Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Sep. 28, 2013 | Oct. 18, 2013 | |
Entity Information [Line Items] | ||
Entity Registrant Name | REXNORD CORPORATION | |
Entity Central Index Key | 1439288 | |
Document Type | 10-Q | |
Document Period End Date | 28-Sep-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | -28 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 97,773,565 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $206.40 | $524.10 |
Receivables, net | 352.8 | 350.4 |
Inventories, net | 355.7 | 326.2 |
Other current assets | 48.9 | 46.4 |
Total current assets | 963.8 | 1,247.10 |
Property, plant and equipment, net | 408.1 | 410.7 |
Intangible assets, net | 601.7 | 613.5 |
Goodwill | 1,133.90 | 1,118.40 |
Insurance for asbestos claims | 35 | 35 |
Other assets | 43.6 | 49.1 |
Total assets | 3,186.10 | 3,473.80 |
Current liabilities: | ||
Current maturities of debt | 33.2 | 169.3 |
Trade payables | 204.1 | 208.3 |
Compensation and benefits | 52.1 | 55.6 |
Current portion of pension and postretirement benefit obligations | 5.8 | 5.7 |
Interest payable | 0.3 | 48.1 |
Other current liabilities | 110.2 | 121.2 |
Total current liabilities | 405.7 | 608.2 |
Long-term debt | 1,952.20 | 1,962.30 |
Pension and postretirement benefit obligations | 165.1 | 170.8 |
Deferred income taxes | 191 | 231.6 |
Reserve for asbestos claims | 35 | 35 |
Other liabilities | 32.5 | 37.4 |
Total liabilities | 2,781.50 | 3,045.30 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 1 | 1 |
Additional paid-in capital | 791.2 | 784 |
Retained deficit | -350 | -311.5 |
Accumulated other comprehensive loss | -31.3 | -38.7 |
Treasury stock at cost | -6.3 | -6.3 |
Total Rexnord stockholders' equity | 404.6 | 428.5 |
Non-controlling interest | 0 | 0 |
Total stockholders' equity | 404.6 | 428.5 |
Total liabilities and stockholders' equity | $3,186.10 | $3,473.80 |
Condensed_Colsolidated_Balance
Condensed Colsolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
Common stock, par value | $0.01 | |
Common stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 98,598,655 | 98,108,438 |
Preferred stock, par value | $0.01 | |
Preferred stock, shares authorized | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 900,904 | 900,904 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement of Operations | ||||
Net sales | $514.50 | $499.50 | $1,023.20 | $993.10 |
Cost of sales | 322.7 | 312.9 | 649.5 | 627.8 |
Gross profit | 191.8 | 186.6 | 373.7 | 365.3 |
Selling, general and administrative expenses | 105.4 | 104.8 | 212 | 203.8 |
Zurn PEX loss contingency | 0 | 0 | 0 | 10.1 |
Restructuring and other similar charges | 1.2 | 2.4 | 3 | 4 |
Amortization of intangible assets | 12.6 | 13.3 | 25.1 | 26.3 |
Income from operations | 72.6 | 66.1 | 133.6 | 121.1 |
Non-operating (expense) income: | ||||
Interest expense, net | -29.2 | -37.2 | -64.2 | -75.5 |
Loss on the extinguishment of debt | -129.2 | 0 | -133.2 | -21.1 |
Other income (expense), net | 0.1 | 0.2 | -6.1 | 0.7 |
(Loss) income from continuing operations before income taxes | -85.7 | 29.1 | -69.9 | 25.2 |
(Benefit) provision for income taxes | -33.2 | 8.8 | -31 | 5.6 |
Net (loss) income from continuing operations | -52.5 | 20.3 | -38.9 | 19.6 |
Loss from discontinued operations, net of tax | 0 | -1.1 | 0 | -2.6 |
Net (loss) income | -52.5 | 19.2 | -38.9 | 17 |
Non-controlling interest loss | -0.2 | 0 | -0.4 | 0 |
Net (loss) income attributable to Rexnord | ($52.30) | $19.20 | ($38.50) | $17 |
Earnings Per Share | ||||
Net income per share from continuing operations, basic | ($0.54) | $0.21 | ($0.40) | $0.21 |
Net income per share from continuing operations, diluted | ($0.54) | $0.20 | ($0.40) | $0.20 |
Net (loss) income per share from discontinued operations, basic | $0 | ($0.01) | $0 | ($0.03) |
Net (loss) income per share from discontinued operations, diluted | $0 | ($0.01) | $0 | ($0.03) |
Net income per share, basic | ($0.54) | $0.20 | ($0.40) | $0.18 |
Net income per share, diluted | ($0.54) | $0.19 | ($0.40) | $0.17 |
Weighted Average Number of Shares Outstanding, Basic | 97,457 | 95,878 | 97,347 | 94,991 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 3,868 | 0 | 4,378 |
Weighted Average Number of Shares Outstanding, Diluted | 97,457 | 99,746 | 97,347 | 99,369 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net (loss) income attributable to Rexnord | ($52.30) | $19.20 | ($38.50) | $17 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 10.4 | 6.3 | 7.9 | -6.4 |
Change in pension and other postretirement defined benefit plans, net of tax | -0.2 | 0.3 | -0.5 | 0.6 |
Other comprehensive income (loss), net of tax | 10.2 | 6.6 | 7.4 | -5.8 |
Non-controlling interest loss | -0.2 | 0 | -0.4 | 0 |
Total comprehensive (loss) income | ($42.30) | $25.80 | ($31.50) | $11.20 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities | ||
Net income | ($38.90) | $17 |
Adjustments to reconcile net (loss) income to cash provided by for operating activities: | ||
Depreciation | 28.8 | 30.7 |
Amortization of intangible assets | 25.1 | 26.3 |
Amortization of deferred financing costs | 1.6 | 2 |
Loss (gain) on dispositions of property, plant and equipment | 1.1 | -4.1 |
Deferred income taxes | -37.7 | -14.9 |
Other non-cash (credits) charges | -1.6 | 5.7 |
Loss on debt extinguishment | 133.2 | 21.1 |
Stock-based compensation expense | 3.5 | 3.5 |
Changes in operating assets and liabilities: | ||
Receivables | 0 | 3.4 |
Inventories | -20.7 | -33.4 |
Other assets | -4.3 | 1.4 |
Accounts payable | -7.8 | -31.1 |
Accruals and other | -73.2 | -19.1 |
Cash provided by operating activities | 9.1 | 8.5 |
Investing activities | ||
Expenditures for property, plant and equipment | -19.2 | -32.5 |
Acquisitions, net of cash | -34.4 | 0 |
Loan receivable for financing under New Market Tax Credit incentive program | 0 | -9.7 |
Proceeds from dispositions of property, plant and equipment | 0 | 5.5 |
Cash used for investing activities | -53.6 | -36.7 |
Financing activities | ||
Proceeds from borrowings of long-term debt | 1,930.50 | 1.4 |
Repayments of long-term debt | -1,933.20 | -307.3 |
Proceeds from borrowings of short-term debt | 6 | 7.3 |
Repayments of short-term debt | -154.2 | -0.7 |
Proceeds from financing under New Market Tax Credit incentive program | 0 | 14 |
Payment of deferred financing fees | -16.3 | -0.4 |
Payment of early redemption premium on long-term debt | -109.9 | -17.6 |
Net proceeds from issuance of common stock | 0 | 458.3 |
Proceeds from exercise of stock options | 1.3 | 2.3 |
Third party investment in non-controlling interest | 0.4 | 0 |
Excess tax benefit on exercise of stock options | 2.4 | 14.6 |
Cash (used for) provided by financing activities | -273 | 171.9 |
Effect of exchange rate changes on cash and cash equivalents | -0.2 | -1.5 |
(Decrease) increase in cash and cash equivalents | -317.7 | 142.2 |
Cash and cash equivalents at beginning of period | 524.1 | 298 |
Cash and cash equivalents at end of period | $206.40 | $440.20 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 28, 2013 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation and Significant Accounting Policies |
The unaudited condensed consolidated financial statements included herein have been prepared by Rexnord Corporation (“Rexnord” or the "Company"), in accordance with accounting principles generally accepted in the United States pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
In the opinion of management, the condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations for the interim periods. Results for the interim periods are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2014. It is suggested that these condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's most recent Annual Report on Form 10-K. | |
The Company | |
Rexnord is a growth-oriented, multi-platform industrial company with what it believes are leading market shares and highly trusted brands that serve a diverse array of global end-markets. The Company's heritage of innovation and specification have allowed it to provide highly engineered, mission critical solutions to customers for decades and affords it the privilege of having long-term, valued relationships with market leaders. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and cost of failure or downtime is extremely high. The Process & Motion Control product portfolio includes gears, couplings, industrial bearings, aerospace bearings and seals, FlatTop™ chain, engineered chain and conveying equipment. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade specification drainage products, flush valves and faucet products, backflow prevention pressure release valves, and PEX piping used primarily in non-residential construction end-markets and engineered valves and gates for the water and wastewater treatment market. | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the fiscal 2014 presentation. See amounts disclosed below in Recent Accounting Pronouncements. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued another update to Accounting Standards Codification ("ASC") No. 220, Presentation of Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive loss by component. In addition, an entity is required to present, either on the face of the statement where net (loss) income is presented or in the notes, certain significant amounts reclassified out of accumulated other comprehensive loss by the respective line items of net (loss) income. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012, with early adoption permitted. As this new guidance is related to presentation only, the implementation of this guidance in the first quarter of fiscal year 2014 did not have a material impact on the Company's statements of results of operations, financial position or cash flows. | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”), which generally requires an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. This guidance is effective for unrecognized tax benefits that exist at the effective date for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company has elected early adoption and implemented this guidance in the second quarter of fiscal 2014 resulting in an increase in the presentation of our noncurrent deferred income tax liability and a reduction in the presentation of our unrecognized tax benefits (within other liabilities) in the amount of $7.0 million and $6.3 million at September 28, 2013 and March 31, 2013, respectively. |
Acquisitions_Divestitures
Acquisitions & Divestitures | 6 Months Ended |
Sep. 28, 2013 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions and Divestitures |
L.W. Gemmell Acquisition | |
On August 30, 2013, the Company acquired certain assets of L.W. Gemmell ("LWG") for a total cash purchase price of $7.7 million, excluding transactions costs. LWG, based in Australia, is a distributor of non-residential plumbing products. A portion of LWG's historical sales were from existing Rexnord Water Management product lines. As such, the acquisition provides the Company with the opportunity to expand its international presence through a more direct ownership structure as well as additional product offerings. As a result of this transaction, the Company acquired $3.4 million of intangible assets consisting of $1.6 million of goodwill (which is not deductible for tax purposes) and $1.8 million of all other intangible assets based on the Company's initial purchase price allocation. The purchase price allocation is subject to final working capital and valuation adjustments, which are expected to be completed within the one year period following the acquisition date. The Company’s results of operations include LWG subsequent to August 30, 2013. | |
Micro Precision Gear Technology Limited Acquisition | |
On August 21, 2013, the Company acquired certain assets of Micro Precision Gear Technology Limited ("Micro Precision") for a total cash purchase price of $22.2 million, excluding transactions costs. Micro Precision, based in the United Kingdom, is a built-to-print manufacturer of specialty gears and electric motor components primarily sold to the aerospace market. This acquisition expands the Company's existing Process & Motion Control product offerings and its presence in Europe. As a result of this transaction, the Company acquired $15.3 million of intangible assets consisting of $7.3 million of goodwill (which is deductible for tax purposes) and $8.0 million of all other intangible assets based on the Company's initial purchase price allocation. The purchase price allocation is subject to final working capital and valuation adjustments, which are expected to be completed within the one year period following the acquisition date. The Company’s results of operations include Micro Precision subsequent to August 21, 2013. | |
Klamflex Pipe Couplings Ltd. Acquisition | |
On April 26, 2013, the Company acquired Klamflex Pipe Couplings Ltd. ("Klamflex") for a total cash purchase price of $4.5 million, net of cash acquired and excluding transaction costs. Klamflex, based in South Africa, is a manufacturer of pipe couplings, flange adapters, dismantling joints and repair clamps. This acquisition broadens the product portfolio of the Company's existing Water Management platform and expands the Company's presence globally. As a result of this transaction, the Company acquired $1.2 million of intangible assets consisting of $0.9 million of goodwill (which is not deductible for tax purposes) and $0.3 million of all other intangible assets based on the Company's initial purchase price allocation. The purchase price allocation is subject to final working capital and valuation adjustments which are expected to be completed within the one year period following the acquisition date. The Company’s results of operations include Klamflex subsequent to April 26, 2013. | |
Cline Acquisition Corp. Acquisition | |
On December 13, 2012, the Company acquired Cline Acquisition Corp. ("Cline") for a total cash purchase price of $19.6 million, net of cash acquired and excluding transaction costs. Cline, based in Taylors, South Carolina, is a service business specializing in the manufacturing, repair and refurbishment of drive shafts, clutches and brakes. This acquisition is a product line extension of the Company's existing Process & Motion Control service offerings and expands its presence in the southeast region of the U.S. As a result of this transaction, the Company acquired $22.9 million of intangible assets consisting of $13.3 million of goodwill (which is not deductible for tax purposes) and $9.6 million of all other intangible assets based on the Company's initial purchase price allocation. The purchase price allocation is subject to final valuation adjustments, which are expected to be completed within the one year period following the acquisition date. The Company’s results of operations include Cline subsequent to December 13, 2012. | |
Divestiture | |
On December 18, 2012, the Company sold a non-core engineered chain business located in Shanghai, China within the Process & Motion Control platform. See Note 3 Discontinued Operations for additional information. | |
France Joint Venture | |
During the first quarter of fiscal 2014, the Company established a new French sales office in its Water Management platform to expand its European water and wastewater market presence. This new sales office was formed via a joint venture between the Company and six external sales associates; the Company contributed an immaterial amount of capital to the joint venture. As the Company has a 51% ownership stake and is deemed to have significant control over the new legal entity, the financial statements of the new joint venture have been wholly consolidated in accordance with ASC 810 Consolidations. The remaining 49% of the joint venture that is not owned by the Company has been presented as a non-controlling interest throughout the financial statements. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Sep. 28, 2013 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations |
During fiscal 2013, the Company completed the sale of a non-core engineered chain business located in Shanghai, China within the Process & Motion Control platform for a total sale price of $2.5 million. The Company recorded a pre-tax loss on disposal of approximately $0.5 million during the third quarter of fiscal 2013. The Company has no continuing involvement in the business subsequent to the sale. | |
The results of operations of the business for the second quarter and first six months of fiscal 2013 are presented on the condensed consolidated Statement of Operations as loss from discontinued operations, net of tax. |
Restructuring_and_Other_Simila
Restructuring and Other Similar Costs | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Restructuring and Other Similar Costs Disclosure [Abstract] | |||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring and Other Similar Costs | ||||||||||||||||
During the second quarter and six months ended September 28, 2013, the Company continued to execute various restructuring actions initiated in prior fiscal years. These initiatives were implemented to reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves and the impact of acquisitions on the Company's overall manufacturing capacity. These restructuring actions primarily resulted in workforce reductions, lease termination costs, and other facility rationalization costs. Management expects to conclude its announced restructuring programs by the end of fiscal 2014. | |||||||||||||||||
The following table summarizes the Company's restructuring costs during the three and six months ended September 28, 2013 by classification of operating segment (in millions): | |||||||||||||||||
Restructuring Costs | |||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.3 | $ | 0.4 | $ | 0.4 | $ | 1.1 | |||||||||
Lease termination and other costs | 0.1 | — | — | 0.1 | |||||||||||||
Total restructuring and other similar costs | $ | 0.4 | $ | 0.4 | $ | 0.4 | $ | 1.2 | |||||||||
Restructuring Costs | |||||||||||||||||
Six Months Ended September 28, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.7 | $ | 1.1 | $ | 0.8 | $ | 2.6 | |||||||||
Lease termination and other costs | 0.3 | 0.1 | — | 0.4 | |||||||||||||
Total restructuring and other similar costs | $ | 1 | $ | 1.2 | $ | 0.8 | $ | 3 | |||||||||
The following table summarizes the activity in the Company's restructuring reserve for the six months ended September 28, 2013 (in millions): | |||||||||||||||||
Severance Costs | Lease Termination and Other Costs | Total | |||||||||||||||
Restructuring reserve, March 31, 2013 | $ | 3.7 | $ | 0.1 | $ | 3.8 | |||||||||||
Charges | 2.6 | 0.4 | 3 | ||||||||||||||
Cash payments | (3.7 | ) | (0.5 | ) | (4.2 | ) | |||||||||||
Restructuring reserve, September 28, 2013 (1) | $ | 2.6 | $ | — | $ | 2.6 | |||||||||||
-1 | The restructuring reserve is included in other current liabilities in the condensed consolidated balance sheets. |
Recovery_Under_Continued_Dumpi
Recovery Under Continued Dumping and Sudsidy Offset Act | 6 Months Ended |
Sep. 28, 2013 | |
Other Income and Expenses [Abstract] | |
RecoveryUnderContinuedDumpingAndSubsidyOffsetActDisclosureTextblock [Text Block] | Recovery Under Continued Dumping and Subsidy Offset Act (“CDSOA”) |
The Company, as a producer of ball bearing products in the U.S., participated in the distribution of monies collected by Customs and Border Protection (“CBP”) from anti-dumping cases under the CDSOA. Through its participation the Company provided relevant information to CBP regarding historical manufacturing, personnel and development costs for previous calendar years. In February 2006, U.S. legislation was enacted that ended CDSOA distributions to U.S. manufacturers for imports covered by anti-dumping duty orders entering the U.S. after September 30, 2007. Because monies were collected by CBP until September 30, 2007 and for prior year entries, the Company received periodic recoveries in fiscal 2013 and prior fiscal years. | |
In connection with this program, beginning in 2006, CBP began to withhold amounts that would have otherwise been distributed as a result of pending litigation challenging past and future distributions and the administrative operation of the law. During the first quarter of fiscal 2013, CBP began to distribute these withheld funds to domestic producers. In connection with the distribution of these withheld funds, the Company recorded $16.6 million of income during the six month period ended September 29, 2012 representing its pro rata share of amounts withheld since 2006. These recoveries are included in Other (expense) income, net on the condensed consolidated statement of operations for the six months ended September 29, 2012. The Company did not receive any recoveries during the six month period ended September 28, 2013 or any recoveries in the second quarter of fiscal 2013. As a result of still pending litigation, the Company cannot reasonably estimate the amount of CDSOA payments, if any, that it may receive in future years and/or whether it will be required to repay any previously received distributions. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes |
The (benefit) provision for income taxes for all periods presented is based on an estimated effective income tax rate for the respective full fiscal years. The estimated annual effective income tax rate is determined excluding the effect of significant discrete items or items that are reported net of their related tax effects. The tax effect of significant, discrete items is reflected in the period in which they occur. The Company's income tax expense is impacted by a number of factors, including the amount of taxable earnings derived in foreign jurisdictions with tax rates that are generally lower than the U.S. federal statutory rate, state tax rates in the jurisdictions where the Company does business and the Company's ability to utilize various tax credits and net operating loss (“NOL”) carryforwards. | |
The effective income tax rate for the second quarter of fiscal 2014 was 38.7% versus 30.2% in the second quarter of fiscal 2013. The effective income tax rate for the second quarter of fiscal 2014 was above the U.S. federal statutory rate of 35% mainly due to the accrual of a significant state tax benefit associated with the August 2013 debt refinancing (see Note 13 Long-Term Debt) and the recognition of certain, previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations. The effective income tax rate for the second quarter of fiscal 2013 was below the U.S. federal statutory rate of 35% mainly due to the accrual of foreign income taxes at rates which are generally below the U.S. federal statutory rate, as well as the recognition of certain foreign related branch losses for U.S. income tax purposes. | |
The effective income tax rate for the first six months of fiscal 2014 was 44.3% versus 22.2% in the first six months of fiscal 2013. The effective income tax rate for the first six months of fiscal 2014 was above the U.S. federal statutory rate of 35% mainly due to the accrual of a significant state tax benefit associated with the Company's August 2013 debt refinancing (see Note 13 Long-Term Debt) and the recognition of certain, previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations. The effective income tax rate for the first six months of fiscal 2013 was below the U.S. federal statutory rate of 35% mainly due to the accrual of foreign income taxes at rates which are generally below the U.S. federal statutory rate, the recognition of certain foreign related branch losses for U.S. income tax purposes, as well as the higher tax benefit associated with significant, discrete items compared to the overall forecasted rate in conjunction with the relatively low amount of income before income taxes. | |
At September 28, 2013, the Company had a $25.1 million liability for unrecognized net income tax benefits. At March 31, 2013, the Company's total liability for unrecognized net income tax benefits was $27.5 million. The decrease in unrecognized net income tax benefits is mainly due to the expiration of the statutes of limitations for various tax jurisdictions. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense. As of September 28, 2013 and March 31, 2013, the total amount of gross, unrecognized income tax benefits included $10.1 million and $10.5 million of accrued interest and penalties, respectively. The Company recognized $0.5 million of net interest and penalties as income tax benefit during the six months ended September 28, 2013. The Company recognized $0.3 million of net interest and penalties as income tax expense during the six months ended September 29, 2012. | |
The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Currently, the Company is undergoing routine, periodic income tax examinations in both domestic and foreign jurisdictions. During the first quarter ended June 29, 2013, the Company completed an examination of its Italian corporate income tax returns for the tax years ended March 31, 2008 through March 31, 2011. Similarly, during the second quarter ended September 28, 2013, the Company completed an examination of certain German subsidiaries’ corporate income and trade tax returns for the tax years ended March 31, 2006 through March 31, 2010. The Company paid approximately $0.7 million upon the conclusion of the Italian examination and will pay approximately $0.4 million as a result of concluding the German examination; however, these amounts did not have a negative financial statement impact to the Company as the amounts were either previously reserved as an unrecognized tax benefit or appropriately accounted for as a deferred tax item. It appears reasonably possible that the amounts of unrecognized income tax benefits could change in the next twelve months as a result of such examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to March 31, 2010, state and local income tax examinations for years ending prior to fiscal 2009 or significant foreign income tax examinations for years ending prior to fiscal 2008. With respect to the Company's U.S. federal NOL carryforward, the short tax period from July 21, 2006 to March 31, 2007 (due to the change in control when Apollo Management, L.P. acquired the Company) and the tax years ended March 31, 2008 and March 31, 2009 are open under statutes of limitations; whereby, the Internal Revenue Service may not adjust the income tax liability for these years, but may reduce the NOL carryforward and any other tax attribute carryforwards to future, open tax years. |
Earnings_per_Share
Earnings per Share | 6 Months Ended |
Sep. 28, 2013 | |
Earnings per Share Disclosure [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share |
Basic net (loss) income per share from continuing and discontinued operations is computed by dividing net (loss) income from continuing operations and loss from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net (loss) income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. For the second quarter and six months ended September 28, 2013 all options to purchase shares of common stock were excluded from the computation of diluted (loss) income per share because the net loss in each respective period caused all potentially dilutive options to be anti-dilutive. The computation for diluted net earnings per share for the second quarter and six months ended September 29, 2012, both exclude 2,964,959 shares due to their anti-dilutive effects. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity | |||||||||||||||||||||||||||||||
Stockholders' equity consists of the following (in millions): | ||||||||||||||||||||||||||||||||
Preferred Stock | Common | Additional | Retained | Accumulated | Treasury Stock | Non-controlling Interest (1) | Total | |||||||||||||||||||||||||
Stock | Paid-In | Deficit | Other | Stockholders’ | ||||||||||||||||||||||||||||
Capital | Comprehensive | Equity | ||||||||||||||||||||||||||||||
Loss | ||||||||||||||||||||||||||||||||
Balance at March 31, 2013 | $ | — | $ | 1 | $ | 784 | $ | (311.5 | ) | $ | (38.7 | ) | $ | (6.3 | ) | $ | — | $ | 428.5 | |||||||||||||
Total comprehensive (loss) income | — | — | — | (38.5 | ) | 7.4 | — | (0.4 | ) | (31.5 | ) | |||||||||||||||||||||
Stock-based compensation expense | — | — | 3.5 | — | — | — | — | 3.5 | ||||||||||||||||||||||||
Exercise of stock options, net of shares surrendered | — | — | 1.3 | — | — | — | — | 1.3 | ||||||||||||||||||||||||
Issuance of equity to non-controlling interest holders | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||
Tax benefit on stock option exercises | — | — | 2.4 | — | — | — | — | 2.4 | ||||||||||||||||||||||||
Balance at September 28, 2013 | $ | — | $ | 1 | $ | 791.2 | $ | (350.0 | ) | $ | (31.3 | ) | $ | (6.3 | ) | $ | — | $ | 404.6 | |||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(1) Represents a 49% non-controlling interest in a water management joint venture. See Note 2 Acquisitions and Divestitures for additional information. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss | ||||||||||||
The changes in accumulated other comprehensive loss, net of tax, for the six months ended September 28, 2013 are as follows (in millions): | |||||||||||||
Foreign Currency Translation | Pension and Postretirement Plans | Total | |||||||||||
Balance at March 31, 2013 | $ | 0.7 | $ | (39.4 | ) | $ | (38.7 | ) | |||||
Other comprehensive income (loss) before reclassifications | 7.9 | — | 7.9 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (0.5 | ) | (0.5 | ) | ||||||||
Net current period other comprehensive income (loss) | 7.9 | (0.5 | ) | 7.4 | |||||||||
Balance at September 28, 2013 | $ | 8.6 | $ | (39.9 | ) | $ | (31.3 | ) | |||||
The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net (loss) income during the six months ended September 28, 2013 and September 29, 2012 (in millions): | |||||||||||||
Six Months Ended | |||||||||||||
September 28, 2013 | September 29, 2012 | Income Statement Line | |||||||||||
Pension and other postretirement plans | |||||||||||||
Amortization of prior service costs | $ | (0.8 | ) | $ | (0.6 | ) | Selling, general and administrative expenses | ||||||
Benefit for income taxes | 0.3 | 0.2 | |||||||||||
Total net of tax | $ | (0.5 | ) | $ | (0.4 | ) |
Inventories
Inventories | 6 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventory Disclosure [Text Block] | Inventories | |||||||
The major classes of inventories are summarized as follows (in millions): | ||||||||
September 28, | March 31, | |||||||
2013 | 2013 | |||||||
Finished goods | $ | 228.2 | $ | 203 | ||||
Work in progress | 70.1 | 73.5 | ||||||
Raw materials | 52.2 | 43 | ||||||
Inventories at First-in, First-Out ("FIFO") cost | 350.5 | 319.5 | ||||||
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost | 5.2 | 6.7 | ||||||
$ | 355.7 | $ | 326.2 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets | ||||||||||||||||||||
The changes in the net carrying value of goodwill and identifiable intangible assets for the six months ended September 28, 2013 by operating segment, are presented below (in millions): | |||||||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||||
Goodwill | Indefinite Lived Intangible Assets (Trade Names) | Customer Relationships | Patents | Total Identifiable Intangible Assets Excluding Goodwill | |||||||||||||||||
Process & Motion Control | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 877.1 | $ | 193.9 | $ | 104.9 | $ | 4.9 | $ | 303.7 | |||||||||||
Acquisitions | 7.3 | 2.8 | 5.2 | — | 8 | ||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | ||||||||||||||||
Amortization | — | — | (14.4 | ) | (0.6 | ) | (15.0 | ) | |||||||||||||
Currency translation adjustment and other | 2.2 | 0.3 | 0.1 | 0.3 | 0.7 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 887.7 | $ | 197 | $ | 95.8 | $ | 4.6 | $ | 297.4 | |||||||||||
Water Management | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 241.3 | $ | 138.1 | $ | 162.8 | $ | 8.9 | $ | 309.8 | |||||||||||
Acquisitions | 2.5 | 1.2 | 0.9 | — | 2.1 | ||||||||||||||||
Amortization | — | — | (9.2 | ) | (0.9 | ) | (10.1 | ) | |||||||||||||
Currency translation adjustment and other | 2.4 | 1 | 1.3 | 0.2 | 2.5 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 246.2 | $ | 140.3 | $ | 155.8 | $ | 8.2 | $ | 304.3 | |||||||||||
Consolidated | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 1,118.40 | $ | 332 | $ | 267.7 | $ | 13.8 | $ | 613.5 | |||||||||||
Acquisitions | 9.8 | 4 | 6.1 | — | 10.1 | ||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | ||||||||||||||||
Amortization | — | — | (23.6 | ) | (1.5 | ) | (25.1 | ) | |||||||||||||
Currency translation adjustment and other | 4.6 | 1.3 | 1.4 | 0.5 | 3.2 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 1,133.90 | $ | 337.3 | $ | 251.6 | $ | 12.8 | $ | 601.7 | |||||||||||
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 28, 2013 and March 31, 2013 are as follows (in millions): | |||||||||||||||||||||
September 28, 2013 | |||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||
Patents | 10 years | $ | 39.1 | $ | (26.3 | ) | $ | 12.8 | |||||||||||||
Customer relationships (including distribution network) | 12 years | 570.4 | (318.8 | ) | 251.6 | ||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 337.3 | — | 337.3 | ||||||||||||||||||
$ | 946.8 | $ | (345.1 | ) | $ | 601.7 | |||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||
Patents | 10 years | $ | 38.6 | $ | (24.8 | ) | $ | 13.8 | |||||||||||||
Customer relationships (including distribution network) | 12 years | 562.9 | (295.2 | ) | 267.7 | ||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 332 | — | 332 | ||||||||||||||||||
$ | 933.5 | $ | (320.0 | ) | $ | 613.5 | |||||||||||||||
Intangible asset amortization expense totaled $12.6 million and $25.1 million for the second quarter and six months ended September 28, 2013, respectively. Intangible asset amortization expense totaled $13.3 million and $26.3 million for the second quarter and six months ended September 29, 2012, respectively. | |||||||||||||||||||||
The Company expects to recognize amortization expense on the intangible assets subject to amortization of $50.2 million in fiscal year 2014 (inclusive of $25.1 million of amortization expense recognized in the six months ended September 28, 2013), $50.3 million in fiscal year 2015, $50.3 million in fiscal year 2016, $31.1 million in fiscal year 2017, and $20.7 million in fiscal year 2018. |
Other_Current_Liabilities
Other Current Liabilities | 6 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Current Liabilities [Text Block] | Other Current Liabilities | |||||||
Other current liabilities are summarized as follows (in millions): | ||||||||
September 28, 2013 | March 31, 2013 | |||||||
Customer advances | $ | 13.1 | $ | 19 | ||||
Sales rebates | 20.5 | 16.2 | ||||||
Commissions | 8.1 | 7.5 | ||||||
Restructuring and other similar charges (1) | 2.6 | 3.8 | ||||||
Product warranty (2) | 8.2 | 8.8 | ||||||
Risk management reserves (3) | 9.9 | 9.3 | ||||||
Legal and environmental reserves | 4.4 | 14.8 | ||||||
Deferred income taxes | 14.8 | 11.1 | ||||||
Taxes, other than income taxes | 7.9 | 9 | ||||||
Income taxes payable | 9.8 | 7.5 | ||||||
Other | 10.9 | 14.2 | ||||||
$ | 110.2 | $ | 121.2 | |||||
____________________ | ||||||||
-1 | See more information related to the restructuring obligations balance within Note 4. | |||||||
-2 | See more information related to the product warranty obligations balance within Note 16. | |||||||
-3 | Includes projected liabilities related to the Company's deductible portion of insured losses arising from automobile, general and product liability claims. |
Long_Term_Debt
Long Term Debt | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Long term Debt [Text Block] | Long-Term Debt | |||||||||||||||
Long-term debt is summarized as follows (in millions): | ||||||||||||||||
September 28, 2013 | March 31, 2013 | |||||||||||||||
8.50% Senior notes due 2018 | $ | — | $ | 1,145.00 | ||||||||||||
Term loans (1) | 1,930.10 | 934.7 | ||||||||||||||
8.875% Senior notes due 2016 | 2 | 2 | ||||||||||||||
Other (2) | 53.3 | 49.9 | ||||||||||||||
Total | 1,985.40 | 2,131.60 | ||||||||||||||
Less current maturities | 33.2 | 169.3 | ||||||||||||||
Long-term debt | $ | 1,952.20 | $ | 1,962.30 | ||||||||||||
____________________ | ||||||||||||||||
-1 | Includes an unamortized original issue discount of $19.9 million and $3.5 million at September 28, 2013 and March 31, 2013, respectively. | |||||||||||||||
-2 | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million in each period presented. | |||||||||||||||
Refinancing of Term Loan and Extinguishment of 8.50% Senior Notes due 2018 | ||||||||||||||||
On August 21, 2013, the Company entered into a Third Amended and Restated First Lien Credit Agreement (the “Third Restated Credit Agreement”), which amended and restated in its entirety the Second Amended and Restated Credit Agreement, dated as of March 15, 2012, as amended (the "Second Restated Credit Agreement"). The Third Restated Credit Agreement provides for loans consisting of a new term loan in the aggregate principal amount of $1,950.0 million (the “New Term Loan”) and a revolving credit facility of up to $265.0 million. | ||||||||||||||||
The proceeds of the New Term Loan were used to (i) repay in full the $786.2 million aggregate principal amount of existing term loans then-outstanding under the Second Amended and Restated Credit Agreement, together with accrued interest thereon, (ii) retire (through a cash tender offer and redemption) all of the 8.50% Senior Notes due 2018 (the “8.50% Notes”) and (iii) pay related fees and expenses. See "Senior Secured Credit Facility" below for more information regarding the Third Restated Credit Agreement. | ||||||||||||||||
The Company accounted for the above transactions in accordance with ASC 470-50, Debt Modifications and Extinguishments (“ASC 470-50”). Upon finalizing the accounting for these transactions, the Company recognized a $129.2 million loss on the debt extinguishment in the second quarter ended September 28, 2013, which was comprised of a bond tender premium paid to holders as a result of the tender offer and redemption, as well as the non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished debt. Additionally, the Company capitalized approximately $10.0 million of third party transaction costs, which will be amortized over the life of the New Term Loan as interest expense using the effective interest method. Below is a summary of the transaction costs and other offering expenses recorded along with their corresponding pre-tax financial statement impact (in millions): | ||||||||||||||||
Financial Statement Impact | ||||||||||||||||
Balance Sheet -Debit (Credit) | Statement of Operations | |||||||||||||||
Deferred Financing Costs (1) | Original Issue Discount (2) | Expense (3) | Total | |||||||||||||
Cash transaction costs: | ||||||||||||||||
Third party transaction costs | $ | 10 | $ | — | $ | 5.3 | $ | 15.3 | ||||||||
Bond tender premiums (paid to holders) | — | — | 109.9 | 109.9 | ||||||||||||
Total expected cash transaction costs | 10 | — | 115.2 | $ | 125.2 | |||||||||||
Non-cash write-off of unamortized amounts: | ||||||||||||||||
Deferred financing costs | (12.4 | ) | — | 12.4 | ||||||||||||
Net original issue discount | — | 17.9 | 1.6 | |||||||||||||
Net financial statement impact | $ | (2.4 | ) | $ | 17.9 | $ | 129.2 | |||||||||
(1) Recorded as a component of other assets within the condensed consolidated balance sheet. | ||||||||||||||||
(2) Recorded as a reduction in the face value of long-term debt within the condensed consolidated balance sheet. | ||||||||||||||||
(3) Recorded as a component of other non-operating expense within the condensed consolidated statement of operations. | ||||||||||||||||
Senior Secured Credit Facility | ||||||||||||||||
During the second quarter of fiscal 2014, the Company entered into the Third Restated Credit Agreement. The senior secured credit facilities under the Third Restated Credit Agreement are funded by a syndicate of banks and other financial institutions and provide for loans of up to $2,215.0 million, consisting of (i) a $1,950.0 million term loan facility with a maturity date of August 21, 2020; and (ii) a $265.0 million revolving credit facility with a maturity date of March 15, 2017; under the revolving credit facility, the Company has borrowing capacity available for letters of credit and for borrowings on a same-day notice, referred to as swingline loans. | ||||||||||||||||
As of September 28, 2013, the Company's outstanding borrowings under the New Term Loan were $1,930.1 million (net of $19.9 million unamortized original issue discount). At September 28, 2013, borrowings under the Third Restated Credit Agreement had an effective and weighted average interest rate of 4.00%, determined as the LIBO rate (subject to a 1% floor) plus an applicable margin of 3.00%. The interest rates for the term loan facility are subject to a leverage-based pricing grid. As of September 28, 2013, interest rates under the Third Restated Credit Agreement for the term loan facility were at the Company's option of either "(a)" or "(b)" as further described here: (a) in the case of alternative base rate ("ABR") borrowings, 2.00% (subject to a first lien leverage ratio) plus a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the prime rate determined from time to time by Credit Suisse AG, the administrative agent under the Third Restated Credit Agreement and (3) the LIBO rate in effect for a one-month period plus 1.00%; or (b) in the case of Eurocurrency borrowings, 3.00% (subject to a first lien leverage ratio) plus a Eurocurrency rate (subject to a 1% LIBOR floor). In the event the Company's first lien leverage ratio is less than 3.25x to 1.0, its applicable margin on both ABR and Eurocurrency term loan borrowings would decrease twenty-five (25) basis points. In addition, a 1.00% penalty on certain modifications or refinancings occurring on or prior to February 21, 2014 applies. | ||||||||||||||||
For revolving commitments, the Company's applicable margin above the base rate (as described above) is 3.00% in the case of ABR borrowings and 4.00% in the case of Eurocurrency borrowings, subject to a first lien leverage test. In the event the Company's first lien leverage ratio is less than 1.5x to 1.0, its applicable margin on both ABR and Eurocurrency borrowings would decrease twenty-five (25) basis points. The Company's actual first lien leverage ratio was 4.26x to 1.0 as of September 28, 2013. | ||||||||||||||||
As of September 28, 2013, in addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is subject to a commitment fee to the lenders under the revolving credit facility in respect to the unutilized commitments thereunder at an initial rate equal to 0.500% per annum. | ||||||||||||||||
As of September 28, 2013, the remaining mandatory principal payments prior to maturity on the term loan facilities were $131.6 million. Principal payments of $4.9 million are scheduled to be made at the end of each calendar quarter until June 30, 2020. | ||||||||||||||||
All amounts outstanding under the revolving credit facility will be due and payable in full, and the commitments thereunder will terminate, on March 15, 2017. No amounts were borrowed under the revolving credit facility at September 28, 2013 or March 31, 2013; however, $41.4 million and $40.1 million of the revolving credit facility were considered utilized in connection with outstanding letters of credit at September 28, 2013 and March 31, 2013, respectively. | ||||||||||||||||
The Third Restated Credit Agreement, among other things: (i) allows for one or more future issuances of secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, so long as, in each case, among other things, an agreed amount of the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par; (ii) subject to the requirement to make such offers on a pro rata basis to all lenders and certain other restrictions, allows the Company to agree with individual lenders to extend the maturity date of any of the loans and/or commitments provided by such lenders and to otherwise modify the terms of the loans and/or commitments provided by such lenders (including, without limitation, increasing the interest rate or fees payable in respect of such loans and/or commitments and/or modifying the amortization schedule in respect of such loans); and (iii) allows for one or more future issuances of additional secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, in an amount not to exceed the amount of incremental facility availability under the senior secured credit facilities. | ||||||||||||||||
The Third Restated Credit Agreement also contains a number of typical covenants that, among other things, constrain, subject to certain fully-negotiated exceptions, the Company's ability, and the ability of the Company's subsidiaries, to: sell assets; incur additional indebtedness; repay other indebtedness; pay dividends and distributions, repurchase its capital stock, or make payments, redemptions or repurchases in respect to certain indebtedness (including the senior notes); create liens on assets; make investments, loans, guarantees or advances; make certain acquisitions; engage in certain mergers or consolidations; enter into sale-and-leaseback transactions; engage in certain transactions with affiliates; amend certain material agreements governing its indebtedness; make capital expenditures; enter into hedging agreements; amend its organizational documents; change the business conducted by it and its subsidiaries; and enter into agreements that restrict dividends from subsidiaries. In addition, payment of borrowings under the Third Restated Credit Agreement may be accelerated upon an event of default. Events of default include, among others, the failure to pay principal and interest when due, a material breach of a representation or warranty, covenant defaults, certain non-payments or defaults under other material indebtedness, events of bankruptcy and a change of control. As of September 28, 2013, the Company was in compliance with all applicable covenants under its senior secured credit facilities, including compliance with a maximum permitted first lien leverage ratio (the Company's sole financial maintenance covenant under its revolver) of 7.75x to 1.0. | ||||||||||||||||
Partial Prepayment of Old Term Loan | ||||||||||||||||
In the first quarter of fiscal 2014, the Company entered into an Incremental Assumption Agreement relating to the Second Restated Credit Agreement, subsequently superseded by the Third Restated Credit Agreement above, which reduced the applicable margin on the term loan facility by seventy-five (75) basis points. In connection with the Incremental Assumption Agreement, the Company made a $150.0 million prepayment on the term loan facility. The $150.0 million of prepayment was classified within current maturities of debt on the balance sheet at March 31, 2013. The Company also recognized a related pre-tax loss of $4.0 million related to the portion of debt that was considered modified in the accordance with ASC 470-50, which was comprised of $0.8 million of fees paid to lenders and a non-cash write-off of $2.4 million of deferred financing costs and $0.8 million of original issue discount, respectively. | ||||||||||||||||
Senior Notes and Senior Subordinated Notes | ||||||||||||||||
Outstanding Tranches of Notes | ||||||||||||||||
At September 28, 2013, the Company had outstanding $2.0 million in principal of the 8.875% senior notes due 2016 (the "8.875% Notes"). The indenture governing the 8.875% Notes does not contain material restrictive covenants and permits optional redemption of the notes on terms specified therein. | ||||||||||||||||
Former Tranches of Notes | ||||||||||||||||
During the second quarter of fiscal 2014, the Company extinguished all the then-outstanding $1,145.0 million principal amount of 8.50% Notes. See "Refinancing of Term Loan and Extinguishment of 8.50% Senior Notes due 2018" above for additional information. Upon the redemption, the indenture governing the 8.50% Notes was discharged in accordance with its terms. | ||||||||||||||||
During the first quarter of fiscal 2013, the Company completed a full redemption of all $300.0 million principal amount of outstanding 11.75% senior subordinated notes due 2016 (the "11.75% Notes") for $325.0 million in cash, which included $7.4 million of accrued interest and $17.6 million of early redemption premiums. In the first quarter of fiscal 2013, the Company recognized related pre-tax expense of $21.1 million, which was comprised of the $17.6 million early redemption premium and a $3.5 million non-cash write-off of unamortized deferred financing costs. Upon the redemption, the indenture governing the 11.75% Notes was discharged in accordance with its terms. | ||||||||||||||||
Other Subsidiary Debt | ||||||||||||||||
During the second quarter of fiscal 2013 and third quarter of fiscal 2012, the Company received $4.3 million and $5.5 million, respectively, in net proceeds from financing agreements related to facility modernization projects at two North American manufacturing facilities. These financing agreements were structured with unrelated third party financial institutions (the "Investor") and their wholly-owned community development entities in connection with the Company's participation in transactions qualified under the federal New Market Tax Credit program, pursuant to Section 45D of the Internal Revenue Code of 1986, as amended. Through its participation in this program, the Company has secured low interest financing and the potential for future debt forgiveness related to eligible capital projects. Upon closing of these transactions, the Company provided an aggregate of $27.6 million to the Investor, in the form of loans receivable, with a term of thirty years, bearing an interest rate of approximately 2.0% per annum. Additionally, the Company received aggregate loan proceeds of $37.4 million ($27.6 million of which was derived from the aforementioned loans receivable) payable to the community development entities sponsoring each project. Similar to the loans receivable, these loans have a term of thirty years and bear an interest rate of approximately 2.0% per annum. As collateral for these loans, the Company has granted a security interest in the assets acquired with the loan proceeds. No earlier than December 2018 and upon meeting certain conditions, both the Investor and the Company have the ability to trigger forgiveness of the net debt which could result in a net non-operating gain of up to $9.8 million, excluding applicable transaction costs. To the extent the loans payable are not forgiven, the Company would be required to repay the full amount of the outstanding $37.4 million principal balance and would concurrently receive a loan repayment of $27.6 million on the aforementioned loans receivable, resulting in a net $9.8 million use of liquidity. | ||||||||||||||||
The aggregate loans of $37.4 million are recorded in Long-Term Debt on the condensed consolidated balance sheet and the aggregate loans receivable of $27.6 million are recorded in Other Assets on the condensed consolidated balance sheet. The Company incurred $0.7 million of debt issuance costs related to the above transactions, which are being amortized over the life of the agreements. | ||||||||||||||||
At September 28, 2013 and March 31, 2013, various wholly-owned subsidiaries had additional debt of $53.3 million and $49.9 million, respectively, comprised primarily of loans payable as a result of the New Market Tax Credit financing agreements referenced above as well as borrowings at various foreign subsidiaries and capital lease obligations. | ||||||||||||||||
Accounts Receivable Securitization Program | ||||||||||||||||
In fiscal 2012, the Company entered into a five-year Amended and Restated Receivables Funding and Administration Agreement (the “RFAA”) by and among Rexnord Funding LLC (“Funding,” a wholly-owned bankruptcy-remote special purpose subsidiary), the financial institutions from time to time party thereto, and General Electric Capital Corporation, as a lender, a swing line lender and administrative agent (“GECC”). The RFAA is the principal operative agreement under which certain subsidiaries continuously sell substantially all of their domestic trade accounts receivable to Funding for cash and subordinated notes (the “Program”). Funding in turn may obtain revolving loans and letters of credit from GECC under the RFAA. The maximum borrowing amount under the RFAA is $100.0 million, subject to certain eligibility requirements related to the amount and type of receivables owned by Funding; the RFAA also contains an “accordion” provision pursuant to which Funding can request that the facility be increased by $75.0 million. All of the receivables purchased by Funding are pledged as collateral for revolving loans and letters of credit obtained from GECC under the RFAA. | ||||||||||||||||
The Program does not qualify for sale accounting under ASC 860, Transfers and Servicing (“ASC 860”), and as such, any borrowings are accounted for as secured borrowings on the condensed consolidated balance sheet. Financing costs associated with the Program are recorded within “Interest expense, net” in the condensed consolidated statement of operations if revolving loans or letters of credit are obtained under the RFAA. | ||||||||||||||||
Borrowings under the RFAA bear interest at a rate equal to LIBOR plus 2.25%. Outstanding borrowings mature on May 20, 2016. In addition, a non-use fee of 0.50% is applied to the unutilized portion of the $100.0 million commitment. These rates are per annum and the fees are paid to GECC on a monthly basis. | ||||||||||||||||
At September 28, 2013, the Company's available borrowing capacity under the Program was $100.0 million, based on the current accounts receivables balance subject to the Program. There were no borrowings outstanding under the Program as of September 28, 2013. Additionally, the Program requires compliance with certain covenants and performance ratios contained in the RFAA. As of September 28, 2013, Funding was in compliance with all applicable covenants and performance ratios. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments | ||||||||||||||||||
The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates. The Company currently selectively uses foreign currency forward exchange contracts to manage its foreign currency risk. All hedging transactions are authorized and executed pursuant to defined policies and procedures that prohibit the use of financial instruments for speculative purposes. | |||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||
The Company periodically enters into foreign currency forward contracts to mitigate the foreign currency volatility relative to certain intercompany and external cash flows expected to occur. These foreign currency forward contracts were not accounted for as effective cash flow hedges in accordance with ASC 815, Derivatives and Hedging (“ASC 815”) and as such were marked to market through earnings. See the amounts recorded on the condensed consolidated balance sheets and recognized within the condensed consolidated statements of operations related to the Company's foreign currency forward contracts within the tables below. | |||||||||||||||||||
The Company's derivatives are measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosure (“ASC 820”). See Note 15 Fair Value Measurements for more information as it relates to the fair value measurement of the Company's derivative financial instruments. | |||||||||||||||||||
The following table indicates the location and the fair value of the Company's derivative instruments within the condensed consolidated balance sheet (in millions): | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
September 28, 2013 | March 31, 2013 | Balance Sheet Classification | |||||||||||||||||
Foreign currency forward contracts | $ | 0.1 | $ | 0.3 | Other current assets | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | Other current liabilities | ||||||||||||||
The following table indicates the location and the amount of gains and losses associated with the Company's derivative instruments recognized within the condensed consolidated statements of operations (in millions): | |||||||||||||||||||
Amount recognized in other income (expense), net | Amount recognized in other income (expense), net | ||||||||||||||||||
Derivative instruments not designated as hedging instruments under ASC 815-20 | Location of (loss) gain recognized in income on derivatives | Second Quarter Ended | Six Months Ended | ||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||||
Foreign currency forward contracts | Other income (expense), net | $ | (0.2 | ) | $ | (0.5 | ) | $ | 0.1 | $ | (0.2 | ) | |||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Measurements | ||||||||||||||||
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use. | |||||||||||||||||
In accordance with ASC 820, fair value measurements are classified under the following hierarchy: | |||||||||||||||||
• | Level 1- Quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. | ||||||||||||||||
• | Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. | ||||||||||||||||
If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs. | |||||||||||||||||
Foreign Currency Forward Contracts | |||||||||||||||||
The Company transacts in foreign currency forward contracts, which are impacted by ASC 820. | |||||||||||||||||
The fair value of foreign currency forward contracts is based on a pricing model that utilizes the differential between the contract price and the market-based forward rate as applied to fixed future deliveries of currency at pre-designated settlement dates. | |||||||||||||||||
The Company endeavors to utilize the best available information in measuring fair value. As required by the standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company has determined that its foreign currency forward contracts reside within Level 2 of the fair value hierarchy. There were no transfers of assets between levels during the six months ended September 28, 2013. The following table provides a summary of the Company's assets that were recognized at fair value on a recurring basis as of September 28, 2013 and March 31, 2013 (in millions): | |||||||||||||||||
Fair Value as of September 28, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Total liabilities at fair value | $ | — | $ | — | $ | — | $ | — | |||||||||
Fair Value as of March 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total assets at fair value | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total liabilities at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Fair Value of Non-Derivative Financial Instruments | |||||||||||||||||
The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at September 28, 2013 and March 31, 2013 due to the short-term nature of those instruments. The carrying value of long-term debt recognized within the condensed consolidated balance sheets as of September 28, 2013 and March 31, 2013 was approximately $1,985.4 million and $2,131.6 million, respectively, whereas the fair value of long-term debt as of September 28, 2013 and March 31, 2013 was approximately $1,989.3 million and $2,254.1 million, respectively. The fair value is based on quoted market prices for the same issues. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies | ||||||||
Warranties: | |||||||||
The Company offers warranties on the sales of certain products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management's estimate of the level of future claims. The following table presents changes in the Company's product warranty liability (in millions): | |||||||||
Period from April 1, 2013 through September 28, 2013 | Period from April 1, 2012 through September 29, 2012 | ||||||||
Balance at beginning of period | $ | 8.8 | $ | 8.7 | |||||
Charged to operations | 1.5 | 1.7 | |||||||
Claims settled | (2.1 | ) | (1.8 | ) | |||||
Balance at end of period | $ | 8.2 | $ | 8.6 | |||||
Contingencies: | |||||||||
The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes reserves in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. | |||||||||
In connection with the Carlyle acquisition in November 2002, Invensys plc has provided the Company with indemnification against certain contingent liabilities, including certain pre-closing environmental liabilities. The Company believes that, pursuant to such indemnity obligations, Invensys is obligated to defend and indemnify the Company with respect to the matters described below relating to the Ellsworth Industrial Park Site and to various asbestos claims. The indemnity obligations relating to the matters described below are subject, together with indemnity obligations relating to other matters, to an overall dollar cap equal to the purchase price, which is an amount in excess of $900 million. The following paragraphs summarize the most significant actions and proceedings: | |||||||||
• | In 2002, Rexnord Industries, LLC (“Rexnord Industries”) was named as a potentially responsible party (“PRP”), together with at least ten other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”), by the United States Environmental Protection Agency (“USEPA”), and the Illinois Environmental Protection Agency (“IEPA”). Rexnord Industries' Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and IEPA allege there have been one or more releases or threatened releases of chlorinated solvents and other hazardous substances, pollutants or contaminants, allegedly including but not limited to a release or threatened release on or from the Company's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of USEPA's past costs. Rexnord Industries' allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against the Company related to the Site have been settled or dismissed. Pursuant to its indemnity obligation, Invensys continues to defend the Company in known matters related to the Site and has paid 100% of the costs to date. | ||||||||
• | Multiple lawsuits (with approximately 1,000 claimants) are pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain brakes and clutches previously manufactured by the Company's Stearns division and/or its predecessor owners. Invensys and FMC, prior owners of the Stearns business, have paid 100% of the costs to date related to the Stearns lawsuits. Similarly, the Company's Prager subsidiary is a defendant in two pending multi-defendant lawsuits relating to alleged personal injuries due to the alleged presence of asbestos in a product allegedly manufactured by Prager. Additionally, there are numerous individuals who have filed asbestos related claims against Prager; however, these claims are currently on the Texas Multi-district Litigation inactive docket. The ultimate outcome of these asbestos matters cannot presently be determined. To date, the Company's insurance providers have paid 100% of the costs related to the Prager asbestos matters. The Company believes that the combination of its insurance coverage and the Invensys indemnity obligations will cover any future costs of these matters. | ||||||||
In connection with the acquisition of The Falk Corporation (“Falk”), Hamilton Sundstrand has provided the Company with indemnification against certain products-related asbestos exposure liabilities. The Company believes that, pursuant to such indemnity obligations, Hamilton Sundstrand is obligated to defend and indemnify the Company with respect to the asbestos claims described below, and that, with respect to these claims, such indemnity obligations are not subject to any time or dollar limitations. | |||||||||
The following paragraph summarizes the most significant actions and proceedings for which Hamilton Sundstrand has accepted responsibility: | |||||||||
• | Falk, through its successor entity, is a defendant in multiple lawsuits pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain clutches and drives previously manufactured by Falk. There are approximately 100 claimants in these suits. The ultimate outcome of these lawsuits cannot presently be determined. Hamilton Sundstrand is defending the Company in these lawsuits pursuant to its indemnity obligations and has paid 100% of the costs to date. | ||||||||
Certain Water Management subsidiaries are also subject to asbestos litigation. As of September 28, 2013, Zurn and an average of approximately 80 other unrelated companies were defendants in approximately 7,000 asbestos related lawsuits representing approximately 26,000 claims. Plaintiffs' claims allege personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn. Zurn did not manufacture asbestos or asbestos components. Instead, Zurn purchased them from suppliers. These claims are being handled pursuant to a defense strategy funded by insurers. | |||||||||
As of September 28, 2013, the Company estimates the potential liability for the asbestos-related claims described above, as well as claims expected to be filed in the next ten years to be approximately $35.0 million, of which Zurn expects its insurance carriers to pay approximately $27.0 million in the next ten years on such claims, with the balance of the estimated liability being paid in subsequent years. The $35.0 million was developed based on an actuarial study and represents the projected indemnity payout for claims filed in the next 10 years. However, there are inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As a result, actual liability could differ from the estimate described herein. Further, while this current asbestos liability is based on an estimate of claims through the next ten years, such liability may continue beyond that time frame, and such liability could be substantial. | |||||||||
Management estimates that its available insurance to cover this potential asbestos liability as of September 28, 2013, is approximately $253.6 million, and believes that all current claims are covered by insurance. However, principally as a result of the past insolvency of certain of the Company's insurance carriers, certain coverage gaps will exist if and after the Company's other carriers have paid the first $177.6 million of aggregate liabilities. | |||||||||
As of September 28, 2013, the Company had a recorded receivable from its insurance carriers of $35.0 million, which corresponds to the amount of this potential asbestos liability that is covered by available insurance and is currently determined to be probable of recovery. However, there is no assurance that $253.6 million of insurance coverage will ultimately be available or that this asbestos liability will not ultimately exceed $253.6 million. Factors that could cause a decrease in the amount of available coverage include: changes in law governing the policies, potential disputes with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers. | |||||||||
The Company's subsidiaries, Zurn PEX, Inc. and Zurn Industries, LLC, were named as defendants in a number of individual and class action lawsuits in various United States courts. The plaintiffs in these suits claimed damages due to the alleged failure or anticipated failure of Zurn brass fittings on the PEX plumbing systems in homes and other structures. | |||||||||
In July 2012, the Company reached an agreement in principle to settle the liability underlying this litigation. The settlement is designed to resolve, on a national basis, the Company's overall exposure for both known and unknown claims related to the alleged failure or anticipated failure of Zurn brass fittings on PEX plumbing systems, subject to the right of eligible class members to opt-out of the settlement and pursue their claims independently. The settlement received final court approval in February 2013, and utilizes a seven year claims fund, which is capped at $20 million, and is funded in installments over the seven year period based on claim activity and minimum funding criteria. The settlement also covers class action plaintiffs' attorneys' fees and expenses totaling $8.5 million, which was paid in the first quarter of fiscal 2014. | |||||||||
Historically, the Company's insurance carrier had funded the Company's defense in the above referenced proceedings. The Company, however, reached a settlement agreement with its insurer, whereby the insurer paid the Company a lump sum in exchange for a release of future exposure related to this liability. | |||||||||
The Company has recorded a reserve related to this brass fittings liability, which takes into account, in pertinent part, the insurance carrier contribution, as well as exposure from the claims fund, opt-outs and the waiver of future insurance coverage. |
Retirement_Benefits
Retirement Benefits | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Retirement Benefits | |||||||||||||||
The components of net periodic benefit cost are as follows (in millions): | ||||||||||||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Pension Benefits: | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 1 | $ | 1 | ||||||||
Interest cost | 7.4 | 7.9 | 14.7 | 15.8 | ||||||||||||
Expected return on plan assets | (7.7 | ) | (8.0 | ) | (15.4 | ) | (16.0 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 0.1 | 0.1 | 0.2 | 0.4 | ||||||||||||
Net periodic benefit cost | $ | 0.3 | $ | 0.5 | $ | 0.5 | $ | 1.2 | ||||||||
Other Postretirement Benefits: | ||||||||||||||||
Service cost | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 0.3 | 0.4 | 0.6 | 0.8 | ||||||||||||
Amortization: | ||||||||||||||||
Prior service cost | (0.5 | ) | (0.5 | ) | (1.0 | ) | (1.0 | ) | ||||||||
Net periodic benefit cost | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | $ | (0.1 | ) | ||||
During the first six months of fiscal 2014 and 2013, the Company made contributions of $5.0 million and $7.1 million, respectively, to its U.S. qualified pension plan trusts. | ||||||||||||||||
During the first three months of fiscal 2013 the Company froze the benefits for a U.S. pension plan, resulting in the recognition of a $0.2 million curtailment loss. | ||||||||||||||||
In accordance with the Company's accounting policy for defined benefit pension and other postretirement benefit plans, actuarial gains and losses above a specified threshold are immediately recognized in the Company's operating results during the fourth quarter. This adjustment is measured annually in connection with the Company's required year-end re-measurement of plan assets and benefit obligations, or upon any off-cycle re-measurement event. As a result, a mark-to-market adjustment may be recorded in the fourth quarter of fiscal 2014 in accordance with the Company's pension accounting policy. See Note 16 to the audited consolidated financial statements of the Company's fiscal 2013 Annual Report on Form 10-K for further information regarding retirement benefits. |
Stock_Options
Stock Options | 6 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Stock Options [Abstract] | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Options | |||||||||||||
ASC 718, Compensation-Stock Compensation (“ASC 718”), requires compensation costs related to share-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. The Company recognizes the compensation cost for options granted over the requisite service period, generally as the awards vest. The fair value of each option is determined on the date of grant using the Black-Scholes valuation model. See Note 15 to the audited consolidated financial statements of the Company's fiscal 2013 Annual Report on Form 10-K for further information regarding stock-based compensation and related plans. | ||||||||||||||
The fair value of each option granted under the Rexnord Corporation 2012 Performance Incentive Plan (the "Plan") during the six months ended September 28, 2013 was determined on the date of grant using the Black-Scholes valuation model that utilized the following assumptions: expected volatility of 36% based on the expected volatility of publicly-traded companies within the Company's industry; expected term of 7.5 years based on the midpoint between when the options vest and when they expire; weighted average risk free interest rate of 1.50% based on the U.S. Treasury yield curve in effect at the date of grant; and expected dividends of zero. The weighted average grant date fair value of the 881,940 options granted under the Plan for the six months ended September 28, 2013 was $7.85. | ||||||||||||||
For the second quarter and six months ended September 28, 2013, the Company recorded $2.0 million and $3.5 million of stock-based compensation expense, respectively. For the second quarter and six months ended September 29, 2012, the Company recorded $1.9 million and $3.5 million of stock-based compensation expense, respectively. As of September 28, 2013, there was $20.5 million of total unrecognized compensation cost related to non-vested stock options. That cost is expected to be recognized over a weighted average period of 3.7 years. | ||||||||||||||
The following table presents the Company's stock option activity during the first six months of fiscal 2014 and 2013, respectively: | ||||||||||||||
Period from April 1, 2013 through September 28, 2013 | Period from April 1, 2012 through September 29, 2012 | |||||||||||||
Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | |||||||||||
Number of shares under option: | ||||||||||||||
Outstanding at beginning of period | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | ||||||||
Granted | 881,940 | 19 | 2,592,000 | 20.56 | ||||||||||
Exercised | (626,116 | ) | 4.93 | (2,963,790 | ) | 3.55 | ||||||||
Canceled/Forfeited | (284,347 | ) | 20.81 | (206,962 | ) | 11.42 | ||||||||
Outstanding at end of period (1) | 9,421,674 | $ | 10.71 | 10,295,619 | $ | 9.49 | ||||||||
Exercisable at end of period (2) | 5,432,080 | $ | 5.39 | 6,201,699 | $ | 5 | ||||||||
______________________ | ||||||||||||||
-1 | The weighted average remaining contractual life of options outstanding at September 28, 2013 is 6.0 years. | |||||||||||||
-2 | The weighted average remaining contractual life of options exercisable at September 28, 2013 is 4.2 years. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Sep. 28, 2013 | |
IPO, Debt redepmtion, and termination of management agreement [Abstract] | |
Unusual or Infrequent Items Disclosure [Text Block] | Under the Stockholders Agreements with affiliates of Apollo and George Sherman, in certain circumstances the Company is obligated to file a registration statement with the Securities and Exchange Commission registering shares owned by those stockholders and bear related expenses of offerings by them. In the first quarter of fiscal 2014, the Company filed such a registration statement and paid offering expenses on behalf of Apollo affiliates; such costs were $0.9 million in the quarter. There were no such expenses recorded in the second quarter of fiscal 2014. |
In connection with the Company's initial public offering, on April 3, 2012, the Company recognized an additional charge of $15.0 million to terminate the Company's management agreement with Apollo Management, L.P ("Apollo"). Such payment was negotiated as a reduced amount in lieu of a one-time termination fee of $20.1 million that Apollo otherwise would have been entitled to receive under the management consulting agreement, corresponding to the present value of the aggregate annual fees that would have been payable during the remainder of the term of the agreement (assuming a twelve-year term from the date of the amended agreement). |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Business Segment Information | ||||||||||||||||
The results of operations are reported in two business segments, consisting of the Process & Motion Control platform and the Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services specified, highly engineered mechanical components used within complex systems where our customers' reliability requirements and cost of failure or downtime is extremely high. The Process & Motion Control product portfolio includes gears, couplings, industrial bearings, aerospace bearings and seals, FlatTop™ chain, engineered chain and conveying equipment. This segment serves a diverse group of end markets, including mining, general industrial applications, cement and aggregates, agriculture, forest and wood products, petrochemical, energy, food & beverage, aerospace and wind energy. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade specification drainage products, flush valves and faucet products, backflow prevention pressure release valves and PEX piping used in non-residential construction end-markets and engineered valves and gates for the water and wastewater treatment market. The financial information of the Company's segments is regularly evaluated by the chief operating decision maker in determining resource allocation and assessing performance and is periodically reviewed by the Company's Board of Directors. Management evaluates the performance of each business segment based on its operating results. The same accounting policies are used throughout the organization (see Note 1). | |||||||||||||||||
Business Segment Information: | |||||||||||||||||
(in Millions) | |||||||||||||||||
Second Quarter Ended | Six Months Ended | ||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||
Net sales | |||||||||||||||||
Process & Motion Control | $ | 311.8 | $ | 309.1 | $ | 626.4 | $ | 623 | |||||||||
Water Management | 202.7 | 190.4 | 396.8 | 370.1 | |||||||||||||
Consolidated | $ | 514.5 | $ | 499.5 | $ | 1,023.20 | $ | 993.1 | |||||||||
Income (loss) from operations | |||||||||||||||||
Process & Motion Control | $ | 59.4 | $ | 56.5 | $ | 110.7 | $ | 112 | |||||||||
Water Management | 21.8 | 18.4 | 40.5 | 34.9 | |||||||||||||
Corporate | (8.6 | ) | (8.8 | ) | (17.6 | ) | (25.8 | ) | |||||||||
Consolidated | $ | 72.6 | $ | 66.1 | $ | 133.6 | $ | 121.1 | |||||||||
Non-operating (expense) income: | |||||||||||||||||
Interest expense, net | $ | (29.2 | ) | $ | (37.2 | ) | $ | (64.2 | ) | $ | (75.5 | ) | |||||
Loss on the extinguishment of debt | (129.2 | ) | — | (133.2 | ) | (21.1 | ) | ||||||||||
Other income (expense), net | 0.1 | 0.2 | (6.1 | ) | 0.7 | ||||||||||||
(Loss) Income from continuing operations before income taxes | (85.7 | ) | 29.1 | (69.9 | ) | 25.2 | |||||||||||
(Benefit) provision for income taxes | (33.2 | ) | 8.8 | (31.0 | ) | 5.6 | |||||||||||
Net (loss) income from continuing operations | $ | (52.5 | ) | $ | 20.3 | $ | (38.9 | ) | $ | 19.6 | |||||||
Loss from discontinued operations, net of tax | — | (1.1 | ) | — | (2.6 | ) | |||||||||||
Net (loss) income | $ | (52.5 | ) | $ | 19.2 | $ | (38.9 | ) | $ | 17 | |||||||
Non-controlling interest loss | (0.2 | ) | — | (0.4 | ) | — | |||||||||||
Net (loss) income attributable to Rexnord | $ | (52.3 | ) | $ | 19.2 | $ | (38.5 | ) | $ | 17 | |||||||
Restructuring and other similar costs (included in income from operations) | |||||||||||||||||
Process & Motion Control | $ | 0.4 | $ | 2.2 | $ | 1 | $ | 3.1 | |||||||||
Water Management | 0.4 | 0.2 | 1.2 | 0.9 | |||||||||||||
Corporate | 0.4 | — | 0.8 | — | |||||||||||||
Consolidated | $ | 1.2 | $ | 2.4 | $ | 3 | $ | 4 | |||||||||
Depreciation and Amortization | |||||||||||||||||
Process & Motion Control | $ | 16.9 | $ | 18.1 | $ | 35.2 | $ | 34.9 | |||||||||
Water Management | 9.5 | 10.8 | 18.7 | 22.1 | |||||||||||||
Consolidated | $ | 26.4 | $ | 28.9 | $ | 53.9 | $ | 57 | |||||||||
Capital Expenditures | |||||||||||||||||
Process & Motion Control | $ | 8.3 | $ | 9.3 | $ | 14.3 | $ | 17.5 | |||||||||
Water Management | 3.1 | 8.8 | 4.9 | 15 | |||||||||||||
Consolidated | $ | 11.4 | $ | 18.1 | $ | 19.2 | $ | 32.5 | |||||||||
September 28, 2013 | 31-Mar-13 | ||||||||||||||||
Total Assets | |||||||||||||||||
Process & Motion Control | $ | 2,108.30 | $ | 2,426.20 | |||||||||||||
Water Management | 1,045.00 | 1,012.50 | |||||||||||||||
Corporate | 32.8 | 35.1 | |||||||||||||||
Consolidated | $ | 3,186.10 | $ | 3,473.80 | |||||||||||||
Subsequent_Events_Level_1_Note
Subsequent Events Level 1 (Notes) | 6 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 21. Subsequent Events |
During October 2013, the Company entered into three forward-starting interest rate swaps to hedge the variability in future cash flows associated with a portion of the Company’s variable-rate term loans. The forward-starting interest rate swaps convert $650.0 million of the Company’s variable-rate term loans to a weighted average fixed interest rate of 2.55% plus the applicable margin (and inclusive of a 1% LIBOR floor). All of the interest rate swaps become effective beginning on September 28, 2015 with a maturity of September 27, 2018. These interest rate derivatives have been designated as effective cash flow hedges in accordance with ASC 815. The interest rate swaps did not have any impact on the Company's statements of results of operations, financial position or cash flows in the second quarter of fiscal 2014. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies Level 2 (Policies) | 6 Months Ended |
Sep. 28, 2013 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain prior year amounts have been reclassified to conform to the fiscal 2014 presentation. See amounts disclosed below in Recent Accounting Pronouncements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In February 2013, the Financial Accounting Standards Board ("FASB") issued another update to Accounting Standards Codification ("ASC") No. 220, Presentation of Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive loss by component. In addition, an entity is required to present, either on the face of the statement where net (loss) income is presented or in the notes, certain significant amounts reclassified out of accumulated other comprehensive loss by the respective line items of net (loss) income. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012, with early adoption permitted. As this new guidance is related to presentation only, the implementation of this guidance in the first quarter of fiscal year 2014 did not have a material impact on the Company's statements of results of operations, financial position or cash flows. | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”), which generally requires an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. This guidance is effective for unrecognized tax benefits that exist at the effective date for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company has elected early adoption and implemented this guidance in the second quarter of fiscal 2014 resulting in an increase in the presentation of our noncurrent deferred income tax liability and a reduction in the presentation of our unrecognized tax benefits (within other liabilities) in the amount of $7.0 million and $6.3 million at September 28, 2013 and March 31, 2013, respectively. |
Restructuring_and_Other_Simila1
Restructuring and Other Similar Costs Level 3 (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Restructuring and Other Similar Costs Disclosure [Abstract] | |||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following table summarizes the Company's restructuring costs during the three and six months ended September 28, 2013 by classification of operating segment (in millions): | ||||||||||||||||
Restructuring Costs | |||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.3 | $ | 0.4 | $ | 0.4 | $ | 1.1 | |||||||||
Lease termination and other costs | 0.1 | — | — | 0.1 | |||||||||||||
Total restructuring and other similar costs | $ | 0.4 | $ | 0.4 | $ | 0.4 | $ | 1.2 | |||||||||
Restructuring Costs | |||||||||||||||||
Six Months Ended September 28, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.7 | $ | 1.1 | $ | 0.8 | $ | 2.6 | |||||||||
Lease termination and other costs | 0.3 | 0.1 | — | 0.4 | |||||||||||||
Total restructuring and other similar costs | $ | 1 | $ | 1.2 | $ | 0.8 | $ | 3 | |||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity in the Company's restructuring reserve for the six months ended September 28, 2013 (in millions): | ||||||||||||||||
Severance Costs | Lease Termination and Other Costs | Total | |||||||||||||||
Restructuring reserve, March 31, 2013 | $ | 3.7 | $ | 0.1 | $ | 3.8 | |||||||||||
Charges | 2.6 | 0.4 | 3 | ||||||||||||||
Cash payments | (3.7 | ) | (0.5 | ) | (4.2 | ) | |||||||||||
Restructuring reserve, September 28, 2013 (1) | $ | 2.6 | $ | — | $ | 2.6 | |||||||||||
-1 | The restructuring reserve is included in other current liabilities in the condensed consolidated balance sheets. |
Stockholders_Equity_Level_3_Ta
Stockholders' Equity Level 3 (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | Stockholders' equity consists of the following (in millions): | |||||||||||||||||||||||||||||||
Preferred Stock | Common | Additional | Retained | Accumulated | Treasury Stock | Non-controlling Interest (1) | Total | |||||||||||||||||||||||||
Stock | Paid-In | Deficit | Other | Stockholders’ | ||||||||||||||||||||||||||||
Capital | Comprehensive | Equity | ||||||||||||||||||||||||||||||
Loss | ||||||||||||||||||||||||||||||||
Balance at March 31, 2013 | $ | — | $ | 1 | $ | 784 | $ | (311.5 | ) | $ | (38.7 | ) | $ | (6.3 | ) | $ | — | $ | 428.5 | |||||||||||||
Total comprehensive (loss) income | — | — | — | (38.5 | ) | 7.4 | — | (0.4 | ) | (31.5 | ) | |||||||||||||||||||||
Stock-based compensation expense | — | — | 3.5 | — | — | — | — | 3.5 | ||||||||||||||||||||||||
Exercise of stock options, net of shares surrendered | — | — | 1.3 | — | — | — | — | 1.3 | ||||||||||||||||||||||||
Issuance of equity to non-controlling interest holders | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||
Tax benefit on stock option exercises | — | — | 2.4 | — | — | — | — | 2.4 | ||||||||||||||||||||||||
Balance at September 28, 2013 | $ | — | $ | 1 | $ | 791.2 | $ | (350.0 | ) | $ | (31.3 | ) | $ | (6.3 | ) | $ | — | $ | 404.6 | |||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(1) Represents a 49% non-controlling interest in a water management joint venture. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Level 3 (Tables) | 6 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive loss, net of tax, for the six months ended September 28, 2013 are as follows (in millions): | ||||||||||||
Foreign Currency Translation | Pension and Postretirement Plans | Total | |||||||||||
Balance at March 31, 2013 | $ | 0.7 | $ | (39.4 | ) | $ | (38.7 | ) | |||||
Other comprehensive income (loss) before reclassifications | 7.9 | — | 7.9 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (0.5 | ) | (0.5 | ) | ||||||||
Net current period other comprehensive income (loss) | 7.9 | (0.5 | ) | 7.4 | |||||||||
Balance at September 28, 2013 | $ | 8.6 | $ | (39.9 | ) | $ | (31.3 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net (loss) income during the six months ended September 28, 2013 and September 29, 2012 (in millions): | ||||||||||||
Six Months Ended | |||||||||||||
September 28, 2013 | September 29, 2012 | Income Statement Line | |||||||||||
Pension and other postretirement plans | |||||||||||||
Amortization of prior service costs | $ | (0.8 | ) | $ | (0.6 | ) | Selling, general and administrative expenses | ||||||
Benefit for income taxes | 0.3 | 0.2 | |||||||||||
Total net of tax | $ | (0.5 | ) | $ | (0.4 | ) |
Inventories_Level_3_Tables
Inventories Level 3 (Tables) | 6 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory, Net [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | The major classes of inventories are summarized as follows (in millions): | |||||||
September 28, | March 31, | |||||||
2013 | 2013 | |||||||
Finished goods | $ | 228.2 | $ | 203 | ||||
Work in progress | 70.1 | 73.5 | ||||||
Raw materials | 52.2 | 43 | ||||||
Inventories at First-in, First-Out ("FIFO") cost | 350.5 | 319.5 | ||||||
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost | 5.2 | 6.7 | ||||||
$ | 355.7 | $ | 326.2 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets Level 3 (Tables) | 6 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The changes in the net carrying value of goodwill and identifiable intangible assets for the six months ended September 28, 2013 by operating segment, are presented below (in millions): | ||||||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||||
Goodwill | Indefinite Lived Intangible Assets (Trade Names) | Customer Relationships | Patents | Total Identifiable Intangible Assets Excluding Goodwill | |||||||||||||||||
Process & Motion Control | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 877.1 | $ | 193.9 | $ | 104.9 | $ | 4.9 | $ | 303.7 | |||||||||||
Acquisitions | 7.3 | 2.8 | 5.2 | — | 8 | ||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | ||||||||||||||||
Amortization | — | — | (14.4 | ) | (0.6 | ) | (15.0 | ) | |||||||||||||
Currency translation adjustment and other | 2.2 | 0.3 | 0.1 | 0.3 | 0.7 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 887.7 | $ | 197 | $ | 95.8 | $ | 4.6 | $ | 297.4 | |||||||||||
Water Management | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 241.3 | $ | 138.1 | $ | 162.8 | $ | 8.9 | $ | 309.8 | |||||||||||
Acquisitions | 2.5 | 1.2 | 0.9 | — | 2.1 | ||||||||||||||||
Amortization | — | — | (9.2 | ) | (0.9 | ) | (10.1 | ) | |||||||||||||
Currency translation adjustment and other | 2.4 | 1 | 1.3 | 0.2 | 2.5 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 246.2 | $ | 140.3 | $ | 155.8 | $ | 8.2 | $ | 304.3 | |||||||||||
Consolidated | |||||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 1,118.40 | $ | 332 | $ | 267.7 | $ | 13.8 | $ | 613.5 | |||||||||||
Acquisitions | 9.8 | 4 | 6.1 | — | 10.1 | ||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | ||||||||||||||||
Amortization | — | — | (23.6 | ) | (1.5 | ) | (25.1 | ) | |||||||||||||
Currency translation adjustment and other | 4.6 | 1.3 | 1.4 | 0.5 | 3.2 | ||||||||||||||||
Net carrying amount as of September 28, 2013 | $ | 1,133.90 | $ | 337.3 | $ | 251.6 | $ | 12.8 | $ | 601.7 | |||||||||||
Schedule of Intangible Assets (Excluding Goodwill) [Table Text Block] | The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 28, 2013 and March 31, 2013 are as follows (in millions): | ||||||||||||||||||||
September 28, 2013 | |||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||
Patents | 10 years | $ | 39.1 | $ | (26.3 | ) | $ | 12.8 | |||||||||||||
Customer relationships (including distribution network) | 12 years | 570.4 | (318.8 | ) | 251.6 | ||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 337.3 | — | 337.3 | ||||||||||||||||||
$ | 946.8 | $ | (345.1 | ) | $ | 601.7 | |||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||
Patents | 10 years | $ | 38.6 | $ | (24.8 | ) | $ | 13.8 | |||||||||||||
Customer relationships (including distribution network) | 12 years | 562.9 | (295.2 | ) | 267.7 | ||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 332 | — | 332 | ||||||||||||||||||
$ | 933.5 | $ | (320.0 | ) | $ | 613.5 | |||||||||||||||
Other_Current_Liabilities_Leve
Other Current Liabilities Level 3 (Tables) | 6 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Schedule of Other Current Liabilities [Table Text Block] | Other current liabilities are summarized as follows (in millions): | |||||||
September 28, 2013 | March 31, 2013 | |||||||
Customer advances | $ | 13.1 | $ | 19 | ||||
Sales rebates | 20.5 | 16.2 | ||||||
Commissions | 8.1 | 7.5 | ||||||
Restructuring and other similar charges (1) | 2.6 | 3.8 | ||||||
Product warranty (2) | 8.2 | 8.8 | ||||||
Risk management reserves (3) | 9.9 | 9.3 | ||||||
Legal and environmental reserves | 4.4 | 14.8 | ||||||
Deferred income taxes | 14.8 | 11.1 | ||||||
Taxes, other than income taxes | 7.9 | 9 | ||||||
Income taxes payable | 9.8 | 7.5 | ||||||
Other | 10.9 | 14.2 | ||||||
$ | 110.2 | $ | 121.2 | |||||
____________________ | ||||||||
-1 | See more information related to the restructuring obligations balance within Note 4. | |||||||
-2 | See more information related to the product warranty obligations balance within Note 16. | |||||||
-3 | Includes projected liabilities related to the Company's deductible portion of insured losses arising from automobile, general and product liability claims. |
Long_Term_Debt_Level_3_Tables
Long Term Debt Level 3 (Tables) | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | Sep. 28, 2013 | ||||||||||||||||||||||||
Extinguishment of Debt [Line Items] | |||||||||||||||||||||||||
Schedule of Extinguishment of Debt [Table Text Block] | |||||||||||||||||||||||||
Financial Statement Impact | |||||||||||||||||||||||||
Balance Sheet -Debit (Credit) | Statement of Operations | ||||||||||||||||||||||||
Deferred Financing Costs (1) | Original Issue Discount (2) | Expense (3) | Total | ||||||||||||||||||||||
Cash transaction costs: | |||||||||||||||||||||||||
Third party transaction costs | $ | 10 | $ | — | $ | 5.3 | $ | 15.3 | |||||||||||||||||
Bond tender premiums (paid to holders) | — | — | 109.9 | 109.9 | |||||||||||||||||||||
Total expected cash transaction costs | 10 | — | 115.2 | $ | 125.2 | ||||||||||||||||||||
Non-cash write-off of unamortized amounts: | |||||||||||||||||||||||||
Deferred financing costs | (12.4 | ) | — | 12.4 | |||||||||||||||||||||
Net original issue discount | — | 17.9 | 1.6 | ||||||||||||||||||||||
Net financial statement impact | $ | (2.4 | ) | $ | 17.9 | $ | 129.2 | ||||||||||||||||||
(1) Recorded as a component of other assets within the condensed consolidated balance sheet. | |||||||||||||||||||||||||
(2) Recorded as a reduction in the face value of long-term debt within the condensed consolidated balance sheet. | |||||||||||||||||||||||||
(3) Recorded as a component of other non-operating expense within the condensed consolidated statement of operations. | |||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Long-term debt is summarized as follows (in millions): | ||||||||||||||||||||||||
September 28, 2013 | March 31, 2013 | ||||||||||||||||||||||||
8.50% Senior notes due 2018 | $ | — | $ | 1,145.00 | |||||||||||||||||||||
Term loans (1) | 1,930.10 | 934.7 | |||||||||||||||||||||||
8.875% Senior notes due 2016 | 2 | 2 | |||||||||||||||||||||||
Other (2) | 53.3 | 49.9 | |||||||||||||||||||||||
Total | 1,985.40 | 2,131.60 | |||||||||||||||||||||||
Less current maturities | 33.2 | 169.3 | |||||||||||||||||||||||
Long-term debt | $ | 1,952.20 | $ | 1,962.30 | |||||||||||||||||||||
____________________ | |||||||||||||||||||||||||
-1 | Includes an unamortized original issue discount of $19.9 million and $3.5 million at September 28, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||||
-2 | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million in each period presented. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Level 3 (Tables) | 6 Months Ended | ||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table indicates the location and the fair value of the Company's derivative instruments within the condensed consolidated balance sheet (in millions): | ||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
September 28, 2013 | March 31, 2013 | Balance Sheet Classification | |||||||||||||||||
Foreign currency forward contracts | $ | 0.1 | $ | 0.3 | Other current assets | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | Other current liabilities | ||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table indicates the location and the amount of gains and losses associated with the Company's derivative instruments recognized within the condensed consolidated statements of operations (in millions): | ||||||||||||||||||
Amount recognized in other income (expense), net | Amount recognized in other income (expense), net | ||||||||||||||||||
Derivative instruments not designated as hedging instruments under ASC 815-20 | Location of (loss) gain recognized in income on derivatives | Second Quarter Ended | Six Months Ended | ||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||||
Foreign currency forward contracts | Other income (expense), net | $ | (0.2 | ) | $ | (0.5 | ) | $ | 0.1 | $ | (0.2 | ) | |||||||
Fair_Value_Measurements_Level_
Fair Value Measurements Level 3 (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table provides a summary of the Company's assets that were recognized at fair value on a recurring basis as of September 28, 2013 and March 31, 2013 (in millions): | ||||||||||||||||
Fair Value as of September 28, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Total liabilities at fair value | $ | — | $ | — | $ | — | $ | — | |||||||||
Fair Value as of March 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total assets at fair value | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total liabilities at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Level 3 (Tables) | 6 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | The following table presents changes in the Company's product warranty liability (in millions): | ||||||||
Period from April 1, 2013 through September 28, 2013 | Period from April 1, 2012 through September 29, 2012 | ||||||||
Balance at beginning of period | $ | 8.8 | $ | 8.7 | |||||
Charged to operations | 1.5 | 1.7 | |||||||
Claims settled | (2.1 | ) | (1.8 | ) | |||||
Balance at end of period | $ | 8.2 | $ | 8.6 | |||||
Retirement_Benefits_Level_3_Ta
Retirement Benefits Level 3 (Tables) | 6 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost are as follows (in millions): | |||||||||||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Pension Benefits: | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 1 | $ | 1 | ||||||||
Interest cost | 7.4 | 7.9 | 14.7 | 15.8 | ||||||||||||
Expected return on plan assets | (7.7 | ) | (8.0 | ) | (15.4 | ) | (16.0 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost | 0.1 | 0.1 | 0.2 | 0.4 | ||||||||||||
Net periodic benefit cost | $ | 0.3 | $ | 0.5 | $ | 0.5 | $ | 1.2 | ||||||||
Other Postretirement Benefits: | ||||||||||||||||
Service cost | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 0.3 | 0.4 | 0.6 | 0.8 | ||||||||||||
Amortization: | ||||||||||||||||
Prior service cost | (0.5 | ) | (0.5 | ) | (1.0 | ) | (1.0 | ) | ||||||||
Net periodic benefit cost | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | $ | (0.1 | ) |
Stock_Options_Level_3_Tables
Stock Options Level 3 (Tables) | 6 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Stock Options [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table presents the Company's stock option activity during the first six months of fiscal 2014 and 2013, respectively: | |||||||||||||
Period from April 1, 2013 through September 28, 2013 | Period from April 1, 2012 through September 29, 2012 | |||||||||||||
Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | |||||||||||
Number of shares under option: | ||||||||||||||
Outstanding at beginning of period | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | ||||||||
Granted | 881,940 | 19 | 2,592,000 | 20.56 | ||||||||||
Exercised | (626,116 | ) | 4.93 | (2,963,790 | ) | 3.55 | ||||||||
Canceled/Forfeited | (284,347 | ) | 20.81 | (206,962 | ) | 11.42 | ||||||||
Outstanding at end of period (1) | 9,421,674 | $ | 10.71 | 10,295,619 | $ | 9.49 | ||||||||
Exercisable at end of period (2) | 5,432,080 | $ | 5.39 | 6,201,699 | $ | 5 | ||||||||
______________________ | ||||||||||||||
-1 | The weighted average remaining contractual life of options outstanding at September 28, 2013 is 6.0 years. | |||||||||||||
-2 | The weighted average remaining contractual life of options exercisable at September 28, 2013 is 4.2 years. |
Business_Segment_Information_L
Business Segment Information Level 3 (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business Segment Information: | ||||||||||||||||
(in Millions) | |||||||||||||||||
Second Quarter Ended | Six Months Ended | ||||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||
Net sales | |||||||||||||||||
Process & Motion Control | $ | 311.8 | $ | 309.1 | $ | 626.4 | $ | 623 | |||||||||
Water Management | 202.7 | 190.4 | 396.8 | 370.1 | |||||||||||||
Consolidated | $ | 514.5 | $ | 499.5 | $ | 1,023.20 | $ | 993.1 | |||||||||
Income (loss) from operations | |||||||||||||||||
Process & Motion Control | $ | 59.4 | $ | 56.5 | $ | 110.7 | $ | 112 | |||||||||
Water Management | 21.8 | 18.4 | 40.5 | 34.9 | |||||||||||||
Corporate | (8.6 | ) | (8.8 | ) | (17.6 | ) | (25.8 | ) | |||||||||
Consolidated | $ | 72.6 | $ | 66.1 | $ | 133.6 | $ | 121.1 | |||||||||
Non-operating (expense) income: | |||||||||||||||||
Interest expense, net | $ | (29.2 | ) | $ | (37.2 | ) | $ | (64.2 | ) | $ | (75.5 | ) | |||||
Loss on the extinguishment of debt | (129.2 | ) | — | (133.2 | ) | (21.1 | ) | ||||||||||
Other income (expense), net | 0.1 | 0.2 | (6.1 | ) | 0.7 | ||||||||||||
(Loss) Income from continuing operations before income taxes | (85.7 | ) | 29.1 | (69.9 | ) | 25.2 | |||||||||||
(Benefit) provision for income taxes | (33.2 | ) | 8.8 | (31.0 | ) | 5.6 | |||||||||||
Net (loss) income from continuing operations | $ | (52.5 | ) | $ | 20.3 | $ | (38.9 | ) | $ | 19.6 | |||||||
Loss from discontinued operations, net of tax | — | (1.1 | ) | — | (2.6 | ) | |||||||||||
Net (loss) income | $ | (52.5 | ) | $ | 19.2 | $ | (38.9 | ) | $ | 17 | |||||||
Non-controlling interest loss | (0.2 | ) | — | (0.4 | ) | — | |||||||||||
Net (loss) income attributable to Rexnord | $ | (52.3 | ) | $ | 19.2 | $ | (38.5 | ) | $ | 17 | |||||||
Restructuring and other similar costs (included in income from operations) | |||||||||||||||||
Process & Motion Control | $ | 0.4 | $ | 2.2 | $ | 1 | $ | 3.1 | |||||||||
Water Management | 0.4 | 0.2 | 1.2 | 0.9 | |||||||||||||
Corporate | 0.4 | — | 0.8 | — | |||||||||||||
Consolidated | $ | 1.2 | $ | 2.4 | $ | 3 | $ | 4 | |||||||||
Depreciation and Amortization | |||||||||||||||||
Process & Motion Control | $ | 16.9 | $ | 18.1 | $ | 35.2 | $ | 34.9 | |||||||||
Water Management | 9.5 | 10.8 | 18.7 | 22.1 | |||||||||||||
Consolidated | $ | 26.4 | $ | 28.9 | $ | 53.9 | $ | 57 | |||||||||
Capital Expenditures | |||||||||||||||||
Process & Motion Control | $ | 8.3 | $ | 9.3 | $ | 14.3 | $ | 17.5 | |||||||||
Water Management | 3.1 | 8.8 | 4.9 | 15 | |||||||||||||
Consolidated | $ | 11.4 | $ | 18.1 | $ | 19.2 | $ | 32.5 | |||||||||
September 28, 2013 | 31-Mar-13 | ||||||||||||||||
Total Assets | |||||||||||||||||
Process & Motion Control | $ | 2,108.30 | $ | 2,426.20 | |||||||||||||
Water Management | 1,045.00 | 1,012.50 | |||||||||||||||
Corporate | 32.8 | 35.1 | |||||||||||||||
Consolidated | $ | 3,186.10 | $ | 3,473.80 | |||||||||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies Recent Accounting Pronouncements (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Change in presentation of unrecognized tax benefits | $7 | $6.30 |
Acquisition_Details
Acquisition (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Mar. 31, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | L.W. Gemmell [Member] | Micro Precision [Member] | Klamflex [Member] | Cline [Member] | Cline [Member] | Water Management French Sales Office [Member] | ||
Rate | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Effective Date of Acquisition | 30-Aug-13 | 21-Aug-13 | 26-Apr-13 | 13-Dec-12 | ||||
Business Combination, Consideration Transferred | $7.70 | $22.20 | $4.50 | $19.60 | ||||
Business Acquisition, Purchase Price Allocation, Intangible Assets including Goodwill | 3.4 | 15.3 | 1.2 | 22.9 | ||||
Goodwill | 1,133.90 | 1,118.40 | 1.6 | 7.3 | 0.9 | 13.3 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $1.80 | $8 | $0.30 | $9.60 | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||||
Non-controlling interest (ownership percentage) | 49.00% |
Discontinued_Operations_Sale_o
Discontinued Operations Sale of Discontinued Operation (Details) (Da Long [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Da Long [Member] | |
Business Divestiture [Line Items] | |
Business Divestiture, Total Sale Price | $2.50 |
Loss on sale of discontinued operations | $0.50 |
Restructuring_Cost_To_Date_by_
Restructuring Cost To Date by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $1.20 | $3 |
Severance costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 1.1 | 2.6 |
Lease termination and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.1 | 0.4 |
Process & Motion Control | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.4 | 1 |
Process & Motion Control | Severance costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.3 | 0.7 |
Process & Motion Control | Lease termination and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.1 | 0.3 |
Water Management | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.4 | 1.2 |
Water Management | Severance costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.4 | 1.1 |
Water Management | Lease termination and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0 | 0.1 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.4 | 0.8 |
Corporate | Severance costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.4 | 0.8 |
Corporate | Lease termination and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $0 | $0 |
Restructuring_Reserve_Rollforw
Restructuring Reserve Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, March 31, 2013 | $3.80 | |||||
Charges | 1.2 | 2.4 | 3 | 4 | ||
Cash payments | -4.2 | |||||
Restructuring reserve, September 28, 2013 (1) | 2.6 | [1] | 2.6 | [1] | ||
Severance costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, March 31, 2013 | 3.7 | |||||
Charges | 2.6 | |||||
Cash payments | -3.7 | |||||
Restructuring reserve, September 28, 2013 (1) | 2.6 | [1] | 2.6 | [1] | ||
Lease termination and other costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, March 31, 2013 | 0.1 | |||||
Charges | 0.4 | |||||
Cash payments | -0.5 | |||||
Restructuring reserve, September 28, 2013 (1) | $0 | [1] | $0 | [1] | ||
[1] | The restructuring reserve is included in other current liabilities in the condensed consolidated balance sheets. |
CDSOA_Collections_Details
CDSOA Collections (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Components of Other Income [Line Items] | ||||
Other income (expense), net | $0.10 | $0.20 | ($6.10) | $0.70 |
Recovery under CDSOA [Member] | ||||
Components of Other Income [Line Items] | ||||
Other income (expense), net | $0 | $16.60 | $0 |
Effective_Tax_Rate_Details
Effective Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Rate | Rate | Rate | Rate | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 38.70% | 30.20% | 44.30% | 22.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized Tax Benefits | $25.10 | $27.50 | |
Income tax examination, penalties and interest paid | 0.4 | 0.7 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $10.10 | $10.50 |
Recognized_Tax_Interest_and_Pe
Recognized Tax Interest and Penalties (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Jun. 29, 2013 | Sep. 29, 2012 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ($0.50) | $0.30 | |
Income tax examination, penalties and interest paid | $0.40 | $0.70 |
AntiDilutive_Shares_Details
Anti-Dilutive Shares (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Earnings per Share Disclosure [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 2,964,959 | 0 | 2,964,959 |
Stockholders_Equity_Rollforwar
Stockholders' Equity Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||
Balance at March 31, 2013 | $428.50 | |||||
Total comprehensive (loss) income | -42.3 | 25.8 | -31.5 | 11.2 | ||
Stock-based compensation expense | 3.5 | |||||
Exercise of stock options, net of shares surrendered | 1.3 | |||||
Issuance of equity to non-controlling interest holders | 0.4 | |||||
Tax benefit on stock option exercises | 2.4 | |||||
Balance at September 28, 2013 | 404.6 | 404.6 | ||||
Common Stock | ||||||
Balance at March 31, 2013 | 1 | |||||
Total comprehensive (loss) income | 0 | |||||
Stock-based compensation expense | 0 | |||||
Exercise of stock options, net of shares surrendered | 0 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 0 | |||||
Balance at September 28, 2013 | 1 | 1 | ||||
Preferred Stock | ||||||
Balance at March 31, 2013 | 0 | |||||
Total comprehensive (loss) income | 0 | |||||
Stock-based compensation expense | 0 | |||||
Exercise of stock options, net of shares surrendered | 0 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 0 | |||||
Balance at September 28, 2013 | 0 | 0 | ||||
Additional Paid-In Capital | ||||||
Balance at March 31, 2013 | 784 | |||||
Total comprehensive (loss) income | 0 | |||||
Exercise of stock options, net of shares surrendered | 1.3 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 2.4 | |||||
Balance at September 28, 2013 | 791.2 | 791.2 | ||||
Retained Deficit | ||||||
Balance at March 31, 2013 | -311.5 | |||||
Stock-based compensation expense | 0 | |||||
Exercise of stock options, net of shares surrendered | 0 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 0 | |||||
Balance at September 28, 2013 | -350 | -350 | ||||
Accumulated Other Comprehensive Loss | ||||||
Balance at March 31, 2013 | -38.7 | |||||
Stock-based compensation expense | 0 | |||||
Exercise of stock options, net of shares surrendered | 0 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 0 | |||||
Balance at September 28, 2013 | -31.3 | -31.3 | ||||
Treasury Stock | ||||||
Balance at March 31, 2013 | -6.3 | |||||
Total comprehensive (loss) income | 0 | |||||
Stock-based compensation expense | 0 | |||||
Exercise of stock options, net of shares surrendered | 0 | |||||
Issuance of equity to non-controlling interest holders | 0 | |||||
Tax benefit on stock option exercises | 0 | |||||
Balance at September 28, 2013 | -6.3 | -6.3 | ||||
Non-controlling Interest (1) | ||||||
Balance at March 31, 2013 | 0 | [1] | ||||
Stock-based compensation expense | 0 | [1] | ||||
Exercise of stock options, net of shares surrendered | 0 | [1] | ||||
Issuance of equity to non-controlling interest holders | 0.4 | [1] | ||||
Tax benefit on stock option exercises | 0 | [1] | ||||
Balance at September 28, 2013 | $0 | [1] | $0 | [1] | ||
Non-controlling interest (ownership percentage) | 49.00% | 49.00% | ||||
[1] | Represents a 49% non-controlling interest in a water management joint venture. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | ($31.30) | ($31.30) | ($38.70) | ||
Other comprehensive income (loss) before reclassifications | 7.9 | ||||
Amounts reclassified from accumulated other comprehensive loss | -0.5 | ||||
Net current period other comprehensive income (loss) | 10.2 | 6.6 | 7.4 | -5.8 | |
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | 8.6 | 8.6 | 0.7 | ||
Other comprehensive income (loss) before reclassifications | 7.9 | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||||
Net current period other comprehensive income (loss) | 7.9 | ||||
Pension and Postretirement Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | -39.9 | -39.9 | -39.4 | ||
Other comprehensive income (loss) before reclassifications | 0 | ||||
Amounts reclassified from accumulated other comprehensive loss | -0.5 | ||||
Net current period other comprehensive income (loss) | ($0.50) |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | $105.40 | $104.80 | $212 | $203.80 |
(Benefit) provision for income taxes | -33.2 | 8.8 | -31 | 5.6 |
Net income | 52.5 | -19.2 | 38.9 | -17 |
Pension and Postretirement Plans | Amortization of prior service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | -0.6 | -0.8 | ||
(Benefit) provision for income taxes | 0.2 | 0.3 | ||
Net income | ($0.40) | ($0.50) |
Inventory_by_Category_Details
Inventory by Category (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished goods | $228.20 | $203 |
Work in progress | 70.1 | 73.5 |
Raw materials | 52.2 | 43 |
Inventories at First-in, First-Out (FIFO) cost | 350.5 | 319.5 |
Adjustment to state inventories at Last-in, First-Out (LIFO) cost | 5.2 | 6.7 |
Inventories, net | $355.70 | $326.20 |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Goodwill [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | $1,118.40 | |||
Acquisitions | 9.8 | |||
Purchase price allocation adjustments | 1.1 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 4.6 | |||
Net carrying amount as of September 28, 2013 | 1,133.90 | 1,133.90 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 332 | |||
Acquisitions | 4 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 1.3 | |||
Net carrying amount as of September 28, 2013 | 337.3 | 337.3 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Amortization | -12.6 | -13.3 | -25.1 | -26.3 |
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 613.5 | |||
Acquisitions | 10.1 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -12.6 | -13.3 | -25.1 | -26.3 |
Currency translation adjustment and other | 3.2 | |||
Net carrying amount as of September 28, 2013 | 601.7 | 601.7 | ||
Customer Relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 267.7 | |||
Acquisitions | 6.1 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -23.6 | |||
Currency translation adjustment and other | 1.4 | |||
Net carrying amount as of September 28, 2013 | 251.6 | 251.6 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | -23.6 | |||
Patents | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 13.8 | |||
Acquisitions | 0 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -1.5 | |||
Currency translation adjustment and other | 0.5 | |||
Net carrying amount as of September 28, 2013 | 12.8 | 12.8 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | -1.5 | |||
Process & Motion Control | ||||
Goodwill [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 877.1 | |||
Acquisitions | 7.3 | |||
Purchase price allocation adjustments | 1.1 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 2.2 | |||
Net carrying amount as of September 28, 2013 | 887.7 | 887.7 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 193.9 | |||
Acquisitions | 2.8 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 0.3 | |||
Net carrying amount as of September 28, 2013 | 197 | 197 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Amortization | -15 | |||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 303.7 | |||
Acquisitions | 8 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -15 | |||
Currency translation adjustment and other | 0.7 | |||
Net carrying amount as of September 28, 2013 | 297.4 | 297.4 | ||
Process & Motion Control | Customer Relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 104.9 | |||
Acquisitions | 5.2 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -14.4 | |||
Currency translation adjustment and other | 0.1 | |||
Net carrying amount as of September 28, 2013 | 95.8 | 95.8 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | -14.4 | |||
Process & Motion Control | Patents | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 4.9 | |||
Acquisitions | 0 | |||
Purchase price allocation adjustments | 0 | |||
Amortization | -0.6 | |||
Currency translation adjustment and other | 0.3 | |||
Net carrying amount as of September 28, 2013 | 4.6 | 4.6 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | -0.6 | |||
Water Management | ||||
Goodwill [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 241.3 | |||
Acquisitions | 2.5 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 2.4 | |||
Net carrying amount as of September 28, 2013 | 246.2 | 246.2 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 138.1 | |||
Acquisitions | 1.2 | |||
Amortization | 0 | |||
Currency translation adjustment and other | 1 | |||
Net carrying amount as of September 28, 2013 | 140.3 | 140.3 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Amortization | -10.1 | |||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 309.8 | |||
Acquisitions | 2.1 | |||
Amortization | -10.1 | |||
Currency translation adjustment and other | 2.5 | |||
Net carrying amount as of September 28, 2013 | 304.3 | 304.3 | ||
Water Management | Customer Relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 162.8 | |||
Acquisitions | 0.9 | |||
Amortization | -9.2 | |||
Currency translation adjustment and other | 1.3 | |||
Net carrying amount as of September 28, 2013 | 155.8 | 155.8 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | -9.2 | |||
Water Management | Patents | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Net carrying amount as of March 31, 2013 | 8.9 | |||
Acquisitions | 0 | |||
Amortization | -0.9 | |||
Currency translation adjustment and other | 0.2 | |||
Net carrying amount as of September 28, 2013 | 8.2 | 8.2 | ||
Intangibles (Excluding Goodwill) [Roll Forward] | ||||
Amortization | ($0.90) |
Intangible_Asset_Schedule_Deta
Intangible Asset Schedule (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Abstract] | ||
Accumulated amortization | ($345.10) | ($320) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Carrying amount of indefinite-lived intangible assets | 337.3 | 332 |
Gross carrying amount | 946.8 | 933.5 |
Net carrying amount | 601.7 | 613.5 |
Patents | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted average useful life | 10 years | 10 years |
Gross carrying amount | 39.1 | 38.6 |
Accumulated amortization | -26.3 | -24.8 |
Net carrying amount | 12.8 | 13.8 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted average useful life | 12 years | 12 years |
Gross carrying amount | 570.4 | 562.9 |
Accumulated amortization | -318.8 | -295.2 |
Net carrying amount | 251.6 | 267.7 |
Trade names | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Carrying amount of indefinite-lived intangible assets | $337.30 | $332 |
Intangible_Amortization_Detail
Intangible Amortization (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Amortization [Abstract] | ||||
Amortization of intangible assets | $12.60 | $13.30 | $25.10 | $26.30 |
Future_Amortization_Details
Future Amortization (Details) (USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
Future amortization expense | |
Future amortization expense, year one | $50.20 |
Future amortization expense, year two | 50.3 |
Future amortization expense, year three | 50.3 |
Future amortization expense, year four | 31.1 |
Future amortization expense, year five | $20.70 |
Other_Current_Liabilities_by_C
Other Current Liabilities by Category (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | $110.20 | $121.20 | ||
Customer advances | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 13.1 | 19 | ||
Sales rebates | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 20.5 | 16.2 | ||
Commissions | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 8.1 | 7.5 | ||
Restructuring and other similar charges (1) | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 2.6 | [1] | 3.8 | [1] |
Product warranty (2) | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 8.2 | [2] | 8.8 | [2] |
Risk management reserves (3) | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 9.9 | [3] | 9.3 | [3] |
Legal and environmental reserves | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 4.4 | 14.8 | ||
Deferred income taxes | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 14.8 | 11.1 | ||
Taxes, other than income taxes | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 7.9 | 9 | ||
Income taxes payable | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | 9.8 | 7.5 | ||
Other | ||||
Components of Other Current Liabilities [Line Items] | ||||
Other Liabilities | $10.90 | $14.20 | ||
[1] | See more information related to the restructuring obligations balance within Note 4. | |||
[2] | See more information related to the product warranty obligations balance within Note 16. | |||
[3] | Includes projected liabilities related to the Company's deductible portion of insured losses arising from automobile, general and product liability claims. |
Summary_of_Debt_Details
Summary of Debt (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | $1,985.40 | $2,131.60 | ||
Current portion of long-term debt | 33.2 | 169.3 | ||
Long-term debt | 1,952.20 | 1,962.30 | ||
Unamortized original issue discount | 0 | |||
8.875% & 10.125% Notes [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 2 | |||
Senior Notes [Member] | 8.5% Senior Notes due 2018 [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 0 | 1,145 | ||
Senior Notes [Member] | 8.875% Senior Notes due 2016 [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 2 | 2 | ||
Senior Subordinated Notes [Member] | 11.75% Senior Subordinated Notes due 2016 [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 300 | |||
Other Debt [Member] | New Market Tax Credit | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 37.4 | |||
Other Debt [Member] | New Market Tax Credit- Phase 1 [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 37.4 | |||
Other Debt [Member] | Other Subsidiary Debt [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 53.3 | [1] | 49.9 | [1] |
Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 1,930.10 | [2] | 934.7 | [2] |
Unamortized original issue discount | 3.5 | |||
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | 1,930.10 | [2] | ||
Unamortized original issue discount | 19.9 | |||
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||
Debt Instruments [Abstract] | ||||
Long-term debt, gross | $0 | |||
[1] | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million in each period presented. | |||
[2] | Includes an unamortized original issue discount of $19.9 million and $3.5 million at SeptemberB 28, 2013 and MarchB 31, 2013, respectively. |
Long_Term_Debt_Debt_refinancin
Long Term Debt Debt refinancing (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||
Extinguishment of Debt [Line Items] | ||||||
Loss on the extinguishment of debt | ($129.20) | $0 | ($133.20) | ($21.10) | ||
Debt Issuance Cost | 10 | |||||
Original issue discount paid in cash for issuance of debt | 0 | |||||
Cash paid for debt issuance costs and redemption premium | 115.2 | |||||
Cash paid for refinancing of debt | 125.2 | |||||
Redemption Premium | 109.9 | |||||
Write off of Deferred Debt Issuance Cost | -12.4 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 17.9 | 17.9 | ||||
Unamortized original issue discount | 0 | 0 | ||||
Professional Fees | 5.3 | |||||
Cash paid for third party transaction costs of debt refinancing | 15.3 | |||||
Bond tender premium capitalized | 0 | 0 | ||||
Retirement of debt, original issue discount | 1.6 | |||||
Net deferred financing costs on extinguishment of debt | -2.4 | |||||
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Unamortized original issue discount | 19.9 | 19.9 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,950 | [1] | 1,950 | [1] | ||
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 265 | 265 | ||||
Senior Notes [Member] | 8.5% Senior Notes due 2018 [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||||
Loss on the extinguishment of debt | -129.2 | |||||
August 2013 Incremental Assumption Agreement [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Debt Issuance Cost | $10 | |||||
[1] | Includes an unamortized original issue discount of $19.9 million and $3.5 million at SeptemberB 28, 2013 and MarchB 31, 2013, respectively. |
Senior_Secured_Credit_Facility
Senior Secured Credit Facility (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 | ||||
Debt Instrument [Line Items] | ||||||||
Loss on the extinguishment of debt | ($129,200,000) | $0 | ($133,200,000) | ($21,100,000) | ||||
Debt Issuance Cost | 10,000,000 | |||||||
Long-term debt, gross | 1,985,400,000 | 1,985,400,000 | 2,131,600,000 | |||||
Unamortized original issue discount | 0 | 0 | ||||||
Penalty on certain modifications of debt | 0.01 | 0.01 | ||||||
Senior Notes [Member] | 8.5% Senior Notes due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on the extinguishment of debt | -129,200,000 | |||||||
Long-term debt, gross | 0 | 0 | 1,145,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||||||
Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 1,930,100,000 | [1] | 1,930,100,000 | [1] | 934,700,000 | [1] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,215,000,000 | 2,215,000,000 | ||||||
Unamortized original issue discount | 3,500,000 | |||||||
Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 1,930,100,000 | [1] | 1,930,100,000 | [1] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,950,000,000 | [1] | 1,950,000,000 | [1] | ||||
Unamortized original issue discount | 19,900,000 | 19,900,000 | ||||||
LIBOR Floor | 1.00% | 1.00% | ||||||
Debt Instrument, Principal Payments Prior to Maturity | 131,600,000 | 131,600,000 | ||||||
Debt Instrument, Periodic Payment, Principal | 4,900,000 | |||||||
Term Loan Facility [Member] | April 2013 Incremental Assumption Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 786,200,000 | [1] | 786,200,000 | [1] | ||||
Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 0 | 0 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 265,000,000 | 265,000,000 | ||||||
Debt, Weighted Average Interest Rate | 4.00% | 4.00% | ||||||
Step-up interest rate | 2500.00% | 2500.00% | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||
Letters of Credit Outstanding, Amount | 41,400,000 | 41,400,000 | 40,100,000 | |||||
Eurocurrency Borrowings [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Eurocurrency Borrowings [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Interest Rate | 4.00% | 4.00% | ||||||
ABR Borrowings [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Interest Rate Based on Federal Funds Effective Rate | 0.50% | 0.50% | ||||||
Interest Rate Based on LIBOR | 1.00% | 1.00% | ||||||
ABR Borrowings [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Interest Rate | 3.00% | 3.00% | ||||||
Senior Secured Leverage Ratio (Numerator) [Member] | Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Covenant Terms, Positive Ratio | 3.25 | 3.25 | ||||||
Covenant Terms, Company's Ratio | 4.26 | 4.26 | ||||||
Covenant Terms, Positive Ratio | 7.75 | 7.75 | ||||||
Senior Secured Leverage Ratio (Numerator) [Member] | Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Covenant Terms, Positive Ratio | 1.5 | 1.5 | ||||||
Senior Secured Leverage Ratio (Denominator) [Member] | Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Covenant Terms, Company's Ratio | 1 | 1 | ||||||
Covenant Terms, Positive Ratio | 1 | 1 | ||||||
Senior Secured Leverage Ratio (Denominator) [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Covenant Terms, Positive Ratio | 1 | 1 | ||||||
Senior Secured Leverage Ratio (Denominator) [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Step-Down Covenant Terms, Positive Ratio | 1 | 1 | ||||||
April 2013 Incremental Assumption Agreement [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on the extinguishment of debt | ($4,000,000) | |||||||
Refinanced, Reduction to Effective Interest Rate | -7500.00% | -7500.00% | ||||||
[1] | Includes an unamortized original issue discount of $19.9 million and $3.5 million at SeptemberB 28, 2013 and MarchB 31, 2013, respectively. |
Debt_Modifications_Details
Debt Modifications (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Debt Instrument [Line Items] | ||||
Loss on the extinguishment of debt | ($129.20) | $0 | ($133.20) | ($21.10) |
Retirement of debt, original issue discount | 1.6 | |||
Write off of Deferred Debt Issuance Cost | 12.4 | |||
April 2013 Incremental Assumption Agreement [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Refinanced, Reduction to Effective Interest Rate | -7500.00% | -7500.00% | ||
Loss on the extinguishment of debt | -4 | |||
Retirement of Debt, Premium | 0.8 | |||
Retirement of debt, original issue discount | 0.8 | |||
Repayments of Secured Debt | 150 | |||
Write off of Deferred Debt Issuance Cost | $2.40 |
Senior_Notes_and_Senior_Subord
Senior Notes and Senior Subordinated Notes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 |
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $1,985.40 | $1,985.40 | $2,131.60 | ||
Loss on the extinguishment of debt | -129.2 | 0 | -133.2 | -21.1 | |
8.875% & 10.125% Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 2 | 2 | |||
Senior Notes [Member] | 8.5% Senior Notes due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 0 | 0 | 1,145 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | |||
Loss on the extinguishment of debt | -129.2 | ||||
Senior Notes [Member] | 8.875% Senior Notes due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 2 | 2 | 2 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | 8.88% | |||
Senior Subordinated Notes [Member] | 11.75% Senior Subordinated Notes due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 300 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | ||||
Retirement of debt, cost | 325 | ||||
Retirement of Debt, Accrued Interest | 7.4 | ||||
Retirement of Debt, Premium | 17.6 | ||||
Retirement of Debt, Deferred Financing Costs | 3.5 | ||||
Loss on the extinguishment of debt | ($21.10) |
Other_Subsidiary_Debt_Details
Other Subsidiary Debt (Details) (USD $) | 6 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 | Sep. 29, 2012 | Dec. 31, 2011 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Mar. 31, 2013 | Sep. 28, 2013 | ||
Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | ||||||
New Market Tax Credit- Phase 2 [Member] | New Market Tax Credit- Phase 1 [Member] | New Market Tax Credit- Phase 1 [Member] | New Market Tax Credit | Other Subsidiary Debt [Member] | Other Subsidiary Debt [Member] | Accounts Receivable Securitization Program [Member] | ||||||
Rate | Rate | |||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings of long-term debt | $1,930.50 | $1.40 | $4.30 | $5.50 | ||||||||
Loan receivable, noncurrent | 27.6 | |||||||||||
Loan Receivable, Terms | 30 years | |||||||||||
Loan Receivable, Interest Rate, Stated Percentage | 2.00% | |||||||||||
Long-term debt, gross | 1,985.40 | 2,131.60 | 37.4 | 37.4 | 53.3 | [1] | 49.9 | [1] | ||||
Deferred Finance Costs, Gross | 0.7 | |||||||||||
Forgiveness of Debt, Possible Non-Operating Gain | 9.8 | |||||||||||
Debt Instrument, Terms | 30 years | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||
Line of Credit Facility, Term | 5 years | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||||||||||
Line of Credit Facility, Increase, Potential Additional Borrowings | 75 | |||||||||||
Interest Rate Based on LIBOR | 2.25% | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $100 | |||||||||||
[1] | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million in each period presented. |
Foreign_Currency_Forward_Contr
Foreign Currency Forward Contracts Asset Position (Details) (Foreign currency forward contracts, USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Asset Derivatives | $0.10 | $0.30 |
Liability Derivatives | $0 | $0.10 |
Gain_or_Loss_Recognized_in_Inc
Gain or Loss Recognized in Income on Derivatives (Details) (Foreign currency forward contracts, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Foreign currency forward contracts | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading activity, gain | ($0.20) | ($0.50) | $0.10 | ($0.20) |
Derivative_Fair_Value_Details
Derivative Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Foreign currency forward contracts | $0.10 | $0.30 |
Total assets at fair value | 0.1 | 0.3 |
Liabilities: | ||
Foreign currency forward contracts | 0 | 0.1 |
Total liabilities at fair value | 0 | 0.1 |
Level 1 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Foreign currency forward contracts | 0.1 | 0.3 |
Total assets at fair value | 0.1 | 0.3 |
Liabilities: | ||
Foreign currency forward contracts | 0 | 0.1 |
Total liabilities at fair value | 0 | 0.1 |
Level 3 | ||
Assets: | ||
Foreign currency forward contracts | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities at fair value | $0 | $0 |
LongTerm_Debt_Fair_Value_Detai
Long-Term Debt Fair Value (Details) (USD $) | Sep. 28, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements Disclosure [Abstract] | ||
Long-term debt, gross | $1,985.40 | $2,131.60 |
Long-term Debt, Fair Value | $1,989.30 | $2,254.10 |
Warranty_Rollforward_Details
Warranty Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2012 | Sep. 28, 2013 | Mar. 31, 2012 |
Movement in Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $8.80 | $8.70 | |
Charged to operations | 1.7 | 1.5 | |
Claims settled | -1.8 | -2.1 | |
Balance at end of period | $8.60 | $8.20 | $8.70 |
Loss_Contingencies_Details
Loss Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
Damages from Product Defects [Member] | Damages from Product Defects [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Environmental Issue [Member] | |||||
Zurn [Member] | Zurn [Member] | Stearns [Member] | Prager [Member] | Falk [Member] | Zurn [Member] | Ellsworth Industrial Park Site [Member] | |||||
Claimants | Rate | Rate | Claimants | defendants | |||||||
Rate | Lawsuits | Claimants | Lawsuits | Rate | |||||||
Loss Contingency, Estimate [Abstract] | |||||||||||
Estimated Insurance Recoveries | $35 | ||||||||||
Loss Contingency, Estimate of Possible Loss | 35 | ||||||||||
Zurn PEX loss contingency | 0 | 0 | 0 | 10.1 | |||||||
Loss Contingency, Information about Litigation Matters [Abstract] | |||||||||||
Indemnification Resulting from Business Acquisition, Amount | 900 | 900 | |||||||||
Claim Settlement Funding Period | 7 years | ||||||||||
Loss Contingency, Settlement Agreement, Consideration | 20 | ||||||||||
Loss Contingency, Settlement Agreement, Attorney Fees | 8.5 | ||||||||||
Loss Contingency, Number of Defendants | 10 | ||||||||||
Indemnification Resulting from Business Acquisition, Percentage of Costs Paid to Date by Seller | 100.00% | 100.00% | 100.00% | ||||||||
Insurance Coverage, Percentage of Costs Paid to Date by Insurance Providers | 100.00% | ||||||||||
Loss Contingency, Parties Jointly and Severally Liable in Litigation | 80 | ||||||||||
Loss Contingency, Pending Lawsuits, Number | 2 | 7,000 | |||||||||
Loss Contingency, Pending Claims, Number | 1,000 | 100 | 26,000 | ||||||||
Timeframe of Estimated Claims Disbursements | 10 years | ||||||||||
Estimated Claim Payments Made Over Specified Period | $27 |
Asbestos_Insurance_Coverage_De
Asbestos Insurance Coverage (Details) (USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
Supplementary Insurance Information [Line Items] | |
Insurance Policy Coverage | $253.60 |
Layer 1 [Member] | |
Supplementary Insurance Information [Line Items] | |
Insurance Policy Coverage | $177.60 |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Pension Benefits: | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $0.50 | $0.50 | $1 | $1 |
Interest cost | 7.4 | 7.9 | 14.7 | 15.8 |
Expected return on plan assets | -7.7 | -8 | -15.4 | -16 |
Amortization of prior service cost | 0.1 | 0.1 | 0.2 | 0.4 |
Net periodic benefit cost | 0.3 | 0.5 | 0.5 | 1.2 |
Other Postretirement Benefits: | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0.1 | 0 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.4 | 0.6 | 0.8 |
Amortization of prior service cost | -0.5 | -0.5 | -1 | -1 |
Net periodic benefit cost | ($0.10) | ($0.10) | ($0.30) |
Pension_Plan_Contributions_Det
Pension Plan Contributions (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2012 | Sep. 28, 2013 |
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Contributions by employer | $7.10 | $5 |
Pension_Plan_Curtailment_Detai
Pension Plan Curtailment (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2012 |
Retirement Benefits Disclosure [Abstract] | |
Recognized loss due to curtailments | ($0.20) |
Fair_Value_Options_Granted_Det
Fair Value Options Granted (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended |
Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | |
Stock Compensation Plan [Member] | |||
Rate | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Granted | 2,592,000 | 881,940 | 881,940 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Fair value assumptions, method used | Black-Scholes valuation model | ||
Fair value assumptions, expected term | 7 years 6 months | ||
Fair value assumptions, expected volatility | 36.00% | ||
Fair value assumptions, expected dividends | $0 | ||
Fair value assumptions, risk free interest rate | 1.50% | ||
Weighted average grant date fair value | $7.85 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock-based compensation expense | $2 | $1.90 | $3.50 | $3.50 |
Total unrecognized compensation cost | $20.50 | $20.50 | ||
Unrecognized compensation cost, period for recognition | 3 years 8 months |
Stock_Option_Activity_Details
Stock Option Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Outstanding at beginning of period | 9,450,197 | 10,874,371 | ||||||
Granted | 2,592,000 | 881,940 | ||||||
Exercised | -2,963,790 | -626,116 | ||||||
Canceled/Forfeited | -206,962 | -284,347 | ||||||
Outstanding at end of period (1) | 9,421,674 | [1] | 10,295,619 | [1] | 9,421,674 | [1] | 10,874,371 | |
Exercisable at end of period (2) | 5,432,080 | [2] | 6,201,699 | [2] | 5,432,080 | [2] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $9.85 | $5.27 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $20.56 | $19 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $3.55 | $4.93 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $11.42 | $20.81 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $10.71 | [1] | $9.49 | [1] | $10.71 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $5.39 | [2] | $5 | [2] | $5.39 | [2] | ||
Weighted average remaining contractual life of options outstanding | 6 years 0 months | |||||||
Weighted average remaining contractual life of options exercisable | 4 years 2 months | |||||||
[1] | The weighted average remaining contractual life of options outstanding at SeptemberB 28, 2013 is 6.0 years. | |||||||
[2] | The weighted average remaining contractual life of options exercisable at SeptemberB 28, 2013 is 4.2 years. |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Related Party Transactions [Abstract] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $0.90 | |
Terminate Management Agreement [Abstract] | ||
Management Fee Paid to Terminate Agreement | 15 | |
Management Termination Fee per Agreement | $20.10 | |
Management Agreement, Term | 12 years |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 31, 2013 |
segments | |||||
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | 2 | ||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||
Net sales | $514.50 | $499.50 | $1,023.20 | $993.10 | |
Income (loss) from operations | 72.6 | 66.1 | 133.6 | 121.1 | |
Interest expense, net | -29.2 | -37.2 | -64.2 | -75.5 | |
Loss on the extinguishment of debt | -129.2 | 0 | -133.2 | -21.1 | |
Other income (expense), net | 0.1 | 0.2 | -6.1 | 0.7 | |
(Loss) Income from continuing operations before income taxes | -85.7 | 29.1 | -69.9 | 25.2 | |
(Benefit) provision for income taxes | -33.2 | 8.8 | -31 | 5.6 | |
Net (loss) income from continuing operations | -52.5 | 20.3 | -38.9 | 19.6 | |
Loss from discontinued operations, net of tax | 0 | -1.1 | 0 | -2.6 | |
Net income | -52.5 | 19.2 | -38.9 | 17 | |
Non-controlling interest loss | -0.2 | 0 | -0.4 | 0 | |
Net (loss) income attributable to Rexnord | -52.3 | 19.2 | -38.5 | 17 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Restructuring and other similar charges | 1.2 | 2.4 | 3 | 4 | |
Depreciation and Amortization | 26.4 | 28.9 | 53.9 | 57 | |
Capital Expenditures | 11.4 | 18.1 | 19.2 | 32.5 | |
Total Assets | 3,186.10 | 3,186.10 | 3,473.80 | ||
Process & Motion Control | |||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||
Net sales | 311.8 | 309.1 | 626.4 | 623 | |
Income (loss) from operations | 59.4 | 56.5 | 110.7 | 112 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Restructuring and other similar charges | 0.4 | 2.2 | 1 | 3.1 | |
Depreciation and Amortization | 16.9 | 18.1 | 35.2 | 34.9 | |
Capital Expenditures | 8.3 | 9.3 | 14.3 | 17.5 | |
Total Assets | 2,108.30 | 2,108.30 | 2,426.20 | ||
Water Management | |||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||
Net sales | 202.7 | 190.4 | 396.8 | 370.1 | |
Income (loss) from operations | 21.8 | 18.4 | 40.5 | 34.9 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Restructuring and other similar charges | 0.4 | 0.2 | 1.2 | 0.9 | |
Depreciation and Amortization | 9.5 | 10.8 | 18.7 | 22.1 | |
Capital Expenditures | 3.1 | 8.8 | 4.9 | 15 | |
Total Assets | 1,045 | 1,045 | 1,012.50 | ||
Corporate | |||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||
Income (loss) from operations | -8.6 | -8.8 | -17.6 | -25.8 | |
Segment Reporting Information, Additional Information [Abstract] | |||||
Restructuring and other similar charges | 0.4 | 0 | 0.8 | ||
Total Assets | $32.80 | $32.80 | $35.10 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | Rate |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Derivative, Notional Amount | $650 |
Derivative, Average Fixed Interest Rate | 2.55% |
Derivative, Floor Interest Rate | 1.00% |