including $17.5 due to unconsolidated affiliate) (2012—$6.0) | $ | 247.4 | $ | 244.7 | ||||||||
Underfunded defined benefit pension plans | 52.2 | 156.9 | ||||||||||
Other liabilities (including $24.3 due to unconsolidated affiliate) (2012—$22.4) | 78.7 | 56.5 | ||||||||||
Total Liabilities Not Subject to Compromise | 378.3 | 458.1 | ||||||||||
Liabilities Subject to Compromise | 3,776.10 | 3,619.90 | ||||||||||
Total Liabilities | 4,154.40 | 4,078.00 | ||||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | 309.9 | ||||||||||
Noncontrolling interests in Chapter 11 filing entities | 0.1 | 0.1 | ||||||||||
Total Equity | 560.7 | 310 | ||||||||||
Total Liabilities and Equity | $ | 4,715.10 | $ | 4,388.00 | ||||||||
Subsequent_Event_Chapter_11_Em1
Subsequent Event - Chapter 11 Emergence (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | |||||||||||||||||||||||
Chapter 11 Emergence, Pro Forma Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||
W. R. Grace and Co. and Subsidiaries | ||||||||||||||||||||||||
Pro forma Consolidated Balance Sheet (unaudited) | ||||||||||||||||||||||||
Pro forma Adjustments | ||||||||||||||||||||||||
(In millions, except par value and shares) | 31-Dec-13 | Borrowings Under New Credit Agreements | Consideration to the Asbestos Trusts | Payment of Remaining Pre-Petition Liabilities and Adjustment for Additional Expenses | Reclassifications at Emergence | 31-Dec-13 | ||||||||||||||||||
Reported | Pro forma | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 964.8 | $ | 873 | $ | (269.6 | ) | $ | (1,370.6 | ) | $ | 153.2 | $ | 350.8 | ||||||||||
Restricted cash and cash equivalents | 395.4 | — | (242.2 | ) | — | (153.2 | ) | — | ||||||||||||||||
Trade accounts receivable, less allowance of $6.0 | 469.5 | — | — | — | — | 469.5 | ||||||||||||||||||
Accounts receivable—unconsolidated affiliate | 12.3 | — | — | — | — | 12.3 | ||||||||||||||||||
Inventories | 295.3 | — | — | — | — | 295.3 | ||||||||||||||||||
Deferred income taxes | 58.1 | — | — | — | — | 58.1 | ||||||||||||||||||
Other current assets | 99 | — | — | — | — | 99 | ||||||||||||||||||
Total Current Assets | 2,294.40 | 873 | (511.8 | ) | (1,370.6 | ) | — | 1,285.00 | ||||||||||||||||
Properties and equipment, net of accumulated depreciation and amortization of $1,876.8 | 829.9 | — | — | — | — | 829.9 | ||||||||||||||||||
Goodwill | 457.5 | — | — | — | — | 457.5 | ||||||||||||||||||
Technology and other intangible assets, net | 315.5 | — | — | — | — | 315.5 | ||||||||||||||||||
Deferred income taxes: | ||||||||||||||||||||||||
Net operating loss carryforward | — | — | 111 | 141.2 | — | 252.2 | ||||||||||||||||||
Temporary differences | 845.9 | — | (111.0 | ) | (134.1 | ) | — | 600.8 | ||||||||||||||||
Asbestos-related insurance | 500 | — | (500.0 | ) | — | — | — | |||||||||||||||||
Overfunded defined benefit pension plans | 16.7 | — | — | — | — | 16.7 | ||||||||||||||||||
Investment in unconsolidated affiliate | 96.2 | — | — | — | — | 96.2 | ||||||||||||||||||
Other assets | 40 | 27 | — | — | — | 67 | ||||||||||||||||||
Total Assets | $ | 5,396.10 | $ | 900 | $ | (1,011.8 | ) | $ | (1,363.5 | ) | $ | — | $ | 3,920.80 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Liabilities Not Subject to Compromise | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Debt payable within one year | $ | 76.6 | $ | 9 | $ | — | $ | — | $ | — | $ | 85.6 | ||||||||||||
Debt payable—unconsolidated affiliate | 4.5 | — | — | — | — | 4.5 | ||||||||||||||||||
Accounts payable | 249.5 | — | — | — | — | 249.5 | ||||||||||||||||||
Accounts payable—unconsolidated affiliate | 13 | — | — | — | — | 13 | ||||||||||||||||||
PI warrant liability | — | — | 490 | — | — | 490 | ||||||||||||||||||
Other current liabilities | 292 | — | — | 7.2 | 38.8 | 338 | ||||||||||||||||||
Total Current Liabilities | 635.6 | 9 | 490 | 7.2 | 38.8 | 1,180.60 | ||||||||||||||||||
Debt payable after one year | 5.3 | 891 | — | — | — | 896.3 | ||||||||||||||||||
Debt payable—unconsolidated affiliate | 24.3 | — | — | — | — | 24.3 | ||||||||||||||||||
Deferred payment obligations | — | — | 594.5 | — | — | 594.5 | ||||||||||||||||||
Deferred income taxes | 18.2 | — | — | — | — | 18.2 | ||||||||||||||||||
Income tax contingencies | — | — | — | — | 76.6 | 76.6 | ||||||||||||||||||
Underfunded defined benefit pension plans | 66.2 | — | — | — | — | 66.2 | ||||||||||||||||||
Unfunded pay-as-you-go defined benefit pension plans | 233.4 | — | — | — | 95.9 | 329.3 | ||||||||||||||||||
Other liabilities | 65.8 | — | — | — | 105.2 | 171 | ||||||||||||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | 900 | 1,084.50 | 7.2 | 316.5 | 3,357.00 | ||||||||||||||||||
Liabilities Subject to Compromise | ||||||||||||||||||||||||
Debt plus accrued interest | 1,137.80 | — | — | (1,135.7 | ) | (2.1 | ) | — | ||||||||||||||||
Income tax contingencies | 76.6 | — | — | — | (76.6 | ) | — | |||||||||||||||||
Asbestos-related contingencies | 2,092.40 | — | (2,084.1 | ) | — | (8.3 | ) | — | ||||||||||||||||
Environmental contingencies | 134.5 | — | — | (77.5 | ) | (57.0 | ) | — | ||||||||||||||||
Postretirement benefits | 176.3 | — | — | (27.7 | ) | (148.6 | ) | — | ||||||||||||||||
Other liabilities and accrued interest | 158.5 | — | (12.2 | ) | (122.4 | ) | (23.9 | ) | — | |||||||||||||||
Total Liabilities Subject to Compromise | 3,776.10 | — | (2,096.3 | ) | (1,363.3 | ) | (316.5 | ) | — | |||||||||||||||
Total Liabilities | 4,824.90 | 900 | (1,011.8 | ) | (1,356.1 | ) | — | 3,357.00 | ||||||||||||||||
Equity | ||||||||||||||||||||||||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 77,046,143 (2012—75,565,409) | 0.8 | — | — | — | — | 0.8 | ||||||||||||||||||
Paid-in capital | 533.4 | — | — | — | — | 533.4 | ||||||||||||||||||
Retained earnings | 15.8 | — | — | (7.4 | ) | — | 8.4 | |||||||||||||||||
Treasury stock, at cost: shares: 0 (2012—1,414,351) | — | — | — | — | — | — | ||||||||||||||||||
Accumulated other comprehensive loss | 10.6 | — | — | — | — | 10.6 | ||||||||||||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | — | — | (7.4 | ) | — | 553.2 | |||||||||||||||||
Noncontrolling interests | 10.6 | — | — | — | — | 10.6 | ||||||||||||||||||
Total Equity | 571.2 | — | — | (7.4 | ) | — | 563.8 | |||||||||||||||||
Total Liabilities and Equity | $ | 5,396.10 | $ | 900 | $ | (1,011.8 | ) | $ | (1,363.5 | ) | $ | — | $ | 3,920.80 | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories are stated at the lower of cost or market, and cost is determined using FIFO. Inventories consisted of the following at December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Raw materials | $ | 69.7 | $ | 66.5 | ||||
In process | 41.8 | 46.1 | ||||||
Finished products | 152.4 | 138.8 | ||||||
Other | 31.4 | 32.2 | ||||||
$ | 295.3 | $ | 283.6 | |||||
Properties_and_Equipment_Table
Properties and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of properties and equipment | ' | |||||||
December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Land | $ | 20 | $ | 19.9 | ||||
Buildings | 524.3 | 500.3 | ||||||
Information technology and equipment | 172 | 146.7 | ||||||
Machinery, equipment and other | 1,883.20 | 1,786.80 | ||||||
Projects under construction | 107.2 | 101.9 | ||||||
Properties and equipment, gross | 2,706.70 | 2,555.60 | ||||||
Accumulated depreciation and amortization | (1,876.8 | ) | (1,785.1 | ) | ||||
Properties and equipment, net | $ | 829.9 | $ | 770.5 | ||||
Schedule of minimum future payments under operating leases | ' | |||||||
At December 31, 2013, minimum future non-cancelable payments for operating leases are: | ||||||||
(In millions) | ||||||||
2014 | $ | 22.8 | ||||||
2015 | 17.3 | |||||||
2016 | 13.4 | |||||||
2017 | 7.9 | |||||||
2018 | 4.8 | |||||||
Thereafter | 18.7 | |||||||
$ | 84.9 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Business Combinations [Abstract] | ' | |||||
Schedule of assets and liabilities acquired in the business combinations | ' | |||||
The purchase price for the acquisitions was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date in accordance with ASC 805 "Business Combinations". | ||||||
(In millions) | ||||||
Tangible assets | $ | 55.8 | ||||
Goodwill | 262.9 | |||||
Intangible assets | 247.6 | |||||
Liabilities assumed | (40.1 | ) | ||||
Net assets acquired, net of cash acquired | $ | 526.2 | ||||
The table below presents the assets acquired and liabilities assumed as part of the acquisition of the UNIPOL® licensing and related catalyst business. The excess of the purchase price over the fair value of the tangible net assets and intangible assets acquired was recorded as goodwill. The goodwill recognized is attributable to the expected growth and operating synergies that Grace expects to realize from this acquisition. Goodwill generated from the acquisition will be deductible for tax purposes. | ||||||
(In millions) | ||||||
Trade accounts receivable | $ | 10.5 | ||||
Inventories | 22.6 | |||||
Properties and equipment | 18.4 | |||||
Goodwill | 253.2 | |||||
Intangible assets | 243 | |||||
Current deferred revenue | (14.3 | ) | ||||
Noncurrent deferred revenue | (23.0 | ) | ||||
The table below presents the intangible assets acquired as part of the acquisition of the UNIPOL® licensing and related catalyst business and the periods over which they will be amortized. | ||||||
Amount | Weighted Average Amortization Period | |||||
(In millions) | (in years) | |||||
Technology | $ | 205.3 | 20.9 | |||
Trademarks | 11.9 | 30 | ||||
Customer Lists | 10.6 | 20 | ||||
Other | 15.2 | 17 | ||||
Total | $ | 243 | 20.9 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Summary of carrying amount of goodwill attributable to each operating segment and the changes in those balances during the period | ' | |||||||||||||||
The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the year ended December 31, 2013, are as follows: | ||||||||||||||||
(In millions) | Grace Catalysts Technologies | Grace Materials Technologies | Grace | Total | ||||||||||||
Construction | Grace | |||||||||||||||
Products | ||||||||||||||||
Balance, December 31, 2012 | $ | 39.5 | $ | 40.5 | $ | 116.7 | $ | 196.7 | ||||||||
Goodwill acquired during the year | 253.2 | — | 9.7 | 262.9 | ||||||||||||
Foreign currency translation/other adjustments | 0.7 | 0.7 | (3.5 | ) | (2.1 | ) | ||||||||||
Balance, December 31, 2013 | $ | 293.4 | $ | 41.2 | $ | 122.9 | $ | 457.5 | ||||||||
Summary of net book value of other intangible assets | ' | |||||||||||||||
Grace's net book value of other intangible assets at December 31, 2013 and 2012, was $315.5 million and $82.7 million, respectively, detailed as follows: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
(In millions) | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | |||||||||||||||
Technology | $ | 260 | $ | 37.8 | ||||||||||||
Customer lists | 94.9 | 43.7 | ||||||||||||||
Trademarks | 36.9 | 14 | ||||||||||||||
Other | 22.4 | 3.2 | ||||||||||||||
Total | $ | 414.2 | $ | 98.7 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||
(In millions) | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | |||||||||||||||
Customer lists | $ | 81.6 | $ | 37.9 | ||||||||||||
Technology | 54.6 | 32.6 | ||||||||||||||
Trademarks | 24.6 | 12.2 | ||||||||||||||
Other | 8.8 | 4.2 | ||||||||||||||
Total | $ | 169.6 | $ | 86.9 | ||||||||||||
Summary of estimated amortization expenses | ' | |||||||||||||||
At December 31, 2013, estimated future annual amortization expenses for intangible assets are: | ||||||||||||||||
(In millions) | ||||||||||||||||
2014 | $ | 24 | ||||||||||||||
2015 | 22.4 | |||||||||||||||
2016 | 18.6 | |||||||||||||||
2017 | 17.3 | |||||||||||||||
2018 | 17 | |||||||||||||||
Thereafter | 211.3 | |||||||||||||||
Total estimated amortization expenses | $ | 310.6 | ||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of debt | ' | |||||||
Components of Debt | ||||||||
(In millions) | 2013 | 2012 | ||||||
Debt payable within one year(1) | $ | 76.6 | $ | 83.4 | ||||
Debt payable after one year | $ | 5.3 | $ | 13.4 | ||||
Debt Subject to Compromise(2) | ||||||||
Bank borrowings(3) | $ | 500 | $ | 500 | ||||
Accrued interest on bank borrowings | 471 | 437.2 | ||||||
Default interest settlement(4) | 129 | — | ||||||
Drawn letters of credit(5) | 26.7 | 26.5 | ||||||
Accrued interest on drawn letters of credit | 11.1 | 9.6 | ||||||
$ | 1,137.80 | $ | 973.3 | |||||
Full-year weighted average interest rates on total debt | 3.6 | % | 3.5 | % | ||||
_______________________________________________________________________________ | ||||||||
-1 | Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million. | |||||||
-2 | At December 31, 2013, the carrying value of Grace's bank debt subject to compromise plus interest was $1,137.8 million. The estimated fair value of the bank debt approximates the carrying value and is estimated using Level 2 inputs. These amounts were paid in full on February 3, 2014. | |||||||
-3 | Under bank revolving credit agreements in effect prior to the Filing, Grace could borrow up to $500 million at interest rates based upon the prevailing prime, federal funds and/or Eurodollar rates. Of that amount, $250 million was available under short-term facilities that expired in May 2001, and $250 million was available under a long-term facility that expired in May 2003. As a result of the Filing, Grace was not permitted to make payments under the bank revolving credit agreements, and accordingly, the balance as of the Filing Date was reclassified to debt subject to compromise in the Consolidated Balance Sheets. | |||||||
-4 | On December 31, 2013, Grace entered into an agreement to settle the final appeal pending in its Chapter 11 bankruptcy with the holders of the company’s pre-petition bank debt (the “Bank Lenders”). The settlement calls for Grace to pay the Bank Lenders $129.0 million, plus interest from December 31, 2013, in addition to the distributions provided in the Joint Plan. | |||||||
-5 | Amounts drawn on letters of credit pursuant to settled but unpaid claims. |
Fair_Value_Measurements_and_Ri1
Fair Value Measurements and Risk (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012: | ||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | Total | Quoted Prices in | Significant | Significant | ||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||
Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Currency derivatives | $ | 2.1 | $ | — | $ | 2.1 | $ | — | ||||||||
Commodity derivatives | — | — | — | — | ||||||||||||
Total Assets | $ | 2.1 | $ | — | $ | 2.1 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Currency derivatives | $ | 6.9 | $ | — | $ | 6.9 | $ | — | ||||||||
Commodity derivatives | 0.1 | — | 0.1 | — | ||||||||||||
Total Liabilities | $ | 7 | $ | — | $ | 7 | $ | — | ||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | Total | Quoted Prices in | Significant | Significant | ||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||
Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Currency derivatives | $ | 1.2 | $ | — | $ | 1.2 | $ | — | ||||||||
Commodity derivatives | 0.2 | — | 0.2 | — | ||||||||||||
Total Assets | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Currency derivatives | $ | 5.1 | $ | — | $ | 5.1 | $ | — | ||||||||
Commodity derivatives | 0.4 | — | 0.4 | — | ||||||||||||
Total Liabilities | $ | 5.5 | $ | — | $ | 5.5 | $ | — | ||||||||
Schedule of the location and fair values of derivative instruments included in the Consolidated Balance Sheets | ' | |||||||||||||||
The following tables present the location and fair values of derivative instruments included in the Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Values of Derivative Instruments at December 31, 2013 | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
(In millions) | Location | Value | Location | Value | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||
Commodity contracts | Other current assets | $ | — | Other current liabilities | $ | 0.1 | ||||||||||
Currency contracts | Other current assets | 1 | Other current liabilities | — | ||||||||||||
Currency contracts | Other assets | 1 | Other liabilities | — | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other current assets | 0.1 | Other current liabilities | 6.9 | ||||||||||||
Total derivatives | $ | 2.1 | $ | 7 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Values of Derivative Instruments at December 31, 2012 | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||
(In millions) | Location | Value | Location | Value | ||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||
Commodity contracts | Other current assets | $ | 0.2 | Other current liabilities | $ | 0.4 | ||||||||||
Currency contracts | Other current assets | 1.2 | Other current liabilities | 0.2 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other current assets | — | Other current liabilities | 4.9 | ||||||||||||
Total derivatives | $ | 1.4 | $ | 5.5 | ||||||||||||
Schedule of the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations, or initially recognized in other comprehensive income (loss) ("OCI"), when applicable | ' | |||||||||||||||
The following tables present the location and amount of gains and losses on derivative instruments included in the Consolidated Statements of Operations or, when applicable, gains and losses initially recognized in other comprehensive income (loss) ("OCI") for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2013 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | 2 | Other expense | $ | 2.4 | |||||||||||
Currency contracts | (0.2 | ) | Cost of goods sold | (0.2 | ) | |||||||||||
Commodity contracts | (0.3 | ) | Cost of goods sold | (0.4 | ) | |||||||||||
Total derivatives | $ | 1.5 | $ | 1.8 | ||||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | (10.9 | ) | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2012 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | 1.4 | Other expense | $ | 1.6 | |||||||||||
Currency contracts | 0.2 | Cost of goods sold | (0.1 | ) | ||||||||||||
Commodity contracts | (2.3 | ) | Cost of goods sold | (5.9 | ) | |||||||||||
Total derivatives | $ | (0.7 | ) | $ | (4.4 | ) | ||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | (4.4 | ) | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Year Ended December 31, 2011 | Amount of Gain | Location of Gain | Amount of Gain | |||||||||||||
(In millions) | or (Loss) | or (Loss) | or (Loss) | |||||||||||||
Recognized in | Reclassified from | Reclassified from | ||||||||||||||
OCI on Derivatives | Accumulated OCI | Accumulated OCI | ||||||||||||||
(Effective Portion) | into Income | into Income | ||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | ||||||||||||||||
Currency contracts | $ | (0.2 | ) | Cost of goods sold | $ | 0.1 | ||||||||||
Commodity contracts | (5.7 | ) | Cost of goods sold | (2.8 | ) | |||||||||||
Total derivatives | $ | (5.9 | ) | $ | (2.7 | ) | ||||||||||
Location of Gain | Amount of Gain | |||||||||||||||
or (Loss) | or (Loss) | |||||||||||||||
Recognized in | Recognized in | |||||||||||||||
Income on | Income on | |||||||||||||||
Derivatives | Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||
Currency contracts | Other expense | $ | 9 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of income from consolidated operations before income taxes and the related provision for income taxes | ' | |||||||||||
The components of income from consolidated operations before income taxes and the related provision for income taxes for 2013, 2012, and 2011 are as follows: | ||||||||||||
Income Taxes—Consolidated Operations | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Income (loss) before income taxes: | ||||||||||||
Domestic | $ | 141.4 | $ | (170.3 | ) | $ | 107.7 | |||||
Foreign | 219.2 | 149.7 | 199.3 | |||||||||
Total | $ | 360.6 | $ | (20.6 | ) | $ | 307 | |||||
Benefit from (provision for) income taxes: | ||||||||||||
Federal—current | $ | 1.4 | $ | (51.2 | ) | $ | 16.7 | |||||
Federal—deferred | (73.1 | ) | 82 | (49.3 | ) | |||||||
State and local—current | (0.7 | ) | (4.4 | ) | (2.3 | ) | ||||||
State and local—deferred | 38.2 | 70.2 | — | |||||||||
Foreign—current | (83.5 | ) | (43.1 | ) | (52.5 | ) | ||||||
Foreign—deferred | 14.8 | 8.1 | (0.5 | ) | ||||||||
Total | $ | (102.9 | ) | $ | 61.6 | $ | (87.9 | ) | ||||
Summary of difference between the provision for income taxes at the U.S. federal income tax rate and overall income tax provision | ' | |||||||||||
The difference between the provision for income taxes at the U.S. federal income tax rate of 35% and Grace's overall income tax provision is summarized as follows: | ||||||||||||
Income Tax Provision Analysis | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Tax benefit (provision) at U.S. federal income tax rate | $ | (126.2 | ) | $ | 7.2 | $ | (107.4 | ) | ||||
Change in benefit (provision) resulting from: | ||||||||||||
Release of state valuation allowance | 24.4 | 44 | — | |||||||||
Effect of tax rates in foreign jurisdictions | 16.6 | 14.9 | 17.6 | |||||||||
Benefits from domestic production activities | — | 14 | 0.9 | |||||||||
Nontaxable income/non-deductible expenses | (9.7 | ) | (8.1 | ) | (7.3 | ) | ||||||
U.S. taxes on repatriated foreign earnings | 3.7 | (2.2 | ) | (1.1 | ) | |||||||
State and local income taxes, net of federal income tax | (0.7 | ) | 0.1 | (1.5 | ) | |||||||
Adjustments to uncertain tax positions and other items | (11.0 | ) | (8.3 | ) | 10.9 | |||||||
Benefit from (provision for) income taxes | $ | (102.9 | ) | $ | 61.6 | $ | (87.9 | ) | ||||
Summary of tax attributes giving rise to deferred tax assets and liabilities | ' | |||||||||||
At December 31, 2013 and 2012, the tax attributes giving rise to deferred tax assets and liabilities consisted of the following items: | ||||||||||||
Deferred Tax Analysis | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Liability for asbestos-related litigation | $ | 657.1 | $ | 717.5 | ||||||||
Federal tax credit carryforwards | 16.9 | 2.4 | ||||||||||
Foreign net operating loss carryforwards | 18 | 22.7 | ||||||||||
Deferred state taxes | 90.3 | 88.4 | ||||||||||
Liability for environmental remediation | 47.1 | 49.2 | ||||||||||
Other postretirement benefits | 18.2 | 22.9 | ||||||||||
Pension liabilities | 96.7 | 133.1 | ||||||||||
Reserves and allowances | 60.4 | 51.6 | ||||||||||
Research and development | 32.6 | 34 | ||||||||||
Accrued interest on pre-petition debt | 66.7 | 121.9 | ||||||||||
Other | 16.3 | 20.8 | ||||||||||
Total deferred tax assets | $ | 1,120.30 | $ | 1,264.50 | ||||||||
Deferred tax liabilities: | ||||||||||||
Asbestos-related insurance receivable | $ | (175.0 | ) | $ | (175.0 | ) | ||||||
Pension assets | (3.7 | ) | (14.9 | ) | ||||||||
Properties and equipment | (30.3 | ) | (35.3 | ) | ||||||||
Other | (7.3 | ) | (14.7 | ) | ||||||||
Total deferred tax liabilities | $ | (216.3 | ) | $ | (239.9 | ) | ||||||
Valuation allowance: | ||||||||||||
Deferred state taxes | $ | (13.6 | ) | $ | (40.3 | ) | ||||||
Federal credits | (4.4 | ) | — | |||||||||
Foreign net operating loss carryforwards | (0.3 | ) | (0.5 | ) | ||||||||
Total valuation allowance | (18.3 | ) | (40.8 | ) | ||||||||
Net deferred tax assets | $ | 885.7 | $ | 983.8 | ||||||||
Summary of information about uncertain tax positions | ' | |||||||||||
Rollforward of Uncertain Tax Positions | ||||||||||||
(In millions) | Unrecognized | |||||||||||
Tax Benefits | ||||||||||||
Balance as of January 1, 2011 | $ | 79.2 | ||||||||||
Additions for current year tax positions | 0.6 | |||||||||||
Additions for prior year tax positions | 0.5 | |||||||||||
Reductions for prior year tax positions and reclassifications(1)(2) | (17.8 | ) | ||||||||||
Reductions for expirations of statute of limitations | (0.1 | ) | ||||||||||
Balance as of December 31, 2011 | 62.4 | |||||||||||
Additions for current year tax positions | 3.4 | |||||||||||
Additions for prior year tax positions | 22 | |||||||||||
Reductions for prior year tax positions and reclassifications | (0.8 | ) | ||||||||||
Reductions for expirations of statute of limitations | (2.9 | ) | ||||||||||
Settlements(3) | (1.0 | ) | ||||||||||
Balance as of December 31, 2012 | 83.1 | |||||||||||
Additions for current year tax positions | 6.3 | |||||||||||
Additions for prior year tax positions | 6.4 | |||||||||||
Reductions for prior year tax positions and reclassifications(4) | (9.6 | ) | ||||||||||
Reductions for expirations of statute of limitations | (5.9 | ) | ||||||||||
Balance as of December 31, 2013 | $ | 80.3 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | On November 3, 2011, Grace received notice from the Canadian Revenue Agency that they had completed a review of Grace's Canadian transfer pricing for the years 2002, 2003, and 2004. As a result, Grace reversed $10.6 million of uncertain tax positions because they were effectively settled pursuant to ASC 740-10-25. A tax matter is effectively settled through examination when the taxing authority has completed an examination; the entity does not intend to appeal or litigate any aspect of a particular tax position for the completed examination; and based on a tax authority's widely understood policy, the entity considers it remote that the taxing authority would subsequently examine or reexamine any of the positions once the examination process is completed. | |||||||||||
-2 | In 2011, $6.7 million of uncertain tax positions representing pre-petition federal and state settlements were reclassified to income taxes payable. | |||||||||||
-3 | In 2012, $1.0 million of uncertain tax positions representing withholding taxes due were paid as a result of the completion of Grace's Canadian audit for the years 2002, 2003, and 2004. | |||||||||||
-4 | In 2013, $9.6 million of uncertain tax positions representing agreed adjustments resulting from the 2007-2009 IRS examination were reclassified to income taxes payable. | |||||||||||
Schedule of open tax years by major jurisdiction | ' | |||||||||||
The following table summarizes these open tax years by major jurisdiction: | ||||||||||||
Tax Jurisdiction(1) | Examination in Progress | Examination Not Yet Initiated | ||||||||||
United States—Federal | 2007-2009 | 2010-2012 | ||||||||||
United States—State | 2007-2012 | 2010-2012 | ||||||||||
Germany | None | 2009-2012 | ||||||||||
Italy | None | 2008-2012 | ||||||||||
France | 2010-2011 | 2012 | ||||||||||
Canada | None | 2006-2012 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | Includes federal, state, provincial or local jurisdictions, as applicable. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets Amounts Recognized in Balance Sheet and Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the changes in benefit obligations and fair values of retirement plan assets during 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Post- | |||||||||||||||||||||||||||||||||||
Change in Financial Status of Retirement Plans | U.S. | Non-U.S. | Total | Retirement Plans | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Change in Projected Benefit Obligation (PBO): | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,425.60 | $ | 1,282.30 | $ | 529.3 | $ | 452.8 | $ | 1,954.90 | $ | 1,735.10 | $ | 63.9 | $ | 64.6 | ||||||||||||||||||||
Service cost | 25.2 | 21.5 | 11.1 | 8.9 | 36.3 | 30.4 | 0.2 | 0.2 | ||||||||||||||||||||||||||||
Interest cost | 51.9 | 55.9 | 20.6 | 21.4 | 72.5 | 77.3 | 2.2 | 2.5 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||||||||||||
Amendments | — | — | — | — | — | — | (1.7 | ) | — | |||||||||||||||||||||||||||
Actuarial (gain) loss | (96.7 | ) | 132.3 | (2.4 | ) | 58.2 | (99.1 | ) | 190.5 | (4.3 | ) | (2.1 | ) | |||||||||||||||||||||||
Medicare subsidy receipts | — | — | — | — | — | — | 1.4 | 3.3 | ||||||||||||||||||||||||||||
Benefits paid | (79.2 | ) | (66.4 | ) | (22.1 | ) | (23.1 | ) | (101.3 | ) | (89.5 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Currency exchange translation adjustments | — | — | 9.3 | 10.5 | 9.3 | 10.5 | — | — | ||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 1,326.80 | $ | 1,425.60 | $ | 546.4 | $ | 529.3 | $ | 1,873.20 | $ | 1,954.90 | $ | 57.2 | $ | 63.9 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,131.70 | $ | 955.3 | $ | 313.6 | $ | 295.1 | $ | 1,445.30 | $ | 1,250.40 | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 37.1 | 127.9 | 0.8 | 20.8 | 37.9 | 148.7 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 55.6 | 114.9 | 12.7 | 11.9 | 68.3 | 126.8 | 3.1 | 1.3 | ||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 0.6 | 0.6 | 0.6 | 0.6 | — | — | ||||||||||||||||||||||||||||
Medicare subsidy receipts | — | — | — | — | — | — | 1.4 | 3.3 | ||||||||||||||||||||||||||||
Benefits paid | (79.2 | ) | (66.4 | ) | (22.1 | ) | (23.1 | ) | (101.3 | ) | (89.5 | ) | (4.5 | ) | (4.6 | ) | ||||||||||||||||||||
Currency exchange translation adjustments | — | — | 0.9 | 8.3 | 0.9 | 8.3 | — | — | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,145.20 | $ | 1,131.70 | $ | 306.5 | $ | 313.6 | $ | 1,451.70 | $ | 1,445.30 | $ | — | $ | — | ||||||||||||||||||||
Funded status at end of year (PBO basis) | $ | (181.6 | ) | $ | (293.9 | ) | $ | (239.9 | ) | $ | (215.7 | ) | $ | (421.5 | ) | $ | (509.6 | ) | $ | (57.2 | ) | $ | (63.9 | ) | ||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | 16.7 | $ | 32.1 | $ | 16.7 | $ | 32.1 | $ | — | $ | — | ||||||||||||||||||||
Current liabilities | (5.8 | ) | (5.8 | ) | (9.2 | ) | (8.2 | ) | (15.0 | ) | (14.0 | ) | (4.5 | ) | (4.3 | ) | ||||||||||||||||||||
Noncurrent liabilities | (175.8 | ) | (288.1 | ) | (247.4 | ) | (239.6 | ) | (423.2 | ) | (527.7 | ) | (52.7 | ) | (59.6 | ) | ||||||||||||||||||||
Net amount recognized | $ | (181.6 | ) | $ | (293.9 | ) | $ | (239.9 | ) | $ | (215.7 | ) | $ | (421.5 | ) | $ | (509.6 | ) | $ | (57.2 | ) | $ | (63.9 | ) | ||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income consist of: | ||||||||||||||||||||||||||||||||||||
Accumulated actuarial gain | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5.0 | ) | $ | (0.3 | ) | ||||||||||||||||||
Prior service cost (credit) | 1.5 | 2.2 | (0.3 | ) | (0.3 | ) | 1.2 | 1.9 | (1.7 | ) | — | |||||||||||||||||||||||||
Net amount recognized | $ | 1.5 | $ | 2.2 | $ | (0.3 | ) | $ | (0.3 | ) | $ | 1.2 | $ | 1.9 | $ | (6.7 | ) | $ | (0.3 | ) | ||||||||||||||||
Defined Benefit Pension Plans | Other Post- | |||||||||||||||||||||||||||||||||||
Change in Financial Status of Retirement Plans | U.S. | Non-U.S. | Total | Retirement Plans | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.76 | % | 3.75 | % | 4.25 | % | 4.06 | % | NM | NM | 4.26 | % | 3.5 | % | ||||||||||||||||||||||
Rate of compensation increase | 4.7 | % | 4.3 | % | 3.41 | % | 3.37 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||||||||||||||||||||||||||||||||||||
Discount rate | 3.75 | % | 4.5 | % | 4.06 | % | 4.83 | % | NM | NM | 3.5 | % | 4 | % | ||||||||||||||||||||||
Expected return on plan assets | 6 | % | 6.25 | % | 4.66 | % | 4.98 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
Rate of compensation increase | 4.3 | % | 4.3 | % | 3.37 | % | 3.4 | % | NM | NM | NM | NM | ||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
NM—Not meaningful | ||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Non-U.S. | Other | U.S. | Non-U.S. | Other | U.S. | Non-U.S. | Other | |||||||||||||||||||||||||||
Net Periodic Benefit (Income) Cost | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 25.2 | $ | 11.1 | $ | 0.2 | $ | 21.5 | $ | 8.9 | $ | 0.2 | $ | 18.2 | $ | 8.7 | $ | 0.3 | ||||||||||||||||||
Interest cost | 51.9 | 20.6 | 2.2 | 55.9 | 21.4 | 2.5 | 60.3 | 22.7 | 3.2 | |||||||||||||||||||||||||||
Expected return on plan assets | (68.0 | ) | (14.0 | ) | — | (63.3 | ) | (14.8 | ) | — | (66.1 | ) | (16.2 | ) | — | |||||||||||||||||||||
Amortization of prior service cost (credit) | 0.7 | — | — | 0.9 | (0.1 | ) | — | 1.1 | — | — | ||||||||||||||||||||||||||
Annual mark-to-market adjustment | (65.8 | ) | 11 | — | 67.7 | 52.2 | — | 99.1 | 13.1 | — | ||||||||||||||||||||||||||
Amortization of net deferred actuarial loss | — | — | 0.4 | — | — | 0.6 | — | — | 0.6 | |||||||||||||||||||||||||||
Net curtailment and settlement loss | — | (0.1 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) cost | $ | (56.0 | ) | $ | 28.6 | $ | 2.8 | $ | 82.7 | $ | 67.6 | $ | 3.3 | $ | 112.6 | $ | 28.3 | $ | 4.1 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ||||||||||||||||||||||||||||||||||||
Net deferred actuarial gain | $ | — | $ | — | $ | (4.3 | ) | $ | — | $ | — | $ | (2.1 | ) | $ | — | $ | — | $ | (7.3 | ) | |||||||||||||||
Net prior service credit | — | — | (1.7 | ) | — | — | — | — | (0.4 | ) | — | |||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.7 | ) | — | — | (0.9 | ) | 0.1 | — | (1.1 | ) | — | — | ||||||||||||||||||||||||
Amortization of net deferred actuarial loss | — | — | (0.4 | ) | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (0.7 | ) | — | (6.4 | ) | (0.9 | ) | 0.1 | (2.7 | ) | (1.1 | ) | (0.4 | ) | (7.9 | ) | ||||||||||||||||||||
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | $ | (56.7 | ) | $ | 28.6 | $ | (3.6 | ) | $ | 81.8 | $ | 67.7 | $ | 0.6 | $ | 111.5 | $ | 27.9 | $ | (3.8 | ) | |||||||||||||||
Schedule of Net Funded Status Benefits Paid and Discount Rate [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Funded Status of U.S. Pension Plans | Fully-Funded U.S. Qualified | Underfunded U.S. | Unfunded Pay-As-You-Go | |||||||||||||||||||||||||||||||||
(In millions) | Pension Plans(1) | Qualified Pension Plans(1) | U.S. Nonqualified Plans(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | — | $ | — | $ | — | $ | 1,197.40 | $ | 1,288.60 | $ | 1,157.50 | $ | 129.4 | $ | 137 | $ | 124.8 | ||||||||||||||||||
Fair value of plan assets | — | — | — | 1,145.20 | 1,131.70 | 955.3 | — | — | — | |||||||||||||||||||||||||||
Funded status (PBO basis) | $ | — | $ | — | $ | — | $ | (52.2 | ) | $ | (156.9 | ) | $ | (202.2 | ) | $ | (129.4 | ) | $ | (137.0 | ) | $ | (124.8 | ) | ||||||||||||
Benefits paid | $ | — | $ | — | $ | — | $ | (73.6 | ) | $ | (60.7 | ) | $ | (59.9 | ) | $ | (5.6 | ) | $ | (5.7 | ) | $ | (5.6 | ) | ||||||||||||
Funded Status of Non-U.S. Pension Plans | Fully-Funded Non-U.S. | Underfunded Non-U.S. | Unfunded Pay-As-You-Go | |||||||||||||||||||||||||||||||||
(In millions) | Pension Plans(1) | Pension Plans(1) | Non-U.S. Pension Plans(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | 247.3 | $ | 237.1 | $ | 213.3 | $ | 56.5 | $ | 62.6 | $ | 53.1 | $ | 242.6 | $ | 229.6 | $ | 186.4 | ||||||||||||||||||
Fair value of plan assets | 264 | 269.2 | 255.8 | 42.5 | 44.4 | 39.3 | — | — | — | |||||||||||||||||||||||||||
Funded status (PBO basis) | $ | 16.7 | $ | 32.1 | $ | 42.5 | $ | (14.0 | ) | $ | (18.2 | ) | $ | (13.8 | ) | $ | (242.6 | ) | $ | (229.6 | ) | $ | (186.4 | ) | ||||||||||||
Benefits paid | $ | (10.0 | ) | $ | (11.8 | ) | $ | (10.2 | ) | $ | (4.2 | ) | $ | (3.6 | ) | $ | (2.2 | ) | $ | (7.9 | ) | $ | (7.7 | ) | $ | (8.8 | ) | |||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Plans intended to be advance-funded. | |||||||||||||||||||||||||||||||||||
-2 | Plans intended to be pay-as-you-go. | |||||||||||||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Pension Plans with Underfunded or | U.S. | Non-U.S. | Total | |||||||||||||||||||||||||||||||||
Unfunded Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 347.8 | $ | 1,425.60 | $ | 259.2 | $ | 280.3 | $ | 607 | $ | 1,705.90 | ||||||||||||||||||||||||
Accumulated benefit obligation | 344.1 | 1,371.20 | 230.7 | 242 | 574.8 | 1,613.20 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 201.1 | 1,131.70 | 8.9 | 35.5 | 210 | 1,167.20 | ||||||||||||||||||||||||||||||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts for the Fiscal Years Ending | Pension Plans | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | Postretirement Plans | Payments | ||||||||||||||||||||||||||||||||||
U.S.(1) | Non-U.S.(2) | Benefit | Medicare | Net of | ||||||||||||||||||||||||||||||||
Payments | Subsidy | Subsidy | ||||||||||||||||||||||||||||||||||
Benefit | Benefit | Receipts | ||||||||||||||||||||||||||||||||||
Payments(3) | Payments | |||||||||||||||||||||||||||||||||||
2011 (actual) | $ | 65.5 | $ | 21.2 | $ | 3.6 | $ | (1.9 | ) | $ | 88.4 | |||||||||||||||||||||||||
2012 (actual) | 66.4 | 23.1 | 4.6 | (3.3 | ) | 90.8 | ||||||||||||||||||||||||||||||
2013 (actual) | 79.2 | 22.1 | 4.5 | (1.4 | ) | 104.4 | ||||||||||||||||||||||||||||||
2014(3) | 108.6 | 23 | 6.2 | (1.7 | ) | 136.1 | ||||||||||||||||||||||||||||||
2015 | 82.2 | 22.7 | 6 | (0.5 | ) | 110.4 | ||||||||||||||||||||||||||||||
2016 | 83.5 | 24.4 | 5.8 | (0.1 | ) | 113.6 | ||||||||||||||||||||||||||||||
2017 | 84.9 | 25.1 | 5.6 | (0.1 | ) | 115.5 | ||||||||||||||||||||||||||||||
2018 | 86.3 | 26 | 5.3 | (0.1 | ) | 117.5 | ||||||||||||||||||||||||||||||
2019 - 2023 | 446.5 | 146.7 | 22.1 | (0.3 | ) | 615 | ||||||||||||||||||||||||||||||
Schedule of Benefit Payments Net of Medicare Subsidy Receipts [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts for the Fiscal Years Ending | Pension Plans | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | Postretirement Plans | Payments | ||||||||||||||||||||||||||||||||||
U.S.(1) | Non-U.S.(2) | Benefit | Medicare | Net of | ||||||||||||||||||||||||||||||||
Payments | Subsidy | Subsidy | ||||||||||||||||||||||||||||||||||
Benefit | Benefit | Receipts | ||||||||||||||||||||||||||||||||||
Payments(3) | Payments | |||||||||||||||||||||||||||||||||||
2011 (actual) | $ | 65.5 | $ | 21.2 | $ | 3.6 | $ | (1.9 | ) | $ | 88.4 | |||||||||||||||||||||||||
2012 (actual) | 66.4 | 23.1 | 4.6 | (3.3 | ) | 90.8 | ||||||||||||||||||||||||||||||
2013 (actual) | 79.2 | 22.1 | 4.5 | (1.4 | ) | 104.4 | ||||||||||||||||||||||||||||||
2014(3) | 108.6 | 23 | 6.2 | (1.7 | ) | 136.1 | ||||||||||||||||||||||||||||||
2015 | 82.2 | 22.7 | 6 | (0.5 | ) | 110.4 | ||||||||||||||||||||||||||||||
2016 | 83.5 | 24.4 | 5.8 | (0.1 | ) | 113.6 | ||||||||||||||||||||||||||||||
2017 | 84.9 | 25.1 | 5.6 | (0.1 | ) | 115.5 | ||||||||||||||||||||||||||||||
2018 | 86.3 | 26 | 5.3 | (0.1 | ) | 117.5 | ||||||||||||||||||||||||||||||
2019 - 2023 | 446.5 | 146.7 | 22.1 | (0.3 | ) | 615 | ||||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Effective January 1, 2008, lump sum distributions from certain U.S. qualified pension plans were restricted based on the provisions of the Pension Protection Act of 2006 (the "Act"). The Act prohibited the distribution of lump sums to retiring participants while the Company was operating under Chapter 11 of the U.S. Bankruptcy Code and when the plan was less than 100% funded. After emergence from Chapter 11, the plan is permitted to distribute lump sums to retiring participants under the Act when the plan is at least 80% funded. | |||||||||||||||||||||||||||||||||||
-2 | Non-U.S. estimated benefit payments for 2014 and future periods have been translated at the applicable December 31, 2013, exchange rates. | |||||||||||||||||||||||||||||||||||
-3 | Includes approximately $28 million of benefit payments from nonqualified plans that were previously restricted by the Bankruptcy Court while the Company was in Chapter 11 and are expected to be paid in 2014. | |||||||||||||||||||||||||||||||||||
Pension Plans | ' | |||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table presents the funded status of Grace's fully-funded, underfunded, and unfunded pension plans: | ||||||||||||||||||||||||||||||||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||
Overfunded defined benefit pension plans | $ | 16.7 | $ | 32.1 | ||||||||||||||||||||||||||||||||
Underfunded defined benefit pension plans | (66.2 | ) | (175.1 | ) | ||||||||||||||||||||||||||||||||
Unfunded defined benefit pension plans | (233.4 | ) | (221.4 | ) | ||||||||||||||||||||||||||||||||
Total underfunded and unfunded defined benefit pension plans | (299.6 | ) | (396.5 | ) | ||||||||||||||||||||||||||||||||
Unfunded defined benefit pension plans included in liabilities subject to compromise | (123.6 | ) | (131.2 | ) | ||||||||||||||||||||||||||||||||
Pension liabilities included in other current liabilities | (15.0 | ) | (14.0 | ) | ||||||||||||||||||||||||||||||||
Net funded status | $ | (421.5 | ) | $ | (509.6 | ) | ||||||||||||||||||||||||||||||
U.S. qualified pension plans | ' | |||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for Grace's U.S. qualified pension plans are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
U.S. Qualified Pension Plans Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
U.S. equity securities | 10 | % | 10 | % | 16 | % | ||||||||||||||||||||||||||||||
Non-U.S. equity securities | 6 | % | 6 | % | 7 | % | ||||||||||||||||||||||||||||||
Short-term debt securities | 10 | % | 10 | % | 6 | % | ||||||||||||||||||||||||||||||
Intermediate-term debt securities | 28 | % | 28 | % | 31 | % | ||||||||||||||||||||||||||||||
Long-term debt securities | 44 | % | 44 | % | 35 | % | ||||||||||||||||||||||||||||||
Other investments | 2 | % | 2 | % | 5 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Schedule of Fair Value of Plan Asset [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—U.S. Qualified Pension Plans | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
U.S. equity group trust funds | $ | 111.5 | $ | — | $ | 111.5 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. equity group trust funds | 67.1 | — | 67.1 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—intermediate-term | 322.6 | — | 322.6 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—long-term | 502.3 | — | 502.3 | — | ||||||||||||||||||||||||||||||||
Other fixed income group trust funds | 22.9 | — | 22.9 | — | ||||||||||||||||||||||||||||||||
Common/collective trust funds | 102.3 | — | 102.3 | — | ||||||||||||||||||||||||||||||||
Annuity and immediate participation contracts | 16.5 | — | 16.5 | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,145.20 | $ | — | $ | 1,145.20 | $ | — | ||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—U.S. Qualified Pension Plans | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
U.S. equity group trust funds | $ | 178.8 | $ | — | $ | 178.8 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. equity group trust funds | 79.2 | — | 79.2 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—intermediate-term | 348.4 | — | 348.4 | — | ||||||||||||||||||||||||||||||||
Corporate bond group trust funds—long-term | 399.4 | — | 399.4 | — | ||||||||||||||||||||||||||||||||
Other fixed income group trust funds | 36.9 | — | 36.9 | — | ||||||||||||||||||||||||||||||||
REIT group trust funds | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||
Common/collective trust funds | 58.1 | — | 58.1 | — | ||||||||||||||||||||||||||||||||
Annuity and immediate participation contracts | 15.9 | — | 15.9 | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 1,131.70 | $ | — | $ | 1,131.70 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. pension plans | ' | |||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Plan Asset [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following tables present the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—Non-U.S. Pension Plans | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Assets or | (Level 2) | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
Common/collective trust funds | $ | 294.8 | $ | — | $ | 294.8 | $ | — | ||||||||||||||||||||||||||||
Government and agency securities | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||||||
Corporate bonds | 1.3 | — | 1.3 | — | ||||||||||||||||||||||||||||||||
Insurance contracts and other investments | 6.3 | — | 6.3 | — | ||||||||||||||||||||||||||||||||
Cash | 1.7 | 1.7 | — | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 306.5 | $ | 1.7 | $ | 304.8 | $ | — | ||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 Using | ||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value—Non-U.S. Pension Plans | Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||
(In millions) | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||
Assets or | (Level 2) | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
Common/collective trust funds | $ | 301.3 | $ | — | $ | 301.3 | $ | — | ||||||||||||||||||||||||||||
Government and agency securities | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||||||
Corporate bonds | 1.2 | — | 1.2 | — | ||||||||||||||||||||||||||||||||
Insurance contracts and other investments | 8 | — | 8 | — | ||||||||||||||||||||||||||||||||
Cash | 0.7 | 0.7 | — | — | ||||||||||||||||||||||||||||||||
Total Assets | $ | 313.6 | $ | 0.7 | $ | 312.9 | $ | — | ||||||||||||||||||||||||||||
Non-U.S. pension plans | United Kingdom | ' | |||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for the U.K. pension plan are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
United Kingdom Pension Plan Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Diversified growth funds | 12 | % | 13 | % | 12 | % | ||||||||||||||||||||||||||||||
U.K. gilts | 41 | % | 40 | % | 41 | % | ||||||||||||||||||||||||||||||
U.K. corporate bonds | 47 | % | 47 | % | 47 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
Non-U.S. pension plans | Canada | ' | |||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The target allocation of investment assets at December 31, 2013, and the actual allocation at December 31, 2013 and 2012, for the Canadian pension plan are as follows: | ||||||||||||||||||||||||||||||||||||
Target | Percentage of Plan Assets | |||||||||||||||||||||||||||||||||||
Allocation | December 31, | |||||||||||||||||||||||||||||||||||
Canadian Pension Plan Asset Category | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Equity securities | 33 | % | 34 | % | 61 | % | ||||||||||||||||||||||||||||||
Bonds | 49 | % | 48 | % | 39 | % | ||||||||||||||||||||||||||||||
Other investments | 18 | % | 18 | % | — | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % |
Other_Balance_Sheet_Accounts_T
Other Balance Sheet Accounts (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Balance Sheet Accounts | ' | |||||||
Schedule of other balance sheet accounts | ' | |||||||
(In millions) | 31-Dec-13 | 31-Dec-12 | ||||||
Other Current Liabilities | ||||||||
Accrued compensation | $ | 62.4 | $ | 84.5 | ||||
Income tax payable | 32 | 44.8 | ||||||
Customer volume rebates | 33.3 | 32.5 | ||||||
Deferred revenue | 14.3 | — | ||||||
Pension liabilities | 15 | 14 | ||||||
Accrued commissions | 6.9 | 12.9 | ||||||
Accrued Chapter 11 reorganization expenses | 6.9 | 6.6 | ||||||
Fair value of currency forward and commodity contracts | 7 | 5.5 | ||||||
Restructuring liability | 4.4 | 3 | ||||||
Deferred tax liability | 0.1 | 0.6 | ||||||
Other accrued liabilities | 109.7 | 102.9 | ||||||
$ | 292 | $ | 307.3 | |||||
Restructuring_Expenses_and_Rel1
Restructuring Expenses and Related Asset Impairments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of restructuring expenses and related asset impairments | ' | |||||||||||
Restructuring Expenses and Related Asset Impairments | Year Ended December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Severance and other employee-related costs | $ | 6.7 | $ | 5.6 | $ | 3.8 | ||||||
Asset impairments and other restructuring costs | 5.8 | 1.3 | 3.1 | |||||||||
Total restructuring expenses and related asset impairments | $ | 12.5 | $ | 6.9 | $ | 6.9 | ||||||
Schedule of restructuring liability | ' | |||||||||||
Restructuring Liability | December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Balance, December 31, 2012 | $ | 3 | $ | 5.9 | $ | 9.6 | ||||||
Accruals for severance and other costs | 7.6 | 5.6 | 3.8 | |||||||||
Payments | (6.4 | ) | (8.4 | ) | (7.2 | ) | ||||||
Currency translation adjustments and other | 0.2 | (0.1 | ) | (0.3 | ) | |||||||
Balance, December 31, 2013 | $ | 4.4 | $ | 3 | $ | 5.9 | ||||||
Other_Expense_net_Tables
Other Expense, net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Components of other (income) expense, net | ' | |||||||||||
Components of other expense, net are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Restructuring expenses and related asset impairments | $ | 12.5 | $ | 6.9 | $ | 6.9 | ||||||
Provision for environmental remediation | 8.2 | 3.6 | 17.8 | |||||||||
Translation effects—intercompany loans | (11.9 | ) | (5.6 | ) | 11.7 | |||||||
Value of currency forward contracts—intercompany loans | 10.9 | 3.7 | (9.3 | ) | ||||||||
Currency transaction loss in Venezuela | 8.5 | — | — | |||||||||
Other currency transaction effects | 5 | 2.2 | 3.2 | |||||||||
Interest income of non-Debtor subsidiaries | (1.0 | ) | (1.0 | ) | (1.2 | ) | ||||||
Net (gain) loss on sales of investments and disposals of assets | 0.5 | 0.7 | (3.0 | ) | ||||||||
Other miscellaneous (income) expense | (9.2 | ) | (4.4 | ) | 3.3 | |||||||
Total other expense, net | $ | 23.5 | $ | 6.1 | $ | 29.4 | ||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||||||
Tabular disclosure of pre-tax, tax, and after-tax components of other comprehensive income (loss) | ' | |||||||||||||||||||||||
The following tables present the pre-tax, tax, and after-tax components of Grace's other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 0.7 | $ | (0.2 | ) | $ | 0.5 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||||||
Net prior service credit arising during period | 1.7 | (0.6 | ) | 1.1 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 4.3 | (1.6 | ) | 2.7 | ||||||||||||||||||||
Benefit plans, net | 7.1 | (2.5 | ) | 4.6 | ||||||||||||||||||||
Currency translation adjustments | (23.6 | ) | — | (23.6 | ) | |||||||||||||||||||
Loss from hedging activities | (0.3 | ) | 0.1 | (0.2 | ) | |||||||||||||||||||
Gain on securities available for sale | 0.1 | — | 0.1 | |||||||||||||||||||||
Other comprehensive loss attributable to W. R. Grace & Co. shareholders | $ | (16.7 | ) | $ | (2.4 | ) | $ | (19.1 | ) | |||||||||||||||
Year Ended December 31, 2012 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 0.8 | $ | (0.3 | ) | $ | 0.5 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 2.1 | (0.7 | ) | 1.4 | ||||||||||||||||||||
Benefit plans, net | 3.5 | (1.2 | ) | 2.3 | ||||||||||||||||||||
Currency translation adjustments | 5.5 | — | 5.5 | |||||||||||||||||||||
Gain from hedging activities | 3.7 | (1.3 | ) | 2.4 | ||||||||||||||||||||
Other comprehensive income attributable to W. R. Grace & Co. shareholders | $ | 12.7 | $ | (2.5 | ) | $ | 10.2 | |||||||||||||||||
Year Ended December 31, 2011 | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
(In millions) | Amount | Benefit/ | Amount | |||||||||||||||||||||
(Expense) | ||||||||||||||||||||||||
Defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Amortization of net prior service cost included in net periodic benefit cost | $ | 1.1 | $ | (0.4 | ) | $ | 0.7 | |||||||||||||||||
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.6 | (0.2 | ) | 0.4 | ||||||||||||||||||||
Net prior service credit arising during period | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||||||
Net deferred actuarial gain arising during period | 7.3 | (2.5 | ) | 4.8 | ||||||||||||||||||||
Benefit plans, net | 9.4 | (3.2 | ) | 6.2 | ||||||||||||||||||||
Currency translation adjustments | (11.3 | ) | — | (11.3 | ) | |||||||||||||||||||
Loss from hedging activities | (3.2 | ) | 1.1 | (2.1 | ) | |||||||||||||||||||
Other comprehensive loss attributable to W. R. Grace & Co. shareholders | $ | (5.1 | ) | $ | (2.1 | ) | $ | (7.2 | ) | |||||||||||||||
Schedule of components of accumulated other comprehensive loss | ' | |||||||||||||||||||||||
The following tables present the changes in accumulated other comprehensive income, net of tax, for the years ended December 31, 2013, 2012, and 2011: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Gain on Securities Available for Sale | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | 2 | $ | 28.8 | $ | (0.3 | ) | $ | (0.8 | ) | $ | — | $ | 29.7 | ||||||||||
Other comprehensive income (loss) before reclassifications | 3.8 | (23.6 | ) | 1.2 | — | 0.1 | (18.5 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.8 | — | (1.4 | ) | — | — | (0.6 | ) | ||||||||||||||||
Net current-period other comprehensive income (loss) | 4.6 | (23.6 | ) | (0.2 | ) | — | 0.1 | (19.1 | ) | |||||||||||||||
Ending balance | $ | 6.6 | $ | 5.2 | $ | (0.5 | ) | $ | (0.8 | ) | $ | 0.1 | $ | 10.6 | ||||||||||
Year Ended December 31, 2012 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | (0.3 | ) | $ | 23.3 | $ | (2.7 | ) | $ | (0.8 | ) | $ | 19.5 | |||||||||||
Other comprehensive income (loss) before reclassifications | 1.4 | 5.5 | (0.3 | ) | — | 6.6 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.9 | — | 2.7 | — | 3.6 | |||||||||||||||||||
Net current-period other comprehensive income | 2.3 | 5.5 | 2.4 | — | 10.2 | |||||||||||||||||||
Ending balance | $ | 2 | $ | 28.8 | $ | (0.3 | ) | $ | (0.8 | ) | $ | 29.7 | ||||||||||||
Year Ended December 31, 2011 | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gains and Losses from Hedging Activities | Unrealized Loss on Investment | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Beginning balance | $ | (6.5 | ) | $ | 34.6 | $ | (0.6 | ) | $ | (0.8 | ) | $ | 26.7 | |||||||||||
Other comprehensive income (loss) before reclassifications | 5.1 | (11.3 | ) | (3.9 | ) | — | (10.1 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 1.1 | — | 1.8 | — | 2.9 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 6.2 | (11.3 | ) | (2.1 | ) | — | (7.2 | ) | ||||||||||||||||
Ending balance | $ | (0.3 | ) | $ | 23.3 | $ | (2.7 | ) | $ | (0.8 | ) | $ | 19.5 | |||||||||||
Shareholders_Equity_Deficit_Ta
Shareholders' Equity (Deficit) (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity [Abstract] | ' | ||
Schedule of information relating to common stock activity | ' | ||
The following table sets forth information relating to common stock activity for 2013 and 2012: | |||
Balance of Outstanding Shares, December 31, 2011 | 73,886,050 | ||
Stock options exercised | 1,679,359 | ||
Balance of Outstanding Shares, December 31, 2012 | 75,565,409 | ||
Stock options exercised | 1,464,294 | ||
Shares Issued | 16,440 | ||
Balance of Outstanding Shares, December 31, 2013 | 77,046,143 | ||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of information relating to options | ' | |||||||||||
The following table sets forth information relating to such options during 2013, 2012, and 2011: | ||||||||||||
Stock Option Activity | Number Of | Average | Weighted- | |||||||||
Shares | Exercise | Average | ||||||||||
Price | Grant Date | |||||||||||
Fair Value | ||||||||||||
Balance, January 1, 2011 | 4,468,341 | $ | 18.48 | |||||||||
Options exercised | (765,693 | ) | 15.76 | |||||||||
Options forfeited | (45,369 | ) | 22.3 | |||||||||
Options terminated | (7,011 | ) | 8.03 | |||||||||
Options granted | 1,287,152 | 42.18 | $ | 15.44 | ||||||||
Balance, December 31, 2011 | 4,937,420 | 25.08 | ||||||||||
Options exercised | (1,679,359 | ) | 19.14 | |||||||||
Options forfeited | (51,573 | ) | 37.67 | |||||||||
Options terminated | (10,995 | ) | 15.74 | |||||||||
Options granted | 828,991 | 49.01 | 16.67 | |||||||||
Balance, December 31, 2012 | 4,024,484 | 32.33 | ||||||||||
Options exercised | (1,464,294 | ) | 23.46 | |||||||||
Options forfeited | (95,139 | ) | 52.17 | |||||||||
Options terminated | (1,381 | ) | 42.26 | |||||||||
Options granted | 421,385 | 76.7 | 19.26 | |||||||||
Balance, December 31, 2013 | 2,885,055 | 42.6 | ||||||||||
Schedule of summary of non-vested option activity for the period | ' | |||||||||||
The following is a summary of non-vested option activity for the year ended December 31, 2013: | ||||||||||||
Stock Option Activity | Number Of | Weighted- | ||||||||||
Shares | Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Non-vested options outstanding at beginning of year | 2,067,673 | $ | 14.9 | |||||||||
Granted | 421,385 | 19.26 | ||||||||||
Vested / exercised | (1,101,080 | ) | 12.83 | |||||||||
Forfeited | (105,053 | ) | 16.44 | |||||||||
Non vested options outstanding at end of year | 1,282,925 | |||||||||||
Schedule of stock options outstanding and exercisable by exercise price range | ' | |||||||||||
A summary of our stock options outstanding and exercisable at December 31, 2013, follows: | ||||||||||||
Exercise Price Range | Number | Number | Outstanding Weighted- | Exercisable | ||||||||
Outstanding | Exercisable | Average | Weighted- | |||||||||
Remaining | Average | |||||||||||
Contractual | Exercise | |||||||||||
Life (Years) | Price | |||||||||||
$0 - $10 | 253,551 | 253,551 | 0.35 | $ | 9.79 | |||||||
$20 - $30 | 644,916 | 644,916 | 1.34 | 27.75 | ||||||||
$30 - $40 | 11,192 | 5,794 | 2.61 | 37.06 | ||||||||
$40 - $50 | 1,550,004 | 689,602 | 2.84 | 44.07 | ||||||||
$60 - $70 | 24,787 | 8,267 | 3.93 | 66.57 | ||||||||
$70 - $80 | 398,380 | — | 4.33 | — | ||||||||
$80 - $90 | 2,225 | — | 4.49 | — | ||||||||
2,885,055 | 1,602,130 | |||||||||||
Schedule of the assumptions used for estimating the fair value of stock options granted during the period | ' | |||||||||||
The following summarizes the assumptions used for estimating the fair value of stock options granted during 2013, 2012 and 2011, respectively. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected volatility | 32.3% - 34.3% | 35.8% - 46.4% | 46.5% -50.7% | |||||||||
Weighted average expected volatility | 33.30% | 40.60% | 48.70% | |||||||||
Expected term | 3.00 - 4.00 years | 3.00 - 4.00 years | 3.00 - 4.00 years | |||||||||
Risk-free rate | 0.61% | 0.55% | 1.43% | |||||||||
Dividend yield | —% | —% | —% |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share | ' | |||||||||||
The following table shows a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share. | ||||||||||||
(In millions, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Numerators | ||||||||||||
Net income attributable to W. R. Grace & Co. shareholders | $ | 256.1 | $ | 40 | $ | 219.7 | ||||||
Denominators | ||||||||||||
Weighted average common shares—basic calculation | 76.4 | 74.9 | 73.6 | |||||||||
Dilutive effect of employee stock options | 1.3 | 1.4 | 1.9 | |||||||||
Weighted average common shares—diluted calculation | 77.7 | 76.3 | 75.5 | |||||||||
Basic earnings per share | $ | 3.35 | $ | 0.53 | $ | 2.99 | ||||||
Diluted earnings per share | $ | 3.3 | $ | 0.52 | $ | 2.91 | ||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of operating segment data | ' | |||||||||||
Operating Segment Data | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Net Sales | ||||||||||||
Catalysts Technologies | $ | 1,124.00 | $ | 1,268.10 | $ | 1,347.30 | ||||||
Materials Technologies | 878.5 | 862.6 | 872.6 | |||||||||
Construction Products | 1,058.20 | 1,024.80 | 992 | |||||||||
Total | $ | 3,060.70 | $ | 3,155.50 | $ | 3,211.90 | ||||||
Adjusted EBIT | ||||||||||||
Catalysts Technologies segment operating income | $ | 327.5 | $ | 393.8 | $ | 388.8 | ||||||
Materials Technologies segment operating income | 181.8 | 162 | 158.7 | |||||||||
Construction Products segment operating income | 151.7 | 125.2 | 97.3 | |||||||||
Corporate costs | (82.8 | ) | (92.4 | ) | (102.8 | ) | ||||||
Certain pension costs | (27.4 | ) | (30.4 | ) | (28.7 | ) | ||||||
Total | $ | 550.8 | $ | 558.2 | $ | 513.3 | ||||||
Depreciation and Amortization | ||||||||||||
Catalysts Technologies | $ | 54.2 | $ | 54 | $ | 52.5 | ||||||
Materials Technologies | 31.4 | 29.5 | 30.9 | |||||||||
Construction Products | 31.8 | 32.9 | 34 | |||||||||
Corporate | 5.7 | 2.6 | 2.6 | |||||||||
Total | $ | 123.1 | $ | 119 | $ | 120 | ||||||
Capital Expenditures | ||||||||||||
Catalysts Technologies | $ | 58.7 | $ | 70.8 | $ | 74.5 | ||||||
Materials Technologies | 33 | 27.1 | 32.3 | |||||||||
Construction Products | 32.8 | 26.5 | 19.5 | |||||||||
Corporate | 31.7 | 14.1 | 17.7 | |||||||||
Total | $ | 156.2 | $ | 138.5 | $ | 144 | ||||||
Total Assets | ||||||||||||
Catalysts Technologies | $ | 1,361.80 | $ | 794.8 | $ | 804.5 | ||||||
Materials Technologies | 508.9 | 494.9 | 481.1 | |||||||||
Construction Products | 609.1 | 616 | 545.9 | |||||||||
Corporate | 2,916.30 | 3,184.70 | 2,664.10 | |||||||||
Total | $ | 5,396.10 | $ | 5,090.40 | $ | 4,495.60 | ||||||
Schedule of reconciliation of operating segment data to financial statements | ' | |||||||||||
Reconciliation of Operating Segment Data to Financial Statements | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Grace Adjusted EBIT | $ | 550.8 | $ | 558.2 | $ | 513.3 | ||||||
Chapter 11-related costs, net | (16.4 | ) | (15.6 | ) | (23.9 | ) | ||||||
Asbestos-related costs | (11.9 | ) | (7.6 | ) | (20.8 | ) | ||||||
Asbestos and bankruptcy-related charges, net | (21.9 | ) | (384.6 | ) | — | |||||||
Default interest settlement | (129.0 | ) | — | — | ||||||||
Pension MTM adjustment and other related costs, net | 50.6 | (119.2 | ) | (111.2 | ) | |||||||
Restructuring expenses and related asset impairments | (12.5 | ) | (6.9 | ) | (6.9 | ) | ||||||
Loss on sale of product line | (1.0 | ) | (0.2 | ) | (0.4 | ) | ||||||
Income and expense related to divested businesses | — | (0.2 | ) | (0.4 | ) | |||||||
Interest expense and related financing costs | (43.8 | ) | (46.5 | ) | (43.3 | ) | ||||||
Currency transaction loss on cash in Venezuela | (6.9 | ) | — | — | ||||||||
Interest income of non-Debtor subsidiaries | 1 | 1 | 1.2 | |||||||||
Net income (loss) attributable to noncontrolling interests | 1.6 | 1 | (0.6 | ) | ||||||||
Income (loss) before income taxes | $ | 360.6 | $ | (20.6 | ) | $ | 307 | |||||
Schedule of geographic area data | ' | |||||||||||
Geographic Area Data | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Net Sales | ||||||||||||
United States | $ | 886 | $ | 878.9 | $ | 945 | ||||||
Canada and Puerto Rico | 73.7 | 88.7 | 96.8 | |||||||||
Total North America | 959.7 | 967.6 | 1,041.80 | |||||||||
Europe Middle East Africa | 1,087.90 | 1,175.60 | 1,260.40 | |||||||||
Asia Pacific | 654.1 | 660.3 | 599.3 | |||||||||
Latin America | 359 | 352 | 310.4 | |||||||||
Total | $ | 3,060.70 | $ | 3,155.50 | $ | 3,211.90 | ||||||
Properties and Equipment, net | ||||||||||||
United States | $ | 497.8 | $ | 438.4 | $ | 421.1 | ||||||
Canada and Puerto Rico | 19.1 | 19.8 | 19.5 | |||||||||
Total North America | 516.9 | 458.2 | 440.6 | |||||||||
Europe Middle East Africa | 212.4 | 210.3 | 202.1 | |||||||||
Asia Pacific | 70.9 | 72.1 | 53.8 | |||||||||
Latin America | 29.7 | 29.9 | 27 | |||||||||
Total | $ | 829.9 | $ | 770.5 | $ | 723.5 | ||||||
Goodwill, Intangibles and Other Assets | ||||||||||||
United States | $ | 589.7 | $ | 91.5 | $ | 110.3 | ||||||
Canada and Puerto Rico | 8.6 | 7.3 | 7.3 | |||||||||
Total North America | 598.3 | 98.8 | 117.6 | |||||||||
Europe Middle East Africa | 106.4 | 105.2 | 108.9 | |||||||||
Asia Pacific | 52.4 | 40.1 | 12.4 | |||||||||
Latin America | 55.9 | 59.8 | 17.9 | |||||||||
Total | $ | 813 | $ | 303.9 | $ | 256.8 | ||||||
Unconsolidated_Affiliate_Uncon
Unconsolidated Affiliate Unconsolidated Affiliate (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Summary of financial information of equity method investee | ' | |||||||||||
The following summary lists ART's assets, liabilities and results of operations. | ||||||||||||
December 31, | ||||||||||||
(In millions) | 2013 | 2012 | ||||||||||
Summary of Balance Sheet information: | ||||||||||||
Current assets | $ | 187.9 | $ | 136.7 | ||||||||
Noncurrent assets | 62.5 | 65.9 | ||||||||||
Total assets | $ | 250.4 | $ | 202.6 | ||||||||
Current liabilities | $ | 62.6 | $ | 37.8 | ||||||||
Noncurrent liabilities | 0.6 | 0.1 | ||||||||||
Total liabilities | $ | 63.2 | $ | 37.9 | ||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Summary of Statement of Operations information: | ||||||||||||
Net sales | $ | 377.6 | $ | 325 | $ | 339 | ||||||
Costs and expenses applicable to net sales | 318.4 | 276 | 296.3 | |||||||||
Income before income taxes | 46.6 | 38.9 | 32.8 | |||||||||
Net income | 45.6 | 37.8 | 31.2 | |||||||||
Summary of related party transactions | ' | |||||||||||
The table below presents summary financial data related to transactions between Grace and ART. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Grace sales of catalysts to ART | $ | 232 | $ | 206.9 | $ | 171.4 | ||||||
Charges for fixed costs, research and development and selling, general and administrative services to ART | 28.8 | 28.5 | 27.8 | |||||||||
Noncontrolling_Interests_in_Co1
Noncontrolling Interests in Consolidated Affiliates (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Schedule of condensed statements of operations for consolidated affiliates for which there is a noncontrolling interest | ' | |||||||||||
The following tables present summary financial information for Grace's consolidated affiliates for which there is a noncontrolling interest: | ||||||||||||
Statements of Operations | Year Ended December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Sales | $ | 101.5 | $ | 108.8 | $ | 86.3 | ||||||
Income (loss) before taxes | 2.7 | 0.8 | (0.1 | ) | ||||||||
Net income (loss) | 3.4 | 1.1 | (0.9 | ) | ||||||||
Noncontrolling interests in net income (loss) | 1.6 | 1 | (0.6 | ) | ||||||||
Schedule of condensed balance sheets for consolidated affiliates for which there is a noncontrolling interest | ' | |||||||||||
Balance Sheets | December 31, | |||||||||||
(In millions) | 2013 | 2012 | 2011 | |||||||||
Cash | $ | 5.1 | $ | 5.7 | $ | 6.7 | ||||||
Other current assets | 33.4 | 41.6 | 34.7 | |||||||||
Total assets | 71.1 | 73.8 | 53 | |||||||||
Total liabilities | 48.9 | 46.1 | 30.1 | |||||||||
Shareholders' equity | 22.2 | 27.7 | 22.9 | |||||||||
Noncontrolling interests in shareholders' equity | 10.6 | 9.9 | 8.1 | |||||||||
Quarterly_Summary_and_Statisti1
Quarterly Summary and Statistical Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Summary and Statistical Information (Unaudited) | ' | |||||||||||||||
(In millions, except per share amounts) | March 31(1) | June 30(2) | September 30(3) | December 31 | ||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 709.9 | $ | 802.8 | $ | 771.3 | $ | 776.7 | ||||||||
Gross profit | 259 | 300.9 | 282.4 | 299.8 | ||||||||||||
Net income | 59.1 | 90.3 | 77 | 29.7 | ||||||||||||
Net income per share:(4) | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 0.78 | $ | 1.18 | $ | 1 | $ | 0.39 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income | 0.77 | 1.16 | 0.99 | 0.38 | ||||||||||||
Market price of common stock:(5) | ||||||||||||||||
High | $ | 79.14 | $ | 85.43 | $ | 89.8 | $ | 101.72 | ||||||||
Low | 68.23 | 72 | 74.46 | 85.06 | ||||||||||||
Close | 77.51 | 84.04 | 87.4 | 98.87 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in first quarter 2013 decrease to Gross profit of $4.8 million, and increases to Net income of $6.2 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-2 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in second quarter 2013 decrease to Gross profit of $2.4 million, and increases to Net income of $7.5 million, Basic earnings per share of $0.10 and Diluted earnings per share of $0.10. | |||||||||||||||
-3 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in third quarter 2013 decrease to Gross profit of $2.3 million, and increases to Net income of $7.6 million, Basic earnings per share of $0.10 and Diluted earnings per share of $0.10. | |||||||||||||||
-4 | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. | |||||||||||||||
-5 | Principal market: New York Stock Exchange. | |||||||||||||||
(In millions, except per share amounts) | March 31(1) | June 30(2) | September 30(3) | December 31(4) | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 754.4 | $ | 826.7 | $ | 776.6 | $ | 797.8 | ||||||||
Gross profit | 272.5 | 301.4 | 282.2 | 258.3 | ||||||||||||
Net income (loss) | 66.8 | 75.4 | 82.1 | (184.3 | ) | |||||||||||
Net income per share:(5) | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income (loss) | $ | 0.9 | $ | 1.01 | $ | 1.09 | $ | (2.44 | ) | |||||||
Diluted earnings per share: | ||||||||||||||||
Net income (loss) | 0.87 | 0.98 | 1.07 | (2.44 | ) | |||||||||||
Market price of common stock:(6) | ||||||||||||||||
High | $ | 58.89 | $ | 61.08 | $ | 61.58 | $ | 68.86 | ||||||||
Low | 45.39 | 47.4 | 48.14 | 58.4 | ||||||||||||
Close | 57.8 | 50.45 | 59.08 | 67.23 | ||||||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in first quarter 2012 decrease to Gross profit of $4.6 million, and increases to Net income of $5.9 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-2 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in second quarter 2012 decrease to Gross profit of $2.7 million, and increases to Net income of $6.1 million, Basic earnings per share of $0.08 and Diluted earnings per share of $0.08. | |||||||||||||||
-3 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in third quarter 2012 decrease to Gross profit of $2.6 million, and increases to Net income of $6.6 million, Basic earnings per share of $0.09 and Diluted earnings per share of $0.09. | |||||||||||||||
-4 | The retrospective application of the change in method of accounting relating to our global defined benefit pension plans in fourth quarter 2013, resulted in a fourth quarter 2012 decreases to Gross profit of $42.0 million,, Net income of $72.7 million, Basic earnings per share of $0.96 and Diluted earnings per share of $0.96. | |||||||||||||||
-5 | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. | |||||||||||||||
-6 | Principal market: New York Stock Exchange. |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
entity | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Number of United States subsidiaries and affiliates filed voluntary petitions for reorganization | 61 | ' | ' |
Cash Equivalents | ' | ' | ' |
Maximum original maturity period of cash equivalents (in months) | '3 months | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Venezuela currency exchange rate, point in time | 4.3 | ' | ' |
Venezuela currency exchange rate, future | 6.3 | ' | ' |
Exchange Rate Net Charges | $8.50 | $0 | $0 |
Exchange rate charges included in operating segment income | 8.5 | ' | ' |
Minimum | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Finite lived intangible assets, estimated useful life | '1 year | ' | ' |
Minimum | Building [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '20 years | ' | ' |
Minimum | Information technology and equipment [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '3 years | ' | ' |
Minimum | Operating machinery and equipment [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '3 years | ' | ' |
Minimum | Furniture and fixtures [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '5 years | ' | ' |
Maximum | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Finite lived intangible assets, estimated useful life | '30 years | ' | ' |
Maximum | Building [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '40 years | ' | ' |
Maximum | Information technology and equipment [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '7 years | ' | ' |
Maximum | Operating machinery and equipment [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '10 years | ' | ' |
Maximum | Furniture and fixtures [Member] | ' | ' | ' |
Long-lived assets | ' | ' | ' |
Long lived assets, estimated useful life | '10 years | ' | ' |
Reportable Segment [Member] | ' | ' | ' |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Exchange Rate Net Charges | $1.60 | ' | ' |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies Schedule of Pension Recasting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ($20) | $11 | ($5.40) | ' | ||||||||
Cost of Goods and Services Sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,918.60 | 2,041.10 | 2,099 | ' | ||||||||
Inventory, Net | 295.3 | ' | ' | ' | 283.6 | ' | ' | ' | 295.3 | 283.6 | ' | ' | ||||||||
Assets, Current | 2,294.40 | ' | ' | ' | 2,445.20 | ' | ' | ' | 2,294.40 | 2,445.20 | ' | ' | ||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 845.9 | ' | ' | ' | 953.2 | ' | ' | ' | 845.9 | 953.2 | ' | ' | ||||||||
Overfunded defined benefit pension plans | 16.7 | ' | ' | ' | 32.1 | ' | ' | ' | 16.7 | 32.1 | ' | ' | ||||||||
Assets | 5,396.10 | ' | ' | ' | 5,090.40 | ' | ' | ' | 5,396.10 | 5,090.40 | 4,495.60 | ' | ||||||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 299.6 | ' | ' | ' | 396.5 | ' | ' | ' | 299.6 | 396.5 | ' | ' | ||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | ' | ' | ' | 1,150.70 | ' | ' | ' | 1,048.80 | 1,150.70 | ' | ' | ||||||||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | 176.3 | ' | ' | ' | 190.9 | ' | ' | ' | 176.3 | 190.9 | ' | ' | ||||||||
Total Liabilities Subject to Compromise | 3,776.10 | ' | ' | ' | 3,619.90 | ' | ' | ' | 3,776.10 | 3,619.90 | ' | ' | ||||||||
Total Liabilities | 4,824.90 | ' | ' | ' | 4,770.60 | ' | ' | ' | 4,824.90 | 4,770.60 | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10.6 | ' | ' | ' | 29.7 | ' | ' | ' | 10.6 | 29.7 | ' | ' | ||||||||
Retained Earnings (Accumulated Deficit) | 15.8 | ' | ' | ' | -240.3 | ' | ' | ' | 15.8 | -240.3 | ' | ' | ||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | ' | ' | ' | 309.9 | ' | ' | ' | 560.6 | 309.9 | ' | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 571.2 | ' | ' | ' | 319.8 | ' | ' | ' | 571.2 | 319.8 | 184.1 | -55.7 | ||||||||
Gross Profit | 299.8 | 282.4 | 300.9 | 259 | 258.3 | 282.2 | 301.4 | 272.5 | 1,142.10 | 1,114.40 | 1,112.90 | ' | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 505.7 | 635.2 | 659.9 | ' | ||||||||
Defined Benefit Pension Expense | ' | ' | ' | ' | ' | ' | ' | ' | -23.2 | 149.6 | 139.9 | ' | ||||||||
Defined Benefit Pension Expense, Revised | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 781.5 | 1,135 | 805.9 | ' | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 360.6 | -20.6 | 307 | ' | ||||||||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 102.9 | -61.6 | 87.9 | ' | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 257.7 | 41 | 219.1 | ' | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | 2.3 | 6.2 | ' | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -23.6 | 5.5 | -11.3 | ' | ||||||||
Net income (loss) | 29.7 | 77 | 90.3 | 59.1 | -184.3 | 82.1 | 75.4 | 66.8 | 256.1 | 40 | 219.7 | ' | ||||||||
Basic earnings per share (in dollars per share) | $0.39 | [1] | $1 | [1] | $1.18 | [1] | $0.78 | [1] | ($2.44) | [1] | $1.09 | [1] | $1.01 | [1] | $0.90 | [1] | $3.35 | $0.53 | $2.99 | ' |
Net income attributable to W. R. Grace & Co. shareholders (in dollars per share) | $0.38 | [1] | $0.99 | [1] | $1.16 | [1] | $0.77 | [1] | ($2.44) | [1] | $1.07 | [1] | $0.98 | [1] | $0.87 | [1] | $3.30 | $0.52 | $2.91 | ' |
Increase (Decrease) in Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 53.2 | -67.9 | ' | ||||||||
Other Operating Activities, Cash Flow Statement | ' | ' | ' | ' | ' | ' | ' | ' | -30 | 18.7 | 46.8 | ' | ||||||||
Other Operating Activities Cash Flow Statement Adjusted for Pension Revision | ' | ' | ' | ' | ' | ' | ' | ' | -30 | 29.9 | 18.4 | ' | ||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | -0.8 | -0.8 | -0.8 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 237.7 | 52 | 213.7 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 237 | 50.2 | 212.5 | ' | ||||||||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 47.7 | -28 | -58.6 | ' | ||||||||
Cost of Goods and Services Sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,925.30 | 1,989.20 | 2,050.60 | ' | ||||||||
Inventory, Net | 294.7 | ' | ' | ' | 278.6 | ' | ' | ' | 294.7 | 278.6 | ' | ' | ||||||||
Assets, Current | 2,293.80 | ' | ' | ' | 2,440.20 | ' | ' | ' | 2,293.80 | 2,440.20 | ' | ' | ||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 846.1 | ' | ' | ' | 956.3 | ' | ' | ' | 846.1 | 956.3 | ' | ' | ||||||||
Overfunded defined benefit pension plans | 16.7 | ' | ' | ' | 33.8 | ' | ' | ' | 16.7 | 33.8 | ' | ' | ||||||||
Assets | 5,395.70 | ' | ' | ' | 5,090.20 | ' | ' | ' | 5,395.70 | 5,090.20 | ' | ' | ||||||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 299.6 | ' | ' | ' | 400.6 | ' | ' | ' | 299.6 | 400.6 | ' | ' | ||||||||
Total Liabilities Not Subject to Compromise | 1,048.80 | ' | ' | ' | 1,154.80 | ' | ' | ' | 1,048.80 | 1,154.80 | ' | ' | ||||||||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | 176.3 | ' | ' | ' | 188.1 | ' | ' | ' | 176.3 | 188.1 | ' | ' | ||||||||
Total Liabilities Subject to Compromise | 3,776.10 | ' | ' | ' | 3,617.10 | ' | ' | ' | 3,776.10 | 3,617.10 | ' | ' | ||||||||
Total Liabilities | 4,824.90 | ' | ' | ' | 4,771.90 | ' | ' | ' | 4,824.90 | 4,771.90 | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -558.7 | ' | ' | ' | -607.3 | ' | ' | ' | -558.7 | -607.3 | ' | ' | ||||||||
Retained Earnings (Accumulated Deficit) | 584.7 | ' | ' | ' | 395.2 | ' | ' | ' | 584.7 | 395.2 | ' | ' | ||||||||
Total W. R. Grace & Co. Shareholders' Equity | 560.2 | ' | ' | ' | 308.4 | ' | ' | ' | 560.2 | 308.4 | ' | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 570.8 | ' | ' | ' | 318.3 | ' | ' | ' | 570.8 | 318.3 | 167.5 | ' | ||||||||
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,135.40 | 1,166.30 | 1,161.30 | ' | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 522.2 | 537.5 | 568.4 | ' | ||||||||
Defined Benefit Pension Expense | ' | ' | ' | ' | ' | ' | ' | ' | 73.4 | 71.2 | 63.4 | ' | ||||||||
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 871.4 | 1,108.50 | 777.8 | ' | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 264 | 57.8 | 383.5 | ' | ||||||||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 72.9 | -37.3 | 114.7 | ' | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 191.1 | 95.1 | 268.8 | ' | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -72.3 | -36.6 | -46.7 | ' | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -23.6 | 5.4 | -11.6 | ' | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 189.5 | 94.1 | 269.4 | ' | ||||||||
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.48 | $1.26 | $3.66 | ' | ||||||||
Net income attributable to W. R. Grace & Co. shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.44 | $1.23 | $3.57 | ' | ||||||||
Increase (Decrease) in Inventories | ' | ' | ' | ' | ' | ' | ' | ' | -4.2 | 53.9 | -66.9 | ' | ||||||||
Other Operating Activities, Cash Flow Statement | ' | ' | ' | ' | ' | ' | ' | ' | -25.6 | 29.2 | 17.4 | ' | ||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 238.8 | 67.1 | 210.2 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 238.1 | 65.3 | 209 | ' | ||||||||
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -67.7 | 39 | 53.2 | ' | ||||||||
Cost of Goods and Services Sold | ' | ' | ' | ' | ' | ' | ' | ' | -6.7 | 51.9 | 48.4 | ' | ||||||||
Inventory, Net | 0.6 | ' | ' | ' | 5 | ' | ' | ' | 0.6 | 5 | ' | ' | ||||||||
Assets, Current | 0.6 | ' | ' | ' | 5 | ' | ' | ' | 0.6 | 5 | ' | ' | ||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | -0.2 | ' | ' | ' | -3.1 | ' | ' | ' | -0.2 | -3.1 | ' | ' | ||||||||
Overfunded defined benefit pension plans | 0 | ' | ' | ' | -1.7 | ' | ' | ' | 0 | -1.7 | ' | ' | ||||||||
Assets | 0.4 | ' | ' | ' | 0.2 | ' | ' | ' | 0.4 | 0.2 | ' | ' | ||||||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ' | ' | ' | -4.1 | ' | ' | ' | 0 | -4.1 | ' | ' | ||||||||
Total Liabilities Not Subject to Compromise | 0 | ' | ' | ' | -4.1 | ' | ' | ' | 0 | -4.1 | ' | ' | ||||||||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | 0 | ' | ' | ' | 2.8 | ' | ' | ' | 0 | 2.8 | ' | ' | ||||||||
Total Liabilities Subject to Compromise | 0 | ' | ' | ' | 2.8 | ' | ' | ' | 0 | 2.8 | ' | ' | ||||||||
Total Liabilities | 0 | ' | ' | ' | -1.3 | ' | ' | ' | 0 | -1.3 | ' | ' | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 569.3 | ' | ' | ' | 637 | ' | ' | ' | 569.3 | 637 | ' | ' | ||||||||
Retained Earnings (Accumulated Deficit) | -568.9 | ' | ' | ' | -635.5 | ' | ' | ' | -568.9 | -635.5 | ' | ' | ||||||||
Total W. R. Grace & Co. Shareholders' Equity | 0.4 | ' | ' | ' | 1.5 | ' | ' | ' | 0.4 | 1.5 | ' | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.4 | ' | ' | ' | 1.5 | ' | ' | ' | 0.4 | 1.5 | 16.6 | ' | ||||||||
Gross Profit | ' | 2.3 | 2.4 | 4.8 | 42 | 2.6 | 2.7 | 4.6 | 6.7 | -51.9 | -48.4 | ' | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -16.5 | 97.7 | 91.5 | ' | ||||||||
Defined Benefit Pension Expense Effect of Change | ' | ' | ' | ' | ' | ' | ' | ' | -73.4 | -71.2 | -63.4 | ' | ||||||||
Defined Benefit Pension Expense Effect of Change | ' | ' | ' | ' | ' | ' | ' | ' | -96.6 | 78.4 | 76.5 | ' | ||||||||
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -89.9 | 26.5 | 28.1 | ' | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 96.6 | -78.4 | -76.5 | ' | ||||||||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 30 | -24.3 | -26.8 | ' | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 66.6 | -54.1 | -49.7 | ' | ||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -67.7 | 38.9 | 52.9 | ' | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.1 | 0.3 | ' | ||||||||
Net income (loss) | ' | 7.6 | 7.5 | 6.2 | 72.7 | 6.6 | 6.1 | 5.9 | 66.6 | -54.1 | -49.7 | ' | ||||||||
Basic earnings per share (in dollars per share) | ' | $0.10 | $0.10 | $0.08 | $0.96 | $0.09 | $0.08 | $0.08 | $0.87 | ($0.72) | ($0.68) | ' | ||||||||
Net income attributable to W. R. Grace & Co. shareholders (in dollars per share) | ' | $0.10 | $0.10 | $0.08 | $0.96 | $0.09 | $0.08 | $0.08 | $0.86 | ($0.71) | ($0.66) | ' | ||||||||
Increase (Decrease) in Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | -0.7 | -1 | ' | ||||||||
Other Operating Activities, Cash Flow Statement | ' | ' | ' | ' | ' | ' | ' | ' | -4.4 | 0.7 | 1 | ' | ||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -15.1 | 3.5 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -15.1 | 3.5 | ' | ||||||||
Retained Earnings (Accumulated Deficit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 15.8 | ' | ' | ' | -240.3 | ' | ' | ' | 15.8 | -240.3 | -280.3 | -500 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 256.1 | 40 | 219.7 | ' | ||||||||
Retained Earnings (Accumulated Deficit) | Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 584.7 | ' | ' | ' | 395.2 | ' | ' | ' | 584.7 | 395.2 | 301.1 | 31.7 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 189.5 | 94.1 | 269.4 | ' | ||||||||
Retained Earnings (Accumulated Deficit) | Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -568.9 | ' | ' | ' | -635.5 | ' | ' | ' | -568.9 | -635.5 | -581.4 | -531.7 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 66.6 | -54.1 | -49.7 | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -19.1 | 10.2 | -7.2 | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10.6 | ' | ' | ' | 29.7 | ' | ' | ' | 10.6 | 29.7 | 19.5 | 26.7 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Accumulated Other Comprehensive Loss | Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 48.6 | -28.8 | -60.4 | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -558.7 | ' | ' | ' | -607.3 | ' | ' | ' | -558.7 | -607.3 | -578.5 | -518.1 | ||||||||
Accumulated Other Comprehensive Loss | Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -67.7 | ' | 53.2 | ' | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $569.30 | ' | ' | ' | $637 | ' | ' | ' | $569.30 | $637 | $598 | $544.80 | ||||||||
[1] | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. |
Chapter_11_Information_Details
Chapter 11 Information (Details) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 03, 2014 | Jan. 31, 2014 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2008 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Personal Injury Litigation [Member] | Personal Injury Trust [Member] | Personal Damage Trust [Member] | Personal Injury and Personal Damage Trusts [Member] | Sealed Air Corporation [Member] | Cryovac, Inc. (Cryovac) | Fresenius Medical Care Holdings, Inc. | Fresenius Medical Care Holdings, Inc. | Fresenius Medical Care Holdings, Inc. | Canada | UNITED STATES | UNITED STATES | UNITED STATES | |||
claim | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Personal Injury Trust [Member] | Personal Damage Trust [Member] | CAD | Personal Damage Trust [Member] | Zonolite Attic Insulation [Member] | Zonolite Attic Insulation [Member] | ||||||||
entity | claim | payment | USD ($) | USD ($) | Property Damage Litigation [Member] | Property Damage Litigation [Member] | ||||||||||||||
committees | claim | claim | ||||||||||||||||||
Chapter 11 information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy Proceedings, Number of Entities Included in Bankruptcy Filing | ' | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Asbestos Trusts Joint Plan | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Subject to Compromise, Asbestos Obligations | ' | $2,092,400,000 | $2,065,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment for Asbestos Related Liability Increase | ' | 27,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Payments, Each Year for Five Years | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Five Year Period in Which PI Trust Deferred Payments Will be Made | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Payments, Each Year for Ten Years | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ten Year Period in Which PI Trust Deferred Payments Will be Made | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | ' | ' | 129,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grace Cash Used to Fund PI Trust | ' | ' | ' | ' | ' | ' | ' | 557,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of PI Trust Funding from Grace Cash | ' | ' | ' | ' | ' | ' | ' | 464,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of PI Trust Funding from Grace Insurance Proceeds in Escrow | ' | ' | ' | ' | ' | ' | ' | 93,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos related settlement in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | 42.1 | ' | ' | ' | ' | ' |
ZAI initial payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' |
Interest rate on pre-petition bank credit facilities | ' | 3.25% | 3.25% | ' | ' | 5.00% | 6.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compound interest rate on unsecured claims (as a percent) | ' | 4.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-petition interest sought by general unsecured creditors | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default interest settlement on prepetition debt | ' | 129,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claims filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,960 | ' |
Number of Trust Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy Claims, Number Additional Claims Filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,310 |
Cash-collateralized letter of credit facility | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Sublimit in Revolving Credit Facility | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value available under the settlement | ' | 1,653,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos related settlement in cash and stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,538,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Common Stock Shares Held in Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Payment Obligation Per Year for Five Years | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Payment Obligation Per Year for Ten Years | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 10,440 | ' | ' | ' | ' | ' | ' | ' | ' | 77,372,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Deferred Payment Obligation | ' | 567,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded Unconditional Purchase Obligation Due in Third Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500,000 | ' | ' | ' | ' |
Warrants Issued to Fund Trust | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchase Price Under Warrant Agreement | ' | ' | ' | ' | ' | ' | ' | ' | $17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Warrant Issued | ' | ' | ' | ' | ' | ' | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Settlement for Payment of PI Trust | ' | 396,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos-related insurance | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of Warrant Settlement after Effective Date of Joint Plan | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Issuable under Warrant | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price of Warrant | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Closing Price under Condition 1 | ' | $54.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Repurchase Price under Condition 1 | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Closing Price under Condition 2 | ' | $66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Repurchase Price under Condition 2 | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration After Effective Date in Which Claims Payments Were Made | ' | '0 years 0 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Other Allowed Pre-petition and Other Claims | 1,361,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of Pre-Petition Credit Facilities | 1,103,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy Claims, Non Asbestos Related Filed by Employees, Number | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy Claims, Non Asbestos Related Filed by Non Employees, Number | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bankruptcy Proceedings, Number of Committees | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Joint Plan Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,900,000 | ' | ' | ' | ' | ' | 111,400,000 | ' | ' | ' | ' |
ZAI Property Damage Claims Fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' |
ZAI PD Account Funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,400,000 | ' | ' | ' | ' |
ZAI P D Account, Payment on Third Anniversary of Effective Date of Joint Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' |
ZAI P D Account, Maximum Number of Contingent Deferred Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ZAI P D Account, Deferred Payments, Each Year for Twenty Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in Which ZAI PD Contingent Deferred Payments Will be Made | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ZAI P D Account Assets for Condition in Relation to Contingent Obligation Payments | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ZAI Property Damage, Qualified Claimed Amount, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' |
Maximum Resolved Amount, Per Claim | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Chapter_11_Information_Details1
Chapter 11 Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 153 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2010 | Dec. 31, 2005 | Apr. 02, 2001 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 02, 2001 | Dec. 31, 2013 | ||||
Chapter 11 Filing Entities | Chapter 11 Filing Entities | Chapter 11 Filing Entities | Chapter 11 Filing Entities | Chapter 11 Filing Entities | UNIPOL Acquisition [Member] | ||||||||||||||||||||
Chapter 11 information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Period of Warrant Settlement after Effective Date of Joint Plan | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Default interest settlement on prepetition debt | ' | ' | ' | ' | ' | ' | ' | ' | $129 | $0 | $0 | ' | ' | ' | ' | $129 | $0 | ' | ' | ' | ' | ||||
Asbestos and bankruptcy-related charges | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 384.6 | 0 | ' | ' | ' | ' | 21.9 | 384.6 | ' | ' | ' | ' | ||||
Interest rate on pre-petition bank credit facilities | 3.25% | ' | ' | ' | 3.25% | ' | ' | ' | 3.25% | 3.25% | ' | 5.00% | ' | 6.09% | ' | ' | ' | ' | ' | ' | ' | ||||
Post-petition interest sought by general unsecured creditors | ' | ' | ' | ' | ' | ' | ' | ' | 210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Compound interest rate on unsecured claims (as a percent) | 4.19% | ' | ' | ' | ' | ' | ' | ' | 4.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Components of liabilities subject to compromise are as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Liabilities Subject to Compromise, Asbestos Obligations | 2,092.40 | ' | ' | ' | 2,065 | ' | ' | ' | 2,092.40 | 2,065 | ' | ' | ' | ' | ' | 2,092.40 | 2,065 | ' | 2,092.40 | 1,002.80 | ' | ||||
Pre-petition bank debt plus accrued interest | 1,137.80 | ' | ' | ' | 973.3 | ' | ' | ' | 1,137.80 | 973.3 | ' | ' | ' | ' | ' | 1,100 | 937.2 | ' | 1,100 | 511.5 | ' | ||||
Liabilities Subject to Compromise, Environmental Contingencies | 134.5 | ' | ' | ' | 140.5 | ' | ' | ' | 134.5 | 140.5 | ' | ' | ' | ' | ' | 134.5 | 140.5 | ' | 134.5 | 164.8 | ' | ||||
Unfunded special pension arrangements | 176.3 | ' | ' | ' | 190.9 | ' | ' | ' | 176.3 | 190.9 | ' | ' | ' | ' | ' | 129.4 | 137.1 | ' | 129.4 | 70.8 | ' | ||||
Liabilities Subject to Compromise, Income Tax Contingencies | 76.6 | ' | ' | ' | 87.6 | ' | ' | ' | 76.6 | 87.6 | ' | ' | ' | ' | ' | 76.6 | 87.6 | ' | 76.6 | 242.1 | ' | ||||
Postretirement benefits other than pension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.2 | 63.9 | ' | 57.2 | 185.4 | ' | ||||
Drawn letters of credit plus accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.8 | 36.1 | ' | 37.8 | ' | ' | ||||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.3 | 31.3 | ' | 34.3 | 43 | ' | ||||
Retained obligations of divested businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 | 29 | ' | 29.9 | 43.5 | ' | ||||
Other liabilities and accrued interest | 158.5 | ' | ' | ' | 162.6 | ' | ' | ' | 158.5 | 162.6 | ' | ' | ' | ' | ' | 94.3 | 102.3 | ' | 94.3 | 102.1 | ' | ||||
Reclassification to current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | -10.3 | [1] | -10.1 | [1] | ' | -10.3 | [1] | ' | ' |
Total Liabilities Subject to Compromise | 3,776.10 | ' | ' | ' | 3,619.90 | ' | ' | ' | 3,776.10 | 3,619.90 | ' | ' | ' | ' | ' | 3,776.10 | 3,619.90 | ' | 3,776.10 | 2,366 | ' | ||||
Reconciliation of the changes in pre-filing date liability balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance, Filing Date April 2, 2001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,366 | ' | ' | ||||
Cash disbursements and/or reclassifications under Bankruptcy Court orders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Payment of environmental settlement liability | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -13 | -11.8 | ' | ' | ' | ' | ' | ' | ' | -252 | ' | ' | ||||
Freight and distribution order | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.7 | ' | ' | ||||
Trade accounts payable order | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.1 | ' | ' | ||||
Resolution of contingencies subject to Chapter 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -130 | ' | ' | ||||
Other court orders for payments of certain operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -374.9 | ' | ' | ||||
Expense/(income) items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest on pre-petition liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 682.5 | ' | ' | ||||
Employee-related accruals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127.6 | ' | ' | ||||
Provision for asbestos-related contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,137.20 | ' | ' | ||||
Provision for environmental contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 362 | ' | ' | ||||
Provision for income tax contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -91.5 | ' | ' | ||||
Balance sheet reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36 | ' | ' | ||||
Balance, end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,776.10 | ' | ' | ' | ' | ' | ||||
Chapter 11 Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Legal and financial advisory fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.1 | 17.4 | 20.6 | ' | ' | ' | ||||
Interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.8 | -0.8 | -0.6 | ' | ' | ' | ||||
Chapter 11 expenses, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | 16.6 | 20 | ' | ' | ' | ' | 15.3 | 16.6 | 20 | ' | ' | ' | ||||
Debtor-in-Possession Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales, including intercompany | 776.7 | 771.3 | 802.8 | 709.9 | 797.8 | 776.6 | 826.7 | 754.4 | 3,060.70 | 3,155.50 | 3,211.90 | ' | ' | ' | ' | 1,425.40 | 1,512.60 | 1,479.40 | ' | ' | 5.2 | ||||
Cost of goods sold, including intercompany, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 882.2 | 951.3 | 919.1 | ' | ' | ' | ||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 505.7 | 635.2 | 659.9 | ' | ' | ' | ' | 178.1 | 274.9 | 334.5 | ' | ' | ' | ||||
Defined Benefit Pension Expense | ' | ' | ' | ' | ' | ' | ' | ' | -23.2 | 149.6 | 139.9 | ' | ' | ' | ' | -51.8 | 82 | 111.6 | ' | ' | ' | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 123.1 | 119 | 120 | ' | ' | ' | ' | 69.1 | 67.3 | 68.3 | ' | ' | ' | ||||
Chapter 11 expenses, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | 16.6 | 20 | ' | ' | ' | ' | 15.3 | 16.6 | 20 | ' | ' | ' | ||||
Provision for asbestos-related contingencies | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 384.6 | 0 | ' | ' | ' | ' | 21.9 | 384.6 | ' | ' | ' | ' | ||||
Research and development expenses | ' | ' | ' | ' | ' | ' | ' | ' | 65.2 | 64.5 | 68.5 | ' | ' | ' | ' | 37.8 | 35.9 | 39.7 | ' | ' | ' | ||||
Interest expense and related financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 43.8 | 46.5 | 43.3 | ' | ' | ' | ' | 37.7 | 41.5 | 40 | ' | ' | ' | ||||
Restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | 5.6 | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Provision for environmental remediation | ' | ' | ' | ' | ' | ' | ' | ' | 8.2 | 3.6 | 17.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 23.5 | 6.1 | 29.4 | ' | ' | ' | ' | -75.7 | -93.2 | -75.3 | ' | ' | ' | ||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 781.5 | 1,135 | 805.9 | ' | ' | ' | ' | 1,295.40 | 1,678.90 | 1,346.30 | ' | ' | ' | ||||
Income (loss) before income taxes and equity in net income of non-filing entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130 | -166.3 | 133.1 | ' | ' | ' | ||||
Benefit from (provision for) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -102.9 | 61.6 | -87.9 | ' | ' | ' | ' | -53.2 | 48.4 | -50.8 | ' | ' | ' | ||||
Income (loss) before equity in net income of non-filing entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.8 | -117.9 | 82.3 | ' | ' | ' | ||||
Equity in net income of non-filing entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179.3 | 157.9 | 137.4 | ' | ' | ' | ||||
Net income attributable to W. R. Grace & Co. shareholders | 29.7 | 77 | 90.3 | 59.1 | -184.3 | 82.1 | 75.4 | 66.8 | 256.1 | 40 | 219.7 | ' | ' | ' | ' | 256.1 | 40 | 219.7 | ' | ' | ' | ||||
OPERATING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to W. R. Grace & Co. shareholders | 29.7 | 77 | 90.3 | 59.1 | -184.3 | 82.1 | 75.4 | 66.8 | 256.1 | 40 | 219.7 | ' | ' | ' | ' | 256.1 | 40 | 219.7 | ' | ' | ' | ||||
Reconciliation to net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 123.1 | 119 | 120 | ' | ' | ' | ' | 69.1 | 67.3 | 68.3 | ' | ' | ' | ||||
Provision for asbestos-related contingencies | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 384.6 | 0 | ' | ' | ' | ' | 21.9 | 384.6 | ' | ' | ' | ' | ||||
Equity in net income of non-filing entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -179.3 | -157.9 | -137.4 | ' | ' | ' | ||||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 102.9 | -61.6 | 87.9 | ' | ' | ' | ' | 53.2 | -48.4 | 50.8 | ' | ' | ' | ||||
Income taxes paid, net of refunds | ' | ' | ' | ' | ' | ' | ' | ' | -60.4 | -82.6 | -44.7 | ' | ' | ' | ' | 13.5 | -33.9 | -13.2 | ' | ' | ' | ||||
Tax benefits from stcok-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | -36.8 | 0 | ' | ' | ' | ' | 35.4 | -36.8 | ' | ' | ' | ' | ||||
Defined Benefit Pension Expense | ' | ' | ' | ' | ' | ' | ' | ' | -23.2 | 149.6 | 139.9 | ' | ' | ' | ' | -51.8 | 82 | 111.6 | ' | ' | ' | ||||
Payments under defined benefit pension arrangements | ' | ' | ' | ' | ' | ' | ' | ' | -68.3 | -126.8 | -265.1 | ' | ' | ' | ' | -55.6 | -114.9 | -251.4 | ' | ' | ' | ||||
Repatriation of cash from foreign entities | ' | ' | ' | ' | ' | ' | ' | ' | 25.9 | 22.1 | 30.1 | ' | ' | ' | ' | 29.7 | 21.6 | 30.3 | ' | ' | ' | ||||
Changes in assets and liabilities, excluding the effect of foreign currency translation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Trade accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 13.5 | -3 | -80.6 | ' | ' | ' | ' | -6.2 | -7.1 | -26.2 | ' | ' | ' | ||||
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 53.2 | -67.9 | ' | ' | ' | ' | -23 | 66.7 | -66.4 | ' | ' | ' | ||||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | 4.2 | -11.7 | 52.6 | ' | ' | ' | ' | 21.9 | -15.1 | 37.5 | ' | ' | ' | ||||
All other items, net | ' | ' | ' | ' | ' | ' | ' | ' | -30 | 18.7 | 46.8 | ' | ' | ' | ' | 31.1 | 75.9 | 13.4 | ' | ' | ' | ||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345 | 324 | 37 | ' | ' | ' | ||||
INVESTING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -156.2 | -138.5 | -144 | ' | ' | ' | ' | -94.1 | -82.6 | -77.7 | ' | ' | ' | ||||
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | -526.2 | -80 | -55.8 | ' | ' | ' | ' | -510.4 | ' | ' | ' | ' | ' | ||||
Transfer to restricted cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -197.8 | -61.1 | -38.8 | ' | ' | ' | ' | -222.2 | -35.4 | -8.4 | ' | ' | ' | ||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -2.3 | -0.7 | 7.7 | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ||||
Net cash provided by (used for) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -826.7 | -118 | -76.1 | ' | ' | ' | ||||
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 49.8 | 60.7 | 40.9 | ' | ' | ' | ' | 0.3 | 0 | 0 | ' | ' | ' | ||||
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | -64.5 | -24.8 | -19.3 | ' | ' | ' | ' | -0.8 | -0.6 | 0 | ' | ' | ' | ||||
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | ' | ' | ' | 34.4 | 32.2 | 12.1 | ' | ' | ' | ' | 34.4 | 32.2 | 12.1 | ' | ' | ' | ||||
Tax benefits from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | -36.8 | 0 | ' | ' | ' | ' | -35.4 | -36.8 | 0 | ' | ' | ' | ||||
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 7.3 | 5.4 | 6 | ' | ' | ' | ' | 4.1 | 1.2 | 28.4 | ' | ' | ' | ||||
Net cash provided by (used for) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 69.6 | 40.5 | ' | ' | ' | ||||
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -479.1 | 275.6 | 1.4 | ' | ' | ' | ||||
Cash and cash equivalents, beginning of period | ' | ' | ' | 1,336.90 | ' | ' | ' | 1,048.30 | 1,336.90 | 1,048.30 | 1,015.70 | ' | ' | ' | ' | 1,064.20 | 788.6 | 787.2 | ' | ' | ' | ||||
Cash and cash equivalents, end of period | 964.8 | ' | ' | ' | 1,336.90 | ' | ' | ' | 964.8 | 1,336.90 | 1,048.30 | ' | ' | ' | ' | 585.1 | 1,064.20 | 788.6 | 585.1 | ' | ' | ||||
Current Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | 964.8 | ' | ' | ' | 1,336.90 | ' | ' | ' | 964.8 | 1,336.90 | 1,048.30 | ' | ' | ' | ' | 585.1 | 1,064.20 | 788.6 | 585.1 | ' | ' | ||||
Restricted cash and cash equivalents | 395.4 | ' | ' | ' | 197.6 | ' | ' | ' | 395.4 | 197.6 | ' | ' | ' | ' | ' | 340.5 | 118.3 | ' | 340.5 | ' | ' | ||||
Accounts Receivable, Net, Current | 469.5 | ' | ' | ' | 474.8 | ' | ' | ' | 469.5 | 474.8 | ' | ' | ' | ' | ' | 138.8 | 132.6 | ' | 138.8 | ' | ' | ||||
Accounts Receivable, Related Parties, Current | 12.3 | ' | ' | ' | 15.6 | ' | ' | ' | 12.3 | 15.6 | ' | ' | ' | ' | ' | 10.9 | 14.1 | ' | 10.9 | ' | ' | ||||
Receivables from non-filing entities, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173 | 160.5 | ' | 173 | ' | ' | ||||
Inventories | 295.3 | ' | ' | ' | 283.6 | ' | ' | ' | 295.3 | 283.6 | ' | ' | ' | ' | ' | 138.9 | 115.9 | ' | 138.9 | ' | ' | ||||
Other current assets | 99 | ' | ' | ' | 78.4 | ' | ' | ' | 99 | 78.4 | ' | ' | ' | ' | ' | 69.3 | 58.5 | ' | 69.3 | ' | ' | ||||
Total Current Assets | 2,294.40 | ' | ' | ' | 2,445.20 | ' | ' | ' | 2,294.40 | 2,445.20 | ' | ' | ' | ' | ' | 1,456.50 | 1,664.10 | ' | 1,456.50 | ' | ' | ||||
Properties and equipment, net | 829.9 | ' | ' | ' | 770.5 | ' | ' | ' | 829.9 | 770.5 | ' | ' | ' | ' | ' | 484.5 | 433.5 | ' | 484.5 | ' | ' | ||||
Goodwill | 457.5 | ' | ' | ' | 196.7 | ' | ' | ' | 457.5 | 196.7 | ' | ' | ' | ' | ' | 279.9 | 26.8 | ' | 279.9 | ' | ' | ||||
Intangible Assets, Net (Excluding Goodwill) | 315.5 | ' | ' | ' | 82.7 | ' | ' | ' | 315.5 | 82.7 | ' | ' | ' | ' | ' | 249.1 | 9.6 | ' | 249.1 | ' | ' | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 845.9 | ' | ' | ' | 953.2 | ' | ' | ' | 845.9 | 953.2 | ' | ' | ' | ' | ' | 817.3 | 933.3 | ' | 817.3 | ' | ' | ||||
Asbestos-related insurance | 500 | ' | ' | ' | 500 | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | 500 | 500 | ' | 500 | ' | ' | ||||
Loans receivable from non-filing entities, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283.8 | 282.1 | ' | 283.8 | ' | ' | ||||
Investment in non-filing entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 531.3 | 442.3 | ' | 531.3 | ' | ' | ||||
Investment in unconsolidated affiliate | 96.2 | ' | ' | ' | 85.5 | ' | ' | ' | 96.2 | 85.5 | ' | ' | ' | ' | ' | 96.2 | 85.5 | ' | 96.2 | ' | ' | ||||
Other Assets, Noncurrent | 40 | ' | ' | ' | 24.5 | ' | ' | ' | 40 | 24.5 | ' | ' | ' | ' | ' | 16.5 | 10.8 | ' | 16.5 | ' | ' | ||||
Total Assets | 5,396.10 | ' | ' | ' | 5,090.40 | ' | ' | ' | 5,396.10 | 5,090.40 | 4,495.60 | ' | ' | ' | ' | 4,715.10 | 4,388 | ' | 4,715.10 | ' | ' | ||||
Liabilities Not Subject to Compromise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Current Liabilities | 635.6 | ' | ' | ' | 646.3 | ' | ' | ' | 635.6 | 646.3 | ' | ' | ' | ' | ' | 247.4 | 244.7 | ' | 247.4 | ' | ' | ||||
Underfunded defined benefit pension plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.2 | 156.9 | ' | 52.2 | ' | ' | ||||
Other liabilities (including $22.4 due to unconsolidated affiliate) (2011-$18.3) | 65.8 | ' | ' | ' | 45 | ' | ' | ' | 65.8 | 45 | ' | ' | ' | ' | ' | 78.7 | 56.5 | ' | 78.7 | ' | ' | ||||
Total Liabilities Not Subject to Compromise | 1,048.80 | ' | ' | ' | 1,150.70 | ' | ' | ' | 1,048.80 | 1,150.70 | ' | ' | ' | ' | ' | 378.3 | 458.1 | ' | 378.3 | ' | ' | ||||
Total Liabilities Subject to Compromise | 3,776.10 | ' | ' | ' | 3,619.90 | ' | ' | ' | 3,776.10 | 3,619.90 | ' | ' | ' | ' | ' | 3,776.10 | 3,619.90 | ' | 3,776.10 | 2,366 | ' | ||||
Total Liabilities | 4,824.90 | ' | ' | ' | 4,770.60 | ' | ' | ' | 4,824.90 | 4,770.60 | ' | ' | ' | ' | ' | 4,154.40 | 4,078 | ' | 4,154.40 | ' | ' | ||||
Total W. R. Grace & Co. Shareholders' Equity | 560.6 | ' | ' | ' | 309.9 | ' | ' | ' | 560.6 | 309.9 | ' | ' | ' | ' | ' | 560.6 | 309.9 | ' | 560.6 | ' | ' | ||||
Noncontrolling interests in Chapter 11 filing entities | 10.6 | ' | ' | ' | 9.9 | ' | ' | ' | 10.6 | 9.9 | ' | ' | ' | ' | ' | 0.1 | 0.1 | ' | 0.1 | ' | ' | ||||
Total Equity | 571.2 | ' | ' | ' | 319.8 | ' | ' | ' | 571.2 | 319.8 | 184.1 | ' | -55.7 | ' | ' | 560.7 | 310 | ' | 560.7 | ' | ' | ||||
Total Liabilities and Equity | 5,396.10 | ' | ' | ' | 5,090.40 | ' | ' | ' | 5,396.10 | 5,090.40 | ' | ' | ' | ' | ' | 4,715.10 | 4,388 | ' | 4,715.10 | ' | ' | ||||
Due to unconsolidated affiliate, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.5 | 6 | ' | 17.5 | ' | ' | ||||
Due to unconsolidated affiliate, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.30 | $22.40 | ' | $24.30 | ' | ' | ||||
[1] | As of December 31, 2013 and 2012, approximately $10.3 million and $10.1 million, respectively, of certain pension and postretirement benefit obligations subject to compromise have been presented in "other current liabilities" in the Consolidated Balance Sheets in accordance with ASC 715 "Compensation—Retirement Benefits". |
Subsequent_Event_Chapter_11_Em2
Subsequent Event - Chapter 11 Emergence (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 03, 2014 | Dec. 31, 2010 | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Trade accounts receivable, allowance | ' | $6,000,000 | $5,200,000 | ' | ' | ' | ||
Other Liabilities, Current | ' | 292,000,000 | 307,300,000 | ' | ' | ' | ||
Emergence-related claims and other costs paid by Grace | ' | ' | ' | ' | 1,900,000,000 | ' | ||
Chapter 11 Expenses Paid | 1,360,000,000 | 15,000,000 | 15,500,000 | 20,600,000 | ' | ' | ||
Senior Secured Credit Facilities to Fund Emergence | 900,000,000 | ' | ' | ' | ' | ' | ||
Pro Forma Income Tax Effects US Federal and State Tax Rate | ' | ' | ' | ' | 37.41% | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | -964,800,000 | -1,336,900,000 | -1,048,300,000 | ' | -1,015,700,000 | ||
Restricted cash and cash equivalents | ' | -395,400,000 | -197,600,000 | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 469,500,000 | 474,800,000 | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 12,300,000 | 15,600,000 | ' | ' | ' | ||
Inventories | ' | 295,300,000 | 283,600,000 | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 58,100,000 | 58,300,000 | ' | ' | ' | ||
Other current assets | ' | 99,000,000 | 78,400,000 | ' | ' | ' | ||
Total Current Assets | ' | -2,294,400,000 | -2,445,200,000 | ' | ' | ' | ||
Properties and equipment, net | ' | 829,900,000 | 770,500,000 | ' | ' | ' | ||
Goodwill | ' | 457,500,000 | 196,700,000 | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 315,500,000 | 82,700,000 | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | 845,900,000 | 953,200,000 | ' | ' | ' | ||
Net operating loss carryforward | ' | 0 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 16,700,000 | 32,100,000 | ' | ' | ' | ||
Equity Method Investments | ' | 96,200,000 | 85,500,000 | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 40,000,000 | 24,500,000 | ' | ' | ' | ||
Cash (Including Restricted Cash) Transferred to the Asbestos PI and PD Trusts | 512,000,000 | ' | ' | ' | ' | ' | ||
Total Assets | ' | 5,396,100,000 | 5,090,400,000 | 4,495,600,000 | ' | ' | ||
Debt payable within one year | ' | 76,600,000 | [1] | 83,400,000 | [1] | ' | ' | ' |
Notes Payable, Related Parties, Current | ' | 4,500,000 | 3,600,000 | ' | ' | ' | ||
Accounts payable | ' | 249,500,000 | 249,400,000 | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 13,000,000 | 2,600,000 | ' | ' | ' | ||
PI warrant liability | ' | 0 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 635,600,000 | 646,300,000 | ' | ' | ' | ||
Debt payable after one year | ' | 5,300,000 | 13,400,000 | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 24,300,000 | 22,400,000 | ' | ' | ' | ||
Deferred payment obligations | ' | 0 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 18,200,000 | 27,100,000 | ' | ' | ' | ||
Income tax contingencies | ' | 0 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 66,200,000 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 233,400,000 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 65,800,000 | 45,000,000 | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 1,048,800,000 | 1,150,700,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | 1,137,800,000 | 973,300,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | 76,600,000 | 87,600,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | 2,092,400,000 | 2,065,000,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | 134,500,000 | 140,500,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | 176,300,000 | 190,900,000 | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | 158,500,000 | 162,600,000 | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | 3,776,100,000 | 3,619,900,000 | ' | ' | ' | ||
Total Liabilities | ' | 4,824,900,000 | 4,770,600,000 | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 800,000 | 800,000 | ' | ' | ' | ||
Paid-in capital | ' | 533,400,000 | 536,500,000 | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | 15,800,000 | -240,300,000 | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | 16,800,000 | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 10,600,000 | 29,700,000 | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | 560,600,000 | 309,900,000 | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 10,600,000 | 9,900,000 | ' | ' | ' | ||
Total Equity | ' | 571,200,000 | 319,800,000 | 184,100,000 | ' | -55,700,000 | ||
Total Liabilities and Equity | ' | 5,396,100,000 | 5,090,400,000 | ' | ' | ' | ||
US Federal and State NOL Carryforwards Increase Due to Payment of Bankruptcy Claims | 670,000,000 | ' | ' | ' | ' | ' | ||
Tax Effected US Federal and State NOL Carryforwards Increase Due to Payment of Bankruptcy Claims | 252,000,000 | ' | ' | ' | ' | ' | ||
Tax Deductions Attributable to PI and ZAI Deferred Payments | ' | ' | ' | ' | 1,580,000,000 | ' | ||
Tax Deductions Attributable to Warrant Settlement | ' | ' | ' | ' | 490,000,000 | ' | ||
Properties and equipment, accumulated depreciation and amortization | ' | 1,876,800,000 | 1,785,100,000 | ' | ' | ' | ||
Common stock issued, par value (in dollars per share) | ' | $0.01 | $0.01 | ' | ' | ' | ||
Common stock issued, shares authorized | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ||
Common stock issued, shares outstanding | ' | 77,046,143 | 75,565,409 | 73,886,050 | ' | ' | ||
Treasury Stock, Shares | ' | 0 | 1,414,351 | ' | ' | ' | ||
Pro Forma [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Other Liabilities, Current | ' | 338,000,000 | ' | ' | ' | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | -350,800,000 | ' | ' | ' | ' | ||
Restricted cash and cash equivalents | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 469,500,000 | ' | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 12,300,000 | ' | ' | ' | ' | ||
Inventories | ' | 295,300,000 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 58,100,000 | ' | ' | ' | ' | ||
Other current assets | ' | 99,000,000 | ' | ' | ' | ' | ||
Total Current Assets | ' | -1,285,000,000 | ' | ' | ' | ' | ||
Properties and equipment, net | ' | 829,900,000 | ' | ' | ' | ' | ||
Goodwill | ' | 457,500,000 | ' | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 315,500,000 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | 600,800,000 | ' | ' | ' | ' | ||
Net operating loss carryforward | ' | 252,200,000 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | 0 | ' | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 16,700,000 | ' | ' | ' | ' | ||
Equity Method Investments | ' | 96,200,000 | ' | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 67,000,000 | ' | ' | ' | ' | ||
Total Assets | ' | 3,920,800,000 | ' | ' | ' | ' | ||
Debt payable within one year | ' | 85,600,000 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Current | ' | 4,500,000 | ' | ' | ' | ' | ||
Accounts payable | ' | 249,500,000 | ' | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 13,000,000 | ' | ' | ' | ' | ||
PI warrant liability | ' | 490,000,000 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 1,180,600,000 | ' | ' | ' | ' | ||
Debt payable after one year | ' | 896,300,000 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 24,300,000 | ' | ' | ' | ' | ||
Deferred payment obligations | ' | 594,500,000 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 18,200,000 | ' | ' | ' | ' | ||
Income tax contingencies | ' | 76,600,000 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 66,200,000 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 329,300,000 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 171,000,000 | ' | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 3,357,000,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities | ' | 3,357,000,000 | ' | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 800,000 | ' | ' | ' | ' | ||
Paid-in capital | ' | 533,400,000 | ' | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | 8,400,000 | ' | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 10,600,000 | ' | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | 553,200,000 | ' | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 10,600,000 | ' | ' | ' | ' | ||
Total Equity | ' | 563,800,000 | ' | ' | ' | ' | ||
Total Liabilities and Equity | ' | 3,920,800,000 | ' | ' | ' | ' | ||
Payment of Remaining Pre-Petition Liabilities and Adjustment for Additional Expenses [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Other Liabilities, Current | ' | 7,200,000 | ' | ' | ' | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | 1,370,600,000 | ' | ' | ' | ' | ||
Restricted cash and cash equivalents | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Inventories | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 0 | ' | ' | ' | ' | ||
Other current assets | ' | 0 | ' | ' | ' | ' | ||
Total Current Assets | ' | 1,370,600,000 | ' | ' | ' | ' | ||
Properties and equipment, net | ' | 0 | ' | ' | ' | ' | ||
Goodwill | ' | 0 | ' | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | -134,100,000 | ' | ' | ' | ' | ||
Net operating loss carryforward | ' | 141,200,000 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | 0 | ' | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Equity Method Investments | ' | 0 | ' | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Other emergence costs | ' | 12,000,000 | ' | ' | ' | ' | ||
Total Assets | ' | -1,363,500,000 | ' | ' | ' | ' | ||
Debt payable within one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts payable | ' | 0 | ' | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
PI warrant liability | ' | 0 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 7,200,000 | ' | ' | ' | ' | ||
Debt payable after one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Deferred payment obligations | ' | 0 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 0 | ' | ' | ' | ' | ||
Income tax contingencies | ' | 0 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 7,200,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | -1,135,700,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | -77,500,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | -27,700,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | -122,400,000 | ' | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | -1,363,300,000 | ' | ' | ' | ' | ||
Total Liabilities | ' | -1,356,100,000 | ' | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 0 | ' | ' | ' | ' | ||
Paid-in capital | ' | 0 | ' | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | -7,400,000 | ' | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 0 | ' | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | -7,400,000 | ' | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 0 | ' | ' | ' | ' | ||
Total Equity | ' | -7,400,000 | ' | ' | ' | ' | ||
Total Liabilities and Equity | ' | -1,363,500,000 | ' | ' | ' | ' | ||
Consideration to the Asbestos Trusts [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Other Liabilities, Current | ' | 0 | ' | ' | ' | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | -269,600,000 | ' | ' | ' | ' | ||
Restricted cash and cash equivalents | ' | -242,200,000 | ' | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Inventories | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 0 | ' | ' | ' | ' | ||
Other current assets | ' | 0 | ' | ' | ' | ' | ||
Total Current Assets | ' | -511,800,000 | ' | ' | ' | ' | ||
Properties and equipment, net | ' | 0 | ' | ' | ' | ' | ||
Goodwill | ' | 0 | ' | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | -111,000,000 | ' | ' | ' | ' | ||
Net operating loss carryforward | ' | 111,000,000 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | -500,000,000 | ' | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Equity Method Investments | ' | 0 | ' | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Total Assets | ' | -1,011,800,000 | ' | ' | ' | ' | ||
Debt payable within one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts payable | ' | 0 | ' | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
PI warrant liability | ' | 490,000,000 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 490,000,000 | ' | ' | ' | ' | ||
Debt payable after one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Deferred payment obligations | ' | 594,500,000 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 0 | ' | ' | ' | ' | ||
Income tax contingencies | ' | 0 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 1,084,500,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | -2,084,100,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | -12,200,000 | ' | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | -2,096,300,000 | ' | ' | ' | ' | ||
Total Liabilities | ' | -1,011,800,000 | ' | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 0 | ' | ' | ' | ' | ||
Paid-in capital | ' | 0 | ' | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | 0 | ' | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 0 | ' | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | 0 | ' | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 0 | ' | ' | ' | ' | ||
Total Equity | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities and Equity | ' | -1,011,800,000 | ' | ' | ' | ' | ||
Borrowings [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Other Liabilities, Current | ' | 0 | ' | ' | ' | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | -873,000,000 | ' | ' | ' | ' | ||
Restricted cash and cash equivalents | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Inventories | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 0 | ' | ' | ' | ' | ||
Other current assets | ' | 0 | ' | ' | ' | ' | ||
Total Current Assets | ' | -873,000,000 | ' | ' | ' | ' | ||
Properties and equipment, net | ' | 0 | ' | ' | ' | ' | ||
Goodwill | ' | 0 | ' | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Net operating loss carryforward | ' | 0 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | 0 | ' | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Equity Method Investments | ' | 0 | ' | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 27,000,000 | ' | ' | ' | ' | ||
Total Assets | ' | 900,000,000 | ' | ' | ' | ' | ||
Debt payable within one year | ' | 9,000,000 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts payable | ' | 0 | ' | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
PI warrant liability | ' | 0 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 9,000,000 | ' | ' | ' | ' | ||
Debt payable after one year | ' | 891,000,000 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Deferred payment obligations | ' | 0 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 0 | ' | ' | ' | ' | ||
Income tax contingencies | ' | 0 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 900,000,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | 0 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities | ' | 900,000,000 | ' | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 0 | ' | ' | ' | ' | ||
Paid-in capital | ' | 0 | ' | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | 0 | ' | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 0 | ' | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | 0 | ' | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 0 | ' | ' | ' | ' | ||
Total Equity | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities and Equity | ' | 900,000,000 | ' | ' | ' | ' | ||
Reclassifications at Emergence [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Other Liabilities, Current | ' | 38,800,000 | ' | ' | ' | ' | ||
Cash and Cash Equivalents, at Carrying Value | ' | -153,200,000 | ' | ' | ' | ' | ||
Restricted cash and cash equivalents | ' | 153,200,000 | ' | ' | ' | ' | ||
Accounts Receivable, Net, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts Receivable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Inventories | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Current | ' | 0 | ' | ' | ' | ' | ||
Other current assets | ' | 0 | ' | ' | ' | ' | ||
Total Current Assets | ' | 0 | ' | ' | ' | ' | ||
Properties and equipment, net | ' | 0 | ' | ' | ' | ' | ||
Goodwill | ' | 0 | ' | ' | ' | ' | ||
Intangible Assets, Net (Excluding Goodwill) | ' | 0 | ' | ' | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Net operating loss carryforward | ' | 0 | ' | ' | ' | ' | ||
Asbestos-related insurance | ' | 0 | ' | ' | ' | ' | ||
Overfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Equity Method Investments | ' | 0 | ' | ' | ' | ' | ||
Other Assets, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Total Assets | ' | 0 | ' | ' | ' | ' | ||
Debt payable within one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
Accounts payable | ' | 0 | ' | ' | ' | ' | ||
Accounts Payable, Related Parties, Current | ' | 0 | ' | ' | ' | ' | ||
PI warrant liability | ' | 0 | ' | ' | ' | ' | ||
Total Current Liabilities | ' | 38,800,000 | ' | ' | ' | ' | ||
Debt payable after one year | ' | 0 | ' | ' | ' | ' | ||
Notes Payable, Related Parties, Noncurrent | ' | 0 | ' | ' | ' | ' | ||
Deferred payment obligations | ' | 0 | ' | ' | ' | ' | ||
Deferred income taxes | ' | 0 | ' | ' | ' | ' | ||
Income tax contingencies | ' | 76,600,000 | ' | ' | ' | ' | ||
Underfunded defined benefit pension plans | ' | 0 | ' | ' | ' | ' | ||
Unfunded pay-as-you-go defined benefit pension plans | ' | 95,900,000 | ' | ' | ' | ' | ||
Other Liabilities, Noncurrent | ' | 105,200,000 | ' | ' | ' | ' | ||
Total Liabilities Not Subject to Compromise | ' | 316,500,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Debt and Accrued Interest | ' | -2,100,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Income Tax Contingencies | ' | -76,600,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Asbestos Obligations | ' | -8,300,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Environmental Contingencies | ' | -57,000,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Pension and Other Postretirement Obligations | ' | -148,600,000 | ' | ' | ' | ' | ||
Liabilities Subject to Compromise, Other Liabilities | ' | -23,900,000 | ' | ' | ' | ' | ||
Total Liabilities Subject to Compromise | ' | -316,500,000 | ' | ' | ' | ' | ||
Total Liabilities | ' | 0 | ' | ' | ' | ' | ||
Common Stock, Value, Outstanding | ' | 0 | ' | ' | ' | ' | ||
Paid-in capital | ' | 0 | ' | ' | ' | ' | ||
Retained Earnings (Accumulated Deficit) | ' | 0 | ' | ' | ' | ' | ||
Treasury Stock, Value | ' | 0 | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 0 | ' | ' | ' | ' | ||
Total W. R. Grace & Co. Shareholders' Equity | ' | 0 | ' | ' | ' | ' | ||
Noncontrolling interests in shareholders' equity | ' | 0 | ' | ' | ' | ' | ||
Total Equity | ' | 0 | ' | ' | ' | ' | ||
Total Liabilities and Equity | ' | 0 | ' | ' | ' | ' | ||
Term Loan B (USD) [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Senior Secured Credit Facilities to Fund Emergence | 700,000,000 | ' | ' | ' | ' | ' | ||
Term Loan B (EUR) [Member] | ' | ' | ' | ' | ' | ' | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ||
Senior Secured Credit Facilities to Fund Emergence | $150,000,000 | ' | ' | ' | ' | ' | ||
[1] | Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million. |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $69.70 | $66.50 |
In process | 41.8 | 46.1 |
Finished products | 152.4 | 138.8 |
Other | 31.4 | 32.2 |
Total inventories | $295.30 | $283.60 |
Properties_and_Equipment_Detai
Properties and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | $2,706.70 | $2,555.60 | ' |
Accumulated depreciation and amortization | -1,876.80 | -1,785.10 | ' |
Properties and equipment, net | 829.9 | 770.5 | 723.5 |
Depreciation and lease amortization expense related to properties and equipment | 108.6 | 108.2 | 110 |
Rental expense for operating leases | 28.4 | 26.1 | 20.5 |
Land | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | 20 | 19.9 | ' |
Building [Member] | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | 524.3 | 500.3 | ' |
Information technology and equipment [Member] | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | 172 | 146.7 | ' |
Machinery, equipment and other | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | 1,883.20 | 1,786.80 | ' |
Projects under construction | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, gross | 107.2 | 101.9 | ' |
Capitalized interest cost | ' | ' | ' |
Properties and Equipment | ' | ' | ' |
Properties and equipment, net | $1.20 | $0.10 | $0.10 |
Properties_and_Equipment_Detai1
Properties and Equipment (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | ' |
2013 | $22.80 |
2014 | 17.3 |
2015 | 13.4 |
2016 | 7.9 |
2017 | 4.8 |
Thereafter | 18.7 |
Total | 84.9 |
Anticipated sublease income in 2013 | 0.8 |
Anticipated sublease income in 2014 | 0.7 |
Anticipated sublease income in 2015 | 0.4 |
Anticipated sublease income in 2016 | 0.2 |
Anticipated sublease income in 2017 | 0.1 |
Anticipated sublease income thereafter | $0.10 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Businesses Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Net sales | $776.70 | $771.30 | $802.80 | $709.90 | $797.80 | $776.60 | $826.70 | $754.40 | $3,060.70 | $3,155.50 | $3,211.90 |
Income Related to Acquisition Before Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | ' | ' |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 262.9 | ' | ' | ' | ' | ' | ' | ' | 262.9 | ' | ' |
Tangible assets | 55.8 | ' | ' | ' | ' | ' | ' | ' | 55.8 | ' | ' |
Intangible assets | 247.6 | ' | ' | ' | ' | ' | ' | ' | 247.6 | ' | ' |
Liabilities assumed | -40.1 | ' | ' | ' | ' | ' | ' | ' | -40.1 | ' | ' |
Net assets acquired, net of cash acquired | 526.2 | ' | ' | ' | ' | ' | ' | ' | 526.2 | ' | ' |
Verifi and De Neef | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 10.5 | ' | ' | ' | ' | ' | ' | ' | 10.5 | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 22.6 | ' | ' | ' | ' | ' | ' | ' | 22.6 | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 18.4 | ' | ' | ' | ' | ' | ' | ' | 18.4 | ' | ' |
Goodwill | 253.2 | ' | ' | ' | ' | ' | ' | ' | 253.2 | ' | ' |
Intangible assets | 243 | ' | ' | ' | ' | ' | ' | ' | 243 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years 10 months 24 days | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Deferred Revenue | -14.3 | ' | ' | ' | ' | ' | ' | ' | -14.3 | ' | ' |
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities | -23 | ' | ' | ' | ' | ' | ' | ' | -23 | ' | ' |
Verifi and De Neef | Customer Lists [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 10.6 | ' | ' | ' | ' | ' | ' | ' | 10.6 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years 0 months 0 days | ' | ' |
Verifi and De Neef | Trademarks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 11.9 | ' | ' | ' | ' | ' | ' | ' | 11.9 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '30 years 0 months 0 days | ' | ' |
Verifi and De Neef | Developed Technology Rights [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 205.3 | ' | ' | ' | ' | ' | ' | ' | 205.3 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years 10 months 24 days | ' | ' |
Verifi and De Neef | Other Intangible Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | $15.20 | ' | ' | ' | ' | ' | ' | ' | $15.20 | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '17 years 0 months 0 days | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Changes in goodwill balances | ' |
Balance at the beginning of the period | $196.70 |
Goodwill acquired during the year | 262.9 |
Foreign currency translation / other adjustments | -2.1 |
Balance at the end of the period | 457.5 |
Grace Catalysts Technologies | ' |
Changes in goodwill balances | ' |
Balance at the beginning of the period | 39.5 |
Goodwill acquired during the year | 253.2 |
Foreign currency translation / other adjustments | 0.7 |
Balance at the end of the period | 293.4 |
Grace Materials Technologies | ' |
Changes in goodwill balances | ' |
Balance at the beginning of the period | 40.5 |
Goodwill acquired during the year | ' |
Foreign currency translation / other adjustments | 0.7 |
Balance at the end of the period | 41.2 |
Grace Construction Products | ' |
Changes in goodwill balances | ' |
Balance at the beginning of the period | 116.7 |
Goodwill acquired during the year | 9.7 |
Foreign currency translation / other adjustments | -3.5 |
Balance at the end of the period | $122.90 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Intangible assets, net book value | $315.50 | $82.70 | ' |
Amortization of intangible assets | 12.7 | 10.7 | 10 |
Net book value of other intangible assets | ' | ' | ' |
Gross carrying amount | 414.2 | 169.6 | ' |
Accumulated Amortization | 98.7 | 86.9 | ' |
Estimated Amortization Expenses | ' | ' | ' |
2013 | 24 | ' | ' |
2014 | 22.4 | ' | ' |
2015 | 18.6 | ' | ' |
2016 | 17.3 | ' | ' |
2017 | 17 | ' | ' |
Thereafter | 211.3 | ' | ' |
Total estimated amortization expenses | 310.6 | ' | ' |
Customer Lists [Member] | ' | ' | ' |
Net book value of other intangible assets | ' | ' | ' |
Gross carrying amount | 94.9 | 81.6 | ' |
Accumulated Amortization | 43.7 | 37.9 | ' |
Technology | ' | ' | ' |
Net book value of other intangible assets | ' | ' | ' |
Gross carrying amount | 260 | 54.6 | ' |
Accumulated Amortization | 37.8 | 32.6 | ' |
Trademarks [Member] | ' | ' | ' |
Net book value of other intangible assets | ' | ' | ' |
Gross carrying amount | 36.9 | 24.6 | ' |
Accumulated Amortization | 14 | 12.2 | ' |
Indefinite-lived trademarks | 4.9 | 4.8 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Net book value of other intangible assets | ' | ' | ' |
Gross carrying amount | 22.4 | 8.8 | ' |
Accumulated Amortization | $3.20 | $4.20 | ' |
Debt_Details
Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 03, 2014 | 31-May-03 | 31-May-01 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 03, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan B (EUR) [Member] | Term Loan B (EUR) [Member] | Delayed-Draw Term Loan B [Member] | Delayed-Draw Term Loan B [Member] | Unallocated Amount to Segment [Member] | Unallocated Amount to Segment [Member] | Unallocated Amount to Segment [Member] | ||||||||||||
Exchange Rate Net Charges | ' | ($8.50) | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.90 | $0 | $0 | ||
Senior Secured Credit Facilities to Fund Emergence | 900 | ' | ' | ' | ' | ' | ' | 700 | ' | ' | ' | 150 | ' | 250 | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | 75.00% | ' | 75.00% | ' | ' | ' | ||
Term Loans, Percent of Original Principal Annual Amortization Amounts | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt payable within one year | ' | 76.6 | [1] | 83.4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt payable after one year | ' | 5.3 | 13.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Subject to Compromise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Bank borrowings | ' | 500 | [2],[3] | 500 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on bank borrowings | ' | 471 | [2] | 437.2 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default interest settlement liability on prepetition debt | ' | 129 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drawn letters of credit | ' | 26.7 | [2] | 26.5 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest on drawn letters of credit | ' | 11.1 | [2] | 9.6 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Subject to Compromise | ' | 1,137.80 | 973.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 225.00% | ' | 175.00% | ' | 250.00% | ' | 225.00% | ' | ' | ' | ||
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ||
Length of Delayed Draw Term Loan Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ||
Full-year weighted average interest rates on total debt | ' | 3.60% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum borrowing amount of revolving credit agreements, prior to the Filing | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum borrowing amount of short-term credit facilities, prior to the Filing | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum borrowing amount of long-term credit facilities, prior to the Filing | ' | ' | ' | ' | ' | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million. | |||||||||||||||||||
[2] | At December 31, 2013, the carrying value of Grace's bank debt subject to compromise plus interest was $1,137.8 million. The estimated fair value of the bank debt approximates the carrying value and is estimated using Level 2 inputs. | |||||||||||||||||||
[3] | Under bank revolving credit agreements in effect prior to the Filing, Grace could borrow up to $500 million at interest rates based upon the prevailing prime, federal funds and/or Eurodollar rates. Of that amount, $250 million was available under short-term facilities that expired in May 2001, and $250 million was available under a long-term facility that expired in May 2003. As a result of the Filing, Grace was not permitted to make payments under the bank revolving credit agreements, and accordingly, the balance as of the Filing Date was reclassified to debt subject to compromise in the Consolidated Balance Sheets. |
Fair_Value_Measurements_and_Ri2
Fair Value Measurements and Risk (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | country | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Fixed Rate Natural Gas Swaps [Member] | Fixed Rate Natural Gas Swaps Call Option [Member] | Fixed-rate aluminum swaps | Currency forward contracts |
Total | Total | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | USD ($) | MMBTU | USD ($) | EUR (€) | ||
USD ($) | USD ($) | USD ($) | USD ($) | MMBTU | lb | ||||
Items measured at Fair Value on a Recurring Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period of cash flow hedging | ' | ' | ' | ' | ' | '12 months | '0 years 24 months | '12 months | ' |
Nonmonetary Notional Amount of Price Risk Derivative Instruments Not Designated as Hedging Instruments | ' | ' | ' | ' | ' | 300,000 | 7,100,000 | 1,400,000 | ' |
Total contract value | ' | ' | ' | ' | ' | $1.20 | ' | $1.20 | ' |
Total notional amount related to the remaining outstanding currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | 194.5 |
Number of countries where company does business, greater than | 40 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Currencies in Which Entity Operates, Greater Than | 50 | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency derivatives | ' | 2.1 | 1.2 | 2.1 | 1.2 | ' | ' | ' | ' |
Commodity derivatives | ' | 0 | 0.2 | 0 | 0.2 | ' | ' | ' | ' |
Total Assets | ' | 2.1 | 1.4 | 2.1 | 1.4 | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency derivatives | ' | 6.9 | 5.1 | 6.9 | 5.1 | ' | ' | ' | ' |
Commodity derivatives | ' | 0.1 | 0.4 | 0.1 | 0.4 | ' | ' | ' | ' |
Total Liabilities | ' | $7 | $5.50 | $7 | $5.50 | ' | ' | ' | ' |
Fair_Value_Measurements_and_Ri3
Fair Value Measurements and Risk (Details 2) (USD $) | Feb. 03, 2015 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Fair values of derivative instruments | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | $250 | ' | ' |
Asset Derivatives | ' | 2.1 | 1.4 |
Liability Derivatives | ' | 7 | 5.5 |
Derivative, Fixed Interest Rate | 4.64% | ' | ' |
Derivatives designated as hedging instruments under ASC 815 | Other current assets | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Asset Derivatives, Commodity contracts | ' | 0 | 0.2 |
Asset Derivatives, Currency contracts | ' | 1 | 1.2 |
Derivatives designated as hedging instruments under ASC 815 | Other assets | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Asset Derivatives, Currency contracts | ' | 1 | ' |
Derivatives designated as hedging instruments under ASC 815 | Other current liabilities | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Liability Derivatives, Commodity contracts | ' | 0.1 | 0.4 |
Liability Derivatives, Currency contracts | ' | 0 | 0.2 |
Derivatives designated as hedging instruments under ASC 815 | Other liabilities | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Liability Derivatives, Currency contracts | ' | 0 | ' |
Derivatives not designated as hedging instruments under ASC 815 | Other current assets | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Asset Derivatives, Currency contracts | ' | 0.1 | 0 |
Derivatives not designated as hedging instruments under ASC 815 | Other current liabilities | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Liability Derivatives, Currency contracts | ' | $6.90 | $4.90 |
Fixed Rate Natural Gas Swaps Call Option [Member] | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Nonmonetary Notional Amount of Price Risk Derivative Instruments Not Designated as Hedging Instruments | ' | 7,100,000 | ' |
Fixed Rate Natural Gas Swaps [Member] | ' | ' | ' |
Fair values of derivative instruments | ' | ' | ' |
Nonmonetary Notional Amount of Price Risk Derivative Instruments Not Designated as Hedging Instruments | ' | 300,000 | ' |
Fair_Value_Measurements_and_Ri4
Fair Value Measurements and Risk (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Currency contracts | Other income (expense) | ' | ' | ' |
Gains and losses on derivative instruments | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($10.90) | ($4.40) | $9 |
Derivatives in ASC 815 cash flow hedging relationships | ' | ' | ' |
Gains and losses on derivative instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 1.5 | -0.7 | -5.9 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1.8 | -4.4 | -2.7 |
Derivatives in ASC 815 cash flow hedging relationships | Currency contracts | Cost of goods sold | ' | ' | ' |
Gains and losses on derivative instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -0.2 | 0.2 | -0.2 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -0.2 | -0.1 | 0.1 |
Derivatives in ASC 815 cash flow hedging relationships | Currency contracts | Other income (expense) | ' | ' | ' |
Gains and losses on derivative instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 2 | 1.4 | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 2.4 | 1.6 | ' |
Derivatives in ASC 815 cash flow hedging relationships | Commodity contracts | Cost of goods sold | ' | ' | ' |
Gains and losses on derivative instruments | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -0.3 | -2.3 | -5.7 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($0.40) | ($5.90) | ($2.80) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes: | ' | ' | ' |
Domestic | $141.40 | ($170.30) | $107.70 |
Foreign | 219.2 | 149.7 | 199.3 |
Income before income taxes | 360.6 | -20.6 | 307 |
Provision for income taxes: | ' | ' | ' |
Federal-current | 1.4 | -51.2 | 16.7 |
Federal-deferred | -73.1 | 82 | -49.3 |
State and local-current | -0.7 | -4.4 | -2.3 |
State and local - deferred | 38.2 | 70.2 | ' |
Foreign-current | -83.5 | -43.1 | -52.5 |
Foreign-deferred | 14.8 | 8.1 | -0.5 |
Benefit from (provision for) income taxes | -102.9 | 61.6 | -87.9 |
Domestic income resulting from repatriated earnings | 25.9 | 22.1 | 30.1 |
U.S. federal income tax rate (as a percent) | 35.00% | ' | ' |
Income tax provision analysis | ' | ' | ' |
Tax provision at U.S. federal income tax rate | -126.2 | 7.2 | -107.4 |
Change in provision resulting from: | ' | ' | ' |
Release of state valuation allowance | 24.4 | 44 | ' |
Effect of tax rates in foreign jurisdictions | 16.6 | 14.9 | 17.6 |
Benefits from domestic production activities | ' | 14 | 0.9 |
Nontaxable income/non-deductible expenses | -9.7 | -8.1 | -7.3 |
Provision for U.S. taxes on repatriated foreign earnings | 3.7 | -2.2 | -1.1 |
State and local income taxes, net of federal income tax benefit | -0.7 | 0.1 | -1.5 |
Adjustments to uncertain tax positions and other discrete items | -11 | -8.3 | 10.9 |
Benefit from (provision for) income taxes | -102.9 | 61.6 | -87.9 |
Deferred tax assets: | ' | ' | ' |
Liability for asbestos-related litigation | 657.1 | 717.5 | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 16.9 | 2.4 | ' |
Federal tax credit carryforwards | 65.2 | ' | ' |
Foreign net operating loss carryforwards | 18 | 22.7 | ' |
Deferred state taxes | 90.3 | 88.4 | ' |
Liability for environmental remediation | 47.1 | 49.2 | ' |
Other postretirement benefits | 18.2 | 22.9 | ' |
Pension liabilities | 96.7 | 133.1 | ' |
Reserves and allowances | 60.4 | 51.6 | ' |
Research and development | 32.6 | 34 | ' |
Accrued interest on pre-petition debt | 66.7 | 121.9 | ' |
Other | 16.3 | 20.8 | ' |
Total deferred tax assets | 1,120.30 | 1,264.50 | ' |
Deferred tax liabilities: | ' | ' | ' |
Asbestos-related insurance receivable | -175 | -175 | ' |
Pension assets | -3.7 | -14.9 | ' |
Properties and equipments | -30.3 | -35.3 | ' |
Other | -7.3 | -14.7 | ' |
Total deferred tax liabilities | -216.3 | -239.9 | ' |
Valuation allowance: | ' | ' | ' |
Future Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation | 57.7 | ' | ' |
Total valuation allowance | -18.3 | -40.8 | ' |
Net deferred tax assets | 885.7 | 983.8 | ' |
Decrease in valuation allowance | 22.5 | ' | ' |
Deferred state taxes | ' | ' | ' |
Valuation allowance: | ' | ' | ' |
Total valuation allowance | -13.6 | -40.3 | ' |
Deferred Tax Asset Deferred Federal Credits [Member] [Member] | ' | ' | ' |
Valuation allowance: | ' | ' | ' |
Total valuation allowance | -4.4 | ' | ' |
Foreign net operating loss carryforward | ' | ' | ' |
Valuation allowance: | ' | ' | ' |
Total valuation allowance | ($0.30) | ($0.50) | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ||
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | $10.60 | $9.60 | $0.80 | [1],[2] | $17.80 | [3],[4] |
Tax Credit Carryforwards Before Valuation Allowances on Federal Tax Credits | ' | 65.2 | ' | ' | ||
Valuation Allowance, Amount | ' | 4.4 | ' | ' | ||
Deferred Tax Assets, Net of Valuation Allowance, Expected to Use | ' | 52.4 | ' | ' | ||
Deferred Tax Assets, Tax Credit Carryforwards With No Expiration | ' | 8.4 | ' | ' | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ' | 57.7 | ' | ' | ||
Deferred Tax Assets, Tax Credit Carryforwards | ' | 16.9 | 2.4 | ' | ||
Period permitted to carryforward NOLs under federal income tax law (in years) | ' | '20 years | ' | ' | ||
Unrepatriated Foreign Earnings | ' | ' | ' | ' | ||
Undistributed foreign earnings | ' | 1,126.50 | ' | ' | ||
Unrecorded deferred tax liability | ' | 149.7 | ' | ' | ||
Repatriation of cash from foreign entities | ' | 25.9 | 22.1 | 30.1 | ||
Amount of Uncertain Tax Position Reclassified to Income Taxes Payable | ' | ' | ' | $6.70 | ||
[1] | In 2012, $1.0 million of uncertain tax positions representing withholding taxes due were paid as a result of the completion of Grace's Canadian audit for the years 2002, 2003, and 2004. | |||||
[2] | In 2013, $9.6 million of uncertain tax positions representing agreed adjustments resulting from the 2007-2009 IRS examination were reclassified to income taxes payable. | |||||
[3] | On November 3, 2011, Grace received notice from the Canadian Revenue Agency that they had completed a review of Grace's Canadian transfer pricing for the years 2002, 2003, and 2004. As a result, Grace reversed $10.6 million of uncertain tax positions because they were effectively settled pursuant to ASC 740-10-25. A tax matter is effectively settled through examination when the taxing authority has completed an examination; the entity does not intend to appeal or litigate any aspect of a particular tax position for the completed examination; and based on a tax authority's widely understood policy, the entity considers it remote that the taxing authority would subsequently examine or reexamine any of the positions once the examination process is completed. | |||||
[4] | In 2011, $6.7 million of uncertain tax positions representing pre-petition federal and state settlements were reclassified to income taxes payable. |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ||
Amount of unrecognized tax benefits | ' | ' | $84.40 | $88.60 | $69.30 | ' | ||
Amount of unrecognized tax benefits, excluding interest and penalties | ' | ' | 80.3 | 83.1 | 62.4 | ' | ||
Roll forward of uncertain tax positions | ' | ' | ' | ' | ' | ' | ||
Additions for current year tax positions | ' | ' | 6.3 | 3.4 | 0.6 | ' | ||
Additions for prior year tax positions | ' | ' | 6.4 | 22 | 0.5 | ' | ||
Reductions for prior year tax positions and reclassifications | ' | -10.6 | -9.6 | -0.8 | [1],[2] | -17.8 | [3],[4] | ' |
Settlements | ' | ' | ' | -1 | -0.1 | [4] | ' | |
Reductions for expirations of statute of limitations | ' | ' | -5.9 | -2.9 | ' | ' | ||
Balance at the end of the period | ' | ' | 80.3 | 83.1 | 62.4 | 79.2 | ||
Amount of uncertain tax position reversed | ' | -10.6 | -9.6 | -0.8 | [1],[2] | -17.8 | [3],[4] | ' |
Material change to aggregate recorded liabilities for uncertain tax positions in the next twelve months | ' | ' | ' | ' | ' | ' | ||
Change in Federal Deferred Tax Assets, Year Over Year | ' | ' | 123.8 | ' | ' | ' | ||
Amount of Uncertain Tax Position Reclassified to Income Taxes Payable | ' | ' | ' | ' | 6.7 | ' | ||
Period in Which Liability for Unrecognized Tax Benefits Could Decrease | ' | ' | '0 years 12 months | ' | ' | ' | ||
Net Operating Losses From Emergence | 670 | ' | ' | ' | ' | ' | ||
Unrecognized tax benefits, net of indemnification | ' | ' | 79.5 | 82.1 | ' | ' | ||
Indemnification assets that would be indemnified by a third party | ' | ' | 0.8 | 1 | ' | ' | ||
Accrued interest and penalties related to uncertain tax positions | ' | ' | 4.1 | 5.5 | 6.9 | ' | ||
US Federal Income Tax Deduction Upon Settlement of Warrant Held by Asbestos Trusts | ' | ' | 490 | ' | ' | ' | ||
US Federal Income Tax Deduction Upon Payment of Deferred Payment Obligations | ' | ' | 1,580 | ' | ' | ' | ||
Change in Net Deferred Tax Assets, Year Over Year | ' | ' | 98.1 | ' | ' | ' | ||
Examination issues and settlements with U.S. federal, state, and foreign tax authorities | ' | ' | ' | ' | ' | ' | ||
Material change to aggregate recorded liabilities for uncertain tax positions in the next twelve months | ' | ' | ' | ' | ' | ' | ||
Decrease in unrecognized tax benefits during the next 12 months | ' | ' | $68 | ' | ' | ' | ||
[1] | In 2012, $1.0 million of uncertain tax positions representing withholding taxes due were paid as a result of the completion of Grace's Canadian audit for the years 2002, 2003, and 2004. | |||||||
[2] | In 2013, $9.6 million of uncertain tax positions representing agreed adjustments resulting from the 2007-2009 IRS examination were reclassified to income taxes payable. | |||||||
[3] | On November 3, 2011, Grace received notice from the Canadian Revenue Agency that they had completed a review of Grace's Canadian transfer pricing for the years 2002, 2003, and 2004. As a result, Grace reversed $10.6 million of uncertain tax positions because they were effectively settled pursuant to ASC 740-10-25. A tax matter is effectively settled through examination when the taxing authority has completed an examination; the entity does not intend to appeal or litigate any aspect of a particular tax position for the completed examination; and based on a tax authority's widely understood policy, the entity considers it remote that the taxing authority would subsequently examine or reexamine any of the positions once the examination process is completed. | |||||||
[4] | In 2011, $6.7 million of uncertain tax positions representing pre-petition federal and state settlements were reclassified to income taxes payable. |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefit Plans (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | $16.70 | $32.10 | ' | |||
Total underfunded and unfunded defined benefit pension plans | -299.6 | -396.5 | ' | |||
Unfunded defined benefit pension plans included in liabilities subject to compromise | -176.3 | -190.9 | ' | |||
Pension liabilities included in other current liabilities | -438.2 | ' | ' | |||
Defined benefit pension plans, projected obligation | 1,873.20 | 1,954.90 | ' | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Percent of Net Actuarial Gains and Losses Over Accumulated Postretirement Benefit Obligation Recognized in Statement of Operations | 10.00% | ' | ' | |||
Defined contribution retirement plan | ' | ' | ' | |||
Percentage that the employer contributes of employee contributions under 401(k) plan | 100.00% | ' | ' | |||
Maximum percentage of employee compensation match by employer to defined contribution plan | 6.00% | ' | ' | |||
Costs related to defined contribution retirement plan | 13.2 | 12.6 | 12.3 | |||
Pension Plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | 16.7 | 32.1 | ' | |||
Unfunded defined benefit pension plans included in liabilities subject to compromise | -123.6 | -131.2 | ' | |||
Pension liabilities included in other current liabilities | -15 | -14 | ' | |||
Net funded status | -421.5 | -509.6 | ' | |||
Defined benefit pension plans, projected obligation | 1,873.20 | 1,954.90 | 1,735.10 | |||
Pension Plans | Overfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | 16.7 | 32.1 | ' | |||
Pension Plans | Underfunded and Unfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Total underfunded and unfunded defined benefit pension plans | -299.6 | -396.5 | ' | |||
Pension Plans | Underfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Total underfunded and unfunded defined benefit pension plans | -66.2 | -175.1 | ' | |||
Pension Plans | Unfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Total underfunded and unfunded defined benefit pension plans | -233.4 | -221.4 | ' | |||
U.S. qualified pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | ' | 0 | ' | |||
Net funded status | -181.6 | -293.9 | ' | |||
Defined benefit pension plans, projected obligation | 1,326.80 | 1,425.60 | 1,282.30 | |||
Defined benefit pension plans, discount rate | 4.76% | ' | ' | |||
U.S. qualified pension plans | Overfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Net funded status | ' | [1] | ' | [1] | ' | [1] |
Defined benefit pension plans, projected obligation | ' | [1] | ' | [1] | ' | [1] |
Defined benefit pension plans, discount rate | 4.76% | 3.75% | ' | |||
U.S. qualified pension plans | Underfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Net funded status | -52.2 | [1] | -156.9 | [1] | -202.2 | [1] |
Defined benefit pension plans, projected obligation | 1,197.40 | [1] | 1,288.60 | [1] | 1,157.50 | [1] |
Defined benefit pension plans, discount rate | 4.76% | ' | ' | |||
Non-U.S. pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | 16.7 | 32.1 | ' | |||
Net funded status | -239.9 | -215.7 | ' | |||
Defined benefit pension plans, projected obligation | 546.4 | 529.3 | 452.8 | |||
Defined benefit pension plans, discount rate | 4.25% | 4.06% | ' | |||
Non-U.S. pension plans | Overfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Net funded status | 16.7 | [1] | 32.1 | [1] | 42.5 | [1] |
Defined benefit pension plans, projected obligation | 247.3 | [1] | 237.1 | [1] | 213.3 | [1] |
Defined benefit pension plans, discount rate | 4.25% | ' | ' | |||
Non-U.S. pension plans | Underfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Net funded status | -14 | [1] | -18.2 | [1] | -13.8 | [1] |
Defined benefit pension plans, projected obligation | 56.5 | [1] | 62.6 | [1] | 53.1 | [1] |
Non-U.S. pension plans | Unfunded pension plans | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Net funded status | -242.6 | [2] | -229.6 | [2] | -186.4 | [2] |
Defined benefit pension plans, projected obligation | 242.6 | [2] | 229.6 | [2] | 186.4 | [2] |
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Funded status of fully funded, underfunded, and unfunded pension plans: | ' | ' | ' | |||
Overfunded defined benefit pension plans | ' | ' | ' | |||
Net funded status | -57.2 | -63.9 | ' | |||
Defined benefit pension plans, projected obligation | 57.2 | 63.9 | 64.6 | |||
Defined benefit pension plans, discount rate | 4.26% | 3.50% | ' | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Minimum eligible age for medical plan benefits (in years) | '55 years | ' | ' | |||
Minimum eligible tenure of service for medical plan benefits (in years) | '10 years | ' | ' | |||
Minimum required contribution by retirees and beneficiaries, as percentage of the calculated premium | 40.00% | ' | ' | |||
Percentage contribution by retirees for any increase in premium costs | 100.00% | ' | ' | |||
Initially assumed increase in per capita costs (as a percent) | 8.25% | ' | ' | |||
Ultimate health care cost rate (as a percent) | 5.00% | ' | ' | |||
Maximum impact of one percentage point increase (decrease) in assumed health care medical cost trend rate on postretirement benefit obligations | $1 | ' | ' | |||
[1] | Plans intended to be advance-funded. | |||||
[2] | Plans intended to be pay-as-you-go. |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefit Plans (Details 2) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | $1,954.90 | ' | ' | |||
Benefit obligation at end of year | 1,873.20 | 1,954.90 | ' | |||
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | ' | [1] | ' | [1] | ' | |
Fair value of plan assets at end of year | ' | [1] | ' | [1] | ' | [1] |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 16.7 | 32.1 | ' | |||
Current liabilities | -15 | -14 | ' | |||
Noncurrent liabilities | -66.2 | ' | ' | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ' | ' | ' | |||
Net prior service credit | -1.7 | ' | -0.4 | |||
Amortization of prior service cost (credit) | -0.7 | -0.8 | -1.1 | |||
Estimated net deferred actuarial loss and prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | ' | ' | ' | |||
Other Comprehensive Income, Amortization of Defined Benefit Plan, Net Deferred Actuarial Gain (Loss) Recognized in Net Periodic Benefit Cost before Tax | 0.4 | 0.6 | 0.6 | |||
Prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | 0.3 | ' | ' | |||
Pension Plans | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,772 | 1,849 | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | 1,954.90 | 1,735.10 | ' | |||
Service cost | 36.3 | 30.4 | ' | |||
Interest cost | 72.5 | 77.3 | ' | |||
Plan participants' contributions | 0.6 | 0.6 | ' | |||
Amendments | ' | 0 | ' | |||
Actuarial (gain) loss | -99.1 | 190.5 | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -101.3 | -89.5 | ' | |||
Currency exchange translation adjustments | 9.3 | 10.5 | ' | |||
Benefit obligation at end of year | 1,873.20 | 1,954.90 | 1,735.10 | |||
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | 1,445.30 | 1,250.40 | ' | |||
Actual return on plan assets | 37.9 | 148.7 | ' | |||
Employer contributions | 68.3 | 126.8 | ' | |||
Plan participants' contributions | 0.6 | 0.6 | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -101.3 | -89.5 | ' | |||
Currency exchange translation adjustments | 0.9 | 8.3 | ' | |||
Fair value of plan assets at end of year | 1,451.70 | 1,445.30 | 1,250.40 | |||
Net funded status | -421.5 | -509.6 | ' | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 16.7 | 32.1 | ' | |||
Current liabilities | -15 | -14 | ' | |||
Noncurrent liabilities | -423.2 | -527.7 | ' | |||
Net amount recognized | -421.5 | -509.6 | ' | |||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' | |||
Accumulated actuarial loss (gain) | ' | ' | ' | |||
Prior service cost (credit) | 1.2 | 1.9 | ' | |||
Net amount recognized | 1.2 | 1.9 | ' | |||
Estimated net deferred actuarial loss and prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | ' | ' | ' | |||
Other Comprehensive Income, Amortization of Defined Benefit Plan, Net Deferred Actuarial Gain (Loss) Recognized in Net Periodic Benefit Cost before Tax | 0.4 | 0.6 | 0.6 | |||
Prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | 0.7 | ' | ' | |||
Pension Plans | Overfunded pension plans | ' | ' | ' | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 16.7 | 32.1 | ' | |||
U.S. qualified pension plans | ' | ' | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | 1,425.60 | 1,282.30 | ' | |||
Service cost | 25.2 | 21.5 | 18.2 | |||
Interest cost | 51.9 | 55.9 | 60.3 | |||
Plan participants' contributions | ' | ' | ' | |||
Amendments | ' | ' | ' | |||
Actuarial (gain) loss | -96.7 | 132.3 | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -79.2 | -66.4 | ' | |||
Currency exchange translation adjustments | ' | ' | ' | |||
Benefit obligation at end of year | 1,326.80 | 1,425.60 | 1,282.30 | |||
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | 1,131.70 | 955.3 | ' | |||
Actual return on plan assets | 37.1 | 127.9 | ' | |||
Employer contributions | 55.6 | 114.9 | ' | |||
Plan participants' contributions | ' | ' | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -79.2 | -66.4 | ' | |||
Currency exchange translation adjustments | ' | ' | ' | |||
Fair value of plan assets at end of year | 1,145.20 | 1,131.70 | 955.3 | |||
Net funded status | -181.6 | -293.9 | ' | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | ' | 0 | ' | |||
Current liabilities | -5.8 | -5.8 | ' | |||
Noncurrent liabilities | -175.8 | -288.1 | ' | |||
Net amount recognized | -181.6 | -293.9 | ' | |||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' | |||
Accumulated actuarial loss (gain) | ' | ' | ' | |||
Prior service cost (credit) | 1.5 | 2.2 | ' | |||
Net amount recognized | 1.5 | 2.2 | ' | |||
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | 4.76% | ' | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Expected return on plan assets | 6.00% | 6.25% | ' | |||
Rate of compensation increase | 4.30% | 4.30% | ' | |||
Net Periodic Benefit Cost | ' | ' | ' | |||
Expected return on plan assets | -68 | -63.3 | -66.1 | |||
Amortization of prior service cost (credit) | 0.7 | 0.9 | 1.1 | |||
Amortization of net deferred actuarial loss | -65.8 | 67.7 | 99.1 | |||
Net curtailment and settlement loss | ' | ' | ' | |||
Net periodic benefit cost | -56 | 82.7 | 112.6 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ' | ' | ' | |||
Net deferred actuarial (gain) loss | ' | 0 | 0 | |||
Net prior service credit | ' | ' | ' | |||
Amortization of prior service cost (credit) | -0.7 | -0.9 | -1.1 | |||
Amortization of net deferred actuarial loss | ' | 0 | 0 | |||
Total recognized in other comprehensive (income) loss | -0.7 | -0.9 | -1.1 | |||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -56.7 | 81.8 | 111.5 | |||
Estimated net deferred actuarial loss and prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | ' | ' | ' | |||
Other Comprehensive Income, Amortization of Defined Benefit Plan, Net Deferred Actuarial Gain (Loss) Recognized in Net Periodic Benefit Cost before Tax | 0 | ' | ' | |||
U.S. qualified pension plans | Overfunded pension plans | ' | ' | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | ' | [2] | ' | [2] | ' | |
Benefits paid | ' | [2] | ' | [2] | ' | [2] |
Benefit obligation at end of year | ' | [2] | ' | [2] | ' | [2] |
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | ' | [2] | ' | [2] | ' | |
Benefits paid | ' | [2] | ' | [2] | ' | [2] |
Fair value of plan assets at end of year | ' | [2] | ' | [2] | ' | [2] |
Net funded status | ' | [2] | ' | [2] | ' | [2] |
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | 4.76% | 3.75% | ' | |||
Rate of compensation increase | 4.70% | 4.30% | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Discount rate | 3.75% | 4.50% | ' | |||
Non-U.S. pension plans | ' | ' | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | 529.3 | 452.8 | ' | |||
Service cost | 11.1 | 8.9 | 8.7 | |||
Interest cost | 20.6 | 21.4 | 22.7 | |||
Plan participants' contributions | 0.6 | 0.6 | ' | |||
Amendments | ' | 0 | ' | |||
Actuarial (gain) loss | -2.4 | 58.2 | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -22.1 | -23.1 | ' | |||
Currency exchange translation adjustments | 9.3 | 10.5 | ' | |||
Benefit obligation at end of year | 546.4 | 529.3 | 452.8 | |||
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | 313.6 | 295.1 | ' | |||
Actual return on plan assets | 0.8 | 20.8 | ' | |||
Employer contributions | 12.7 | 11.9 | ' | |||
Plan participants' contributions | 0.6 | 0.6 | ' | |||
Medicare subsidy receipts | ' | ' | ' | |||
Benefits paid | -22.1 | -23.1 | ' | |||
Currency exchange translation adjustments | 0.9 | 8.3 | ' | |||
Fair value of plan assets at end of year | 306.5 | 313.6 | 295.1 | |||
Net funded status | -239.9 | -215.7 | ' | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 16.7 | 32.1 | ' | |||
Current liabilities | -9.2 | -8.2 | ' | |||
Noncurrent liabilities | -247.4 | -239.6 | ' | |||
Net amount recognized | -239.9 | -215.7 | ' | |||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' | |||
Accumulated actuarial loss (gain) | ' | ' | ' | |||
Prior service cost (credit) | -0.3 | -0.3 | ' | |||
Net amount recognized | -0.3 | -0.3 | ' | |||
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | 4.25% | 4.06% | ' | |||
Rate of compensation increase | 3.41% | 3.37% | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Discount rate | 4.06% | 4.83% | ' | |||
Expected return on plan assets | 4.66% | 4.98% | ' | |||
Rate of compensation increase | 3.37% | 3.40% | ' | |||
Net Periodic Benefit Cost | ' | ' | ' | |||
Expected return on plan assets | -14 | -14.8 | -16.2 | |||
Amortization of prior service cost (credit) | ' | -0.1 | 0 | |||
Amortization of net deferred actuarial loss | 11 | 52.2 | 13.1 | |||
Net curtailment and settlement loss | -0.1 | 0 | 0 | |||
Net periodic benefit cost | 28.6 | 67.6 | 28.3 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ' | ' | ' | |||
Net deferred actuarial (gain) loss | ' | 0 | 0 | |||
Net prior service credit | ' | 0 | -0.4 | |||
Amortization of prior service cost (credit) | ' | 0.1 | 0 | |||
Amortization of net deferred actuarial loss | ' | 0 | 0 | |||
Total recognized in other comprehensive (income) loss | ' | 0.1 | -0.4 | |||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 28.6 | 67.7 | 27.9 | |||
Estimated net deferred actuarial loss and prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | ' | ' | ' | |||
Other Comprehensive Income, Amortization of Defined Benefit Plan, Net Deferred Actuarial Gain (Loss) Recognized in Net Periodic Benefit Cost before Tax | 0 | ' | ' | |||
Non-U.S. pension plans | Overfunded pension plans | ' | ' | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | 237.1 | [2] | 213.3 | [2] | ' | |
Benefits paid | -10 | [2] | -11.8 | [2] | -10.2 | [2] |
Benefit obligation at end of year | 247.3 | [2] | 237.1 | [2] | 213.3 | [2] |
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | 269.2 | [2] | 255.8 | [2] | ' | |
Benefits paid | -10 | [2] | -11.8 | [2] | -10.2 | [2] |
Fair value of plan assets at end of year | 264 | [2] | 269.2 | [2] | 255.8 | [2] |
Net funded status | 16.7 | [2] | 32.1 | [2] | 42.5 | [2] |
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | 4.25% | ' | ' | |||
Non-U.S. pension plans | United Kingdom | ' | ' | ' | |||
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | -4.34% | ' | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Expected return on plan assets | 4.25% | ' | ' | |||
Non-U.S. pension plans | Canada | ' | ' | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Expected return on plan assets | 6.50% | ' | ' | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Change in Projected Benefit Obligation (PBO): | ' | ' | ' | |||
Benefit obligation at beginning of year | 63.9 | 64.6 | ' | |||
Service cost | 0.2 | 0.2 | 0.3 | |||
Interest cost | 2.2 | 2.5 | 3.2 | |||
Plan participants' contributions | ' | ' | ' | |||
Amendments | -1.7 | ' | ' | |||
Actuarial (gain) loss | -4.3 | -2.1 | ' | |||
Medicare subsidy receipts | 1.4 | 3.3 | 1.9 | |||
Benefits paid | -4.5 | -4.6 | ' | |||
Currency exchange translation adjustments | ' | ' | ' | |||
Benefit obligation at end of year | 57.2 | 63.9 | 64.6 | |||
Change in Plan Assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of year | 0 | 0 | ' | |||
Actual return on plan assets | ' | ' | ' | |||
Employer contributions | 3.1 | 1.3 | ' | |||
Plan participants' contributions | ' | ' | ' | |||
Medicare subsidy receipts | 1.4 | 3.3 | 1.9 | |||
Benefits paid | -4.5 | -4.6 | ' | |||
Currency exchange translation adjustments | ' | ' | ' | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | |||
Net funded status | -57.2 | -63.9 | ' | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | ' | ' | ' | |||
Current liabilities | -4.5 | -4.3 | ' | |||
Noncurrent liabilities | -52.7 | -59.6 | ' | |||
Net amount recognized | -57.2 | -63.9 | ' | |||
Amounts recognized in Accumulated Other Comprehensive Loss consist of: | ' | ' | ' | |||
Accumulated actuarial loss (gain) | -5 | -0.3 | ' | |||
Prior service cost (credit) | -1.7 | ' | ' | |||
Net amount recognized | -6.7 | -0.3 | ' | |||
Weighted Average Assumptions Used to Determine Benefit Obligations as of the period | ' | ' | ' | |||
Discount rate | 4.26% | 3.50% | ' | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended | ' | ' | ' | |||
Discount rate | 3.50% | 4.00% | ' | |||
Net Periodic Benefit Cost | ' | ' | ' | |||
Expected return on plan assets | ' | ' | ' | |||
Amortization of prior service cost (credit) | ' | ' | 0 | |||
Amortization of net deferred actuarial loss | ' | ' | ' | |||
Net curtailment and settlement loss | ' | ' | ' | |||
Net periodic benefit cost | 2.8 | 3.3 | 4.1 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | ' | ' | ' | |||
Net deferred actuarial (gain) loss | -4.3 | -2.1 | -7.3 | |||
Net prior service credit | -1.7 | ' | ' | |||
Amortization of prior service cost (credit) | ' | ' | 0 | |||
Amortization of net deferred actuarial loss | -0.4 | -0.6 | -0.6 | |||
Total recognized in other comprehensive (income) loss | -6.4 | -2.7 | -7.9 | |||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | ($3.60) | $0.60 | ($3.80) | |||
[1] | Plans intended to be pay-as-you-go. | |||||
[2] | Plans intended to be advance-funded. |
Pension_Plans_and_Other_Postre4
Pension Plans and Other Postretirement Benefit Plans (Details 3) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | $1,873.20 | $1,954.90 | ' | |||
Fair value of plan assets | ' | [1] | ' | [1] | ' | [1] |
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts | ' | ' | ' | |||
Total payments net of subsidy | 104.4 | 90.8 | 88.4 | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
2013 | 136.1 | ' | ' | |||
2014 | 110.4 | ' | ' | |||
2015 | 113.6 | ' | ' | |||
2016 | 115.5 | ' | ' | |||
2017 | 117.5 | ' | ' | |||
2018 - 2022 | 615 | ' | ' | |||
Pension Plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 1,873.20 | 1,954.90 | 1,735.10 | |||
Fair value of plan assets | 1,451.70 | 1,445.30 | 1,250.40 | |||
Net funded status | -421.5 | -509.6 | ' | |||
Benefits paid | -101.3 | -89.5 | ' | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,772 | 1,849 | ' | |||
Pension Plans with Underfunded or Unfunded Accumulated Benefit Obligation | ' | ' | ' | |||
Projected benefit obligation | 607 | 1,705.90 | ' | |||
Accumulated benefit obligation | 574.8 | 1,613.20 | ' | |||
Fair value of plan assets | 210 | 1,167.20 | ' | |||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts | ' | ' | ' | |||
Medicare Subsidy Receipts | ' | ' | ' | |||
U.S. qualified pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 1,326.80 | 1,425.60 | 1,282.30 | |||
Fair value of plan assets | 1,145.20 | 1,131.70 | 955.3 | |||
Net funded status | -181.6 | -293.9 | ' | |||
Benefits paid | -79.2 | -66.4 | ' | |||
Pension Plans with Underfunded or Unfunded Accumulated Benefit Obligation | ' | ' | ' | |||
Projected benefit obligation | 347.8 | 1,425.60 | ' | |||
Accumulated benefit obligation | 344.1 | 1,371.20 | ' | |||
Fair value of plan assets | 201.1 | 1,131.70 | ' | |||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts | ' | ' | ' | |||
Benefit Payments, actual | 79.2 | 66.4 | 65.5 | |||
Medicare Subsidy Receipts | ' | ' | ' | |||
Benefit Payments | ' | ' | ' | |||
2013 | 108.6 | ' | ' | |||
2014 | 82.2 | ' | ' | |||
2015 | 83.5 | ' | ' | |||
2016 | 84.9 | ' | ' | |||
2017 | 86.3 | ' | ' | |||
2018 - 2022 | 446.5 | ' | ' | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
Funded status less than specified percentage, restriction on lump sum distribution to retiring participants | 100.00% | ' | ' | |||
Minimum percentage of plan to be funded and no longer in chapter 11 for lump sum distribution to retiring participants | 80.00% | ' | ' | |||
Estimated future benefit payments, amount excluded | 28 | ' | ' | |||
Discount rate | 4.76% | ' | ' | |||
Percentage of high yield bonds in foreign issuers portfolio | 30.00% | ' | ' | |||
Expected return on plan assets | 6.00% | 6.25% | ' | |||
Average annual returns over one year (as a percent) | 4.00% | ' | ' | |||
Average annual returns over three years (as a percent) | 8.00% | ' | ' | |||
Average annual returns over five years (as a percent) | 11.00% | ' | ' | |||
Average annual returns over ten years (as a percent) | 6.00% | ' | ' | |||
U.S. qualified pension plans | Fully-Funded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | ' | [2] | ' | [2] | ' | [2] |
Fair value of plan assets | ' | [2] | ' | [2] | ' | [2] |
Net funded status | ' | [2] | ' | [2] | ' | [2] |
Benefits paid | ' | [2] | ' | [2] | ' | [2] |
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | 4.76% | 3.75% | ' | |||
U.S. qualified pension plans | Underfunded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 1,197.40 | [2] | 1,288.60 | [2] | 1,157.50 | [2] |
Fair value of plan assets | 1,145.20 | [2] | 1,131.70 | [2] | 955.3 | [2] |
Net funded status | -52.2 | [2] | -156.9 | [2] | -202.2 | [2] |
Benefits paid | -73.6 | [2] | -60.7 | [2] | -59.9 | [2] |
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | 4.76% | ' | ' | |||
U.S. Nonqualified pension plans | Unfunded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 129.4 | [1] | 137 | [1] | 124.8 | [1] |
Fair value of plan assets | ' | [1] | ' | [1] | ' | [1] |
Net funded status | -129.4 | [1] | -137 | [1] | -124.8 | [1] |
Benefits paid | -5.6 | [1] | -5.7 | [1] | -5.6 | [1] |
Non-U.S. pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 546.4 | 529.3 | 452.8 | |||
Fair value of plan assets | 306.5 | 313.6 | 295.1 | |||
Net funded status | -239.9 | -215.7 | ' | |||
Benefits paid | -22.1 | -23.1 | ' | |||
Pension Plans with Underfunded or Unfunded Accumulated Benefit Obligation | ' | ' | ' | |||
Projected benefit obligation | 259.2 | 280.3 | ' | |||
Accumulated benefit obligation | 230.7 | 242 | ' | |||
Fair value of plan assets | 8.9 | 35.5 | ' | |||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts | ' | ' | ' | |||
Benefit Payments, actual | 22.1 | 23.1 | 21.2 | |||
Medicare Subsidy Receipts | ' | ' | ' | |||
Benefit Payments | ' | ' | ' | |||
2013 | 23 | ' | ' | |||
2014 | 22.7 | ' | ' | |||
2015 | 24.4 | ' | ' | |||
2016 | 25.1 | ' | ' | |||
2017 | 26 | ' | ' | |||
2018 - 2022 | 146.7 | ' | ' | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | 4.25% | 4.06% | ' | |||
Percentage of United Kingdom and German pension plans to total non-U.S. pension plans | 86.00% | 84.00% | ' | |||
Expected return on plan assets | 4.66% | 4.98% | ' | |||
Non-U.S. pension plans | Fully-Funded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 247.3 | [2] | 237.1 | [2] | 213.3 | [2] |
Fair value of plan assets | 264 | [2] | 269.2 | [2] | 255.8 | [2] |
Net funded status | 16.7 | [2] | 32.1 | [2] | 42.5 | [2] |
Benefits paid | -10 | [2] | -11.8 | [2] | -10.2 | [2] |
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | 4.25% | ' | ' | |||
Non-U.S. pension plans | Underfunded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 56.5 | [2] | 62.6 | [2] | 53.1 | [2] |
Fair value of plan assets | 42.5 | [2] | 44.4 | [2] | 39.3 | [2] |
Net funded status | -14 | [2] | -18.2 | [2] | -13.8 | [2] |
Benefits paid | -4.2 | [2] | -3.6 | [2] | -2.2 | [2] |
Non-U.S. pension plans | Unfunded pension plans | ' | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 242.6 | [1] | 229.6 | [1] | 186.4 | [1] |
Net funded status | -242.6 | [1] | -229.6 | [1] | -186.4 | [1] |
Benefits paid | -7.9 | [1] | -7.7 | [1] | -8.8 | [1] |
Non-U.S. pension plans | United Kingdom | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | |||
Defined Benefit Plan Percentage of Certain Specified foreign Plan Assets to Total Foreign Plan Assets | 83.00% | 82.00% | ' | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | -4.34% | ' | ' | |||
Expected return on plan assets | 4.25% | ' | ' | |||
Non-U.S. pension plans | Germany | ' | ' | ' | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | -3.76% | ' | ' | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | |||
Defined Benefit Plan, Amortization of Net Gains (Losses) | -0.9 | ' | ' | |||
Funded Status of Pension Plans | ' | ' | ' | |||
Projected benefit obligation | 57.2 | 63.9 | 64.6 | |||
Fair value of plan assets | 0 | 0 | 0 | |||
Net funded status | -57.2 | -63.9 | ' | |||
Benefits paid | -4.5 | -4.6 | ' | |||
Estimated Expected Future Benefit Payments Reflecting Future Service and Medicare Subsidy Receipts | ' | ' | ' | |||
Benefit Payments, actual | 4.5 | 4.6 | 3.6 | |||
Medicare Subsidy Receipts | -1.4 | -3.3 | -1.9 | |||
Benefit Payments | ' | ' | ' | |||
2013 | 6.2 | ' | ' | |||
2014 | 6 | ' | ' | |||
2015 | 5.8 | ' | ' | |||
2016 | 5.6 | ' | ' | |||
2017 | 5.3 | ' | ' | |||
2018 - 2022 | 22.1 | ' | ' | |||
Medicare Subsidy Receipts | ' | ' | ' | |||
2013 | -1.7 | ' | ' | |||
2014 | -0.5 | ' | ' | |||
2015 | -0.1 | ' | ' | |||
2016 | -0.1 | ' | ' | |||
2017 | -0.1 | ' | ' | |||
2018 - 2022 | ($0.30) | ' | ' | |||
Total Payments Net of Subsidy | ' | ' | ' | |||
Discount rate | 4.26% | 3.50% | ' | |||
[1] | Plans intended to be pay-as-you-go. | |||||
[2] | Plans intended to be advance-funded. |
Pension_Plans_and_Other_Postre5
Pension Plans and Other Postretirement Benefit Plans (Details 4) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2012 | Dec. 31, 2011 | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | [1] | ' | [1] | ' | ' | [1] |
Pension Plans | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1,451.70 | 1,445.30 | ' | 1,250.40 | |||
Plan contributions and funding | ' | ' | ' | ' | |||
Employer contribution | 68.3 | 126.8 | ' | ' | |||
U.S. qualified pension plans | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Defined Benefit Plan, Restriction on Lumpsum Distributions Funding Status Percentage Less, than | 100.00% | ' | ' | ' | |||
Target Allocation | 100.00% | ' | ' | ' | |||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ' | |||
Assets Measured at Fair value | 1,145.20 | 1,131.70 | ' | 955.3 | |||
Expected return on plan assets | 6.00% | 6.25% | ' | ' | |||
Plan contributions and funding | ' | ' | ' | ' | |||
Employer accelerated contribution to fund minimum required payments, approved by Bankruptcy Court | ' | ' | 50 | ' | |||
Employer contribution | 55.6 | 114.9 | ' | ' | |||
U.S. qualified pension plans | U.S. equity securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 10.00% | ' | ' | ' | |||
Percentage of Plan Assets | 10.00% | 16.00% | ' | ' | |||
U.S. qualified pension plans | Non-U.S. equity securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 6.00% | ' | ' | ' | |||
Percentage of Plan Assets | 6.00% | 7.00% | ' | ' | |||
U.S. qualified pension plans | Short-term debt securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 10.00% | ' | ' | ' | |||
Percentage of Plan Assets | 10.00% | 6.00% | ' | ' | |||
U.S. qualified pension plans | Intermediate-term debt securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 28.00% | ' | ' | ' | |||
Percentage of Plan Assets | 28.00% | 31.00% | ' | ' | |||
U.S. qualified pension plans | Long-term debt securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 44.00% | ' | ' | ' | |||
Percentage of Plan Assets | 44.00% | 35.00% | ' | ' | |||
U.S. qualified pension plans | Other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 2.00% | ' | ' | ' | |||
Percentage of Plan Assets | 2.00% | 5.00% | ' | ' | |||
U.S. qualified pension plans | U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 111.5 | 178.8 | ' | ' | |||
U.S. qualified pension plans | Non-U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 67.1 | 79.2 | ' | ' | |||
U.S. qualified pension plans | Corporate bond group trust funds - intermediate-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 322.6 | 348.4 | ' | ' | |||
U.S. qualified pension plans | Corporate bond group trust funds - long-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 502.3 | 399.4 | ' | ' | |||
U.S. qualified pension plans | Other fixed income group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 22.9 | 36.9 | ' | ' | |||
U.S. qualified pension plans | REIT group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | 15 | ' | ' | |||
U.S. qualified pension plans | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 102.3 | 58.1 | ' | ' | |||
U.S. qualified pension plans | Annuity and immediate participation contracts | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 16.5 | 15.9 | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Non-U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Corporate bond group trust funds - intermediate-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Corporate bond group trust funds - long-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Other fixed income group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | REIT group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Annuity and immediate participation contracts | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1,145.20 | 1,131.70 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 111.5 | 178.8 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Non-U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 67.1 | 79.2 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Corporate bond group trust funds - intermediate-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 322.6 | 348.4 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Corporate bond group trust funds - long-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 502.3 | 399.4 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Other fixed income group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 22.9 | 36.9 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | REIT group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | 15 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 102.3 | 58.1 | ' | ' | |||
U.S. qualified pension plans | Significant Other Observable Inputs (Level 2) | Annuity and immediate participation contracts | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 16.5 | 15.9 | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Non-U.S. equity group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Corporate bond group trust funds - intermediate-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Corporate bond group trust funds - long-term | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Other fixed income group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | REIT group trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
U.S. qualified pension plans | Significant Unobservable Inputs (Level 3) | Annuity and immediate participation contracts | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 306.5 | 313.6 | ' | 295.1 | |||
Percentage of foreign plan assets to global pension assets | 21.00% | 22.00% | ' | ' | |||
Expected return on plan assets | 4.66% | 4.98% | ' | ' | |||
Plan contributions and funding | ' | ' | ' | ' | |||
Employer contribution | 12.7 | 11.9 | ' | ' | |||
Expected employer contribution for 2012 | 18 | ' | ' | ' | |||
Non-U.S. pension plans | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 294.8 | 301.3 | ' | ' | |||
Non-U.S. pension plans | Government and agency securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 2.4 | 2.4 | ' | ' | |||
Non-U.S. pension plans | Corporate bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1.3 | 1.2 | ' | ' | |||
Non-U.S. pension plans | Insurance contracts and other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 6.3 | 8 | ' | ' | |||
Non-U.S. pension plans | Cash | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1.7 | 0.7 | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1.7 | 0.7 | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Government and agency securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Corporate bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Insurance contracts and other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Cash | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1.7 | 0.7 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 304.8 | 312.9 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 294.8 | 301.3 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | Government and agency securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 2.4 | 2.4 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | Corporate bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 1.3 | 1.2 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | Insurance contracts and other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 6.3 | 8 | ' | ' | |||
Non-U.S. pension plans | Significant Other Observable Inputs (Level 2) | Cash | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | Common/collective trust funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | Government and agency securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | Corporate bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | Insurance contracts and other investments | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | Significant Unobservable Inputs (Level 3) | Cash | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | ' | ' | ' | ' | |||
Non-U.S. pension plans | United Kingdom | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 100.00% | ' | ' | ' | |||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ' | |||
Defined Benefit Plan Percentage of Certain Specified foreign Plan Assets to Total Foreign Plan Assets | 83.00% | 82.00% | ' | ' | |||
Expected return on plan assets | 4.25% | ' | ' | ' | |||
Non-U.S. pension plans | United Kingdom | Diversified growth funds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 12.00% | ' | ' | ' | |||
Percentage of Plan Assets | 13.00% | 12.00% | ' | ' | |||
Non-U.S. pension plans | United Kingdom | U.K. gilts | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 41.00% | ' | ' | ' | |||
Percentage of Plan Assets | 40.00% | 41.00% | ' | ' | |||
Non-U.S. pension plans | United Kingdom | U.K. corporate bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 47.00% | ' | ' | ' | |||
Percentage of Plan Assets | 47.00% | 47.00% | ' | ' | |||
Non-U.S. pension plans | Canada | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 100.00% | ' | ' | ' | |||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ' | |||
Defined Benefit Plan Percentage of Certain Specified foreign Plan Assets to Total Foreign Plan Assets | 9.00% | 8.00% | ' | ' | |||
Expected return on plan assets | 6.50% | ' | ' | ' | |||
Non-U.S. pension plans | Canada | Equity securities | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 33.00% | ' | ' | ' | |||
Percentage of Plan Assets | 34.00% | 61.00% | ' | ' | |||
Non-U.S. pension plans | Canada | Bonds | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 49.00% | ' | ' | ' | |||
Percentage of Plan Assets | 48.00% | 39.00% | ' | ' | |||
Non-U.S. pension plans | Canada | Other Investments [Member] | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Target Allocation | 18.00% | ' | ' | ' | |||
Percentage of Plan Assets | 18.00% | ' | ' | ' | |||
Non-U.S. pension plans | Other country | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Defined Benefit Plan Percentage of Certain Specified foreign Plan Assets to Total Foreign Plan Assets | 8.00% | 10.00% | ' | ' | |||
Percentage of individual foreign plan to total foreign plan assets | 3.00% | 3.00% | ' | ' | |||
Postretirement Benefits Other Than Pensions | ' | ' | ' | ' | |||
Pension plans and other postretirement benefit plans | ' | ' | ' | ' | |||
Assets Measured at Fair value | 0 | 0 | ' | 0 | |||
Plan contributions and funding | ' | ' | ' | ' | |||
Employer contribution | 3.1 | 1.3 | ' | ' | |||
Expected employer contribution for 2012 | $6 | ' | ' | ' | |||
[1] | Plans intended to be pay-as-you-go. |
Other_Balance_Sheet_Accounts_D
Other Balance Sheet Accounts (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Other Current Liabilities | ' | ' | ' | ' |
Accrued compensation | $62.40 | $84.50 | ' | ' |
Income tax payable | 32 | 44.8 | ' | ' |
Customer volume rebates | 33.3 | 32.5 | ' | ' |
Deferred Revenue | 14.3 | 0 | ' | ' |
Pension liabilities | 15 | 14 | ' | ' |
Accrued commissions | 6.9 | 12.9 | ' | ' |
Accrued Chapter 11 reorganization expenses | 6.9 | 6.6 | ' | ' |
Fair value of currency forward and commodity contracts | 7 | 5.5 | ' | ' |
Restructuring liability | 4.4 | 3 | 5.9 | 9.6 |
Deferred tax liability | 0.1 | 0.6 | ' | ' |
Other accrued liabilities | 109.7 | 102.9 | ' | ' |
Other Liabilities, Current | $292 | $307.30 | ' | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Environmental remediation | ' | ' | ' |
Estimated liability for environmental investigative and remediation costs | $135.90 | $141.50 | ' |
Pre-tax charges for environmental matters | 8.2 | 3.6 | 17.8 |
Net cash expenditures | 14 | 13 | 11.8 |
Vermiculite Related Matters | ' | ' | ' |
Environmental remediation | ' | ' | ' |
Estimated liability for environmental investigative and remediation costs | 60.4 | 60.8 | 16 |
Maximum number of operating plants under U.S. Environmental Protection Agency (EPA) reinvestigation | 105 | ' | ' |
Number of facilities that expanded Libby vermiculite | 8 | ' | ' |
Non-Vermiculite Related Matters | ' | ' | ' |
Environmental remediation | ' | ' | ' |
Estimated liability for environmental investigative and remediation costs | 75.5 | 80.7 | ' |
Number of sites for potential contamination claims under U.S. Environmental Protection Agency (EPA) investigation | 38 | ' | ' |
Amount agreed to pay in settlement of outstanding claims | $44 | ' | ' |
Number of outstanding claims settled | 35 | ' | ' |
Number of remaining sites for remediation | 2 | ' | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Financial Guarantee | ' |
Financial assurances | ' |
Gross financial assurances issued and outstanding | $258.20 |
Surety Bonds | ' |
Financial assurances | ' |
Gross financial assurances issued and outstanding | 108.5 |
Standby Letters of Credit | ' |
Financial assurances | ' |
Gross financial assurances issued and outstanding | 149.7 |
Letters of Credit | ' |
Financial assurances | ' |
Gross financial assurances issued and outstanding | $80.60 |
Restructuring_Expenses_and_Rel2
Restructuring Expenses and Related Asset Impairments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring expenses and related asset impairments | ' | ' | ' |
Severance and other employee related costs | $6.70 | $5.60 | $3.80 |
Asset impairments and other restructuring costs | 5.8 | 1.3 | 3.1 |
Total restructuring expenses and related asset impairments | 12.5 | 6.9 | 6.9 |
Restructuring Liability | ' | ' | ' |
Balance at beginning of the period | 3 | 5.9 | 9.6 |
Accruals for severance and other employee related costs | 7.6 | 5.6 | 3.8 |
Payments | -6.4 | -8.4 | -7.2 |
Currency translation adjustments and other | 0.2 | -0.1 | -0.3 |
Total restructuring liability | 4.4 | 3 | 5.9 |
Grace Construction Products | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' |
Total restructuring expenses and related asset impairments | 6.1 | 2 | ' |
Grace Catalysts Technologies | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' |
Total restructuring expenses and related asset impairments | 4 | 0.2 | ' |
Grace Materials Technologies | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' |
Total restructuring expenses and related asset impairments | 0.4 | 1 | ' |
Corporate [Member] | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' |
Total restructuring expenses and related asset impairments | $2 | $3.70 | ' |
Other_Expense_net_Details
Other Expense, net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Restructuring expenses and related asset impairments | $12.50 | $6.90 | $6.90 |
Translation effects-intercompany loans | -11.9 | -5.6 | 11.7 |
Value of currency forward contracts-intercompany loans | 10.9 | 3.7 | -9.3 |
Exchange Rate Net Charges | 8.5 | 0 | 0 |
Provision for environmental remediation | 8.2 | 3.6 | 17.8 |
Other currency transaction effects | 5 | 2.2 | 3.2 |
Interest income | -1 | -1 | -1.2 |
Net loss (gain) on sales of investments and disposals of assets | 0.5 | 0.7 | -3 |
Other miscellaneous (income) expense | -9.2 | -4.4 | 3.3 |
Total other (income) expense, net | $23.50 | $6.10 | $29.40 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit pension and other postretirement plans: | ' | ' | ' |
Amortization of net prior service cost included in net periodic benefit cost | $0.70 | $0.80 | $1.10 |
Other Comprehensive Income, Amortization of Defined Benefit Plan, Net Deferred Actuarial Gain (Loss) Recognized in Net Periodic Benefit Cost before Tax | 0.4 | 0.6 | 0.6 |
Net prior service credit arising during period | 1.7 | ' | 0.4 |
Net deferred actuarial loss arising during period | 4.3 | 2.1 | 7.3 |
Benefit plans, net | 7.1 | 3.5 | 9.4 |
Currency translation adjustments | -23.6 | 5.5 | -11.3 |
Gain (loss) from hedging activities | -0.3 | 3.7 | -3.2 |
Other comprehensive income (loss) attributable to W. R. Grace and Co. shareholders | -16.7 | 12.7 | -5.1 |
Defined benefit pension and other postretirement plans: | ' | ' | ' |
Amortization of net prior service credit included in net periodic benefit cost | -0.2 | -0.3 | -0.4 |
Amortization of net deferred actuarial loss included in net periodic benefit cost | -0.1 | -0.2 | -0.2 |
Net prior service credit arising during period | -0.6 | ' | -0.1 |
Net deferred actuarial loss arising during period | -1.6 | -0.7 | -2.5 |
Benefit plans, net | -2.5 | -1.2 | -3.2 |
Currency translation adjustments | 0 | 0 | 0 |
Gain (loss) from hedging activities | 0.1 | -1.3 | 1.1 |
Other comprehensive income (loss) attributable to W. R. Grace and Co. shareholders | -2.4 | -2.5 | -2.1 |
Defined benefit pension and other postretirement plans: | ' | ' | ' |
Amortization of net prior service credit included in net periodic benefit cost | 0.5 | 0.5 | 0.7 |
Amortization of net deferred actuarial loss included in net periodic benefit cost | 0.3 | 0.4 | 0.4 |
Net prior service credit arising during period | 1.1 | ' | 0.3 |
Net deferred actuarial loss arising during period | 2.7 | 1.4 | 4.8 |
Benefit plans, net | 4.6 | 2.3 | 6.2 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -23.6 | 5.5 | -11.3 |
Gain (loss) from hedging activities | -0.2 | 2.4 | -2.1 |
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | -19.1 | 10.2 | -7.2 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 0.1 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $0.10 | ' | ' |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
country | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, before Reclassification Adjustments, Net of Tax | ' | ($23.60) | $5.50 | ($11.30) | ' |
Other Comprehensive Income (Loss), Before Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1.2 | ' | -0.3 | -3.9 | ' |
Other Comprehensive Income Loss before Reclassification Adjustment For Sale Of Securities Included In Net Income Net Of Tax | 0.1 | ' | ' | ' | ' |
Other Comprehensive Income (loss) Before Reclassifications, Net of Tax | -18.5 | ' | 6.6 | -10.1 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | 5.2 | 28.8 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | 0 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | ' | -1.4 | 2.7 | 1.8 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | ' | 0 | ' | ' | ' |
Other Comprehensive Income Loss Reclassification Adjustment Net Of Tax | ' | -0.6 | 3.6 | 2.9 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | ' | -4.6 | -2.3 | -6.2 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | ' | -23.6 | 5.5 | -11.3 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | -0.8 | -0.8 | -0.8 | -0.8 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | ' | 0.1 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | ' | -0.2 | 2.4 | -2.1 | ' |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During period, Net of Tax, Portion Attributable to Parent | ' | 0 | 0 | 0 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | -19.1 | 10.2 | -7.2 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | 6.6 | 2 | -0.3 | -6.5 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | ' | ' | 28.8 | 23.3 | 34.6 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | -0.5 | -0.3 | -2.7 | -0.6 |
Accumulated Other Comprehensive Income, Net of Tax | ' | 10.6 | 29.7 | 19.5 | 26.7 |
Defined benefit pension and other postretirement plans: | ' | ' | ' | ' | ' |
Net prior service cost (net of tax) | ' | -0.3 | 1.3 | 1.8 | ' |
Net deferred actuarial loss (net of tax) | ' | -6.3 | -3.3 | -1.5 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 10.6 | 29.7 | ' | ' |
Number of countries in which the entity has operations | ' | 40 | ' | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | ' | 3.8 | 1.4 | 5.1 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | $0.80 | $0.90 | $1.10 | ' |
Shareholders_Equity_Deficit_De
Shareholders' Equity (Deficit) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Authorized shares | 300,000,000 | 300,000,000 | ' |
Par value of common stock (in dollars per share) | $0.01 | $0.01 | ' |
Shares reserved for issuance of stock options | 800,000 | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | $34.40 | $32.20 | $12.10 |
Common stock activity roll forward | ' | ' | ' |
Common stock outstanding at the beginning of the period (in shares) | 75,565,409 | 73,886,050 | ' |
Stock options exercised (in shares) | 1,464,294 | 1,679,359 | 765,693 |
Common stock outstanding at the end of the period (in shares) | 77,046,143 | 75,565,409 | 73,886,050 |
Common Stock, Shares, Issued | 10,440 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 6,000 | ' | ' |
Shares, Issued | 16,440 | ' | ' |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock incentive plan | ' | ' | ' |
Minimum exercise price to fair market value on the date of grant (as a percent) | 100.00% | ' | ' |
Stock Option Activity Roll Forward, Number of Shares | ' | ' | ' |
Options exercised (in shares) | -1,464,294 | -1,679,359 | -765,693 |
Minimum | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Stock incentive plan vesting period | '1 year | ' | ' |
Maximum | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Stock incentive plan vesting period | '3 years | ' | ' |
Employee nonstatutory stock options | ' | ' | ' |
Stock Option Activity Roll Forward, Number of Shares | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | 4,024,484 | 4,937,420 | 4,468,341 |
Options exercised (in shares) | -1,464,294 | -1,679,359 | -765,693 |
Options forfeited (in shares) | -95,139 | -51,573 | -45,369 |
Options terminated (in shares) | -1,381 | -10,995 | -7,011 |
Options granted (in shares) | 421,385 | 828,991 | 1,287,152 |
Options outstanding at the end of the period (in shares) | 2,885,055 | 4,024,484 | 4,937,420 |
Stock Option Activity Roll Forward, Average Exercise Price | ' | ' | ' |
Average exercise price at the beginning of the period (in dollars per share) | 32.33 | 25.08 | 18.48 |
Options exercised (in dollars per share) | 23.46 | 19.14 | 15.76 |
Options forfeited (in dollars per share) | 52.17 | 37.67 | 22.3 |
Options terminated (in dollars per share) | 42.26 | 15.74 | 8.03 |
Options granted (in dollars per share) | 76.7 | 49.01 | 42.18 |
Average exercise price at the end of the period (in dollars per share) | 42.6 | 32.33 | 25.08 |
Stock Option Activity, Additional Disclosures | ' | ' | ' |
Weighted-Average Grant Date Fair Value (in dollars per share) | 19.26 | 16.67 | 15.44 |
Stock Option Activity Roll Forward, Non-vested, Number of Shares | ' | ' | ' |
Non-vested stock options at the beginning of the period (in shares) | 2,067,673 | ' | ' |
Granted (in shares) | 421,385 | ' | ' |
Vested/exercised (in shares) | -1,101,080 | ' | ' |
Forfeited (in shares) | -105,053 | ' | ' |
Non-vested stock options outstanding at the end of the period (in shares) | 1,282,925 | 2,067,673 | ' |
Stock Option Activity Roll Forward, Non-vested, Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted average grant date fair value of non vested stock options at the beginning of the period (in dollars per share) | 14.9 | ' | ' |
Granted (in dollars per share) | 19.26 | ' | ' |
Vested/Exercised (in dollars per share) | 12.83 | ' | ' |
Forfeited (in dollars per share) | 16.44 | ' | ' |
Weighted average grant date fair value of non vested Stock options at the end of the period (in dollars per share) | ' | 14.9 | ' |
Summary of intrinsic value | ' | ' | ' |
Intrinsic value for the options outstanding | 160.5 | ' | ' |
Intrinsic value for the options exercisable | 105.9 | ' | ' |
Total intrinsic value of all options exercised | 83.2 | 65.3 | 21.9 |
Exercise Price Range One [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '0 years 4 months 5 days | ' | ' |
Exercise Price Range Three [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '1 year 4 months 4 days | ' | ' |
Exercise Price Range Four [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '2 years 7 months 11 days | ' | ' |
Exercise Price Range Five [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '2 years 10 months 1 day | ' | ' |
Exercise Price Range Seven [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 11 months 5 days | ' | ' |
Exercise Price Range Eight [Member] [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 3 months 28 days | ' | ' |
Exercise Price Range Nine [Member] | Employee nonstatutory stock options | ' | ' | ' |
Stock incentive plan | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years 5 months 28 days | ' | ' |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details 2) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options, additional information | ' | ' | ' |
Total unrecognized stock-based compensation expense | $6.30 | ' | ' |
Weighted-average period over which this expense will be recognized | '8 months 24 days | ' | ' |
Employee nonstatutory stock options | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Number Outstanding (in shares) | 2,885,055 | ' | ' |
Number Exercisable (in shares) | 1,602,130 | ' | ' |
Weighted-average remaining contractual term of exercisable options (in years) | '2 years 6 months 0 days | ' | ' |
Options Granted | ' | ' | ' |
Number of nonstatutory stock options granted (in shares) | 421,385 | 828,991 | 1,287,152 |
Assumptions used for estimating the fair value of stock options | ' | ' | ' |
Volatility rate, minimum | 35.80% | 46.50% | 44.70% |
Volatility rate, maximum | 46.40% | 50.70% | 51.20% |
Weighted average expected volatility (as a percent) | 33.30% | 40.60% | 48.70% |
Risk-free rate | 0.61% | 0.55% | 1.43% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Options, additional information | ' | ' | ' |
Stock-based compensation expense recognized | 12.7 | 14.7 | 14 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $19.26 | $16.67 | $15.44 |
Employee nonstatutory stock options | Minimum | ' | ' | ' |
Assumptions used for estimating the fair value of stock options | ' | ' | ' |
Expected term | '3 years | '3 years | '3 years |
Employee nonstatutory stock options | Maximum | ' | ' | ' |
Assumptions used for estimating the fair value of stock options | ' | ' | ' |
Expected term | '4 years | '4 years | '4 years |
Employee nonstatutory stock options | Exercise Price Range One [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $0 | ' | ' |
Exercise price, high end of range (in dollars per share) | $10 | ' | ' |
Number Outstanding (in shares) | 253,551 | ' | ' |
Number Exercisable (in shares) | 253,551 | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | $9.79 | ' | ' |
Employee nonstatutory stock options | $10 - $20 | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $10 | ' | ' |
Exercise price, high end of range (in dollars per share) | $20 | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Three [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $20 | ' | ' |
Exercise price, high end of range (in dollars per share) | $30 | ' | ' |
Number Outstanding (in shares) | 644,916 | ' | ' |
Number Exercisable (in shares) | 644,916 | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | $27.75 | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Four [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $30 | ' | ' |
Exercise price, high end of range (in dollars per share) | $40 | ' | ' |
Number Outstanding (in shares) | 11,192 | ' | ' |
Number Exercisable (in shares) | 5,794 | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | $37.06 | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Five [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $40 | ' | ' |
Exercise price, high end of range (in dollars per share) | $50 | ' | ' |
Number Outstanding (in shares) | 1,550,004 | ' | ' |
Number Exercisable (in shares) | 689,602 | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | $44.07 | ' | ' |
Employee nonstatutory stock options | $50 - $60 | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $50 | ' | ' |
Exercise price, high end of range (in dollars per share) | $60 | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Seven [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | $60 | ' | ' |
Exercise price, high end of range (in dollars per share) | $70 | ' | ' |
Number Outstanding (in shares) | 24,787 | ' | ' |
Number Exercisable (in shares) | 8,267 | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | $66.57 | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Eight [Member] [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Number Outstanding (in shares) | 398,380 | ' | ' |
Number Exercisable (in shares) | ' | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' |
Employee nonstatutory stock options | Exercise Price Range Nine [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Number Outstanding (in shares) | 2,225 | ' | ' |
Number Exercisable (in shares) | ' | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' |
Performance Based Units [Member] | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Weighted-Average Remaining Contractual Term (in years) | '2 years | ' | ' |
Options, additional information | ' | ' | ' |
Stock-based compensation expense recognized | 1.7 | ' | ' |
Stock or Unit Option Plan Expense, Unrecognized | $5.30 | ' | ' |
Performance Based Units Granted | 111,770 | ' | ' |
Performance Based Units, Forfeitures | 5,513 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $76.66 | ' | ' |
Percent of Units Expected to Settle in Common Stock | 54.00% | ' | ' |
Percent of Units Expected to Settle in Cash | 46.00% | ' | ' |
Performance Based Units [Member] | Minimum | ' | ' | ' |
Options, additional information | ' | ' | ' |
Performance Based Compensation Payout Target | 0.00% | ' | ' |
Performance Based Units [Member] | Maximum | ' | ' | ' |
Options, additional information | ' | ' | ' |
Performance Based Compensation Payout Target | 200.00% | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Numerators | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) | $29.70 | $77 | $90.30 | $59.10 | ($184.30) | $82.10 | $75.40 | $66.80 | $256.10 | $40 | $219.70 | ||||||||
Denominators | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares-basic calculation | ' | ' | ' | ' | ' | ' | ' | ' | 76.4 | 74.9 | 73.6 | ||||||||
Dilutive effect of employee stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1.4 | 1.9 | ||||||||
Weighted average common shares-diluted calculation | ' | ' | ' | ' | ' | ' | ' | ' | 77.7 | 76.3 | 75.5 | ||||||||
Basic earnings per share (in dollars per share) | $0.39 | [1] | $1 | [1] | $1.18 | [1] | $0.78 | [1] | ($2.44) | [1] | $1.09 | [1] | $1.01 | [1] | $0.90 | [1] | $3.35 | $0.53 | $2.99 |
Diluted earnings per share (in dollars per share) | $0.38 | [1] | $0.99 | [1] | $1.16 | [1] | $0.77 | [1] | ($2.44) | [1] | $1.07 | [1] | $0.98 | [1] | $0.87 | [1] | $3.30 | $0.52 | $2.91 |
Stock options excluded from computation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.4 | 1.3 | ||||||||
Number of warrants not included in diluted earnings per share | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ||||||||
[1] | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
Operating segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Chapter 11 Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | $16.40 | $15.60 | $23.90 |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 776.7 | 771.3 | 802.8 | 709.9 | 797.8 | 776.6 | 826.7 | 754.4 | 3,060.70 | 3,155.50 | 3,211.90 |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grace Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | 550.8 | 558.2 | 513.3 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 123.1 | 119 | 120 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 156.2 | 138.5 | 144 |
Total Assets | 5,396.10 | ' | ' | ' | 5,090.40 | ' | ' | ' | 5,396.10 | 5,090.40 | 4,495.60 |
Certain Pension Costs | ' | ' | ' | ' | ' | ' | ' | ' | 27.4 | 30.4 | 28.7 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grace Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | 550.8 | 558.2 | 513.3 |
Chapter 11- and asbestos-related costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -11.9 | -7.6 | -20.8 |
Asbestos and bankruptcy-related charges | ' | ' | ' | ' | ' | ' | ' | ' | -21.9 | -384.6 | 0 |
Default interest settlement on prepetition debt | ' | ' | ' | ' | ' | ' | ' | ' | -129 | 0 | 0 |
Defined Benefit Pension Mark to Market Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 50.6 | -119.2 | -111.2 |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -12.5 | -6.9 | -6.9 |
Loss on sale of product line | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -0.2 | -0.4 |
Divestment expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | -0.4 |
Exchange Rate Net Charges | ' | ' | ' | ' | ' | ' | ' | ' | 8.5 | 0 | 0 |
Interest expense and related financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -43.8 | -46.5 | -43.3 |
Consolidated Exchange Rate Net Charges | ' | ' | ' | ' | ' | ' | ' | ' | 6.9 | ' | ' |
Interest income of non-Debtor subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1.2 |
Net (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 1 | -0.6 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.6 | -20.6 | 307 |
Catalysts Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,124 | 1,268.10 | 1,347.30 |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 327.5 | 393.8 | 388.8 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 54.2 | 54 | 52.5 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 58.7 | 70.8 | 74.5 |
Total Assets | 1,361.80 | ' | ' | ' | 794.8 | ' | ' | ' | 1,361.80 | 794.8 | 804.5 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -0.2 | ' |
Materials Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 878.5 | 862.6 | 872.6 |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 181.8 | 162 | 158.7 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 31.4 | 29.5 | 30.9 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 27.1 | 32.3 |
Total Assets | 508.9 | ' | ' | ' | 494.9 | ' | ' | ' | 508.9 | 494.9 | 481.1 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -1 | ' |
Construction Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,058.20 | 1,024.80 | 992 |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 151.7 | 125.2 | 97.3 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 31.8 | 32.9 | 34 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 32.8 | 26.5 | 19.5 |
Total Assets | 609.1 | ' | ' | ' | 616 | ' | ' | ' | 609.1 | 616 | 545.9 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -6.1 | -2 | ' |
Corporate costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -82.8 | -92.4 | -102.8 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange Rate Net Charges | ' | ' | ' | -6.9 | ' | ' | ' | ' | ' | 0 | 0 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBIT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | 2.6 | 2.6 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 31.7 | 14.1 | 17.7 |
Total Assets | 2,916.30 | ' | ' | ' | 3,184.70 | ' | ' | ' | 2,916.30 | 3,184.70 | 2,664.10 |
Reconciliation of operating segment data to financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ($2) | ($3.70) | ' |
Operating_Segment_Information_2
Operating Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Exchange Rate Net Charges | ' | ' | ' | ' | ' | ' | ' | ' | $6.90 | ' | ' |
Exchange Rate Net Charges | ' | ' | ' | ' | ' | ' | ' | ' | -8.5 | 0 | 0 |
Certain Pension Costs | ' | ' | ' | ' | ' | ' | ' | ' | 27.4 | 30.4 | 28.7 |
Restructuring expenses and related asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 12.5 | 6.9 | 6.9 |
Net sales | 776.7 | 771.3 | 802.8 | 709.9 | 797.8 | 776.6 | 826.7 | 754.4 | 3,060.70 | 3,155.50 | 3,211.90 |
Properties and equipment, net | 829.9 | ' | ' | ' | 770.5 | ' | ' | ' | 829.9 | 770.5 | 723.5 |
Goodwill and other assets | 813 | ' | ' | ' | 303.9 | ' | ' | ' | 813 | 303.9 | 256.8 |
Total North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 959.7 | 967.6 | 1,041.80 |
Properties and equipment, net | 516.9 | ' | ' | ' | 458.2 | ' | ' | ' | 516.9 | 458.2 | 440.6 |
Goodwill and other assets | 598.3 | ' | ' | ' | 98.8 | ' | ' | ' | 598.3 | 98.8 | 117.6 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 886 | 878.9 | 945 |
Properties and equipment, net | 497.8 | ' | ' | ' | 438.4 | ' | ' | ' | 497.8 | 438.4 | 421.1 |
Goodwill and other assets | 589.7 | ' | ' | ' | 91.5 | ' | ' | ' | 589.7 | 91.5 | 110.3 |
Canada and Puerto Rico | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 73.7 | 88.7 | 96.8 |
Properties and equipment, net | 19.1 | ' | ' | ' | 19.8 | ' | ' | ' | 19.1 | 19.8 | 19.5 |
Goodwill and other assets | 8.6 | ' | ' | ' | 7.3 | ' | ' | ' | 8.6 | 7.3 | 7.3 |
Europe Middle East Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,087.90 | 1,175.60 | 1,260.40 |
Properties and equipment, net | 212.4 | ' | ' | ' | 210.3 | ' | ' | ' | 212.4 | 210.3 | 202.1 |
Goodwill and other assets | 106.4 | ' | ' | ' | 105.2 | ' | ' | ' | 106.4 | 105.2 | 108.9 |
Asia Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 654.1 | 660.3 | 599.3 |
Properties and equipment, net | 70.9 | ' | ' | ' | 72.1 | ' | ' | ' | 70.9 | 72.1 | 53.8 |
Goodwill and other assets | 52.4 | ' | ' | ' | 40.1 | ' | ' | ' | 52.4 | 40.1 | 12.4 |
Latin America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 359 | 352 | 310.4 |
Properties and equipment, net | 29.7 | ' | ' | ' | 29.9 | ' | ' | ' | 29.7 | 29.9 | 27 |
Goodwill and other assets | 55.9 | ' | ' | ' | 59.8 | ' | ' | ' | 55.9 | 59.8 | 17.9 |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Area Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange Rate Net Charges | ' | ' | ' | $6.90 | ' | ' | ' | ' | ' | $0 | $0 |
Unconsolidated_Affiliates_Deta
Unconsolidated Affiliates (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Equity method investment, ownership interest | 50.00% | ' | ' |
Investment in unconsolidated affiliate | $96.20 | $85.50 | ' |
Equity in earnings of unconsolidated affiliates | 22.9 | 18.5 | 15.2 |
ART's assets, liabilities and results of operations: | ' | ' | ' |
Current assets | 187.9 | 136.7 | ' |
Noncurrent assets | 62.5 | 65.9 | ' |
Total assets | 250.4 | 202.6 | ' |
Current liabilities | 62.6 | 37.8 | ' |
Noncurrent liabilities | 0.6 | 0.1 | ' |
Total liabilities | 63.2 | 37.9 | ' |
Net sales | 377.6 | 325 | 339 |
Costs and expenses applicable to net sales | 318.4 | 276 | 296.3 |
Income before income taxes | 46.6 | 38.9 | 32.8 |
Net income | 45.6 | 37.8 | 31.2 |
Related party transactions: | ' | ' | ' |
Grace sales of catalysts to ART | 232 | 206.9 | 171.4 |
Charges for fixed costs, research and development and selling, general and administrative services to ART | 28.8 | 28.5 | 27.8 |
Schedule of Investments [Line Items] | ' | ' | ' |
Commitment fee on credit facility | 0.10% | ' | ' |
W R Grace & Co. [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Line of credit facility, maximum provided by Grace and Chevron each | $15 | ' | ' |
Noncontrolling_Interests_in_Co2
Noncontrolling Interests in Consolidated Affiliates (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Summary financial statistics - statement of operations and cash flows, consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $776.70 | $771.30 | $802.80 | $709.90 | $797.80 | $776.60 | $826.70 | $754.40 | $3,060.70 | $3,155.50 | $3,211.90 | ' |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360.6 | -20.6 | 307 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 257.7 | 41 | 219.1 | ' |
Noncontrolling interests in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 1 | -0.6 | ' |
Summary financial statistics - balance sheet information, consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | 99 | ' | ' | ' | 78.4 | ' | ' | ' | 99 | 78.4 | ' | ' |
Assets | 5,396.10 | ' | ' | ' | 5,090.40 | ' | ' | ' | 5,396.10 | 5,090.40 | 4,495.60 | ' |
Total liabilities | 4,824.90 | ' | ' | ' | 4,770.60 | ' | ' | ' | 4,824.90 | 4,770.60 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 571.2 | ' | ' | ' | 319.8 | ' | ' | ' | 571.2 | 319.8 | 184.1 | -55.7 |
Noncontrolling interests in shareholders' equity | 10.6 | ' | ' | ' | 9.9 | ' | ' | ' | 10.6 | 9.9 | ' | ' |
Joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary financial statistics - statement of operations and cash flows, consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 101.5 | 108.8 | 86.3 | ' |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 0.8 | -0.1 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 1.1 | -0.9 | ' |
Noncontrolling interests in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 1 | -0.6 | ' |
Summary financial statistics - balance sheet information, consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 5.1 | ' | ' | ' | 5.7 | ' | ' | ' | 5.1 | 5.7 | 6.7 | ' |
Other current assets | 33.4 | ' | ' | ' | 41.6 | ' | ' | ' | 33.4 | 41.6 | 34.7 | ' |
Assets | 71.1 | ' | ' | ' | 73.8 | ' | ' | ' | 71.1 | 73.8 | 53 | ' |
Total liabilities | 48.9 | ' | ' | ' | 46.1 | ' | ' | ' | 48.9 | 46.1 | 30.1 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 22.2 | ' | ' | ' | 27.7 | ' | ' | ' | 22.2 | 27.7 | 22.9 | ' |
Noncontrolling interests in shareholders' equity | $10.60 | ' | ' | ' | $9.90 | ' | ' | ' | $10.60 | $9.90 | $8.10 | ' |
Quarterly_Summary_and_Statisti2
Quarterly Summary and Statistical Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $776.70 | $771.30 | $802.80 | $709.90 | $797.80 | $776.60 | $826.70 | $754.40 | $3,060.70 | $3,155.50 | $3,211.90 | ||||||||
Gross Profit | 299.8 | 282.4 | 300.9 | 259 | 258.3 | 282.2 | 301.4 | 272.5 | 1,142.10 | 1,114.40 | 1,112.90 | ||||||||
Net income (loss) | 29.7 | 77 | 90.3 | 59.1 | -184.3 | 82.1 | 75.4 | 66.8 | 256.1 | 40 | 219.7 | ||||||||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) (in dollars per share) | $0.39 | [1] | $1 | [1] | $1.18 | [1] | $0.78 | [1] | ($2.44) | [1] | $1.09 | [1] | $1.01 | [1] | $0.90 | [1] | $3.35 | $0.53 | $2.99 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) (in dollars per share) | $0.38 | [1] | $0.99 | [1] | $1.16 | [1] | $0.77 | [1] | ($2.44) | [1] | $1.07 | [1] | $0.98 | [1] | $0.87 | [1] | $3.30 | $0.52 | $2.91 |
Market price of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
High (in dollars per share) | $101.72 | [2] | $89.80 | [2] | $85.43 | [2] | $79.14 | [2] | $68.86 | [2] | $61.58 | [2] | $61.08 | [2] | $58.89 | [2] | ' | ' | ' |
Low (in dollars per share) | $85.06 | [2] | $74.46 | [2] | $72 | [2] | $68.23 | [2] | $58.40 | [2] | $48.14 | [2] | $47.40 | [2] | $45.39 | [2] | ' | ' | ' |
Close (in dollars per share) | $98.87 | [2] | $87.40 | [2] | $84.04 | [2] | $77.51 | [2] | $67.23 | [2] | $59.08 | [2] | $50.45 | [2] | $57.80 | [2] | ' | ' | ' |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gross Profit | ' | 2.3 | 2.4 | 4.8 | 42 | 2.6 | 2.7 | 4.6 | 6.7 | -51.9 | -48.4 | ||||||||
Net income (loss) | ' | $7.60 | $7.50 | $6.20 | $72.70 | $6.60 | $6.10 | $5.90 | $66.60 | ($54.10) | ($49.70) | ||||||||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) (in dollars per share) | ' | $0.10 | $0.10 | $0.08 | $0.96 | $0.09 | $0.08 | $0.08 | $0.87 | ($0.72) | ($0.68) | ||||||||
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) (in dollars per share) | ' | $0.10 | $0.10 | $0.08 | $0.96 | $0.09 | $0.08 | $0.08 | $0.86 | ($0.71) | ($0.66) | ||||||||
[1] | Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. | ||||||||||||||||||
[2] | Principal market: New York Stock Exchange. |
SCHEDULE_IIVALUATION_AND_QUALI1
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Income Tax Reconciliation Release of State Valuation Allowance | ($24.40) | ($44) | ' | |||
Allowances for notes and accounts receivable | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Balance at beginning of period | 6.9 | 9.8 | 8.7 | |||
Additions charged to costs and expenses | 2.2 | 1.9 | 2.9 | |||
Deductions | -1.6 | -4.8 | -2 | |||
Other net | 0.1 | [1] | 0 | [1] | 0.2 | [1] |
Balance at end of period | 7.6 | 6.9 | 9.8 | |||
Valuation allowance for deferred tax assets | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Balance at beginning of period | 40.8 | [2] | 100.8 | [2] | 104.6 | [2] |
Additions charged to costs and expenses | 4.4 | [2] | 0 | [2] | 0 | [2] |
Deductions | -24.4 | [2] | -60 | [2] | -3.8 | [2] |
Other net | -2.5 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Balance at end of period | 18.3 | [2] | 40.8 | [2] | 100.8 | [2] |
Reserves for asbestos related litigation | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Balance at beginning of period | 2,065 | 1,700 | 1,700 | |||
Additions charged to costs and expenses | 27.4 | 365 | 0 | |||
Deductions | 0 | 0 | 0 | |||
Other net | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at end of period | 2,092.40 | 2,065 | 1,700 | |||
Reserves for environmental remediation | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Balance at beginning of period | 140.5 | 149.9 | 144 | |||
Additions charged to costs and expenses | 8 | 3.6 | 17.8 | |||
Deductions | -14 | -13 | -11.8 | |||
Other net | 0 | [1] | 0 | [1] | -0.1 | [1] |
Balance at end of period | 134.5 | 140.5 | 149.9 | |||
Reserves for retained obligations of divested businesses | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Balance at beginning of period | 34.2 | 33.7 | 33.9 | |||
Additions charged to costs and expenses | 0.8 | 0.7 | 0.4 | |||
Deductions | 0 | -0.2 | -0.6 | |||
Other net | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at end of period | 35 | 34.2 | 33.7 | |||
Net Operating Loss Carryforwards [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | |||
Reconciliation of valuation and reserves roll forward | ' | ' | ' | |||
Reduction in valuation allowance | $22.50 | ' | ' | |||
[1] | Various miscellaneous adjustments against reserves and effects of currency translation. | |||||
[2] | The valuation allowance decreased $22.5 million from December 31, 2012, to December 31, 2013. In the 2013 fourth quarter, Grace determined that it is more likely than not that its deductions generated at emergence will be used before their expiration. Accordingly, Grace recorded a $24.4 million release of its valuation allowance on its state deferred tax assets. Further decreases in Grace’s deferred tax assets resulted from the utilization and expiration of state net operating losses ("NOLs") in the current year, and the reduction of NOLs resulting from prior-year adjustments to taxable income. These decreases were partially offset by the recording of valuation allowance on deferred tax assets associated with certain U.S. federal foreign tax credits. The reduction in the valuation allowance during 2012 related in part to a $44.0 million release of the valuation allowance as Grace determined that it is more likely than not that a substantial portion of its state net operating losses will be used before their expiration; the remainder of the release related to the utilization and expiration of state net operating losses in the current year, and the reduction of net operating losses resulting from prior-year adjustments made to income by the Internal Revenue Service. The reduction in 2011 primarily related to the utilization and expiration of state net operating losses. |