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 | 'WEST PHARMACEUTICAL SERVICES INC | ' | ' |
Entity Central Index Key | '0000105770 | ' | ' |
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 | ' | ' | $2,442,779,937 |
Entity Common Stock, Shares Outstanding | ' | 70,338,515 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $1,368.40 | $1,266.40 | $1,192.30 |
Cost of goods and services sold | 933.7 | 878.7 | 853 |
Gross profit | 434.7 | 387.7 | 339.3 |
Research and development | 37.9 | 33.2 | 29.1 |
Selling, general and administrative expenses | 234.9 | 218.1 | 191.1 |
Restructuring and other items (Note 2) | -0.5 | 1.3 | 9.5 |
Operating profit | 162.4 | 135.1 | 109.6 |
Loss on debt extinguishment | 0.2 | 11.6 | 0 |
Interest expense | 17 | 16.7 | 18.2 |
Interest income | 1.9 | 1.8 | 1.3 |
Income before income taxes | 147.1 | 108.6 | 92.7 |
Income tax expense | 40.2 | 32.7 | 23.5 |
Equity in net income of affiliated companies | 5.4 | 4.8 | 6.3 |
Net income | $112.30 | $80.70 | $75.50 |
Net income per share: | ' | ' | ' |
Basic (in dollars per share) | $1.61 | $1.19 | $1.12 |
Diluted (in dollars per share) | $1.57 | $1.15 | $1.08 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 69.6 | 68.1 | 67.3 |
Diluted (in shares) | 71.4 | 71.8 | 74 |
Dividends declared per share (in dollars per share) | $0.39 | $0.37 | $0.35 |
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 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $112.30 | $80.70 | $75.50 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -0.9 | 7 | -11.8 |
Net actuarial gain (loss) arising during period, net of tax of $20.3, $(6.2) and $(17.9) | 33.7 | -13.2 | -30.1 |
Curtailment arising during period, net of tax of $(0.2) | 0 | 0 | -0.4 |
Settlement effects arising during period, net of tax of $0.3 | 0 | 0 | 0.5 |
Less: amortization of actuarial loss, net of tax of $3.6, $2.8 and $2.2 | 4.9 | 5.7 | 3.8 |
Less: amortization of prior service credit, net of tax of $(0.5), $(0.5) and $(0.5) | -0.8 | -0.8 | -0.9 |
Less: amortization of transition obligation | 0.1 | 0.1 | 0.1 |
Net gains on investment securities, net of tax of $2.1, $0.2 and $0.2 | 3.5 | 0.4 | 0.3 |
Net gains (losses) on derivatives, net of tax of $1.8, (2.1) and $(1.1) | 3 | -3.6 | -1.7 |
Other comprehensive income (loss), net of tax | 43.5 | -4.4 | -40.2 |
Comprehensive income | $155.80 | $76.30 | $35.30 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net actuarial gain (loss) arising during period, tax | $20.30 | ($6.20) | ($17.90) |
Curtailment arising during period, tax | 0 | 0 | -0.2 |
Settlement effects arising during period, tax | 0 | 0 | 0.3 |
Less: amortization of actuarial loss, tax | 3.6 | 2.8 | 2.2 |
Less: amortization of prior service credit, tax | -0.5 | -0.5 | -0.5 |
Net gains on investment securities, tax | 2.1 | 0.2 | 0.2 |
Net gains (losses) on derivatives, tax | $1.80 | ($2.10) | ($1.10) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash, including cash equivalents | $230 | $161.90 |
Short-term investments | 7.5 | 12.4 |
Accounts receivable, net | 185.7 | 175 |
Inventories | 176.9 | 162.2 |
Deferred income taxes | 15.9 | 7.7 |
Other current assets | 34.7 | 38.1 |
Total current assets | 650.7 | 557.3 |
Property, plant and equipment | 1,369 | 1,274.80 |
Less accumulated depreciation and amortization | 657.3 | 605.8 |
Property, plant and equipment, net | 711.7 | 669 |
Investments in affiliated companies | 60.9 | 59.8 |
Goodwill | 114.2 | 112.5 |
Deferred income taxes | 61.8 | 90.3 |
Intangible assets, net | 48.3 | 50.6 |
Other noncurrent assets | 24 | 24.5 |
Total Assets | 1,671.60 | 1,564 |
Current liabilities: | ' | ' |
Notes payable and other current debt | 2.2 | 32.7 |
Accounts payable | 108 | 102.9 |
Pension and other postretirement benefits | 2.2 | 2.8 |
Accrued salaries, wages and benefits | 59.1 | 56.5 |
Income taxes payable | 14.3 | 15.6 |
Taxes other than income | 7.8 | 7.8 |
Other current liabilities | 43.3 | 43.5 |
Total current liabilities | 236.9 | 261.8 |
Long-term debt | 371.3 | 378.8 |
Deferred income taxes | 18.9 | 20.8 |
Pension and other postretirement benefits | 83.1 | 135.4 |
Other long-term liabilities | 55 | 38.3 |
Total Liabilities | 765.2 | 835.1 |
Commitments and contingencies (Note 15) | ' | ' |
Equity: | ' | ' |
Preferred stock, 3.0 million shares authorized; 0 shares issued and 0 shares outstanding in 2013 and 2012 | 0 | 0 |
Common stock, par value $.25 per share; 100.0 million shares authorized; shares issued: 70.4 million and 68.8 million; shares outstanding: 70.2 million and 68.6 million | 17.6 | 17.2 |
Capital in excess of par value | 120 | 70.7 |
Retained earnings | 805 | 719.9 |
Accumulated other comprehensive loss | -32.4 | -75.9 |
Treasury stock, at cost (0.2 million shares in 2013 and 2012) | -3.8 | -3 |
Total Equity | 906.4 | 728.9 |
Total Liabilities and Equity | $1,671.60 | $1,564 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized (in shares) | 3 | 3 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.25 | $0.25 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares issued (in shares) | 70.4 | 68.8 |
Common stock, shares outstanding (in shares) | 70.2 | 68.6 |
Treasury stock, at cost (in shares) | 0.2 | 0.2 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $625.70 | $17.20 | $68.70 | ($41.50) | $612.60 | ($31.30) |
Balance (in shares) at Dec. 31, 2010 | ' | 68.6 | ' | 2 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 75.5 | ' | ' | ' | 75.5 | ' |
Stock-based compensation | 8.6 | ' | 8.6 | ' | ' | ' |
Shares issued under stock plans | 8.9 | ' | -13.1 | 22 | ' | ' |
Shares repurchased for employee tax withholdings (in shares) | ' | ' | ' | 0.2 | ' | ' |
Shares repurchased for employee tax withholdings | -3.5 | ' | ' | -3.5 | ' | ' |
Shares issued under stock plans (in shares) | ' | ' | ' | -1 | ' | ' |
Excess tax benefit from employee stock plans | 3.5 | ' | 3.5 | ' | ' | ' |
Dividends declared | -23.6 | ' | ' | ' | -23.6 | ' |
Other comprehensive income (loss), net of tax | -40.2 | ' | ' | ' | ' | -40.2 |
Balance at Dec. 31, 2011 | 654.9 | 17.2 | 67.7 | -23 | 664.5 | -71.5 |
Balance (in shares) at Dec. 31, 2011 | ' | 68.6 | ' | 1.2 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 80.7 | ' | ' | ' | 80.7 | ' |
Stock-based compensation | 10.9 | ' | 10.9 | ' | ' | ' |
Shares issued under stock plans | 11.9 | ' | -12.5 | 24.4 | ' | ' |
Shares repurchased for employee tax withholdings (in shares) | ' | ' | ' | 0.2 | ' | ' |
Shares repurchased for employee tax withholdings | -4.7 | ' | -0.3 | -4.4 | ' | ' |
Shares issued under stock plans (in shares) | ' | 0.2 | ' | -1.2 | ' | ' |
Excess tax benefit from employee stock plans | 4.9 | ' | 4.9 | ' | ' | ' |
Dividends declared | -25.3 | ' | ' | ' | -25.3 | ' |
Other comprehensive income (loss), net of tax | -4.4 | ' | ' | ' | ' | -4.4 |
Balance at Dec. 31, 2012 | 728.9 | 17.2 | 70.7 | -3 | 719.9 | -75.9 |
Balance (in shares) at Dec. 31, 2012 | ' | 68.8 | ' | 0.2 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 112.3 | ' | ' | ' | 112.3 | ' |
Stock-based compensation | 15.3 | ' | 15.3 | ' | ' | ' |
Shares issued under stock plans | 30.5 | 0.4 | 30.9 | -0.8 | ' | ' |
Shares repurchased for employee tax withholdings (in shares) | ' | -0.2 | ' | ' | ' | ' |
Shares repurchased for employee tax withholdings | -5.2 | ' | -5.2 | ' | ' | ' |
Shares issued under stock plans (in shares) | ' | 1.8 | ' | ' | ' | ' |
Excess tax benefit from employee stock plans | 8.3 | ' | 8.3 | ' | ' | ' |
Dividends declared | -27.2 | ' | ' | ' | -27.2 | ' |
Other comprehensive income (loss), net of tax | 43.5 | ' | ' | ' | ' | 43.5 |
Balance at Dec. 31, 2013 | $906.40 | $17.60 | $120 | ($3.80) | $805 | ($32.40) |
Balance (in shares) at Dec. 31, 2013 | ' | 70.4 | ' | 0.2 | ' | ' |
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 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $112.30 | $80.70 | $75.50 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 81 | 72.8 | 71.1 |
Amortization | 4.2 | 4.1 | 4.6 |
Loss on debt extinguishment | 0.2 | 11.6 | 0 |
Stock-based compensation | 21.2 | 15.5 | 8.4 |
Loss (gain) on sales of equipment | 0.4 | 1.7 | -0.2 |
Asset impairments | 0 | 6.2 | 0 |
Deferred income taxes | 1.7 | 5.3 | 2.9 |
Pension and Other Postretirement Benefit Expense | 8 | -2.7 | -4.5 |
Equity in undistributed earnings of affiliates, net of dividends | -4.8 | -4.5 | -6 |
Changes in assets/liabilities, net of acquisitions: | ' | ' | ' |
Increase in accounts receivable | -9.1 | -25.7 | -25.5 |
Increase in inventories | -13.9 | -8.9 | -9.3 |
(Increase) decrease in other current assets | -0.6 | 5.8 | -3.1 |
Increase in accounts payable | 4.6 | 5.8 | 24.6 |
Changes in other assets and liabilities | 15.3 | 19.7 | -7.8 |
Net cash provided by operating activities | 220.5 | 187.4 | 130.7 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -151.9 | -131.3 | -95.4 |
Acquisition of patents and other long-term assets | -3.9 | -0.7 | -1.4 |
Sales and maturities of short-term investments | 19.1 | 45.6 | 15.6 |
Purchases of short-term investments | -14.2 | -31.2 | -41.2 |
Other, net | 1 | 1.6 | 1.9 |
Net cash used in investing activities | -149.9 | -116 | -120.5 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under revolving credit agreements | 292.7 | 568.3 | 193.4 |
Repayments under revolving credit agreements | -311 | -502.6 | -199.9 |
Debt issuance costs | 0 | -7.5 | -0.3 |
Repayments of long-term debt | -30.5 | -215.9 | -0.7 |
Long-term debt borrowings | 43.2 | 168.1 | 0.2 |
Dividend payments | -26.8 | -24.9 | -23.2 |
Proceeds from exercise of stock options and stock appreciation rights | 21.7 | 8.7 | 3.9 |
Employee stock purchase plan contributions | 2.5 | 2.2 | 1.9 |
Excess tax benefit from employee stock plans | 8.3 | 4.9 | 3.5 |
Shares repurchased for employee tax withholdings | -5.2 | -4.7 | -3.5 |
Net cash used in financing activities | -5.1 | -3.4 | -24.7 |
Effect of exchange rates on cash | 2.6 | 2.1 | -3.9 |
Net increase (decrease) in cash and cash equivalents | 68.1 | 70.1 | -18.4 |
Cash, including cash equivalents at beginning of period | 161.9 | 91.8 | 110.2 |
Cash, including cash equivalents at end of period | 230 | 161.9 | 91.8 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid, net of amounts capitalized | 16.9 | 15.3 | 18.2 |
Income taxes paid, net | 34.4 | 16.1 | 20.4 |
Accrued capital expenditures | 17.1 | 54.3 | 33.8 |
Dividends declared, not paid | $7 | $6.50 | $6.10 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Summary of Significant Accounting Policies | ' | ||||||
Summary of Significant Accounting Policies | |||||||
Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities. | |||||||
Stock Split: On August 1, 2013, our Board of Directors approved a two-for-one stock split of our outstanding shares of common stock, effected in the form of a stock dividend. The record date for the stock split was September 12, 2013, and the share distribution occurred on September 26, 2013. All share and per share amounts presented in the accompanying consolidated financial statements and related notes have been retroactively adjusted to reflect the impact of the stock split. | |||||||
Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates. | |||||||
Cash and Cash Equivalents: Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with maturities of three months or less at the time of purchase. | |||||||
Accounts Receivable: Our accounts receivable balance was net of an allowance for doubtful accounts of $0.8 million and $0.5 million at December 31, 2013 and 2012, respectively. We record the allowance based on a specific identification methodology. | |||||||
Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or market. The following is a summary of inventories at December 31: | |||||||
($ in millions) | 2013 | 2012 | |||||
Finished goods | $ | 80 | $ | 70.9 | |||
Work in process | 24.8 | 23.6 | |||||
Raw materials | 72.1 | 67.7 | |||||
$ | 176.9 | $ | 162.2 | ||||
Property, Plant and Equipment: Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in restructuring and other items. Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter. | |||||||
Impairment of Goodwill and Other Intangible Assets: Goodwill and indefinite-lived intangible assets are tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. Recent accounting guidance allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the first step of the two-step quantitative goodwill impairment test. We considered this guidance when performing our annual impairment testing, but elected to continue utilizing the two-step quantitative impairment test. The first step in the two-step analysis is to compare the fair value of each reporting unit to its carrying amount, including goodwill. If the carrying amount exceeds fair value, the second step must be performed. The second step requires the comparison of the carrying amount of the goodwill to its implied fair value, which is calculated as if the reporting unit had just been acquired as of the testing date. Any excess of the carrying amount of goodwill over the implied fair value would represent an impairment loss. | |||||||
Certain trademarks and in-process R&D have been determined to have indefinite lives and, therefore, are not subject to amortization. Similar to the impairment testing for goodwill, there is an option to first assess qualitative factors as a basis for determining whether it is necessary to perform a quantitative impairment test. We considered this option when performing our impairment testing, but elected to continue utilizing a quantitative test, comparing the fair value and carrying value of the asset. Any excess carrying value would represent an impairment loss. Fair values are determined using discounted cash flow analyses. | |||||||
Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 5 to 25 years, and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. | |||||||
Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within restructuring and other items for the difference between the asset's carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs. | |||||||
Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. See Note 13, Benefit Plans, for a more detailed discussion of our pension and other retirement plans. | |||||||
Financial Instruments: All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as hedging the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income, net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as hedging the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative's gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as hedging the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in other comprehensive income, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes. | |||||||
Foreign Currency Translation: Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive income, a separate component of equity. | |||||||
Revenue Recognition: Revenue is recognized when persuasive evidence of a sales arrangement exists, title and risk of loss have transferred, the selling price is fixed or determinable, and collectability is reasonably assured. Generally, sales are recognized upon shipment or upon delivery to our customers' site, based upon shipping terms or legal requirements. Some customers receive pricing rebates upon attaining established sales volumes. We record rebate costs when sales occur based on our assessment of the likelihood that the required volumes will be attained. We also maintain an allowance for product returns, as we believe that we are able to reasonably estimate the amount of returns based on our substantial historical experience. | |||||||
Shipping and Handling Costs: Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales. | |||||||
Research and Development: Research and development expenditures are for the creation, engineering and application of new or improved products and processes. Expenditures include primarily salaries and outside services for those directly involved in research and development activities and are expensed as incurred. | |||||||
Environmental Remediation and Compliance Costs: Environmental remediation costs are accrued when such costs are probable and reasonable estimates are determinable. Cost estimates include investigation, cleanup and monitoring activities; such estimates are adjusted, if necessary, based on additional findings. Environmental compliance costs are expensed as incurred as part of normal operations. | |||||||
Litigation: From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, we accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred. | |||||||
Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of wholly-owned foreign subsidiaries as such earnings are intended to be permanently reinvested. We recognize interest costs related to income taxes in interest expense and penalties within restructuring and other items. The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year. | |||||||
Stock-Based Compensation: Under the fair value provisions of U.S. GAAP, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In order to determine the fair value of stock options on the grant date, the company uses the Black-Scholes valuation model. | |||||||
Net Income Per Share: Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method, as well as convertible debt based on the if-converted method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period. The if-converted method assumes conversion of the debt at the beginning of the reporting period (or at time of issuance, if later). In addition, interest charges applicable to the convertible debt, net of tax, are added back to net income for the purpose of this calculation. |
Restructuring_and_Other_Items
Restructuring and Other Items | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring and Other Items | ' | |||||||||||
Restructuring and Other Items | ||||||||||||
Restructuring and other items consisted of: | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Restructuring and related charges (reversals): | ||||||||||||
Severance and post-employment benefits | $ | — | $ | (1.2 | ) | $ | 2.3 | |||||
Impairments and asset write-offs | — | 2.4 | — | |||||||||
Other restructuring charges | — | 0.9 | 3 | |||||||||
Total restructuring and related charges | — | 2.1 | 5.3 | |||||||||
Impairment charge | — | 3.4 | — | |||||||||
Development income | (2.0 | ) | (6.5 | ) | — | |||||||
Acquisition-related contingencies | 1 | 1.2 | (0.2 | ) | ||||||||
Special separation benefits | — | — | 2.9 | |||||||||
Foreign exchange and other | 0.5 | 1.1 | 1.5 | |||||||||
Total restructuring and other items | $ | (0.5 | ) | $ | 1.3 | $ | 9.5 | |||||
Restructuring and Related Charges | ||||||||||||
All restructuring charges incurred in 2012 and 2011 were associated with the restructuring plan that was announced in 2010. In addition, during 2012, reductions were made to certain previously-recorded obligations under the 2010 plan, including a $1.7 million reduction following the cancellation of a restructuring initiative at one of our European plants as a result of increased customer demand and related efficiency improvements. | ||||||||||||
Also during 2012, we finalized an agreement concerning future manufacturing and supply requirements at our manufacturing facility in England, which triggered an impairment review of the related assets. Our review concluded that the estimated fair value of these assets no longer exceeded their carrying value and therefore, an impairment charge of $1.5 million was recorded. We estimated the fair value of the assets using an income approach based on discounted cash flows. | ||||||||||||
We incurred a total of $21.9 million in restructuring and related charges as part of the 2010 plan. The plan and related activities were completed during 2013. | ||||||||||||
The following table presents activity related to our restructuring obligations: | ||||||||||||
($ in millions) | Severance | Other | Total | |||||||||
and benefits | Costs | |||||||||||
Balance, December 31, 2011 | $ | 6.2 | $ | 0.6 | $ | 6.8 | ||||||
Charges (reversals), net | (1.2 | ) | 3.3 | 2.1 | ||||||||
Cash payments | (2.6 | ) | (1.4 | ) | (4.0 | ) | ||||||
Non-cash adjustments | 0.4 | (2.5 | ) | (2.1 | ) | |||||||
Balance, December 31, 2012 | $ | 2.8 | $ | — | $ | 2.8 | ||||||
Cash payments | (2.8 | ) | — | (2.8 | ) | |||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | ||||||
During 2011, as a result of the closure of a plant in Montgomery, Pennsylvania, we recorded a $0.2 million net curtailment gain related to our U.S. qualified and postretirement medical plans. | ||||||||||||
Other Items | ||||||||||||
During 2013, we recorded development income of $2.0 million within Delivery Systems. Included in this amount was $1.0 million of income related to a nonrefundable payment of $20.0 million received from a customer in June 2013 in return for the exclusive use of SmartDose within a specific therapeutic area. Unearned income related to this payment of $1.5 million and $17.5 million was included within other current liabilities and other long-term liabilities, respectively, at December 31, 2013. The unearned income is being recognized as development income on a straight-line basis over the remaining thirteen-year term of the agreement. The agreement does not include a future minimum purchase commitment from the customer. Development income recorded within Delivery Systems during 2012 was primarily attributable to services and the reimbursement of certain costs. | ||||||||||||
The liability for contingent consideration related to our 2010 acquisition of SmartDose technology increased by $1.0 million, $1.2 million and $0.5 million during 2013, 2012 and 2011, respectively, due to the time value of money and adjustments related to changes in sales projections. During 2011, we also reduced our éris contingent consideration by $0.8 million, bringing the liability balance to zero. This reduction reflects our assessment that none of the contractual operating targets will be achieved over the earnout period, which ends in 2014. | ||||||||||||
In addition, during 2012, as a result of continuing delays and lower-than-expected demand, we updated the sales projections related to one of our product lines in Delivery Systems. The revised projections triggered an impairment review of the associated assets. Our review concluded that the estimated fair value of the product no longer exceeded the carrying value of the related assembly equipment and intangible asset and, therefore, an impairment charge of $3.4 million was recorded. We estimated the fair value of the asset group using an income approach based on discounted cash flows. | ||||||||||||
During 2011, we incurred $2.9 million in special separation benefits related to the retirement of our former President and Chief Operating Officer. These costs consisted primarily of stock-based compensation expense and a settlement loss related to one of our non-qualified defined benefit pension plans. The respective equity compensation arrangements were amended to allow certain of his awards to continue to vest over the original vesting period instead of being forfeited upon separation, resulting in a revaluation of the awards and acceleration of expense. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
Because we are a global organization, we and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. During 2013, the statute of limitations for the 2009 U.S. federal tax year lapsed, leaving tax years 2010 through 2013 open to examination. For U.S. state and local jurisdictions, tax years 2007 through 2013 are open to examination. We are also subject to examination in various foreign jurisdictions for tax years 2006 through 2013. | ||||||||||
A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows: | ||||||||||
($ in millions) | 2013 | 2012 | ||||||||
Balance at January 1 | $ | 6.8 | $ | 6.3 | ||||||
Additions for tax positions taken in the current year | 1.7 | 0.7 | ||||||||
Reduction for expiration of statute of limitations/audits | (1.4 | ) | (0.2 | ) | ||||||
Balance at December 31 | $ | 7.1 | $ | 6.8 | ||||||
In addition, we had balances in accrued liabilities for interest and penalties of $0.5 million and $0.5 million at December 31, 2013 and 2012, respectively. As of December 31, 2013, we had $7.1 million of total gross unrecognized tax benefits, of which $6.9 million, if recognized, would favorably impact the effective income tax rate. It is reasonably possible that, due to the expiration of statutes and the closing of tax audits, the liability for unrecognized tax benefits may be reduced by approximately $0.4 million during the next twelve months, which would favorably impact our effective tax rate. | ||||||||||
The components of income before income taxes are: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
U.S. operations | $ | 28.9 | $ | 8.9 | $ | 15.8 | ||||
International operations | 118.2 | 99.7 | 76.9 | |||||||
Total income before income taxes | $ | 147.1 | $ | 108.6 | $ | 92.7 | ||||
The related provision for income taxes consists of: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
Current: | ||||||||||
Federal | $ | — | $ | — | $ | — | ||||
State | 0.3 | 0.2 | — | |||||||
International | 38.2 | 27.2 | 20.6 | |||||||
Current income tax provision | 38.5 | 27.4 | 20.6 | |||||||
Deferred: | ||||||||||
Federal and state | 9.2 | 3.3 | 2.7 | |||||||
International | (7.5 | ) | 2 | 0.2 | ||||||
Deferred income tax provision | 1.7 | 5.3 | 2.9 | |||||||
Income tax expense | $ | 40.2 | $ | 32.7 | $ | 23.5 | ||||
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. | ||||||||||
The significant components of our deferred tax assets and liabilities at December 31 are: | ||||||||||
($ in millions) | 2013 | 2012 | ||||||||
Deferred tax assets | ||||||||||
Net operating loss carryforwards | $ | 20.7 | $ | 21.1 | ||||||
Tax credit carryforwards | 36.1 | 37 | ||||||||
Restructuring and impairment charges | 0.1 | 0.3 | ||||||||
Pension and deferred compensation | 51.2 | 69.8 | ||||||||
Other | 19.8 | 15.1 | ||||||||
Valuation allowance | (23.5 | ) | (20.4 | ) | ||||||
Total deferred tax assets | 104.4 | 122.9 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation | 40.5 | 42.8 | ||||||||
Other | 5.4 | 3.9 | ||||||||
Total deferred tax liabilities | 45.9 | 46.7 | ||||||||
Net deferred tax asset | $ | 58.5 | $ | 76.2 | ||||||
A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
U.S. federal corporate tax rate | 35 | % | 35 | % | 35 | % | ||||
Tax on international operations less than U.S. tax rate | (5.3 | ) | (5.9 | ) | (8.2 | ) | ||||
Non-benefited losses | — | 0.6 | — | |||||||
Reversal of prior valuation allowance | (1.0 | ) | — | (0.1 | ) | |||||
Reversal of reserves for unrecognized tax benefits | (0.8 | ) | (0.2 | ) | (0.8 | ) | ||||
U.S. tax on international earnings, net of foreign tax credits | 0.1 | (1.2 | ) | (1.5 | ) | |||||
State income taxes, net of federal tax effect | 0.1 | (1.0 | ) | 0.7 | ||||||
U.S. research and development credits | (1.8 | ) | — | (1.1 | ) | |||||
Other business credits and Section 199 Deduction | (0.5 | ) | (1.0 | ) | (1.3 | ) | ||||
Non-deductible debt premium | — | 2 | — | |||||||
Other | 1.6 | 1.9 | 2.6 | |||||||
Effective tax rate | 27.4 | % | 30.2 | % | 25.3 | % | ||||
During 2013, we recorded a discrete tax charge of $3.5 million, which related to the finalization of a beneficial agreement with local tax authorities in Israel that clarified the future tax status of our entities in Israel and settled a tax audit for the years 2009 through 2011. During 2013, we also recorded a discrete tax charge of $1.3 million resulting from the impact of a change in the enacted tax rate in the United Kingdom on our previously-recorded deferred tax asset balances and a discrete tax benefit of $1.3 million related to the reinstatement of the Research and Development tax credit under the American Taxpayer Relief Act of 2012 (the "Act") that was enacted in January 2013. In accordance with U.S. GAAP, although the Act retroactively reinstated the tax credit for two years, from January 1, 2012 through December 31, 2013, it was not taken into account for financial reporting purposes until 2013. Had the Act been signed prior to January 2013, our effective tax rate for 2012 would have been reduced by approximately 1.0%. | ||||||||||
During 2012, as a result of the finalization of estimates of foreign tax credits available with respect to a dividend from one of our foreign subsidiaries, we recorded a discrete tax charge of $1.0 million. We also recorded a discrete tax charge of $0.8 million resulting from the impact of a change in the enacted tax rate in the United Kingdom on our previously-recorded deferred tax balances and recorded a discrete tax charge of $0.3 million reduction of our deferred tax assets associated with the legal restructuring of the ownership of our Puerto Rico operations. | ||||||||||
During 2011, we recorded $1.4 million in net discrete tax charges from changes in international tax rates that affected our deferred tax carrying values. | ||||||||||
At December 31, 2013, we have fully utilized all of our U.S. federal net operating loss carryforwards. State operating loss carryforwards of $262.1 million created a deferred tax asset of $15.0 million, while foreign operating loss carryforwards of $24.8 million created a deferred tax asset of $5.7 million. Management estimates that certain state and foreign operating loss carryforwards are unlikely to be utilized and the associated deferred tax assets have been fully reserved. All state loss carryforwards expire after 2014. Foreign loss carryforwards will begin to expire in 2014, while $15.6 million of the total $24.8 million will not expire. | ||||||||||
As of December 31, 2013, we had available foreign tax credit carryforwards of $20.0 million expiring as follows: $2.2 million in 2017, $1.9 million in 2018, $3.1 million in 2019, $3.2 million in 2020 and $9.6 million in 2021. We have U.S. federal and state research and development credit carryforwards of $3.7 million and $3.3 million, respectively. The $3.7 million of U.S. federal research and development credits expire as follows: $1.1 million expire in 2031, $1.4 million expire in 2032 and $1.2 million expire in 2033. The $3.3 million of state research and development credits expire as follows: $0.6 million expire in 2021, $0.8 million expire in 2022 and $1.9 million expire after 2022. We have additional available state tax credits of $1.5 million which expire in 2019. | ||||||||||
Undistributed earnings of foreign subsidiaries amounted to $688.2 million at December 31, 2013, on which deferred income taxes have not been provided because such earnings are intended to be reinvested indefinitely outside of the U.S. It is not practicable to estimate the tax liability that might be incurred if such earnings were remitted to the U.S. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
Our business operations are organized into two reportable segments, which are aligned with the underlying markets and customers they serve. Our reportable segments are Packaging Systems and Delivery Systems. Packaging Systems develops, manufactures and sells primary packaging components and systems for injectable drug delivery, including stoppers and seals for vials, closures and other components used in syringe, intravenous and blood collection systems, and prefillable syringe components. Delivery Systems develops, manufactures and sells safety and administration systems, multi-component systems for drug administration, and a variety of custom contract-manufacturing solutions targeted to the healthcare and consumer-products industries. In addition, Delivery Systems is responsible for the continued development and commercialization of our line of proprietary, multi-component systems for injectable drug administration and other healthcare applications. | ||||||||||||||||||||
Packaging Systems has three operating segments: the Americas, Europe and Asia Pacific. These operating segments are aggregated for reporting purposes as they have common economic characteristics, produce and sell a similar range of products, use a similar distribution process and have a similar customer base. Delivery Systems consists of only one operating segment. | ||||||||||||||||||||
Our executive management evaluates the performance of these operating segments based on sales, operating profit and cash flow generation. Segment operating profit excludes general corporate costs, which include executive and director compensation, stock-based compensation, adjustments to annual incentive plan expense for over- or under-attainment of targets, certain pension and other retirement benefit costs, and other corporate facilities and administrative expenses not allocated to the segments. Also excluded are items that management considers not representative of ongoing operations, such as restructuring and related charges, certain asset impairments and other specifically-identified income or expense items. Corporate assets include pension assets and investments in affiliated companies. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | ||||||||||||||||||||
The following table provides information on sales by significant product group: | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Packaging Systems | $ | 996 | $ | 915.1 | $ | 857.4 | ||||||||||||||
Proprietary products | 92.7 | 77 | 67.4 | |||||||||||||||||
Contract manufacturing | 281.4 | 275.1 | 269.3 | |||||||||||||||||
Delivery Systems | 374.1 | 352.1 | 336.7 | |||||||||||||||||
Intersegment sales elimination | (1.7 | ) | (0.8 | ) | (1.8 | ) | ||||||||||||||
Net sales | $ | 1,368.40 | $ | 1,266.40 | $ | 1,192.30 | ||||||||||||||
The intersegment sales elimination, which is required for the presentation of consolidated net sales, represents the elimination of components sold between our segments. | ||||||||||||||||||||
We do not have any customers accounting for greater than 10% of consolidated net sales. | ||||||||||||||||||||
The following table presents sales and net property, plant and equipment, by the country in which the legal subsidiary is domiciled and assets are located: | ||||||||||||||||||||
Sales | Property, Plant and Equipment, Net | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 614.5 | $ | 592.8 | $ | 543.6 | $ | 336 | $ | 322 | $ | 272.6 | ||||||||
Germany | 219.6 | 184.4 | 184.1 | 124.4 | 117.2 | 118.1 | ||||||||||||||
France | 112.6 | 102.6 | 94.2 | 43.4 | 42.1 | 41.3 | ||||||||||||||
Other European countries | 279.4 | 251.4 | 242.7 | 83.2 | 72.3 | 69.9 | ||||||||||||||
Other | 142.3 | 135.2 | 127.7 | 124.7 | 115.4 | 91.7 | ||||||||||||||
$ | 1,368.40 | $ | 1,266.40 | $ | 1,192.30 | $ | 711.7 | $ | 669 | $ | 593.6 | |||||||||
The following tables provide summarized financial information for our segments: | ||||||||||||||||||||
($ in millions) | Packaging Systems | Delivery Systems | Corporate and Eliminations | Consolidated | ||||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 996 | $ | 374.1 | $ | (1.7 | ) | $ | 1,368.40 | |||||||||||
Operating profit | $ | 217 | $ | 9.4 | $ | (64.0 | ) | $ | 162.4 | |||||||||||
Loss on debt extinguishment | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||
Interest expense, net | — | — | (15.1 | ) | (15.1 | ) | ||||||||||||||
Income before income taxes | $ | 217 | $ | 9.4 | $ | (79.3 | ) | $ | 147.1 | |||||||||||
Segment assets | $ | 1,048.90 | $ | 429.3 | $ | 193.4 | $ | 1,671.60 | ||||||||||||
Capital expenditures | 81.3 | 28.5 | 42.1 | 151.9 | ||||||||||||||||
Depreciation and amortization expense | 55.5 | 20.9 | 8.8 | 85.2 | ||||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 915.1 | $ | 352.1 | $ | (0.8 | ) | $ | 1,266.40 | |||||||||||
Operating profit | $ | 187.5 | $ | 18.4 | $ | (70.8 | ) | $ | 135.1 | |||||||||||
Loss on debt extinguishment | — | — | (11.6 | ) | (11.6 | ) | ||||||||||||||
Interest expense, net | — | — | (14.9 | ) | (14.9 | ) | ||||||||||||||
Income before income taxes | $ | 187.5 | $ | 18.4 | $ | (97.3 | ) | $ | 108.6 | |||||||||||
Segment assets | $ | 942.7 | $ | 389.3 | $ | 232 | $ | 1,564.00 | ||||||||||||
Capital expenditures | 74.3 | 24.5 | 32.5 | 131.3 | ||||||||||||||||
Depreciation and amortization expense | 52.7 | 18.4 | 5.8 | 76.9 | ||||||||||||||||
2011 | ||||||||||||||||||||
Net sales | $ | 857.4 | $ | 336.7 | $ | (1.8 | ) | $ | 1,192.30 | |||||||||||
Operating profit | $ | 152.6 | $ | 9.8 | $ | (52.8 | ) | $ | 109.6 | |||||||||||
Interest expense, net | — | — | (16.9 | ) | (16.9 | ) | ||||||||||||||
Income before income taxes | $ | 152.6 | $ | 9.8 | $ | (69.7 | ) | $ | 92.7 | |||||||||||
Segment assets | $ | 843.5 | $ | 365.6 | $ | 190 | $ | 1,399.10 | ||||||||||||
Capital expenditures | 66.2 | 26.1 | 3.1 | 95.4 | ||||||||||||||||
Depreciation and amortization expense | 53.6 | 18.5 | 3.6 | 75.7 | ||||||||||||||||
During 2013 and 2012, we recognized a pre-tax loss on debt extinguishment of $0.2 million and $11.6 million, respectively, in connection with the repurchase of our Convertible Debentures. Refer to Note 10, Debt, for additional details. |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Income Per Share | ' | |||||||||||
Note 5: Net Income Per Share | ||||||||||||
The following table reconciles net income and shares used in the calculation of basic net income per share to those used for diluted net income per share: | ||||||||||||
($ and shares in millions) | 2013 | 2012 | 2011 | |||||||||
Net income, as reported, for basic net income per share | $ | 112.3 | $ | 80.7 | $ | 75.5 | ||||||
Plus: interest expense on convertible debt, net of tax | — | 2 | 4.3 | |||||||||
Net income for diluted net income per share | $ | 112.3 | $ | 82.7 | $ | 79.8 | ||||||
Weighted average common shares outstanding | 69.6 | 68.1 | 67.3 | |||||||||
Dilutive effect of stock options, stock appreciation rights and performance share awards, based on the treasury stock method | 1.7 | 1.1 | 0.9 | |||||||||
Assumed conversion of convertible debt, based on the if-converted method | 0.1 | 2.6 | 5.8 | |||||||||
Weighted average shares assuming dilution | 71.4 | 71.8 | 74 | |||||||||
During 2013, the number of shares from stock-based compensation plans not included in the computation of diluted net income per share, because their impact was antidilutive, was immaterial. During 2012 and 2011, there were 1.0 million and 3.2 million antidilutive shares, respectively, excluded from the computation. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Comprehensive Loss | ||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive loss, net of tax: | ||||||||||||||||
($ in millions) | Losses on | Unrealized gains | Defined benefit | Foreign | Total | |||||||||||
cash flow | on investment | pension and other | currency | |||||||||||||
hedges | securities | postretirement plans | translation | |||||||||||||
Balance, December 31, 2012 | $ | (9.0 | ) | $ | 0.8 | $ | (84.9 | ) | $ | 17.2 | $ | (75.9 | ) | |||
Other comprehensive (loss) income before reclassifications | (1.8 | ) | 3.5 | 33.7 | (0.9 | ) | 34.5 | |||||||||
Amounts reclassified out | 4.8 | — | 4.2 | — | 9 | |||||||||||
Other comprehensive income (loss), net of tax | 3 | 3.5 | 37.9 | (0.9 | ) | 43.5 | ||||||||||
Balance, December 31, 2013 | $ | (6.0 | ) | $ | 4.3 | $ | (47.0 | ) | $ | 16.3 | $ | (32.4 | ) | |||
A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table ($ in millions): | ||||||||||||||||
Detail of components | 2013 | Location on Statement of Income | ||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||
Foreign currency contracts | $ | (5.1 | ) | Cost of goods and services sold | ||||||||||||
Interest rate swap contracts | (2.6 | ) | Interest expense | |||||||||||||
Forward treasury locks | (0.3 | ) | Interest expense | |||||||||||||
Total before tax | (8.0 | ) | ||||||||||||||
Tax expense | 3.2 | |||||||||||||||
Net of tax | $ | (4.8 | ) | |||||||||||||
Amortization of defined benefit pension and other postretirement plans: | ||||||||||||||||
Transition obligation | $ | (0.1 | ) | (a) | ||||||||||||
Prior service cost | 1.3 | (a) | ||||||||||||||
Actuarial losses | (8.5 | ) | (a) | |||||||||||||
Total before tax | (7.3 | ) | ||||||||||||||
Tax expense | 3.1 | |||||||||||||||
Net of tax | $ | (4.2 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | (9.0 | ) | |||||||||||||
(a) These components are included in the computation of net periodic benefit cost. Refer to Note 13, Benefit Plans, for additional details. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment were as follows: | |||||||||||||||||||
($ in millions) | Packaging Systems | Delivery Systems | Total | ||||||||||||||||
Balance, December 31, 2011 | $ | 35.9 | $ | 75.6 | $ | 111.5 | |||||||||||||
Foreign currency translation | 0.8 | 0.2 | 1 | ||||||||||||||||
Balance, December 31, 2012 | 36.7 | 75.8 | 112.5 | ||||||||||||||||
Foreign currency translation | 1.3 | 0.4 | 1.7 | ||||||||||||||||
Balance, December 31, 2013 | $ | 38 | $ | 76.2 | $ | 114.2 | |||||||||||||
As of December 31, 2013, we had no accumulated goodwill impairment losses. | |||||||||||||||||||
Intangible assets and accumulated amortization as of December 31 were as follows: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
($ in millions) | Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||
Patents and licensing | $ | 20.7 | $ | (9.4 | ) | $ | 11.3 | $ | 19.2 | $ | (7.8 | ) | $ | 11.4 | |||||
In-process R&D/technology | 3.5 | (0.1 | ) | 3.4 | 3.5 | (0.1 | ) | 3.4 | |||||||||||
Trademarks | 12.1 | (1.1 | ) | 11 | 12.1 | (1.0 | ) | 11.1 | |||||||||||
Customer relationships | 29.7 | (14.6 | ) | 15.1 | 29.7 | (12.9 | ) | 16.8 | |||||||||||
Customer contracts | 11.7 | (4.2 | ) | 7.5 | 11.6 | (3.7 | ) | 7.9 | |||||||||||
$ | 77.7 | $ | (29.4 | ) | $ | 48.3 | $ | 76.1 | $ | (25.5 | ) | $ | 50.6 | ||||||
The cost basis of intangible assets includes a foreign currency translation gain of $0.5 million and $0.3 million for the twelve months ended December 31, 2013 and 2012, respectively. Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $3.9 million, $3.9 million and $4.3 million, respectively. Estimated annual amortization expense for the next five years is as follows: 2014 - $4.3 million, 2015 - $3.9 million, 2016 - $3.2 million, 2017 - $2.9 million and 2018 - $2.7 million. Trademarks with a carrying amount of $10.0 million were determined to have indefinite lives and therefore do not require amortization. In addition, acquired in-process R&D in the amount of $3.3 million is indefinite-lived until the completion of the associated research and development efforts, at which point the technology will start to be amortized. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
A summary of gross property, plant and equipment at December 31 is presented in the following table: | ||||||||
($ in millions) | Expected useful lives (years) | 2013 | 2012 | |||||
Land | $ | 15.7 | $ | 9 | ||||
Buildings and improvements | May-50 | 397.5 | 310.9 | |||||
Machinery and equipment | 15-Oct | 655.2 | 607.1 | |||||
Molds and dies | 7-Apr | 95.7 | 90.1 | |||||
Computer hardware and software | 10-Mar | 107.1 | 102.5 | |||||
Construction in progress | 97.8 | 155.2 | ||||||
$ | 1,369.00 | $ | 1,274.80 | |||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $81.0 million, $72.8 million and $71.1 million, respectively. | ||||||||
Capitalized leases included in 'buildings and improvements' were $2.5 million and $2.4 million at December 31, 2013 and 2012, respectively. Capitalized leases included in 'machinery and equipment' were $1.9 million and $1.8 million at December 31, 2013 and 2012, respectively. Accumulated depreciation on all property, plant and equipment accounted for as capitalized leases was $2.2 million and $1.6 million at December 31, 2013 and 2012, respectively. At December 31, 2013, future minimum payments under capital leases were $0.2 million in 2014 and $0.2 million in 2015. | ||||||||
Under the terms of our 2011 construction and development agreement, the majority of costs required to construct our new corporate office and research building was incurred by our counterparty during the construction period and paid by us at settlement in February 2013. As of December 31, 2012, construction and development costs in the amount of $35.3 million were accrued to property, plant and equipment. See Note 10, Debt, for further discussion of this capital project. | ||||||||
We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended December 31, 2013, 2012 and 2011 was $1.6 million, $1.9 million and $1.1 million, respectively. |
Affiliated_Companies
Affiliated Companies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||
Affiliated Companies | ' | ||
Affiliated Companies | |||
At December 31, 2013, the following affiliated companies were accounted for under the equity method: | |||
Location | Ownership interest | ||
The West Company Mexico, S.A. de C.V. | Mexico | 49% | |
Aluplast S.A. de C.V. | Mexico | 49% | |
Pharma Tap S.A. de C.V. | Mexico | 49% | |
Pharma Rubber S.A. de C.V. | Mexico | 49% | |
Daikyo | Japan | 25% | |
Unremitted income of affiliated companies included in consolidated retained earnings amounted to $46.7 million, $41.9 million and $37.5 million at December 31, 2013, 2012 and 2011, respectively. Dividends received from affiliated companies were $0.6 million in 2013, $0.4 million in 2012 and $0.3 million in 2011. | |||
Our equity in unrealized gains of Daikyo's investment in securities available-for-sale and derivative instruments, as well as pension adjustments included in accumulated other comprehensive loss was $(4.3) million, $(0.8) million and $(0.4) million at December 31, 2013, 2012 and 2011, respectively. | |||
Our purchases from, and royalty payments made to, affiliates totaled $67.7 million, $75.2 million and $66.4 million, respectively, in 2013, 2012 and 2011, of which $5.6 million and $10.6 million was due and payable as of December 31, 2013 and 2012, respectively. The majority of these transactions related to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $5.9 million, $3.5 million and $4.5 million, respectively, in 2013, 2012 and 2011, of which $0.3 million and $0.6 million was receivable as of December 31, 2013 and 2012, respectively. | |||
At December 31, 2013 and 2012, the aggregate carrying amount of investments in equity method affiliates was $57.9 million and $59.8 million, respectively. In addition, at December 31, 2013, we have a cost-basis investment with a carrying amount of $3.0 million. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The following table summarizes our long-term debt obligations, net of current maturities, at December 31. The interest rates shown in parentheses are as of December 31, 2013. | ||||||||
($ in millions) | December 31, | December 31, | ||||||
2013 | 2012 | |||||||
Euro note A, due 2013 (4.22%) | $ | — | $ | 26.9 | ||||
Term loan, due 2014 (8.40%) | 0.1 | 0.2 | ||||||
Series B floating rate notes, due 2015 (1.14%) | 25 | 25 | ||||||
Euro note B, due 2016 (4.38%) | 84.1 | 80.8 | ||||||
Capital leases, due through 2016 (6.0%) | 0.4 | 0.7 | ||||||
Revolving credit facility, due 2017 (1.68%) | 53.7 | 71.5 | ||||||
Term loan, due 2018 (1.67%) | 41.3 | 35.3 | ||||||
Note payable, due 2019 | 0.3 | — | ||||||
Series A notes, due 2022 (3.67%) | 42 | 42 | ||||||
Series B notes, due 2024 (3.82%) | 53 | 53 | ||||||
Series C notes, due 2027 (4.02%) | 73 | 73 | ||||||
Convertible debt, due 2047 (4.0%) | 0.6 | 3.1 | ||||||
Total debt | 373.5 | 411.5 | ||||||
Less: current portion of long-term debt | 2.2 | 32.7 | ||||||
Long-term debt | $ | 371.3 | $ | 378.8 | ||||
Revolving Credit Facility | ||||||||
In April 2012, we entered into a New Credit Agreement that replaced our prior revolving credit facility. The New Credit Agreement, which expires in April 2017, contains a $300.0 million committed credit facility and an accordion feature allowing the maximum to be increased through a term loan to $350.0 million upon approval by the banks. Up to $30.0 million of the credit facility is available for swing-line loans and up to $30.0 million is available for the issuance of letters of credit. Borrowings under the revolving credit facility bear interest at a rate equal to LIBOR plus a margin ranging from 1.25 to 2.25 percentage points, which is based on the ratio of our senior debt to modified earnings before interest, taxes, depreciation and amortization (“EBITDA”). Consistent with our previous revolving credit facility, the New Credit Agreement contains representations and covenants that require compliance with, among other restrictions, a maximum leverage ratio and a minimum interest coverage ratio. The New Credit Agreement also contains usual and customary default provisions, limitations on liens securing indebtedness, asset sales, distributions and acquisitions. In connection with this agreement, we incurred lender and other third party costs of $1.6 million which were recorded in other noncurrent assets and are being amortized as additional interest expense over the term of the facility. In accordance with U.S. GAAP, the remaining $0.8 million of unamortized debt issuance costs associated with the prior credit facility will continue to be amortized over the term of the new facility. | ||||||||
At December 31, 2013, we had $53.7 million in outstanding long-term borrowings under this facility, of which $4.8 million was denominated in Yen, $28.9 million in Euros and the remainder in U.S. dollars. These borrowings, together with outstanding letters of credit of $3.5 million, resulted in a borrowing capacity available under this facility of $242.8 million at December 31, 2013. Of the total amount outstanding as of December 31, 2012, $5.7 million was classified as short-term and $65.8 million was classified as long-term. | ||||||||
In addition, in February 2013, upon settlement of our new corporate office and research building, we borrowed $42.8 million under a separate revolving credit facility, which was immediately converted to a five-year term loan due January 2018. A portion of the loan was used to pay the $35.3 million in outstanding obligations at December 31, 2012 related to the construction and acquisition of the new building. Borrowings under the loan bear interest at a variable rate equal to LIBOR plus a margin of 1.50 percentage points. At December 31, 2013, $41.3 million was outstanding under this loan, of which $2.0 million was classified as current. Please refer to Note 11, Derivative Financial Instruments, for a discussion of the interest-rate swap agreement associated with this loan. | ||||||||
Series B Notes | ||||||||
As of December 31, 2013, there is one tranche remaining from our 2005 private placement, for $25.0 million that matures on July 28, 2015. The Series B Notes bear interest at LIBOR plus 0.9 percentage points. Please refer to Note 11, Derivative Financial Instruments, for a discussion of the interest-rate swap agreement associated with the Series B Notes. | ||||||||
Euro-denominated Notes | ||||||||
During the first quarter of 2013, we used a portion of our multi-currency revolving credit facility to repay our Euro note A that matured on February 27, 2013. The remaining Euro note B of €61.1 million ($84.1 million at December 31, 2013) has a term of 10 years due February 27, 2016 at a fixed annual interest rate of 4.38%. This Euro-denominated note, in conjunction with the Euro-denominated revolver borrowings mentioned above, are accounted for as a hedge of our net investment in our European subsidiaries. | ||||||||
Convertible Debt | ||||||||
In 2007, the Company issued $161.5 million of 4.00% Convertible Junior Subordinated Debentures due March 15, 2047 (the "Convertible Debentures"). The Convertible Debentures are convertible into shares of our common stock at a conversion rate, subject to adjustment, of 36.3777 shares per $1,000 of principal amount, which equals a conversion price of approximately $27.49 per share. The holders may convert their debentures at any time prior to maturity. Subsequent to March 20, 2012, if our common stock closing price exceeds 150% of the then prevailing conversion price for at least 20 trading days during any 30 consecutive trading day period, we have the option to cause the debentures to be automatically converted into West shares at the prevailing conversion rate. | ||||||||
In 2012, we repurchased $158.4 million in aggregate principal amount of our Convertible Debentures, representing 98.06% of the aggregate outstanding principal amount. During 2013, we repurchased an additional $2.5 million in aggregate principal amount of our Convertible Debentures. Following these repurchases, approximately $0.6 million principal amount of Convertible Debentures remains outstanding. As a result of the repurchases, we recognized a pre-tax loss on debt extinguishment of $0.2 million and $11.6 million during 2013 and 2012, respectively. | ||||||||
Private Placement | ||||||||
In 2012, we concluded a private placement issuance of $168.0 million in senior unsecured notes. The total amount of the private placement issuance was divided into three tranches - $42.0 million 3.67% Series A Notes due July 5, 2022, $53.0 million 3.82% Series B Notes due July 5, 2024, and $73.0 million 4.02% Series C Notes due July 5, 2027 (the “Notes”). The Notes rank pari passu with our other senior unsecured debt. The proceeds from the issuance reduced indebtedness under our revolving credit facility that was incurred to finance our repurchase of our Convertible Debentures discussed above. The weighted average of the coupon interest rates on the Notes is 3.87%. Related interest-rate hedging and transaction costs incurred increase the annual effective rate of interest on the Notes to an estimated 4.16%. Refer to Note 11, Derivative Financial Instruments, for additional discussion of the related interest rate hedge. In connection with this issuance, we incurred lender and other third party costs of $1.2 million which were recorded in other noncurrent assets and are being amortized as additional interest expense over the term of the Notes. | ||||||||
Covenants | ||||||||
Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At December 31, 2013, we were in compliance with all of our debt covenants, and we expect to continue to be in compliance with the terms of these agreements throughout 2014. | ||||||||
Interest costs incurred during 2013, 2012 and 2011 were $18.6 million, $18.6 million and $19.3 million, respectively. The aggregate annual maturities of long-term debt were as follows: 2015 - $27.2 million, 2016 - $86.8 million, 2017 - $56.1 million, 2018 - $32.5 million, 2019 - $0.1 million and thereafter - $168.6 million. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
Our ongoing business operations expose us to various risks such as fluctuating interest rates, foreign exchange rates and increasing commodity prices. To manage these market risks, we periodically enter into derivative financial instruments such as interest rate swaps, options and foreign exchange contracts for periods consistent with and for notional amounts equal to or less than the related underlying exposures. We do not purchase or hold any derivative financial instruments for speculation or trading purposes. All derivatives are recorded on the balance sheet at fair value. | ||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||
During 2012, we entered into two forward treasury lock agreements for a total notional amount of $160.0 million, to protect against changes in the benchmark 10-year Treasury rate during the 30-60 day period leading up to the issuance date of our private placement debt. We designated these treasury locks as cash flow hedges. In June 2012, the pricing for our private placement debt (refer to Note 10, Debt) was finalized and accordingly, we terminated both treasury lock agreements, resulting in a $4.6 million settlement payment made by us. This amount, which was reflected in accumulated other comprehensive income ("AOCI"), will be expensed over the life of the private placement debt. | ||||||||||||||||||
At December 31, 2013, we had $41.3 million of outstanding borrowings under our variable-rate five-year term loan related to the purchase of our new corporate office and research building. In anticipation of this debt, we entered into a forward-start interest rate swap in 2011 to hedge the variability in cash flows due to changes in the applicable interest rate over the stated period. Under this swap, we receive variable interest rate payments based on one-month LIBOR plus a margin in return for making monthly fixed interest payments at 5.41%. We designated this forward-start interest rate swap as a cash flow hedge. | ||||||||||||||||||
In addition, we have a $25.0 million interest rate swap agreement outstanding as of December 31, 2013, that is designated as a cash flow hedge to protect against volatility in the interest rate payable on our Series B Notes. Under this swap, we receive variable interest rate payments based on three-month LIBOR in return for making quarterly fixed rate payments. Including the applicable margin, the interest rate swap agreement effectively fixes the interest rate payable on the Series B Notes at 5.51%. | ||||||||||||||||||
Foreign Exchange Rate Risk | ||||||||||||||||||
During 2012, we entered into a series of foreign currency contracts intended to hedge the currency risk associated with a portion of our forecasted Yen-denominated purchases of inventory from Daikyo made by West in the U.S. and certain European subsidiaries. We had also entered into a series of foreign currency contracts to hedge the currency risk associated with a portion of our forecasted U.S. dollar-denominated inventory purchases made by certain European subsidiaries. In addition, we entered into a series of foreign currency contracts to hedge the currency risk associated with a portion of our forecasted Euro-denominated sales of finished goods by one of our U.S. dollar functional-currency subsidiaries. As of December 31, 2013, none of these contracts were outstanding. | ||||||||||||||||||
At December 31, 2013, a portion of our debt consists of borrowings denominated in currencies other than the U.S. dollar. We have designated our €61.1 million ($84.1 million) Euro note B and our €21.0 million ($28.9 million) Euro-denominated borrowings under our revolving credit facility as a hedge of our net investment in certain European subsidiaries. A cumulative foreign currency translation loss of $5.7 million pre-tax ($3.5 million after tax) on this debt was recorded within accumulated other comprehensive loss as of December 31, 2013. We have also designated our ¥500.0 million Yen-denominated borrowings under our revolving credit facility as a hedge of our net investment in Daikyo. At December 31, 2013, there was a cumulative foreign currency translation gain on this Yen-denominated debt of $0.7 million pre-tax ($0.4 million after tax) which was also included within accumulated other comprehensive loss. | ||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||
Many of our Packaging Systems products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices. The following economic hedges did not qualify for hedge accounting treatment since they did not meet the highly effective requirement at inception. | ||||||||||||||||||
In February 2013, we purchased a series of call options for a total of 58,000 barrels of crude oil to mitigate our exposure to such oil-based surcharges and protect operating cash flows with regard to a portion of our forecasted elastomer purchases during the months of July through December 2013. With these contracts we may benefit from a decline in crude oil prices, as there is no downward exposure other than the $0.1 million premium that we paid to purchase the contracts. | ||||||||||||||||||
During the year ended December 31, 2013 and 2012, a loss of $0.1 million and $0.1 million, respectively, was recorded in cost of goods and services sold related to these options. As of December 31, 2013, there were no call options outstanding. | ||||||||||||||||||
Effects of Derivative Instruments on Financial Position and Results of Operations | ||||||||||||||||||
Refer to Note 12, Fair Value Measurements, for the balance sheet location and fair values of our derivative instruments as of December 31, 2013 and 2012. | ||||||||||||||||||
The following table summarizes the effects, net of tax, of derivative instruments designated as hedges on other comprehensive income (“OCI”) and earnings for the year ended December 31: | ||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | Location of Gain (Loss) Reclassified from Accumulated OCI into | ||||||||||||||||
Income | ||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Foreign currency hedge contracts | $ | 0.4 | $ | (0.2 | ) | $ | (0.2 | ) | $ | — | Net sales | |||||||
Foreign currency hedge contracts | (2.5 | ) | (0.8 | ) | 3.3 | — | Cost of goods and services sold | |||||||||||
Interest rate swap contracts | 0.2 | (1.9 | ) | 1.6 | 2 | Interest expense | ||||||||||||
Forward treasury locks | — | (2.9 | ) | 0.2 | 0.2 | Interest expense | ||||||||||||
Total | $ | (1.9 | ) | $ | (5.8 | ) | $ | 4.9 | $ | 2.2 | ||||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency-denominated debt | $ | (2.1 | ) | $ | (1.1 | ) | $ | — | $ | — | Foreign exchange and other | |||||||
Total | $ | (2.1 | ) | $ | (1.1 | ) | $ | — | $ | — | ||||||||
During 2013 and 2012, there was no material ineffectiveness related to our cash flow and net investment hedges. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: | ||||||||||||||||
• | Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | |||||||||||||||
The following tables present the assets and liabilities recorded at fair value on a recurring basis: | ||||||||||||||||
Balance at | Basis of Fair Value Measurements | |||||||||||||||
($ in millions) | December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||
2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Short-term investments | $ | 7.5 | $ | 7.5 | $ | — | $ | — | ||||||||
Deferred compensation assets | 5.7 | 5.7 | — | — | ||||||||||||
$ | 13.2 | $ | 13.2 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 4.3 | $ | — | $ | — | $ | 4.3 | ||||||||
Deferred compensation liabilities | 12.1 | 12.1 | — | — | ||||||||||||
Interest rate swap contracts | 5.6 | — | 5.6 | — | ||||||||||||
$ | 22 | $ | 12.1 | $ | 5.6 | $ | 4.3 | |||||||||
Balance at | Basis of Fair Value Measurements | |||||||||||||||
($ in millions) | December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||
2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Short-term investments | $ | 12.4 | $ | 12.4 | $ | — | $ | — | ||||||||
Deferred compensation assets | 4 | 4 | — | — | ||||||||||||
$ | 16.4 | $ | 16.4 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 3.3 | $ | — | $ | — | $ | 3.3 | ||||||||
Deferred compensation liabilities | 7.6 | 7.6 | — | — | ||||||||||||
Interest rate swap contracts | 8.6 | — | 8.6 | — | ||||||||||||
Foreign currency contracts | 1.4 | — | 1.4 | — | ||||||||||||
$ | 20.9 | $ | 7.6 | $ | 10 | $ | 3.3 | |||||||||
Short-term investments, which are comprised of certificates of deposit and mutual funds, are valued using a market approach based on quoted market prices in an active market. Deferred compensation assets are included within other noncurrent assets and are also valued using a market approach based on quoted market prices in an active market. The fair value of our contingent consideration is included within other current liabilities and other long-term liabilities and is discussed further in the section related to Level 3 measurements. The fair value of deferred compensation liabilities is based on quoted prices of the underlying employees’ investment selections and is included within other long-term liabilities. Interest rate swaps, included within other long-term liabilities, are valued based on the terms of the contract and observable market inputs (i.e., LIBOR, Eurodollar synthetic forwards and swap spreads). The fair value of our foreign currency contracts, included within other current liabilities, is valued using an income approach based on quoted forward foreign exchange rates and spot rates at the reporting date. Refer to Note 11, Derivative Financial Instruments, for further discussion of our derivatives. | ||||||||||||||||
Level 3 Fair Value Measurements | ||||||||||||||||
The fair value of the SmartDose contingent consideration was determined at the acquisition date using a probability-weighted income approach, and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of this obligation are recorded as income or expense within restructuring and other items in our consolidated statements of income. The significant unobservable inputs used in the fair value measurement of the contingent consideration are the sales projections, the probability of success factors, and the discount rate. Significant increases or decreases in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. As development and commercialization of SmartDose progresses, we may need to update the sales projections, the probability of success factors, and the discount rate used. This could result in a material increase or decrease to the contingent consideration liability. | ||||||||||||||||
The following table provides a summary of changes in our Level 3 fair value measurements: | ||||||||||||||||
($ in millions) | ||||||||||||||||
Balance, December 31, 2011 | $ | 2.1 | ||||||||||||||
Increase in fair value recorded in earnings | 1.2 | |||||||||||||||
Balance, December 31, 2012 | 3.3 | |||||||||||||||
Increase in fair value recorded in earnings | 1 | |||||||||||||||
Balance, December 31, 2013 | $ | 4.3 | ||||||||||||||
Refer to Note 2, Restructuring and Other Items, for further discussion of acquisition-related contingencies. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
We believe that the carrying amounts of our cash and cash equivalents, accounts receivable and short-term borrowings approximate their fair values due to their near-term maturities. | ||||||||||||||||
Quoted market prices are used to estimate the fair value of publicly traded long-term debt. The fair value of debt that is not quoted on an exchange is estimated using a discounted cash flow method based on interest rates that are currently available to us for debt issuances with similar terms and maturities. At December 31, 2013, the estimated fair value of long-term debt was $365.8 million compared to a carrying amount of $371.3 million. At December 31, 2012, the estimated fair value of long-term debt was $386.0 million and the carrying amount was $378.8 million. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||
Benefit Plans | ||||||||||||||||||||
Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we provide minimal death benefits for certain U.S. retirees and pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. Benefits for participants are coordinated with Medicare and the plan mandates Medicare risk (“HMO”) coverage wherever possible and caps the total contribution for non-HMO coverage. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $4.0 million for 2013, $3.7 million for 2012 and $3.5 million for 2011. | ||||||||||||||||||||
Pension and Other Retirement Benefits | ||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 9.7 | $ | 8.5 | $ | 8.9 | $ | 1.1 | $ | 1.3 | $ | 1.2 | ||||||||
Interest cost | 14.8 | 15.5 | 16 | 0.6 | 1 | 1 | ||||||||||||||
Expected return on assets | (17.3 | ) | (16.4 | ) | (16.0 | ) | — | — | — | |||||||||||
Amortization of prior service (credit) cost | (1.3 | ) | (1.4 | ) | (1.5 | ) | — | 0.1 | 0.1 | |||||||||||
Amortization of transition obligation | 0.1 | 0.1 | 0.1 | — | — | — | ||||||||||||||
Amortization of actuarial loss (gain) | 9.2 | 8.5 | 6 | (0.7 | ) | — | — | |||||||||||||
Curtailment | — | — | (0.2 | ) | — | — | — | |||||||||||||
Settlement effects | — | — | 0.8 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 15.2 | $ | 14.8 | $ | 14.1 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax: | ||||||||||||||||||||
Net (gain) loss arising during period | $ | (35.5 | ) | $ | 17.3 | $ | 46.7 | $ | (18.5 | ) | $ | 2.1 | $ | 1.3 | ||||||
Amortization of prior service credit (cost) | 1.3 | 1.4 | 1.5 | — | (0.1 | ) | (0.1 | ) | ||||||||||||
Amortization of transition obligation | (0.1 | ) | (0.1 | ) | (0.1 | ) | — | — | — | |||||||||||
Amortization of actuarial (loss) gain | (9.2 | ) | (8.5 | ) | (6.0 | ) | 0.7 | — | — | |||||||||||
Curtailment | — | — | 0.2 | — | — | 0.4 | ||||||||||||||
Settlement effects | — | — | (0.8 | ) | — | — | — | |||||||||||||
Total recognized in other comprehensive income | $ | (43.5 | ) | $ | 10.1 | $ | 41.5 | $ | (17.8 | ) | $ | 2 | $ | 1.6 | ||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (28.3 | ) | $ | 24.9 | $ | 55.6 | $ | (16.8 | ) | $ | 4.4 | $ | 3.9 | ||||||
Net periodic benefit cost by geographic location is as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
U.S. plans | $ | 11.9 | $ | 12 | $ | 11.4 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
International plans | 3.3 | 2.8 | 2.7 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 15.2 | $ | 14.8 | $ | 14.1 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
In 2011, as a result of the closure of a plant in the U.S., we recorded a $0.2 million net curtailment gain in restructuring and other items related to our U.S. qualified and postretirement medical plans. In addition, during 2011, due to the retirement of our former President and Chief Operating Officer, we recorded an $0.8 million settlement loss related to one of our non-qualified defined benefit pension plans. Refer to Note 2, Restructuring and Other Items, for additional details regarding these items. | ||||||||||||||||||||
The following table presents the changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of the plans: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Benefit obligation, January 1 | $ | (363.2 | ) | $ | (319.9 | ) | $ | (26.0 | ) | $ | (21.7 | ) | ||||||||
Service cost | (9.7 | ) | (8.5 | ) | (1.1 | ) | (1.3 | ) | ||||||||||||
Interest cost | (14.8 | ) | (15.5 | ) | (0.6 | ) | (1.0 | ) | ||||||||||||
Participants' contributions | (0.6 | ) | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Actuarial gain (loss) | 12.9 | (32.4 | ) | 18.5 | (2.1 | ) | ||||||||||||||
Amendments/transfers in | — | (0.3 | ) | — | — | |||||||||||||||
Benefits/expenses paid | 16.4 | 15.3 | 0.5 | 0.6 | ||||||||||||||||
Foreign currency translation | (1.8 | ) | (1.9 | ) | — | — | ||||||||||||||
Benefit obligation, December 31 | $ | (360.8 | ) | $ | (363.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | ||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of assets, January 1 | $ | 251 | $ | 213.3 | $ | — | $ | — | ||||||||||||
Actual return on assets | 40.5 | 32.3 | — | — | ||||||||||||||||
Employer contribution | 8.2 | 19.8 | — | 0.1 | ||||||||||||||||
Participants' contribution | 0.6 | — | 0.5 | 0.5 | ||||||||||||||||
Benefits/expenses paid | (16.4 | ) | (15.3 | ) | (0.5 | ) | (0.6 | ) | ||||||||||||
Foreign currency translation | 0.8 | 0.9 | — | — | ||||||||||||||||
Fair value of assets, December 31 | $ | 284.7 | $ | 251 | $ | — | $ | — | ||||||||||||
Funded status at end of year | $ | (76.1 | ) | $ | (112.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | ||||||||
International pension plan assets, at fair value, included in the preceding table were $28.5 million and $22.9 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Amounts recognized in the balance sheet were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Current liabilities | $ | (1.5 | ) | $ | (1.6 | ) | $ | (0.7 | ) | $ | (1.2 | ) | ||||||||
Noncurrent liabilities | (74.6 | ) | (110.6 | ) | (8.5 | ) | (24.8 | ) | ||||||||||||
$ | (76.1 | ) | $ | (112.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | |||||||||
The amounts in accumulated other comprehensive loss, pre-tax, consisted of: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial loss (gain) | $ | 95.2 | $ | 140 | $ | (15.5 | ) | $ | 2.3 | |||||||||||
Transition obligation | 0.3 | 0.4 | — | — | ||||||||||||||||
Prior service (credit) cost | (7.4 | ) | (8.8 | ) | — | — | ||||||||||||||
Total | $ | 88.1 | $ | 131.6 | $ | (15.5 | ) | $ | 2.3 | |||||||||||
The actuarial net loss, transition obligation and prior service credit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net pension expense over the next fiscal year are $4.9 million, $0.1 million and $1.3 million, respectively. | ||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $355.4 million and $358.4 million at December 31, 2013 and 2012, respectively, including $56.6 million and $51.8 million, respectively, for international pension plans. | ||||||||||||||||||||
All of the defined benefit pension plans have projected benefit obligations and accumulated benefit obligations in excess of plan assets as of December 31, 2013 and 2012. | ||||||||||||||||||||
Benefit payments expected to be paid under our defined benefit pension plans in the next ten years are as follows: | ||||||||||||||||||||
($ in millions) | Domestic Plans | International Plans | Total | |||||||||||||||||
2014 | $ | 31.4 | $ | 1.6 | $ | 33 | ||||||||||||||
2015 | 20.5 | 1.5 | 22 | |||||||||||||||||
2016 | 22.3 | 1.6 | 23.9 | |||||||||||||||||
2017 | 24.4 | 2 | 26.4 | |||||||||||||||||
2018 | 24.3 | 2.3 | 26.6 | |||||||||||||||||
2019 to 2023 | 133.8 | 15.8 | 149.6 | |||||||||||||||||
$ | 256.7 | $ | 24.8 | $ | 281.5 | |||||||||||||||
In 2014, we expect to contribute $16.0 million to pension plans, of which $2.0 million is for international plans. Included in this amount is a minimum ERISA (Employee Retirement Income Security Act) funding requirement for the U.S. qualified pension plan of $13.1 million, as well as a $0.9 million contribution to our non-qualified defined benefit pension plan. In addition, we expect to contribute $0.7 million for other retirement benefits in 2014. We periodically consider additional, voluntary contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation projections and other factors. | ||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 3.99 | % | 4.78 | % | 5.55 | % | 3.5 | % | 4.5 | % | 5.25 | % | ||||||||
Rate of compensation increase | 4.24 | % | 4.29 | % | 4.33 | % | — | — | — | |||||||||||
Long-term rate of return on assets | 7.12 | % | 7.37 | % | 7.59 | % | — | — | — | |||||||||||
Weighted average assumptions used to determine the benefit obligations were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.82 | % | 4.07 | % | 4.55 | % | 3.5 | % | ||||||||||||
Rate of compensation increase | 4.37 | % | 4.39 | % | — | — | ||||||||||||||
The discount rate used to determine the benefit obligations for U.S. pension plans was 5.00% and 4.10% as of December 31, 2013 and 2012, respectively. The weighted average discount rate used to determine the benefit obligations for all international plans was 3.92% and 3.93% as of December 31, 2013 and 2012, respectively. The rate of compensation increase for U.S. plans was 4.50% for 2013 and 2012, while the weighted average rate for all international plans was 2.80% for 2013 and 2012. Other retirement benefits were only available to U.S. employees. The long-term rate of return for U.S. plans, which accounts for 90% of global plan assets, was 7.25% for 2013, 7.50% for 2012 and 7.75% for 2011. | ||||||||||||||||||||
The assumed healthcare cost trend rate used to determine benefit obligations was 7.50% for all participants in 2013, decreasing to 5.00% by 2019. A change in the assumed healthcare cost trend rate by one percentage point would result in a $0.4 million increase or decrease in the postretirement obligation. The assumed healthcare cost trend rate used to determine net periodic benefit cost was 8.00% for all participants in 2013, decreasing to 5.00% by 2019. The effect of a one percentage point change in the rate would be a $0.1 million increase or decrease in the aggregate service and interest cost components. | ||||||||||||||||||||
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Equity securities | 66 | % | 65 | % | ||||||||||||||||
Debt securities | 32 | % | 34 | % | ||||||||||||||||
Other | 2 | % | 1 | % | ||||||||||||||||
100 | % | 100 | % | |||||||||||||||||
Our U.S. pension plan is managed as a balanced portfolio comprised of two components: equity and fixed income debt securities. Equity investments are used to maximize the long-term real growth of fund assets, while fixed income investments are used to generate current income, provide for a more stable periodic return, and to provide some protection against a prolonged decline in the market value of equity investments. Temporary funds may be held as cash. We maintain a long-term strategic asset allocation policy which provides guidelines for ensuring that the fund's investments are managed with the short-term and long-term financial goals of the fund, while allowing the flexibility to react to unexpected changes in capital markets. | ||||||||||||||||||||
The following are the U.S. target asset allocations and acceptable allocation ranges: | ||||||||||||||||||||
Target allocation | Allocation range | |||||||||||||||||||
Equity securities | 65% | 60%-70% | ||||||||||||||||||
Debt securities | 35% | 30%-40% | ||||||||||||||||||
Other | —% | 0%-5% | ||||||||||||||||||
Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on margin or derivative securities. | ||||||||||||||||||||
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements: | ||||||||||||||||||||
Balance at | ||||||||||||||||||||
December 31, | Basis of Fair Value Measurements | |||||||||||||||||||
($ in millions) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash | $ | 1 | $ | 1 | $ | — | $ | — | ||||||||||||
Equity securities: | ||||||||||||||||||||
Indexed mutual funds | 132.6 | 132.6 | — | — | ||||||||||||||||
International mutual funds | 55.4 | 55.4 | — | — | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||
Mutual funds | 87.4 | 87.4 | — | — | ||||||||||||||||
Insurance contract | 1.2 | — | 1.2 | — | ||||||||||||||||
Balanced mutual fund | 7.1 | 7.1 | — | — | ||||||||||||||||
$ | 284.7 | $ | 283.5 | $ | 1.2 | $ | — | |||||||||||||
Balance at | ||||||||||||||||||||
December 31, | Basis of Fair Value Measurements | |||||||||||||||||||
($ in millions) | 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Indexed mutual funds | $ | 111.4 | $ | 111.4 | $ | — | $ | — | ||||||||||||
International mutual funds | 49.6 | 49.6 | — | — | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||
Mutual funds | 83.8 | 83.8 | — | — | ||||||||||||||||
Insurance contract | 1.3 | — | 1.3 | — | ||||||||||||||||
Balanced mutual fund | 4.9 | 4.9 | — | — | ||||||||||||||||
$ | 251 | $ | 249.7 | $ | 1.3 | $ | — | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Stock-Based Compensation | ' | |||||||||
Stock-Based Compensation | ||||||||||
The 2011 Omnibus Incentive Compensation Plan (the “2011 Plan”) provides for the granting of stock options, stock appreciation rights, restricted stock awards and performance awards to employees and non-employee directors. The terms and conditions of awards to be granted are determined by our Board's nominating and compensation committees. Vesting requirements vary by award. At December 31, 2013, there were 5,286,868 shares remaining in the 2011 Plan for future grants. | ||||||||||
Stock options and stock appreciation rights reduce the number of shares available for grant by one share for each award granted. All other awards that will be distributed in stock under the 2011 Plan will reduce the total number of shares available for grant by an amount equal to 2.35 times the number of shares awarded. If awards made under previous plans would entitle a plan participant to an amount of West stock in excess of the target amount, the additional shares (up to a maximum threshold amount) will be distributed under the 2011 Plan. | ||||||||||
The following table summarizes our stock-based compensation expense for the years ended December 31: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
Stock option and appreciation rights | $ | 7.7 | $ | 5.3 | $ | 4.4 | ||||
Performance-vesting shares | 6.5 | 6 | 3 | |||||||
Performance-vesting units | 2.4 | 0.9 | 0.2 | |||||||
Performance-vesting shares/units dividend equivalents | 0.4 | 0.1 | 0.1 | |||||||
Employee stock purchase plan | 0.4 | 0.4 | 0.3 | |||||||
Deferred compensation plans | 3.8 | 2.8 | 0.4 | |||||||
Total stock-based compensation expense | $ | 21.2 | $ | 15.5 | $ | 8.4 | ||||
In 2011, $0.8 million of stock option expense and $0.7 million of performance-vesting shares expense, which related to the retirement of our former President and Chief Operating Officer, were recorded within restructuring and other items. The remainder of the 2011 stock-based compensation expense balance was recorded within selling, general and administrative expenses. | ||||||||||
The amount of unrecognized compensation expense for all nonvested awards as of December 31, 2013, was approximately $18.7 million, which is expected to be recognized over a weighted average period of 1.6 years. | ||||||||||
Stock Options | ||||||||||
Stock options granted to employees vest in equal annual increments over 4 years of continuous service. All awards expire 10 years from the date of grant. Upon the exercise of stock options, shares are issued in exchange for the exercise price of the options. | ||||||||||
The following table summarizes changes in outstanding options: | ||||||||||
(in millions, except per share data) | 2013 | 2012 | 2011 | |||||||
Options outstanding, January 1 | 5.6 | 5.8 | 5.7 | |||||||
Granted | 0.9 | 1.2 | 1 | |||||||
Exercised | (1.6 | ) | (1.4 | ) | (0.8 | ) | ||||
Forfeited | (0.1 | ) | — | (0.1 | ) | |||||
Options outstanding, December 31 | 4.8 | 5.6 | 5.8 | |||||||
Options exercisable, December 31 | 2.3 | 3 | 3.5 | |||||||
Weighted Average Exercise Price | 2013 | 2012 | 2011 | |||||||
Options outstanding, January 1 | $ | 19.83 | $ | 17.88 | $ | 16.16 | ||||
Granted | 29.71 | 21.47 | 20.43 | |||||||
Exercised | 18.97 | 13.12 | 8.84 | |||||||
Forfeited | 23.1 | 20.66 | 19.84 | |||||||
Options outstanding, December 31 | $ | 21.99 | $ | 19.83 | $ | 17.88 | ||||
Options exercisable, December 31 | $ | 19.51 | $ | 19.01 | $ | 16.46 | ||||
As of December 31, 2013, the weighted average remaining contractual life of options outstanding and of options exercisable was 6.8 years and 5.3 years, respectively. | ||||||||||
As of December 31, 2013, the aggregate intrinsic value of total options outstanding was $128.7 million, of which $67.6 million represented vested options. | ||||||||||
The fair value of the options was estimated on the date of grant using a Black-Scholes option valuation model that used the following weighted average assumptions in 2013, 2012 and 2011: a risk-free interest rate of 0.9%, 0.9% and 2.2%, respectively; stock volatility of 22.5%, 23.3% and 24.3%, respectively; and dividend yields of 1.3%, 1.7% and 1.7%, respectively. Stock volatility is estimated based on historical data and the impact from expected future trends. Expected lives, which are based on prior experience, averaged 6 years for 2013, 2012 and 2011. The weighted average grant date fair value of options granted in 2013, 2012 and 2011 was $5.73, $4.01 and $4.38, respectively. | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, the intrinsic value of options exercised was $27.3 million, $16.9 million and $10.7 million, respectively. The grant date fair value of options vested during those same periods was $4.0 million, $3.8 million and $4.0 million, respectively. | ||||||||||
Stock Appreciation Rights | ||||||||||
Stock appreciation rights (“SARs”) granted to eligible international employees vest in equal annual increments over 4 years of continuous service. All awards expire ten years from the date of grant. The fair value of each SAR is adjusted at the end of each reporting period, with the resulting change reflected in expense. During the year, we converted 324,920 cash-settled SARs to stock-settled SARs ("SSARs"). As of December 31, 2013, SARs outstanding were 375,104, of which 104,790 were cash-settled and 270,314 were stock-settled. Upon exercise of a cash-settled SAR, the employee receives cash for the difference between the grant date price and the fair market value of the Company's stock on the date of exercise. As a result of the cash settlement feature, SAR awards are recorded within other long-term liabilities. Upon exercise of a SSAR, shares are issued in exchange for the exercise price of the SSAR. As a result of the stock settlement feature, SSAR awards are recorded within equity. | ||||||||||
The following table summarizes changes in outstanding SARs: | ||||||||||
2013 | 2012 | 2011 | ||||||||
SARs outstanding, January 1 | 389,686 | 320,336 | 222,096 | |||||||
Granted | 132,566 | 145,018 | 126,048 | |||||||
Exercised | (147,148 | ) | (75,668 | ) | (15,370 | ) | ||||
Forfeited | — | — | (12,438 | ) | ||||||
SARs outstanding, December 31 | 375,104 | 389,686 | 320,336 | |||||||
SARs exercisable, December 31 | 56,938 | 110,292 | 117,800 | |||||||
Weighted Average Exercise Price | 2013 | 2012 | 2011 | |||||||
SARs outstanding, January 1 | $ | 20.81 | $ | 20.17 | $ | 19.87 | ||||
Granted | 29.56 | 21.22 | 20.57 | |||||||
Exercised | 20.47 | 18.91 | 19.58 | |||||||
Forfeited | — | — | 19.59 | |||||||
SARs outstanding, December 31 | 24.03 | 20.81 | 20.17 | |||||||
SARs exercisable, December 31 | $ | 20.95 | $ | 20.7 | $ | 19.86 | ||||
Performance Awards | ||||||||||
In addition to stock options and SAR awards, we grant performance vesting share (“PVS”) awards and performance vesting unit (“PVU”) awards to eligible employees. These awards are earned based on the Company's performance against pre-established targets, including annual growth rate of revenue and return on invested capital (“ROIC”), over a specified performance period. Depending on the achievement of the targets, recipients of PVS awards are entitled to receive a certain number of shares of common stock, whereas recipients of PVU awards are entitled to receive a payment in cash per unit based on the fair market value of a share of our common stock at the end of the performance period. | ||||||||||
The following table summarizes changes in our outstanding PVS awards: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Non-vested PVS awards, January 1 | 652,662 | 657,038 | 695,100 | |||||||
Granted at target level | 175,498 | 209,680 | 202,198 | |||||||
Adjustments above/(below) target | 38,330 | (120,155 | ) | (116,355 | ) | |||||
Vested and converted | (273,044 | ) | (83,859 | ) | (103,507 | ) | ||||
Forfeited | (15,088 | ) | (10,042 | ) | (20,398 | ) | ||||
Non-vested PVS awards, December 31 | 578,358 | 652,662 | 657,038 | |||||||
Weighted Average Grant Date Fair Value | 2013 | 2012 | 2011 | |||||||
Non-vested PVS awards, January 1 | $ | 21.42 | $ | 19.39 | $ | 19.61 | ||||
Granted at target level | 29.67 | 21.33 | 20.43 | |||||||
Adjustments above/(below) target | 23.83 | 13.86 | 20.97 | |||||||
Vested and converted | 29.56 | 21.22 | 20.43 | |||||||
Forfeited | 23.29 | 20.98 | 19.23 | |||||||
Non-vested PVS awards, December 31 | $ | 23.79 | $ | 21.42 | $ | 19.39 | ||||
The actual payout of PVS and PVU awards may vary from 0% to 200% of an employee's targeted amount. The fair value of PVS awards is based on the market price of our stock at the grant date and is recognized as expense over the performance period. The weighted average grant date fair value of PVS awards granted during the years 2013, 2012 and 2011 was $29.67, $21.33 and $20.43, respectively. Including forfeiture and above-target achievement expectations, we expect that the PVS awards will convert to 731,007 shares to be issued over an average remaining term of 1.0 years. | ||||||||||
The fair value of PVU awards is also based on the market price of our stock at the grant date. These awards are revalued at the end of each quarter based on changes in our stock price. As a result of the cash settlement feature, PVU awards are recorded within other long-term liabilities. | ||||||||||
The following table summarizes changes in our outstanding PVU awards: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Non-vested PVU awards, January 1 | 69,240 | 54,572 | 46,840 | |||||||
Granted at target level | 25,538 | 27,100 | 26,884 | |||||||
Adjustments above/(below) target | 3,000 | (7,156 | ) | (8,330 | ) | |||||
Vested and converted | (18,322 | ) | (5,276 | ) | (7,386 | ) | ||||
Forfeited | — | — | (3,436 | ) | ||||||
Non-vested PVU awards, December 31 | 79,456 | 69,240 | 54,572 | |||||||
Weighted Average Grant Date Fair Value | 2013 | 2012 | 2011 | |||||||
Non-vested PVU awards, January 1 | $ | 20.98 | $ | 19.65 | $ | 19.47 | ||||
Granted at target level | 29.56 | 21.22 | 20.56 | |||||||
Adjustments above/(below) target | 25.3 | 15.22 | 20.53 | |||||||
Vested and converted | 29.56 | 21.22 | 20.43 | |||||||
Forfeited | — | — | 18.77 | |||||||
Non-vested PVU awards, December 31 | $ | 23.86 | $ | 20.98 | $ | 19.65 | ||||
Employee Stock Purchase Plan | ||||||||||
We also offer an Employee Stock Purchase Plan (“ESPP”) which provides for the sale of our common stock to eligible employees at 85% of the current market price on the last trading day of each quarterly offering period. Payroll deductions are limited to 25% of the employee's base salary, not to exceed $25 thousand in any one calendar year. In addition, employees may not buy more than 2,000 shares during any offering period (8,000 shares per year). Purchases under the ESPP were 84,675 shares, 103,010 shares and 110,776 shares for the years 2013, 2012 and 2011, respectively. At December 31, 2013, there were approximately 4.2 million shares available for issuance under the ESPP. | ||||||||||
Deferred Compensation Plans | ||||||||||
Our deferred compensation plans include a Non-Qualified Deferred Compensation Plan for Non-Employee Directors, under which non-employee directors may defer all or part of their annual cash retainers. The deferred fees may be credited to a stock-equivalent account. Amounts credited to this account are converted into deferred stock units based on the fair market value of one share of our common stock on the last day of the quarter. For deferred stock units ultimately paid in cash, a liability is calculated at an amount determined by multiplying the number of units by the fair market value of our common stock at the date of termination. In addition, deferred stock awards are granted on the date of our annual meeting, and are distributed in shares of common stock. In 2013, we granted 36,054 deferred stock awards, with a grant date fair value of $32.46. Similarly, a non-qualified deferred compensation plan for designated executive officers provides for the conversion of compensation into deferred stock units. As of December 31, 2013, the two deferred compensation plans held a total of 581,058 deferred stock units, including 24,296 units to be paid in cash. | ||||||||||
Annual Incentive Plan | ||||||||||
Under our annual incentive plan, participants are paid bonuses on the attainment of certain financial goals, which they can elect to receive in either cash or shares of our common stock. If the employee elects payment in shares, they are also given a restricted incentive stock award equal to one share for each four bonus shares issued. The incentive stock awards vest at the end of four years provided that the participant has not made a disqualifying disposition of their bonus shares. Incentive stock award grants were 5,300 shares, 2,800 shares and 3,800 shares in 2013, 2012 and 2011, respectively. Incentive stock forfeitures of 200 shares, 800 shares and 2,800 shares occurred in 2013, 2012 and 2011, respectively. Compensation expense is recognized over the vesting period based on the fair market value of common stock on the award date: $29.56 per share granted in 2013, $21.22 per share granted in 2012 and $20.43 per share granted in 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
At December 31, 2013, we were obligated under various operating lease agreements. Rental expense in 2013 was $10.3 million. Net rental expense in 2012 and 2011 was $12.0 million and $11.4 million, respectively, and is net of sublease income of $0.4 million and $0.8 million, respectively. | ||||
At December 31, 2013, future minimum rental payments under non-cancelable operating leases were: | ||||
Year | ($ in millions) | |||
2014 | $ | 10.5 | ||
2015 | 9 | |||
2016 | 7.4 | |||
2017 | 5.1 | |||
2018 | 4.1 | |||
Thereafter | 17.4 | |||
Total | $ | 53.5 | ||
At December 31, 2013, outstanding unconditional contractual commitments for the purchase of raw materials and equipment amounted to $31.9 million, of which $17.9 million is due to be paid in 2014. | ||||
We have letters of credit totaling $3.5 million supporting the reimbursement of workers' compensation and other claims paid on our behalf by insurance carriers. Our accrual for insurance obligations was $8.5 million at December 31, 2013, of which $4.7 million is in excess of our deductible and, therefore, is reimbursable by the insurance company. | ||||
Our SmartDose contingent consideration is payable to the selling shareholders based upon a percentage of product sales over the life of the underlying product patent, which is 17 years, with no cap on total payments. Given the length of the earnout period and the uncertainty in forecasted product sales, we do not believe it is meaningful to estimate the upper end of the range over the entire period. However, our estimated probable range which could become payable over the next five years is between zero and $4.2 million. | ||||
During 2009, we enrolled in a tax amnesty program offered by the Brazilian government which provided for reduced penalties and interest on certain of our tax obligations. This matter is currently awaiting final disposition in the Brazilian court system. Our total accrual at December 31, 2013 related to these matters and adjusted for expected amnesty benefits was $3.0 million. |
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Recently Adopted Standards | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued amended guidance to permit the Federal Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The guidance also removes the restriction on using different benchmark rates for similar hedges. The amendments were effective for us immediately upon issuance and will be applied prospectively to qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. This adoption did not have an impact on our financial statements. | |
In February 2013, the FASB issued guidance for the reporting of amounts reclassified out of AOCI. The guidance does not change the current requirements for reporting net income or other comprehensive income in financial statements; however, it requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We adopted this guidance as of January 1, 2013, on a prospective basis. This adoption did not have a material impact on our financial statements. Please refer to Note 6, Accumulated Other Comprehensive Loss, for additional details. | |
In July 2012, the FASB issued guidance for the impairment testing of indefinite-lived intangible assets. The guidance permits an entity to first assess qualitative factors to determine whether it is more-likely-than-not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. This guidance was effective for us as of January 1, 2013 and we considered it when performing our annual impairment testing. The adoption of this guidance did not have an impact on our financial statements. Please refer to Note 1, Summary of Significant Accounting Policies, for additional details. | |
Standards Issued Not Yet Adopted | |
In July 2013, the FASB issued revised guidance to address the diversity in practice related to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Management believes that the adoption of this guidance will not have a material impact on our financial statements. | |
In March 2013, the FASB issued guidance that clarifies the application of U.S. GAAP to the release of cumulative translation adjustments related to changes of ownership in or within foreign entities, including step acquisitions. This guidance is effective for annual reporting periods beginning on or after December 15, 2013, and subsequent interim periods. Management believes that the adoption of this guidance will not have an impact on our financial statements. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||||||
Schedule II - Valuation and Qualifying Accounts | |||||||||||||
($ in millions) | Balance at | Charged | Deductions (1) | Balance at | |||||||||
beginning of | to costs | end of | |||||||||||
period | and expenses | period | |||||||||||
For the year ended December 31, 2013 | |||||||||||||
Allowances deducted from assets: | |||||||||||||
Deferred tax asset valuation allowance | $ | 20.4 | $ | 2.8 | $ | 0.3 | $ | 23.5 | |||||
Allowance for doubtful accounts | 0.5 | — | 0.3 | 0.8 | |||||||||
Total allowances deducted from assets | $ | 20.9 | $ | 2.8 | $ | 0.6 | $ | 24.3 | |||||
For the year ended December 31, 2012 | |||||||||||||
Allowances deducted from assets: | |||||||||||||
Deferred tax asset valuation allowance | $ | 19.3 | $ | 0.6 | $ | 0.5 | $ | 20.4 | |||||
Allowance for doubtful accounts | 0.3 | 0.3 | (0.1 | ) | 0.5 | ||||||||
Total allowances deducted from assets | $ | 19.6 | $ | 0.9 | $ | 0.4 | $ | 20.9 | |||||
For the year ended December 31, 2011 | |||||||||||||
Allowances deducted from assets: | |||||||||||||
Deferred tax asset valuation allowance | $ | 24.9 | $ | (0.2 | ) | $ | (5.4 | ) | $ | 19.3 | |||
Allowance for doubtful accounts | 0.5 | (0.1 | ) | (0.1 | ) | 0.3 | |||||||
Total allowances deducted from assets | $ | 25.4 | $ | (0.3 | ) | $ | (5.5 | ) | $ | 19.6 | |||
__________________________ | |||||||||||||
-1 | Includes accounts receivable written off, the write-off or write-down of valuation allowances, and translation adjustments. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation: The consolidated financial statements include the accounts of West Pharmaceutical Services, Inc. and its majority-owned subsidiaries (which may be referred to as “West”, the “Company”, “we”, “us” or “our”) after the elimination of intercompany transactions. We have no participation or other rights in variable interest entities. | |
Stock Split | ' |
Stock Split: On August 1, 2013, our Board of Directors approved a two-for-one stock split of our outstanding shares of common stock, effected in the form of a stock dividend. The record date for the stock split was September 12, 2013, and the share distribution occurred on September 26, 2013. All share and per share amounts presented in the accompanying consolidated financial statements and related notes have been retroactively adjusted to reflect the impact of the stock split. | |
Use of Estimates | ' |
Use of Estimates: The financial statements are prepared in conformity with U.S. GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies in the financial statements. Actual amounts realized may differ from these estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with maturities of three months or less at the time of purchase. | |
Accounts Receivable | ' |
Accounts Receivable: Our accounts receivable balance was net of an allowance for doubtful accounts of $0.8 million and $0.5 million at December 31, 2013 and 2012, respectively. We record the allowance based on a specific identification methodology. | |
Inventories | ' |
Inventories: Inventories are valued at the lower of cost (on a first-in, first-out basis) or market. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment: Property, plant and equipment assets are carried at cost. Maintenance and minor repairs and renewals are charged to expense as incurred. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities or post-implementation activities. Upon sale or retirement of depreciable assets, costs and related accumulated depreciation are eliminated, and gains or losses are recognized in restructuring and other items. Depreciation and amortization are computed principally using the straight-line method over the estimated useful lives of the assets, or the remaining term of the lease, if shorter. | |
Impairment of Goodwill and Other Intangible Assets | ' |
Impairment of Goodwill and Other Intangible Assets: Goodwill and indefinite-lived intangible assets are tested for impairment at least annually, following the completion of our annual budget and long-range planning process, or whenever circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which is the same as, or one level below, our operating segments. Recent accounting guidance allows entities to first assess qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors, and overall financial performance, to determine whether it is necessary to perform the first step of the two-step quantitative goodwill impairment test. We considered this guidance when performing our annual impairment testing, but elected to continue utilizing the two-step quantitative impairment test. The first step in the two-step analysis is to compare the fair value of each reporting unit to its carrying amount, including goodwill. If the carrying amount exceeds fair value, the second step must be performed. The second step requires the comparison of the carrying amount of the goodwill to its implied fair value, which is calculated as if the reporting unit had just been acquired as of the testing date. Any excess of the carrying amount of goodwill over the implied fair value would represent an impairment loss. | |
Certain trademarks and in-process R&D have been determined to have indefinite lives and, therefore, are not subject to amortization. Similar to the impairment testing for goodwill, there is an option to first assess qualitative factors as a basis for determining whether it is necessary to perform a quantitative impairment test. We considered this option when performing our impairment testing, but elected to continue utilizing a quantitative test, comparing the fair value and carrying value of the asset. Any excess carrying value would represent an impairment loss. Fair values are determined using discounted cash flow analyses. | |
Intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives of 5 to 25 years, and reviewed for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, are tested for impairment whenever circumstances indicate that the carrying value of these assets may not be recoverable. An asset is considered impaired if the carrying value of the asset exceeds the sum of the future expected undiscounted cash flows to be derived from the asset. Once an asset is considered impaired, an impairment loss is recorded within restructuring and other items for the difference between the asset's carrying value and its fair value. For assets held and used in the business, management determines fair value using estimated future cash flows to be derived from the asset, discounted to a net present value using an appropriate discount rate. For assets held for sale or for investment purposes, management determines fair value by estimating the proceeds to be received upon sale of the asset, less disposition costs. | |
Employee Benefits | ' |
Employee Benefits: The measurement of the obligations under our defined benefit pension and postretirement medical plans are subject to a number of assumptions. These include the rate of return on plan assets (for funded plans) and the rate at which the future obligations are discounted to present value. U.S. GAAP requires the recognition of an asset or liability for the funded status of a defined benefit postretirement plan, as measured by the difference between the fair value of plan assets, if any, and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement plan, such as a retiree health plan, the benefit obligation is the accumulated postretirement benefit obligation. See Note 13, Benefit Plans, for a more detailed discussion of our pension and other retirement plans. | |
Financial Instruments | ' |
Financial Instruments: All derivatives are recognized as either assets or liabilities in the balance sheet and recorded at their fair value. For a derivative designated as hedging the exposure to variable cash flows of a forecasted transaction (referred to as a cash flow hedge), the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income, net of tax, and subsequently reclassified into earnings when the forecasted transaction affects earnings. For a derivative designated as hedging the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (referred to as a fair value hedge), the derivative's gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item. For a derivative designated as hedging the foreign currency exposure of a net investment in a foreign operation, the gain or loss is reported in other comprehensive income, net of tax, as part of the cumulative translation adjustment. The ineffective portion of any derivative used in a hedging transaction is recognized immediately into earnings. Derivative financial instruments that are not designated as hedges are also recorded at fair value, with the change in fair value recognized immediately into earnings. We do not purchase or hold any derivative financial instrument for investment or trading purposes. | |
Foreign Currency Translation | ' |
Foreign Currency Translation: Foreign currency transaction gains and losses are recognized in the determination of net income. Foreign currency translation adjustments of subsidiaries and affiliates operating outside of the U.S. are accumulated in other comprehensive income, a separate component of equity. | |
Revenue Recognition | ' |
Revenue Recognition: Revenue is recognized when persuasive evidence of a sales arrangement exists, title and risk of loss have transferred, the selling price is fixed or determinable, and collectability is reasonably assured. Generally, sales are recognized upon shipment or upon delivery to our customers' site, based upon shipping terms or legal requirements. Some customers receive pricing rebates upon attaining established sales volumes. We record rebate costs when sales occur based on our assessment of the likelihood that the required volumes will be attained. We also maintain an allowance for product returns, as we believe that we are able to reasonably estimate the amount of returns based on our substantial historical experience. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs: Shipping and handling costs are included in cost of goods and services sold. Shipping and handling costs billed to customers in connection with the sale are included in net sales. | |
Research and Development | ' |
Research and Development: Research and development expenditures are for the creation, engineering and application of new or improved products and processes. Expenditures include primarily salaries and outside services for those directly involved in research and development activities and are expensed as incurred. | |
Environmental Remediation and Compliance Costs | ' |
Environmental Remediation and Compliance Costs: Environmental remediation costs are accrued when such costs are probable and reasonable estimates are determinable. Cost estimates include investigation, cleanup and monitoring activities; such estimates are adjusted, if necessary, based on additional findings. Environmental compliance costs are expensed as incurred as part of normal operations. | |
Litigation | ' |
Litigation: From time to time, we are involved in product liability matters and other legal proceedings and claims generally incidental to our normal business activities. In accordance with U.S. GAAP, we accrue for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by internal and external legal counsel considering information known at the time. Legal costs in connection with loss contingencies are expensed as incurred. | |
Income Taxes | ' |
Income Taxes: Deferred income taxes are recognized by applying enacted statutory tax rates, applicable to future years, to temporary differences between the tax basis and financial statement carrying values of our assets and liabilities. Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of wholly-owned foreign subsidiaries as such earnings are intended to be permanently reinvested. We recognize interest costs related to income taxes in interest expense and penalties within restructuring and other items. The tax law ordering approach is used for purposes of determining whether an excess tax benefit has been realized during the year. | |
Stock-based Compensation | ' |
Stock-Based Compensation: Under the fair value provisions of U.S. GAAP, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. In order to determine the fair value of stock options on the grant date, the company uses the Black-Scholes valuation model. | |
Net Income Per Share | ' |
Net Income Per Share: Basic net income per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income per share assuming dilution considers the dilutive effect of outstanding stock options and other stock awards based on the treasury stock method, as well as convertible debt based on the if-converted method. The treasury stock method assumes the use of exercise proceeds to repurchase common stock at the average fair market value in the period. The if-converted method assumes conversion of the debt at the beginning of the reporting period (or at time of issuance, if later). In addition, interest charges applicable to the convertible debt, net of tax, are added back to net income for the purpose of this calculation. | |
Recently Adopted Standards | ' |
Recently Adopted Standards | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued amended guidance to permit the Federal Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The guidance also removes the restriction on using different benchmark rates for similar hedges. The amendments were effective for us immediately upon issuance and will be applied prospectively to qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. This adoption did not have an impact on our financial statements. | |
In February 2013, the FASB issued guidance for the reporting of amounts reclassified out of AOCI. The guidance does not change the current requirements for reporting net income or other comprehensive income in financial statements; however, it requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We adopted this guidance as of January 1, 2013, on a prospective basis. This adoption did not have a material impact on our financial statements. Please refer to Note 6, Accumulated Other Comprehensive Loss, for additional details. | |
In July 2012, the FASB issued guidance for the impairment testing of indefinite-lived intangible assets. The guidance permits an entity to first assess qualitative factors to determine whether it is more-likely-than-not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. This guidance was effective for us as of January 1, 2013 and we considered it when performing our annual impairment testing. The adoption of this guidance did not have an impact on our financial statements. Please refer to Note 1, Summary of Significant Accounting Policies, for additional details. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Summary of Inventories | ' | ||||||
The following is a summary of inventories at December 31: | |||||||
($ in millions) | 2013 | 2012 | |||||
Finished goods | $ | 80 | $ | 70.9 | |||
Work in process | 24.8 | 23.6 | |||||
Raw materials | 72.1 | 67.7 | |||||
$ | 176.9 | $ | 162.2 | ||||
Restructuring_and_Other_Items_
Restructuring and Other Items (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring and Other Items | ' | |||||||||||
Restructuring and other items consisted of: | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Restructuring and related charges (reversals): | ||||||||||||
Severance and post-employment benefits | $ | — | $ | (1.2 | ) | $ | 2.3 | |||||
Impairments and asset write-offs | — | 2.4 | — | |||||||||
Other restructuring charges | — | 0.9 | 3 | |||||||||
Total restructuring and related charges | — | 2.1 | 5.3 | |||||||||
Impairment charge | — | 3.4 | — | |||||||||
Development income | (2.0 | ) | (6.5 | ) | — | |||||||
Acquisition-related contingencies | 1 | 1.2 | (0.2 | ) | ||||||||
Special separation benefits | — | — | 2.9 | |||||||||
Foreign exchange and other | 0.5 | 1.1 | 1.5 | |||||||||
Total restructuring and other items | $ | (0.5 | ) | $ | 1.3 | $ | 9.5 | |||||
Activity Related to Restructuring Obligations | ' | |||||||||||
The following table presents activity related to our restructuring obligations: | ||||||||||||
($ in millions) | Severance | Other | Total | |||||||||
and benefits | Costs | |||||||||||
Balance, December 31, 2011 | $ | 6.2 | $ | 0.6 | $ | 6.8 | ||||||
Charges (reversals), net | (1.2 | ) | 3.3 | 2.1 | ||||||||
Cash payments | (2.6 | ) | (1.4 | ) | (4.0 | ) | ||||||
Non-cash adjustments | 0.4 | (2.5 | ) | (2.1 | ) | |||||||
Balance, December 31, 2012 | $ | 2.8 | $ | — | $ | 2.8 | ||||||
Cash payments | (2.8 | ) | — | (2.8 | ) | |||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Reconciliation of Beginning and Ending Liability for Unrecognized Tax Benefits | ' | |||||||||
A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows: | ||||||||||
($ in millions) | 2013 | 2012 | ||||||||
Balance at January 1 | $ | 6.8 | $ | 6.3 | ||||||
Additions for tax positions taken in the current year | 1.7 | 0.7 | ||||||||
Reduction for expiration of statute of limitations/audits | (1.4 | ) | (0.2 | ) | ||||||
Balance at December 31 | $ | 7.1 | $ | 6.8 | ||||||
Schedule of Components of Income Before Income Taxes | ' | |||||||||
The components of income before income taxes are: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
U.S. operations | $ | 28.9 | $ | 8.9 | $ | 15.8 | ||||
International operations | 118.2 | 99.7 | 76.9 | |||||||
Total income before income taxes | $ | 147.1 | $ | 108.6 | $ | 92.7 | ||||
Schedule of Components of Income Tax Expense | ' | |||||||||
The related provision for income taxes consists of: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
Current: | ||||||||||
Federal | $ | — | $ | — | $ | — | ||||
State | 0.3 | 0.2 | — | |||||||
International | 38.2 | 27.2 | 20.6 | |||||||
Current income tax provision | 38.5 | 27.4 | 20.6 | |||||||
Deferred: | ||||||||||
Federal and state | 9.2 | 3.3 | 2.7 | |||||||
International | (7.5 | ) | 2 | 0.2 | ||||||
Deferred income tax provision | 1.7 | 5.3 | 2.9 | |||||||
Income tax expense | $ | 40.2 | $ | 32.7 | $ | 23.5 | ||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||
The significant components of our deferred tax assets and liabilities at December 31 are: | ||||||||||
($ in millions) | 2013 | 2012 | ||||||||
Deferred tax assets | ||||||||||
Net operating loss carryforwards | $ | 20.7 | $ | 21.1 | ||||||
Tax credit carryforwards | 36.1 | 37 | ||||||||
Restructuring and impairment charges | 0.1 | 0.3 | ||||||||
Pension and deferred compensation | 51.2 | 69.8 | ||||||||
Other | 19.8 | 15.1 | ||||||||
Valuation allowance | (23.5 | ) | (20.4 | ) | ||||||
Total deferred tax assets | 104.4 | 122.9 | ||||||||
Deferred tax liabilities: | ||||||||||
Accelerated depreciation | 40.5 | 42.8 | ||||||||
Other | 5.4 | 3.9 | ||||||||
Total deferred tax liabilities | 45.9 | 46.7 | ||||||||
Net deferred tax asset | $ | 58.5 | $ | 76.2 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||
A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
U.S. federal corporate tax rate | 35 | % | 35 | % | 35 | % | ||||
Tax on international operations less than U.S. tax rate | (5.3 | ) | (5.9 | ) | (8.2 | ) | ||||
Non-benefited losses | — | 0.6 | — | |||||||
Reversal of prior valuation allowance | (1.0 | ) | — | (0.1 | ) | |||||
Reversal of reserves for unrecognized tax benefits | (0.8 | ) | (0.2 | ) | (0.8 | ) | ||||
U.S. tax on international earnings, net of foreign tax credits | 0.1 | (1.2 | ) | (1.5 | ) | |||||
State income taxes, net of federal tax effect | 0.1 | (1.0 | ) | 0.7 | ||||||
U.S. research and development credits | (1.8 | ) | — | (1.1 | ) | |||||
Other business credits and Section 199 Deduction | (0.5 | ) | (1.0 | ) | (1.3 | ) | ||||
Non-deductible debt premium | — | 2 | — | |||||||
Other | 1.6 | 1.9 | 2.6 | |||||||
Effective tax rate | 27.4 | % | 30.2 | % | 25.3 | % |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Sales by Significant Product Group | ' | |||||||||||||||||||
The following table provides information on sales by significant product group: | ||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Packaging Systems | $ | 996 | $ | 915.1 | $ | 857.4 | ||||||||||||||
Proprietary products | 92.7 | 77 | 67.4 | |||||||||||||||||
Contract manufacturing | 281.4 | 275.1 | 269.3 | |||||||||||||||||
Delivery Systems | 374.1 | 352.1 | 336.7 | |||||||||||||||||
Intersegment sales elimination | (1.7 | ) | (0.8 | ) | (1.8 | ) | ||||||||||||||
Net sales | $ | 1,368.40 | $ | 1,266.40 | $ | 1,192.30 | ||||||||||||||
Schedule of Sales and Net Property, Plant and Equipment, by Geographical Areas | ' | |||||||||||||||||||
The following table presents sales and net property, plant and equipment, by the country in which the legal subsidiary is domiciled and assets are located: | ||||||||||||||||||||
Sales | Property, Plant and Equipment, Net | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 614.5 | $ | 592.8 | $ | 543.6 | $ | 336 | $ | 322 | $ | 272.6 | ||||||||
Germany | 219.6 | 184.4 | 184.1 | 124.4 | 117.2 | 118.1 | ||||||||||||||
France | 112.6 | 102.6 | 94.2 | 43.4 | 42.1 | 41.3 | ||||||||||||||
Other European countries | 279.4 | 251.4 | 242.7 | 83.2 | 72.3 | 69.9 | ||||||||||||||
Other | 142.3 | 135.2 | 127.7 | 124.7 | 115.4 | 91.7 | ||||||||||||||
$ | 1,368.40 | $ | 1,266.40 | $ | 1,192.30 | $ | 711.7 | $ | 669 | $ | 593.6 | |||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||
The following tables provide summarized financial information for our segments: | ||||||||||||||||||||
($ in millions) | Packaging Systems | Delivery Systems | Corporate and Eliminations | Consolidated | ||||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 996 | $ | 374.1 | $ | (1.7 | ) | $ | 1,368.40 | |||||||||||
Operating profit | $ | 217 | $ | 9.4 | $ | (64.0 | ) | $ | 162.4 | |||||||||||
Loss on debt extinguishment | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||
Interest expense, net | — | — | (15.1 | ) | (15.1 | ) | ||||||||||||||
Income before income taxes | $ | 217 | $ | 9.4 | $ | (79.3 | ) | $ | 147.1 | |||||||||||
Segment assets | $ | 1,048.90 | $ | 429.3 | $ | 193.4 | $ | 1,671.60 | ||||||||||||
Capital expenditures | 81.3 | 28.5 | 42.1 | 151.9 | ||||||||||||||||
Depreciation and amortization expense | 55.5 | 20.9 | 8.8 | 85.2 | ||||||||||||||||
2012 | ||||||||||||||||||||
Net sales | $ | 915.1 | $ | 352.1 | $ | (0.8 | ) | $ | 1,266.40 | |||||||||||
Operating profit | $ | 187.5 | $ | 18.4 | $ | (70.8 | ) | $ | 135.1 | |||||||||||
Loss on debt extinguishment | — | — | (11.6 | ) | (11.6 | ) | ||||||||||||||
Interest expense, net | — | — | (14.9 | ) | (14.9 | ) | ||||||||||||||
Income before income taxes | $ | 187.5 | $ | 18.4 | $ | (97.3 | ) | $ | 108.6 | |||||||||||
Segment assets | $ | 942.7 | $ | 389.3 | $ | 232 | $ | 1,564.00 | ||||||||||||
Capital expenditures | 74.3 | 24.5 | 32.5 | 131.3 | ||||||||||||||||
Depreciation and amortization expense | 52.7 | 18.4 | 5.8 | 76.9 | ||||||||||||||||
2011 | ||||||||||||||||||||
Net sales | $ | 857.4 | $ | 336.7 | $ | (1.8 | ) | $ | 1,192.30 | |||||||||||
Operating profit | $ | 152.6 | $ | 9.8 | $ | (52.8 | ) | $ | 109.6 | |||||||||||
Interest expense, net | — | — | (16.9 | ) | (16.9 | ) | ||||||||||||||
Income before income taxes | $ | 152.6 | $ | 9.8 | $ | (69.7 | ) | $ | 92.7 | |||||||||||
Segment assets | $ | 843.5 | $ | 365.6 | $ | 190 | $ | 1,399.10 | ||||||||||||
Capital expenditures | 66.2 | 26.1 | 3.1 | 95.4 | ||||||||||||||||
Depreciation and amortization expense | 53.6 | 18.5 | 3.6 | 75.7 | ||||||||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconcilliation of Basic to Diluted Net Income Per Share | ' | |||||||||||
The following table reconciles net income and shares used in the calculation of basic net income per share to those used for diluted net income per share: | ||||||||||||
($ and shares in millions) | 2013 | 2012 | 2011 | |||||||||
Net income, as reported, for basic net income per share | $ | 112.3 | $ | 80.7 | $ | 75.5 | ||||||
Plus: interest expense on convertible debt, net of tax | — | 2 | 4.3 | |||||||||
Net income for diluted net income per share | $ | 112.3 | $ | 82.7 | $ | 79.8 | ||||||
Weighted average common shares outstanding | 69.6 | 68.1 | 67.3 | |||||||||
Dilutive effect of stock options, stock appreciation rights and performance share awards, based on the treasury stock method | 1.7 | 1.1 | 0.9 | |||||||||
Assumed conversion of convertible debt, based on the if-converted method | 0.1 | 2.6 | 5.8 | |||||||||
Weighted average shares assuming dilution | 71.4 | 71.8 | 74 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive loss, net of tax: | ||||||||||||||||
($ in millions) | Losses on | Unrealized gains | Defined benefit | Foreign | Total | |||||||||||
cash flow | on investment | pension and other | currency | |||||||||||||
hedges | securities | postretirement plans | translation | |||||||||||||
Balance, December 31, 2012 | $ | (9.0 | ) | $ | 0.8 | $ | (84.9 | ) | $ | 17.2 | $ | (75.9 | ) | |||
Other comprehensive (loss) income before reclassifications | (1.8 | ) | 3.5 | 33.7 | (0.9 | ) | 34.5 | |||||||||
Amounts reclassified out | 4.8 | — | 4.2 | — | 9 | |||||||||||
Other comprehensive income (loss), net of tax | 3 | 3.5 | 37.9 | (0.9 | ) | 43.5 | ||||||||||
Balance, December 31, 2013 | $ | (6.0 | ) | $ | 4.3 | $ | (47.0 | ) | $ | 16.3 | $ | (32.4 | ) | |||
Reclassification out of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
A summary of the reclassifications out of accumulated other comprehensive loss is presented in the following table ($ in millions): | ||||||||||||||||
Detail of components | 2013 | Location on Statement of Income | ||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||
Foreign currency contracts | $ | (5.1 | ) | Cost of goods and services sold | ||||||||||||
Interest rate swap contracts | (2.6 | ) | Interest expense | |||||||||||||
Forward treasury locks | (0.3 | ) | Interest expense | |||||||||||||
Total before tax | (8.0 | ) | ||||||||||||||
Tax expense | 3.2 | |||||||||||||||
Net of tax | $ | (4.8 | ) | |||||||||||||
Amortization of defined benefit pension and other postretirement plans: | ||||||||||||||||
Transition obligation | $ | (0.1 | ) | (a) | ||||||||||||
Prior service cost | 1.3 | (a) | ||||||||||||||
Actuarial losses | (8.5 | ) | (a) | |||||||||||||
Total before tax | (7.3 | ) | ||||||||||||||
Tax expense | 3.1 | |||||||||||||||
Net of tax | $ | (4.2 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | (9.0 | ) | |||||||||||||
(a) These components are included in the computation of net periodic benefit cost. Refer to Note 13, Benefit Plans, for additional details. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment were as follows: | |||||||||||||||||||
($ in millions) | Packaging Systems | Delivery Systems | Total | ||||||||||||||||
Balance, December 31, 2011 | $ | 35.9 | $ | 75.6 | $ | 111.5 | |||||||||||||
Foreign currency translation | 0.8 | 0.2 | 1 | ||||||||||||||||
Balance, December 31, 2012 | 36.7 | 75.8 | 112.5 | ||||||||||||||||
Foreign currency translation | 1.3 | 0.4 | 1.7 | ||||||||||||||||
Balance, December 31, 2013 | $ | 38 | $ | 76.2 | $ | 114.2 | |||||||||||||
Schedule of Intangible Assets by Major Class | ' | ||||||||||||||||||
Intangible assets and accumulated amortization as of December 31 were as follows: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
($ in millions) | Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||
Patents and licensing | $ | 20.7 | $ | (9.4 | ) | $ | 11.3 | $ | 19.2 | $ | (7.8 | ) | $ | 11.4 | |||||
In-process R&D/technology | 3.5 | (0.1 | ) | 3.4 | 3.5 | (0.1 | ) | 3.4 | |||||||||||
Trademarks | 12.1 | (1.1 | ) | 11 | 12.1 | (1.0 | ) | 11.1 | |||||||||||
Customer relationships | 29.7 | (14.6 | ) | 15.1 | 29.7 | (12.9 | ) | 16.8 | |||||||||||
Customer contracts | 11.7 | (4.2 | ) | 7.5 | 11.6 | (3.7 | ) | 7.9 | |||||||||||
$ | 77.7 | $ | (29.4 | ) | $ | 48.3 | $ | 76.1 | $ | (25.5 | ) | $ | 50.6 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Summary of Property, Plant and Equipment | ' | |||||||
A summary of gross property, plant and equipment at December 31 is presented in the following table: | ||||||||
($ in millions) | Expected useful lives (years) | 2013 | 2012 | |||||
Land | $ | 15.7 | $ | 9 | ||||
Buildings and improvements | May-50 | 397.5 | 310.9 | |||||
Machinery and equipment | 15-Oct | 655.2 | 607.1 | |||||
Molds and dies | 7-Apr | 95.7 | 90.1 | |||||
Computer hardware and software | 10-Mar | 107.1 | 102.5 | |||||
Construction in progress | 97.8 | 155.2 | ||||||
$ | 1,369.00 | $ | 1,274.80 | |||||
Affiliated_Companies_Tables
Affiliated Companies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||
Schedule of Equity Method Investments | ' | ||
At December 31, 2013, the following affiliated companies were accounted for under the equity method: | |||
Location | Ownership interest | ||
The West Company Mexico, S.A. de C.V. | Mexico | 49% | |
Aluplast S.A. de C.V. | Mexico | 49% | |
Pharma Tap S.A. de C.V. | Mexico | 49% | |
Pharma Rubber S.A. de C.V. | Mexico | 49% | |
Daikyo | Japan | 25% |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt Obligations , Net of Current Maturities | ' | |||||||
The following table summarizes our long-term debt obligations, net of current maturities, at December 31. The interest rates shown in parentheses are as of December 31, 2013. | ||||||||
($ in millions) | December 31, | December 31, | ||||||
2013 | 2012 | |||||||
Euro note A, due 2013 (4.22%) | $ | — | $ | 26.9 | ||||
Term loan, due 2014 (8.40%) | 0.1 | 0.2 | ||||||
Series B floating rate notes, due 2015 (1.14%) | 25 | 25 | ||||||
Euro note B, due 2016 (4.38%) | 84.1 | 80.8 | ||||||
Capital leases, due through 2016 (6.0%) | 0.4 | 0.7 | ||||||
Revolving credit facility, due 2017 (1.68%) | 53.7 | 71.5 | ||||||
Term loan, due 2018 (1.67%) | 41.3 | 35.3 | ||||||
Note payable, due 2019 | 0.3 | — | ||||||
Series A notes, due 2022 (3.67%) | 42 | 42 | ||||||
Series B notes, due 2024 (3.82%) | 53 | 53 | ||||||
Series C notes, due 2027 (4.02%) | 73 | 73 | ||||||
Convertible debt, due 2047 (4.0%) | 0.6 | 3.1 | ||||||
Total debt | 373.5 | 411.5 | ||||||
Less: current portion of long-term debt | 2.2 | 32.7 | ||||||
Long-term debt | $ | 371.3 | $ | 378.8 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Effects of Derivative Instruments on Other Comprehensive Income ('OCI') and earnings | ' | |||||||||||||||||
The following table summarizes the effects, net of tax, of derivative instruments designated as hedges on other comprehensive income (“OCI”) and earnings for the year ended December 31: | ||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI | Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | Location of Gain (Loss) Reclassified from Accumulated OCI into | ||||||||||||||||
Income | ||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Foreign currency hedge contracts | $ | 0.4 | $ | (0.2 | ) | $ | (0.2 | ) | $ | — | Net sales | |||||||
Foreign currency hedge contracts | (2.5 | ) | (0.8 | ) | 3.3 | — | Cost of goods and services sold | |||||||||||
Interest rate swap contracts | 0.2 | (1.9 | ) | 1.6 | 2 | Interest expense | ||||||||||||
Forward treasury locks | — | (2.9 | ) | 0.2 | 0.2 | Interest expense | ||||||||||||
Total | $ | (1.9 | ) | $ | (5.8 | ) | $ | 4.9 | $ | 2.2 | ||||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency-denominated debt | $ | (2.1 | ) | $ | (1.1 | ) | $ | — | $ | — | Foreign exchange and other | |||||||
Total | $ | (2.1 | ) | $ | (1.1 | ) | $ | — | $ | — | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Assets and Liabilities at Fair Value | ' | |||||||||||||||
The following tables present the assets and liabilities recorded at fair value on a recurring basis: | ||||||||||||||||
Balance at | Basis of Fair Value Measurements | |||||||||||||||
($ in millions) | December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||
2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Short-term investments | $ | 7.5 | $ | 7.5 | $ | — | $ | — | ||||||||
Deferred compensation assets | 5.7 | 5.7 | — | — | ||||||||||||
$ | 13.2 | $ | 13.2 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 4.3 | $ | — | $ | — | $ | 4.3 | ||||||||
Deferred compensation liabilities | 12.1 | 12.1 | — | — | ||||||||||||
Interest rate swap contracts | 5.6 | — | 5.6 | — | ||||||||||||
$ | 22 | $ | 12.1 | $ | 5.6 | $ | 4.3 | |||||||||
Balance at | Basis of Fair Value Measurements | |||||||||||||||
($ in millions) | December 31, | Level 1 | Level 2 | Level 3 | ||||||||||||
2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Short-term investments | $ | 12.4 | $ | 12.4 | $ | — | $ | — | ||||||||
Deferred compensation assets | 4 | 4 | — | — | ||||||||||||
$ | 16.4 | $ | 16.4 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 3.3 | $ | — | $ | — | $ | 3.3 | ||||||||
Deferred compensation liabilities | 7.6 | 7.6 | — | — | ||||||||||||
Interest rate swap contracts | 8.6 | — | 8.6 | — | ||||||||||||
Foreign currency contracts | 1.4 | — | 1.4 | — | ||||||||||||
$ | 20.9 | $ | 7.6 | $ | 10 | $ | 3.3 | |||||||||
Summary of Changes in Level 3 Fair Value Measurements | ' | |||||||||||||||
The following table provides a summary of changes in our Level 3 fair value measurements: | ||||||||||||||||
($ in millions) | ||||||||||||||||
Balance, December 31, 2011 | $ | 2.1 | ||||||||||||||
Increase in fair value recorded in earnings | 1.2 | |||||||||||||||
Balance, December 31, 2012 | 3.3 | |||||||||||||||
Increase in fair value recorded in earnings | 1 | |||||||||||||||
Balance, December 31, 2013 | $ | 4.3 | ||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||
Service cost | $ | 9.7 | $ | 8.5 | $ | 8.9 | $ | 1.1 | $ | 1.3 | $ | 1.2 | ||||||||
Interest cost | 14.8 | 15.5 | 16 | 0.6 | 1 | 1 | ||||||||||||||
Expected return on assets | (17.3 | ) | (16.4 | ) | (16.0 | ) | — | — | — | |||||||||||
Amortization of prior service (credit) cost | (1.3 | ) | (1.4 | ) | (1.5 | ) | — | 0.1 | 0.1 | |||||||||||
Amortization of transition obligation | 0.1 | 0.1 | 0.1 | — | — | — | ||||||||||||||
Amortization of actuarial loss (gain) | 9.2 | 8.5 | 6 | (0.7 | ) | — | — | |||||||||||||
Curtailment | — | — | (0.2 | ) | — | — | — | |||||||||||||
Settlement effects | — | — | 0.8 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 15.2 | $ | 14.8 | $ | 14.1 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax: | ||||||||||||||||||||
Net (gain) loss arising during period | $ | (35.5 | ) | $ | 17.3 | $ | 46.7 | $ | (18.5 | ) | $ | 2.1 | $ | 1.3 | ||||||
Amortization of prior service credit (cost) | 1.3 | 1.4 | 1.5 | — | (0.1 | ) | (0.1 | ) | ||||||||||||
Amortization of transition obligation | (0.1 | ) | (0.1 | ) | (0.1 | ) | — | — | — | |||||||||||
Amortization of actuarial (loss) gain | (9.2 | ) | (8.5 | ) | (6.0 | ) | 0.7 | — | — | |||||||||||
Curtailment | — | — | 0.2 | — | — | 0.4 | ||||||||||||||
Settlement effects | — | — | (0.8 | ) | — | — | — | |||||||||||||
Total recognized in other comprehensive income | $ | (43.5 | ) | $ | 10.1 | $ | 41.5 | $ | (17.8 | ) | $ | 2 | $ | 1.6 | ||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (28.3 | ) | $ | 24.9 | $ | 55.6 | $ | (16.8 | ) | $ | 4.4 | $ | 3.9 | ||||||
Net periodic benefit cost by geographic location is as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
U.S. plans | $ | 11.9 | $ | 12 | $ | 11.4 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
International plans | 3.3 | 2.8 | 2.7 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 15.2 | $ | 14.8 | $ | 14.1 | $ | 1 | $ | 2.4 | $ | 2.3 | ||||||||
Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status | ' | |||||||||||||||||||
The following table presents the changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of the plans: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Benefit obligation, January 1 | $ | (363.2 | ) | $ | (319.9 | ) | $ | (26.0 | ) | $ | (21.7 | ) | ||||||||
Service cost | (9.7 | ) | (8.5 | ) | (1.1 | ) | (1.3 | ) | ||||||||||||
Interest cost | (14.8 | ) | (15.5 | ) | (0.6 | ) | (1.0 | ) | ||||||||||||
Participants' contributions | (0.6 | ) | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Actuarial gain (loss) | 12.9 | (32.4 | ) | 18.5 | (2.1 | ) | ||||||||||||||
Amendments/transfers in | — | (0.3 | ) | — | — | |||||||||||||||
Benefits/expenses paid | 16.4 | 15.3 | 0.5 | 0.6 | ||||||||||||||||
Foreign currency translation | (1.8 | ) | (1.9 | ) | — | — | ||||||||||||||
Benefit obligation, December 31 | $ | (360.8 | ) | $ | (363.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | ||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of assets, January 1 | $ | 251 | $ | 213.3 | $ | — | $ | — | ||||||||||||
Actual return on assets | 40.5 | 32.3 | — | — | ||||||||||||||||
Employer contribution | 8.2 | 19.8 | — | 0.1 | ||||||||||||||||
Participants' contribution | 0.6 | — | 0.5 | 0.5 | ||||||||||||||||
Benefits/expenses paid | (16.4 | ) | (15.3 | ) | (0.5 | ) | (0.6 | ) | ||||||||||||
Foreign currency translation | 0.8 | 0.9 | — | — | ||||||||||||||||
Fair value of assets, December 31 | $ | 284.7 | $ | 251 | $ | — | $ | — | ||||||||||||
Funded status at end of year | $ | (76.1 | ) | $ | (112.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | ||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||
Amounts recognized in the balance sheet were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Current liabilities | $ | (1.5 | ) | $ | (1.6 | ) | $ | (0.7 | ) | $ | (1.2 | ) | ||||||||
Noncurrent liabilities | (74.6 | ) | (110.6 | ) | (8.5 | ) | (24.8 | ) | ||||||||||||
$ | (76.1 | ) | $ | (112.2 | ) | $ | (9.2 | ) | $ | (26.0 | ) | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The amounts in accumulated other comprehensive loss, pre-tax, consisted of: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial loss (gain) | $ | 95.2 | $ | 140 | $ | (15.5 | ) | $ | 2.3 | |||||||||||
Transition obligation | 0.3 | 0.4 | — | — | ||||||||||||||||
Prior service (credit) cost | (7.4 | ) | (8.8 | ) | — | — | ||||||||||||||
Total | $ | 88.1 | $ | 131.6 | $ | (15.5 | ) | $ | 2.3 | |||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||
Benefit payments expected to be paid under our defined benefit pension plans in the next ten years are as follows: | ||||||||||||||||||||
($ in millions) | Domestic Plans | International Plans | Total | |||||||||||||||||
2014 | $ | 31.4 | $ | 1.6 | $ | 33 | ||||||||||||||
2015 | 20.5 | 1.5 | 22 | |||||||||||||||||
2016 | 22.3 | 1.6 | 23.9 | |||||||||||||||||
2017 | 24.4 | 2 | 26.4 | |||||||||||||||||
2018 | 24.3 | 2.3 | 26.6 | |||||||||||||||||
2019 to 2023 | 133.8 | 15.8 | 149.6 | |||||||||||||||||
$ | 256.7 | $ | 24.8 | $ | 281.5 | |||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 3.99 | % | 4.78 | % | 5.55 | % | 3.5 | % | 4.5 | % | 5.25 | % | ||||||||
Rate of compensation increase | 4.24 | % | 4.29 | % | 4.33 | % | — | — | — | |||||||||||
Long-term rate of return on assets | 7.12 | % | 7.37 | % | 7.59 | % | — | — | — | |||||||||||
Weighted average assumptions used to determine the benefit obligations were as follows: | ||||||||||||||||||||
Pension benefits | Other retirement benefits | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.82 | % | 4.07 | % | 4.55 | % | 3.5 | % | ||||||||||||
Rate of compensation increase | 4.37 | % | 4.39 | % | — | — | ||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Equity securities | 66 | % | 65 | % | ||||||||||||||||
Debt securities | 32 | % | 34 | % | ||||||||||||||||
Other | 2 | % | 1 | % | ||||||||||||||||
100 | % | 100 | % | |||||||||||||||||
The following are the U.S. target asset allocations and acceptable allocation ranges: | ||||||||||||||||||||
Target allocation | Allocation range | |||||||||||||||||||
Equity securities | 65% | 60%-70% | ||||||||||||||||||
Debt securities | 35% | 30%-40% | ||||||||||||||||||
Other | —% | 0%-5% | ||||||||||||||||||
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements: | ||||||||||||||||||||
Balance at | ||||||||||||||||||||
December 31, | Basis of Fair Value Measurements | |||||||||||||||||||
($ in millions) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash | $ | 1 | $ | 1 | $ | — | $ | — | ||||||||||||
Equity securities: | ||||||||||||||||||||
Indexed mutual funds | 132.6 | 132.6 | — | — | ||||||||||||||||
International mutual funds | 55.4 | 55.4 | — | — | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||
Mutual funds | 87.4 | 87.4 | — | — | ||||||||||||||||
Insurance contract | 1.2 | — | 1.2 | — | ||||||||||||||||
Balanced mutual fund | 7.1 | 7.1 | — | — | ||||||||||||||||
$ | 284.7 | $ | 283.5 | $ | 1.2 | $ | — | |||||||||||||
Balance at | ||||||||||||||||||||
December 31, | Basis of Fair Value Measurements | |||||||||||||||||||
($ in millions) | 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Indexed mutual funds | $ | 111.4 | $ | 111.4 | $ | — | $ | — | ||||||||||||
International mutual funds | 49.6 | 49.6 | — | — | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||
Mutual funds | 83.8 | 83.8 | — | — | ||||||||||||||||
Insurance contract | 1.3 | — | 1.3 | — | ||||||||||||||||
Balanced mutual fund | 4.9 | 4.9 | — | — | ||||||||||||||||
$ | 251 | $ | 249.7 | $ | 1.3 | $ | — | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Allocation of Share-based Compensation Costs by Plan | ' | |||||||||
The following table summarizes our stock-based compensation expense for the years ended December 31: | ||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||
Stock option and appreciation rights | $ | 7.7 | $ | 5.3 | $ | 4.4 | ||||
Performance-vesting shares | 6.5 | 6 | 3 | |||||||
Performance-vesting units | 2.4 | 0.9 | 0.2 | |||||||
Performance-vesting shares/units dividend equivalents | 0.4 | 0.1 | 0.1 | |||||||
Employee stock purchase plan | 0.4 | 0.4 | 0.3 | |||||||
Deferred compensation plans | 3.8 | 2.8 | 0.4 | |||||||
Total stock-based compensation expense | $ | 21.2 | $ | 15.5 | $ | 8.4 | ||||
Schedule of Stock Options Activity | ' | |||||||||
The following table summarizes changes in outstanding options: | ||||||||||
(in millions, except per share data) | 2013 | 2012 | 2011 | |||||||
Options outstanding, January 1 | 5.6 | 5.8 | 5.7 | |||||||
Granted | 0.9 | 1.2 | 1 | |||||||
Exercised | (1.6 | ) | (1.4 | ) | (0.8 | ) | ||||
Forfeited | (0.1 | ) | — | (0.1 | ) | |||||
Options outstanding, December 31 | 4.8 | 5.6 | 5.8 | |||||||
Options exercisable, December 31 | 2.3 | 3 | 3.5 | |||||||
Weighted Average Exercise Price | 2013 | 2012 | 2011 | |||||||
Options outstanding, January 1 | $ | 19.83 | $ | 17.88 | $ | 16.16 | ||||
Granted | 29.71 | 21.47 | 20.43 | |||||||
Exercised | 18.97 | 13.12 | 8.84 | |||||||
Forfeited | 23.1 | 20.66 | 19.84 | |||||||
Options outstanding, December 31 | $ | 21.99 | $ | 19.83 | $ | 17.88 | ||||
Options exercisable, December 31 | $ | 19.51 | $ | 19.01 | $ | 16.46 | ||||
Schedule of Stock Appreciation Rights Award Activity | ' | |||||||||
The following table summarizes changes in outstanding SARs: | ||||||||||
2013 | 2012 | 2011 | ||||||||
SARs outstanding, January 1 | 389,686 | 320,336 | 222,096 | |||||||
Granted | 132,566 | 145,018 | 126,048 | |||||||
Exercised | (147,148 | ) | (75,668 | ) | (15,370 | ) | ||||
Forfeited | — | — | (12,438 | ) | ||||||
SARs outstanding, December 31 | 375,104 | 389,686 | 320,336 | |||||||
SARs exercisable, December 31 | 56,938 | 110,292 | 117,800 | |||||||
Weighted Average Exercise Price | 2013 | 2012 | 2011 | |||||||
SARs outstanding, January 1 | $ | 20.81 | $ | 20.17 | $ | 19.87 | ||||
Granted | 29.56 | 21.22 | 20.57 | |||||||
Exercised | 20.47 | 18.91 | 19.58 | |||||||
Forfeited | — | — | 19.59 | |||||||
SARs outstanding, December 31 | 24.03 | 20.81 | 20.17 | |||||||
SARs exercisable, December 31 | $ | 20.95 | $ | 20.7 | $ | 19.86 | ||||
Schedule of Nonvested Performance-based Share Activity | ' | |||||||||
The following table summarizes changes in our outstanding PVS awards: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Non-vested PVS awards, January 1 | 652,662 | 657,038 | 695,100 | |||||||
Granted at target level | 175,498 | 209,680 | 202,198 | |||||||
Adjustments above/(below) target | 38,330 | (120,155 | ) | (116,355 | ) | |||||
Vested and converted | (273,044 | ) | (83,859 | ) | (103,507 | ) | ||||
Forfeited | (15,088 | ) | (10,042 | ) | (20,398 | ) | ||||
Non-vested PVS awards, December 31 | 578,358 | 652,662 | 657,038 | |||||||
Weighted Average Grant Date Fair Value | 2013 | 2012 | 2011 | |||||||
Non-vested PVS awards, January 1 | $ | 21.42 | $ | 19.39 | $ | 19.61 | ||||
Granted at target level | 29.67 | 21.33 | 20.43 | |||||||
Adjustments above/(below) target | 23.83 | 13.86 | 20.97 | |||||||
Vested and converted | 29.56 | 21.22 | 20.43 | |||||||
Forfeited | 23.29 | 20.98 | 19.23 | |||||||
Non-vested PVS awards, December 31 | $ | 23.79 | $ | 21.42 | $ | 19.39 | ||||
Schedule of Nonvested Performance-based Units Activity | ' | |||||||||
The following table summarizes changes in our outstanding PVU awards: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Non-vested PVU awards, January 1 | 69,240 | 54,572 | 46,840 | |||||||
Granted at target level | 25,538 | 27,100 | 26,884 | |||||||
Adjustments above/(below) target | 3,000 | (7,156 | ) | (8,330 | ) | |||||
Vested and converted | (18,322 | ) | (5,276 | ) | (7,386 | ) | ||||
Forfeited | — | — | (3,436 | ) | ||||||
Non-vested PVU awards, December 31 | 79,456 | 69,240 | 54,572 | |||||||
Weighted Average Grant Date Fair Value | 2013 | 2012 | 2011 | |||||||
Non-vested PVU awards, January 1 | $ | 20.98 | $ | 19.65 | $ | 19.47 | ||||
Granted at target level | 29.56 | 21.22 | 20.56 | |||||||
Adjustments above/(below) target | 25.3 | 15.22 | 20.53 | |||||||
Vested and converted | 29.56 | 21.22 | 20.43 | |||||||
Forfeited | — | — | 18.77 | |||||||
Non-vested PVU awards, December 31 | $ | 23.86 | $ | 20.98 | $ | 19.65 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
At December 31, 2013, future minimum rental payments under non-cancelable operating leases were: | ||||
Year | ($ in millions) | |||
2014 | $ | 10.5 | ||
2015 | 9 | |||
2016 | 7.4 | |||
2017 | 5.1 | |||
2018 | 4.1 | |||
Thereafter | 17.4 | |||
Total | $ | 53.5 | ||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Allowance for doubtful accounts | $0.80 | $0.50 | ' | ' |
Finished goods | 80 | 70.9 | ' | ' |
Work in process | 24.8 | 23.6 | ' | ' |
Raw materials | 72.1 | 67.7 | ' | ' |
Total inventories | $176.90 | $162.20 | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Estimated useful life of finite-lived intangible assets | ' | ' | '5 years | '25 years |
Restructuring_and_Other_Items_1
Restructuring and Other Items (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Severance and post-employment benefits | $0 | ($1.20) | $2.30 |
Impairments and asset write-offs | 0 | 2.4 | 0 |
Other restructuring charges | 0 | 0.9 | 3 |
Total restructuring and related charges | 0 | 2.1 | 5.3 |
Impairment charge | 0 | 3.4 | 0 |
Development income | -2 | -6.5 | 0 |
Acquisition-related contingencies | 1 | 1.2 | -0.2 |
Special separation benefits | 0 | 0 | 2.9 |
Foreign exchange and other | 0.5 | 1.1 | 1.5 |
Total restructuring and other items | ($0.50) | $1.30 | $9.50 |
Activity_Related_to_Restructur
Activity Related to Restructuring Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance, Beginning | $2.80 | $6.80 |
Charges | ' | 2.1 |
Cash payments | -2.8 | -4 |
Non-cash adjustments | ' | -2.1 |
Balance, Ending | 0 | 2.8 |
Severance and benefits [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance, Beginning | 2.8 | 6.2 |
Charges | ' | -1.2 |
Cash payments | -2.8 | -2.6 |
Non-cash adjustments | ' | 0.4 |
Balance, Ending | 0 | 2.8 |
Other Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance, Beginning | 0 | 0.6 |
Charges | ' | 3.3 |
Cash payments | 0 | -1.4 |
Non-cash adjustments | ' | -2.5 |
Balance, Ending | $0 | $0 |
Restructuring_and_Other_Items_2
Restructuring and Other Items (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Recognition of income related to nonrefundable payment | $1 | ' | ' |
Nonrefundable payment from customer | 20 | ' | ' |
Unearned income, current | 1.5 | ' | ' |
Unearned income, noncurrent | 17.5 | ' | ' |
Term of customer agreement | '13 years 0 months 0 days | ' | ' |
Asset impairment charge | 0 | 2.4 | 0 |
Restructuring and related charges | 0 | 2.1 | 5.3 |
Severance and post-employment benefits | 0 | -1.2 | 2.3 |
Impairment charge | 0 | 3.4 | 0 |
Increase in contingent consideration liability | 1 | 1.2 | 0.5 |
Reduction In eris contingent consideration | ' | ' | 0.8 |
Contingent consideration liability | ' | ' | 0 |
Special separation benefits | 0 | 0 | 2.9 |
2010 Plan [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Cancellation of restructuring initiative at one of our plants in Europe | ' | 1.7 | ' |
Total restructuring and related charges, incurred to date | 21.9 | ' | ' |
England [Member] | Facility Closing [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Asset impairment charge | ' | 1.5 | ' |
Montgomery, Pennsylvania [Member] | Facility Closing [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Net curtailment gain related to U.S. qualified and postretirement medical plans | ' | ' | $0.20 |
Income_Taxes_Textuals_Details
Income Taxes (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Accrued liabilities for interest and penalties | $0.50 | $0.50 | ' |
Total gross unrecognized tax benefits | 7.1 | 6.8 | 6.3 |
Unrecognized tax benefits that would Impact effective tax rate | 6.9 | ' | ' |
Estimated reduction in the liability for unrecognized tax benefits | 0.4 | ' | ' |
State deferred tax asset, operating loss carryforwards | 15 | ' | ' |
Foreign deferred tax asset, operating loss carryforwards | 5.7 | ' | ' |
Undistributed earnings of foreign subsidiaries | 688.2 | ' | ' |
Reduction in effective tax rate for 2012 had the Act been signed prior to January 2013 | 1.00% | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards | 262.1 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards | 24.8 | ' | ' |
Loss carryforwards not subject to expiration | 15.6 | ' | ' |
Tax credit carryforwards | 20 | ' | ' |
2017 [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 2.2 | ' | ' |
2018 [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 1.9 | ' | ' |
2019 [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 1.5 | ' | ' |
2019 [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 3.1 | ' | ' |
2020 [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 3.2 | ' | ' |
2021 [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 9.6 | ' | ' |
Research and Development [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 3.3 | ' | ' |
Research and Development [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 3.7 | ' | ' |
Research and Development [Member] | 2021 [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 0.6 | ' | ' |
Research and Development [Member] | 2022 [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 0.8 | ' | ' |
Research and Development [Member] | 2031 [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 1.1 | ' | ' |
Research and Development [Member] | 2032 [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 1.4 | ' | ' |
Research and Development [Member] | 2033 [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | 1.2 | ' | ' |
Research and Development [Member] | After 2022 [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards | $1.90 | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Balance | $6.80 | $6.30 |
Additions for tax positions taken in the current year | 1.7 | 0.7 |
Reduction for expiration of statute of limitations/audits | -1.4 | -0.2 |
Balance | $7.10 | $6.80 |
Income_Taxes_Income_Before_Inc
Income Taxes (Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. operations | $28.90 | $8.90 | $15.80 |
International operations | 118.2 | 99.7 | 76.9 |
Income before income taxes | $147.10 | $108.60 | $92.70 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $0 |
State | 0.3 | 0.2 | 0 |
International | 38.2 | 27.2 | 20.6 |
Current income tax provision | 38.5 | 27.4 | 20.6 |
Deferred: | ' | ' | ' |
Federal and state | 9.2 | 3.3 | 2.7 |
International | -7.5 | 2 | 0.2 |
Deferred income tax provision | 1.7 | 5.3 | 2.9 |
Income tax expense | $40.20 | $32.70 | $23.50 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Net operating loss carryforwards | $20.70 | $21.10 |
Tax credit carryforwards | 36.1 | 37 |
Restructuring and impairment charges | 0.1 | 0.3 |
Pension and deferred compensation | 51.2 | 69.8 |
Other | 19.8 | 15.1 |
Valuation allowance | -23.5 | -20.4 |
Total deferred tax assets | 104.4 | 122.9 |
Deferred tax liabilities: | ' | ' |
Accelerated depreciation | 40.5 | 42.8 |
Other | 5.4 | 3.9 |
Total deferred tax liabilities | 45.9 | 46.7 |
Net deferred tax asset | $58.50 | $76.20 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Tax on international operations less than U.S. tax rate | -5.30% | -5.90% | -8.20% |
Non-benefited losses | 0.00% | 0.60% | 0.00% |
Reversal of prior valuation allowance | -1.00% | 0.00% | -0.10% |
Reversal of reserves for unrecognized tax benefits | -0.80% | -0.20% | -0.80% |
U.S. tax on international earnings, net of foreign tax credits | 0.10% | -1.20% | -1.50% |
State income taxes, net of federal tax effect | 0.10% | -1.00% | 0.70% |
U.S. research and development credits | -1.80% | 0.00% | -1.10% |
Other business credits and Section 199 Deduction | -0.50% | -1.00% | -1.30% |
Non-deductible debt premium | 0.00% | 2.00% | 0.00% |
Other | 1.60% | 1.90% | 2.60% |
Effective tax rate | 27.40% | 30.20% | 25.30% |
Discrete tax charge, change in enacted tax rate | $1.30 | $0.80 | $1.40 |
Discrete tax benefit, R&D credit | 1.3 | ' | ' |
Discrete tax charge, foreign tax credit | ' | 1 | ' |
Discrete tax charge, other adj | $3.50 | $0.30 | ' |
Segment_Information_Textuals_D
Segment Information (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Loss on debt extinguishment | ($0.20) | ($11.60) | $0 |
Packaging Systems [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Loss on debt extinguishment | $0 | $0 | ' |
Segment_Information_Sales_by_P
Segment Information (Sales by Product Group) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | $1,368.40 | $1,266.40 | $1,192.30 |
Packaging Systems [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | 996 | 915.1 | 857.4 |
Delivery Systems [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | 374.1 | 352.1 | 336.7 |
Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | -1.7 | -0.8 | -1.8 |
Proprietary Products [Member] | Delivery Systems [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | 92.7 | 77 | 67.4 |
Contract Manufacturing [Member] | Delivery Systems [Member] | ' | ' | ' |
Segment Reporting, Revenue Reconciling Items [Line Items] | ' | ' | ' |
Net sales | $281.40 | $275.10 | $269.30 |
Segment_Information_Sales_and_
Segment Information (Sales and PPE by Geographic Location) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | $1,368.40 | $1,266.40 | $1,192.30 |
Property, Plant and Equipment, Net | 711.7 | 669 | 593.6 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | 614.5 | 592.8 | 543.6 |
Property, Plant and Equipment, Net | 336 | 322 | 272.6 |
Germany [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | 219.6 | 184.4 | 184.1 |
Property, Plant and Equipment, Net | 124.4 | 117.2 | 118.1 |
France [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | 112.6 | 102.6 | 94.2 |
Property, Plant and Equipment, Net | 43.4 | 42.1 | 41.3 |
Other European Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | 279.4 | 251.4 | 242.7 |
Property, Plant and Equipment, Net | 83.2 | 72.3 | 69.9 |
Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Sales | 142.3 | 135.2 | 127.7 |
Property, Plant and Equipment, Net | $124.70 | $115.40 | $91.70 |
Segment_Information_Segment_Fi
Segment Information (Segment Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $1,368.40 | $1,266.40 | $1,192.30 |
Operating profit | 162.4 | 135.1 | 109.6 |
Loss on debt extinguishment | -0.2 | -11.6 | 0 |
Interest expense, net | -15.1 | -14.9 | -16.9 |
Income before income taxes | 147.1 | 108.6 | 92.7 |
Segment assets | 1,671.60 | 1,564 | 1,399.10 |
Capital expenditures | 151.9 | 131.3 | 95.4 |
Depreciation and amortization expense | 85.2 | 76.9 | 75.7 |
Packaging Systems [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 996 | 915.1 | 857.4 |
Operating profit | 217 | 187.5 | 152.6 |
Loss on debt extinguishment | 0 | 0 | ' |
Interest expense, net | 0 | 0 | 0 |
Income before income taxes | 217 | 187.5 | 152.6 |
Segment assets | 1,048.90 | 942.7 | 843.5 |
Capital expenditures | 81.3 | 74.3 | 66.2 |
Depreciation and amortization expense | 55.5 | 52.7 | 53.6 |
Delivery Systems [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 374.1 | 352.1 | 336.7 |
Operating profit | 9.4 | 18.4 | 9.8 |
Loss on debt extinguishment | 0 | 0 | ' |
Interest expense, net | 0 | 0 | 0 |
Income before income taxes | 9.4 | 18.4 | 9.8 |
Segment assets | 429.3 | 389.3 | 365.6 |
Capital expenditures | 28.5 | 24.5 | 26.1 |
Depreciation and amortization expense | 20.9 | 18.4 | 18.5 |
Corporate and Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | -1.7 | -0.8 | -1.8 |
Operating profit | -64 | -70.8 | -52.8 |
Loss on debt extinguishment | -0.2 | -11.6 | ' |
Interest expense, net | -15.1 | -14.9 | -16.9 |
Income before income taxes | -79.3 | -97.3 | -69.7 |
Segment assets | 193.4 | 232 | 190 |
Capital expenditures | 42.1 | 32.5 | 3.1 |
Depreciation and amortization expense | $8.80 | $5.80 | $3.60 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net income, as reported, for basic net income per share | $112.30 | $80.70 | $75.50 |
Plus: interest expense on convertible debt, net of tax | 0 | 2 | 4.3 |
Net income for diluted net income per share | $112.30 | $82.70 | $79.80 |
Weighted average common shares outstanding (in shares) | 69.6 | 68.1 | 67.3 |
Assumed stock options exercised and awards vested, based on the treasury stock method (in shares) | 1.7 | 1.1 | 0.9 |
Assumed conversion of convertible debt, based on the if-converted method (in shares) | 0.1 | 2.6 | 5.8 |
Weighted average shares assuming dilution (in shares) | 71.4 | 71.8 | 74 |
Antidilutive options excluded from computation of diluted net income per share (in shares) | ' | 1 | 3.2 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ' | ' | ' |
Balance, beginning | ($75.90) | ' | ' |
Other comprehensive (loss) income before reclassifications | 34.5 | ' | ' |
Amounts reclassified from AOCI | 9 | ' | ' |
Other comprehensive income (loss), net of tax | 43.5 | -4.4 | -40.2 |
Balance, ending | -32.4 | -75.9 | ' |
Losses on Cash Flow Hedges [Member] | ' | ' | ' |
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ' | ' | ' |
Balance, beginning | -9 | ' | ' |
Other comprehensive (loss) income before reclassifications | -1.8 | ' | ' |
Amounts reclassified from AOCI | 4.8 | ' | ' |
Other comprehensive income (loss), net of tax | 3 | ' | ' |
Balance, ending | -6 | ' | ' |
Unrealized Gains on Investment Securities [Member] | ' | ' | ' |
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ' | ' | ' |
Balance, beginning | 0.8 | ' | ' |
Other comprehensive (loss) income before reclassifications | 3.5 | ' | ' |
Amounts reclassified from AOCI | 0 | ' | ' |
Other comprehensive income (loss), net of tax | 3.5 | ' | ' |
Balance, ending | 4.3 | ' | ' |
Defined Benefit Pension and Other Postretirement Plans [Member] | ' | ' | ' |
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ' | ' | ' |
Balance, beginning | -84.9 | ' | ' |
Other comprehensive (loss) income before reclassifications | 33.7 | ' | ' |
Amounts reclassified from AOCI | 4.2 | ' | ' |
Other comprehensive income (loss), net of tax | 37.9 | ' | ' |
Balance, ending | -47 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Changes in the Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ' | ' | ' |
Balance, beginning | 17.2 | ' | ' |
Other comprehensive (loss) income before reclassifications | -0.9 | ' | ' |
Amounts reclassified from AOCI | 0 | ' | ' |
Other comprehensive income (loss), net of tax | -0.9 | ' | ' |
Balance, ending | $16.30 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details 1) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Cost of goods and services sold | ($933.70) | ($878.70) | ($853) | |
Interest expense | -17 | -16.7 | -18.2 | |
Income before income taxes | 147.1 | 108.6 | 92.7 | |
Tax expense | -40.2 | -32.7 | -23.5 | |
Net income | 112.3 | 80.7 | 75.5 | |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Net income | -9 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Losses on Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Income before income taxes | -8 | ' | ' | |
Tax expense | 3.2 | ' | ' | |
Net income | -4.8 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Amortization of Defined Benefit Pension and Other Postretirement Plans [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Transition obligation | -0.1 | [1] | ' | ' |
Prior service cost | 1.3 | [1] | ' | ' |
Actuarial gain (loss) | -8.5 | [1] | ' | ' |
Income before income taxes | -7.3 | ' | ' | |
Tax expense | 3.1 | ' | ' | |
Net income | -4.2 | ' | ' | |
Foreign Currency Contract [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Losses on Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Cost of goods and services sold | -5.1 | ' | ' | |
Interest Rate Swap Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Losses on Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Interest expense | -2.6 | ' | ' | |
Forward Treasury Locks [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Losses on Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | |
Interest expense | ($0.30) | ' | ' | |
[1] | (a) These components are included in the computation of net periodic benefit cost. Refer to Note 13, Benefit Plans, for additional details. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance | $112.50 | $111.50 |
Foreign currency translation | 1.7 | 1 |
Balance | 114.2 | 112.5 |
Packaging Systems [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 36.7 | 35.9 |
Foreign currency translation | 1.3 | 0.8 |
Balance | 38 | 36.7 |
Delivery Systems [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance | 75.8 | 75.6 |
Foreign currency translation | 0.4 | 0.2 |
Balance | $76.20 | $75.80 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Intangible Assets by Major Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $77.70 | $76.10 |
Finite-Lived Intangible Assets, Accumulated Amortization | -29.4 | -25.5 |
Finite-Lived Intangible Assets, Net | 48.3 | 50.6 |
Patents and Licensing [Member] | ' | ' |
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 20.7 | 19.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | -9.4 | -7.8 |
Finite-Lived Intangible Assets, Net | 11.3 | 11.4 |
In-Process Research and Development (IPR&D) [Member] | ' | ' |
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3.5 | 3.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.1 | -0.1 |
Finite-Lived Intangible Assets, Net | 3.4 | 3.4 |
Trademarks [Member] | ' | ' |
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 12.1 | 12.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1.1 | -1 |
Finite-Lived Intangible Assets, Net | 11 | 11.1 |
Customer Relationships [Member] | ' | ' |
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 29.7 | 29.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -14.6 | -12.9 |
Finite-Lived Intangible Assets, Net | 15.1 | 16.8 |
Customer Contracts [Member] | ' | ' |
Schedule of Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 11.7 | 11.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -4.2 | -3.7 |
Finite-Lived Intangible Assets, Net | $7.50 | $7.90 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Foreign currency translation gains (losses) | $0.50 | $0.30 | ' |
Amortization expense | 3.9 | 3.9 | 4.3 |
Estimated annual amortization expense, 2014 | 4.3 | ' | ' |
Estimated annual amortization expense, 2015 | 3.9 | ' | ' |
Estimated annual amortization expense, 2016 | 3.2 | ' | ' |
Estimated annual amortization expense, 2017 | 2.9 | ' | ' |
Estimated annual amortization expense, 2018 | 2.7 | ' | ' |
Indefinite-lived trademarks | 10 | ' | ' |
In-Process Research and Development (IPR&D) [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Acquired indefinite-lived intangible asset | $3.30 | ' | ' |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Pland and Equipment, Gross) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Land [Member] | Land [Member] | Buildings and Improvements [Member] | Buildings and Improvements [Member] | Buildings and Improvements [Member] | Buildings and Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Molds and Dies [Member] | Molds and Dies [Member] | Molds and Dies [Member] | Molds and Dies [Member] | Computer Hardware and Software [Member] | Computer Hardware and Software [Member] | Computer Hardware and Software [Member] | Computer Hardware and Software [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | 'P5Y | 'P50Y | ' | ' | 'P10Y | 'P15Y | ' | ' | 'P4Y | 'P7Y | ' | ' | 'P3Y | 'P10Y | ' | ' |
Property, plant and equipment | $1,369 | $1,274.80 | $15.70 | $9 | $397.50 | $310.90 | ' | ' | $655.20 | $607.10 | ' | ' | $95.70 | $90.10 | ' | ' | $107.10 | $102.50 | ' | ' | $97.80 | $155.20 |
Property_Plant_and_Equipment_T1
Property, Plant and Equipment (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $81 | $72.80 | $71.10 |
Accumulated depreciation, capitalized leases | 2.2 | 1.6 | ' |
Capital leases, future minimum payments due, 2013 | 0.2 | ' | ' |
Capital leases, future minimum payments due, 2014 | 0.2 | ' | ' |
Accrued construction and development costs | ' | 35.3 | ' |
Capitalized interest | 1.6 | 1.9 | 1.1 |
Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized leases | 2.5 | 2.4 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized leases | $1.90 | $1.80 | ' |
Affiliated_Companies_Details
Affiliated Companies (Details) | Dec. 31, 2013 |
The West Company Mexico, S.A. de C.V. [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest | 49.00% |
Aluplast S.A. de C.V. [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest | 49.00% |
Pharma Tap S.A de C.V. [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest | 49.00% |
Pharma Rubber S.A. de C.V. [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest | 49.00% |
Daikyo Seiko, Ltd. [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest | 25.00% |
Affiliated_Companies_Textuals_
Affiliated Companies (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Unremitted income of affiliated companies | $46.70 | $41.90 | $37.50 |
Dividends received from affiliated companies | 0.6 | 0.4 | 0.3 |
Purchases and royalty payments made to affiliates | 67.7 | 75.2 | 66.4 |
Amount due and payable to affiliates | 5.6 | 10.6 | ' |
Sales to affiliates | 5.9 | 3.5 | 4.5 |
Amount receivable from affiliates | 0.3 | 0.6 | ' |
Equity method investments | 57.9 | 59.8 | ' |
Cost method investment | 3 | ' | ' |
Daikyo Seiko, Ltd. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in unrealized (gains) losses in securities available-for-sale and derivative instruments | ($4.30) | ($0.80) | ($0.40) |
Debt_Details
Debt (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Senior A Notes Due 2022 [Member] | Senior B Notes Due 2024 [Member] | Senior C Notes Due 2027 [Member] | EURO Note A Due 2013 [Member] | EURO Note A Due 2013 [Member] | Term Loan Due 2014 [Member] | Term Loan Due 2014 [Member] | Series B Floating Rate Notes Due 2015 [Member] | Series B Floating Rate Notes Due 2015 [Member] | EURO Note B Due 2016 [Member] | EURO Note B Due 2016 [Member] | EURO Note B Due 2016 [Member] | Capital leases Due through 2016 [Member] | Capital leases Due through 2016 [Member] | Revolving Credit Facility Due 2017 [Member] | Revolving Credit Facility Due 2017 [Member] | Term Loan Due 2018 [Member] | Term Loan Due 2018 [Member] | Note Payable Due 2019 [Member] | Note Payable Due 2019 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Convertible Debt Due 2047 [Member] | Convertible Debt Due 2047 [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior A Notes Due 2022 [Member] | Senior A Notes Due 2022 [Member] | Senior B Notes Due 2024 [Member] | Senior B Notes Due 2024 [Member] | Senior C Notes Due 2027 [Member] | Senior C Notes Due 2027 [Member] | USD ($) | USD ($) | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $373.50 | $411.50 | ' | ' | ' | ' | $26.90 | $0.10 | $0.20 | ' | $25 | $84.10 | ' | $80.80 | ' | ' | $53.70 | $71.50 | $41.30 | $35.30 | $0.30 | $0 | $168 | $42 | $42 | $53 | $53 | $73 | $73 | $0.60 | $3.10 |
Debt Instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | 61.1 | ' | ' | ' | ' | ' | 42.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 2.2 | 32.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current portion | $371.30 | $378.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | 3.67% | 3.82% | 4.02% | 4.22% | ' | 8.40% | ' | 1.14% | ' | 4.38% | 4.38% | ' | 6.00% | ' | 1.68% | ' | 1.67% | ' | ' | ' | ' | 3.67% | ' | 3.82% | ' | 4.02% | ' | 4.00% | ' |
Debt_Textuals_Details
Debt (Textuals) (Details) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Senior A Notes Due 2022 [Member] | Senior B Notes Due 2024 [Member] | Senior C Notes Due 2027 [Member] | Revolving Credit Facility Due 2014 [Member] | Revolving Credit Facility Due 2017 [Member] | Revolving Credit Facility Due 2017 [Member] | Revolving Credit Facility Due 2017 [Member] | Term Loan Due 2018 [Member] | Term Loan Due 2018 [Member] | Series B Floating Rate Notes Due 2015 [Member] | Series B Floating Rate Notes Due 2015 [Member] | EURO Note A Due 2013 [Member] | EURO Note A Due 2013 [Member] | EURO Note B Due 2016 [Member] | EURO Note B Due 2016 [Member] | EURO Note B Due 2016 [Member] | Convertible Debt Due 2047 [Member] | Convertible Debt Due 2047 [Member] | Convertible Debt Due 2047 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Letter of Credit [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior A Notes Due 2022 [Member] | Senior A Notes Due 2022 [Member] | Senior B Notes Due 2024 [Member] | Senior B Notes Due 2024 [Member] | Senior C Notes Due 2027 [Member] | Senior C Notes Due 2027 [Member] | Revolving Credit Facility Due 2017 [Member] | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, expiration date | ' | ' | ' | ' | ' | ' | ' | 30-Apr-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility is available for swing-line loans | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit available for the issuance of letters of credit | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate margin added to Libor at minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate margin added to Libor at maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | ' | ' | 800,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 373,500,000 | 411,500,000 | ' | ' | ' | ' | ' | ' | 53,700,000 | 71,500,000 | 41,300,000 | 35,300,000 | ' | 25,000,000 | ' | 26,900,000 | 84,100,000 | ' | 80,800,000 | ' | 600,000 | 3,100,000 | 168,000,000 | 42,000,000 | 42,000,000 | 53,000,000 | 53,000,000 | 73,000,000 | 73,000,000 | ' |
Long-term Debt, Current Maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding borrowings, Yen | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding borrowings, Euro | ' | ' | ' | ' | ' | ' | ' | ' | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, current | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | 65,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 |
Line of Credit Facility, unused commitment level | ' | ' | ' | ' | ' | ' | ' | ' | 242,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,800,000 | ' | 25,000,000 | ' | ' | ' | ' | 61,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Jul-15 | ' | 27-Feb-13 | ' | 27-Feb-16 | 27-Feb-16 | ' | 15-Mar-47 | 15-Mar-47 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | 3.67% | 3.82% | 4.02% | ' | ' | 1.68% | ' | 1.67% | ' | 1.14% | ' | 4.22% | ' | 4.38% | 4.38% | ' | 4.00% | 4.00% | ' | ' | 3.67% | ' | 3.82% | ' | 4.02% | ' | ' |
Long-term debt | 371,300,000 | 378,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio of debt per $1,000 of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.3777 | 36.3777 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertbile debt, conversion price (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures automatic conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Subsequent to March 20, 2012, if our common stock closing price exceeds 150% of the then prevailing conversion price for at least 20 trading days during any 30 consecutive trading day period, we have the option to cause the debentures to be automatically converted into West shares at the prevailing conversion rate | 'Subsequent to March 20, 2012, if our common stock closing price exceeds 150% of the then prevailing conversion price for at least 20 trading days during any 30 consecutive trading day period, we have the option to cause the debentures to be automatically converted into West shares at the prevailing conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 158,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of convertible debt repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.06% | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average of the coupon interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.87% | ' | ' | ' | ' | ' | ' | ' |
Annual effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.16% | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 18,600,000 | 18,600,000 | 19,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 27,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 86,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 56,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 32,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | $168,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Textuals) (Details) | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 19, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Forward Treasury Locks [Member] | Forward Treasury Locks [Member] | Forward-Start Interest Rate Swap [Member] | Interest Rate Swap, Series B Note [Member] | Euro Note B [Member] | Euro Note B [Member] | Euro-Denominated Revolver [Member] | Euro-Denominated Revolver [Member] | Yen-Denominated Revolver [Member] | Yen-Denominated Revolver [Member] | Commodity Call Options [Member] | Commodity Call Options [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | JPY (¥) | USD ($) | USD ($) | USD ($) | |
agreement | MBbls | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, number of instruments held | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | $160 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement payment | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of hedged item | ' | ' | 41.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term (in years) | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | 5.41% | 5.51% | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | 'one-month LIBOR | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount, nonderivative instruments | ' | ' | ' | ' | 84.1 | 61.1 | 28.9 | 21 | 500 | ' | ' | ' |
Cumulative foreign currency translation loss | ' | ' | ' | ' | -5.7 | ' | ' | ' | ' | 0.7 | ' | ' |
Cumulative foreign currency translation loss, net of tax | ' | ' | ' | ' | -3.5 | ' | ' | ' | ' | 0.4 | ' | ' |
Purchased call options, barrels of crude oil (in barrels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,000 | ' |
Premium paid to purchase call options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' |
Gain (loss) recorded in cost of goods and services sold, call options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.10) | ($0.10) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Effects of Derivative Instruments Designated as Hedges) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | ($1.90) | ($5.80) |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | 4.9 | 2.2 |
Net Investment Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | -2.1 | -1.1 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | 0 | 0 |
Foreign Currency Hedge Contracts [Member] | Net Sales [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | 0.4 | -0.2 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | -0.2 | 0 |
Foreign Currency Hedge Contracts [Member] | Cost of Goods and Services Sold [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | -2.5 | -0.8 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | 3.3 | 0 |
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | 0.2 | -1.9 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | 1.6 | 2 |
Forward Treasury Lock [Member] | Interest Expense [Member] | Cash Flow Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | 0 | -2.9 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | 0.2 | 0.2 |
Foreign Currency - Denominated Debt [Member] | Foreign Exchange (Gains) Losses and Other [Member] | Net Investment Hedges [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI | -2.1 | -1.1 |
Amount of (Gain) Loss Reclassified from Accumulated OCI into Income | $0 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value of Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Short-term investments | $7.50 | $12.40 |
Deferred compensation assets | 5.7 | 4 |
Total assets at fair value | 13.2 | 16.4 |
Liabilities: | ' | ' |
Contingent consideration | 4.3 | 3.3 |
Deferred compensation liabilities | 12.1 | 7.6 |
Interest rate swap contracts | 5.6 | 8.6 |
Foreign currency contracts | ' | 1.4 |
Total liabilities at fair value | 22 | 20.9 |
Other Financial Instruments [Abstract] | ' | ' |
Long-term debt, fair value | 365.8 | 386 |
Long-term debt | 371.3 | 378.8 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Short-term investments | 7.5 | 12.4 |
Deferred compensation assets | 5.7 | 4 |
Total assets at fair value | 13.2 | 16.4 |
Liabilities: | ' | ' |
Deferred compensation liabilities | 12.1 | 7.6 |
Total liabilities at fair value | 12.1 | 7.6 |
Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Interest rate swap contracts | 5.6 | 8.6 |
Foreign currency contracts | ' | 1.4 |
Total liabilities at fair value | 5.6 | 10 |
Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | 4.3 | 3.3 |
Total liabilities at fair value | $4.30 | $3.30 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Level 3 Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 Fair Value Measurements [Roll Forward] | ' | ' |
Balance | $3.30 | $2.10 |
Increase (reduction) in fair value recorded in earnings | 1 | 1.2 |
Balance | $4.30 | $3.30 |
Benefit_Plans_Textuals_Details
Benefit Plans (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
401 (k) plan contributions | $4 | $3.70 | $3.50 |
Fair value of pension plan assets | 284.7 | 251 | ' |
Accumulated benefit obligation | 355.4 | 358.4 | ' |
Expected contribution to the plan | 16 | ' | ' |
Assumed healthcare cost trend rate, benefit obligation | 7.50% | ' | ' |
Ultimate healthcare cost trend rate, benefit obligation | 5.00% | ' | ' |
Effect of one percentage point increase on benefit obligation | 0.4 | ' | ' |
Effect of one percentage point decrease on benefit obligation | 0.4 | ' | ' |
Assumed healthcare cost trend rate, net periodic benefit cost | 8.00% | ' | ' |
Ultimate healthcare cost trend rate, net periodic benefit cost | 5.00% | ' | ' |
Effect of one percentage point increase on service and interest cost | 0.1 | ' | ' |
Effect of one percentage point decrease on service and interest cost | 0.1 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net curtailment gain in restructuring | 0 | 0 | 0.2 |
Settlement loss | 0 | 0 | -0.8 |
Fair value of pension plan assets | 284.7 | 251 | 213.3 |
Actuarial net loss that will be amortized from accumulated other comprehensive loss | 4.9 | ' | ' |
Transition obligation that will be amortized from accumulated other comprehensive loss | 0.1 | ' | ' |
Prior service credit that will be amortized from accumulated other comprehensive loss | 1.3 | ' | ' |
Discount rate | 4.82% | 4.07% | ' |
Rate of compensation increase | 4.37% | 4.39% | ' |
Long-term rate of return on assets | 7.12% | 7.37% | 7.59% |
U.S. Qualified Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution to the plan | 13.1 | ' | ' |
International Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 28.5 | 22.9 | ' |
Accumulated benefit obligation | 56.6 | 51.8 | ' |
Expected contribution to the plan | 2 | ' | ' |
Discount rate | 3.92% | 3.93% | ' |
Rate of compensation increase | 2.80% | 2.80% | ' |
U.S. Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 5.00% | 4.10% | ' |
Rate of compensation increase | 4.50% | 4.50% | ' |
Percentage of global plan assets | 90.00% | ' | ' |
Long-term rate of return on assets | 7.25% | 7.50% | 7.75% |
U.S. SERP Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contribution to the plan | 0.9 | ' | ' |
Other Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net curtailment gain in restructuring | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Fair value of pension plan assets | 0 | 0 | 0 |
Expected contribution to the plan | $0.70 | ' | ' |
Discount rate | 4.55% | 3.50% | ' |
Benefit_Plans_Components_of_Ne
Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Service cost | $9.70 | $8.50 | $8.90 |
Interest cost | 14.8 | 15.5 | 16 |
Expected return on assets | -17.3 | -16.4 | -16 |
Amortization of prior service (credit) cost | -1.3 | -1.4 | -1.5 |
Amortization of transition obligation | 0.1 | 0.1 | 0.1 |
Amortization of actuarial loss (gain) | 9.2 | 8.5 | 6 |
Curtailment | 0 | 0 | -0.2 |
Settlement effects | 0 | 0 | 0.8 |
Net periodic benefit cost | 15.2 | 14.8 | 14.1 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax: | ' | ' | ' |
Net (gain) loss arising during period | -35.5 | 17.3 | 46.7 |
Amortization of prior service credit (cost) | 1.3 | 1.4 | 1.5 |
Amortization of transition obligation | -0.1 | -0.1 | -0.1 |
Amortization of actuarial (loss) gain | -9.2 | -8.5 | -6 |
Curtailment | 0 | 0 | 0.2 |
Settlement effects | 0 | 0 | -0.8 |
Total recognized in other comprehensive income | -43.5 | 10.1 | 41.5 |
Total recognized in net periodic benefit cost and other comprehensive income | -28.3 | 24.9 | 55.6 |
U.S. Pension Plans [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Net periodic benefit cost | 11.9 | 12 | 11.4 |
International Pension Plans [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Net periodic benefit cost | 3.3 | 2.8 | 2.7 |
Other Retirement Benefits [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Service cost | 1.1 | 1.3 | 1.2 |
Interest cost | 0.6 | 1 | 1 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0.1 | 0.1 |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | -0.7 | 0 | 0 |
Curtailment | 0 | 0 | 0 |
Settlement effects | 0 | 0 | 0 |
Net periodic benefit cost | 1 | 2.4 | 2.3 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax: | ' | ' | ' |
Net (gain) loss arising during period | -18.5 | 2.1 | 1.3 |
Amortization of prior service credit (cost) | 0 | -0.1 | -0.1 |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of actuarial (loss) gain | 0.7 | 0 | 0 |
Curtailment | 0 | 0 | 0.4 |
Settlement effects | 0 | 0 | 0 |
Total recognized in other comprehensive income | -17.8 | 2 | 1.6 |
Total recognized in net periodic benefit cost and other comprehensive income | -16.8 | 4.4 | 3.9 |
U.S. Defined Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Net periodic benefit cost | 1 | 2.4 | 2.3 |
International Defined Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Net periodic benefit cost | $0 | $0 | $0 |
Benefit_Plans_Changes_in_Proje
Benefit Plans (Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Balance | $284.70 | $251 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Balance | -363.2 | -319.9 | ' |
Service cost | -9.7 | -8.5 | -8.9 |
Interest cost | -14.8 | -15.5 | -16 |
Participants' contributions | -0.6 | 0 | ' |
Actuarial gain (loss) | 12.9 | -32.4 | ' |
Amendments/transfers in | 0 | -0.3 | ' |
Benefits/expenses paid | 16.4 | 15.3 | ' |
Foreign currency translation | -1.8 | -1.9 | ' |
Balance | -360.8 | -363.2 | -319.9 |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Balance | 251 | 213.3 | ' |
Actual return on assets | 40.5 | 32.3 | ' |
Employer contribution | 8.2 | 19.8 | ' |
Participants' contributions | 0.6 | 0 | ' |
Benefits/expenses paid | -16.4 | -15.3 | ' |
Foreign currency translation | 0.8 | 0.9 | ' |
Balance | 284.7 | 251 | 213.3 |
Funded status at end of year | -76.1 | -112.2 | ' |
Other Retirement Benefits [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Balance | -26 | -21.7 | ' |
Service cost | -1.1 | -1.3 | -1.2 |
Interest cost | -0.6 | -1 | -1 |
Participants' contributions | -0.5 | -0.5 | ' |
Actuarial gain (loss) | 18.5 | -2.1 | ' |
Amendments/transfers in | 0 | 0 | ' |
Benefits/expenses paid | 0.5 | 0.6 | ' |
Foreign currency translation | 0 | 0 | ' |
Balance | -9.2 | -26 | -21.7 |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Balance | 0 | 0 | ' |
Actual return on assets | 0 | 0 | ' |
Employer contribution | 0 | 0.1 | ' |
Participants' contributions | 0.5 | 0.5 | ' |
Benefits/expenses paid | -0.5 | -0.6 | ' |
Foreign currency translation | 0 | 0 | ' |
Balance | 0 | 0 | 0 |
Funded status at end of year | ($9.20) | ($26) | ' |
Benefit_Plans_Amounts_Recogniz
Benefit Plans (Amounts Recognized in Balane Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Current liabilities | ($2.20) | ($2.80) |
Noncurrent liabilities | -83.1 | -135.4 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Current liabilities | -1.5 | -1.6 |
Noncurrent liabilities | -74.6 | -110.6 |
Total liabilities | -76.1 | -112.2 |
Other Retirement Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Current liabilities | -0.7 | -1.2 |
Noncurrent liabilities | -8.5 | -24.8 |
Total liabilities | ($9.20) | ($26) |
Benefit_Plans_Amounts_Recogniz1
Benefit Plans (Amounts Recognized in Other Comprehensive Income (Loss)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Net actuarial loss (gain) | $95.20 | $140 |
Transition obligation | 0.3 | 0.4 |
Prior service (credit) cost | -7.4 | -8.8 |
Total | 88.1 | 131.6 |
Other Retirement Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Net actuarial loss (gain) | -15.5 | 2.3 |
Transition obligation | 0 | 0 |
Prior service (credit) cost | 0 | 0 |
Total | ($15.50) | $2.30 |
Benefit_Plans_Expected_Benefit
Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
2014 | $33 |
2015 | 22 |
2016 | 23.9 |
2017 | 26.4 |
2018 | 26.6 |
2019 to 2023 | 149.6 |
Total benefit payments expected | 281.5 |
Domestic Plans [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
2014 | 31.4 |
2015 | 20.5 |
2016 | 22.3 |
2017 | 24.4 |
2018 | 24.3 |
2019 to 2023 | 133.8 |
Total benefit payments expected | 256.7 |
International Plans [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
2014 | 1.6 |
2015 | 1.5 |
2016 | 1.6 |
2017 | 2 |
2018 | 2.3 |
2019 to 2023 | 15.8 |
Total benefit payments expected | $24.80 |
Benefit_Plans_Assumptions_Used
Benefit Plans (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Weighted average assumptions used in net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.99% | 4.78% | 5.55% |
Rate of compensation increase | 4.24% | 4.29% | 4.33% |
Long-term rate of return on assets | 7.12% | 7.37% | 7.59% |
Weighted average assumptions used in benefit obligations: | ' | ' | ' |
Discount rate | 4.82% | 4.07% | ' |
Rate of compensation increase | 4.37% | 4.39% | ' |
Other Retirement Benefits [Member] | ' | ' | ' |
Weighted average assumptions used in net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.50% | 4.50% | 5.25% |
Weighted average assumptions used in benefit obligations: | ' | ' | ' |
Discount rate | 4.55% | 3.50% | ' |
Benefit_Plans_Allocation_of_Pl
Benefit Plans (Allocation of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocations | 100.00% | 100.00% |
Fair value of pension plan assets | 284.7 | 251 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 283.5 | 249.7 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 1.2 | 1.3 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | ' | ' |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocations | 66.00% | 65.00% |
Target allocation | 65.00% | ' |
Allocation range minimum | 60.00% | ' |
Allocation range maximum | 70.00% | ' |
Indexed Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 132.6 | 111.4 |
Indexed Mutual Funds [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 132.6 | 111.4 |
International Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 55.4 | 49.6 |
International Mutual Funds [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 55.4 | 49.6 |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocations | 32.00% | 34.00% |
Target allocation | 35.00% | ' |
Allocation range minimum | 30.00% | ' |
Allocation range maximum | 40.00% | ' |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted average asset allocations | 2.00% | 1.00% |
Target allocation | 0.00% | ' |
Allocation range minimum | 0.00% | ' |
Allocation range maximum | 5.00% | ' |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 1 | ' |
Cash [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 1 | ' |
Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 87.4 | 83.8 |
Mutual Funds [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 87.4 | 83.8 |
Insurance Contract [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 1.2 | 1.3 |
Insurance Contract [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 1.2 | 1.3 |
Balanced Mutual Fund [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 7.1 | 4.9 |
Balanced Mutual Fund [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of pension plan assets | 7.1 | 4.9 |
StockBased_Compensation_Textua
Stock-Based Compensation (Textuals) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Award Types Other than Stock Options and Stock Appreciation Rights [Member] | Performance-Vesting Shares [Member] | Performance-Vesting Shares [Member] | Performance-Vesting Shares [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Employee Stock Purchase Plan (ESPP) [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Performance-Vesting Units [Member] | Performance-Vesting Units [Member] | Performance-Vesting Units [Member] | President and Chief Operating Officer [Member] | President and Chief Operating Officer [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Deferred Compensation Plans [Member] | Deferred Compensation Plans [Member] | ||||
Stock Options [Member] | Performance-Vesting Shares [Member] | Performance-Vesting Shares [Member] | Performance-Vesting Units [Member] | Performance-Vesting Shares [Member] | Performance-Vesting Units [Member] | plan | Non-Employee Directors [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant/issuance | 5,286,868 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reduced for each award granted | ' | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | 2.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | $21,200,000 | $15,500,000 | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | $6,500,000 | $6,000,000 | $3,000,000 | $400,000 | $400,000 | $300,000 | ' | ' | ' | $2,400,000 | $900,000 | $200,000 | $800,000 | $700,000 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense for all nonveste awards | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period the amount of unrecognized compensation expense is expected to be recognized | '1 year 6 months 30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '4 years | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards, expiration period | ' | ' | ' | '10 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life of options outstanding | '6 years 9 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contratual life of options exercisable | '5 years 3 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of total options outstanding | 128,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of total options vested | 67,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 0.90% | 0.90% | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock volatility | ' | ' | ' | 22.50% | 23.30% | 24.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | 1.30% | 1.70% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | '6 years | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of options granted | $5.73 | $4.01 | $4.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | 27,300,000 | 16,900,000 | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of options vested | 4,000,000 | 3,800,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual payout range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 200.00% | 200.00% | ' | ' |
Weighted average grant date fair value, granted in period | $29.56 | $21.22 | $20.56 | ' | ' | ' | ' | ' | ' | ' | ' | $29.67 | $21.33 | $20.43 | ' | ' | ' | $29.56 | $21.22 | $20.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.46 |
Number of shares to be issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average remaining term of shares issued at conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of current market price for sales to eligible employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limitation on payroll deductions of employee's base salary, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limitation on payroll deductions of employee's base salary, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares per employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares per employee, per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,675 | 103,010 | 110,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of deferred compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Number of deferred stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581,058 | ' |
Award granted for every bonus shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,498 | 209,680 | 202,198 | ' | ' | ' | 5,300 | 2,800 | 3,800 | 25,538 | 27,100 | 26,884 | ' | ' | ' | ' | ' | ' | ' | 36,054 |
Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,088 | 10,042 | 20,398 | ' | ' | ' | 200 | 800 | 2,800 | 0 | 0 | 3,436 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares converted from cash to stock-settled | 324,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash-Settled SARs, Outstanding | 104,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-Settled SARs, Outstanding | 270,314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SARs outstanding | ' | ' | ' | ' | ' | ' | 375,104 | 389,686 | 320,336 | 222,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of deferred stock units payable in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,296 | ' |
StockBased_Compensation_Alloca
Stock-Based Compensation (Allocation of Share-based Compensation Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | $21.20 | $15.50 | $8.40 |
Stock Option and Appreciation Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | 7.7 | 5.3 | 4.4 |
Performance-Vesting Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | 6.5 | 6 | 3 |
Performance-Vesting Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | 2.4 | 0.9 | 0.2 |
Performance-vesting Shares or Units Dividend Equivalents [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | 0.4 | 0.1 | 0.1 |
Employee Stock Purchase Plan (ESPP) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | 0.4 | 0.4 | 0.3 |
Deferred Compensation Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | $3.80 | $2.80 | $0.40 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options Activity [Roll Forward] | ' | ' | ' |
Options outstanding, Beginning | 5.6 | 5.8 | 5.7 |
Granted | 0.9 | 1.2 | 1 |
Exercised | -1.6 | -1.4 | -0.8 |
Forfeited | -0.1 | 0 | -0.1 |
Options outstanding, Ending | 4.8 | 5.6 | 5.8 |
Stock Options, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, Beginning (in usd per share) | $19.83 | $17.88 | $16.16 |
Granted (in usd per share) | $29.71 | $21.47 | $20.43 |
Exercised (in usd per share) | $18.97 | $13.12 | $8.84 |
Forfeited (in usd per share) | $23.10 | $20.66 | $19.84 |
Options outstanding, Ending (in usd per share) | $21.99 | $19.83 | $17.88 |
Stock Options, Additional Disclosures | ' | ' | ' |
Options exercisable | 2.3 | 3 | 3.5 |
Options exercisable (in usd per share) | $19.51 | $19.01 | $16.46 |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Appreciation Rights Award Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
SARs Activity [Roll Forward] | ' | ' | ' |
Outstanding, Beginning | 389,686 | 320,336 | 222,096 |
Granted | 132,566 | 145,018 | 126,048 |
Exercised | -147,148 | -75,668 | -15,370 |
Forfeited | 0 | 0 | -12,438 |
Outstanding, Ending | 375,104 | 389,686 | 320,336 |
SARs, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Oustanding, Beginning (in usd per share) | $20.81 | $20.17 | $19.87 |
Granted (in usd per share) | $29.56 | $21.22 | $20.57 |
Exercised (in usd per share) | $20.47 | $18.91 | $19.58 |
Forfeited (in usd per share) | $0 | $0 | $19.59 |
Oustanding, Ending (in usd per share) | $24.03 | $20.81 | $20.17 |
SARs, Additional Disclosures | ' | ' | ' |
Exercisable | 56,938 | 110,292 | 117,800 |
Exercisable (in usd per share) | $20.95 | $20.70 | $19.86 |
StockBased_Compensation_Nonves
Stock-Based Compensation (Nonvested Performance-based Award Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non-vested PVS Awards, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding, Beginning (in usd per share) | $20.98 | $19.65 | $19.47 |
Granted at target level | $29.56 | $21.22 | $20.56 |
Adjustments above/(below) target | $25.30 | $15.22 | $20.53 |
Vested and converted | $29.56 | $21.22 | $20.43 |
Forfeited | $0 | $0 | $18.77 |
Outstanding, Ending (in usd per share) | $23.86 | $20.98 | $19.65 |
Performance-Vesting Shares [Member] | ' | ' | ' |
Non-vested PVS Awards [Roll Forward] | ' | ' | ' |
Outstanding, Beginning | 652,662 | 657,038 | 695,100 |
Granted at target level | 175,498 | 209,680 | 202,198 |
Adjustments above/(below) target | 38,330 | -120,155 | -116,355 |
Vested and converted | -273,044 | -83,859 | -103,507 |
Forfeited | -15,088 | -10,042 | -20,398 |
Outstanding, Ending | 578,358 | 652,662 | 657,038 |
Non-vested PVS Awards, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding, Beginning (in usd per share) | $21.42 | $19.39 | $19.61 |
Granted at target level | $29.67 | $21.33 | $20.43 |
Adjustments above/(below) target | $23.83 | $13.86 | $20.97 |
Vested and converted | $29.56 | $21.22 | $20.43 |
Forfeited | $23.29 | $20.98 | $19.23 |
Outstanding, Ending (in usd per share) | $23.79 | $21.42 | $19.39 |
Performance-Vesting Units [Member] | ' | ' | ' |
Non-vested PVS Awards [Roll Forward] | ' | ' | ' |
Outstanding, Beginning | 69,240 | 54,572 | 46,840 |
Granted at target level | 25,538 | 27,100 | 26,884 |
Adjustments above/(below) target | 3,000 | -7,156 | -8,330 |
Vested and converted | -18,322 | -5,276 | -7,386 |
Forfeited | 0 | 0 | -3,436 |
Outstanding, Ending | 79,456 | 69,240 | 54,572 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Textuals) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $10,300,000 | ' | ' |
Net rental expense | ' | 12,000,000 | 11,400,000 |
Sublease income | ' | 400,000 | 800,000 |
Outstanding unconditional contractual commitments for the purchase of raw materials, utilities and equipment | 31,900,000 | ' | ' |
Outstanding uncondintional contractual commitments due to be paid in 2013 | 17,900,000 | ' | ' |
Contingent consideration, payable period | '5 years | ' | ' |
Contingent consideration, estimated outcome, low | 0 | ' | ' |
Contingent consideration, estimated outcome, high | 4,200,000 | ' | ' |
Insurance Claims [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Accrual for insurance obligations | 8,500,000 | ' | ' |
Amount reimbursable by the insurance company | 4,700,000 | ' | ' |
Brazil [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Accrul for tax obligations | 3,000,000 | ' | ' |
Revolving Credit Facility Due 2017 [Member] | Letter of Credit [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Letters of credit supporting the reimbursement of workers' compensation and other claims | $3,500,000 | ' | ' |
Patents [Member] | La Model Ltd. [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Weighted average useful life | '17 years | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $10.50 |
2015 | 9 |
2016 | 7.4 |
2017 | 5.1 |
2018 | 4.1 |
Thereafter | 17.4 |
Total | $53.50 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $20.90 | $19.60 | $25.40 | |||
Charged to costs and expenses | 2.8 | 0.9 | -0.3 | |||
Deductions | 0.6 | [1] | 0.4 | [1] | -5.5 | [1] |
Balance at end of period | 24.3 | 20.9 | 19.6 | |||
Deferred Tax Asset Valuation Allowance [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 20.4 | 19.3 | 24.9 | |||
Charged to costs and expenses | 2.8 | 0.6 | -0.2 | |||
Deductions | 0.3 | [1] | 0.5 | [1] | -5.4 | [1] |
Balance at end of period | 23.5 | 20.4 | 19.3 | |||
Allowance for Doubtful Accounts Receivable [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 0.5 | 0.3 | 0.5 | |||
Charged to costs and expenses | 0 | 0.3 | -0.1 | |||
Deductions | 0.3 | [1] | -0.1 | [1] | 0 | [1] |
Balance at end of period | $0.80 | $0.50 | $0.30 | |||
[1] | Includes accounts receivable written off, the write-off or write-down of valuation allowances, and translation adjustments. |