Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'FORUM ENERGY TECHNOLOGIES, INC. | ' |
Entity Central Index Key | '0001401257 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 93,173,052 |
Condensed_statements_of_compre
Condensed statements of comprehensive income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $403,938 | $372,999 |
Cost of sales | 276,000 | 258,193 |
Gross profit | 127,938 | 114,806 |
Operating expenses | ' | ' |
Selling, general and administrative expenses | 71,040 | 65,449 |
Transaction expenses | 128 | 9 |
Loss (gain) on sale of assets and other | 689 | 135 |
Total operating expenses | 71,857 | 65,593 |
Earnings from equity investment | 5,308 | 0 |
Operating income | 61,389 | 49,213 |
Other expense (income) | ' | ' |
Interest expense | 7,750 | 3,363 |
Foreign exchange (gains) losses and other, net | 1,477 | -1,467 |
Total other expense | 9,227 | 1,896 |
Income before income taxes | 52,162 | 47,317 |
Provision for income tax expense | 15,656 | 15,379 |
Net income | 36,506 | 31,938 |
Less: Income attributable to noncontrolling interest | -24 | -2 |
Net income attributable to common stockholders | 36,530 | 31,940 |
Weighted average shares outstanding | ' | ' |
Basic (in shares) | 92,129 | 88,533 |
Diluted (in shares) | 95,191 | 94,356 |
Earnings per share | ' | ' |
Basic (in dollars per share) | $0.40 | $0.36 |
Diluted (in dollars per share) | $0.38 | $0.34 |
Other comprehensive income, net of tax: | ' | ' |
Net income | 36,506 | 31,938 |
Change in foreign currency translation, net of tax of $0 | 1,030 | -22,749 |
Gain on pension liability | 2 | 0 |
Comprehensive income | 37,538 | 9,189 |
Less: comprehensive loss (income) attributable to noncontrolling interests | 27 | 62 |
Comprehensive income attributable to common stockholders | $37,565 | $9,251 |
Condensed_consolidated_stateme
Condensed consolidated statements of comprehensive income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Change in foreign currency translation, tax | $0 | $0 |
Condensed_consolidated_balance
Condensed consolidated balance sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $66,954 | $39,582 |
Accounts receivable—trade, net | 280,151 | 250,272 |
Inventories | 439,838 | 441,049 |
Prepaid expenses and other current assets | 22,887 | 29,707 |
Costs and estimated profits in excess of billings | 23,330 | 24,012 |
Deferred income taxes, net | 24,381 | 24,846 |
Total current assets | 857,541 | 809,468 |
Property and equipment, net of accumulated depreciation | 180,085 | 180,292 |
Deferred financing costs, net | 15,024 | 15,658 |
Intangibles | 287,844 | 295,352 |
Goodwill | 799,239 | 802,318 |
Investment in unconsolidated subsidiary | 65,600 | 60,292 |
Other long-term assets | 5,384 | 5,489 |
Total assets | 2,210,717 | 2,168,869 |
Current liabilities | ' | ' |
Current portion of long-term debt | 974 | 998 |
Accounts payable—trade | 122,302 | 100,221 |
Accrued liabilities | 90,592 | 96,529 |
Deferred revenue | 19,380 | 15,837 |
Billings in excess of costs and profits recognized | 15,921 | 6,398 |
Total current liabilities | 249,169 | 219,983 |
Long-term debt, net of current portion | 476,631 | 512,077 |
Deferred income taxes, net | 98,734 | 97,774 |
Other long-term liabilities | 8,736 | 8,069 |
Total liabilities | 833,270 | 837,903 |
Commitments and contingencies | ' | ' |
Equity | ' | ' |
Common stock, $0.01 par value, 296,000,000 shares authorized, 93,243,246 and 92,803,389 shares issued | 932 | 928 |
Additional paid-in capital | 835,270 | 826,064 |
Treasury stock at cost, 3,592,791 and 3,585,098 shares | -30,469 | -30,249 |
Warrants | 640 | 687 |
Retained earnings | 561,670 | 525,140 |
Accumulated other comprehensive loss | 8,820 | 7,785 |
Total stockholders’ equity | 1,376,863 | 1,330,355 |
Noncontrolling interest in subsidiary | 584 | 611 |
Total equity | 1,377,447 | 1,330,966 |
Total liabilities and equity | $2,210,717 | $2,168,869 |
Condensed_consolidated_balance1
Condensed consolidated balance sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 296,000,000 | 296,000,000 |
Common Stock, shares issued | 93,243,246 | 92,803,389 |
Treasury Stock, shares, at cost | 3,592,791 | 3,585,098 |
Condensed_consolidated_stateme1
Condensed consolidated statements of cash flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $36,506 | $31,938 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation expense | 9,123 | 8,473 |
Amortization of intangible assets | 6,775 | 5,463 |
Share-based compensation expense | 4,339 | 3,488 |
Deferred income taxes | 1,425 | 1,834 |
Earnings from equity investment, net of distributions | -5,308 | 0 |
Other | 1,992 | 733 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable—trade | -34,345 | -18,802 |
Inventories | 533 | 21,717 |
Prepaid expenses and other current assets | 8,790 | -1,037 |
Accounts payable, deferred revenue and other accrued liabilities | 22,667 | -2,966 |
Billings in excess of costs and estimated profits earned, net | 10,389 | -22,347 |
Net cash provided by operating activities | 62,886 | 28,494 |
Cash flows from investing activities | ' | ' |
Acquisition of businesses, net of cash acquired | 0 | -1,502 |
Capital expenditures for property and equipment | -11,083 | -10,108 |
Proceeds from sale of business, property and equipment | 6,674 | 182 |
Net cash used in investing activities | -4,409 | -11,428 |
Cash flows from financing activities | ' | ' |
Borrowings under Credit Facility due to acquisitions | 0 | 1,502 |
Borrowings under Credit Facility | 0 | 8,391 |
Repayment of long-term debt | -35,470 | -42,005 |
Excess tax benefits from stock based compensation | 1,854 | 1,512 |
Repurchases of stock | -220 | 0 |
Proceeds from stock issuance | 2,971 | 1,737 |
Deferred financing costs | -6 | 0 |
Net cash used in financing activities | -30,871 | -28,863 |
Effect of exchange rate changes on cash | -234 | -2,321 |
Net increase (decrease) in cash and cash equivalents | 27,372 | -14,118 |
Cash and cash equivalents | ' | ' |
Beginning of period | 39,582 | ' |
End of period | $66,954 | ' |
Organization_and_basis_of_pres
Organization and basis of presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and basis of presentation | ' |
Organization and basis of presentation | |
Forum Energy Technologies, Inc. (the "Company"), a Delaware corporation, is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. | |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |
The Company's investment in an operating entity where the Company has the ability to exert significant influence, but does not control operating and financial policies, is accounted for using the equity method. The Company's share of the net income of this entity is recorded as "Earnings from equity investment" in the condensed consolidated statements of comprehensive income. The investment in this entity is included in "Investment in unconsolidated subsidiary" in the condensed consolidated balance sheets. The Company reports its share of equity earnings within operating income as the investee's operations are similar in nature to the operations of the Company. | |
In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company's financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014 or any other interim period. | |
These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("GAAP") for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2013, which are included in the Company’s 2013 Annual Report on Form 10-K filed with the SEC on February 28, 2014 (the "Annual Report"). |
Recent_accounting_pronouncemen
Recent accounting pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. | |
In April 2014, the FASB issued Accounting Standards Update ("ASU") 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for the Company for the fiscal year beginning January 1, 2015, and is not expected to have a material impact on the consolidated financial statements. |
Acquisitions_and_investment_in
Acquisitions and investment in joint venture | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions and investment in joint venture | ' | ||||
Acquisitions and investment in joint venture | |||||
2013 Acquisitions | |||||
Effective July 1, 2013, the Company completed the following two acquisitions for aggregate consideration of approximately $180.0 million: | |||||
• | Blohm + Voss Oil Tools GmbH and related entities ("B+V"), a manufacturer of pipe handling equipment used on offshore and onshore drilling rigs with locations in Hamburg, Germany and Willis, Texas. B+V is included in the Drilling & Subsea segment; and | ||||
• | Moffat 2000 Ltd. ("Moffat"), a Newcastle, England based manufacturer of subsea pipeline inspection gauge launching and receiving systems, and subsea connectors. Moffat is included in the Drilling & Subsea segment. | ||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | |||||
2013 Acquisitions | |||||
Current assets, net of cash acquired | $ | 60,669 | |||
Property and equipment | 4,545 | ||||
Intangible assets (primarily customer relationships) | 59,242 | ||||
Non-tax-deductible goodwill | 100,257 | ||||
Current liabilities | (17,619 | ) | |||
Long term liabilities | (7,879 | ) | |||
Deferred tax liabilities | (20,108 | ) | |||
Net assets acquired | $ | 179,107 | |||
Revenues and net income related to the 2013 acquisitions were not significant for the year ended December 31, 2013. Pro forma results of operations for the 2013 acquisitions have not been presented because the effects were not material to the consolidated financial statements on either an individual or aggregate basis. | |||||
Effective July 1, 2013, the Company jointly purchased Global Tubing, LLC ("Global Tubing") with an equal partner, with management retaining a small interest. Global Tubing is a Dayton, Texas based provider of coiled tubing strings and related services. The Company's equity investment is reported in the Production & Infrastructure segment and is accounted for using the equity method of accounting. As Global Tubing's products are complementary to the Company’s well intervention and stimulation products and the investment's business is integral to the Company's operations, the earnings from the equity investment are included within operating income. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The Company's significant components of inventory at March 31, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and parts | $ | 135,158 | $ | 139,573 | ||||
Work in process | 52,431 | 51,819 | ||||||
Finished goods | 282,548 | 276,076 | ||||||
Gross inventories | 470,137 | 467,468 | ||||||
Inventory reserve | (30,299 | ) | (26,419 | ) | ||||
Inventories | $ | 439,838 | $ | 441,049 | ||||
Goodwill_and_intangible_assets
Goodwill and intangible assets | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and intangible assets | ' | |||||||||||||
Goodwill and intangible assets | ||||||||||||||
Goodwill | ||||||||||||||
The changes in the carrying amount of goodwill from January 1, 2014 to March 31, 2014, were as follows (in thousands): | ||||||||||||||
Drilling & Subsea | Production & Infrastructure | Total | ||||||||||||
Goodwill Balance at January 1, 2014 net | $ | 723,355 | $ | 78,963 | $ | 802,318 | ||||||||
Acquisitions, divestitures and measurement period adjustments | (3,655 | ) | — | (3,655 | ) | |||||||||
Impact of non-U.S. local currency translation | 722 | (146 | ) | 576 | ||||||||||
Goodwill Balance at March 31, 2014 net | $ | 720,422 | $ | 78,817 | $ | 799,239 | ||||||||
Intangible assets | ||||||||||||||
Intangible assets consisted of the following as of March 31, 2014 and December 31, 2013, respectively (in thousands): | ||||||||||||||
March 31, 2014 | ||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | |||||||||||
amount | amortization | intangibles | period (in years) | |||||||||||
Customer relationships | $ | 283,522 | $ | (72,507 | ) | $ | 211,015 | 15-Apr | ||||||
Patents and technology | 32,323 | (6,593 | ) | 25,730 | 17-May | |||||||||
Non-compete agreements | 6,588 | (5,161 | ) | 1,427 | 6-Mar | |||||||||
Trade names | 46,740 | (12,860 | ) | 33,880 | 15-Oct | |||||||||
Distributor relationships | 22,160 | (11,598 | ) | 10,562 | 15-Aug | |||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | ||||||||||
Intangible Assets Total | $ | 396,563 | $ | (108,719 | ) | $ | 287,844 | |||||||
December 31, 2013 | ||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | |||||||||||
amount | amortization | intangibles | period (in years) | |||||||||||
Customer relationships | $ | 283,171 | $ | (67,435 | ) | $ | 215,736 | 15-Apr | ||||||
Patents and technology | 33,843 | (6,510 | ) | 27,333 | 17-May | |||||||||
Non-compete agreements | 6,577 | (5,108 | ) | 1,469 | 6-Mar | |||||||||
Trade names | 46,654 | (11,948 | ) | 34,706 | 15-Oct | |||||||||
Distributor relationships | 22,160 | (11,282 | ) | 10,878 | 15-Aug | |||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | ||||||||||
Intangible Assets Total | $ | 397,635 | $ | (102,283 | ) | $ | 295,352 | |||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Notes payable and lines of credit as of March 31, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
6.25% Senior Notes due October 2021 | $ | 403,106 | $ | 403,208 | ||||
Senior secured revolving credit line | 73,000 | 108,000 | ||||||
Other debt | 1,499 | 1,867 | ||||||
Total debt | 477,605 | 513,075 | ||||||
Less: current maturities | (974 | ) | (998 | ) | ||||
Long-term debt | $ | 476,631 | $ | 512,077 | ||||
Senior Notes Due 2021 | ||||||||
The Senior Notes bear interest at a rate of 6.25% per annum, payable on April 1 and October 1 of each year, and mature on October 1, 2021. The Senior Notes are senior unsecured obligations, and are guaranteed on a senior unsecured basis by the Company’s subsidiaries that guarantee the Credit Facility and rank junior to, among other indebtedness, the Credit Facility to the extent of the value of the collateral securing the Credit Facility. | ||||||||
Credit Facility | ||||||||
The Company has a Credit Facility with several financial institutions as lenders that provides for a $600.0 million revolving credit facility with up to $75.0 million available for letters of credit and up to $25.0 million in swingline loans. Subject to terms of the Credit Facility, the Company has the ability to increase the revolving Credit Facility by an additional $300.0 million. The Credit Facility matures in November 2018. Weighted average interest rates under the Credit Facility at March 31, 2014 and December 31, 2013 were 2.16% and 2.17%, respectively. | ||||||||
Availability under the Credit Facility was approximately $513.9 million at March 31, 2014. There have been no changes to the financial covenants disclosed in Item 7 of the Annual Report and the Company was in compliance with all financial covenants at March 31, 2014. |
Income_taxes
Income taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income taxes | ' |
Income taxes | |
The Company's effective tax rate for the was 30.0% for the three months ended March 31, 2014 and was 32.5% for the three months ended March 31, 2013. The tax provision for the three months ended March 31, 2014 is lower than the comparable period in 2013 primarily due to a higher proportion of our earnings being generated outside the U.S. in jurisdictions subject to lower tax rates and benefits received from other tax incentives. |
Fair_value_measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair value measurements | ' |
Fair value measurements | |
At March 31, 2014, the carrying value of the Credit Facility was $73.0 million. Substantially all of the debt incurs interest at a variable interest rate and, therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. | |
The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2014, the fair value and the carrying value of the Company’s Senior Notes approximated $426.3 million and $403.1 million, respectively. At December 31, 2013, the fair value and the carrying value of the Company’s Senior Notes approximated $419.3 million and $403.2 million, respectively. | |
There were no outstanding financial assets as of March 31, 2014 and December 31, 2013 that required measuring the amounts at fair value. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2014. |
Business_segments
Business segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Business segments | ' | ||||||||
Business segments | |||||||||
The Company’s operations are divided into the following two operating segments, which are our reportable segments: Drilling & Subsea ("D&S") and Production & Infrastructure ("P&I"). The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue: | |||||||||
Drilling & Subsea | $ | 261,769 | $ | 221,939 | |||||
Production & Infrastructure | 142,575 | 151,210 | |||||||
Intersegment eliminations | (406 | ) | (150 | ) | |||||
Total Revenue | $ | 403,938 | $ | 372,999 | |||||
Operating income: | |||||||||
Drilling & Subsea | $ | 47,065 | $ | 35,156 | |||||
Production & Infrastructure | 23,882 | 21,374 | |||||||
Corporate | (8,741 | ) | (7,173 | ) | |||||
Total segment operating income | 62,206 | 49,357 | |||||||
Transaction expenses | 128 | 9 | |||||||
Loss (gain) on sale of assets and other | 689 | 135 | |||||||
Income from operations | $ | 61,389 | $ | 49,213 | |||||
A summary of consolidated assets by reportable segment is as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Drilling & Subsea | $ | 1,675,763 | $ | 1,655,355 | |||||
Production & Infrastructure | 476,839 | 468,520 | |||||||
Corporate | 58,115 | 44,994 | |||||||
Total assets | $ | 2,210,717 | $ | 2,168,869 | |||||
Earnings_per_share
Earnings per share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per share | ' | |||||||
Earnings per share | ||||||||
The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Income attributable to common stockholders | $ | 36,530 | $ | 31,940 | ||||
Average shares outstanding (basic) | 92,129 | 88,533 | ||||||
Common stock equivalents | 3,062 | 5,823 | ||||||
Diluted shares | 95,191 | 94,356 | ||||||
Earnings per share | ||||||||
Basic earnings per share | $ | 0.4 | $ | 0.36 | ||||
Diluted earnings per share | $ | 0.38 | $ | 0.34 | ||||
The diluted earnings per share calculation excludes approximately 0.8 million and 1.0 million stock options for the three months ended March 31, 2014 and 2013, respectively, because they were anti-dilutive as the option exercise price was greater than the average market price of the common stock. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Commitments and contingencies | |
In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions, that may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are considered to be probable and can be reasonably estimated. The reserves accrued at March 31, 2014 and 2013, respectively, are immaterial. It is management's opinion that the Company's ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Stockholders_equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Stockholders' equity | ' |
Stockholders' equity | |
Share-based compensation | |
During the three months ended March 31, 2014, the Company granted 368,054 options and 629,409 shares of restricted stock or restricted stock units, which includes 115,610 performance share awards with a market condition. The stock options were granted on February 21, 2014 with an exercise price of $26.96. Of the restricted stock or restricted stock units granted, 472,066 vest ratably over four years on each anniversary of the grant date. 41,733 shares of restricted stock or restricted stock units were granted to the non-employee members of the Board of Directors, which have a twelve month vesting period from the date of grant. The performance share awards granted may settle for between zero and two shares of the Company's common stock. The number of shares issued pursuant to the performance share awards will be determined based on the total shareholder return of the Company's common stock as compared to a group of peer companies, measured annually over a three-year performance period. |
Related_party_transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related party transactions | ' |
Related party transactions | |
The Company entered into lease agreements for office and warehouse space with former owners of acquired companies or affiliates of a director. The Company has sold and purchased inventory, services and fixed assets to and from various affiliates of certain directors. The dollar amounts related to these related party activities are not significant to the Company’s condensed consolidated financial statements. |
Recent_accounting_pronouncemen1
Recent accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Recent accounting pronouncements | ' |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. | |
In April 2014, the FASB issued Accounting Standards Update ("ASU") 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for the Company for the fiscal year beginning January 1, 2015, and is not expected to have a material impact on the consolidated financial statements. |
Acquisitions_and_investment_in1
Acquisitions and investment in joint venture (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Acquisitions | ' | ||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | |||||
2013 Acquisitions | |||||
Current assets, net of cash acquired | $ | 60,669 | |||
Property and equipment | 4,545 | ||||
Intangible assets (primarily customer relationships) | 59,242 | ||||
Non-tax-deductible goodwill | 100,257 | ||||
Current liabilities | (17,619 | ) | |||
Long term liabilities | (7,879 | ) | |||
Deferred tax liabilities | (20,108 | ) | |||
Net assets acquired | $ | 179,107 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
The Company's significant components of inventory at March 31, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials and parts | $ | 135,158 | $ | 139,573 | ||||
Work in process | 52,431 | 51,819 | ||||||
Finished goods | 282,548 | 276,076 | ||||||
Gross inventories | 470,137 | 467,468 | ||||||
Inventory reserve | (30,299 | ) | (26,419 | ) | ||||
Inventories | $ | 439,838 | $ | 441,049 | ||||
Goodwill_and_intangible_assets1
Goodwill and intangible assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of Goodwill | ' | |||||||||||||
The changes in the carrying amount of goodwill from January 1, 2014 to March 31, 2014, were as follows (in thousands): | ||||||||||||||
Drilling & Subsea | Production & Infrastructure | Total | ||||||||||||
Goodwill Balance at January 1, 2014 net | $ | 723,355 | $ | 78,963 | $ | 802,318 | ||||||||
Acquisitions, divestitures and measurement period adjustments | (3,655 | ) | — | (3,655 | ) | |||||||||
Impact of non-U.S. local currency translation | 722 | (146 | ) | 576 | ||||||||||
Goodwill Balance at March 31, 2014 net | $ | 720,422 | $ | 78,817 | $ | 799,239 | ||||||||
Summary of Intangible Assets | ' | |||||||||||||
Intangible assets consisted of the following as of March 31, 2014 and December 31, 2013, respectively (in thousands): | ||||||||||||||
March 31, 2014 | ||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | |||||||||||
amount | amortization | intangibles | period (in years) | |||||||||||
Customer relationships | $ | 283,522 | $ | (72,507 | ) | $ | 211,015 | 15-Apr | ||||||
Patents and technology | 32,323 | (6,593 | ) | 25,730 | 17-May | |||||||||
Non-compete agreements | 6,588 | (5,161 | ) | 1,427 | 6-Mar | |||||||||
Trade names | 46,740 | (12,860 | ) | 33,880 | 15-Oct | |||||||||
Distributor relationships | 22,160 | (11,598 | ) | 10,562 | 15-Aug | |||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | ||||||||||
Intangible Assets Total | $ | 396,563 | $ | (108,719 | ) | $ | 287,844 | |||||||
December 31, 2013 | ||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | |||||||||||
amount | amortization | intangibles | period (in years) | |||||||||||
Customer relationships | $ | 283,171 | $ | (67,435 | ) | $ | 215,736 | 15-Apr | ||||||
Patents and technology | 33,843 | (6,510 | ) | 27,333 | 17-May | |||||||||
Non-compete agreements | 6,577 | (5,108 | ) | 1,469 | 6-Mar | |||||||||
Trade names | 46,654 | (11,948 | ) | 34,706 | 15-Oct | |||||||||
Distributor relationships | 22,160 | (11,282 | ) | 10,878 | 15-Aug | |||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | ||||||||||
Intangible Assets Total | $ | 397,635 | $ | (102,283 | ) | $ | 295,352 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
Notes payable and lines of credit as of March 31, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
6.25% Senior Notes due October 2021 | $ | 403,106 | $ | 403,208 | ||||
Senior secured revolving credit line | 73,000 | 108,000 | ||||||
Other debt | 1,499 | 1,867 | ||||||
Total debt | 477,605 | 513,075 | ||||||
Less: current maturities | (974 | ) | (998 | ) | ||||
Long-term debt | $ | 476,631 | $ | 512,077 | ||||
Business_segments_Tables
Business segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||
Summary financial data by segment follows (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenue: | |||||||||
Drilling & Subsea | $ | 261,769 | $ | 221,939 | |||||
Production & Infrastructure | 142,575 | 151,210 | |||||||
Intersegment eliminations | (406 | ) | (150 | ) | |||||
Total Revenue | $ | 403,938 | $ | 372,999 | |||||
Operating income: | |||||||||
Drilling & Subsea | $ | 47,065 | $ | 35,156 | |||||
Production & Infrastructure | 23,882 | 21,374 | |||||||
Corporate | (8,741 | ) | (7,173 | ) | |||||
Total segment operating income | 62,206 | 49,357 | |||||||
Transaction expenses | 128 | 9 | |||||||
Loss (gain) on sale of assets and other | 689 | 135 | |||||||
Income from operations | $ | 61,389 | $ | 49,213 | |||||
A summary of consolidated assets by reportable segment is as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Drilling & Subsea | $ | 1,675,763 | $ | 1,655,355 | |||||
Production & Infrastructure | 476,839 | 468,520 | |||||||
Corporate | 58,115 | 44,994 | |||||||
Total assets | $ | 2,210,717 | $ | 2,168,869 | |||||
Earnings_per_share_Tables
Earnings per share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Income attributable to common stockholders | $ | 36,530 | $ | 31,940 | ||||
Average shares outstanding (basic) | 92,129 | 88,533 | ||||||
Common stock equivalents | 3,062 | 5,823 | ||||||
Diluted shares | 95,191 | 94,356 | ||||||
Earnings per share | ||||||||
Basic earnings per share | $ | 0.4 | $ | 0.36 | ||||
Diluted earnings per share | $ | 0.38 | $ | 0.34 | ||||
Acquisitions_and_investment_in2
Acquisitions and investment in joint venture (Schedule of assets acquired and liabilities assumed) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 02, 2013 |
In Thousands, unless otherwise specified | Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, net of cash acquired | ' | ' | $60,669 |
Property and equipment | ' | ' | 4,545 |
Intangible assets (primarily customer relationships) | ' | ' | 59,242 |
Non-tax-deductible goodwill | 799,239 | 802,318 | 100,257 |
Current liabilities | ' | ' | -17,619 |
Long term liabilities | ' | ' | -7,879 |
Deferred tax liabilities | ' | ' | -20,108 |
Net assets acquired | ' | ' | $179,107 |
Acquisitions_and_investment_in3
Acquisitions and investment in joint venture (Narrative) (Details) (Series of Individually Immaterial Business Acquisitions [Member], USD $) | Jul. 02, 2013 |
In Millions, unless otherwise specified | Acquisition |
Series of Individually Immaterial Business Acquisitions [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of acquisitions completed during period | 2 |
Approximate consideration for individually immaterial acquisitions | $180 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and parts | $135,158 | $139,573 |
Work in process | 52,431 | 51,819 |
Finished goods | 282,548 | 276,076 |
Gross inventories | 470,137 | 467,468 |
Inventory reserve | -30,299 | -26,419 |
Inventories | $439,838 | $441,049 |
Goodwill_and_intangible_assets2
Goodwill and intangible assets (Schedule of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill Balance at January 1, 2014 net | $802,318 |
Acquisitions, divestitures and measurement period adjustments | -3,655 |
Impact of non-U.S. local currency translation | 576 |
Goodwill Balance at March 31, 2014 net | 799,239 |
Drilling & Subsea [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill Balance at January 1, 2014 net | 723,355 |
Acquisitions, divestitures and measurement period adjustments | -3,655 |
Impact of non-U.S. local currency translation | 722 |
Goodwill Balance at March 31, 2014 net | 720,422 |
Production & Infrastructure [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill Balance at January 1, 2014 net | 78,963 |
Acquisitions, divestitures and measurement period adjustments | 0 |
Impact of non-U.S. local currency translation | -146 |
Goodwill Balance at March 31, 2014 net | $78,817 |
Goodwill_and_intangible_assets3
Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Trademark [Member] | Trademark [Member] | Customer relationships [Member] | Customer relationships [Member] | Patents and technology [Member] | Patents and technology [Member] | Non-compete agreements [Member] | Non-compete agreements [Member] | Trade names [Member] | Trade names [Member] | Distributor relationships [Member] | Distributor relationships [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer relationships [Member] | Customer relationships [Member] | Patents and technology [Member] | Patents and technology [Member] | Non-compete agreements [Member] | Non-compete agreements [Member] | Trade names [Member] | Trade names [Member] | Distributor relationships [Member] | Distributor relationships [Member] | Customer relationships [Member] | Customer relationships [Member] | Patents and technology [Member] | Patents and technology [Member] | Non-compete agreements [Member] | Non-compete agreements [Member] | Trade names [Member] | Trade names [Member] | Distributor relationships [Member] | Distributor relationships [Member] | |||||||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount | ' | ' | ' | ' | $283,522 | $283,171 | $32,323 | $33,843 | $6,588 | $6,577 | $46,740 | $46,654 | $22,160 | $22,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -108,719 | -102,283 | ' | ' | -72,507 | -67,435 | -6,593 | -6,510 | -5,161 | -5,108 | -12,860 | -11,948 | -11,598 | -11,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net amortizable intangibles | ' | ' | ' | ' | 211,015 | 215,736 | 25,730 | 27,333 | 1,427 | 1,469 | 33,880 | 34,706 | 10,562 | 10,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets | ' | ' | 5,230 | 5,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Total, Gross carrying amount | 396,563 | 397,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Total, Net amortizable intangibles | $287,844 | $295,352 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | '5 years | '5 years | '3 years | '3 years | '10 years | '10 years | '8 years | '8 years | '15 years | '15 years | '17 years | '17 years | '6 years | '6 years | '15 years | '15 years | '15 years | '15 years |
Debt_Schedule_of_LongTerm_Debt
Debt (Schedule of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $477,605 | $513,075 |
Less: current maturities | -974 | -998 |
Long-term debt | 476,631 | 512,077 |
6.25% Senior Notes due October 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 403,106 | 403,208 |
Senior secured revolving credit line [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 73,000 | 108,000 |
Other debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $1,499 | $1,867 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt stated interest rate | 6.25% | ' |
Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rates | 2.16% | 2.17% |
Line of credit facility, remaining borrowing capacity | $513,900,000 | ' |
Revolving Credit Facility [Member] | Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | 600,000,000 | ' |
Letter of Credit [Member] | Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | 75,000,000 | ' |
Swingline Loan [Member] | Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | 25,000,000 | ' |
Equipment Leased to Other Party [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility, additional borrowing capacity | $300,000,000 | ' |
Income_taxes_Details
Income taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 30.00% | 32.50% |
Fair_value_measurements_Narrat
Fair value measurements (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Debt instrument, carrying value | $477,605,000 | $513,075,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 73,000,000 | ' |
6.25% Senior Notes due October 2021 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Debt instrument, carrying value | 403,106,000 | 403,208,000 |
6.25% Senior Notes due October 2021 [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Debt instrument, fair value disclosure | $426,300,000 | $419,300,000 |
Business_segments_Income_State
Business segments (Income Statement by Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
segments | ||
Segment Reporting [Abstract] | ' | ' |
Number of operating segments (in segments) | 2 | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $403,938 | $372,999 |
Operating income | 61,389 | 49,213 |
Transaction expenses | 128 | 9 |
Loss (gain) on sale of assets and other | 689 | 135 |
Total segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | 62,206 | 49,357 |
Drilling & Subsea [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 261,769 | 221,939 |
Operating income | 47,065 | 35,156 |
Production & Infrastructure [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | 142,575 | 151,210 |
Operating income | 23,882 | 21,374 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | -406 | -150 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income | ($8,741) | ($7,173) |
Business_segments_Assets_by_Se
Business segments (Assets by Segment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $2,210,717 | $2,168,869 |
Drilling & Subsea [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 1,675,763 | 1,655,355 |
Production & Infrastructure [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 476,839 | 468,520 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $58,115 | $44,994 |
Earnings_per_share_Details
Earnings per share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net Income attributable to common stockholders | $36,530 | $31,940 |
Average shares outstanding (basic) | 92,129,000 | 88,533,000 |
Common stock equivalents | 3,062,000 | 5,823,000 |
Diluted shares | 95,191,000 | 94,356,000 |
Basic earnings per share (in dollars per share) | $0.40 | $0.36 |
Diluted earnings per share (in dollars per share) | $0.38 | $0.34 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Diluted earnings per share calculation excludes (in shares) | 800,000 | 1,000,000 |
Stockholders_equity_Sharebased
Stockholders' equity (Share-based compensation) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of options granted (in shares) | 368,054 |
Granted stock options, exercise price (in dollars per share) | $26.96 |
Restricted Stock and Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of equity instruments other than options granted (in shares) | 629,409 |
Restricted Stock and Restricted Stock Units with Specified Vesting Period [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of equity instruments other than options granted (in shares) | 472,066 |
Award vesting period | '4 years |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of equity instruments other than options granted (in shares) | 115,610 |
Performance measurement period | '3 years |
Board of Directors [Member] | Restricted Stock and Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of equity instruments other than options granted (in shares) | 41,733 |
Minimum [Member] | Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share conversion ratio | 0 |
Maximum [Member] | Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share conversion ratio | 2 |