Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'John Bean Technologies Corp | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 29,138,162 | ' |
Entity Public Float | ' | ' | $570,977,390 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001433660 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 |
Revenue: | ' | ' | ' |
Product revenue | $811.80 | $793.90 | $836 |
Service revenue | 122.4 | 123.4 | 119.8 |
Total revenue | 934.2 | 917.3 | 955.8 |
Operating expenses: | ' | ' | ' |
Cost of products | 608.7 | 591.8 | 629 |
Cost of services | 92.6 | 94.7 | 92.2 |
Selling, general and administrative expense | 164.3 | 156.6 | 152.9 |
Research and development expense | 14 | 14.3 | 18.5 |
Restructuring expense | 1.6 | 0.1 | 11.6 |
Other income, net | -0.2 | -1.1 | -1.6 |
Operating income | 53.2 | 60.9 | 53.2 |
Interest income | 2.2 | 0.5 | 0.6 |
Interest expense | -7.6 | -7.4 | -7 |
Income from continuing operations before income taxes | 47.8 | 54 | 46.8 |
Provision for income taxes | 13.8 | 16.9 | 16 |
Income from continuing operations | 34 | 37.1 | 30.8 |
Loss from discontinued operations, net of income taxes | -0.9 | -0.9 | -0.3 |
Net income | $33.10 | $36.20 | $30.50 |
Basic earnings per share: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $1.16 | $1.27 | $1.07 |
Loss from discontinued operations (in Dollars per share) | ($0.03) | ($0.03) | ($0.01) |
Net income (in Dollars per share) | $1.13 | $1.24 | $1.06 |
Diluted earnings per share: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $1.15 | $1.26 | $1.05 |
Loss from discontinued operations (in Dollars per share) | ($0.04) | ($0.03) | ($0.01) |
Net income (in Dollars per share) | $1.11 | $1.23 | $1.04 |
Dividends declared per share (in Dollars per share) | $0.34 | $0.28 | $0.28 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in Shares) | 29.2 | 29.1 | 28.8 |
Diluted (in Shares) | 29.7 | 29.5 | 29.3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $33.10 | $36.20 | $30.50 |
Other comprehensive income (loss) | ' | ' | ' |
Foreign currency translation adjustments | -4.5 | 0.7 | -7.4 |
Pension and other postretirement benefits adjustments, net of tax | 25.4 | -5.2 | -30.1 |
Derivatives designated as hedges, net of tax | ' | 0.2 | 0.1 |
Other comprehensive income (loss) | 20.9 | -4.3 | -37.4 |
Comprehensive income (loss) | $54 | $31.90 | ($6.90) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $29.40 | $99 |
Trade receivables, net of allowances of $3.7 and $3.7, respectively | 186.4 | 188.4 |
Inventories | 117.6 | 109.2 |
Prepaid expenses | 6.5 | 5.8 |
Deferred income taxes | 20.6 | 19.3 |
Assets held for sale | 3 | 3 |
Other current assets | 33.1 | 26.4 |
Total current assets | 396.6 | 451.1 |
Investments | 12.2 | 11.5 |
Property, plant and equipment, net of accumulated depreciation of $241.9 and $235.5, respectively | 132.7 | 126.2 |
Goodwill | 30.8 | 30.6 |
Intangible assets, net | 21.4 | 23.8 |
Deferred income taxes | 9.9 | 21.6 |
Other assets | 17.6 | 13.2 |
Total Assets | 621.2 | 678 |
Current Liabilities: | ' | ' |
Short-term debt and current portion of long-term debt | 6.3 | 2 |
Accounts payable, trade and other | 88.1 | 88.7 |
Advance and progress payments | 88.3 | 74.3 |
Accrued payroll | 35.5 | 34.4 |
Deferred income taxes | 5.1 | 5.7 |
Other current liabilities | 54.3 | 45.7 |
Total current liabilities | 277.6 | 250.8 |
Long-term debt, less current portion | 94.1 | 189.1 |
Accrued pension and other postretirement benefits, less current portion | 52.5 | 104.6 |
Deferred income taxes | 10.9 | 2.4 |
Other liabilities | 31.7 | 25.5 |
Commitments and contingencies (Note 14) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2013 or 2012 | ' | ' |
Common stock, $0.01 par value; 120,000,000 shares authorized; | ' | ' |
2013: 28,979,080 issued and 28,979,080 outstanding; 2012: 28,946,413 issued and 28,732,211 outstanding | 0.3 | 0.3 |
Common stock held in treasury, at cost; 2012: 214,202 shares | ' | -3.4 |
Additional paid-in capital | 67.7 | 66.2 |
Retained earnings | 146.5 | 123.5 |
Accumulated other comprehensive loss | -60.1 | -81 |
Total Stockholders' Equity | 154.4 | 105.6 |
Total Liabilities and Stockholders' Equity | $621.20 | $678 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowances, trade receivables (in Dollars) | $3.70 | $3.70 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $241.90 | $235.50 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 28,979,080 | 28,946,413 |
Common stock, shares outstanding | 28,979,080 | 28,732,211 |
Common stock held in treasury, at cost; shares | ' | 214,202 |
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 | $33.10 | $36.20 | $30.50 |
Loss from discontinued operations, net of income taxes | 0.9 | 0.9 | 0.3 |
Income from continuing operations | 34 | 37.1 | 30.8 |
Adjustments to reconcile income from continuing operations to cash provided (required) by operating activities of continuing operations: | ' | ' | ' |
Depreciation | 20.6 | 20.3 | 21.3 |
Amortization | 4.4 | 3.3 | 2.8 |
Stock-based compensation | 6.9 | 7.5 | 5.2 |
Pension and other postretirement benefits (income) expense | 1.3 | 0.4 | -1.3 |
Deferred income taxes | 5.7 | 6.7 | 3.4 |
Other | -3.5 | 0.8 | 2.7 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' | ' |
Trade receivables, net | 0.8 | 2.3 | 0.2 |
Inventories | -9.6 | 14.6 | -19.8 |
Accounts payable, trade and other | -1.9 | 5.2 | -2 |
Advance payments and progress billings | 14.1 | 15.8 | 7.4 |
Accrued pension and other postretirement benefits, net | -10.7 | -14.7 | -10.4 |
Other assets and liabilities, net | 1 | -12.7 | -3.3 |
Cash provided by continuing operating activities | 63.1 | 86.6 | 37 |
Net cash required by discontinued operating activities | -1.1 | -0.6 | -0.6 |
Cash provided by operating activities | 62 | 86 | 36.4 |
Cash Flows From Investing Activities: | ' | ' | ' |
Acquisitions | ' | -10 | ' |
Capital expenditures | -29.2 | -24.7 | -20.8 |
Proceeds from disposal of assets | 1.1 | 2.1 | 0.4 |
Other | ' | ' | -1 |
Cash required by investing activities | -28.1 | -32.6 | -21.4 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (decrease) increase in short-term debt | -0.3 | -0.9 | 2.9 |
Net (payments) proceeds on credit facilities | -97 | 52.7 | -8.1 |
Issuance (Repayment) of long-term debt | 7.8 | -0.6 | -1.6 |
Excess tax benefits | 0.5 | 0.7 | 1.9 |
Tax witholdings on stock-based compensation awards | -2.3 | -2.3 | -4.8 |
Purchase of stock held in treasury | -0.2 | -3.6 | -0.3 |
Dividends paid | -10.1 | -8.5 | -8.4 |
Other | ' | -1.4 | -0.1 |
Cash (required) provided by financing activities | -101.6 | 36.1 | -18.5 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1.9 | 0.5 | -1.2 |
(Decrease) increase in cash and cash equivalents | -69.6 | 90 | -4.7 |
Cash and cash equivalents, beginning of period | 99 | 9 | 13.7 |
Cash and cash equivalents, end of period | 29.4 | 99 | 9 |
Supplemental Cash Flow Information: | ' | ' | ' |
Interest paid | 6.7 | 6.9 | 6.8 |
Income taxes paid | $7.70 | $9.20 | $10.80 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Millions | ||||||
Balance at Dec. 31, 2010 | $0.30 | ($0.70) | $59.10 | $73.60 | ($39.30) | $93 |
Net income | ' | ' | ' | 30.5 | ' | 30.5 |
Issuance of common stock | ' | 0.7 | -0.7 | ' | ' | ' |
Taxes withheld on issuance of stock-based awards | ' | ' | -4.8 | ' | ' | -4.8 |
Excess tax benefits on stock-based payment arrangements | ' | ' | 1.9 | ' | ' | 1.9 |
Dividends on stock-based payment arrangements | ' | ' | ' | -0.3 | ' | -0.3 |
Common stock cash dividends | ' | ' | ' | -8 | ' | -8 |
Share repurchases | ' | -0.3 | ' | ' | ' | -0.3 |
Foreign currency translation adjustments | ' | ' | ' | ' | -7.4 | -7.4 |
Derivatives designated as hedges, net of income taxes | ' | ' | ' | ' | 0.1 | 0.1 |
Pension and other postretirement liability adjustments, net of income taxes | ' | ' | ' | ' | -30.1 | -30.1 |
Stock-based compensation expense | ' | ' | 5.2 | ' | ' | 5.2 |
Balance at Dec. 31, 2011 | 0.3 | -0.3 | 60.7 | 95.8 | -76.7 | 79.8 |
Net income | ' | ' | ' | 36.2 | ' | 36.2 |
Issuance of common stock | ' | 0.5 | -0.4 | ' | ' | 0.1 |
Taxes withheld on issuance of stock-based awards | ' | ' | -2.3 | ' | ' | -2.3 |
Excess tax benefits on stock-based payment arrangements | ' | ' | 0.7 | ' | ' | 0.7 |
Dividends on stock-based payment arrangements | ' | ' | ' | -0.4 | ' | -0.4 |
Common stock cash dividends | ' | ' | ' | -8.1 | ' | -8.1 |
Share repurchases | ' | -3.6 | ' | ' | ' | -3.6 |
Foreign currency translation adjustments | ' | ' | ' | ' | 0.7 | 0.7 |
Derivatives designated as hedges, net of income taxes | ' | ' | ' | ' | 0.2 | 0.2 |
Pension and other postretirement liability adjustments, net of income taxes | ' | ' | ' | ' | -5.2 | -5.2 |
Stock-based compensation expense | ' | ' | 7.5 | ' | ' | 7.5 |
Balance at Dec. 31, 2012 | 0.3 | -3.4 | 66.2 | 123.5 | -81 | 105.6 |
Net income | ' | ' | ' | 33.1 | ' | 33.1 |
Issuance of common stock | ' | 3.6 | -3.6 | ' | ' | ' |
Taxes withheld on issuance of stock-based awards | ' | ' | -2.3 | ' | ' | -2.3 |
Excess tax benefits on stock-based payment arrangements | ' | ' | 0.5 | ' | ' | 0.5 |
Dividends on stock-based payment arrangements | ' | ' | ' | -0.3 | ' | -0.3 |
Common stock cash dividends | ' | ' | ' | -9.8 | ' | -9.8 |
Share repurchases | ' | -0.2 | ' | ' | ' | -0.2 |
Foreign currency translation adjustments | ' | ' | ' | ' | -4.5 | -4.5 |
Pension and other postretirement liability adjustments, net of income taxes | ' | ' | ' | ' | 25.4 | 25.4 |
Stock-based compensation expense | ' | ' | 6.9 | ' | ' | 6.9 |
Balance at Dec. 31, 2013 | $0.30 | ' | $67.70 | $146.50 | ($60.10) | $154.40 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parentheticals) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Derivatives designated as hedges, income taxes | ' | $0 | $0.10 |
Pension and other postretirement liability adjustments, income taxes | $15.50 | $3 | $19.10 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Consolidation | |
The consolidated financial statements include the accounts of John Bean Technologies Corporation and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. | |
Use of estimates | |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. | |
Cash and cash equivalents | |
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. | |
Inventories | |
Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | |
Property, plant, and equipment | |
Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years, buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | |
Capitalized software costs | |
Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $5.2 million and $5.9 million at December 31, 2013 and 2012, respectively. These software costs include significant purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. | |
Goodwill | |
We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. | |
Based on our 2013 annual assessment, we determined that none of our goodwill was impaired. | |
Intangible assets | |
Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which generally range from 7 to 15 years. None of our acquired intangible assets have indefinite lives. | |
Impairment of long-lived assets | |
Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. | |
Revenue recognition | |
We recognize product revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is assured. | |
Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we generally allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. | |
Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. | |
Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not accelerated for materials procurement. We primarily measure progress toward completion by the units of completion method. Any expected losses are charged to earnings, in total, in the period the losses are identified. | |
Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $56.8 million and $57.9 million at December 31, 2013 and 2012, respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $2.7 million and $2.0 million at December 31, 2013 and 2012, respectively. | |
Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. | |
Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, and additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. | |
We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | |
Income taxes | |
Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | |
A liability for uncertain tax positions is recorded whenever management believes it is not more likely than not that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. | |
Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. | |
Stock-based employee compensation | |
We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. | |
Foreign currency | |
Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. | |
Derivative financial instruments | |
Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. | |
We elected to discontinue the use of hedge accounting for all foreign currency derivative positions entered into since July of 2008. Accordingly, the changes in fair value of these contracts are recognized in earnings as they occur and, to the extent derivatives economically hedge existing assets or liabilities as opposed to anticipated transactions, offset gains or losses on the remeasurement of the related asset or liability. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. These gains and losses are excluded from our measure of segment operating profit and are reflected in other expense, net in the reconciliation of segment operating profit to income before income taxes. | |
When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. | |
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. | |
Recently issued and adopted accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued guidance that requires an entity to disclose information showing the effect of items reclassified from accumulated other comprehensive income on the line items of net income. The provisions of this new guidance were effective prospectively as of the beginning of our 2013 fiscal year. Accordingly, we adopted this standard in the first quarter of 2013. | |
In December 2011, the FASB issued new disclosure requirements that are intended to enhance current disclosures on offsetting financial assets and liabilities. The new disclosures require an entity to disclose both gross and net information about derivative instruments accounted for in accordance with the guidance on derivatives and hedging that are eligible for offset on the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. We adopted this standard in the first quarter of 2013. |
Note_2_Inventories
Note 2 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 2. INVENTORIES | |||||||||
Inventories as of December 31 consisted of the following: | |||||||||
(In millions) | 2013 | 2012 | |||||||
Raw materials | $ | 59.9 | $ | 59.9 | |||||
Work in process | 41.7 | 30.6 | |||||||
Finished goods | 80.5 | 82 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 182.1 | 172.5 | |||||||
LIFO reserves and valuation adjustments | (64.5 | ) | (63.3 | ) | |||||
Net inventories | $ | 117.6 | $ | 109.2 | |||||
Inventories accounted for under the LIFO method totaled $106.0 million and $105.0 million at December 31, 2013 and 2012, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $49.2 million at December 31, 2013 and $48.7 million at December 31, 2012. |
Note_3_Property_Plant_and_Equi
Note 3 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 3. PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment as of December 31 consisted of the following: | |||||||||
(In millions) | 2013 | 2012 | |||||||
Land and land improvements | $ | 9 | $ | 8.9 | |||||
Buildings | 62.7 | 60.3 | |||||||
Machinery and equipment | 289 | 284.2 | |||||||
Construction in process | 13.9 | 8.3 | |||||||
374.6 | 361.7 | ||||||||
Accumulated depreciation | (241.9 | ) | (235.5 | ) | |||||
Property, plant and equipment, net | $ | 132.7 | $ | 126.2 | |||||
Note_4_Goodwill_and_Intangible
Note 4 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 4. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||
The changes in the carrying amount of goodwill by business segment were as follows: | |||||||||||||||||
(In millions) | JBT FoodTech | JBT AeroTech | Total | ||||||||||||||
Balance as of January 1, 2012 | $ | 20.4 | $ | 7.8 | $ | 28.2 | |||||||||||
Acquisition | 2 | - | 2 | ||||||||||||||
Currency translation | 0.4 | - | 0.4 | ||||||||||||||
Balance as of December 31, 2012 | 22.8 | 7.8 | 30.6 | ||||||||||||||
Currency translation | 0.1 | 0.1 | 0.2 | ||||||||||||||
Balance as of December 31, 2013 | $ | 22.9 | $ | 7.9 | $ | 30.8 | |||||||||||
The components of intangible assets as of December 31 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In millions) | Gross carrying amount | Accumulated amortization | Gross carrying amount | Accumulated amortization | |||||||||||||
Customer lists | $ | 20.8 | $ | 11.2 | $ | 20.7 | $ | 10.1 | |||||||||
Patents and acquired technology | 26.6 | 25.3 | 26.5 | 24.8 | |||||||||||||
Trademarks | 16.1 | 7.6 | 15.9 | 7.2 | |||||||||||||
Other | 4.4 | 2.4 | 4.4 | 1.6 | |||||||||||||
Total intangible assets | $ | 67.9 | $ | 46.5 | $ | 67.5 | $ | 43.7 | |||||||||
Intangible asset amortization expense was $2.3 million, $2.1 million and $1.5 million for 2013, 2012 and 2011, respectively. Annual amortization expense is expected to be $2.3 million in 2014, $2.2 million in 2015 and 2016, $1.8 million in 2017 and $1.5 million in 2018. |
Note_5_Debt
Note 5 - Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||
NOTE 5. DEBT | ||||||||||||||
Our short-term borrowings consist of short-term credit facilities entered into by our wholly-owned subsidiaries in China and India. The China short-term credit facilities allow us to borrow up to a total of $9 million; as of December 31, 2013 and 2012, we had $0.5 million and $1.4 million, respectively, of outstanding borrowings. The Indian credit facility allows us to borrow up to a total of approximately $0.8 million; we had $0.5 million and $0.4 million of outstanding borrowings as of December 31, 2013 and 2012, respectively. | ||||||||||||||
Five-year Revolving Credit Facility and Other Long-term Borrowings | ||||||||||||||
We entered into a $300 million 5-year credit facility agreement in November 2012. This credit facility permits borrowings in the U.S., Sweden and the Netherlands. Borrowings bear interest, at our option, at LIBOR or an alternative base rate, which is the greater of JPMorgan Chase, N.A.’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1%, plus a margin dependent on our leverage ratio. | ||||||||||||||
We are required to make periodic interest payments on the borrowed amounts and to pay an annual facility fee ranging from 15.0 to 27.5 basis points, depending on our leverage ratio. Our unused commitment totaled approximately $278 million at December 31, 2013. Outstanding letters of credit issued against the credit facility at December 31, 2013 were $6.0 million. | ||||||||||||||
We have $75 million of 6.66% senior unsecured notes. The senior unsecured notes are due on July 31, 2015 and require us to make semiannual interest payments. | ||||||||||||||
Our Brazilian subsidiary entered into two loans during 2013. The first loan was a $4.0 million loan with an annual interest cost of 5.5% that has a first installment payment of $2.0 million due on February 21, 2014, and a second installment payment due at maturity on August 20, 2014. The second loan was a Brazilian real denominated loan in the amount of Br7.9 million (approximately $3.4 million) and bears an annual interest rate of 5.5%. The first payment on this loan is due on May 14, 2014, with equal monthly payments required for 24 months thereafter. | ||||||||||||||
Our credit facility and notes include restrictive covenants that, if not met, could lead to renegotiation of our credit lines, a requirement to repay our borrowings, and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, and limitations on payments made to shareholders. | ||||||||||||||
Our debt as of December 31 consisted of the following: | ||||||||||||||
Weighted-Average | ||||||||||||||
Interest Rate at | Maturity | |||||||||||||
(In millions) | 31-Dec-13 | Date | 2013 | 2012 | ||||||||||
Short-term borrowings | ||||||||||||||
Foreign credit facilities | 7.5 | % | $ | 1 | $ | 1.8 | ||||||||
Total short-term borrowings | $ | 1 | $ | 1.8 | ||||||||||
Long-term debt | ||||||||||||||
Senior unsecured notes | 6.7 | % | 31-Jul-15 | $ | 75 | $ | 75 | |||||||
Revolving credit facility | 2.1 | % | 30-Nov-17 | 16.5 | 113.5 | |||||||||
Brazilian US Dollar loan | 5.5 | % | 20-Aug-14 | 4 | - | |||||||||
Brazilian Real Loan | 5.5 | % | 15-Apr-16 | 3.4 | - | |||||||||
Other | Various | Various | 0.5 | 0.8 | ||||||||||
Total long-term debt | 99.4 | 189.3 | ||||||||||||
Less: current portion | (5.3 | ) | (0.2 | ) | ||||||||||
Long-term debt, less current portion | $ | 94.1 | $ | 189.1 | ||||||||||
Note_6_Income_Taxes
Note 6 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE 6. INCOME TAXES | |||||||||||||
Domestic and foreign components of income before income taxes for the years ended on December 31 are shown below: | |||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 18.9 | $ | 23 | $ | 28.4 | |||||||
Foreign | 28.9 | 31 | 18.4 | ||||||||||
Income before income taxes | $ | 47.8 | $ | 54 | $ | 46.8 | |||||||
The provision for income taxes for the years ended on December 31 consisted of: | |||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 0.6 | $ | 2.1 | $ | 4.9 | |||||||
State | 0.5 | 0.5 | 1 | ||||||||||
Foreign | 7 | 7.6 | 6.7 | ||||||||||
Total current | 8.1 | 10.2 | 12.6 | ||||||||||
Deferred: | |||||||||||||
Federal | 3 | 6 | 4 | ||||||||||
State | 0.7 | 1 | 0.9 | ||||||||||
Foreign | 2.7 | 2.2 | 1.7 | ||||||||||
Decrease in the valuation allowance for deferred tax assets | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||
Decrease in deferred tax liabilities due to foreign tax rate change | - | (1.3 | ) | - | |||||||||
Benefits of operating loss carryforward | (0.4 | ) | (0.9 | ) | (2.0 | ) | |||||||
Total deferred | 5.7 | 6.7 | 3.4 | ||||||||||
Provision for income taxes | $ | 13.8 | $ | 16.9 | $ | 16 | |||||||
Significant components of our deferred tax assets and liabilities at December 31 were as follows: | |||||||||||||
(In millions) | 2013 | 2012 | |||||||||||
Deferred tax assets attributable to: | |||||||||||||
Accrued pension and other postretirement benefits | $ | 17.3 | $ | 35.9 | |||||||||
Accrued expenses and accounts receivable allowances | 13.6 | 9.2 | |||||||||||
Net operating loss carryforwards | 6.9 | 6.5 | |||||||||||
Inventories | 7.9 | 7.6 | |||||||||||
Stock-based compensation | 6.1 | 5.1 | |||||||||||
Research and development credit carryforwards | 0.8 | - | |||||||||||
Foreign tax credit carryforward | 0.2 | 1.5 | |||||||||||
Total Deferred tax assets | 52.8 | 65.8 | |||||||||||
Valuation allowance | (0.3 | ) | (0.5 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 52.5 | 65.3 | |||||||||||
Deferred tax liabilities attributable to: | |||||||||||||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 | |||||||||||
Property, plant and equipment | 9 | 8.7 | |||||||||||
Goodwill and amortization | 9.3 | 9.2 | |||||||||||
Other | 6.4 | 1.3 | |||||||||||
Deferred tax liabilities | 38 | 32.5 | |||||||||||
Net deferred tax assets | $ | 14.5 | $ | 32.8 | |||||||||
Included in our deferred tax assets are tax benefits related to net operating loss carry forwards attributable to our foreign operations. At December 31, 2013, we had $15.3 million of net operating losses that are available to offset future taxable income in several foreign jurisdictions indefinitely, and $7.5 million of net operating losses that are available to offset future taxable income through 2029. During 2014, we expect to use $3.0 million of net operating losses relating to prior years in the filing of our 2013 corporate income tax returns. | |||||||||||||
Also included in our deferred tax assets at December 31, 2013 are $0.2 million of foreign tax credit carry forwards related to our foreign operations, which will expire by 2020 if unused, and $0.8 million of research and development credit carry forwards, which will expire by 2033 if unused. We anticipate fully utilizing the net operating loss carry forwards, the foreign tax credits, and the research and development credit carry forward before any expiration. | |||||||||||||
Included in our deferred tax assets at December 31, 2013 are tax benefits related to accounts receivable allowances. A portion of the accounts receivable allowances are due to uncollectible accounts receivable of a foreign operation for which it is more likely than not that we will not be able to realize a tax benefit. Therefore, we continue to carry a valuation allowance against the related deferred tax assets. | |||||||||||||
The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: | |||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal tax rate | 35% | 35% | 35% | ||||||||||
Net difference resulting from: | |||||||||||||
Research and development tax credit | -4 | - | -1 | ||||||||||
Foreign earnings subject to different tax rates | -2 | -4 | -2 | ||||||||||
Effect of Swedish tax rate decrease | - | -2 | - | ||||||||||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | - | 3 | - | ||||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
State income taxes | 2 | 2 | 3 | ||||||||||
Foreign tax credits | -2 | -3 | -4 | ||||||||||
Foreign withholding taxes | 1 | 1 | 2 | ||||||||||
Change in valuation allowance | -1 | - | -3 | ||||||||||
Other | -1 | -2 | 3 | ||||||||||
Total difference | -6 | -4 | -1 | ||||||||||
Effective income tax rate | 29% | 31% | 34% | ||||||||||
Due to changes in tax law, the research and development tax credit reflects $1.1 million of additional tax benefits relating to years prior to 2013. | |||||||||||||
U.S. income taxes have not been provided on $75.6 million of undistributed earnings of foreign subsidiaries at December 31, 2013 as these amounts are considered permanently invested. A liability could arise if our intention to permanently invest such earnings were to change and amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to the hypothetical distribution of permanently invested earnings. | |||||||||||||
We are a party to a Tax Sharing Agreement with FMC Technologies whereby we have agreed to indemnify FMC Technologies for any additional tax liability resulting from JBT Corporation businesses. As of December 31, 2013, we are not aware of any such additional tax liability. | |||||||||||||
The following tax years remain subject to examination in the following significant jurisdictions: | |||||||||||||
Belgium | 2010 | – | 2013 | ||||||||||
Brazil | 2008 | – | 2013 | ||||||||||
Italy | 2009 | – | 2013 | ||||||||||
Sweden | 2008 | – | 2013 | ||||||||||
United States | 2011 | – | 2013 | ||||||||||
Note_7_Pension_and_Postretirem
Note 7 - Pension and Postretirement and Other Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
NOTE 7. PENSION AND POSTRETIREMENT AND OTHER BENEFIT PLANS | |||||||||||||||||||||||||||||||||
We sponsor qualified and nonqualified defined benefit pension plans that together cover many of our U.S. employees. The plans provide defined benefits based on years of service and final average salary. We also provide postretirement medical and life insurance benefits to some of our U.S. employees. The postretirement medical plan is contributory while the postretirement life insurance plan is noncontributory. Foreign-based employees are eligible to participate in either JBT Corporation-sponsored or government sponsored benefit plans to which we contribute. We also sponsor separate defined contribution plans that cover substantially all of our U.S. employees and some international employees. | |||||||||||||||||||||||||||||||||
Beginning in 2010, the domestic defined benefit plans were frozen discontinuing new entrants and future benefit accruals for non-union participants. | |||||||||||||||||||||||||||||||||
The funded status of our pension and postretirement benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 331.5 | $ | 309.5 | $ | 7.8 | $ | 7.8 | |||||||||||||||||||||||||
Service cost | 1.9 | 1.5 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Interest cost | 13.7 | 13.8 | 0.3 | 0.4 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (31.9 | ) | 17.1 | (0.9 | ) | (0.1 | ) | ||||||||||||||||||||||||||
Transition | 1.9 | - | - | - | |||||||||||||||||||||||||||||
Curtailments | - | (0.3 | ) | - | - | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (11.6 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | 1 | 1.3 | - | - | |||||||||||||||||||||||||||||
Projected benefit obligation at December 31 | $ | 306.3 | $ | 331.5 | $ | 6.9 | $ | 7.8 | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 231.9 | $ | 205.1 | $ | - | $ | - | |||||||||||||||||||||||||
Company contributions | 10 | 14.2 | 0.4 | 0.4 | |||||||||||||||||||||||||||||
Actual return on plan assets | 21.9 | 24 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Transition | 3 | - | - | - | |||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (11.6 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | 0.4 | - | - | - | |||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 255.4 | $ | 231.9 | $ | - | $ | - | |||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (50.9 | ) | $ | (99.6 | ) | $ | (6.9 | ) | $ | (7.8 | ) | |||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | (4.9 | ) | $ | (2.3 | ) | $ | (0.4 | ) | $ | (0.5 | ) | |||||||||||||||||||||
Accrued pension and other postretirement benefits, less current portion | (46.0 | ) | (97.3 | ) | (6.5 | ) | (7.3 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (50.9 | ) | $ | (99.6 | ) | $ | (6.9 | ) | $ | (7.8 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss at December 31 were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | 98.4 | $ | 138.4 | $ | (1.0 | ) | $ | (0.1 | ) | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | 0.3 | 0.6 | - | (0.3 | ) | ||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive loss (gain) | $ | 98.7 | $ | 139 | $ | (1.0 | ) | $ | (0.4 | ) | |||||||||||||||||||||||
The accumulated benefit obligation for all pension plans was $299.8 million and $325.6 million at December 31, 2013 and 2012. Key information for our plans with accumulated benefit obligation in excess of plan assets as of December 31 was as follows: | |||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 306.3 | $ | 331.5 | |||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | 299.8 | 325.6 | |||||||||||||||||||||||||||||||
Aggregate fair value of plan assets | 252.4 | 231.9 | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit costs (income) for the years ended December 31 were as follows: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.5 | $ | 1.5 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Interest cost | 13.7 | 13.8 | 14.4 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (18.2 | ) | (17.7 | ) | (18.5 | ) | - | - | - | ||||||||||||||||||||||||
Curtailment gain | - | (0.1 | ) | (0.1 | ) | - | - | - | |||||||||||||||||||||||||
Amortization of prior service (credit) cost | 0.2 | 0.2 | 0.2 | (0.3 | ) | (0.8 | ) | (0.9 | ) | ||||||||||||||||||||||||
Amortization of net actuarial loss | 4.2 | 3.1 | 1.6 | - | - | - | |||||||||||||||||||||||||||
Total costs (income) | $ | 1.8 | $ | 0.8 | $ | (0.9 | ) | $ | 0.1 | $ | (0.4 | ) | $ | (0.4 | ) | ||||||||||||||||||
Pre-tax changes in projected benefit obligations and plan assets recognized in other comprehensive income during 2013 were as follows: | |||||||||||||||||||||||||||||||||
Changes recognized in OCI | |||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement benefits | |||||||||||||||||||||||||||||||
Actuarial gain due to discount rate change | $ | (31.9 | ) | $ | (0.9 | ) | |||||||||||||||||||||||||||
Actuarial gain due to different rate of return on assets | (4.0 | ) | - | ||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (4.2 | ) | - | ||||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.2 | ) | 0.3 | ||||||||||||||||||||||||||||||
Total income recognized in other comprehensive income | (40.3 | ) | (0.6 | ) | |||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (38.5 | ) | $ | (0.5 | ) | |||||||||||||||||||||||||||
The Company uses a corridor approach to recognize actuarial gains and losses that result from changes in the actuarial assumptions. The corridor approach defers all actuarial gains and losses resulting from changes in assumptions in other accumulated comprehensive income(loss), such as those related to changes in the discount rate and differences between actual and assumed returns on plan assets. These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the higher of the market-related value of the assets or the projected benefit obligation for each respective plan. The amortization is on a straight-line basis over the life expectancy of the plan’s participants for the frozen plans and the expected remaining service periods for the other plans. We expect to amortize $2.7 million of net actuarial loss and $0.1 million of prior service cost from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014. | |||||||||||||||||||||||||||||||||
The following weighted-average assumptions were used to determine the benefit obligations: | |||||||||||||||||||||||||||||||||
Weighted-average assumption to determine benefit obligation | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.92% | 4.19% | 4.55% | 5.10% | 4.30% | 4.60% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.45% | 3.45% | 3.42% | - | - | - | |||||||||||||||||||||||||||
The following weighted-average assumptions were used to determine net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.17% | 4.55% | 5.32% | 4.30% | 4.60% | 5.45% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.45% | 3.45% | 3.42% | - | - | - | |||||||||||||||||||||||||||
Expected rate of return on plan assets | 7.81% | 7.82% | 8.35% | - | - | - | |||||||||||||||||||||||||||
The estimate of expected rate of return on plan assets is based primarily on the historical performance of plan assets, current market conditions and long-term growth expectations. | |||||||||||||||||||||||||||||||||
Assumed health care cost trend rates for future periods will not have an effect on the amounts reported for the postretirement health care plan as our benefit obligation under the plan was fully capped at the 2002 benefit level. | |||||||||||||||||||||||||||||||||
Plan assets | |||||||||||||||||||||||||||||||||
Our pension investment strategy balances the requirements to generate returns using higher-returning assets, such as equity securities, with the need to control risk in the pension plan with less volatile assets, such as fixed-income securities. Risks include, among others, the likelihood of the pension plans being underfunded, thereby increasing their dependence on Company contributions. The assets are managed by professional investment firms and performance is evaluated against specific benchmarks. Our target asset allocations and actual allocation as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||
Target | 2013 | 2012 | |||||||||||||||||||||||||||||||
Equity | 30% | - | 70% | 47% | 49% | ||||||||||||||||||||||||||||
Fixed income | 20% | - | 40% | 25% | 29% | ||||||||||||||||||||||||||||
Real estate and other | 10% | - | 30% | 26% | 21% | ||||||||||||||||||||||||||||
Cash | 0% | - | 10% | 2% | 1% | ||||||||||||||||||||||||||||
100% | 100% | 100% | |||||||||||||||||||||||||||||||
Our actual pension plans’ asset holdings by category and level within the fair value hierarchy are presented in the following table: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4.3 | $ | 4.3 | $ | - | $ | - | $ | 2.6 | $ | 2.6 | $ | - | $ | - | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Large cap (1) | 40.2 | - | 40.2 | - | 46.4 | - | 46.4 | - | |||||||||||||||||||||||||
Small cap (2) | 81.2 | 81.2 | - | - | 67.7 | 67.7 | - | - | |||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||||||
Government securities (3) | 17.5 | - | 17.5 | - | 44.5 | - | 44.5 | - | |||||||||||||||||||||||||
Corporate bonds (4) | 45.1 | 14.8 | 30.3 | - | 22.2 | 3.3 | 18.9 | - | |||||||||||||||||||||||||
Real estate and other investments (5) | 67.1 | 27.9 | 39.2 | - | 48.5 | 15.3 | 33.2 | - | |||||||||||||||||||||||||
Total assets at fair value | $ | 255.4 | $ | 128.2 | $ | 127.2 | $ | - | $ | 231.9 | $ | 88.9 | $ | 143 | $ | - | |||||||||||||||||
-1 | Includes funds that invest primarily in large cap equity securities. | ||||||||||||||||||||||||||||||||
-2 | Includes small cap equity securities and funds that invest primarily in small cap equity securities. | ||||||||||||||||||||||||||||||||
-3 | Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. | ||||||||||||||||||||||||||||||||
-4 | Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. | ||||||||||||||||||||||||||||||||
-5 | Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by one of our foreign pension plans. | ||||||||||||||||||||||||||||||||
The fair value of assets classified as Level 1 is based on unadjusted quoted prices in active markets for identical assets. The fair value of assets classified as Level 2 is based on quoted prices for similar assets or based on valuations made using inputs that are either directly or indirectly observable as of the reporting date. Such inputs include net asset values reported at a minimum on a monthly basis by investment funds or contract values provided by the issuing insurance company. We are able to sell any of our investment funds with notice of no more than 30 days. For more information on the fair value hierarchy, see Note 13. | |||||||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||||||
We expect to contribute approximately $13.0 million to our pension and other postretirement benefit plans in 2014. The pension contributions will be primarily for the U.S. qualified pension plan. All of the contributions are expected to be in the form of cash. | |||||||||||||||||||||||||||||||||
Estimated future benefit payments | |||||||||||||||||||||||||||||||||
The following table summarizes expected benefit payments from our various pension and postretirement benefit plans through 2023. Actual benefit payments may differ from expected benefit payments. | |||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement benefits | |||||||||||||||||||||||||||||||
2014 | $ | 15.9 | $ | 0.4 | |||||||||||||||||||||||||||||
2015 | 19 | 0.5 | |||||||||||||||||||||||||||||||
2016 | 14.2 | 0.5 | |||||||||||||||||||||||||||||||
2017 | 14.7 | 0.5 | |||||||||||||||||||||||||||||||
2018 | 15.8 | 0.6 | |||||||||||||||||||||||||||||||
2019-2023 | 88.4 | 2.8 | |||||||||||||||||||||||||||||||
Savings Plans | |||||||||||||||||||||||||||||||||
Our U.S. and some international employees participate in defined contribution savings plans that we sponsor. These plans generally provide company matching contributions on participants’ voluntary contributions and/or company non-elective contributions. Additionally, certain highly compensated employees participate in a non-qualified deferred compensation plan, which also allows for company matching contributions and company non-elective contributions on compensation in excess of the Internal Revenue Code Section 401(a) (17) limit. The expense for matching contributions was $9.4 million, $8.9 million and $9.0 million in 2013, 2012 and 2011, respectively. |
Note_8_Accumulated_Other_Compr
Note 8 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | ' | ||||||||||||
Note 8. accumulated other comprehensive income (loss) | |||||||||||||
Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For JBT, AOCI is primarily composed of adjustments related to pension and other postretirement benefits plans and foreign currency translation adjustments. Changes in the AOCI balances quarterly for December 31, 2013 by component are shown in the following table: | |||||||||||||
Pension and Other Postretirement Benefits | Foreign Currency Translation | Total | |||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2012 | $ | (85.4 | ) | $ | 4.4 | $ | (81.0 | ) | |||||
Other comprehensive gain (loss) before reclassification | 23.2 | (4.5 | ) | 18.7 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2.2 | - | 2.2 | ||||||||||
Ending balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) | ||||
Reclassification adjustments from AOCI into earnings for pension and other postretirement benefits plans for the year ended December 31, 2013 was $3.6 million in selling, general and administrative expenses net of $1.4 million in provision for income taxes. |
Note_9_StockBased_Compensation
Note 9 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 9. STOCK-BASED COMPENSATION | |||||||||||||||||
We recorded stock-based compensation expense and related income tax effects for the years ended December 31 as follows: | |||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||
Stock-based compensation expense | $ | 6.9 | $ | 7.5 | $ | 5.2 | |||||||||||
Tax benefit recorded in consolidated statements of income | $ | 2.6 | $ | 2.7 | $ | 1.9 | |||||||||||
As of December 31, 2013, there was $6.8 million of unrecognized stock-based compensation expense for outstanding awards expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||
Incentive Compensation Plan | |||||||||||||||||
We sponsor a stock-based compensation plan (the “Incentive Compensation Plan”) that provides certain incentives and awards to our officers, employees, directors and consultants. The Incentive Compensation Plan allows our Board of Directors (the “Board”) to make various types of awards to non-employee directors and the Compensation Committee (the “Committee”) of the Board to make various types of awards to other eligible individuals. Awards that may be issued include common stock, stock options, stock appreciation rights, restricted stock and stock units. | |||||||||||||||||
Grants of common stock options may be incentive and/or nonqualified stock options. Under the Incentive Compensation Plan, the exercise price for options cannot be less than the market value of our common stock at the date of grant. Options vest in accordance with the terms of the award as determined by the Committee, which is generally after three years of service, and expire not later than 10 years after the grant date. Restricted stock grants specify any applicable performance goals, the time and rate of vesting and such other provisions as determined by the Committee. Restricted stock grants generally vest after three years of service. Additionally, most awards vest immediately upon a change of control as defined in the Incentive Compensation Plan. A total of 3.7 million shares of our common stock are authorized to be issued under the Incentive Compensation Plan. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
A summary of the non-vested restricted stock units as of December 31, 2013 and changes during the year is presented below: | |||||||||||||||||
Weighted-Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Nonvested at December 31, 2012 | 1,229,972 | $ | 17.14 | ||||||||||||||
Granted | 387,421 | $ | 20.88 | ||||||||||||||
Vested | (358,982 | ) | $ | 16.43 | |||||||||||||
Forfeited | (29,017 | ) | $ | 18.1 | |||||||||||||
Nonvested at December 31, 2013 | 1,229,394 | $ | 18.5 | ||||||||||||||
We granted time-based and performance-based restricted stock units that vest after three years. The fair value of these awards is determined using the market value of our common stock on the grant date. Compensation cost is recognized over the lesser of the stated vesting period or the period until the employee reaches age 62, the retirement eligible age under the plan. | |||||||||||||||||
For current year performance-based awards, the number of shares to be issued was dependent upon our performance relative to prior year with respect to growth in earnings and net contribution (which is an economic value added measure calculated by determining the amount by which our net income from continuing operations, after adding back interest expense, exceeds our cost of capital) for the year ended December 31, 2013. Based on results for the performance period, we expect to issue a total of 48,602 shares at the vesting date in January 2016. Compensation cost has been measured for 2013 based on actual performance against the established target. | |||||||||||||||||
The following summarizes values for restricted stock activity in each of the years in the three year period ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average grant-date fair value of restricted stock units granted | $ | 20.88 | $ | 17.53 | $ | 18.72 | |||||||||||
Fair value of restricted stock vested (in millions) | $ | 6.7 | $ | 6.8 | $ | 14.2 | |||||||||||
Stock Options | |||||||||||||||||
There were no options granted, forfeited or expired during the year ended December 31, 2013. The following shows the stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Weighted- | |||||||||||||||||
Weighted- | Average | ||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||
(Intrinsic value in millions) | Option | Price | Term (Years) | Value | |||||||||||||
Outstanding and exercisable at December 31, 2012 | 23,651 | $ | 2.96 | 1.1 | $ | 0.3 | |||||||||||
Exercised | (23,651 | ) | |||||||||||||||
Outstanding and exercisable at December 31, 2013 | - | ||||||||||||||||
The aggregate intrinsic value reflects the value to the option holders, or the difference between the market price as of year-end and the exercise price of the option, which would have been received by the option holders had all options been exercised as of that date. While the intrinsic value is representative of the value to be gained by the option holders, this value is not indicative of our compensation expense. Compensation expense on stock options is calculated on the date of grant based on the fair value of the options as determined by a Black-Scholes option pricing model and the number of options granted, reduced by estimated forfeitures. The intrinsic value of options exercised in 2013, 2012 and 2011, was $0.6 million, $0.4 million and $0.2 million, respectively. |
Note_10_Stockholders_Equity
Note 10 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
NOTE 10. STOCKHOLDERS’ EQUITY | |||||||||
The following is a summary of our capital stock activity for the year ended on December 31, 2013: | |||||||||
Common stock issued | Common stock held in treasury | ||||||||
31-Dec-12 | 28,946,413 | 214,202 | |||||||
Stock awards | 9,016 | (224,402 | ) | ||||||
Options exercised | 23,651 | - | |||||||
Treasury stock purchases | - | 10,200 | |||||||
31-Dec-13 | 28,979,080 | - | |||||||
On October 27, 2011, the Board authorized a share repurchase program for up to $30 million of our common stock through December 31, 2014. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are used for future awards under the Incentive Compensation Plan. | |||||||||
On July 31, 2008, our Board declared a dividend distribution to each record holder of common stock of one Preferred Share Purchase Right for each share of common stock outstanding on that date. Each right entitles the holder to purchase, under certain circumstances related to a change in control of the Company, one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01, at a price of $72 per share (subject to adjustment), subject to the terms and conditions of a Rights Agreement dated July 31, 2008. The rights expire on July 31, 2018, unless redeemed by us at an earlier date. The redemption price of $0.01 per right is subject to adjustment to reflect stock splits, stock dividends or similar transactions. We have reserved 1,500,000 shares of Series A Junior Participating Preferred Stock for possible issuance under the agreement. | |||||||||
Accumulated other comprehensive loss as of December 31 consisted of the following: | |||||||||
(In millions) | 2013 | 2012 | |||||||
Cumulative foreign currency translation adjustments | $ | (0.1 | ) | $ | 4.4 | ||||
Cumulative deferral of pension net losses, net of tax of $37.7 in 2013 and $53.3 in 2012 | (60.0 | ) | (85.4 | ) | |||||
Accumulated other comprehensive loss | $ | (60.1 | ) | $ | (81.0 | ) | |||
Note_11_Earnings_Per_Share
Note 11 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
NOTE 11. EARNINGS PER SHARE | |||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive securities. | |||||||||||||
The following table sets forth the computation of basic and diluted EPS utilizing income from continuing operations for the respective periods and our basic and dilutive shares outstanding: | |||||||||||||
(In millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | |||||||||||||
Income from continuing operations | $ | 34 | $ | 37.1 | $ | 30.8 | |||||||
Weighted average number of shares outstanding | 29.2 | 29.1 | 28.8 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.16 | $ | 1.27 | $ | 1.07 | |||||||
Diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 34 | $ | 37.1 | $ | 30.8 | |||||||
Weighted average number of shares outstanding | 29.2 | 29.1 | 28.8 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 0.5 | 0.4 | 0.5 | ||||||||||
Total shares and dilutive securities | 29.7 | 29.5 | 29.3 | ||||||||||
Diluted earnings per share from continuing operations | $ | 1.15 | $ | 1.26 | $ | 1.05 | |||||||
Note_12_Derivative_Financial_I
Note 12 - Derivative Financial Instruments and Credit Risk | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 12. DERIVATIVE FINANCIAL INSTRUMENTS AND CREDIT RISK | |||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||
We hold derivative financial instruments for the purpose of hedging foreign currency risks of certain identifiable and anticipated transactions. | |||||||||||||||||||||
We manufacture and sell our products in a number of countries throughout the world and, as a result, are exposed to movements in foreign currency exchange rates. Our major foreign currency exposures involve the markets in Western Europe, South America and Asia. Many of our sales and purchase contracts are written contemplating this risk and therefore contain embedded derivatives, which we take into consideration as part of our risk management policy. The purpose of our foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. We primarily utilize forward foreign exchange contracts with maturities of less than 2 years. We do not apply hedge accounting for these forward foreign exchange contracts. As of December 31, 2013, we held forward foreign exchange contracts with an aggregate notional value of $440.9 million. | |||||||||||||||||||||
The following table presents the fair value of foreign currency derivatives included within the consolidated balance sheets: | |||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 5.8 | $ | 3 | $ | 5.9 | $ | 6.6 | |||||||||||||
Other assets / liabilities | 2.6 | 0.6 | 1.7 | 0.4 | |||||||||||||||||
Total | $ | 8.4 | $ | 3.6 | $ | 7.6 | $ | 7 | |||||||||||||
Refer to Note 13. Fair Value of Financial Instruments, for a description of how the values of the above financial instruments are determined. | |||||||||||||||||||||
A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. We enter into master netting arrangements with our counterparties when possible to mitigate credit risk in derivative transactions by permitting us to net settle for transactions with the same counterparty. However, we do not net settle with such counterparties. As a result, we present derivatives at gross fair values in the consolidated balance sheets. As of December 31, 2013 and 2012, information related to these offsetting arrangements was as follows: | |||||||||||||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 3.6 | $ | - | $ | 3.6 | $ | (2.9 | ) | $ | 0.7 | ||||||||||
(in millions) | As of December 31, 2012 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 7.6 | $ | - | $ | 7.6 | $ | (3.8 | ) | $ | 3.8 | ||||||||||
Offsetting of Liabilities | As of December 31, 2012 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 7 | $ | - | $ | 7 | $ | (3.8 | ) | $ | 3.2 | ||||||||||
The following table presents the location and amount of the gain (loss) on derivatives and the remeasurement of assets and liabilities in foreign currencies, as well as the net impact recognized in the consolidated statements of income: | |||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Foreign exchange contracts | Revenue | $ | - | $ | 3.7 | $ | 4.4 | ||||||||||||||
Foreign exchange contracts | Cost of sales | 0.4 | (0.6 | ) | 0.9 | ||||||||||||||||
Foreign exchange contracts | Other income, net | (0.7 | ) | 0.4 | 1.1 | ||||||||||||||||
Total | (0.3 | ) | 3.5 | 6.4 | |||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | (0.2 | ) | (1.0 | ) | 1.3 | ||||||||||||||||
Net (loss) gain on foreign currency transactions | $ | (0.5 | ) | $ | 2.5 | $ | 7.7 | ||||||||||||||
Credit risk | |||||||||||||||||||||
By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses are established based on collectability assessments. |
Note_13_Fair_Value_of_Financia
Note 13 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||||||
NOTE 13. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||||
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||||||||||||||||||||||||||
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||||||||||
• | Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||||||||||||||||||||
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Investments | $ | 11.9 | $ | 11.9 | - | - | $ | 11.1 | $ | 11.1 | - | - | |||||||||||||||||||||
Derivatives | 8.4 | - | $ | 8.4 | - | 7.6 | - | $ | 7.6 | - | |||||||||||||||||||||||
Total assets | $ | 20.3 | $ | 11.9 | $ | 8.4 | - | $ | 18.7 | $ | 11.1 | $ | 7.6 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 3.6 | - | 3.6 | - | $ | 7 | - | $ | 7 | - | ||||||||||||||||||||||
Investments represent securities held in a trust for the non-qualified deferred compensation plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that we have the ability to access. Investments are reported separately on the consolidated balance sheets. Investments include an unrealized gain of $0.5 million as of December 31, 2013 and an unrealized gain of $0.4 million as of December 31, 2012. | |||||||||||||||||||||||||||||||||
We use the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk. | |||||||||||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, trade receivables and accounts payables, as well as financial instruments included in other current assets and other current liabilities, approximate fair values because of their short-term maturities. | |||||||||||||||||||||||||||||||||
The carrying values and the estimated fair values of our debt financial instruments as of December 31 are as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 80.7 | $ | 75 | $ | 83.9 | |||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 16.5 | 16.5 | 113.5 | 113.5 | |||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | 4 | 4 | - | - | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 3.4 | 2.9 | - | - | |||||||||||||||||||||||||||||
Foreign credit facilities | 1 | 1 | 1.8 | 1.8 | |||||||||||||||||||||||||||||
Other | 0.5 | 0.5 | 0.8 | 0.8 | |||||||||||||||||||||||||||||
There is no active or observable market for our fixed rate borrowings, which include our senior unsecured notes or our Brazilian loans. Therefore, the estimated fair value of the notes and the loans are based on discounted cash flows using current interest rates available for debt with similar terms and remaining maturities. The estimates of the all-in interest rate for discounting the notes and the loans are based on a broker quote for notes and loans with similar terms. We do not have a rate adjustment for risk profile changes, covenant issues or credit rating changes, therefore the broker quote is deemed to be the closest approximation of current market rates. The carrying values of the remaining borrowings approximate their fair values due to their variable interest rates. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
NOTE 14. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||||||||
We are involved in legal proceedings arising in the ordinary course of business. Although the results of litigation cannot be predicted with certainty, we do not believe that the resolution of the proceedings that we are involved in, either individually or taken as a whole, will have a material adverse effect on our business, results of operations or financial condition. | |||||||||||||||||||||||||||||
We have assumed liabilities related to specified legal proceedings arising from our business prior to our 2008 spin-off from FMC Technologies, Inc. As a result, although FMC Technologies, Inc. will in many cases remain the named defendant, we will manage the litigation and indemnify FMC Technologies, Inc. for costs, expenses and judgments arising from existing litigation. We do not believe that any existing litigation we have assumed will have a material effect on our business, results of operations or financial condition. | |||||||||||||||||||||||||||||
Guarantees and Product Warranties | |||||||||||||||||||||||||||||
In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled approximately $73.9 million at December 31, 2013, represent guarantees of our future performance. We also have provided approximately $5.2 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within two years; we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. In some instances, we guarantee a small portion of our customers’ financing arrangements and retain recourse to the equipment sold. As of December 31, 2013, the maximum future payment obligation under such guarantees was $2.8 million. Historically, we have not made significant payments associated with guarantees of our customers’ financing arrangements. | |||||||||||||||||||||||||||||
We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide a warranty liability when additional specific obligations are identified. The warranty obligation reflected in other current liabilities in the balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information is as follows: | |||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 7.3 | $ | 7.3 | |||||||||||||||||||||||||
Expenses for new warranties | 13.1 | 11.1 | |||||||||||||||||||||||||||
Adjustments to existing accruals | (0.6 | ) | (0.8 | ) | |||||||||||||||||||||||||
Claims paid | (9.7 | ) | (10.3 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 10.1 | $ | 7.3 | |||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
We lease office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide that we pay for repairs, property taxes and insurance. Substantially all leases are classified as operating leases for accounting purposes. Rent expense under operating leases amounted to $10.4 million, $9.0 million and $10.9 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Future minimum lease payments under non-cancelable operating leases as of December 31, 2013, for the following fiscal years were: | |||||||||||||||||||||||||||||
(In millions) | Total Amount | 2014 | 2015 | 2016 | 2017 | 2018 | After 2018 | ||||||||||||||||||||||
Operating lease obligations | $ | 20.6 | $ | 5.1 | $ | 3.9 | $ | 2.4 | $ | 1.6 | $ | 1.2 | $ | 6.4 | |||||||||||||||
Note_15_Business_Segments
Note 15 - Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
NOTE 15. BUSINESS SEGMENTS | |||||||||||||||||||||||||||||||||||||
Our determination of the two reportable segments was made on the basis of our strategic business units and the commonalities among the products and services within each segment, and corresponds to the manner in which management reviews and evaluates operating performance. | |||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2013, we made certain internal reporting structure changes. Our Automated Systems business, previously part of the JBT AeroTech segment is now included in the JBT FoodTech segment. This change was driven by a long term strategic view of our business. We believe including the Automated Systems component in the FoodTech segment will allow greater synergies among the food processing businesses and accelerate the application of Automated Systems technologies with our food processing customers. The tables below reflect this change. The total revenue for FoodTech increased approximately 7% and 8% in 2012 and 2011, respectively as a result of this change. The total revenue for AeroTech decreased approximately 11% in both 2012 and 2011 as a result of this change. | |||||||||||||||||||||||||||||||||||||
Our reportable segments are: | |||||||||||||||||||||||||||||||||||||
• | JBT FoodTech—designs, manufactures and services technologically sophisticated food processing systems used for, among other things, fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry. | ||||||||||||||||||||||||||||||||||||
• | JBT AeroTech—designs, manufactures and services technologically sophisticated ground support equipment, airport gate equipment and services for airport authorities, airlines, airfreight, ground handling companies, the military and other industries. | ||||||||||||||||||||||||||||||||||||
Total revenue by segment includes intersegment sales, which are made at prices that reflect, as nearly as practicable, the market value of the transaction. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate staff expense, foreign currency related gains and losses, LIFO provisions, restructuring costs, certain employee benefit expenses, interest income and expense and income taxes. | |||||||||||||||||||||||||||||||||||||
Segment revenue and segment operating profit | |||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 611 | $ | 589.1 | $ | 588.2 | |||||||||||||||||||||||||||||||
JBT AeroTech | 323.4 | 325.4 | 361.7 | ||||||||||||||||||||||||||||||||||
Other revenue (1) and intercompany eliminations | (0.2 | ) | 2.8 | 5.9 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 934.2 | $ | 917.3 | $ | 955.8 | |||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 64.5 | $ | 58.8 | $ | 47.2 | |||||||||||||||||||||||||||||||
JBT AeroTech | 26.6 | 28.7 | 31.1 | ||||||||||||||||||||||||||||||||||
Total segment operating profit | 91.1 | 87.5 | 78.3 | ||||||||||||||||||||||||||||||||||
Corporate items: | |||||||||||||||||||||||||||||||||||||
Corporate expense (2) | (36.3 | ) | (26.5 | ) | (13.5 | ) | |||||||||||||||||||||||||||||||
Restructuring expense | (1.6 | ) | (0.1 | ) | (11.6 | ) | |||||||||||||||||||||||||||||||
Net interest expense | (5.4 | ) | (6.9 | ) | (6.4 | ) | |||||||||||||||||||||||||||||||
Total corporate items | (43.3 | ) | (33.5 | ) | (31.5 | ) | |||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 47.8 | 54 | 46.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 13.8 | 16.9 | 16 | ||||||||||||||||||||||||||||||||||
Income from continuing operations | 34 | 37.1 | 30.8 | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.9 | ) | (0.9 | ) | (0.3 | ) | |||||||||||||||||||||||||||||||
Net income | $ | 33.1 | $ | 36.2 | $ | 30.5 | |||||||||||||||||||||||||||||||
-1 | Other revenue is comprised of certain gains and losses related to foreign exchange exposures. | ||||||||||||||||||||||||||||||||||||
-2 | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related to service, LIFO adjustments, foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. | ||||||||||||||||||||||||||||||||||||
Segment operating capital employed and segment assets | |||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 204.5 | $ | 271.5 | $ | 219.4 | |||||||||||||||||||||||||||||||
JBT AeroTech | 138.1 | 132 | 130 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 342.6 | 403.5 | 349.4 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 243.2 | 226.6 | 208.6 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 35.4 | 47.9 | 34.2 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 621.2 | $ | 678.0 | $ | 592.2 | |||||||||||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 392.4 | $ | 445.7 | $ | 374.8 | |||||||||||||||||||||||||||||||
JBT AeroTech | 194 | 184.8 | 183.7 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.6 | ) | (0.4 | ) | (0.5 | ) | |||||||||||||||||||||||||||||||
Total segment assets | 585.8 | 630.1 | 558 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 35.4 | 47.9 | 34.2 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 621.2 | $ | 678.0 | $ | 592.2 | |||||||||||||||||||||||||||||||
-1 | Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. | ||||||||||||||||||||||||||||||||||||
-2 | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. | ||||||||||||||||||||||||||||||||||||
-3 | Corporate includes cash, LIFO inventory reserves, deferred income tax balances, derivatives, investments, and property, plant and equipment not associated with a specific segment. | ||||||||||||||||||||||||||||||||||||
Geographic segment information | |||||||||||||||||||||||||||||||||||||
Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets. | |||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue (by location of customers): | |||||||||||||||||||||||||||||||||||||
United States | $ | 460.9 | $ | 475.5 | $ | 469 | |||||||||||||||||||||||||||||||
All other countries | 473.3 | 441.8 | 486.8 | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 934.2 | $ | 917.3 | $ | 955.8 | |||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
United States | $ | 79.4 | $ | 75 | $ | 73.9 | |||||||||||||||||||||||||||||||
Sweden | 10.2 | 9.1 | 9.9 | ||||||||||||||||||||||||||||||||||
Brazil | 14 | 15.7 | 15.9 | ||||||||||||||||||||||||||||||||||
All other countries | 35.6 | 34.1 | 30.8 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 139.2 | $ | 133.9 | $ | 130.5 | |||||||||||||||||||||||||||||||
Other business segment information | |||||||||||||||||||||||||||||||||||||
Capital Expenditures | Depreciation and Amortization | Research and Development Expense | |||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
JBT FoodTech | $ | 27.7 | $ | 22.7 | $ | 18.8 | $ | 22 | $ | 20.7 | $ | 21.2 | $ | 11.2 | $ | 10.8 | $ | 11.9 | |||||||||||||||||||
JBT AeroTech | 1 | 1.3 | 1.3 | 1.8 | 1.9 | 2 | 2.8 | 3.5 | 6.6 | ||||||||||||||||||||||||||||
Corporate | 0.5 | 0.7 | 0.7 | 1.2 | 1 | 0.9 | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 29.2 | $ | 24.7 | $ | 20.8 | $ | 25 | $ | 23.6 | $ | 24.1 | $ | 14 | $ | 14.3 | $ | 18.5 | |||||||||||||||||||
Note_16_Restructuring
Note 16 - Restructuring | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
NOTE 16. RESTRUCTURING | |
Restructuring costs primarily consist of employee separation benefits under our existing severance programs, certain one-time termination benefits and contract termination costs. | |
During the fourth quarter of 2013, we implemented a restructuring plan that included management restructuring both in the U.S. and in non-U.S. subsidiaries. We incurred severance costs of $1.6 million in connection with this plan based on the Company’s existing severance programs and other one-time termination benefits. All payments are expected to be made during 2014. | |
In 2011, the Company implemented a cost reduction plan designed to grow margins by lowering costs in JBT FoodTech across the developed world. This plan consisted primarily of a work force reduction of approximately 115 positions. In connection with this plan, we incurred $10.3 million in severance and other expenses based on existing severance programs and foreign statutory termination benefits. This plan was substantially completed by the end of 2012. |
Note_17_Quarterly_Information_
Note 17 - Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||||||||||||||
NOTE 17. QUARTERLY INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions, except per share data | 2013 | 2012 | |||||||||||||||||||||||||||||||
and common stock prices) | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||||||
Revenue | $ | 288.1 | $ | 233.5 | $ | 226.9 | $ | 185.7 | $ | 292.9 | $ | 205.3 | $ | 214.4 | $ | 204.7 | |||||||||||||||||
Cost of sales | 218.8 | 179.3 | 167.8 | 135.4 | 218.2 | 153.3 | 160.4 | 154.3 | |||||||||||||||||||||||||
Income from continuing operations | 13.7 | 7.4 | 8.8 | 4.1 | 19 | 6.2 | 7.9 | 4 | |||||||||||||||||||||||||
Loss from discontinued operations, net of tax | (0.1 | ) | (0.6 | ) | (0.2 | ) | - | (0.5 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | ||||||||||||||||||
Net income | $ | 13.6 | $ | 6.8 | $ | 8.6 | $ | 4.1 | $ | 18.5 | $ | 6.1 | $ | 7.7 | $ | 3.9 | |||||||||||||||||
Basic earnings per share (1): | |||||||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.47 | $ | 0.25 | $ | 0.3 | $ | 0.14 | $ | 0.65 | $ | 0.21 | $ | 0.27 | $ | 0.14 | |||||||||||||||||
Loss from discontinued operations, net of tax | - | (0.02 | ) | (0.01 | ) | - | (0.01 | ) | - | - | (0.01 | ) | |||||||||||||||||||||
Net income | $ | 0.47 | $ | 0.23 | $ | 0.29 | $ | 0.14 | $ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.13 | |||||||||||||||||
Diluted earnings per share (1): | |||||||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.46 | $ | 0.25 | $ | 0.3 | $ | 0.14 | $ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.14 | |||||||||||||||||
Loss from discontinued operations, net of tax | - | (0.02 | ) | (0.01 | ) | - | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||
Net income | $ | 0.46 | $ | 0.23 | $ | 0.29 | $ | 0.14 | $ | 0.63 | $ | 0.2 | $ | 0.26 | $ | 0.13 | |||||||||||||||||
Dividends declared per share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | |||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 29.3 | 29.2 | 29.2 | 29.2 | 29.1 | 29.2 | 29.1 | 29.1 | |||||||||||||||||||||||||
Diluted | 29.8 | 29.7 | 29.6 | 29.5 | 29.6 | 29.6 | 29.5 | 29.4 | |||||||||||||||||||||||||
Common stock sales price | |||||||||||||||||||||||||||||||||
High | $ | 30 | $ | 24.97 | $ | 22.22 | $ | 21.21 | $ | 17.87 | $ | 17.48 | $ | 16.49 | $ | 18.2 | |||||||||||||||||
Low | $ | 24.66 | $ | 21.01 | $ | 19.26 | $ | 17.78 | $ | 13.93 | $ | 12.76 | $ | 13.06 | $ | 15.01 | |||||||||||||||||
-1 | Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. | ||||||||||||||||||||||||||||||||
Note_18_Subsequent_Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 18. SUBSEQUENT EVENTS | |
On February 26, 2014, the Board of Directors approved a quarterly cash dividend of $0.09 per share of outstanding common stock. The dividend will be paid on March 25, 2014 to stockholders of record at the close of business on March 10, 2014. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||||||
(In thousands) | Additions | ||||||||||||||||||||
Decription | Balance at beginning of period | charged to costs and expenses | charged to other accounts (a) | Deductions and other (b) | Balance at end of period | ||||||||||||||||
Year ended December 31, 2011: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,803 | $ | 1,797 | $ | - | $ | 2,319 | $ | 4,281 | |||||||||||
Valuation allowance for deferred tax asset | $ | 2,028 | $ | - | $ | - | $ | 1,249 | $ | 779 | |||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,281 | $ | 1,077 | $ | - | $ | 1,680 | $ | 3,678 | |||||||||||
Valuation allowance for deferred tax asset | $ | 779 | $ | - | $ | - | $ | 230 | $ | 549 | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,678 | $ | 2,479 | $ | - | $ | 2,415 | $ | 3,742 | |||||||||||
Valuation allowance for deferred tax asset | $ | 549 | $ | - | $ | - | $ | 295 | $ | 254 | |||||||||||
(a) – “Additions charged to other accounts” includes translation adjustments and allowances acquired through business combinations. | |||||||||||||||||||||
(b) – “Deductions and other” includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. | |||||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Consolidation | |
The consolidated financial statements include the accounts of John Bean Technologies Corporation and all wholly-owned subsidiaries. All intercompany investments, accounts, and transactions have been eliminated. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of estimates | |
Preparation of financial statements that follow accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. Actual amounts could differ from these estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and cash equivalents | |
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are stated at the lower of cost or net realizable value, which includes an estimate for excess and obsolete inventories. Inventory costs include those costs directly attributable to products, including all manufacturing overhead but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, plant, and equipment | |
Property, plant, and equipment are recorded at cost. Depreciation for financial reporting purposes is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years, buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are reflected in other income, net on the consolidated statements of income upon the sale or retirement of assets. Expenditures that extend the useful lives of property, plant, and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | ' |
Capitalized software costs | |
Other assets include the capitalized cost of internal use software (including Internet web sites). The assets are stated at cost less accumulated amortization and totaled $5.2 million and $5.9 million at December 31, 2013 and 2012, respectively. These software costs include significant purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet web site costs, the estimated useful lives do not exceed three years. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill | |
We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by first assessing qualitative factors to see if further testing of goodwill is required. If we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, then a quantitative test is required. We may also choose to bypass the qualitative assessment and perform the quantitative test. In performing the quantitative test, we determine the fair value of a reporting unit using the “income approach” valuation method. We use a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate cost of capital rate. Judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures, and working capital requirements, among others. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. | |
Based on our 2013 annual assessment, we determined that none of our goodwill was impaired. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' |
Intangible assets | |
Our acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives, which generally range from 7 to 15 years. None of our acquired intangible assets have indefinite lives. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Impairment of long-lived assets | |
Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue recognition | |
We recognize product revenue when we have an agreement with the customer, the product has been delivered to the customer, the sales price is fixed or determinable and collectability is assured. | |
Each customer arrangement is evaluated to determine the presence of multiple deliverables. For multiple-element revenue arrangements, such as the sale of equipment with a service agreement, we generally allocate the contract value to the various elements based on relative selling price for each element and recognize revenue consistent with the nature of each deliverable. | |
Our standard agreements generally do not include customer acceptance provisions. However, if there is a customer acceptance provision, the associated revenue is deferred until we have satisfied the acceptance provision. | |
Certain of our product sales are generated from construction-type contracts and revenue is recognized under the percentage of completion method. Under this method, revenue is recognized as work progresses on each contract. However, revenue recognition does not begin until a substantial portion of the labor hours are incurred to ensure that revenue is not accelerated for materials procurement. We primarily measure progress toward completion by the units of completion method. Any expected losses are charged to earnings, in total, in the period the losses are identified. | |
Progress billings generally are issued upon the completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings on contracts amounted to $56.8 million and $57.9 million at December 31, 2013 and 2012, respectively. These unbilled receivables are reported in trade receivables on the consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance and progress payments on the consolidated balance sheets. All unbilled trade payables are accrued in other current liabilities when revenue is recognized. Unbilled trade payables were $2.7 million and $2.0 million at December 31, 2013 and 2012, respectively. | |
Service revenue is recognized either when performance is complete or proportionately over the period of the underlying contract, depending on the terms of the arrangement. | |
Some of our operating lease revenue is earned from full-service leases for which we are paid annual fixed rates plus, in some cases, and additional amount based on production volumes. Revenue from production volumes is recognized when determinable and collectible. | |
We provide an allowance for doubtful accounts on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | |
Income Tax, Policy [Policy Text Block] | ' |
Income taxes | |
Income taxes are provided on income reported for financial statement purposes, adjusted for permanent differences between financial statement reporting and income tax regulations. Deferred tax assets and liabilities are measured using enacted tax rates, and reflect the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | |
A liability for uncertain tax positions is recorded whenever management believes it is not more likely than not that the position will be sustained on examination based solely on its technical merits. Interest and penalties related to underpayment of income taxes are classified as income tax expense. | |
Income taxes are not provided on undistributed earnings of foreign subsidiaries or affiliates when it is management’s intention that such earnings will remain invested in those companies. Taxes are provided on such earnings in the year in which the decision is made to repatriate the earnings. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-based employee compensation | |
We measure compensation cost on restricted stock awards based on the market price of our common stock at the grant date and the number of shares awarded. The compensation cost for each award is recognized ratably over the lesser of the stated vesting period or the period until the employee becomes retirement eligible, after taking into account estimated forfeitures. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign currency | |
Financial statements of operations for which the U.S. dollar is not the functional currency are translated to the U.S. dollar prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive loss in stockholders’ equity until the foreign entity is sold or liquidated. | |
Derivatives, Policy [Policy Text Block] | ' |
Derivative financial instruments | |
Derivatives are recognized in the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. We do not offset fair value amounts for derivative instruments held with the same counterparty. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. | |
We elected to discontinue the use of hedge accounting for all foreign currency derivative positions entered into since July of 2008. Accordingly, the changes in fair value of these contracts are recognized in earnings as they occur and, to the extent derivatives economically hedge existing assets or liabilities as opposed to anticipated transactions, offset gains or losses on the remeasurement of the related asset or liability. In the consolidated statements of income, earnings from foreign currency derivatives related to sales and remeasurement of sales-related assets, liabilities and contracts are recorded in revenue, while earnings from foreign currency derivatives related to purchases and remeasurement of purchase-related assets, liabilities and contracts are recorded in cost of sales. These gains and losses are excluded from our measure of segment operating profit and are reflected in other expense, net in the reconciliation of segment operating profit to income before income taxes. | |
When hedge accounting is applied, we ensure that the derivative is highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges is assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in earnings as incurred. We document our risk management strategy and method for assessing hedge effectiveness at the inception of and throughout the term of each hedge. | |
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently issued and adopted accounting pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued guidance that requires an entity to disclose information showing the effect of items reclassified from accumulated other comprehensive income on the line items of net income. The provisions of this new guidance were effective prospectively as of the beginning of our 2013 fiscal year. Accordingly, we adopted this standard in the first quarter of 2013. | |
In December 2011, the FASB issued new disclosure requirements that are intended to enhance current disclosures on offsetting financial assets and liabilities. The new disclosures require an entity to disclose both gross and net information about derivative instruments accounted for in accordance with the guidance on derivatives and hedging that are eligible for offset on the balance sheet, and instruments and transactions subject to an agreement similar to a master netting arrangement. We adopted this standard in the first quarter of 2013. |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
(In millions) | 2013 | 2012 | |||||||
Raw materials | $ | 59.9 | $ | 59.9 | |||||
Work in process | 41.7 | 30.6 | |||||||
Finished goods | 80.5 | 82 | |||||||
Gross inventories before LIFO reserves and valuation adjustments | 182.1 | 172.5 | |||||||
LIFO reserves and valuation adjustments | (64.5 | ) | (63.3 | ) | |||||
Net inventories | $ | 117.6 | $ | 109.2 |
Note_3_Property_Plant_and_Equi1
Note 3 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(In millions) | 2013 | 2012 | |||||||
Land and land improvements | $ | 9 | $ | 8.9 | |||||
Buildings | 62.7 | 60.3 | |||||||
Machinery and equipment | 289 | 284.2 | |||||||
Construction in process | 13.9 | 8.3 | |||||||
374.6 | 361.7 | ||||||||
Accumulated depreciation | (241.9 | ) | (235.5 | ) | |||||
Property, plant and equipment, net | $ | 132.7 | $ | 126.2 |
Note_4_Goodwill_and_Intangible1
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||
(In millions) | JBT FoodTech | JBT AeroTech | Total | ||||||||||||||
Balance as of January 1, 2012 | $ | 20.4 | $ | 7.8 | $ | 28.2 | |||||||||||
Acquisition | 2 | - | 2 | ||||||||||||||
Currency translation | 0.4 | - | 0.4 | ||||||||||||||
Balance as of December 31, 2012 | 22.8 | 7.8 | 30.6 | ||||||||||||||
Currency translation | 0.1 | 0.1 | 0.2 | ||||||||||||||
Balance as of December 31, 2013 | $ | 22.9 | $ | 7.9 | $ | 30.8 | |||||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In millions) | Gross carrying amount | Accumulated amortization | Gross carrying amount | Accumulated amortization | |||||||||||||
Customer lists | $ | 20.8 | $ | 11.2 | $ | 20.7 | $ | 10.1 | |||||||||
Patents and acquired technology | 26.6 | 25.3 | 26.5 | 24.8 | |||||||||||||
Trademarks | 16.1 | 7.6 | 15.9 | 7.2 | |||||||||||||
Other | 4.4 | 2.4 | 4.4 | 1.6 | |||||||||||||
Total intangible assets | $ | 67.9 | $ | 46.5 | $ | 67.5 | $ | 43.7 |
Note_5_Debt_Tables
Note 5 - Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||
Weighted-Average | ||||||||||||||
Interest Rate at | Maturity | |||||||||||||
(In millions) | 31-Dec-13 | Date | 2013 | 2012 | ||||||||||
Short-term borrowings | ||||||||||||||
Foreign credit facilities | 7.5 | % | $ | 1 | $ | 1.8 | ||||||||
Total short-term borrowings | $ | 1 | $ | 1.8 | ||||||||||
Long-term debt | ||||||||||||||
Senior unsecured notes | 6.7 | % | 31-Jul-15 | $ | 75 | $ | 75 | |||||||
Revolving credit facility | 2.1 | % | 30-Nov-17 | 16.5 | 113.5 | |||||||||
Brazilian US Dollar loan | 5.5 | % | 20-Aug-14 | 4 | - | |||||||||
Brazilian Real Loan | 5.5 | % | 15-Apr-16 | 3.4 | - | |||||||||
Other | Various | Various | 0.5 | 0.8 | ||||||||||
Total long-term debt | 99.4 | 189.3 | ||||||||||||
Less: current portion | (5.3 | ) | (0.2 | ) | ||||||||||
Long-term debt, less current portion | $ | 94.1 | $ | 189.1 |
Note_6_Income_Taxes_Tables
Note 6 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 18.9 | $ | 23 | $ | 28.4 | |||||||
Foreign | 28.9 | 31 | 18.4 | ||||||||||
Income before income taxes | $ | 47.8 | $ | 54 | $ | 46.8 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 0.6 | $ | 2.1 | $ | 4.9 | |||||||
State | 0.5 | 0.5 | 1 | ||||||||||
Foreign | 7 | 7.6 | 6.7 | ||||||||||
Total current | 8.1 | 10.2 | 12.6 | ||||||||||
Deferred: | |||||||||||||
Federal | 3 | 6 | 4 | ||||||||||
State | 0.7 | 1 | 0.9 | ||||||||||
Foreign | 2.7 | 2.2 | 1.7 | ||||||||||
Decrease in the valuation allowance for deferred tax assets | (0.3 | ) | (0.3 | ) | (1.2 | ) | |||||||
Decrease in deferred tax liabilities due to foreign tax rate change | - | (1.3 | ) | - | |||||||||
Benefits of operating loss carryforward | (0.4 | ) | (0.9 | ) | (2.0 | ) | |||||||
Total deferred | 5.7 | 6.7 | 3.4 | ||||||||||
Provision for income taxes | $ | 13.8 | $ | 16.9 | $ | 16 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
(In millions) | 2013 | 2012 | |||||||||||
Deferred tax assets attributable to: | |||||||||||||
Accrued pension and other postretirement benefits | $ | 17.3 | $ | 35.9 | |||||||||
Accrued expenses and accounts receivable allowances | 13.6 | 9.2 | |||||||||||
Net operating loss carryforwards | 6.9 | 6.5 | |||||||||||
Inventories | 7.9 | 7.6 | |||||||||||
Stock-based compensation | 6.1 | 5.1 | |||||||||||
Research and development credit carryforwards | 0.8 | - | |||||||||||
Foreign tax credit carryforward | 0.2 | 1.5 | |||||||||||
Total Deferred tax assets | 52.8 | 65.8 | |||||||||||
Valuation allowance | (0.3 | ) | (0.5 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 52.5 | 65.3 | |||||||||||
Deferred tax liabilities attributable to: | |||||||||||||
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 | |||||||||||
Property, plant and equipment | 9 | 8.7 | |||||||||||
Goodwill and amortization | 9.3 | 9.2 | |||||||||||
Other | 6.4 | 1.3 | |||||||||||
Deferred tax liabilities | 38 | 32.5 | |||||||||||
Net deferred tax assets | $ | 14.5 | $ | 32.8 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal tax rate | 35% | 35% | 35% | ||||||||||
Net difference resulting from: | |||||||||||||
Research and development tax credit | -4 | - | -1 | ||||||||||
Foreign earnings subject to different tax rates | -2 | -4 | -2 | ||||||||||
Effect of Swedish tax rate decrease | - | -2 | - | ||||||||||
Tax on foreign intercompany dividends and deemed dividends for tax purposes | - | 3 | - | ||||||||||
Nondeductible expenses | 1 | 1 | 1 | ||||||||||
State income taxes | 2 | 2 | 3 | ||||||||||
Foreign tax credits | -2 | -3 | -4 | ||||||||||
Foreign withholding taxes | 1 | 1 | 2 | ||||||||||
Change in valuation allowance | -1 | - | -3 | ||||||||||
Other | -1 | -2 | 3 | ||||||||||
Total difference | -6 | -4 | -1 | ||||||||||
Effective income tax rate | 29% | 31% | 34% | ||||||||||
Summary of Income Tax Examinations [Table Text Block] | ' | ||||||||||||
Belgium | 2010 | – | 2013 | ||||||||||
Brazil | 2008 | – | 2013 | ||||||||||
Italy | 2009 | – | 2013 | ||||||||||
Sweden | 2008 | – | 2013 | ||||||||||
United States | 2011 | – | 2013 |
Note_7_Pension_and_Postretirem1
Note 7 - Pension and Postretirement and Other Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Note 7 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 331.5 | $ | 309.5 | $ | 7.8 | $ | 7.8 | |||||||||||||||||||||||||
Service cost | 1.9 | 1.5 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Interest cost | 13.7 | 13.8 | 0.3 | 0.4 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (31.9 | ) | 17.1 | (0.9 | ) | (0.1 | ) | ||||||||||||||||||||||||||
Transition | 1.9 | - | - | - | |||||||||||||||||||||||||||||
Curtailments | - | (0.3 | ) | - | - | ||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (11.6 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | 1 | 1.3 | - | - | |||||||||||||||||||||||||||||
Projected benefit obligation at December 31 | $ | 306.3 | $ | 331.5 | $ | 6.9 | $ | 7.8 | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 231.9 | $ | 205.1 | $ | - | $ | - | |||||||||||||||||||||||||
Company contributions | 10 | 14.2 | 0.4 | 0.4 | |||||||||||||||||||||||||||||
Actual return on plan assets | 21.9 | 24 | - | - | |||||||||||||||||||||||||||||
Plan participants' contributions | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||
Transition | 3 | - | - | - | |||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (11.6 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||
Currency translation adjustments | 0.4 | - | - | - | |||||||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 255.4 | $ | 231.9 | $ | - | $ | - | |||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (50.9 | ) | $ | (99.6 | ) | $ | (6.9 | ) | $ | (7.8 | ) | |||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31 | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | (4.9 | ) | $ | (2.3 | ) | $ | (0.4 | ) | $ | (0.5 | ) | |||||||||||||||||||||
Accrued pension and other postretirement benefits, less current portion | (46.0 | ) | (97.3 | ) | (6.5 | ) | (7.3 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (50.9 | ) | $ | (99.6 | ) | $ | (6.9 | ) | $ | (7.8 | ) | |||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | 98.4 | $ | 138.4 | $ | (1.0 | ) | $ | (0.1 | ) | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | 0.3 | 0.6 | - | (0.3 | ) | ||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive loss (gain) | $ | 98.7 | $ | 139 | $ | (1.0 | ) | $ | (0.4 | ) | |||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 306.3 | $ | 331.5 | |||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | 299.8 | 325.6 | |||||||||||||||||||||||||||||||
Aggregate fair value of plan assets | 252.4 | 231.9 | |||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.5 | $ | 1.5 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Interest cost | 13.7 | 13.8 | 14.4 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (18.2 | ) | (17.7 | ) | (18.5 | ) | - | - | - | ||||||||||||||||||||||||
Curtailment gain | - | (0.1 | ) | (0.1 | ) | - | - | - | |||||||||||||||||||||||||
Amortization of prior service (credit) cost | 0.2 | 0.2 | 0.2 | (0.3 | ) | (0.8 | ) | (0.9 | ) | ||||||||||||||||||||||||
Amortization of net actuarial loss | 4.2 | 3.1 | 1.6 | - | - | - | |||||||||||||||||||||||||||
Total costs (income) | $ | 1.8 | $ | 0.8 | $ | (0.9 | ) | $ | 0.1 | $ | (0.4 | ) | $ | (0.4 | ) | ||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement benefits | |||||||||||||||||||||||||||||||
Actuarial gain due to discount rate change | $ | (31.9 | ) | $ | (0.9 | ) | |||||||||||||||||||||||||||
Actuarial gain due to different rate of return on assets | (4.0 | ) | - | ||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (4.2 | ) | - | ||||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.2 | ) | 0.3 | ||||||||||||||||||||||||||||||
Total income recognized in other comprehensive income | (40.3 | ) | (0.6 | ) | |||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (38.5 | ) | $ | (0.5 | ) | |||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Target | 2013 | 2012 | |||||||||||||||||||||||||||||||
Equity | 30% | - | 70% | 47% | 49% | ||||||||||||||||||||||||||||
Fixed income | 20% | - | 40% | 25% | 29% | ||||||||||||||||||||||||||||
Real estate and other | 10% | - | 30% | 26% | 21% | ||||||||||||||||||||||||||||
Cash | 0% | - | 10% | 2% | 1% | ||||||||||||||||||||||||||||
100% | 100% | 100% | |||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
(In millions) | Pensions | Other postretirement benefits | |||||||||||||||||||||||||||||||
2014 | $ | 15.9 | $ | 0.4 | |||||||||||||||||||||||||||||
2015 | 19 | 0.5 | |||||||||||||||||||||||||||||||
2016 | 14.2 | 0.5 | |||||||||||||||||||||||||||||||
2017 | 14.7 | 0.5 | |||||||||||||||||||||||||||||||
2018 | 15.8 | 0.6 | |||||||||||||||||||||||||||||||
2019-2023 | 88.4 | 2.8 | |||||||||||||||||||||||||||||||
Allocation by level within the fair value hierarchy [Member] | ' | ||||||||||||||||||||||||||||||||
Note 7 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4.3 | $ | 4.3 | $ | - | $ | - | $ | 2.6 | $ | 2.6 | $ | - | $ | - | |||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
Large cap (1) | 40.2 | - | 40.2 | - | 46.4 | - | 46.4 | - | |||||||||||||||||||||||||
Small cap (2) | 81.2 | 81.2 | - | - | 67.7 | 67.7 | - | - | |||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||||||
Government securities (3) | 17.5 | - | 17.5 | - | 44.5 | - | 44.5 | - | |||||||||||||||||||||||||
Corporate bonds (4) | 45.1 | 14.8 | 30.3 | - | 22.2 | 3.3 | 18.9 | - | |||||||||||||||||||||||||
Real estate and other investments (5) | 67.1 | 27.9 | 39.2 | - | 48.5 | 15.3 | 33.2 | - | |||||||||||||||||||||||||
Total assets at fair value | $ | 255.4 | $ | 128.2 | $ | 127.2 | $ | - | $ | 231.9 | $ | 88.9 | $ | 143 | $ | - | |||||||||||||||||
Assumptions to determine the benefit obligations [Member] | ' | ||||||||||||||||||||||||||||||||
Note 7 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.92% | 4.19% | 4.55% | 5.10% | 4.30% | 4.60% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.45% | 3.45% | 3.42% | - | - | - | |||||||||||||||||||||||||||
Assumptions to determine net periodic benefit cost [Member] | ' | ||||||||||||||||||||||||||||||||
Note 7 - Pension and Postretirement and Other Benefit Plans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Pensions | Other postretirement benefits | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.17% | 4.55% | 5.32% | 4.30% | 4.60% | 5.45% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.45% | 3.45% | 3.42% | - | - | - | |||||||||||||||||||||||||||
Expected rate of return on plan assets | 7.81% | 7.82% | 8.35% | - | - | - |
Note_8_Accumulated_Other_Compr1
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
Pension and Other Postretirement Benefits | Foreign Currency Translation | Total | |||||||||||
(In millions) | |||||||||||||
Beginning balance, December 31, 2012 | $ | (85.4 | ) | $ | 4.4 | $ | (81.0 | ) | |||||
Other comprehensive gain (loss) before reclassification | 23.2 | (4.5 | ) | 18.7 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 2.2 | - | 2.2 | ||||||||||
Ending balance, December 31, 2013 | $ | (60.0 | ) | $ | (0.1 | ) | $ | (60.1 | ) |
Note_9_StockBased_Compensation1
Note 9 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||
Stock-based compensation expense | $ | 6.9 | $ | 7.5 | $ | 5.2 | |||||||||||
Tax benefit recorded in consolidated statements of income | $ | 2.6 | $ | 2.7 | $ | 1.9 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Weighted-Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Nonvested at December 31, 2012 | 1,229,972 | $ | 17.14 | ||||||||||||||
Granted | 387,421 | $ | 20.88 | ||||||||||||||
Vested | (358,982 | ) | $ | 16.43 | |||||||||||||
Forfeited | (29,017 | ) | $ | 18.1 | |||||||||||||
Nonvested at December 31, 2013 | 1,229,394 | $ | 18.5 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average grant-date fair value of restricted stock units granted | $ | 20.88 | $ | 17.53 | $ | 18.72 | |||||||||||
Fair value of restricted stock vested (in millions) | $ | 6.7 | $ | 6.8 | $ | 14.2 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted- | |||||||||||||||||
Weighted- | Average | ||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||
(Intrinsic value in millions) | Option | Price | Term (Years) | Value | |||||||||||||
Outstanding and exercisable at December 31, 2012 | 23,651 | $ | 2.96 | 1.1 | $ | 0.3 | |||||||||||
Exercised | (23,651 | ) | |||||||||||||||
Outstanding and exercisable at December 31, 2013 | - |
Note_10_Stockholders_Equity_Ta
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | ||||||||
Common stock issued | Common stock held in treasury | ||||||||
31-Dec-12 | 28,946,413 | 214,202 | |||||||
Stock awards | 9,016 | (224,402 | ) | ||||||
Options exercised | 23,651 | - | |||||||
Treasury stock purchases | - | 10,200 | |||||||
31-Dec-13 | 28,979,080 | - | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
(In millions) | 2013 | 2012 | |||||||
Cumulative foreign currency translation adjustments | $ | (0.1 | ) | $ | 4.4 | ||||
Cumulative deferral of pension net losses, net of tax of $37.7 in 2013 and $53.3 in 2012 | (60.0 | ) | (85.4 | ) | |||||
Accumulated other comprehensive loss | $ | (60.1 | ) | $ | (81.0 | ) |
Note_11_Earnings_Per_Share_Tab
Note 11 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
(In millions, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | |||||||||||||
Income from continuing operations | $ | 34 | $ | 37.1 | $ | 30.8 | |||||||
Weighted average number of shares outstanding | 29.2 | 29.1 | 28.8 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.16 | $ | 1.27 | $ | 1.07 | |||||||
Diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 34 | $ | 37.1 | $ | 30.8 | |||||||
Weighted average number of shares outstanding | 29.2 | 29.1 | 28.8 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 0.5 | 0.4 | 0.5 | ||||||||||
Total shares and dilutive securities | 29.7 | 29.5 | 29.3 | ||||||||||
Diluted earnings per share from continuing operations | $ | 1.15 | $ | 1.26 | $ | 1.05 |
Note_12_Derivative_Financial_I1
Note 12 - Derivative Financial Instruments and Credit Risk (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||
(In millions) | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||
Other current assets / liabilities | $ | 5.8 | $ | 3 | $ | 5.9 | $ | 6.6 | |||||||||||||
Other assets / liabilities | 2.6 | 0.6 | 1.7 | 0.4 | |||||||||||||||||
Total | $ | 8.4 | $ | 3.6 | $ | 7.6 | $ | 7 | |||||||||||||
Schedule of Derivative Assets at Fair Value [Table Text Block] | ' | ||||||||||||||||||||
(in millions) | As of December 31, 2013 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 8.4 | $ | - | $ | 8.4 | $ | (2.9 | ) | $ | 5.5 | ||||||||||
(in millions) | As of December 31, 2012 | ||||||||||||||||||||
Offsetting of Assets | Gross Amounts Not Offset in the | ||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 7.6 | $ | - | $ | 7.6 | $ | (3.8 | ) | $ | 3.8 | ||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||||||||||
Offsetting of Liabilities | As of December 31, 2013 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 3.6 | $ | - | $ | 3.6 | $ | (2.9 | ) | $ | 0.7 | ||||||||||
Offsetting of Liabilities | As of December 31, 2012 | ||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Net Amount | |||||||||||||||||
Derivatives | $ | 7 | $ | - | $ | 7 | $ | (3.8 | ) | $ | 3.2 | ||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Foreign exchange contracts | Revenue | $ | - | $ | 3.7 | $ | 4.4 | ||||||||||||||
Foreign exchange contracts | Cost of sales | 0.4 | (0.6 | ) | 0.9 | ||||||||||||||||
Foreign exchange contracts | Other income, net | (0.7 | ) | 0.4 | 1.1 | ||||||||||||||||
Total | (0.3 | ) | 3.5 | 6.4 | |||||||||||||||||
Remeasurement of assets and liabilities in foreign currencies | (0.2 | ) | (1.0 | ) | 1.3 | ||||||||||||||||
Net (loss) gain on foreign currency transactions | $ | (0.5 | ) | $ | 2.5 | $ | 7.7 |
Note_13_Fair_Value_of_Financia1
Note 13 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Investments | $ | 11.9 | $ | 11.9 | - | - | $ | 11.1 | $ | 11.1 | - | - | |||||||||||||||||||||
Derivatives | 8.4 | - | $ | 8.4 | - | 7.6 | - | $ | 7.6 | - | |||||||||||||||||||||||
Total assets | $ | 20.3 | $ | 11.9 | $ | 8.4 | - | $ | 18.7 | $ | 11.1 | $ | 7.6 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 3.6 | - | 3.6 | - | $ | 7 | - | $ | 7 | - | ||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(In millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Senior unsecured notes due July 31, 2015 | $ | 75 | $ | 80.7 | $ | 75 | $ | 83.9 | |||||||||||||||||||||||||
Revolving credit facility, expires November 30, 2017 | 16.5 | 16.5 | 113.5 | 113.5 | |||||||||||||||||||||||||||||
Brazilian loan due August 20, 2014 | 4 | 4 | - | - | |||||||||||||||||||||||||||||
Brazilian loan due April 15, 2016 | 3.4 | 2.9 | - | - | |||||||||||||||||||||||||||||
Foreign credit facilities | 1 | 1 | 1.8 | 1.8 | |||||||||||||||||||||||||||||
Other | 0.5 | 0.5 | 0.8 | 0.8 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 7.3 | $ | 7.3 | |||||||||||||||||||||||||
Expenses for new warranties | 13.1 | 11.1 | |||||||||||||||||||||||||||
Adjustments to existing accruals | (0.6 | ) | (0.8 | ) | |||||||||||||||||||||||||
Claims paid | (9.7 | ) | (10.3 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 10.1 | $ | 7.3 | |||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In millions) | Total Amount | 2014 | 2015 | 2016 | 2017 | 2018 | After 2018 | ||||||||||||||||||||||
Operating lease obligations | $ | 20.6 | $ | 5.1 | $ | 3.9 | $ | 2.4 | $ | 1.6 | $ | 1.2 | $ | 6.4 |
Note_15_Business_Segments_Tabl
Note 15 - Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 611 | $ | 589.1 | $ | 588.2 | |||||||||||||||||||||||||||||||
JBT AeroTech | 323.4 | 325.4 | 361.7 | ||||||||||||||||||||||||||||||||||
Other revenue (1) and intercompany eliminations | (0.2 | ) | 2.8 | 5.9 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 934.2 | $ | 917.3 | $ | 955.8 | |||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 64.5 | $ | 58.8 | $ | 47.2 | |||||||||||||||||||||||||||||||
JBT AeroTech | 26.6 | 28.7 | 31.1 | ||||||||||||||||||||||||||||||||||
Total segment operating profit | 91.1 | 87.5 | 78.3 | ||||||||||||||||||||||||||||||||||
Corporate items: | |||||||||||||||||||||||||||||||||||||
Corporate expense (2) | (36.3 | ) | (26.5 | ) | (13.5 | ) | |||||||||||||||||||||||||||||||
Restructuring expense | (1.6 | ) | (0.1 | ) | (11.6 | ) | |||||||||||||||||||||||||||||||
Net interest expense | (5.4 | ) | (6.9 | ) | (6.4 | ) | |||||||||||||||||||||||||||||||
Total corporate items | (43.3 | ) | (33.5 | ) | (31.5 | ) | |||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 47.8 | 54 | 46.8 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 13.8 | 16.9 | 16 | ||||||||||||||||||||||||||||||||||
Income from continuing operations | 34 | 37.1 | 30.8 | ||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.9 | ) | (0.9 | ) | (0.3 | ) | |||||||||||||||||||||||||||||||
Net income | $ | 33.1 | $ | 36.2 | $ | 30.5 | |||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 204.5 | $ | 271.5 | $ | 219.4 | |||||||||||||||||||||||||||||||
JBT AeroTech | 138.1 | 132 | 130 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 342.6 | 403.5 | 349.4 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 243.2 | 226.6 | 208.6 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 35.4 | 47.9 | 34.2 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 621.2 | $ | 678.0 | $ | 592.2 | |||||||||||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||||||||||
JBT FoodTech | $ | 392.4 | $ | 445.7 | $ | 374.8 | |||||||||||||||||||||||||||||||
JBT AeroTech | 194 | 184.8 | 183.7 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.6 | ) | (0.4 | ) | (0.5 | ) | |||||||||||||||||||||||||||||||
Total segment assets | 585.8 | 630.1 | 558 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 35.4 | 47.9 | 34.2 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 621.2 | $ | 678.0 | $ | 592.2 | |||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue (by location of customers): | |||||||||||||||||||||||||||||||||||||
United States | $ | 460.9 | $ | 475.5 | $ | 469 | |||||||||||||||||||||||||||||||
All other countries | 473.3 | 441.8 | 486.8 | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 934.2 | $ | 917.3 | $ | 955.8 | |||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
United States | $ | 79.4 | $ | 75 | $ | 73.9 | |||||||||||||||||||||||||||||||
Sweden | 10.2 | 9.1 | 9.9 | ||||||||||||||||||||||||||||||||||
Brazil | 14 | 15.7 | 15.9 | ||||||||||||||||||||||||||||||||||
All other countries | 35.6 | 34.1 | 30.8 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 139.2 | $ | 133.9 | $ | 130.5 | |||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Capital Expenditures | Depreciation and Amortization | Research and Development Expense | |||||||||||||||||||||||||||||||||||
(In millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
JBT FoodTech | $ | 27.7 | $ | 22.7 | $ | 18.8 | $ | 22 | $ | 20.7 | $ | 21.2 | $ | 11.2 | $ | 10.8 | $ | 11.9 | |||||||||||||||||||
JBT AeroTech | 1 | 1.3 | 1.3 | 1.8 | 1.9 | 2 | 2.8 | 3.5 | 6.6 | ||||||||||||||||||||||||||||
Corporate | 0.5 | 0.7 | 0.7 | 1.2 | 1 | 0.9 | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 29.2 | $ | 24.7 | $ | 20.8 | $ | 25 | $ | 23.6 | $ | 24.1 | $ | 14 | $ | 14.3 | $ | 18.5 |
Note_17_Quarterly_Information_1
Note 17 - Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
(In millions, except per share data | 2013 | 2012 | |||||||||||||||||||||||||||||||
and common stock prices) | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||||||
Revenue | $ | 288.1 | $ | 233.5 | $ | 226.9 | $ | 185.7 | $ | 292.9 | $ | 205.3 | $ | 214.4 | $ | 204.7 | |||||||||||||||||
Cost of sales | 218.8 | 179.3 | 167.8 | 135.4 | 218.2 | 153.3 | 160.4 | 154.3 | |||||||||||||||||||||||||
Income from continuing operations | 13.7 | 7.4 | 8.8 | 4.1 | 19 | 6.2 | 7.9 | 4 | |||||||||||||||||||||||||
Loss from discontinued operations, net of tax | (0.1 | ) | (0.6 | ) | (0.2 | ) | - | (0.5 | ) | (0.1 | ) | (0.2 | ) | (0.1 | ) | ||||||||||||||||||
Net income | $ | 13.6 | $ | 6.8 | $ | 8.6 | $ | 4.1 | $ | 18.5 | $ | 6.1 | $ | 7.7 | $ | 3.9 | |||||||||||||||||
Basic earnings per share (1): | |||||||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.47 | $ | 0.25 | $ | 0.3 | $ | 0.14 | $ | 0.65 | $ | 0.21 | $ | 0.27 | $ | 0.14 | |||||||||||||||||
Loss from discontinued operations, net of tax | - | (0.02 | ) | (0.01 | ) | - | (0.01 | ) | - | - | (0.01 | ) | |||||||||||||||||||||
Net income | $ | 0.47 | $ | 0.23 | $ | 0.29 | $ | 0.14 | $ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.13 | |||||||||||||||||
Diluted earnings per share (1): | |||||||||||||||||||||||||||||||||
Income from continuing operations | $ | 0.46 | $ | 0.25 | $ | 0.3 | $ | 0.14 | $ | 0.64 | $ | 0.21 | $ | 0.27 | $ | 0.14 | |||||||||||||||||
Loss from discontinued operations, net of tax | - | (0.02 | ) | (0.01 | ) | - | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||
Net income | $ | 0.46 | $ | 0.23 | $ | 0.29 | $ | 0.14 | $ | 0.63 | $ | 0.2 | $ | 0.26 | $ | 0.13 | |||||||||||||||||
Dividends declared per share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | |||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||
Basic | 29.3 | 29.2 | 29.2 | 29.2 | 29.1 | 29.2 | 29.1 | 29.1 | |||||||||||||||||||||||||
Diluted | 29.8 | 29.7 | 29.6 | 29.5 | 29.6 | 29.6 | 29.5 | 29.4 | |||||||||||||||||||||||||
Common stock sales price | |||||||||||||||||||||||||||||||||
High | $ | 30 | $ | 24.97 | $ | 22.22 | $ | 21.21 | $ | 17.87 | $ | 17.48 | $ | 16.49 | $ | 18.2 | |||||||||||||||||
Low | $ | 24.66 | $ | 21.01 | $ | 19.26 | $ | 17.78 | $ | 13.93 | $ | 12.76 | $ | 13.06 | $ | 15.01 |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Computer Software, Net (in Dollars) | $5.20 | ' | ' | ' | $5.90 | ' | ' | ' | $5.20 | ' | $5.90 | ' | ' | ' |
Revenues (in Dollars) | 288.1 | 233.5 | 226.9 | 185.7 | 292.9 | 205.3 | 214.4 | 204.7 | 934.2 | 934.2 | 917.3 | 917.3 | 955.8 | 955.8 |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '20 | ' | ' | ' | ' | ' |
Land Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '35 | ' | ' | ' | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '20 | ' | ' | ' | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '50 | ' | ' | ' | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '3 | ' | ' | ' | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | '20 | ' | ' | ' | ' | ' |
Unbilled Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 56.8 | ' | 57.9 | ' | ' | ' |
Unbilled Trade Payables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable, Trade (in Dollars) | $2.70 | ' | ' | ' | $2 | ' | ' | ' | $2.70 | ' | $2 | ' | ' | ' |
Minimum [Member] | Internal Use Software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Minimum [Member] | Acquired Intangible Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' |
Maximum [Member] | Internal Use Software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Maximum [Member] | Internet Web Site Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Maximum [Member] | Acquired Intangible Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' |
Note_2_Inventories_Details
Note 2 - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
LIFO Inventory Amount | $106 | $105 |
Excess of Replacement or Current Costs over Stated LIFO Value | $49.20 | $48.70 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $59.90 | $59.90 |
Work in process | 41.7 | 30.6 |
Finished goods | 80.5 | 82 |
Gross inventories before LIFO reserves and valuation adjustments | 182.1 | 172.5 |
LIFO reserves and valuation adjustments | -64.5 | -63.3 |
Net inventories | $117.60 | $109.20 |
Note_3_Property_Plant_and_Equi2
Note 3 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land and land improvements | $9 | $8.90 |
Buildings | 62.7 | 60.3 |
Machinery and equipment | 289 | 284.2 |
Construction in process | 13.9 | 8.3 |
374.6 | 361.7 | |
Accumulated depreciation | -241.9 | -235.5 |
Property, plant and equipment, net | $132.70 | $126.20 |
Note_4_Goodwill_and_Intangible2
Note 4 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $2.30 | $2.10 | $1.50 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2.3 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2.2 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1.8 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $1.50 | ' | ' |
Note_4_Goodwill_and_Intangible3
Note 4 - Goodwill and Intangible Assets (Details) - Carrying Amount of Goodwill (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
JBT FoodTech [Member] | JBT FoodTech [Member] | JBT AeroTech [Member] | JBT AeroTech [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Balance | $30.60 | $28.20 | $22.80 | $20.40 | $7.80 | $7.80 |
Acquisition | ' | 2 | ' | 2 | ' | ' |
Currency translation | 0.2 | 0.4 | 0.1 | 0.4 | 0.1 | ' |
Balance | $30.80 | $30.60 | $22.90 | $22.80 | $7.90 | $7.80 |
Note_4_Goodwill_and_Intangible4
Note 4 - Goodwill and Intangible Assets (Details) - Components of Intangible Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Carrying Amount | $67.90 | $67.50 |
Intangible Assets Accumulated Amortization | 46.5 | 43.7 |
Customer Lists [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Carrying Amount | 20.8 | 20.7 |
Intangible Assets Accumulated Amortization | 11.2 | 10.1 |
Patents and acquired technology [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Carrying Amount | 26.6 | 26.5 |
Intangible Assets Accumulated Amortization | 25.3 | 24.8 |
Trademarks [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Carrying Amount | 16.1 | 15.9 |
Intangible Assets Accumulated Amortization | 7.6 | 7.2 |
Other Intangible Assets [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Carrying Amount | 4.4 | 4.4 |
Intangible Assets Accumulated Amortization | $2.40 | $1.60 |
Note_5_Debt_Details
Note 5 - Debt (Details) | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Nov. 30, 2012 | Nov. 30, 2012 | Feb. 21, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Spread On Federal Funds Rate [Member] | Spread On LIBOR [Member] | Scenario, Forecast [Member] | Credit Facilities - China [Member] | Credit Facilities - China [Member] | Credit Facilities - India [Member] | Credit Facilities - India [Member] | Senior unsecured notes [Member] | Brazilian US Dollar Loan [Member] | Brazilian Real loan [Member] | Brazilian Real loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Brazilian US Dollar Loan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | |||||||||||||||
Note 5 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $9 | ' | $0.80 | ' | ' | ' | ' | ' | $300 | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | 0.5 | 1.4 | 0.5 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage (in Basis Points) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.28% |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278 | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 75 | 4 | 3.4 | 7.9 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 6.66% | 5.50% | 5.50% | 5.50% | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Brazil Real) | ' | ' | ' | ' | ' | ' | ' | $75 | $4 | $3.40 | 7.9 | ' | ' | ' | ' |
Note_5_Debt_Details_Debt
Note 5 - Debt (Details) - Debt (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Short-term borrowings | ' | ' |
Short-Term Debt Balance | $1.80 | $1 |
Long-Term Debt Balance | 189.3 | 99.4 |
Less: current portion | -0.2 | -5.3 |
Long-term debt, less current portion | 189.1 | 94.1 |
Foreign credit facilities [Member] | ' | ' |
Short-term borrowings | ' | ' |
Weighted-Average Interest Rate | ' | 7.50% |
Short-Term Debt Balance | 1.8 | 1 |
Senior unsecured notes [Member] | ' | ' |
Short-term borrowings | ' | ' |
Weighted-Average Interest Rate | ' | 6.70% |
Maturity Date | 31-Jul-15 | ' |
Long-Term Debt Balance | 75 | 75 |
Revolving credit facility1 [Member] | ' | ' |
Short-term borrowings | ' | ' |
Weighted-Average Interest Rate | ' | 2.10% |
Maturity Date | 30-Nov-17 | ' |
Long-Term Debt Balance | 113.5 | 16.5 |
Brazilian US Dollar Loan [Member] | ' | ' |
Short-term borrowings | ' | ' |
Weighted-Average Interest Rate | ' | 5.50% |
Maturity Date | 20-Aug-14 | ' |
Long-Term Debt Balance | ' | 4 |
Brazilian Real loan [Member] | ' | ' |
Short-term borrowings | ' | ' |
Weighted-Average Interest Rate | ' | 5.50% |
Maturity Date | 15-Apr-16 | ' |
Long-Term Debt Balance | ' | 3.4 |
Other long-term borrowing [Member] | ' | ' |
Short-term borrowings | ' | ' |
Long-Term Debt Balance | $0.80 | $0.50 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $0.20 | $1.50 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 0.8 | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 1.1 | ' |
Undistributed Earnings of Foreign Subsidiaries | 75.6 | ' |
Expected to be Used in Next Year [Member] | ' | ' |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' |
Operating Loss Carryforwards | 3 | ' |
Foreign Tax Authority [Member] | ' | ' |
Note 6 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 15.3 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $7.50 | ' |
Note_6_Income_Taxes_Details_Do
Note 6 - Income Taxes (Details) - Domestic and Foreign Components of Income Before Income Taxes (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 |
Domestic and Foreign Components of Income Before Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' |
Domestic | $18.90 | ' | $23 | ' | $28.40 | ' |
Foreign | 28.9 | ' | 31 | ' | 18.4 | ' |
Income before income taxes | $47.80 | $47.80 | $54 | $54 | $46.80 | $46.80 |
Note_6_Income_Taxes_Details_Pr
Note 6 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' |
Federal | $0.60 | ' | $2.10 | ' | $4.90 | ' |
State | 0.5 | ' | 0.5 | ' | 1 | ' |
Foreign | 7 | ' | 7.6 | ' | 6.7 | ' |
Total current | 8.1 | ' | 10.2 | ' | 12.6 | ' |
Deferred: | ' | ' | ' | ' | ' | ' |
Federal | 3 | ' | 6 | ' | 4 | ' |
State | 0.7 | ' | 1 | ' | 0.9 | ' |
Foreign | 2.7 | ' | 2.2 | ' | 1.7 | ' |
Decrease in the valuation allowance for deferred tax assets | -0.3 | ' | -0.3 | ' | -1.2 | ' |
Decrease in deferred tax liabilities due to foreign tax rate change | ' | ' | -1.3 | ' | ' | ' |
Benefits of operating loss carryforward | -0.4 | ' | -0.9 | ' | -2 | ' |
Total deferred | 5.7 | ' | 6.7 | ' | 3.4 | ' |
Provision for income taxes | $13.80 | $13.80 | $16.90 | $16.90 | $16 | $16 |
Note_6_Income_Taxes_Details_Si
Note 6 - Income Taxes (Details) - Significant Components of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets attributable to: | ' | ' |
Accrued pension and other postretirement benefits | $17.30 | $35.90 |
Accrued expenses and accounts receivable allowances | 13.6 | 9.2 |
Net operating loss carryforwards | 6.9 | 6.5 |
Inventories | 7.9 | 7.6 |
Stock-based compensation | 6.1 | 5.1 |
Research and development credit carryforwards | 0.8 | ' |
Foreign tax credit carryforward | 0.2 | 1.5 |
Total Deferred tax assets | 52.8 | 65.8 |
Valuation allowance | -0.3 | -0.5 |
Deferred tax assets, net of valuation allowance | 52.5 | 65.3 |
Deferred tax liabilities attributable to: | ' | ' |
Liquidation of subsidiary for income tax purposes | 13.3 | 13.3 |
Property, plant and equipment | 9 | 8.7 |
Goodwill and amortization | 9.3 | 9.2 |
Other | 6.4 | 1.3 |
Deferred tax liabilities | 38 | 32.5 |
Net deferred tax assets | $14.50 | $32.80 |
Note_6_Income_Taxes_Details_Ef
Note 6 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Net difference resulting from: | ' | ' | ' |
Research and development tax credit | -4.00% | ' | -1.00% |
Foreign earnings subject to different tax rates | -2.00% | -4.00% | -2.00% |
Effect of Swedish tax rate decrease | ' | -2.00% | ' |
Tax on foreign intercompany dividends and deemed dividends for tax purposes | ' | 3.00% | ' |
Nondeductible expenses | 1.00% | 1.00% | 1.00% |
State income taxes | 2.00% | 2.00% | 3.00% |
Foreign tax credits | -2.00% | -3.00% | -4.00% |
Foreign withholding taxes | 1.00% | 1.00% | 2.00% |
Change in valuation allowance | -1.00% | ' | -3.00% |
Other | -1.00% | -2.00% | 3.00% |
Total difference | -6.00% | -4.00% | -1.00% |
Effective income tax rate | 29.00% | 31.00% | 34.00% |
Note_6_Income_Taxes_Details_Ta
Note 6 - Income Taxes (Details) - Tax Years Subject to Examination by Significant Jurisdictions | 12 Months Ended |
Dec. 31, 2013 | |
BELGIUM | ' |
Income Tax Examination [Line Items] | ' |
Tax Jurisdiction | '2013 |
BRAZIL | ' |
Income Tax Examination [Line Items] | ' |
Tax Jurisdiction | '2013 |
ITALY | ' |
Income Tax Examination [Line Items] | ' |
Tax Jurisdiction | '2013 |
SWEDEN | ' |
Income Tax Examination [Line Items] | ' |
Tax Jurisdiction | '2013 |
UNITED STATES | ' |
Income Tax Examination [Line Items] | ' |
Tax Jurisdiction | '2013 |
Note_7_Pension_and_Postretirem2
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | $299.80 | $325.60 | ' |
Unrecognized Actuarial Gains and Losses, Amortization, Description | 'These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the higher of the market-related value of the assets or the projected benefit obligation for each respective plan. The amortization is on a straight-line basis over the life expectancy of the plan's participants for the frozen plans and the expected remaining service periods for the other plans. | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 13 | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 9.4 | 8.9 | 9 |
Net Actuarial Loss [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 2.7 | ' | ' |
Prior Service Credit [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $0.10 | ' | ' |
Note_7_Pension_and_Postretirem3
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension And Postretirement Benefit Plans, Together With The Associated Balances Recognized in Our Consolidated Financial Statements (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Accrued pension and other postretirement benefits, less current portion | ($52.50) | ($104.60) | ' |
Projected benefit obligation | 299.8 | 325.6 | ' |
Projected Benefit Obligation, Component [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Transition | 1.9 | ' | ' |
Benefits paid | -12 | -11.6 | ' |
Projected Benefit Obligation, Component [Member] | Other Postretirement Benefits [Member] | ' | ' | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Benefits paid | -0.4 | -0.4 | ' |
Fair Value of Plan Assets, Component [Member] | Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Transition | 3 | ' | ' |
Benefits paid | -12 | -11.6 | ' |
Fair Value of Plan Assets, Component [Member] | Other Postretirement Benefits [Member] | ' | ' | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Benefits paid | -0.4 | -0.4 | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension And Postretirement Benefit Plans, Together With The Associated Balances Recognized in Our Consolidated Financial Statements [Line Items] | ' | ' | ' |
Projected benefit obligation | 331.5 | 309.5 | ' |
Fair value of plan assets | 231.9 | 205.1 | ' |
Funded status of the plans (liability) at December 31 | -50.9 | -99.6 | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Other current liabilities | -4.9 | -2.3 | ' |
Accrued pension and other postretirement benefits, less current portion | -46 | -97.3 | ' |
Net amount recognized | -50.9 | -99.6 | ' |
Service cost | 1.9 | 1.5 | 1.5 |
Interest cost | 13.7 | 13.8 | 14.4 |
Actuarial (gain) loss | -31.9 | 17.1 | ' |
Curtailments | ' | -0.3 | ' |
Company contributions | 10 | 14.2 | ' |
Actual return on plan assets | 21.9 | 24 | ' |
Plan participants' contributions | 0.2 | 0.2 | ' |
Currency translation adjustments | 0.4 | ' | ' |
Currency translation adjustments | 1 | 1.3 | ' |
Projected benefit obligation | 306.3 | 331.5 | 309.5 |
Fair value of plan assets | 255.4 | 231.9 | 205.1 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - The Funded Status of Our Pension And Postretirement Benefit Plans, Together With The Associated Balances Recognized in Our Consolidated Financial Statements [Line Items] | ' | ' | ' |
Projected benefit obligation | 7.8 | 7.8 | ' |
Funded status of the plans (liability) at December 31 | -6.9 | -7.8 | ' |
Amounts recognized in the Consolidated Balance Sheets at December 31 | ' | ' | ' |
Other current liabilities | -0.4 | -0.5 | ' |
Accrued pension and other postretirement benefits, less current portion | -6.5 | -7.3 | ' |
Net amount recognized | -6.9 | -7.8 | ' |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.4 | 0.4 |
Actuarial (gain) loss | -0.9 | -0.1 | ' |
Company contributions | 0.4 | 0.4 | ' |
Projected benefit obligation | $6.90 | $7.80 | $7.80 |
Note_7_Pension_and_Postretirem4
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plan, Defined Benefit [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Unrecognized actuarial loss (gain) | $98.40 | $138.40 |
Unrecognized prior service cost (credit) | 0.3 | 0.6 |
Total recognized in accumulated other comprehensive loss (gain) | 98.7 | 139 |
Other Postretirement Benefits [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Unrecognized actuarial loss (gain) | -1 | -0.1 |
Unrecognized prior service cost (credit) | ' | -0.3 |
Total recognized in accumulated other comprehensive loss (gain) | ($1) | ($0.40) |
Note_7_Pension_and_Postretirem5
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Key Information for Plans with Accumulated Benefit Obligation in Excess Of Plan Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Key Information for Plans with Accumulated Benefit Obligation in Excess Of Plan Assets [Abstract] | ' | ' |
Aggregate projected benefit obligation | $306.30 | $331.50 |
Aggregate accumulated benefit obligation | 299.8 | 325.6 |
Aggregate fair value of plan assets | $252.40 | $231.90 |
Note_7_Pension_and_Postretirem6
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ' | ' | ' |
Service cost | $1.90 | $1.50 | $1.50 |
Interest cost | 13.7 | 13.8 | 14.4 |
Expected return on plan assets | -18.2 | -17.7 | -18.5 |
Curtailment gain | ' | -0.1 | -0.1 |
Amortization of prior service (credit) cost | 0.2 | 0.2 | 0.2 |
Amortization of net actuarial loss | 4.2 | 3.1 | 1.6 |
Total costs (income) | 1.8 | 0.8 | -0.9 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pension and Other Postretirement Benefit Costs [Line Items] | ' | ' | ' |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.4 | 0.4 |
Amortization of prior service (credit) cost | -0.3 | -0.8 | -0.9 |
Total costs (income) | $0.10 | ($0.40) | ($0.40) |
Note_7_Pension_and_Postretirem7
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Discount Rate Change [Member] | Pension Plan, Defined Benefit [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | ' |
Actuarial gain | ($31.90) |
Discount Rate Change [Member] | Other Postretirement Benefits [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | ' |
Actuarial gain | -0.9 |
Different Rate of Return on Assets [Member] | Pension Plan, Defined Benefit [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | ' |
Actuarial gain | -4 |
Pension Plan, Defined Benefit [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | ' |
Amortization of net actuarial loss | -4.2 |
Amortization of prior service credit (cost) | -0.2 |
Total income recognized in other comprehensive income | -40.3 |
Total recognized in net periodic benefit cost and other comprehensive income | -38.5 |
Other Postretirement Benefits [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Pre-Tax Changes in Projected Benefit Obligations and Plan Assets Recognized in Other Comprehensive Income [Line Items] | ' |
Amortization of prior service credit (cost) | 0.3 |
Total income recognized in other comprehensive income | -0.6 |
Total recognized in net periodic benefit cost and other comprehensive income | ($0.50) |
Note_7_Pension_and_Postretirem8
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Benefit Obligations | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Benefit Obligations [Line Items] | ' | ' | ' |
Discount rate | 4.92% | 4.19% | 4.55% |
Rate of compensation increase | 3.45% | 3.45% | 3.42% |
Other Postretirement Benefits [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Benefit Obligations [Line Items] | ' | ' | ' |
Discount rate | 5.10% | 4.30% | 4.60% |
Note_7_Pension_and_Postretirem9
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Discount rate | 4.17% | 4.55% | 5.32% |
Rate of compensation increase | 3.45% | 3.45% | 3.42% |
Expected rate of return on plan assets | 7.81% | 7.82% | 8.35% |
Other Postretirement Benefits [Member] | ' | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Discount rate | 4.30% | 4.60% | 5.45% |
Recovered_Sheet1
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ' | ' |
Target allocation | 100.00% | ' |
Actual allocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ' | ' |
Target allocation, minimum | 30.00% | ' |
Target allocation, maximum | 70.00% | ' |
Actual allocation | 47.00% | 49.00% |
Fixed Income Securities [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ' | ' |
Target allocation, minimum | 20.00% | ' |
Target allocation, maximum | 40.00% | ' |
Actual allocation | 25.00% | 29.00% |
Real estate and other investments [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ' | ' |
Target allocation, minimum | 10.00% | ' |
Target allocation, maximum | 30.00% | ' |
Actual allocation | 26.00% | 21.00% |
Cash [Member] | ' | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Target and Actual Asset Allocations [Line Items] | ' | ' |
Target allocation, minimum | 0.00% | ' |
Target allocation, maximum | 10.00% | ' |
Actual allocation | 2.00% | 1.00% |
Recovered_Sheet2
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Cash and Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | $4.30 | $2.60 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 4.3 | 2.6 | ||
Equity securities - large cap [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 40.2 | [1] | 46.4 | [1] |
Equity securities - large cap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 40.2 | [1] | 46.4 | [1] |
Equity securities - small cap [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 81.2 | [2] | 67.7 | [2] |
Equity securities - small cap [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 81.2 | [2] | 67.7 | [2] |
US Treasury and Government [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 17.5 | [3] | 44.5 | [3] |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 17.5 | [3] | 44.5 | [3] |
Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 45.1 | [4] | 22.2 | [4] |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 14.8 | [4] | 3.3 | [4] |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 30.3 | [4] | 18.9 | [4] |
Real estate and other investments [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 67.1 | [5] | 48.5 | [5] |
Real estate and other investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 27.9 | [5] | 15.3 | [5] |
Real estate and other investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 39.2 | [5] | 33.2 | [5] |
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 255.4 | 231.9 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | 128.2 | 88.9 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Actual Pension Plansb Asset Allocations by Level Within the Fair Value Hierarchy [Line Items] | ' | ' | ||
Assets at fair value | $127.20 | $143 | ||
[1] | Includes funds that invest primarily in large cap equity securities. | |||
[2] | Includes small cap equity securities and funds that invest primarily in small cap equity securities. | |||
[3] | Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. | |||
[4] | Includes investment grade bonds, high yield bonds and mortgage-backed fixed income securities and funds that invest in such securities. | |||
[5] | Includes funds that invest primarily in REITs, funds that invest in commodities and investments in insurance contracts held by one of our foreign pension plans. |
Recovered_Sheet3
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans [Line Items] | ' |
2014 | $15.90 |
2015 | 19 |
2016 | 14.2 |
2017 | 14.7 |
2018 | 15.8 |
2019-2023 | 88.4 |
Other Postretirement Benefits [Member] | ' |
Note 7 - Pension and Postretirement and Other Benefit Plans (Details) - Summary of Expected Benefit Payments from Various Pension and Postretirement Plans [Line Items] | ' |
2014 | 0.4 |
2015 | 0.5 |
2016 | 0.5 |
2017 | 0.5 |
2018 | 0.6 |
2019-2023 | $2.80 |
Note_8_Accumulated_Other_Compr2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Selling, General and Administrative Expenses [Member] | ' |
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $3.60 |
Provision for Income Taxes [Member] | ' |
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) [Line Items] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $1.40 |
Note_8_Accumulated_Other_Compr3
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in AOCI Balances (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2013 | Dec. 31, 2013 | Dec. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Beginning balance, December 31, 2012 | ($81) | ($60.10) | ($81) |
Ending balance, December 31, 2013 | -60.1 | -60.1 | -81 |
Other comprehensive gain (loss) before reclassification | 18.7 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 2.2 | ' | ' |
Pension And Other Postretirement Benefits [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Beginning balance, December 31, 2012 | ' | ' | -85.4 |
Ending balance, December 31, 2013 | -60 | ' | -85.4 |
Other comprehensive gain (loss) before reclassification | 23.2 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 2.2 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Beginning balance, December 31, 2012 | ' | ' | 4.4 |
Ending balance, December 31, 2013 | -0.1 | ' | 4.4 |
Other comprehensive gain (loss) before reclassification | ($4.50) | ' | ' |
Note_9_StockBased_Compensation2
Note 9 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2016 |
Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | ||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | $6.80 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '1 year 292 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Term | ' | ' | ' | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 3,700,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Future Period (in Shares) | ' | ' | ' | ' | ' | 48,602 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $0.60 | $0.40 | $0.20 | ' | ' | ' |
Note_9_StockBased_Compensation3
Note 9 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense and Related Income Tax Effects (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation Expense and Related Income Tax Effects [Abstract] | ' | ' | ' |
Stock-based compensation expense | $6.90 | $7.50 | $5.20 |
Tax benefit recorded in consolidated statements of income | $2.60 | $2.70 | $1.90 |
Note_9_StockBased_Compensation4
Note 9 - Stock-Based Compensation (Details) - Summary of Nonvested Restricted Stock Units and Changes (Nonvested Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Nonvested Restricted Stock Units [Member] | ' |
Note 9 - Stock-Based Compensation (Details) - Summary of Nonvested Restricted Stock Units and Changes [Line Items] | ' |
Nonvested | 1,229,972 |
Nonvested (in Dollars per share) | $17.14 |
Granted | 387,421 |
Granted (in Dollars per share) | $20.88 |
Vested | -358,982 |
Vested (in Dollars per share) | $16.43 |
Forfeited | -29,017 |
Forfeited (in Dollars per share) | $18.10 |
Nonvested | 1,229,394 |
Nonvested (in Dollars per share) | $18.50 |
Note_9_StockBased_Compensation5
Note 9 - Stock-Based Compensation (Details) - Summary of Values for Restricted Stock Activity (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Note 9 - Stock-Based Compensation (Details) - Summary of Values for Restricted Stock Activity [Line Items] | ' | ' | ' |
Weighted-average grant-date fair value of restricted stock units granted (in Dollars per share) | $20.88 | $17.53 | $18.72 |
Fair value of restricted stock vested (in millions) | $6.70 | $6.80 | $14.20 |
Note_9_StockBased_Compensation6
Note 9 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Activity [Abstract] | ' | ' |
Shares Under Option | ' | 23,651 |
Weighted-Average Exercise Price (in Dollars per share) | ' | $2.96 |
Weighted-Average Remaining Contractual Term (Years) | ' | '1 year 36 days |
Aggregate Intrinsic Value (in Dollars) | ' | $0.30 |
Exercised | -23,651 | ' |
Note_10_Stockholders_Equity_De
Note 10 - Stockholders' Equity (Details) (USD $) | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2008 |
Series A Junior Participating Preferred Stock [Member] | ||||
Note 10 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | $30 | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | $0.01 | $0.01 | $0.01 |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | $72 |
Preferred Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | 1,500,000 |
Note_10_Stockholders_Equity_De1
Note 10 - Stockholders' Equity (Details) - Summary of Capital Stock Activity | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Capital Stock Activity [Abstract] | ' |
Common stock issued | 28,946,413 |
Common stock held in treasury | 214,202 |
Stock awards | 9,016 |
Stock awards | -224,402 |
Options exercised | 23,651 |
Treasury stock purchases | 10,200 |
Common stock issued | 28,979,080 |
Note_10_Stockholders_Equity_De2
Note 10 - Stockholders' Equity (Details) - Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2013 | Dec. 30, 2013 | Dec. 31, 2012 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Cumulative foreign currency translation adjustments | ($0.10) | ' | $4.40 | ' |
Cumulative deferral of pension net losses, net of tax of $37.7 in 2013 and $53.3 in 2012 | -60 | ' | -85.4 | ' |
Accumulated other comprehensive loss | ($60.10) | ($60.10) | ($81) | ($81) |
Note_10_Stockholders_Equity_De3
Note 10 - Stockholders' Equity (Details) - Accumulated Other Comprehensive Loss (Parentheticals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Cumulative deferral of pension net losses, tax | $37.70 | $53.30 |
Note_11_Earnings_Per_Share_Det
Note 11 - Earnings Per Share (Details) - Basic and Diluted EPS from Continuing Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | ||||||||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income from continuing operations (in Dollars) | $13.70 | $7.40 | $8.80 | $4.10 | $19 | $6.20 | $7.90 | $4 | $34 | $34 | $37.10 | $37.10 | $30.80 | $30.80 | ||||||||
Weighted average number of shares outstanding | 29.3 | 29.2 | 29.2 | 29.2 | 29.1 | 29.2 | 29.1 | 29.1 | 29.2 | ' | 29.1 | ' | 28.8 | ' | ||||||||
Basic earnings per share from continuing operations (in Dollars per share) | $0.47 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $0.65 | [1] | $0.21 | [1] | $0.27 | [1] | $0.14 | [1] | $1.16 | ' | $1.27 | ' | $1.07 | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income from continuing operations (in Dollars) | $13.70 | $7.40 | $8.80 | $4.10 | $19 | $6.20 | $7.90 | $4 | $34 | $34 | $37.10 | $37.10 | $30.80 | $30.80 | ||||||||
Weighted average number of shares outstanding | 29.3 | 29.2 | 29.2 | 29.2 | 29.1 | 29.2 | 29.1 | 29.1 | 29.2 | ' | 29.1 | ' | 28.8 | ' | ||||||||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | 0.4 | ' | 0.5 | ' | ||||||||
Total shares and dilutive securities | 29.8 | 29.7 | 29.6 | 29.5 | 29.6 | 29.6 | 29.5 | 29.4 | 29.7 | ' | 29.5 | ' | 29.3 | ' | ||||||||
Diluted earnings per share from continuing operations (in Dollars per share) | $0.46 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $0.64 | [1] | $0.21 | [1] | $0.27 | [1] | $0.14 | [1] | $1.15 | ' | $1.26 | ' | $1.05 | ' |
[1] | Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Note_12_Derivative_Financial_I2
Note 12 - Derivative Financial Instruments and Credit Risk (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Asset, Notional Amount | $440.90 |
Note_12_Derivative_Financial_I3
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Fair Value of Derivative Instruments Included Within the Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Derivative Instruments Included Within the Consolidated Balance Sheets [Abstract] | ' | ' |
Other current assets / liabilities | $5.80 | $5.90 |
Other current assets / liabilities | 3 | 6.6 |
Other assets / liabilities | 2.6 | 1.7 |
Other assets / liabilities | 0.6 | 0.4 |
Total | 8.4 | 7.6 |
Total | $3.60 | $7 |
Note_12_Derivative_Financial_I4
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Derivative Assets at Fair Value (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Assets at Fair Value [Abstract] | ' | ' |
Gross Amounts of Recognized Assets | $8.40 | $7.60 |
Amount Presented in the Consolidated Balance Sheets | 8.4 | 7.6 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -2.9 | -3.8 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $5.50 | $3.80 |
Note_12_Derivative_Financial_I5
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Derivative Liabilities at Fair Value (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Liabilities at Fair Value [Abstract] | ' | ' |
Gross Amounts of Recognized Liabilities | $3.60 | $7 |
Amount Presented in the Consolidated Balance Sheets | 3.6 | 7 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -2.9 | -3.8 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $0.70 | $3.20 |
Note_12_Derivative_Financial_I6
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' | ' |
Foreign exchange contracts | ($0.30) | $3.50 | $6.40 |
Remeasurement of assets and liabilities in foreign currencies | -0.2 | -1 | 1.3 |
Net (loss) gain on foreign currency transactions | -0.5 | 2.5 | 7.7 |
Sales [Member] | ' | ' | ' |
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' | ' |
Foreign exchange contracts | ' | 3.7 | 4.4 |
Cost of Sales [Member] | ' | ' | ' |
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' | ' |
Foreign exchange contracts | 0.4 | -0.6 | 0.9 |
Other Income [Member] | ' | ' | ' |
Note 12 - Derivative Financial Instruments and Credit Risk (Details) - Gain (Loss) on Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' | ' |
Foreign exchange contracts | ($0.70) | $0.40 | $1.10 |
Note_13_Fair_Value_of_Financia2
Note 13 - Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Trading Securities, Change in Unrealized Holding Gain (Loss) | $0.50 | $0.40 |
Note_13_Fair_Value_of_Financia3
Note 13 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Note 13 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Derivatives | $8.40 | $7.60 |
Derivatives | 3.6 | 7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 13 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Investments | 11.9 | 11.1 |
Total assets | 11.9 | 11.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 13 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Derivatives | 8.4 | 7.6 |
Total assets | 8.4 | 7.6 |
Derivatives | 3.6 | 7 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Note 13 - Fair Value of Financial Instruments (Details) - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Investments | 11.9 | 11.1 |
Derivatives | 8.4 | 7.6 |
Total assets | 20.3 | 18.7 |
Derivatives | $3.60 | $7 |
Note_13_Fair_Value_of_Financia4
Note 13 - Fair Value of Financial Instruments (Details) - Carrying Values and the Estimated Fair Values of Debt Financial Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Carrying Value | $99.40 | $189.30 |
Senior unsecured notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 75 | 75 |
Estimated Fair Value | 80.7 | 83.9 |
Revolving credit facility1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 16.5 | 113.5 |
Estimated Fair Value | 16.5 | 113.5 |
Brazilian Loan Due August 20, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 4 | ' |
Estimated Fair Value | 4 | ' |
Brazilian Real loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 3.4 | ' |
Estimated Fair Value | 2.9 | ' |
Foreign credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 1 | 1.8 |
Estimated Fair Value | 1 | 1.8 |
Other debt financial instrument [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 0.5 | 0.8 |
Estimated Fair Value | $0.50 | $0.80 |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $10.40 | $9 | $10.90 |
Performance Guarantee [Member] | ' | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 73.9 | ' | ' |
Financial Guarantee [Member] | ' | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 5.2 | ' | ' |
Customers' Financing Arrangements Guarantee [Member] | ' | ' | ' |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $2.80 | ' | ' |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Product Warranty Cost and Accrual Information (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Product Warranty Cost and Accrual Information [Abstract] | ' | ' |
Balance | $7.30 | $7.30 |
Expenses for new warranties | 13.1 | 11.1 |
Adjustments to existing accruals | -0.6 | -0.8 |
Claims paid | -9.7 | -10.3 |
Balance | $10.10 | $7.30 |
Note_14_Commitments_and_Contin4
Note 14 - Commitments and Contingencies (Details) - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Abstract] | ' |
Operating lease obligations | $20.60 |
Operating lease obligations | 5.1 |
Operating lease obligations | 3.9 |
Operating lease obligations | 2.4 |
Operating lease obligations | 1.6 |
Operating lease obligations | 1.2 |
Operating lease obligations | $6.40 |
Note_15_Business_Segments_Deta
Note 15 - Business Segments (Details) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
JBT FoodTech [Member] | JBT FoodTech [Member] | JBT AeroTech [Member] | JBT AeroTech [Member] | ||
Note 15 - Business Segments (Details) [Line Items] | ' | ' | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' | ' | ' |
Increase in Revenue | ' | 7.00% | 8.00% | ' | ' |
Decrease in Revenue | ' | ' | ' | 11.00% | 11.00% |
Note_15_Business_Segments_Deta1
Note 15 - Business Segments (Details) - Segment Revenue and Segment Operating Profit (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other revenue and intercompany eliminations | $288.10 | $233.50 | $226.90 | $185.70 | $292.90 | $205.30 | $214.40 | $204.70 | $934.20 | $934.20 | $917.30 | $917.30 | $955.80 | $955.80 | |||
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91.1 | ' | 87.5 | ' | 78.3 | |||
Corporate items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | 0.1 | ' | 11.6 | ' | |||
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | ' | 7.4 | ' | 7 | ' | |||
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 47.8 | 47.8 | 54 | 54 | 46.8 | 46.8 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13.8 | 13.8 | 16.9 | 16.9 | 16 | 16 | |||
Income from continuing operations | 13.7 | 7.4 | 8.8 | 4.1 | 19 | 6.2 | 7.9 | 4 | 34 | 34 | 37.1 | 37.1 | 30.8 | 30.8 | |||
Loss from discontinued operations, net of income taxes | -0.1 | -0.6 | -0.2 | ' | -0.5 | -0.1 | -0.2 | -0.1 | -0.9 | -0.9 | -0.9 | -0.9 | -0.3 | -0.3 | |||
Net income | 13.6 | 6.8 | 8.6 | 4.1 | 18.5 | 6.1 | 7.7 | 3.9 | 33.1 | 33.1 | 36.2 | 36.2 | 30.5 | 30.5 | |||
JBT FoodTech [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other revenue and intercompany eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 611 | ' | 589.1 | ' | 588.2 | |||
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.5 | ' | 58.8 | ' | 47.2 | |||
JBT AeroTech [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other revenue and intercompany eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323.4 | ' | 325.4 | ' | 361.7 | |||
Segment operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.6 | ' | 28.7 | ' | 31.1 | |||
Other Revenue and Intercompany Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other revenue and intercompany eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | [1] | ' | 2.8 | [1] | ' | 5.9 | [1] |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Corporate items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Corporate expense (2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36.3 | [2] | ' | -26.5 | [2] | ' | -13.5 | [2] |
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | ' | -0.1 | ' | -11.6 | |||
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.4 | ' | -6.9 | ' | -6.4 | |||
Total corporate items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($43.30) | ' | ($33.50) | ' | ($31.50) | |||
[1] | Other revenue is comprised of certain gains and losses related to foreign exchange exposures. | ||||||||||||||||
[2] | Corporate expense generally includes corporate staff costs, stock-based compensation, pension and other postretirement benefits expenses not related to service, LIFO adjustments, foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. |
Note_15_Business_Segments_Deta2
Note 15 - Business Segments (Details) - Segment Operating Capital Employed and Segment Assets (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment operating capital employed | $342.60 | [1] | $403.50 | [1] | $349.40 | [1] |
Segment liabilities included in total segment operating capital employed (2) | 243.2 | [2] | 226.6 | [2] | 208.6 | [2] |
Segment assets | 621.2 | 678 | 592.2 | |||
JBT FoodTech [Member] | ' | ' | ' | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment operating capital employed | 204.5 | [1] | 271.5 | [1] | 219.4 | [1] |
Segment assets | 392.4 | 445.7 | 374.8 | |||
JBT AeroTech [Member] | ' | ' | ' | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment operating capital employed | 138.1 | [1] | 132 | [1] | 130 | [1] |
Segment assets | 194 | 184.8 | 183.7 | |||
Corporate Segment [Member] | ' | ' | ' | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment assets | 35.4 | [3] | 47.9 | [3] | 34.2 | [3] |
Total Segment Assets [Member] | ' | ' | ' | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment assets | 585.8 | 630.1 | 558 | |||
Intersegment Eliminations [Member] | ' | ' | ' | |||
Segment operating capital employed (1): | ' | ' | ' | |||
Segment assets | ($0.60) | ($0.40) | ($0.50) | |||
[1] | Management views segment operating capital employed, which consists of segment assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, restructuring reserves, income taxes and LIFO inventory reserves. | |||||
[2] | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance and progress payments, accrued payroll and other liabilities. | |||||
[3] | Corporate includes cash, LIFO inventory reserves, deferred income tax balances, derivatives, investments, and property, plant and equipment not associated with a specific segment. |
Note_15_Business_Segments_Deta3
Note 15 - Business Segments (Details) - Revenue by Geographic Location (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 |
Revenue (by location of customers): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, by location of customers | $288.10 | $233.50 | $226.90 | $185.70 | $292.90 | $205.30 | $214.40 | $204.70 | $934.20 | $934.20 | $917.30 | $917.30 | $955.80 | $955.80 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (by location of customers): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, by location of customers | ' | ' | ' | ' | ' | ' | ' | ' | 460.9 | ' | 475.5 | ' | 469 | ' |
All Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (by location of customers): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, by location of customers | ' | ' | ' | ' | ' | ' | ' | ' | $473.30 | ' | $441.80 | ' | $486.80 | ' |
Note_15_Business_Segments_Deta4
Note 15 - Business Segments (Details) - Long-Lived Assets by Geographic Location (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Long-lived assets: | ' | ' | ' |
Long-lived assets | $139.20 | $133.90 | $130.50 |
UNITED STATES | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 79.4 | 75 | 73.9 |
SWEDEN | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 10.2 | 9.1 | 9.9 |
BRAZIL | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 14 | 15.7 | 15.9 |
All Other Countries [Member] | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | $35.60 | $34.10 | $30.80 |
Note_15_Business_Segments_Deta5
Note 15 - Business Segments (Details) - Other Business Segment Information (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | $29.20 | $24.70 | $20.80 |
Depreciation and Amortization | 25 | 23.6 | 24.1 |
Research and Development Expense | 14 | 14.3 | 18.5 |
JBT FoodTech [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 27.7 | 22.7 | 18.8 |
Depreciation and Amortization | 22 | 20.7 | 21.2 |
Research and Development Expense | 11.2 | 10.8 | 11.9 |
JBT AeroTech [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 1 | 1.3 | 1.3 |
Depreciation and Amortization | 1.8 | 1.9 | 2 |
Research and Development Expense | 2.8 | 3.5 | 6.6 |
Corporate Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital Expenditures | 0.5 | 0.7 | 0.7 |
Depreciation and Amortization | $1.20 | $1 | $0.90 |
Note_16_Restructuring_Details
Note 16 - Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Severance Plan Costs | $1.60 | ' | $10.30 |
Severance Plan Costs, Number of Positions Eliminated | ' | 115 | ' |
Note_17_Quarterly_Information_2
Note 17 - Quarterly Information (Unaudited) (Details) - Quarterly Information (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 26, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | ||||||||
Note 17 - Quarterly Information (Unaudited) (Details) - Quarterly Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue (in Dollars) | ' | $288.10 | $233.50 | $226.90 | $185.70 | $292.90 | $205.30 | $214.40 | $204.70 | $934.20 | $934.20 | $917.30 | $917.30 | $955.80 | $955.80 | ||||||||
Cost of sales (in Dollars) | ' | 218.8 | 179.3 | 167.8 | 135.4 | 218.2 | 153.3 | 160.4 | 154.3 | ' | ' | ' | ' | ' | ' | ||||||||
Income from continuing operations (in Dollars) | ' | 13.7 | 7.4 | 8.8 | 4.1 | 19 | 6.2 | 7.9 | 4 | 34 | 34 | 37.1 | 37.1 | 30.8 | 30.8 | ||||||||
Loss from discontinued operations, net of tax (in Dollars) | ' | -0.1 | -0.6 | -0.2 | ' | -0.5 | -0.1 | -0.2 | -0.1 | -0.9 | -0.9 | -0.9 | -0.9 | -0.3 | -0.3 | ||||||||
Net income (in Dollars) | ' | $13.60 | $6.80 | $8.60 | $4.10 | $18.50 | $6.10 | $7.70 | $3.90 | $33.10 | $33.10 | $36.20 | $36.20 | $30.50 | $30.50 | ||||||||
Basic earnings per share (1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income from continuing operations | ' | $0.47 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $0.65 | [1] | $0.21 | [1] | $0.27 | [1] | $0.14 | [1] | $1.16 | ' | $1.27 | ' | $1.07 | ' |
Loss from discontinued operations, net of tax | ' | ' | [1] | ($0.02) | [1] | ($0.01) | [1] | ' | [1] | ($0.01) | [1] | ' | [1] | ' | [1] | ($0.01) | [1] | ($0.03) | ' | ($0.03) | ' | ($0.01) | ' |
Net income | ' | $0.47 | [1] | $0.23 | [1] | $0.29 | [1] | $0.14 | [1] | $0.64 | [1] | $0.21 | [1] | $0.27 | [1] | $0.13 | [1] | $1.13 | ' | $1.24 | ' | $1.06 | ' |
Diluted earnings per share (1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income from continuing operations | ' | $0.46 | [1] | $0.25 | [1] | $0.30 | [1] | $0.14 | [1] | $0.64 | [1] | $0.21 | [1] | $0.27 | [1] | $0.14 | [1] | $1.15 | ' | $1.26 | ' | $1.05 | ' |
Loss from discontinued operations, net of tax | ' | ' | [1] | ($0.02) | [1] | ($0.01) | [1] | ' | [1] | ($0.01) | [1] | ($0.01) | [1] | ($0.01) | [1] | ($0.01) | [1] | ($0.04) | ' | ($0.03) | ' | ($0.01) | ' |
Net income | ' | $0.46 | [1] | $0.23 | [1] | $0.29 | [1] | $0.14 | [1] | $0.63 | [1] | $0.20 | [1] | $0.26 | [1] | $0.13 | [1] | $1.11 | ' | $1.23 | ' | $1.04 | ' |
Dividends declared per share | $0.09 | $0.09 | $0.09 | $0.09 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.34 | ' | $0.28 | ' | $0.28 | ' | ||||||||
Weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (in Shares) | ' | 29.3 | 29.2 | 29.2 | 29.2 | 29.1 | 29.2 | 29.1 | 29.1 | 29.2 | ' | 29.1 | ' | 28.8 | ' | ||||||||
Diluted (in Shares) | ' | 29.8 | 29.7 | 29.6 | 29.5 | 29.6 | 29.6 | 29.5 | 29.4 | 29.7 | ' | 29.5 | ' | 29.3 | ' | ||||||||
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Share price | ' | $30 | $24.97 | $22.22 | $21.21 | $17.87 | $17.48 | $16.49 | $18.20 | $30 | $21.21 | $17.87 | $18.20 | ' | ' | ||||||||
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Share price | ' | $24.66 | $21.01 | $19.26 | $17.78 | $13.93 | $12.76 | $13.06 | $15.01 | $24.66 | $17.78 | $13.93 | $15.01 | ' | ' | ||||||||
[1] | Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Note_18_Subsequent_Events_Deta
Note 18 - Subsequent Events (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsequent Events [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.09 | $0.09 | $0.09 | $0.09 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.34 | $0.28 | $0.28 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at beginning of period | $3,678 | $4,281 | $4,803 | |||
Additions - charged to costs and expenses | 2,479 | 1,077 | 1,797 | |||
Additions - charged to other accounts | ' | [1] | ' | [1] | ' | [1] |
Deductions and other | 2,415 | [2] | 1,680 | [2] | 2,319 | [2] |
Balance at end of period | 3,742 | 3,678 | 4,281 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 549 | 779 | 2,028 | |||
Additions - charged to other accounts | ' | [1] | ' | [1] | ' | [1] |
Deductions and other | 295 | [2] | 230 | [2] | 1,249 | [2] |
Balance at end of period | $254 | $549 | $779 | |||
[1] | "Additions charged to other accounts" includes translation adjustments and allowances acquired through business combinations. | |||||
[2] | "Deductions and other" includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. |